Signature Bank Beats Earnings

This morning, Signature Bank (SBNY) reported Q3 earnings of $1.88 per share which was six cents better than estimates.

Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, today announced results for its third quarter ended September 30, 2015. Net income for the 2015 third quarter reached a record $96.2 million, or $1.88 diluted earnings per share, versus $76.8 million, or $1.52 diluted earnings per share, for the 2014 third quarter. The record net income for the 2015 third quarter, versus the comparable quarter last year, is primarily due to an increase in net interest income, fueled by record deposit growth and record loan growth. These factors were partially offset by an increase in non-interest expenses.

Net interest income for the 2015 third quarter reached $250.0 million, up $44.7 million, or 21.8 percent, when compared with the 2014 third quarter. This increase is primarily due to growth in average interest-earning assets. Total assets reached $31.92 billion at September 30, 2015, an increase of $5.97 billion, or 23.0 percent, from $25.95 billion at September 30, 2014. Average assets for the 2015 third quarter reached $31.19 billion, an increase of $5.82 billion, or 22.9 percent, compared with the 2014 third quarter.

Deposits for the 2015 third quarter rose a record $2.16 billion, or 8.8 percent, to $26.61 billion at September 30, 2015. When compared with deposits at September 30, 2014, overall deposit growth for the last twelve months was 24.8 percent, or $5.29 billion. Excluding short-term escrow and brokered deposits of $4.40 billion at the end of the 2015 third quarter and $3.40 billion at the end of the 2015 second quarter, core deposits increased $1.15 billion for the quarter. Average deposits for the 2015 third quarter reached $26.10 billion, an increase of $1.54 billion, or 6.3 percent.

The shares have been as high as $146.39 today. From the July 21 high to the September 2 low, SBNY had fallen from $155.84 to $126.49.

Posted by on October 20th, 2015 at 11:36 am


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