Signature Bank Q3 Profit Climbs - Quick Facts

(RTTNews) - Signature Bank (SBNY) Tuesday posted a 27.7 percent rise in its third-quarter earnings, helped by a 22.6 percent growth in net interest income.

Net earnings rose to $76.8 million or $1.52 per share from $60.2 million or $1.25 per share, last year. On average, 20 analysts polled by Thomson Reuters expected the company to report earnings of $1.46 per share for the quarter. Analysts' estimates typically exclude special items.

Excluding a pre-tax gain of $1.8 million, on sale of an SBA interest-only strip security, the year-ago quarter's income totaled $59.1 million, or $1.23 per share.

The firm reported net interest income before provision for loan and lease losses of $205.3 million, greater than $167.4 million in the same quarter last year, primarily due to the increase in average interest-earning assets. Non-interest income grew to $8.1 million from $7.9 million last year, driven by a rise in commissions, fees and service charges and net gains on sales of loans. Analysts expected revenues of $211.47 million.

Driven by a decrease of $1.6 million in charge-offs, the bank's provision for loan losses dropped 30.3 percent year-over-year to $7.7 million.