Signature Bank Q3 Profit Surges, Beats Estimates

(RTTNews) - Signature Bank (SBNY), a personalized banking and credit services provider, on Tuesday posted a surge in earnings for the third-quarter, driven by an increase in net interest income, supported by strong loan and securities growth, higher interest rates, as well as the utilization of its excess cash.

For the three-months to September 30, the lender posted net income available to shareholders of $349.342 million or $5.57 per share, compared with $232.298 million or $3.88 per share a year ago.

Seventeen analysts, on average, polled by Thomson-Reuters were estimating the firm to report earnings per-share of $5.41. Analysts' estimates typically exclude one-time items.

Pre-tax income was at $463.214 million, higher than $327.015 million, posted for the same period last year.

Total interest income stood at $976.353 million, versus $555.720 million, recorded for the third-quarter of 2021.Total non-interest income moved up to $43.751 million from previous year's $31.367 million.

The Bank's provision for credit losses was at $29.1 million, compared with $4 million for the previous year quarter. The company cited deteriorating macroeconomic forecast compared to last year.

Signature Bank declared a cash dividend of $0.56 per share, payable on or after November 10, to shareholders of record on October 28.

The lender also announced a cash dividend of $12.50 per share payable on December 30, to preferred shareholders of record on December 16.