Signature Bank (SBNY) Q2 2021 Earnings Call Transcript fool.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fool.com Daily Mail and Mail on Sunday newspapers.
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Signature Bank Reports 2021 First Quarter Results
April 21, 2021 GMT
NEW YORK (BUSINESS WIRE) Apr 21, 2021
Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, today announced results for its first quarter ended March 31, 2021.
Net income for the 2021 first quarter was $190.5 million, or $3.24 diluted earnings per share, versus $99.6 million, or $1.88 diluted earnings per share, for the 2020 first quarter. The increase in net income for the 2021 first quarter, versus the comparable quarter last year, is primarily the result of an increase in net interest income, fueled by strong average deposit and loan growth, as well as the absence of a higher provision for credit losses booked in the first quarter of 2020, which was predominantly due to the effects of COVID-19 on the U.S. economy. Pre-tax, pre-provision earnings were $272.8 million, representing an increase
Operator
Welcome to Signature Bank s 2021 First Quarter Results Conference Call. Hosting the call today from Signature Bank are Joseph DePaolo, President and Chief Executive Officer and Eric Howell, Senior Executive Vice President, Corporate and Business Development. Today s call is being recorded.
At this time, all participants have been placed in a listen-only mode [Operator Instructions]
It is now my pleasure to turn the floor over to Joseph DePaolo, President and Chief Executive Officer.
You may begin.
President and Chief Executive Officer
Thank you Erica. Good morning and thank you for joining us today for the Signature Bank 2021 First Quarter Results Conference Call. Before I begin my formal remarks. Please go ahead, Susan.