Signature Bank, which operates branches in New Rochelle and White Plains, recently reported a record $21 million in net income available to common shareholders for the fourth quarter 2009.
The number was $13.1 million in fourth quarter 2008, up 60.4 percent.
Total net income for common shareholders in 2009 was $50.5 million, up 17.6 percent from 2008.
Fourth quarter deposits rose $418.3 million to $7.22 billion; 2009 deposits grew a record $1.83 billion.
“2009 was a year of considerable achievement for the bank during which we saw record core deposit growth, solid loan growth, stable credit quality, net interest margin expansion, record net income and the most private client banking teams joining since our 2001 inception,” said Joseph J. DePaolo, president and CEO of Signature Bank, in the earnings report. “Despite the market chaos surrounding the financial services landscape, Signature Bank thrived, delivering consistent, outstanding performance. We believe the success of our core depositor-focused business model was most noticeably proven this past year.”
