Signature Bank Adds 6% As Q1 Earnings Surpass Street View

(RTTNews) - Shares of Signature Bank (SBNY) are rising more than 6% in the morning trade on Tuesday after reporting better-than-expected first-quarter earnings.

Net income for the first quarter increased to $338.5 million, or $5.30 per share from $190.5 million, or $3.24 per share, for the year-ago quarter.

On average, 16 analysts polled by Thomson Reuters expected earnings of $4.32 per share for the quarter.

Net interest income for quarter increased 41.1% year-over-year to $573.56 million.

The Bank's provision for credit losses for the first quarter was $2.69 million, a decrease of 91.3 percent, versus last year's first quarter.

The company said its total deposits in the first quarter grew $3.02 billion, to $109.16 billion.

SBNY, currently at $284.63, has traded in the range of $216-$374.76 in the past 52 weeks.