Signature Bank Q3 Profit Up, Tops Estimates - Quick Facts

(RTTNews) - Signature Bank (SBNY) Tuesday reported a higher third-quarter profit, mainly due to an increase in net interest income, fueled by strong deposit and loan growth. Adjusted earnings per share for the quarter exceeded consensus.

For the three-month period, the company reported net income of $60.1 million or $1.25 per share, compared with $47.6 million or $1 per share last year.

Excluding a pre-tax gain of $1.8 million on sale of an SBA Interest-Only Strip Security, adjusted net income for the quarter was $59.1 million or $1.23 per share. On average, twenty one analysts polled by Thomson Reuters expected the company to report earnings per share of $1.18 for the quarter. Analysts' estimates typically exclude one-time items.

Net interest income rose to $194.6 million from prior year's $169.1 million, while non-interest income decreased to $7.8 million from $8.3 million last year.

Provision for loan losses was $11 million, a 9.3 percent increase from last year. Loans for the quarter increased 9.4 percent to $12.11 billion. Total deposits grew 5.1 percent to $16.05 billion, including core deposit growth of $582.1 million.