Signature Bank reported Q1/16 net income reached a record $104.0 million, up 24.8% from $83.4 million for Q1/15. The record net income for the 2016 first quarter is primarily due to an increase in net interest income, fueled by strong deposit and loan growth.

Signature said net interest income for Q1/16 reached $278.3 million, up $55.8 million, or 25.1% when compared with Q1/15. This increase is primarily due to growth in average interest-earning assets. Total assets reached $34.90 billion at March 31, 2016, an increase of $6.31 billion, or 22.1%, from $28.59 billion at March 31, 2015. Average assets for the 2016 first quarter reached $34.14 billion, an increase of $6.16 billion, or 22.0%, compared with Q1/15.

The following highlights were excerpted from the news release:

• In Q1/16, loans increased $1.25 billion, or 5.3%, to $25.04 billion. Since the end of Q1/15, loans have increased 29.8%, or $5.74 billion
• Non-accrual loans were $105.0 million, or 0.42% of total loans, at March 31, 2016, versus $71.9 million, or 0.30%, at the end of the Q4/15 and $27.8 million, or 0.14%, at the end of the Q1/15. The increase in non-accrual loans for the quarter was predominantly due to taxi medallion loans
• Net interest margin was 3.32%, compared with 3.30% for Q4/15 and 3.26% for the Q1/15. Core net interest margin excluding loan prepayment penalty income increased two basis points to 3.17%, compared with 3.15% for the Q4/15

“As we kick off 2016, which marks our 15th year in operation, Signature Bank delivered another quarter of solid financial performance. The 2016 first quarter saw record earnings for the 26th consecutive time, as well as both strong deposit and loan growth. We also see this as an opportune time to reflect on the growth of our business since our founding. We are extremely proud of the strong foundation and infrastructure we have built and nurtured over the years, which has helped sustain our consistent, strong organic growth,” explained Joseph J. DePaolo, president and chief executive officer.