Signature Bank Q1 Profit Climbs - Quick Facts

(RTTNews) - Signature Bank (SBNY), a New York-based full-service commercial bank, reported Tuesday that its first-quarter net income climbed to $66.01 million or $1.37 per share from last year's $50.63 million, or $1.06 per share.

The latest quarter results included a $1.8 million tax charge related to New York State corporate income tax reform enacted on March 31.

On average, 21 analysts polled by Thomson Reuters expected the company to report earnings of $1.35 per share for the quarter. Analysts' estimates typically exclude special items.

The bank attributed the growth in earnings primarily to an increase in net interest income, fueled by record deposit growth and strong loan growth. These factors were partially offset by an increase in non-interest expenses and income tax expense.

Net interest income reached $186.5 million, 25.9 percent higher than last year, primarily due to growth in average interest-earning assets. Net interest margin was 3.39 percent, versus 3.43 percent a year ago.

The Bank's provision for loan losses was $8.2 million, a decrease of 17.5 percent from the prior year, largely due to a decrease in net charge-offs of $4.8 million.