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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

Balance Sheet

Gross loans totaled $5.16 billion at June 30, 2012, an increase of $239 million from March 31, 2012 and an increase of $753 million from $4.41 billion at June 30, 2011. At June 30, 2012 the allowance for credit losses was 1.89 percent of total loans, down from 1.99 percent at March 31, 2012 and 2.37 percent at June 30, 2011.

Deposits totaled $6.0 billion at June 30, 2012, an increase of $102 million from $5.90 billion at March 31, 2012 and an increase of $413 million from $5.59 billion at June 30, 2011.

Non-interest bearing deposits increased $84 million at June 30, 2012 from March 31, 2012 and increased $325 million from $1.52 billion at June 30, 2011. Non-interest bearing deposits comprised 30.7 percent of total deposits at June 30, 2012, compared to 27.1 percent a year ago.

At June 30, 2012, the Company’s loans were 86.1 percent of deposits compared to 83.5 percent at March 31, 2012 and 79.0 percent at June 30, 2011.

Stockholders’ equity at June 30, 2012 increased to $672.1 million from $654.1 million at March 31, 2012. At June 30, 2012, tangible common equity was 7.0 percent of tangible assets 1 and total risk-based capital was 12.3 percent of risk-weighted assets.

Total assets increased to $7.16 billion at June 30, 2012 from $6.93 billion at March 31, 2012 and increased 10.0 percent from $6.51 billion at June 30, 2011.

Operating Unit Highlights

Bank of Nevada reported that loans increased by $76 million during the second quarter of 2012, primarily due to intercompany transfers from Western Alliance Bank, and increased $147 million during the last 12 months to $2.0 billion at June 30, 2012. Deposits decreased slightly in the second quarter of 2012 and decreased $18 million over the last twelve months to $2.43 billion. Net income for Bank of Nevada was $3.8 million for the second quarter 2012, compared with net income of $1.0 million for the first quarter of 2012 and net income of $3.7 million during the second quarter 2011.

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