Signature Bank in New York reported higher fourth-quarter profits on growth in commercial loans.
The $27.3 billion-asset bank's net income rose 27% to $81.4 million, or $1.60 per share, from a year earlier. That was 4 cents above the average estimate of analysts polled by Bloomberg.
Net loans and leases rose 32% to $17.7 billion. The loan growth was driven by commercial real estate, multifamily and specialty-finance lending.
Total deposits rose 33% to $22.6 billion, and interest-bearing deposits also rose by 33%, to $15.6 billion.
Net interest income reached $215.7 million, a 21% increase. Noninterest income rose 22% to $7.4 million. Non-interest expense rose 18% to $76 million.