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Western Alliance Reports Third Quarter 2012 Net Income Of $15.5 Million, Or $0.18 Per Share, And Completion Of Acquisition Of Western Liberty Bancorp

Stocks in this article: WAL

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

Third Quarter 2012 Highlights:

  • Net income of $15.5 million, an increase of 10.7% compared to $14.0 million for the second quarter 2012 and an increase of 18.8% compared to $13.0 million for the third quarter 2011
  • Net income of $16.6 million for the third quarter 2012, excluding $3.4 million goodwill and intangible impairment, $0.8 million gain on sale of minority interest, $1.0 million gains on sales of investment securities, and $0.5 million unrealized fair value gains on trust preferred
  • Earnings per share of $0.18, an increase of 20% compared to $0.15 per share for the second quarter 2012 and more than triple the $0.04 per share in the third quarter 2011
  • Earnings per share of $0.20 per share for the third quarter 2012, excluding $0.05 per share goodwill and intangible impairment, $0.01 per share gain on sale of minority interest and $0.02 per share from gains on sales of investment securities and unrealized fair value gains on trust preferred
  • Pre-tax, pre-provision operating earnings of $33.4 million, up from $32.1 million in second quarter 2012 and up 18.9% from $28.1 million in third quarter 2011 1
  • Net interest margin of 4.41% compared to 4.46% in the second quarter of 2012 and 4.29% in the third quarter 2011
  • Total loans of $5.33 billion, up $168 million from June 30, 2012, and up $806 million from September 30, 2011
  • Total deposits of $6.16 billion, up $161 million from June 30, 2012 and up $529 million from September 30, 2011
  • Nonperforming assets (nonaccrual loans and repossessed assets) increased to 2.7% of total assets from 2.5% in second quarter 2012 and decreased from 3.1% in third quarter 2011
  • Net loan charge-offs (annualized) to average loans outstanding declined to 0.70% from 1.11% in the second quarter 2012 and 1.40% in the third quarter of 2011
  • Tier I Leverage capital of 9.7% and Total Risk-Based Capital ratio of 12.3%, compared to 9.8% and 13.2% a year ago
  • Total equity of $698.0 million, up $25.9 million from June 30, 2012 and up $61.3 million from December 31, 2011

Financial Performance

“This was an exceptional quarter for Western Alliance,” said Robert Sarver, Chairman and Chief Executive Officer of Western Alliance Bancorporation. “Loans grew for the 10th consecutive quarter and deposits were up for the 11th, driving our top line revenue up 9.7% from the third quarter of 2011. In fact, recently released FDIC data shows that the Company is growing twice as fast as the market in Arizona and San Diego. Meanwhile, we held our expenses in check and our credit costs fell, propelling a substantial rise in earnings per share.

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