“We are pleased to announce another quarter of strong growth in loans and deposits, increasing pre-tax pre-credit earnings, stable net interest margin, and improving asset quality,” said Robert Sarver, Chairman and Chief Executive Officer of Western Alliance Bancorporation. “Also, as announced on September 27, 2011, we are excited to participate in the SBLF Program. As one of the largest lenders to small businesses in our markets, this Program will facilitate our ability to continue to service the credit needs of this important segment.”
Ken Vecchione, President and Chief Operating Officer, added, “We continue to focus on creating shareholder value by increasing our earning power as our pre-tax pre-credit income rose for the ninth consecutive quarter, thus contributing to our strong capital position. This increase was driven by growth in market share of both loans and deposits, while maintaining a stable expense base since 2009.”
Western Alliance Bancorporation reported net income of $13.0 million in the third quarter 2011. Income from continuing operations before income tax was $21.1 million, including pre-tax net unrealized gains from assets/liabilities measured at fair value of $6.4 million.The Company reported net income per common share of $0.04 in the third quarter 2011. The income included a one-time $0.09 charge from accelerated preferred stock accretion as a result of TARP repayment and $0.05 net unrealized gains from assets/liabilities measured at fair value after tax. Total loans increased $115 million to $4.53 billion at September 30, 2011 from $4.41 billion on June 30, 2011. This increase was driven by growth in commercial and industrial loans and commercial leases. Loans increased $353 million, or 8.5 percent from September 30, 2010. Total deposits increased $45 million to $5.63 billion at September 30, 2011 from $5.59 billion at June 30, 2011, with growth primarily in savings, money market and interest bearing demand deposits, partially offset by a decline in certificates of deposit. Deposits increased $304 million, or 5.7 percent from September 30, 2010.