Signature Bank Corporation (SBNY) has reported a 10.63 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $113.94 million, or $2.11 a share in the quarter, compared with $102.99 million, or $2.01 a share for the same period last year. Revenue during the quarter grew 9.07 percent to $284.66 million from $261 million in the previous year period. Net interest income for the quarter rose 10.61 percent over the prior year period to $296.82 million. Non-interest income for the quarter rose 7.82 percent over the last year period to $10.08 million.
Signature Bank Corporation has made provision of $22.23 million for loan losses during the quarter, up 33.25 percent from $16.69 million in the same period last year.
Net interest margin contracted 17 basis points to 3.13 percent in the quarter from 3.30 percent in the last year period. Efficiency ratio for the quarter improved to 31.25 percent from 31.85 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
“2016 was again a year during which Signature Bank delivered record earnings ��" in fact, our 9th consecutive year ��" and also another where we reported strong performance across all key metrics. The expansion of our franchise continues, driven by substantial growth in deposits of $5.09 billion and in loans of $5.25 billion. This was all achieved despite challenges in our taxi medallion portfolio. Moreover, we bolstered our capital position with two successful offerings; a common stock offering of nearly $320 million and our first subordinated debt offering of $260 million. These capital raises, along with solid earnings retention, well positions Signature Bank for future expansion,” explained Joseph J. DePaolo, president and chief executive officer.
Deposits stood at $31,861.26 million as on Dec. 31, 2016, up 19 percent compared with $26,773.92 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $10,520.53 million or 33.02 percent of total deposits on Dec. 31, 2016, compared with $8,567.30 million or 32 percent of total deposits on Dec. 31, 2015.
Investments were almost stable over the past one year at $8,373.47 million on Dec. 31, 2016. Shareholders equity was at $3,612.26 million as on Dec. 31, 2016.
Return on average assets moved down 6 basis points to 1.19 percent in the quarter from 1.25 percent in the last year period. At the same time, return on equity decreased 166 basis points to 12.64 percent in the quarter from 14.30 percent in the last year period.
Book value per share was $66.15 for the quarter, up 16.44 percent or $9.34 compared to $56.81 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
