21.01.2014 11:11:23
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Signature Bank Q4 Profit Rises, Tops Estimates - Quick Facts
(RTTNews) - Signature Bank (SBNY) reported that its fourth-quarter net income increased to $64.3 million or $1.34 per share, from last year's $50.1 million or $1.05 per share, mainly due to an increase in net interest income, fueled by record deposit growth and record loan growth. These factors were partially offset by a decrease in loan prepayment penalty income and an increase in non-interest expenses. Analysts polled by Thomson Reuters expected the company to report earnings of $1.27 per share for the quarter. Analysts' estimates typically exclude special items.
The Bank's provision for loan losses for the fourth quarter of 2013 was $11.0 million, an increase of $655,000 or 6.3 percent, versus the 2012 fourth quarter. The increase was primarily due to a rise in loan growth.
Net interest income for the 2013 fourth quarter rose $31.2 million, or 21.2 percent, to $178.3 million, compared with the fourth quarter of 2012. This increase was primarily due to growth in average interest-earning assets.
Non-interest income for the 2013 fourth quarter was $6.0 million, down $2.9 million from $8.9 million reported in the fourth quarter of last year. The decrease was due to a decrease of $1.9 million in net gains on sales of SBA loans and an increase of $2.1 million in write-downs on other than temporary impairment of securities predominantly due to the effects of the interim final Volcker rule.
Total assets reached $22.38 billion at December 31, 2013, expanding $4.92 billion, or 28.2 percent, from $17.46 billion at December 31, 2012. Average assets for the 2013 fourth quarter reached $21.67 billion, an increase of $4.75 billion, or 28.1 percent, versus the comparable period a year ago.
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