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Signature Bank's loan loss provision down YOY in Q4'18

New York-based Signature Bank on Jan. 17 reported net income of $160.8 million, or $2.94 per share, in the 2018 fourth quarter, an increase from net income of $114.9 million, or $2.11 per share, in the fourth quarter of 2017.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the fourth quarter was $2.79.

Net interest income grew year over year to $335.0 million from $319.8 million, boosted by growth in average interest-earning assets and an increase in prepayment penalty income.

Provision for loan losses was $6.4 million, down $35.3 million from the 2017 fourth-quarter figure, primarily due to a decline in charge-offs for taxi medallion loans.

Loans, excluding loans held for sale, rose 4% from the prior quarter to $36.42 billion.

Deposits rose 9% year over year to $36.38 billion.

For full-year 2018, the company reported net income of $505.3 million, or $9.23 per share, compared to net income of $387.2 million, or $7.12 per share, in the previous year.

Total assets at Dec. 31, 2018, stood at $47.36 billion, an increase of $4.24 billion from $43.12 billion at Dec. 31, 2017.