Signature Bank announced record quarterly profits of $42.4 million as deposits grew a record $749.8 million to $12.5 billion for the first quarter.
The New York City commercial bank also launched a specialty finance division, Signature Financial L.L.C., during the quarter ending March 31.
The bank’s profits jumped by $7.8 million, or 22.5 percent, compared to the first quarter of 2011, when Signature posted net income of $34.6 million.
Profits over the first three months of 2012 were bolstered by an increase in net interest income, which was in turn fueled by record deposit and loan growth.
“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,” said Joseph J. DePaolo, president and CEO. “Moreover, we’ve provided another avenue for future expansion with the launch of our specialty finance subsidiary – Signature Financial.”
Signature has 25 offices in Westchester, New York City and Long Island.
