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Western Alliance Reports Fourth Quarter 2013 Net Income Of $31.4 Million, Or $0.36 Per Share; Full Year Net Income Of $114.5 Million, Or $1.31 Per Share

Stocks in this article: WAL

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

Fourth Quarter 2013 Highlights:

  • Net income of $31.4 million, compared to $28.2 million for the third quarter 2013 and $32.1 million for the fourth quarter 2012
  • Net income of $29.8 million for the fourth quarter 2013, excluding the following, net of tax effect: $3.7 million tax benefit related to the Western Liberty acquisition, $1.3 million net gain on other repossessed assets, $1.3 million net loss from debt valuation adjustments and securities gains, $1.2 million merger/restructure expenses, and $0.9 million net loss on extinguishment of debt
  • Earnings per share of $0.36, compared to $0.32 per share in the third quarter 2013 and $0.37 per share in the fourth quarter 2012
  • Earnings per share of $0.34 for the fourth quarter 2013, excluding the following, net of tax effect: $0.04 tax benefit related to the Western Liberty acquisition, $0.02 net gain on other repossessed assets, $0.02 net loss from debt valuation adjustments and securities gains, $0.01 merger/restructure expenses, and $0.01 net loss on extinguishment of debt
  • Pre-tax, pre-provision operating earnings of $43.8 million, up 4.2% from $42.1 million in third quarter 2013 and up 19.1% from $36.8 million in fourth quarter 2012 1
  • Net interest margin of 4.44%, compared to 4.41% in the third quarter 2013 and 4.55% in the fourth quarter 2012
  • Total loans of $6.80 billion, up $285 million from September 30, 2013
  • Total deposits of $7.84 billion, up $563 million from September 30, 2013
  • Nonperforming assets (nonaccrual loans and repossessed assets) decreased to 1.5% of total assets from 1.7% in the third quarter 2013 and from 2.4% in the fourth quarter 2012
  • Net loan charge-offs (annualized) to average loans outstanding of 0.13%, compared to net loan recoveries to average loans of 0.10% in the third quarter 2013 and net loan charge-offs to average loans of 0.99% in the fourth quarter 2012
  • Tier I Leverage capital of 9.8% and Total Risk-Based Capital ratio of 12.6%, compared to 10.1% and 12.6%, respectively, at December 31, 2013
  • Total equity of $855 million, up $96 million from December 31, 2012

Full Year 2013 Highlights:

  • Net income of $114.5 million, compared to $72.8 million for 2012
  • Return on assets and return on tangible common equity of 1.35% and 16.67%, compared to 1.01% and 12.37%, respectively, in 2012
  • Earnings per share of $1.31, compared to $0.83 per share for 2012
  • Net interest margin of 4.39%, compared to 4.49% in 2012
  • Total loan and deposit growth of $1.09 billion and $1.38 billion, respectively, from December 31, 2012




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