Signature Bank reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total interest income of $386,958,000 compared to $342,290,000 for the same period a year ago. Net interest income before provision for loan and lease losses was $319,771,000 compared to $296,816,000 a year ago. Net interest income after provision for loan and lease losses was $278,034,000 compared to $274,582,000 a year ago. Income before income taxes was $176,567,000 compared to $188,739,000 a year ago. Net income was $114,866,000 compared to $113,937,000 a year ago. Diluted earnings per share were $2.11 compared to $2.11 a year ago. Return on average total assets was 1.08% compared to 1.19% a year ago. Return on average shareholders' equity was 11.44% compared to 12.64% a year ago. The increase in net income for the 2017 fourth quarter, when compared with the same period last year, is primarily the result of an increase in net interest income, fueled by strong average deposit and loan growth as well as an increase in prepayment penalty income. These factors were partially offset by an increase in the provision for loan losses attributable to taxi medallion loan write-downs and increased non-interest expenses. Adjusted total net income was $132,304,000 compared to $120,938,000 a year ago. Diluted earnings per share - excluding net write-downs for the taxi medallion portfolio and net tax benefit for the Federal corporate tax reform was $2.43 compared to $2.24 a year ago.

For the full year, the company reported total interest income of $4,470,169,000 compared to $1,317,151,000 for the same period a year ago. Net interest income before provision for loan and lease losses was $1,237,586,000 compared to $1,147,242,000 a year ago. Net interest income after provision for loan and lease losses was $974,289,000 compared to $991,468,000 a year ago. Income before income taxes was $575,264,000 compared to $657,447,000 a year ago. Net income was $387,209,000 compared to $396,324,000 a year ago. Diluted earnings per share were $7.12 compared to $7.37 a year ago. Return on average total assets was 0.95% compared to 1.09% a year ago. Return on average shareholders' equity was 10.13% compared to 12.19% a year ago. Adjusted total net income was $484,920,000 compared to $497,775,000 a year ago. Diluted earnings per share - excluding net write-downs for the taxi medallion portfolio and net tax benefit for the Federal corporate tax reform was $8.91 compared to $9.26 a year ago.

The Bank anticipates its 2018 estimated effective tax rate to be approximately 27%.