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Western Alliance Reports Second Quarter 2012 Net Income Of $14.0 Million, Or $0.15 Per Share

Stocks in this article: WAL

Western Alliance Bancorporation (NYSE:WAL) announced today its financial results for the second quarter 2012.

Second Quarter 2012 Highlights:

  • Net income of $14.0 million, an increase of 23.9% compared to $11.3 million for the first quarter 2012 and an increase of 126% compared to $6.2 million for the second quarter 2011
  • Earnings per share of $0.15, an increase of 25% compared to $0.12 per share for the first quarter 2012 and an increase of three times compared to $0.05 per share in the second quarter 2011
  • Pre-tax, pre-provision operating earnings of $32.1 million, up from $31.7 million in first quarter 2012 and up 16.3% from $27.6 million in second quarter 2011 1
  • Net interest margin of 4.46% compared to 4.53% in the first quarter of 2012 and 4.34% in the second quarter 2011
  • Total loans of $5.16 billion, up $239 million from March 31, 2012, and up $753 million from June 30, 2011
  • Total deposits of $6.0 billion, up $102 million from March 31, 2012 and up $413 million from June 30, 2011
  • Nonperforming assets (nonaccrual loans and repossessed assets) decreased to 2.5% of total assets from 2.7% in first quarter 2012 and 3.1% in second quarter 2011
  • Net loan charge-offs (annualized) to average loans outstanding declined to 1.11% from 1.18% in the first quarter 2012 and 1.26% in the second quarter of 2011
  • Tier I Leverage capital of 9.7% and Total Risk-Based Capital ratio of 12.3%, compared to 9.5% and 13.1% a year ago
  • Total equity of $672.1 million, up $18.0 million from March 31, 2012 and up $35.4 million from December 31, 2011

Financial Performance

“Our strong growth trends continued in the second quarter with record revenue during the period and tripling our earnings per share from a year ago,” said Robert Sarver, Chairman and Chief Executive Officer of Western Alliance Bancorporation. “With over $300 million in both loan and deposit growth in 2012, we have maintained our earnings power momentum while continuing to improve the asset quality composition of our balance sheet. From our success in achieving the goals as a participant in the Small Business Lending Fund, we expect to see the dividend rate on our preferred stock fall to one percent this quarter from 3.7 percent during the second.”

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