UPDATE: Signature Bank Q4 Earnings Beat Views

reported upbeat earnings for the fourth quarter. The New York-based bank posted quarterly earnings of $81.4 million, or $1.60 per share, compared to $64.3 million, or $1.34 per share, in the year-ago period. However, analysts were estimating earnings of $1.56 per share. Deposits in the quarter gained $6.1% to $22.62 billion at December 31, 2014, while loans surged 7.9% to $17.86 billion in the quarter. Total assets surged to $27.32 billion at December 31, 2014, versus $22.38 billion at December 31, 2013. Net interest income surged 21.0% to $215.7 million, while net interest margin narrowed to 3.23%, from 3.32% in the year-ago quarter. For the year, Signature Bank posted a profit of $296.7 million, on revenue of $836.1 million. “2014 was another stellar year in which we continued to reap solid returns and deliver unprecedented results including record deposit growth, record loan growth and the seventh consecutive year of record earnings. Moreover, it was also a year where we heavily invested in the future of our institution. This is evidenced by the successful public offering we completed this past summer, raising nearly $300 million in common stock to fuel the Bank's continuing expansion, along with two business lines we added under Signature Financial, five new private client banking teams that joined the Bank and three Banking Group Directors that were appointed to existing teams,” stated Joseph J. DePaolo, President and Chief Executive Officer. Signature Bank shares rose 0.68% to close at $117.75 yesterday.