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Signature Bank reports YOY decrease in Q4'19 net income, NIM

Signature Bank reported net income of $148.2 million, or $2.78 per share in the fourth quarter of 2019, down from $160.8 million, or $2.94 per share, in the year-ago period.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was $2.69.

Net interest income before provision for loan and lease losses was $338.3 million for the most recent quarter, up from $335.0 million a year ago.

On a tax-equivalent basis, net interest margin for the fourth quarter was 2.72%, compared to 2.68% for the previous quarter and 2.90% for the fourth quarter of 2018.

Provision for loan and lease losses was $9.8 million for the most recent quarter, compared to $6.4 million a year ago.

Total deposits at the end of the fourth quarter of 2019 were $40.38 billion, compared with $36.38 billion at the end of the fourth quarter of 2018.

Loans, excluding loans held for sale, grew 3.1% year over year to $39.11 billion at the end of the fourth quarter of 2019 from $37.94 billion at Sept. 30, 2019.

The bank's efficiency ratio was 39.94% for the fourth quarter versus 34.94% in the year-ago quarter.

During the fourth quarter of 2019, the bank repurchased 722,420 common shares for a total of $89.4 million.

For full year 2019, the bank reported net income of $588.9 million, or $10.87 per share, compared to $505.3 million, or $9.23 per share, in 2018.

The S&P Global Market Intelligence consensus GAAP EPS estimate for 2019 was $10.83.