Signature Bank reports rise in profits

Signature Bank, a Manhattan-based company that has accelerated its growth on Long Island in recent weeks, issued an earnings report Tuesday showing a sharp rise in profit.

Signature's net income for the first quarter of 2012, ending March 31, reached a record $42.4 million, or 90 cents per share; compared with $34.6 million, or 82 cents per share for the same quarter last year.

The gains are primarily due to an increase in net interest income, fueled by record deposit growth and record loan growth, the bank said.

Signature this month said it has hired a staff of 30 veteran financial industry executives for a new subsidiary headquarters in Melville. The subsidiary, Signature Financial Llc, focuses on financing for equipment, transportation and taxi medallions. Signature Bank will also open a new private banking office in Hauppauge, with a four-person team.

Its current private client banking offices are in Garden City, Rockville Centre, Melville, Great Neck, Woodmere and Jericho as well as New York City and Westchester County.

Total assets reached $15.28 billion at March 31, 2012, an increase of $2.9 billion, or 23.4 percent, from $12.38 billion at March 31, 2011. 

Deposits for the 2012 first quarter rose a record $749.8 million, or 6.4 percent, to $12.5 billion at March 31, 2012.

“We started the year off on a solid note with record deposit growth, record loan growth and record earnings driven by the strong performance of our existing teams,” Joseph J. DePaolo, president and chief executive, said.

“Moreover, we’ve provided another avenue for future expansion with the launch of our specialty finance subsidiary – Signature Financial," DePaolo said.

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