Daily News: July 24, 2012

Signature ‘Pleased With Results’ of Specialty Finance Unit

Signature Bank reported net income for the second-quarter 2012 reached a record $45.3 million, versus $36.6 million for the second quarter of 2011.
Signature said the record net income is primarily due to an increase in net interest income, fueled by strong deposit growth and record loan growth.

“We continued to demonstrate strength in our financial performance this quarter as evidenced by record earnings and record loan growth as well as significant growth in deposits. Furthermore, one of the highlights of the second-quarter 2012 was the introduction of Signature Financial, our new specialty finance subsidiary. Signature Financial is an excellent growth opportunity for the bank that further diversifies our revenue streams and is a natural fit for our progress,” explained Signature Bank president and chief executive officer Joseph J. DePaolo.

“We are pleased with the initial results from the launch of this new business endeavor, as well as the ongoing success of our private client banking and commercial real estate banking teams. Moreover, we continue to seek new private client banking teams interested in joining our institution, as the market still affords us many opportunities on which to capitalize,” DePaolo noted.