Signature Bank (SBNY) shares rose 7.9% at the close of trading on Thursday after the regional bank announced fourth-quarter earnings that beat analysts' expectations.
The company reported quarterly earnings of $2.94 a share on revenue of $340.95 million. Analysts were expecting the bank to report earnings of $2.79 a share on revenue of $332 million.
"Throughout 2018, Signature Bank continued to execute its core strategy. We expanded our network with the addition of eight Private Client Banking teams while growing across all key metrics, including core deposits, loans and earnings. We bolstered our West Coast operations and added a Funds Banking Division catering to private equity firms, which are heavily emphasized on both coasts," said CEO Joseph J. DePaolo.
Year to date, the stock has jumped more than 18%, outperforming the S&P 500's 4.4% gain over the same period.