Yahoo Finance Signature Bank rises as 4Q income tops estimates
Signature Bank climbs after 4th-qtr net income tops expectations as net interest income grows
NEW YORK (AP) -- Shares of Signature Bank jumped Tuesday after the company posted a 28 percent increase in fourth-quarter net income, driven by strong growth in both deposits and loans.
The commercial bank said its net income grew to $64.3 million, or $1.34 per share, from $50.1 million, or $1.05 per share. Analysts expected $1.27 per share, according to FactSet.
Signature said its net interest income, which combines interest on loans that the bank collects and interest on deposits and debt that the bank pays out, rose 22 percent to $167.3 million after provisions for losses on loans and leases. Noninterest income, which includes fees, insurance and gains on securities, fell to $6 million from $8.9 million.
Signature Bank shares rose $14.04, or 12.8 percent, to $124.14 in afternoon trading after peaking at $125.96. The stock is trading at all-time highs and has climbed 67 percent over the last year.
The company said deposits grew 6 percent to end the fourth quarter at $17.06 billion. Average deposits also improved.
In 2013, Signature bank's net income grew 23 percent to $228.7 million, or $4.76 per share.
