Ken Vecchione, President and Chief Operating Officer, added, “Our record revenue, coupled with improved efficiency, drove our pre-tax, pre-credit income to $32.1 million during the second quarter, a new high. 1 This quarter, REO valuations/losses declined to less than $1 million as some properties in our REO portfolio experienced increases in appraised values. Offsetting the good news this quarter, charge-offs and the provision for loan losses remained flat to the prior quarter. Nevada asset quality has not exhibited the same rate of improvement as California or Arizona.”
Western Alliance Bancorporation reported net income of $14.0 million, or $0.15 per share, in the second quarter 2012 including a $0.6 million after-tax charge from repossessed assets valuations/sales and a $1.1 million after tax gain from securities sales.
Total loans increased $239 million, or 4.9 percent, to $5.16 billion at June 30, 2012 from $4.93 billion on March 31, 2012. This increase was primarily driven by growth in commercial and industrial loans, commercial leases and commercial real estate loans. Loans increased $753 million from June 30, 2011.
Total deposits increased $102 million, or 1.7 percent, to $6.0 billion at June 30, 2012 from $5.90 billion at March 31, 2012, with growth primarily in money market accounts, non-interest bearing demand and interest bearing demand partially offset by declines in certificates of deposit. Deposits increased $413 million from June 30, 2011.Income Statement Net interest income was $70.8 million in the second quarter 2012, an increase of 1.0 percent compared to the first quarter 2012 and 11.9 percent compared to the second quarter 2011. The Company’s net interest margin in the second quarter 2012 was 4.46 percent compared to 4.53 percent in the first quarter 2012 and 4.34 percent in the second quarter 2011. Operating non-interest income was $5.8 million for the second quarter 2012, almost flat from $5.9 million for the first quarter of 2012 and a decrease from $6.8 million for the second quarter of 2011. 1 Net revenue was $76.6 million for the second quarter 2012, a 1.0 percent increase from $75.9 million for the first quarter of 2012 and 9.3 percent from $70.1 million for the second quarter 2011. 1 Operating non-interest expense was $44.5 million for the second quarter 2012, compared to $44.2 million for the first quarter of 2012 and $42.3 million for the second quarter of 2011. 1 The Company’s operating efficiency ratio on a tax equivalent basis was 56.4 percent for the second quarter 2012, improved from 60.2 percent for the second quarter 2011. 1 The Company had 953 full-time equivalent employees June 30, 2012, compared to 908 one year ago.
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