Signature Bank 2019 Net Income Up 16.5%, Loans Up 7.4% Y/Y
JAN 22, 2020 - 6:50 am
Signature Bank announced results for Q4/19 and year ended December 31, 2019. Highlights included:
2019 net income was $588.9 million, up 16.5% year over year. Net income for Q4/19 was $148.2 million compared with $160.8 million for Q4/18.
Net interest income for Q4/19 rose $3.3 million, or 1.0%, to $338.3 million, compared with Q4/18.
Total assets reached $50.62 billion at December 31, 2019, expanding $3.26 billion, or 6.9%, from $47.36 billion at December 31, 2018.
Average assets for Q4/19 reached $50.39 billion, an increase of $3.79 billion, or 8.1%, versus the comparable period a year ago.
In Q4/19, loans increased $1.17 billion to $39.11 billion. Since year-end 2018, loans increased $2.69 billion, or 7.4%. Commercial & Industrial loans grew by $1.66 billion during the quarter.
Net interest margin on a tax-equivalent basis was 2.72% for Q4/19 compared with 2.68% for Q3/19 and 2.90% for Q4/18.
The bank’s provision for loan losses in Q4/19 was $9.8 million, an increase of $3.3 million, or 51.5%, versus Q4/18.
Net charge-offs for Q4/19 were $2.5 million, or 0.03% of average loans on an annualized basis, versus $2.9 million, or 0.03% of average loans on an annualized basis, for Q3/19 and net recoveries of $2.9 million, or 0.03%, for Q4/18.
“At Signature Bank, we have never been concerned about reaching and emphasizing milestones because each time we reach one, we are well aware there is always another waiting. Unlike sports, there’s never an offseason in banking. However, this quarter, the bank reached a milestone worth recognizing – surpassing $50 billion in total assets. In less than 19 years, Signature Bank has grown from $50 million to $50 billion in total assets, purely organically; a feat we believe no other bank has accomplished. We appreciate the efforts put forth by all our colleagues and the loyalty of our clients to reach this important milestone,” noted Joseph J. DePaolo, president and chief executive officer.
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