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Western Alliance Reports Fourth Quarter 2012 Net Income Of $32.1 Million, Or $0.37 Per Share; Full Year Net Income Of $72.8 Million, Or $0.83 Per Share

Stocks in this article: WAL

Stockholders’ equity at December 31, 2012 increased to $759.6 million from $698.0 million at September 30, 2012, of which $32 million was due to the issuance of shares to complete the Western Liberty Bancorp acquisition. At December 31, 2012, tangible common equity was 7.8 percent of tangible assets 1 and total risk-based capital was 12.6 percent of risk-weighted assets.

Total assets increased to $7.62 billion at December 31, 2012 from $7.40 billion at September 30, 2012 and increased 11.4 percent from $6.84 billion at December 31, 2011.

Operating Unit Highlights

Bank of Nevada reported that loans increased by $122 million during the fourth quarter of 2012, and increased $324 million during the last 12 months to $2.18 billion at December 31, 2012. Deposits increased by $161 million in the fourth quarter of 2012 and $192 million over the last twelve months to $2.57 billion. This growth was mostly due to the acquisition of Service 1 st Bank of Nevada (former subsidiary of Western Liberty merged into Bank of Nevada). Net income for Bank of Nevada was $7.6 million for the fourth quarter 2012, compared with net income of $5.8 million for the third quarter of 2012 and net income of $1.2 million during the fourth quarter 2011.

Western Alliance Bank (doing business as Alliance Bank of Arizona and First Independent Bank) reported loan growth of $166 million during the fourth quarter 2012 and $392 million during the last 12 months to $2.04 billion. Deposits increased $74 million in the fourth quarter and $347 million during the last 12 months to $2.22 billion. Net income for Western Alliance Bank was $10.4 million during the fourth quarter 2012 compared with net income of $8.8 million during the third quarter of 2012 and net income of $5.6 million during the fourth quarter 2011.

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