Signature Bank Reports Record Q1 Earnings
Signature Bank announced Q1/14 net income reached a record $66 million, up from $50.6 million in Q1/13. The bank said the record net income was primarily due to an increase in net interest income, fueled by record deposit growth and strong loan growth.
Net interest income for the 2014 first quarter reached $186.5 million, up $38.4 million, or 25.9%, when compared with the 2013 first quarter. This increase is primarily due to growth in average interest-earning assets.
Total assets reached $23.10 billion at March 31, 2014, an increase of $4.83 billion, or 26.5%, from $18.27 billion at March 31, 2013. Average assets for the 2014 first quarter reached $22.70 billion, an increase of $4.86 billion, or 27.3%, compared with the 2013 first quarter.
“We started the year strong with another quarter of record financial performance and private client banking team expansion. We again saw record results in both earnings and deposits along with solid loan growth,” stated Joseph J. DePaolo, president and chief executive officer.
“Additionally, thus far in 2014, we further invested in the bank’s future with the addition of five teams, each bringing to us multiple talented and veteran banking professionals. We look forward to the contributions these new teams will make as well as the ongoing momentum of our existing banking groups. Moreover, we plan to open three private client banking offices later this year. With more than 90 teams now comprising the Signature Bank network, these latest appointments are representative of the fact that the marketplace is still ripe for opportunity to attract veteran bankers,” DePaolo said.