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Signature Bank Falls on First-Quarter Earnings Miss

Rob Lenihan

tumbled 3.6% to $131.25 Wednesday after the financial services company missed Wall Street's first-quarter earning expectations as income was hurt by a drop in prepayment penalty income. Signature Bank said that excluding write-downs for its New York City taxi medallion portfolio, net income for the 2018 first quarter would have been $146.8 million, or $2.69 a share. Prepayment penalty income for the 2019 first quarter was $2.4 million, down $4.3 million from the 2018 first quarter.