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Signature Bank posts record profits of $104M in Q1

Signature Bank, a New York-based full-service commercial bank, announced that net income for the 2016 first quarter reached a record $104.0 million, versus $83.4 million during the same period last year.

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. These factors were partially offset by an increase in non-interest expense.

Total assets reached $34.90 billion at March 31, 2016, an increase of $6.31 billion, or 22.1 percent, March 2015.

Deposits for the 2016 first quarter rose $1.33 billion, five percent, to $28.11 billion at March 31, 2016.

Overall deposit growth for the last 12 months was 17.0 percent, or $4.08 billion.

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