The Torrey Pines Bank segment, which excludes discontinued operations, reported that loans increased $9 million during the third quarter 2012 and $198 million during the last 12 months to $1.43 billion. Deposits increased $21 million in the third quarter 2012 and $214 million over the last 12 months to $1.61 billion. Net income for Torrey Pines Bank was $6.4 million during the third quarter 2012 compared with net income of $5.3 million for the second quarter of 2012 and net income of $5.4 million during the third quarter 2011.
Attached to this press release is summarized financial information for the quarter ended September 30, 2012.
On October 17, 2012, the Company completed its acquisition of Western Liberty Bancorp, which on September 30, 2012 had total assets of $183.8 million, total loans of $104.2 million, total deposits of $111.5 million and total equity of $70.6 million. The Company paid $27.5 million and issued 2,966,322 shares for all of the equity interests of Western Liberty. Western Liberty’s primary operating subsidiary, Service1st Bank of Nevada, is now a wholly-owned subsidiary of Western Alliance Bancorporation. The Company expects to merge Service1st Bank into Bank of Nevada at the end of the month. None of the assets or liabilities of Western Liberty are included in this third quarter earnings release, nor are the shares issued by the Company to consummate the merger.
Conference Call and Webcast
Western Alliance Bancorporation will host a conference call and live webcast to discuss its third quarter 2012 financial results at 12:00 p.m. ET on Friday, October 19, 2012. Participants may access the call by dialing 1-866-843-0890 and using passcode: 7288570 or via live audio webcast using the website link:
. The webcast is also available via our website at
. Participants should log in at least 15 minutes early to receive instructions. The call will be recorded and made available for replay after 2:00 p.m. ET October 19
through November 12
at 9:00 a.m. ET by dialing 1-877-344-7529 using the conference number 10019200.
About Western Alliance Bancorporation
Western Alliance Bancorporation is the parent company of Bank of Nevada, Western Alliance Bank doing business as Alliance Bank of Arizona and First Independent Bank, Torrey Pines Bank, and Shine Investment Advisory Services. These dynamic organizations provide a broad array of deposit and credit services to clients in Nevada, Arizona and California, and investment services in Colorado. Staffed with experienced financial professionals, these organizations deliver a broader product array and larger credit capacity than community banks, yet are empowered to be more responsive to customers' needs than larger institutions. Additional investor information can be accessed on the Investor Relations page of the company's website,
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements that relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. The forward-looking statements contained herein reflect our current views about future events and financial performance and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from historical results and those expressed in any forward-looking statement. Some factors that could cause actual results to differ materially from historical or expected results include: factors listed in the Form 10-K as filed with the Securities and Exchange Commission; changes in general economic conditions, either nationally or locally in the areas in which we conduct or will conduct our business; inflation, interest rate, market and monetary fluctuations; increases in competitive pressures among financial institutions and businesses offering similar products and services; higher defaults on our loan portfolio than we expect; changes in management’s estimate of the adequacy of the allowance for credit losses; legislative or regulatory changes or changes in accounting principles, policies or guidelines; management’s estimates and projections of interest rates and interest rate policy; the execution of our business plan; and other factors affecting the financial services industry generally or the banking industry in particular.