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Signature Bank 3Q net income climbs 26 percent

NEW YORK (AP) -- NEWS: Signature Bank said Tuesday its net income rose 26 percent in the third quarter as its interest income improved.

DETAILS: The commercial bank reported strong growth in deposits and loans, and revenue from those sources increased. Signature Bank the improvement was mostly due to growth in average interest-earning assets. That counteracted a small decrease in income from fees and other charges.

NUMBERS: Signature Bank said its net income grew to $60.2 million, or $1.25 per share, from $47.7 million, or $1 per share. Excluding a gain on a sale, the company said it earned $1.23 per share in the latest quarter. Income from loans and deposits, or net interest income, rose 18 percent to $167.4 million.

Analysts expected net income of $1.18 per share and $163 million in net interest income, according to FactSet.

Income from fees and other charges fell 6 percent to $7.9 million. The company said total deposits increased 5 percent to $16.05 billion.

The money set aside for bad loans increased 9.3 percent to $11 million, mainly because of the increase in loan growth.

STOCK: Shares of Signature Bank advanced $4.56, or 4.8 percent, to $100.41 in afternoon trading, and rose as high as $104.57. The stock is trading at all-time highs and is up 41 percent in 2013.