Signature Bank SBNY reported first-quarter 2022 earnings per share of $5.3, beating the Zacks Consensus Estimate of $4.31. Also, the bottom line substantially increased 63.6% from the prior-year quarter’s reported number.
Increase in revenues, supported by a rise in net interest income (“NII”), drove the results. Growth in loan and deposit balances reflects a strong balance sheet position. Decent credit quality supported the results as well. SBNY’s elevated expenses and weak capital position were negatives.