Signature Bank announced Q2/13 net income reached a record $53.6 million versus $45.3 million in Q2/12. Signature said the record net income was primarily due to an increase in net interest income, fueled by strong deposit and loan growth.
Net interest income for the 2013 second quarter reached $154.5 million, up $20.3 million, or 15.2%, when compared with the 2012 second quarter. The bank said the increase was 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%, from $15.87 billion at June 30, 2012. Average assets for the 2013 second quarter reached $18.80 billion, an increase of $3.26 billion, or 21.0%, compared with the 2012 second quarter.
Signature noted that four private client banking teams joined during the 2013 second quarter; seven added during first half of 2013. Two group directors were added to existing teams in second quarter of 2013
“Despite increased competition in the marketplace — particularly in the multi-family lending arena — we again delivered strong growth and record performance. The second quarter marked Signature Bank’s 15th consecutive quarter of record earnings, which is a testament to our client-centric, single-point-of-contact approach and superior execution. Our model allows us to stand out amongst our competitors,” stated Joseph J. DePaolo, president and chief executive officer.
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