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Signature Bank Q1 Net Income Jumps

Signature Bank, a US-based commercial bank, has posted a net income available to common shareholders of $22.1m, or $0.54 diluted earnings per share, for the first quarter ended March 31, 2010, compared with $2.4m, or $0.07 diluted earnings per share, for the 2009 first quarter.

Net interest income for the 2010 first quarter reached $78.8m, an increase of $21.3m, or 37%, versus the 2009 first quarter. Total assets were $9.74bn at March 31, 2010, up $2.3bn, or 31.1%, from the $7.43bn reported for the first quarter of 2009.

Deposits for the first quarter of 2010 increased $675.2m, or 9.3%, to $7.9bn at March 31, 2010. This includes core deposit growth of $586.4m, coupled with an increase of $80.2m in short-term escrow deposits and an increase of $8.6m in brokered deposits. When compared with deposits at March 31, 2009, the overall deposit growth over the past 12 months resulted in an increase of $2.06bn, or 35.3%.

Joseph DePaolo, president and CEO of Signature Bank, said: “”2010 is off to another positive start for Signature Bank as evidenced by a record quarter of net income, which was driven by substantial deposit growth and our ability to manage credit quality. We look forward to this year as we serve our clients as promised, recruit additional veteran banking professionals to our network and maintain our careful attention to prudently managing the balance sheet.”