Signature Bank Reports Record Q4 Earnings
Signature Bank announced net income for Q4/13 reached a record $64.3 million compared with $50.1 million for Q4/12. The bank said the record net income is primarily the result of an increase in net interest income, fueled by record deposit growth and record loan growth.
The bank said net interest income for Q4/13 rose $31.2 million, or 21.2%, to $178.3 million, compared with Q4/12. This increase is primarily due to growth in average interest-earning assets. Total assets reached $22.38 billion at December 31, 2013, expanding $4.92 billion, or 28.2%, from $17.46 billion at December 31, 2012. Average assets for the 2013 fourth quarter reached $21.67 billion, an increase of $4.75 billion, or 28.1%, versus the comparable period a year ago.
Signature said loans Increased a Record $1.41 Billion, or 11.7%, to $13.52 Billion in the 2013 fourth quarter. Since year-end 2012, loans increased a record $3.75 Billion, or 38.4%.
“2013 was another record year for Signature Bank where we again achieved record deposit growth and record loan growth, which was fueled by our successful commercial real estate banking business. This year was also our sixth consecutive year of record earnings. The foundation for our continued success stems from our core philosophy to maintain a conservative and well-capitalized balance sheet for our depositors. Moreover, while achieving these record results, we spent this past year building a stronger base for Signature Bank in 2014 and beyond. To this end, we added ten private client banking teams to our growing network, which now includes 89 teams in total. We also appointed a new group to focus on asset-based lending, marking the bank’s entry into that arena, and continued our emphasis in specialty finance through our Signature Financial subsidiary,” explained Joseph J. DePaolo, president and chief executive officer.
To read the Signature Bank news release click here.