This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

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

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.”

1 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs