Signature Bank tops earnings estimates while deposits fall by $14 billion

Signature Bank said its fourth-quarter net income rose to $300 million, or $4.65 a share, from $272 million, or $4.34 a share. The bank said results were driven by strong loan and securities growth, as well as higher interest rates. Analysts polled by FactSet expected earnings of $4.54 a share. The bank reported a $14.2 billion drop in deposits during the fourth quarter, to $88.6 billion, in what it said was a planned reduction in digital asset banking deposits, which fell by $7.35 billion. It added that deposits as of Jan. 13 have increased by $1.8 billion since the end of the year.

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