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Signature Bank Q3 Profit Rises, Beats Estimates - Update
10/27/2009 7:01 AM ET

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Trade SBNY now with
(RTTNews) - Signature Bank (SBNY: News ) posted Tuesday a higher third-quarter profit that beat analysts' estimates, helped by a record 9.2% growth in core deposits, solid loan growth and net interest margin expansion, partially offset by increases in loan loss provisions and non-interest expenses.

The New York-based full-service commercial bank's net income available to common shareholders increased to $15.17 million or $0.37 per share from $9.19 million or $0.29 per share for the year-ago period.

On average, 13 analysts polled by Thomson Reuters expected Signature Bank to report earnings of $0.34 per share. Analysts' estimates exclude typically one-time items.

Signature Bank said that core deposit increased $534.9 million or 9.2% during the quarter, along with an increase of $192.9 million in short-term escrow deposits and a decrease of $26.5 million in brokered deposits. Deposits grew 11.5% during the quarter to $6.8 billion.

Loans, excluding loans held for sale, increased $361.4 million, or 9.6%, to $4.13 billion for the quarter.

Third-quarter net interest income was $68.61 million compared with $50.09 million in 2008. Net interest margin on a tax-equivalent basis for the third quarter increased 13 basis points to 3.39% from the same period last year.

For the recent quarter, total non-interest income was $7.30 million compared with $3.71 million, while non-interest expense totaled $38.57 million compared with $32.76 million in 2008.
Nine analysts estimated revenue of $72.37 million for the September quarter.

Provision for loan losses increased to $11.88 million from $5.78 million for the third quarter last year. The increase was primarily driven by the growth in the loan portfolio, combined with an increase in charge-offs, non-performing loans and provisions to recognize the effect of the current economic environment on the Bank's loan portfolio, the company said.

For the nine-month period, net income increased to $41.76 million from $29.89 million last year. Core deposit growth for the nine months ended September 30 was $1.32 billion or 26.3%, the company said.

Net income available to common shareholders for the period was $29.55 million or $0.78 per share compared with $29.89 million or 0.98 per share last year.

The bank said the nine-month period includes the negative effect of the $10.2 million deemed dividend associated with the difference between the redemption payment and the carrying value of the preferred stock repurchased from the U.S. Department of the Treasury.

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