Signature Bank announced Q2/14 net income reached a record $72.5 million versus $53.6 million for the same quarter in 2013. The bank said results were primarily due to an increase in net interest income, fueled by record deposit growth and strong loan growth, partially offset by an increase in non-interest expenses.

Net interest income for Q2/14 reached $193.7 million, up $39.2 million, or 25.4%, when compared with Q2/13. This increase is primarily due to growth in average interest-earning assets.

Total assets reached $24.53 billion at June 30, 2014, an increase of $4.80 billion, or 24.4%, from $19.72 billion at June 30, 2013. Average assets for the 2014 second quarter reached $23.82 billion, an increase of $5.02 billion, or 26.7 percent, compared with the 2013 second quarter.

“The 2014 second quarter again demonstrated our ability to deliver strong deposit and loan growth, which led to our 19th consecutive quarter of record earnings. Furthermore, the public offering we completed during the second quarter was very well received, and fortifies Signature Bank’s already strong and stable foundation and capital position. The common equity we raised equips us with the additional resources necessary to further support our rapidly expanding network,” explained Joseph J. DePaolo, president and chief executive officer.

To view the full Signature Bank news release, click here.