Signature Bank Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge Offs for the Fourth Quarter Ended December 31, 2016
For the year, the company reported total interest income of $1,317,151,000 against $1,106,948,000 a year ago. Income before income taxes was $657,447,000 against $628,077,000 a year ago. Net income was $396,324,000 against $373,065,000 a year ago. Net income per share diluted was $7.37 against $7.27 per share a year ago. Return on average shareholders equity was 12.19% against 13.85% a year ago.
Net charge offs for the 2016 fourth quarter were $13.5 million, or 0.19% of average loans on an annualized basis, versus $100.5 million, or 1.46%, for the 2016 third quarter and $4.6 million, or 0.08%, for the 2015 fourth quarter.