Signature Bank announced Q4/14 net income was a record $81.4 million, or $1.60 diluted earnings per share, compared with $64.3 million, or $1.34 diluted earnings per share, for Q4/13. Analysts’ polled by Thomson Financial has expected Q4 EPS of $1.56.

The bank said the record Q4 net income was primarily the result of an increase in net interest income, fueled by record deposit growth and record loan growth. Full-year net income reached a record $296.7 million, up $68.0 million or 29.7% compared $228.7 million a year earlier.

Highlights from the news release included:

• Net interest income for Q4/14 increased $37.4 million, or 21.0 %, to $215.7 million, compared with Q4/13. The increase was primarily due to growth in average interest-earning assets.
• Total assets reached $27.32 billion at December 31, 2014, expanding $4.94 billion, or 22.1%, from $22.38 billion at December 31, 2013. Average assets for Q4/14 reached $26.88 billion, an increase of $5.20 billion, or 24.0%, versus the comparable period a year ago.
• Since year-end 2013, loans increased a record $4.39 billion, or 32.1%.
• Net interest margin was 3.23% for Q4/14 compared with 3.32% in Q4/13.
• The average yield on $15.1 billion of commercial loans, mortgages and leases in 2014 was 4.24% compared to a 2013 average yield of 4.59%.

“2014 was another stellar year in which we continued to reap solid returns and deliver unprecedented results including record deposit growth, record loan growth and the seventh consecutive year of record earnings. Moreover, it was also a year where we heavily invested in the future of our institution. This is evidenced by the successful public offering we completed this past summer, raising nearly $300 million in common stock to fuel the bank’s continuing expansion, along with two business lines we added under Signature Financial, five new private client banking teams that joined the bank and three Banking Group directors that were appointed to existing teams,” stated Joseph J. DePaolo, president and CEO.

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