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Western Alliance Reports Third Quarter 2011 Earnings Of $13.0 Million

Stocks in this article: WAL

At September 30, 2011, the Company’s loans were 80.4 percent of deposits compared to 79.0 percent at June 30, 2011 and 78.3 percent at September 30, 2010.

Stockholders’ equity at September 30, 2011 increased to $632.3 million from $615.7 million at June 30, 2011. At September 30, 2011, tangible common equity was 7.0 percent of tangible assets 1 and total risk-based capital was 13.1 percent of risk-weighted assets.

Total assets increased one percent to $6.55 billion at September 30, 2011 from $6.51 billion at June 30, 2011 and increased 6.0 percent from $6.18 billion at September 30, 2010.

Operating Unit Highlights

Bank of Nevada reported that loans declined slightly during the third quarter of 2011 and declined $88 million during the last 12 months to $1.85 billion at September 30, 2011. Deposits increased $17 million in the third quarter of 2011 and increased $59 million over the last twelve months to $2.47 billion. Net income for Bank of Nevada was $1.7 million for the third quarter 2011, compared with net income of $3.7 million for the second quarter of 2011 and net loss of $6.9 million during the third quarter 2010.

Western Alliance Bank reported loan growth of $56 million during the third quarter 2011 and $218 million during the last 12 months to $1.48 billion. Deposits increased $8 million in the third quarter and increased $38 million during the last 12 months to $1.77 billion. Net income for Western Alliance Bank was $5.5 million during the third quarter 2011 compared with net income of $3.8 million during the second quarter of 2011 and a net income of $4.3 million during the third quarter 2010.

The Torrey Pines Bank segment, which excludes discontinued operations, reported that loans increased $62 million during the third quarter 2011 and increased $223 million during the last 12 months to $1.23 billion. Deposits increased $18 million in the third quarter 2011 and $168 million over the last 12 months to $1.40 billion. Net income for Torrey Pines Bank was $5.4 million during the third quarter 2011 compared with net income of $4.2 million for the second quarter of 2011 and net income of $4.0 million during the third quarter 2010.

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