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Western Alliance Reports Third Quarter 2013 Net Income Of $28.2 Million, Or $0.32 Per Share

Stocks in this article: WAL

Western Alliance Bancorporation (NYSE:WAL) announced today its financial results for the third quarter 2013.

Third Quarter 2013 Highlights:

  • Net income of $28.2 million, compared to $34.0 million for the second quarter 2013 (which included the $10.0 million bargain purchase gain from the acquisition of Centennial Bank in addition to other non-recurring items) and $15.5 million for the third quarter 2012
  • Earnings per share of $0.32, compared to $0.39 per share in the second quarter 2013 (which included the effects of the Centennial Bank bargain purchase gain and other non-recurring items) and $0.18 per share in the third quarter 2012
  • Pre-tax, pre-provision operating earnings of $42.1 million, up 4.9% from $40.1 million in second quarter 2013 and up 25.9% from $33.4 million in third quarter 2012 1
  • Net interest margin of 4.41%, compared to 4.36% in the second quarter 2013 and 4.41% in the third quarter 2012
  • Total loans of $6.52 billion, up $104 million from June 30, 2013 and up $1.18 billion from September 30, 2012
  • Total deposits of $7.28 billion, up $274 million from June 30, 2013 and up $1.11 billion from September 30, 2012
  • Nonperforming assets (nonaccrual loans and repossessed assets) decreased to 1.7% of total assets from 1.9% in the second quarter 2013 and from 2.7% in the third quarter 2012
  • Net loan recoveries (annualized) to average loans outstanding of 0.10%, compared to net loan charge-offs to average loans of 0.17% in the second quarter 2013 and 0.70% in the third quarter 2012
  • Tier I Leverage capital of 10.0% and Total Risk-Based Capital ratio of 12.5%, compared to 9.7% and 12.3%, respectively, a year ago
  • Total equity of $826 million, up $128 million from September 30, 2012

Financial Performance

“Once again, Western Alliance delivered strong financial performance with key metrics relating to growth, margin, efficiency and asset quality all improving during the third quarter, resulting in record revenue and operating earnings,” said Robert Sarver, Chairman and Chief Executive Officer of Western Alliance Bancorporation. “Net interest income increased 17% from a year ago, while expense growth was held to 10%. Our asset quality improvement has been notable as net loan losses swung from a $9 million charge in the third quarter of 2012 to net recoveries of $1.5 million this quarter.”

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