Press release content from Business Wire. The AP news staff was not involved in its creation. 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 of $54.3 million, or 24.9 percent, compared with $218.5 million for the 2020 first quarter.