Signature Bank announced net income for the 2013 first quarter reached a record $50.6 million versus $42.4 million for the 2012 first quarter. The bank said the increase is primarily due to an increase in net interest income, fueled by strong deposit and loan growth offset partially by an increase in non-interest expenses.

Net interest income for the 2013 first quarter reached $148.1 million, up $21.3 million, or 16.8%, when compared with the 2012 first quarter. Signature said the increase is primarily due to growth in average interest-earning assets. Total assets reached $18.27 billion at March 31, 2013, an increase of $2.99 billion, or 19.5%, from $15.28 billion at March 31, 2012. Average assets for the 2013 first quarter reached $17.83 billion, an increase of $2.99 billion, or 20.1%, compared with the 2012 first quarter.

“2013 kicked off with another solid quarter of continued strong deposit and loan growth culminating in our 14th consecutive quarter of record earnings. The quarter also saw further transformation of our well-capitalized balance sheet, with loans now reaching 56.7% of total assets. Moreover, we are excited to have attracted four private client banking teams already this year to our growing network of high-quality, talented banking professionals. These additions speak volumes to the Bank’s status as the bank-of-choice for talented bankers across the New York metropolitan area seeking a platform to provide the best in client service. We look forward to the contributions these new teams will make as well as the further advancement of our existing banking groups,” noted Joseph J. DePaolo, president and chief executive officer.

To read the Signature Bank news release click here.