Sarver continued, “This strong finish to 2012, delivered by our team at Western Alliance, has given us powerful momentum as we head into 2013.”
Ken Vecchione, President and Chief Operating Officer, added, “In 2012, our Company again executed its growth strategy by reporting double-digit top line revenue growth for the third consecutive year, and growth in operating revenue as it has every year since it went public in 2005. This rising revenue, when coupled with our lower credit costs and increased efficiency, has given us considerable leverage to drive earnings per share higher, as we did to 83 cents last year.”
Western Alliance Bancorporation reported net income of $32.1 million, or $0.37 per share, in the fourth quarter 2012 including a $0.5 million charge from repossessed assets valuations/sales, $2.7 million of merger/restructure charges, a $17.6 million bargain purchase gain from the acquisition of Western Liberty Bancorp, and $1.9 million gains from securities.
Full year net income was $72.8 million compared to $31.5 million in 2011. Full year earnings per share were $0.83 compared to $0.19 for 2011.Total loans increased $376 million to $5.71 billion at December 31, 2012 from $5.33 billion on September 30, 2012. This increase was primarily driven by growth in commercial and industrial loans and commercial real estate loans. Loans increased $929 million, 19.4 percent from December 31, 2011. Total deposits increased $293 million to $6.46 billion at December 31, 2012 from $6.16 billion at September 30, 2012, with growth in all account types primarily in certificates of deposits and non-interest-bearing demand. Deposits increased $797 million, or 14.1 percent from December 31, 2011. Income Statement Net interest income of $77.5 million in the fourth quarter 2012, an increase of 7.8 percent compared to the third quarter 2012 and 12.7 percent compared to the fourth quarter 2011. The Company’s net interest margin in the fourth quarter 2012 was 4.55 percent compared to 4.41 percent in the third quarter 2012 and 4.51 percent in the fourth quarter 2011.