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Western Alliance Reports Fourth Quarter 2011 Net Income Of $7.1 Million, Or $0.07 Per Share

Stocks in this article: WAL

Western Alliance Bancorporation (NYSE:WAL) announced today its financial results for the fourth quarter 2011.

Fourth Quarter 2011 Highlights:

  • Net income of $7.1 million, including loss on repossessed assets valuations/sales of $5.0 million, net of tax
  • Earnings per share of $0.07, compared to $0.04 per share for the third quarter 2011
  • Pre-tax, pre-provision operating earnings of $31.5 million, up 12.1% from $28.1 million in third quarter 2011 and up 26.0% from $25.0 million in fourth quarter 2010 1
  • Net interest margin of 4.51% compared to 4.29% in the third quarter 2011 and 4.26% in the fourth quarter 2010
  • Total loans of $4.78 billion, up $254 million from September 30, 2011 and up $540 million from December 31, 2010
  • Total deposits of $5.66 billion, up $26 million from September 30, 2011 and up $320 million from December 31, 2010
  • Nonperforming assets (nonaccrual loans and repossessed assets) declined to 2.6% of total assets from 3.1% in third quarter 2011 and 3.6% in fourth quarter 2010
  • Net loan charge-offs of $14.1 million, down from $15.3 million for the third quarter 2011 and from $15.9 million in fourth quarter 2010
  • Tier I Leverage capital of 9.8% and Total Risk-Based Capital ratio of 12.6%, compared to 9.5% and 13.2% a year ago
  • Total equity of $636.7 million, up $4.4 million from September 30, 2011 and up $34.5 million from December 31, 2010

Financial Performance

Robert Sarver, Chairman and Chief Executive Officer of Western Alliance Bancorporation, commented, “We are very pleased with our 2011 results as we substantially increased loans to small businesses, produced consistent quarterly net income while growing net interest margin and improving our efficiency ratio. Asset quality improved throughout the year as nonaccrual, watch, and classified loans all declined from the prior year. I am proud of the people at Western Alliance Bancorporation and the leadership they demonstrated in accomplishing these results.” Mr. Sarver also noted, “Fourth quarter results will position the Company for success in 2012 by riding the momentum of higher loan growth, along with a stable net interest margin, expense management, and continued improvement in asset quality.”

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