Western Alliance Bancorporation (NYSE:WAL) announced today its financial results for the first quarter 2012.
First Quarter 2012 Highlights:
- Net income of $11.3 million, including loss on repossessed assets valuations/sales of $2.7 million
- Earnings per share of $0.12, compared to $0.07 per share for the fourth quarter 2011 and $0.03 per share in the first quarter 2011
- Pre-tax, pre-provision operating earnings of $31.7 million, up from $31.5 million in fourth quarter 2011 and up 25.3% from $25.3 million in first quarter 2011 1
- Total loans of $4.93 billion, up $146 million from December 31, 2011, approximately half of which were investment grade municipal leases acquired from another financial institution
- Total deposits of $5.90 billion, up $241 million from December 31, 2011
- Nonperforming assets (nonaccrual loans and repossessed assets) increased to 2.7% of total assets from 2.6% in fourth quarter 2011 and decreased from 3.3% in first quarter 2011
- Net charge-offs (annualized) to average loans outstanding declined to 1.18% from 1.24% in the fourth quarter 2011 and 1.39% in the first quarter of 2011.
- Tier I Leverage capital of 9.8% and Total Risk-Based Capital ratio of 12.5%, compared to 9.6% and 13.2% a year ago
- Total equity of $654.1 million, up $17.4 million from December 31, 2011
“We’re off to a strong start in 2012, with record top line revenue and net income more than double the first quarter of last year,” said Robert Sarver, Chairman and Chief Executive Officer of Western Alliance Bancorporation. “Our balance sheet momentum continues with double digit loan and deposit growth during the quarter on an annualized basis. I’m particularly proud of our growth in qualifying loans for the Small Business Lending Fund, which is a ‘win-win’ for businesses by providing them additional liquidity and our shareholders with lower preferred dividend service requirements.”