Signature Bank (SBNY) reported third quarter net income available to common stockholders of $15.17 million or $0.37 per share, compared to $9.2 million or $0.27 per share last year.
The company noted that the 2008 third quarter results include an $8.0 million other than temporary impairment write-down on a single Lehman Brothers senior debenture. Excluding after-tax effect of the impairment write-down on this debenture, net income for the 2008 third quarter would have been $13.6 million, or $0.44 per share.
On average, 18 analysts polled by Thomson Reuters expected the company to report earnings of $0.34 per share. Analysts' estimates typically exclude special items.
Net interest income before provision for loan losses rose to $68.61 million from $50.09 million in the prior year quarter.
Total non-interest income grew to $7.3 million from $3.7 million in the year ago quarter.
Nine analysts estimated revenues of $72.37 million.
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