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Signature Bank reports YOY decrease in Q3 net income, NIM

Signature Bank reported third-quarter net income of $148.7 million, or $2.75 per share, down from $155.4 million, or $2.84 per share, in the year-ago period.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was $2.71.

The decrease in net income was due to an increase of $17.1 million, or 14.6%, in noninterest expenses mostly due to the significant hiring of private client banking teams, including 55 professionals added for the fund banking division, venture banking group and the specialized mortgage servicing banking team.

Net interest income before provision for loan and lease losses was $328.0 million for the most recent quarter, up from $324.8 million a year ago.

On a tax-equivalent basis, net interest margin decreased year over year to 2.68% from 2.74% in the previous quarter and 2.88% in the year-ago period.

Provision for loan and lease losses was $1.2 million, compared with $7.4 million a year ago.

Total deposits at the end of the third quarter were $39.06 billion, compared with $36.38 billion at the end of the fourth quarter of 2018. Loans, excluding loans held for sale, at the end of the third quarter were $37.94 billion, compared with $37.93 billion at June 30.

The bank's efficiency ratio was 40.21% for the third quarter versus 35.59% in the year-ago quarter.

During the third quarter, the bank repurchased 629,503 common shares for a total of $75.0 million.