Western Alliance Bancorporation (NYSE:WAL) announced today its financial results for the third quarter 2011.
- Net income of $13.0 million, including after tax unrealized gains from assets/liabilities measured at fair value of $4.2 million
- Net income of $0.04 per common share, including a one-time charge of $0.09 per common share from accelerated preferred stock accretion from TARP repayment and $0.05 unrealized gain from assets measured at fair value
- Pre-tax, pre-provision operating earnings of $28.1 million, up 1.8% from $27.6 million in second quarter 2011 and up 14.2% from $24.6 million in third quarter 2010 1
- Net interest margin of 4.29% compared to 4.34% in the second quarter 2011 and 4.32% in the third quarter 2010
- Total loans of $4.53 billion, up $115 million from June 30, 2011 and up $353 million from September 30, 2010
- Total deposits of $5.63 billion, up $45 million from June 30, 2011 and up $304 million from September 30, 2010
- Nonperforming assets (nonaccrual loans and repossessed assets) remained at 3.1% of total assets compared to second quarter 2011 and declined from 3.9% in third quarter 2010
- Net loan charge-offs of $15.3 million, up from $13.6 million for the second quarter 2011 and down from $24.8 million in third quarter 2010
- Tier I Leverage capital of 9.7% and Total Risk-Based Capital ratio of 13.1%, compared to 10.0% and 13.7% a year ago
- Total equity of $632.3 million, up $16.6 million from June 30, 2011 and up $12.5 million from September 30, 2010
- Receipt of $141 million from participation in the U.S. Department of Treasury’s Small Business Lending Fund (SBLF)
- Repayment of $140 million Troubled Asset Relief Program (TARP), which resulted in additional $6.9 million charge to net income available to common shareholders
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