Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, today announced results for its fourth quarter and year ended December 31, 2012. Net income for the 2012 fourth quarter reached a record $50.1 million, or $1.05 diluted earnings per share, compared with $40.0 million, or $0.85 diluted earnings per share, for the 2011 fourth quarter. The record net income for the 2012 fourth quarter, when compared with the same period last year, is primarily the result of an increase in net interest income, fueled by record core deposit growth and record loan growth. These factors were partially offset by an increase in non-interest expenses. Net interest income for the 2012 fourth quarter rose $21.9 million, or 17.5 percent, to $147.1 million, compared with the fourth quarter of 2011. This increase is primarily due to growth in average interest-earning assets. Total assets reached $17.46 billion at December 31, 2012, expanding $2.79 billion, or 19.0 percent, from $14.67 billion at December 31, 2011. Average assets for the 2012 fourth quarter reached $16.92 billion, an increase of $2.64 billion, or 18.5 percent, versus the comparable period a year ago. Deposits for the 2012 fourth quarter rose $459.0 million, or 3.4 percent, to $14.08 billion at December 31, 2012. Overall deposit growth in 2012 was 19.8 percent, or a record $2.33 billion, when compared with deposits at the end of 2011. Excluding short-term escrow and brokered deposits of $994.8 million at year-end 2012 and $831.8 million at year-end 2011, core deposits increased a record $2.17 billion, or 19.8 percent, in 2012. Average total deposits for 2012 were $13.08 billion, growing $2.21 billion, or 20.4 percent, versus average total deposits of $10.86 billion for 2011. “Signature Bank delivered another year of significant deposit, loan and top-line revenue growth in 2012, which also marked our fifth consecutive year of record earnings. The transformation of our well-capitalized balance sheet continued throughout the year, with all of our major lending areas contributing to the record loan growth, including commercial and industrial, commercial real estate including multi-family and specialty finance. At December 31, 2011, loans comprised 46.7 percent of the balance sheet and as of December 31, 2012, they are now at 56.0 percent. This transformation has helped to somewhat mitigate the effects of the prolonged low-interest rate environment on our net interest margin,” said Joseph J. DePaolo, President and Chief Executive Officer.