Signature Bank Q3 deposits boosted by 'notable contributions' from digital asset arm

Signature Bank's (NASDAQ:SBNY) Q3 deposits grew $10.0B to $95.6B, "with notable contributions from our Digital Asset Banking Team," said President and CEO Joseph DePaolo. This includes growth on Signet, an ethereum-based digital payments platform, the Specialized Mortgage Banking Solutions team and the New York-based legacy banking teams. Q3 EPS of $3.88 increases from $2.62 from the same period a year ago, and beats the consensus estimate of $3.66; misses revenue estimate by $1.09M to $512.25M. Loans increased by $4.08B to $58.6B in Q3, while core loans, excluding paycheck protection program loans, grew to a record $5.01B. Q3 net interest income of $480.9M increased from $92.2M in Q3 2020; primarily driven by growth in average interest-earning assets. Cost of deposits and borrowings of 0.32% fell from 0.66% in the same quarter a year ago. Net interest margin of 1.88% in Q3 declines from 2.54% in the year-ago quarter primarily due to