Western Alliance Reports Third Quarter 2012 Net Income Of $15.5 Million, Or $0.18 Per Share, And Completion Of Acquisition Of Western Liberty Bancorp

Western Alliance Bancorporation (NYSE: WAL) announced today its financial results for the third quarter 2012.

Third Quarter 2012 Highlights:
  • Net income of $15.5 million, an increase of 10.7% compared to $14.0 million for the second quarter 2012 and an increase of 18.8% compared to $13.0 million for the third quarter 2011
  • Net income of $16.6 million for the third quarter 2012, excluding $3.4 million goodwill and intangible impairment, $0.8 million gain on sale of minority interest, $1.0 million gains on sales of investment securities, and $0.5 million unrealized fair value gains on trust preferred
  • Earnings per share of $0.18, an increase of 20% compared to $0.15 per share for the second quarter 2012 and more than triple the $0.04 per share in the third quarter 2011
  • Earnings per share of $0.20 per share for the third quarter 2012, excluding $0.05 per share goodwill and intangible impairment, $0.01 per share gain on sale of minority interest and $0.02 per share from gains on sales of investment securities and unrealized fair value gains on trust preferred
  • Pre-tax, pre-provision operating earnings of $33.4 million, up from $32.1 million in second quarter 2012 and up 18.9% from $28.1 million in third quarter 20111
  • Net interest margin of 4.41% compared to 4.46% in the second quarter of 2012 and 4.29% in the third quarter 2011
  • Total loans of $5.33 billion, up $168 million from June 30, 2012, and up $806 million from September 30, 2011
  • Total deposits of $6.16 billion, up $161 million from June 30, 2012 and up $529 million from September 30, 2011
  • Nonperforming assets (nonaccrual loans and repossessed assets) increased to 2.7% of total assets from 2.5% in second quarter 2012 and decreased from 3.1% in third quarter 2011
  • Net loan charge-offs (annualized) to average loans outstanding declined to 0.70% from 1.11% in the second quarter 2012 and 1.40% in the third quarter of 2011
  • Tier I Leverage capital of 9.7% and Total Risk-Based Capital ratio of 12.3%, compared to 9.8% and 13.2% a year ago
  • Total equity of $698.0 million, up $25.9 million from June 30, 2012 and up $61.3 million from December 31, 2011

Financial Performance

“This was an exceptional quarter for Western Alliance,” said Robert Sarver, Chairman and Chief Executive Officer of Western Alliance Bancorporation. “Loans grew for the 10th consecutive quarter and deposits were up for the 11th, driving our top line revenue up 9.7% from the third quarter of 2011. In fact, recently released FDIC data shows that the Company is growing twice as fast as the market in Arizona and San Diego. Meanwhile, we held our expenses in check and our credit costs fell, propelling a substantial rise in earnings per share.

“I’d also like to welcome the customers of Service1st Bank of Nevada to our Company. Service1st Bank became part of Western Alliance with the close of our merger with Western Liberty Bancorp yesterday. We expect to merge Service1st into Bank of Nevada at the end of this month and complete the systems integration in December. This will give our new clients access to the larger branch network as well as other services offered by Bank of Nevada and its affiliates.”

Ken Vecchione, President and Chief Operating Officer, added, “Our improved operating leverage from exceptional revenue growth and continued expense control took our efficiency ratio below 55% for the first time during the quarter. Although non-performing assets rose, we’re pleased with the lower charge-offs and other real estate losses incurred, which we believe reflect continued recovery in our primary markets. Record efficiency combined with lower credit costs enabled us to increase earnings per share to 18 cents, up 20% from the second quarter.”

Western Alliance Bancorporation reported net income of $15.5 million, or $0.18 per share, in the third quarter 2012 including a $0.1 million charge from repossessed assets valuations/sales, $3.4 million of goodwill and intangible impairment charges, a $0.8 million gain from sale of minority interest and a $1.0 million gain from securities sales.

Total loans increased $168 million, or 3.3 percent, to $5.33 billion at September 30, 2012 from $5.16 billion on June 30, 2012. This increase was primarily driven by growth in commercial and industrial loans and construction and land development loans. Loans increased $806 million from September 30, 2011.

Total deposits increased $161 million, or 2.7 percent, to $6.16 billion at September 30, 2012 from $6.0 billion at June 30, 2012, with growth primarily in money market accounts, certificates of deposits and savings accounts partially offset by declines in interest bearing demand and non-interest bearing demand. Deposits increased $529 million from September 30, 2011.

Income Statement

Net interest income of $71.9 million in the third quarter 2012, an increase of 1.6 percent compared to the second quarter 2012 and 11.4 percent compared to the third quarter 2011. The Company’s net interest margin in the third quarter 2012 was 4.41 percent compared to 4.46 percent in the second quarter 2012 and 4.29 percent in the third quarter 2011.

Operating non-interest income was $5.4 million for the third quarter 2012, a decrease from $5.8 million for the second quarter of 2012 and $5.9 million for the third quarter of 2011. 1

Net revenue was $77.3 million for the third quarter 2012, up from $76.6 million for the second quarter of 2012 and an increase of 9.6 percent from $70.5 million for the third quarter 2011. 1

Operating non-interest expense was $43.9 million for the third quarter 2012, compared to $44.5 million for the second quarter of 2012 and $42.4 million for the third quarter of 2011. 1 The Company’s operating efficiency ratio on a tax equivalent basis was 54.9 percent for the third quarter 2012, improved from 59.6 percent for the third quarter 2011. 1

The Company had 964 full-time equivalent employees September 30, 2012, compared to 911 one year ago.

A key performance metric for the Company is its pre-tax, pre-provision operating earnings, which it defines as net operating revenue less its operating non-interest expense. For the third quarter 2012, the Company’s performance on this metric was $33.4 million, up from $32.1 million in the second quarter 2012 and $28.1 million in the third quarter 2011. 1

The provision for credit losses was $8.9 million for the third quarter 2012 compared to $13.3 million for the second quarter 2012. The provision for the third quarter of 2011 was $11.2 million. Net loan charge-offs in the third quarter 2012 were $9.0 million, or 0.70 percent of average loans (annualized), down from 1.11 percent of average loans (annualized) for the second quarter 2012. Net charge-offs for the third quarter 2011 were $15.3 million or 1.40% of average loans (annualized).

Nonaccrual loans increased $16.9 million to $121.2 million during the quarter. Loans past due 90 days and still accruing interest totaled $1.7 million at September 30, 2012, up from $0.8 million at June 30, 2012 and down from $2.1 million at September 30, 2011. Loans past due 30-89 days, still accruing interest totaled $10.2 million at quarter end, down from $13.8 million at June 30, 2012 and from $12.4 million at September 30, 2011.

Classified assets to Tier I capital plus allowance for credit losses, a common regulatory measure of asset quality, improved to 39 percent at September 30, 2012 from 42 percent at September 30, 2011. 1

Net loss on sales and valuation of repossessed assets (primarily other real estate) was $0.1 million for the third quarter of 2012 compared to $0.9 million for the second quarter 2012 and $2.1 million in the third quarter 2011. At September 30, 2012, other repossessed assets were valued at $78 million compared to $77 million at June 30, 2012 and $87 million one year ago.

During the quarter, the Company sold its 24.9% interest in Miller/Russell Associates for a gain of $0.8 million. The Company is in discussions to sell its 80% ownership in Shine Investment Advisory Services, Inc. resulting in impairment charges of goodwill and intangibles of $3.4 million during the third quarter 2012.

Balance Sheet

Gross loans totaled $5.33 billion at September 30, 2012, an increase of $168 million from June 30, 2012 and an increase of $806 million from $4.53 billion at September 30, 2011. At September 30, 2012, the allowance for credit losses was 1.83 percent of total loans down from 1.89 percent at June 30, 2012 and 2.21 percent at September 30, 2011.

Deposits totaled $6.16 billion at September 30, 2012, an increase of $161 million from $6.0 billion at June 30, 2012 and an increase of $529 million from $5.63 billion at September 30, 2011.

Non-interest bearing deposits decreased $1.3 million at September 30, 2012 from June 30, 2012 and increased $322 million from $1.52 billion at September 30, 2011. Non-interest bearing deposits comprised 29.9 percent of total deposits at September 30, 2012, compared to 27.0 percent a year ago.

At September 30, 2012, the Company’s loans were 86.5 percent of deposits compared to 86.1 percent at June 30, 2012 and 80.4 percent at September 30, 2011.

Stockholders’ equity at September 30, 2012 increased to $698.0 million from $672.1 million at June 30, 2012. At September 30, 2012, tangible common equity was 7.2 percent of tangible assets 1 and total risk-based capital was 12.3 percent of risk-weighted assets.

Total assets increased to $7.40 billion at September 30, 2012 from $7.16 billion at June 30, 2012 and increased 13.0 percent from $6.55 billion at September 30, 2011.

Operating Unit Highlights

Bank of Nevada reported that loans increased by $59 million during the third quarter of 2012, and increased $209 million during the last 12 months to $2.06 billion at September 30, 2012. Deposits decreased by $22 million in the third quarter of 2012 and $58 million over the last twelve months to $2.41 billion. Net income for Bank of Nevada was $5.8 million for the third quarter 2012, compared with net income of $3.8 million for the second quarter of 2012 and net income of $1.7 million during the third quarter 2011.

Western Alliance Bank (doing business as Alliance Bank of Arizona and First Independent Bank) reported loan growth of $88 million during the third quarter 2012 and $387 million during the last 12 months to $1.87 billion. Deposits increased $152 million in the third quarter and $382 million during the last 12 months to $2.15 billion. Net income for Western Alliance Bank was $8.8 million during the third quarter 2012 compared with net income of $7.8 million during the second quarter of 2012 and net income of $5.5 million during the third quarter 2011.

The Torrey Pines Bank segment, which excludes discontinued operations, reported that loans increased $9 million during the third quarter 2012 and $198 million during the last 12 months to $1.43 billion. Deposits increased $21 million in the third quarter 2012 and $214 million over the last 12 months to $1.61 billion. Net income for Torrey Pines Bank was $6.4 million during the third quarter 2012 compared with net income of $5.3 million for the second quarter of 2012 and net income of $5.4 million during the third quarter 2011.

Attached to this press release is summarized financial information for the quarter ended September 30, 2012.

Subsequent Event

On October 17, 2012, the Company completed its acquisition of Western Liberty Bancorp, which on September 30, 2012 had total assets of $183.8 million, total loans of $104.2 million, total deposits of $111.5 million and total equity of $70.6 million. The Company paid $27.5 million and issued 2,966,322 shares for all of the equity interests of Western Liberty. Western Liberty’s primary operating subsidiary, Service1st Bank of Nevada, is now a wholly-owned subsidiary of Western Alliance Bancorporation. The Company expects to merge Service1st Bank into Bank of Nevada at the end of the month. None of the assets or liabilities of Western Liberty are included in this third quarter earnings release, nor are the shares issued by the Company to consummate the merger.

Conference Call and Webcast

Western Alliance Bancorporation will host a conference call and live webcast to discuss its third quarter 2012 financial results at 12:00 p.m. ET on Friday, October 19, 2012. Participants may access the call by dialing 1-866-843-0890 and using passcode: 7288570 or via live audio webcast using the website link: https://services.choruscall.com/links/wal121019.html. The webcast is also available via our website at www.westernalliancebancorp.com. Participants should log in at least 15 minutes early to receive instructions. The call will be recorded and made available for replay after 2:00 p.m. ET October 19 th through November 12 th at 9:00 a.m. ET by dialing 1-877-344-7529 using the conference number 10019200.

About Western Alliance Bancorporation

Western Alliance Bancorporation is the parent company of Bank of Nevada, Western Alliance Bank doing business as Alliance Bank of Arizona and First Independent Bank, Torrey Pines Bank, and Shine Investment Advisory Services. These dynamic organizations provide a broad array of deposit and credit services to clients in Nevada, Arizona and California, and investment services in Colorado. Staffed with experienced financial professionals, these organizations deliver a broader product array and larger credit capacity than community banks, yet are empowered to be more responsive to customers' needs than larger institutions. Additional investor information can be accessed on the Investor Relations page of the company's website, www.westernalliancebancorp.com.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements that relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. The forward-looking statements contained herein reflect our current views about future events and financial performance and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from historical results and those expressed in any forward-looking statement. Some factors that could cause actual results to differ materially from historical or expected results include: factors listed in the Form 10-K as filed with the Securities and Exchange Commission; changes in general economic conditions, either nationally or locally in the areas in which we conduct or will conduct our business; inflation, interest rate, market and monetary fluctuations; increases in competitive pressures among financial institutions and businesses offering similar products and services; higher defaults on our loan portfolio than we expect; changes in management’s estimate of the adequacy of the allowance for credit losses; legislative or regulatory changes or changes in accounting principles, policies or guidelines; management’s estimates and projections of interest rates and interest rate policy; the execution of our business plan; and other factors affecting the financial services industry generally or the banking industry in particular.

We do not intend and disclaim any duty or obligation to update or revise any industry information or forward-looking statements set forth in this press release to reflect new information, future events or otherwise.

This press release contains both financial measures based on accounting principles generally accepted in the United States (“GAAP”) and non-GAAP based financial measures, which are used where management believes it to be helpful in understanding Western Alliance Bancorporation’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconcilement to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

1 See Reconciliation of Non-GAAP Financial Measures beginning on page 16
 
Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited
      At or for the Three Months      

For the Nine Months
Ended September 30, Ended September 30,
2012     2011    

Change %
2012     2011     Change %
 
Selected Balance Sheet Data:
(dollars in millions)
Total assets $ 7,403.6 $ 6,545.9 13.1 %
Loans, net of deferred fees 5,332.9 4,526.5 17.8
Securities and money market investments 1,338.9 1,304.6 2.6

Securities purchased under agreement to resell
139.8 - -
Total deposits 6,162.0 5,632.9 9.4
Securities sold under agreement to repurchase 138.3 - -
Borrowings 296.7 215.8 37.5
Junior subordinated debt 36.2 36.3 (0.3 )
Stockholders' equity 698.0 632.3 10.4
 
Selected Income Statement Data:
(dollars in thousands)
Interest income $ 78,669 $ 74,133 6.1 % $ 233,952 $ 219,745 6.5 %
Interest expense   6,723     9,548   (29.6 )   21,144     30,776   (31.3 )
Net interest income 71,946 64,585 11.4 212,808 188,969 12.6
Provision for loan losses   8,932     11,180   (20.1 )   35,343     33,112   6.7
Net interest income after provision for credit losses 63,014 53,405 18.0 177,465 155,857 13.9
Non-interest income 6,982 13,082 (46.6 ) 20,263 29,509 (31.3 )
Non-interest expense   47,543     45,481   4.5   139,871     144,635   (3.3 )

Income from continuing operations before income taxes
22,453 21,006 6.9 57,857 40,731 42.0
Income tax expense   6,752     7,514   (10.1 )   16,452     14,838   10.9
Income from continuing operations 15,701 13,492 16.4 41,405 25,893 59.9 %
Loss on discontinued operations, net   (243 )   (481 ) 49.5   (686 )   (1,500 )
Net income $ 15,458   $ 13,011   18.8 % $ 40,719   $ 24,393  
Diluted net income per common share from continuing operations $ 0.19   $ 0.05   $ 0.46   $ 0.14  
Diluted net loss per common share from discontinued operations, net of tax $ 0.00   $ (0.01 ) $ (0.01 ) $ (0.02 )
Diluted net income per common share $ 0.18   $ 0.04   350.0 % $ 0.45   $ 0.12   270.0 %
 
Common Share Data:
Diluted net income per common share $ 0.18 $ 0.04 350.0 % $ 0.45 $ 0.12 270.0 %
Book value per common share $ 6.67 $ 5.97 11.7 %
Tangible book value per share, net of tax (1) $ 6.35 $ 5.57 14.0 %
Average shares outstanding (in thousands):
Basic 81,712 80,931 1.0 81,555 80,870 0.8
Diluted 82,254 81,125 1.4 82,000 81,121 1.1
Common shares outstanding 83,455 82,263 1.4
(1) See Reconciliation of Non-GAAP Financial Measures
 
 

 
Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data (continued)
Unaudited
      At or for the Three Months       For the Nine Months
Ended September 30, Ended September 30,
2012     2011     Change % 2012     2011     Change %
(in thousands, except per share data)
Selected Performance Ratios:        
Return on average assets (1) 0.85 % 0.79 % 7.6 % 0.77 % 0.51 % 51.0
Return on average stockholders' equity (1) 8.95 8.13 10.1 8.09 5.22 55.0
Net interest margin (1) 4.41 4.29 2.8 4.47 4.32 3.5
Net interest spread 4.24 4.05 4.7 4.29 4.06 5.7
Efficiency ratio - tax equivalent basis (2) 54.87 59.60 (8.0 )
Loan to deposit ratio 86.54 80.36 7.7
 
Capital Ratios:
Tangible equity (2) 9.1 % 9.1 % (0.8 ) %
Tangible common equity (2) 7.2 7.0 2.5
Tier one common equity (2) 8.1 8.6 (5.8 )
Tier 1 Leverage ratio (3) 9.7 9.8 (1.0 )
Tier 1 Risk Based Capital (3) 11.0 12.0 (8.3 )
Total Risk Based Capital (3) 12.3 13.2 (6.8 )
 
Asset Quality Ratios:
Net charge-offs to average loans outstanding (1) 0.70 % 1.40 % (50.0 ) % 0.99 % 1.35 % (26.7 )
Nonaccrual loans to gross loans 2.27 2.51 (9.6 )
Nonaccrual loans and repossessed assets to total assets 2.69 3.06 (12.1 )
Loans past due 90 days and still accruing to total loans 0.03 0.05 (40.0 )
Allowance for credit losses to loans 1.83 2.21 (17.2 )
Allowance for credit losses to nonaccrual loans 80.35 88.13 (8.8 )
 
(1) Annualized for the three and nine month periods ended September 30, 2012 and 2011. See tables on page 12 and 13.
(2) See Reconciliation of Non-GAAP Financial Measures.
(3) Capital ratios are preliminary until Call Reports are filed.
 
 

 
Western Alliance Bancorporation and Subsidiaries
Condensed Consolidated Income Statements
Unaudited      

Three Months Ended
      Nine Months Ended
September 30,

September 30,
2012     2011 2012     2011
Interest income: (dollars in thousands)
Loans $ 69,580 $ 65,540 $ 205,682 $ 194,341
Investment securities 9,034 8,356 $ 28,008 24,828
Federal funds sold and other   55     237   $ 262     576  
Total interest income   78,669     74,133     233,952     219,745  
Interest expense:
Deposits 3,974 6,982 12,904 22,428
Customer repurchase agreements 37 77 158 263
Borrowings 2,225 2,024 6,624 6,229
Junior subordinated debt   487     465     1,458     1,856  
Total interest expense   6,723     9,548     21,144     30,776  
Net interest income 71,946 64,585 212,808 188,969
Provision for credit losses   8,932     11,180     35,343     33,112  
Net interest income after provision for credit losses   63,014     53,405     177,465     155,857  
Non-interest income

Unrealized gains (losses) on assets/liabilities measured at fair value, net
470 6,420 701 6,247
Securities impairment charges - - - (226 )
Gains on sales of investment securities, net 1,031 781 2,502 4,826
Service charges 2,412 2,337 7,014 6,864
Bank owned life insurance 1,116 1,189 3,359 4,195
Amortization of affordable housing investments (651 ) - (710 ) -
Other   2,604     2,355     7,397     7,603  
  6,982     13,082     20,263     29,509  
Non-interest expenses:
Salaries and employee benefits 25,500 23,319 78,159 69,119
Occupancy 4,655 5,126 14,046 15,024
Net loss on sales and valuations of repossessed assets 126 2,128 3,678 16,890
Insurance 2,121 2,664 6,323 8,878
Loan and repossessed asset expenses 1,236 2,059 4,573 6,465
Legal, professional and director's fees 2,291 1,912 6,380 5,639
Marketing 1,231 1,090 4,061 3,382
Data Processing 1,390 895 3,678 2,671
Intangible amortization 880 890 2,660 2,669
Customer service 653 900 1,926 2,620
Merger/restructure expense 113 974 113 1,082
Goodwill and intangible impairment 3,435 - 3,435 -
Other   3,912     3,524     10,839     10,196  
  47,543     45,481     139,871     144,635  
Income from continuing operations before income taxes 22,453 21,006 57,857 40,731
Income tax expense   6,752     7,514     16,452     14,838  
Income from continuing operations 15,701 13,492 41,405 25,893
Loss from discontinued operations net of tax benefit   (243 )   (481 )   (686 )   (1,500 )
Net income 15,458 13,011 40,719 24,393
Preferred stock dividends 352 1,752 3,440 5,252
Accretion on preferred stock discount   -     7,667     -     9,173  
Net income available to common stockholders $ 15,106   $ 3,592   $ 37,279   $ 9,968  
Diluted net income per share $ 0.18   $ 0.04   $ 0.45   $ 0.12  
 
 

 
Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Income Statements
Unaudited       Three Months Ended

September 30,
   

June 30,
   

March 31,
   

December 31,
   

September 30,
2012 2012 2012 2011 2011
Interest income: (in thousands, except per share data)
Loans $ 69,580 $ 68,342 $ 67,760 $ 67,102 $ 65,540
Investment securities 9,034 9,389 9,585 9,591 8,356
Federal funds sold and other   55     115     92     153     237  
Total interest income   78,669     77,846     77,437     76,846     74,133  
Interest expense:
Deposits 3,974 4,168 4,762 5,549 6,982
Borrowings and customer repurchase agreements 2,262 2,386 2,134 2,126 2,101
Junior subordinated and subordinated debt   487     487     484     472     465  
Total interest expense   6,723     7,041     7,380     8,147     9,548  
Net interest income 71,946 70,805 70,057 68,699 64,585
Provision for credit losses   8,932     13,330     13,081     13,076     11,180  
Net interest income after provision for credit losses   63,014     57,475     56,976     55,623     53,405  
Non-interest income
Mark-to-market gains (losses), net 470 564 (333 ) (626 ) 6,420
Gains on sales of investment securities, net 1,031 1,110 361 (28 ) 781
Service charges 2,412 2,317 2,285 2,238 2,337
Bank owned life insurance 1,116 1,120 1,123 1,177 1,189
Amortization of affordable housing investments (651 ) (59 ) - - -
Other   2,604     2,345     2,448     2,187     2,355  
  6,982     7,397     5,884     4,948     13,082  
Non-interest expenses:
Salaries and employee benefits 25,500 25,995 26,664 24,021 23,319
Occupancy 4,655 4,669 4,722 4,948 5,126
Insurance 2,121 2,152 2,050 2,166 2,664
Loan and repossessed asset expenses 1,236 1,653 1,684 1,661 2,059
Net loss on sales and valuations of repossessed assets 126 901 2,651 7,702 2,128
Legal, professional and director's fees 2,291 2,517 1,572 2,039 1,912
Marketing 1,231 1,459 1,371 1,294 1,090
Intangible amortization 880 890 890 889 890
Customer service 653 682 591 716 900
Data Processing 1,390 1,293 995 895 895
Merger/restructure expense 113 - - 482 974
Goodwill and intangible impairment 3,435 - - - -
Other   3,912     3,220     3,707     4,150     3,524  
  47,543     45,431     46,897     50,963     45,481  
Income from continuing operations before income taxes 22,453 19,441 15,963 9,608 21,006
Income tax expense   6,752     5,259     4,441     2,011     7,514  
Income from continuing operations $ 15,701 $ 14,182 $ 11,522 $ 7,597 $ 13,492
Loss from discontinued operations, net of tax   (243 )   (221 )   (222 )   (496 )   (481 )
Net income $ 15,458   $ 13,961   $ 11,300   $ 7,101   $ 13,011  
Preferred stock dividends 352 1,325 1,763 1,781 1,752
Accretion on preferred stock   -     -     -     -     7,667  
Net Income available to common stockholders $ 15,106   $ 12,636     $ 9,537     $ 5,320     $ 3,592  
Diluted net income per share $ 0.18   $ 0.15   $ 0.12   $ 0.07   $ 0.04  
 
 

 
Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Balance Sheets
Unaudited
     

September 30,
   

June 30,
   

March 31,
   

December 31,
   

September 30,
2012 2012 2012 2011 2011
Assets: (in millions)
Cash and due from banks $ 168.1 $ 178.9 $ 179.8 $ 155.0 $ 306.0
Securities purchased under agreement to resell   139.8     -     -     -     -  
Cash and cash equivalents 307.9 178.9 179.8 155.0 306.0
 
Securities and money market investments 1,338.9 1,401.5 1,423.2 1,490.5 1,304.6
Loans:
Commercial 1,756.0 1,573.6 1,436.5 1,336.6 1,152.9
Commercial real estate - owner occupied 1,166.4 1,310.3 1,289.9 1,252.2 1,225.4
Construction and land development 379.8 360.6 347.7 381.7 404.4
Commercial real estate - non-owner occupied 1,572.0 1,440.4 1,365.6 1,301.2 1,239.8
Residential real estate 408.4 430.4 434.5 443.0 450.2
Consumer 56.6 55.8 58.7 72.5 60.3
Deferred fees, net   (6.3 )   (6.3 )   (6.7 )   (7.1 )   (6.5 )
5,332.9 5,164.8 4,926.2 4,780.1 4,526.5
Allowance for credit losses   (97.4 )   (97.5 )   (98.1 )   (99.2 )   (100.2 )
Loans, net   5,235.5     5,067.3     4,828.1     4,680.9     4,426.3  
 
Premises and equipment, net 106.9 106.9 105.1 105.5 106.2
Other repossessed assets 78.2 77.0 81.4 89.1 86.7
Bank owned life insurance 137.3 136.1 135.0 133.9 132.7
Goodwill and other intangibles 29.0 34.0 34.8 35.7 36.6
Other assets   169.9     161.9     137.9     153.9     146.8  
Total assets $ 7,403.6   $ 7,163.6   $ 6,925.3   $ 6,844.5   $ 6,545.9  
Liabilities and Stockholders' Equity:
Liabilities:
Deposits:
Non-interest bearing demand deposits $ 1,840.8 $ 1,842.1 $ 1,757.7 $ 1,558.2 $ 1,519.0
Interest bearing
Demand 514.7 540.6 527.2 482.7 466.0
Savings and money market 2,541.2 2,438.4 2,224.1 2,166.6 2,151.9
Time certificates   1,265.3     1,180.3     1,390.1     1,451.0     1,496.0  
Total deposits 6,162.0 6,001.4 5,899.1 5,658.5 5,632.9
Customer repurchase agreements   73.1     86.9     114.4     123.6     142.6  
Total customer funds 6,235.1 6,088.3 6,013.5 5,782.1 5,775.5
Securities sold short 138.3 - - - -
Borrowings 223.6 303.5 193.4 353.3 73.2
Junior subordinated debt 36.2 36.7 37.3 37.0 36.3
Accrued interest payable and other liabilities   72.4     63.0     27.0     35.4     28.6  
Total liabilities   6,705.6     6,491.5     6,271.2     6,207.8     5,913.6  
Stockholders' Equity
Common stock and additional paid-in capital 751.1 748.1 746.2 743.8 743.0
Preferred Stock 141.0 141.0 141.0 141.0 141.0
Accumulated deficit (206.2 ) (221.3 ) (234.0 ) (243.5 ) (248.8 )
Accumulated other comprehensive income (loss)   12.1     4.3     0.9     (4.6 )   (2.9 )
Total stockholders' equity   698.0     672.1     654.1     636.7     632.3  
Total liabilities and stockholders' equity $ 7,403.6   $ 7,163.6   $ 6,925.3   $ 6,844.5   $ 6,545.9  
 
 

 
Western Alliance Bancorporation and Subsidiaries
Changes in the Allowance For Credit Losses
Unaudited
      Three Months Ended

September 30,
   

June 30,
   

March 31,
   

December 31,
   

September 30,
2012 2012 2012 2011 2011
 
(in thousands)
Balance, beginning of period $ 97,512 $ 98,122 $ 99,170 $ 100,216 $ 104,375
Provision for credit losses 8,932 13,330 13,081 13,076 11,180
Recoveries of loans previously charged-off:
Construction and land development 567 217 86 354 707
Commercial real estate 633 561 1,705 755 127
Residential real estate 153 274 340 179 440
Commercial and industrial 501 1,417 777 603 1,243
Consumer   38     214     38     64     41  
Total recoveries 1,892 2,683 2,946 1,955 2,558
Loans charged-off:
Construction and land development 2,315 3,185 5,087 3,155 2,369
Commercial real estate 1,470 5,641 4,912 9,244 2,484
Residential real estate 2,242 2,094 1,420 1,895 10,555
Commercial and industrial 4,100 4,933 3,654 1,004 1,420
Consumer   799     770     2,002     779     1,069  
Total loans charged-off 10,926 16,623 17,075 16,077 17,897
Net loans charged-off   9,034     13,940     14,129     14,122     15,339  
Balance, end of period $ 97,410   $ 97,512   $ 98,122   $ 99,170   $ 100,216  
 

Net charge-offs (annualized) to average loans outstanding
0.70 % 1.11 % 1.18 % 1.24 % 1.40 %
Allowance for credit losses to gross loans 1.83 1.89 1.99 2.07 2.21
Nonaccrual loans $ 121,238 $ 104,324 $ 103,486 $ 90,392 $ 113,713
Repossessed assets 78,234 76,994 81,445 89,104 86,692
Loans past due 90 days, still accruing 1,710 795 1,011 2,589 2,096
Loans past due 30 to 89 days, still accruing 10,181 13,848 12,040 13,731 12,414
Classified loans on accrual 116,841 135,913 98,170 112,147 110,654
Watch loans 97,681 91,924 132,829 147,112 167,571
 
 

 
Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
      Three Months Ended September 30,

2012 (2)
      2011

AverageBalance
    Interest    

AverageYield/Cost

AverageBalance
    Interest    

AverageYield/Cost
Interest earning assets

($ inmillions)

($ inthousands)

($ inmillions)

($ inthousands)
Investment securities (1) $ 1,372.4 $ 9,034 3.17 % $ 1,224.7 $ 8,356 2.91 %
Federal funds sold and other 0.9 0 0.18 % 0.9 1 0.44 %
Loans (1) 5,191.2 69,580 5.42 % 4,393.2 65,540 5.92 %
Short term investments 161.0 16 0.04 % 380.8 213 0.22 %
Investment in restricted stock   33.5       39   0.47 %   35.4       23   0.26 %
Total interest earning assets 6,759.0 78,669 4.81 % 6,035.0 74,133 4.92 %
Non-interest earning assets
Cash and due from banks 120.1 121.7
Allowance for credit losses (98.2 ) (105.3 )
Bank owned life insurance 136.5 131.9
Other assets   356.6     375.0  
Total assets $ 7,274.0   $ 6,558.3  
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing transaction accounts $ 510.5 $ 296 0.23 % $ 466.2 $ 410 0.35 %
Savings and money market 2,414.2 1,990 0.33 % 2,127.8 3,184 0.59 %
Time certificates of deposit   1,286.5       1,688   0.52 %   1,499.2       3,388   0.90 %
Total interest-bearing deposits 4,211.2 3,974 0.38 % 4,093.2 6,982 0.68 %
Borrowings 455.6 2,262 1.99 % 220.7 2,101 3.78 %
Junior subordinated debt   36.7       487   5.31 %   42.7       465   4.32 %
Total interest-bearing liabilities 4,703.5 6,723 0.57 % 4,356.6 9,548 0.87 %
Noninterest-bearing liabilities
Noninterest-bearing demand deposits 1,813.0 1,532.9
Other liabilities 70.7 33.9
Stockholders’ equity   686.8     634.9  
Total liabilities and stockholders' equity $ 7,274.0   $ 6,558.3  
Net interest income and margin $ 71,946 4.41 % $ 64,585 4.29 %
Net interest spread 4.24 % 4.05 %
 

(1) Yields on loans and securities have been adjusted to a tax equivalent basis. The taxable-equivalent adjustment was $2,655 and $634 for the third quarter ended 2012 and 2011, respectively.
(2) Yields for 2012 calculated on a 30-day month 360 days per year basis.
 
 

 
Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
                           
Nine Months Ended September 30,
2012 (2) 2011
 

AverageBalance
Interest

AverageYield/Cost

AverageBalance
Interest

AverageYield/Cost

Interest earning assets

($ inmillions)

($ inthousands)

($ inmillions)

($ inthousands)
Investment securities (1) $ 1,404.2 $ 28,008 3.15 % $ 1,258.0 $ 24,828 2.81 %
Federal funds sold & other 0.4 1 0.33 % - 2 0.00 %
Loans (1) 4,996.8 205,682 5.53 % 4,311.6 194,341 6.03 %
Short term investments 119.7 126 0.14 % 288.0 502 0.23 %
Investment in restricted stock   33.4       135     0.54 %   36.1       72   0.27 %
Total interest earnings assets 6,554.5 233,952 4.90 % 5,893.7 219,745 5.02 %
Non-interest earning assets
Cash and due from banks 115.7 121.4
Allowance for credit losses (98.8 ) (107.7 )
Bank owned life insurance 135.4 131.1
Other assets   353.7     390.6  
Total assets $ 7,060.5   $ 6,429.1  
Interest-bearing liabilities
Interest-bearing deposits:
Interest bearing transaction accounts $ 511.0 $ 920 0.24 % $ 479.2 $ 1,427 0.40 %
Savings and money market 2,314.9 6,114 0.35 % 2,082.0 10,426 0.67 %
Time certificates of deposits   1,343.7       5,870     0.58 %   1,459.7       10,575   0.97 %
Total interest-bearing deposits 4,169.6 12,904 0.42 % 4,020.9 22,428 0.75 %
Borrowings 392.3 6,782 2.31 % 224.0 6,492 3.87 %
Junior subordinated debt   37.0       1,458     5.26 %   42.9       1,856   5.78 %
Total interest-bearing liabilities $ 4,598.9 21,144 0.61 % $ 4,287.8 30,776 0.96 %
Noninterest-bearing liabilities
Noninterest-bearing demand deposits 1,734.6 1,487.2
Other liabilities 56.1 28.8
Stockholders’ equity   670.9     625.3  
Total liabilities and stockholders' equity $ 7,060.5   $ 6,429.1  
Net interest income and margin $ 212,808   4.47 % $ 188,969 4.32 %
Net interest spread 4.29 % 4.06 %
 

(1) Yields on loans and securities have been adjusted to a tax equivalent basis. The taxable-equivalent adjustment was $6,726 and $1,588 for the nine months September 30, 2012 and 2011, respectively.
(2) Yields for 2012 were calculated on a 30-day month 360 days per year basis.
 
 

                         
Western Alliance Bancorporation and Subsidiaries
Operating Segment Results
Unaudited Inter-
segment Consoli-
Bank Western Torrey elimi- dated
of Nevada Alliance Bank Pines Bank* Other nations Company
At September 30, 2012 (dollars in millions)
Assets $ 2,918.0 $ 2,429.8 $ 1,888.7 $ 961.3 $ (794.2 ) $ 7,403.6
Gross loans and deferred fees, net 2,061.0 1,871.4 1,430.6 12.8 (42.9 ) 5,332.9
Less: Allowance for credit losses   (59.5 )       (20.4 )       (17.5 )       -         -         (97.4 )
Net loans   2,001.5         1,851.0         1,413.1         12.8         (42.9 )       5,235.5  
Goodwill 23.2 - - - - 23.2
Deposits 2,408.5 2,150.5 1,613.8 - (10.8 ) 6,162.0
FHLB advances and other 110.0 - 40.0 - 150.0
Stockholders' equity 339.1 217.3 168.4 702.3 (729.1 ) 698.0
 
No. of branches 11 16 12 - - 39
No. of FTE 388 241 234 101 - 964
 
Three Months Ended September 30, 2012: (in thousands)
Net interest income $ 27,717 $ 24,449 $ 21,795 $ (2,015 ) $ - $ 71,946
Provision for credit losses   6,618         1,112         1,202         -         -         8,932  

Net interest income (loss) after provision for credit losses
21,099 23,337 20,593 (2,015 ) - 63,014
Non-interest income 3,259 1,173 855 23,517 (21,822 ) 6,982
Non-interest expense   (16,467 )       (11,980 )       (11,082 )       (10,966 )       2,952         (47,543 )

Income (loss) from continuing operations before income taxes
7,891 12,530 10,366 10,536 (18,870 ) 22,453
Income tax expense (benefit)   2,055         3,768         3,958         (3,029 )       -         6,752  
Income (loss) from continuing operations 5,836 8,762 6,408 13,565 (18,870 ) 15,701
Loss from discontinued operations, net   -         -         -         (243 )       -         (243 )
Net income (loss) $ 5,836       $ 8,762       $ 6,408       $ 13,322       $ (18,870 )     $ 15,458  
 
 
Nine Months Ended September 30, 2012: (in thousands)
Net interest income $ 83,054 $ 71,564 $ 64,406 $ (6,216 ) $ - $ 212,808
Provision for credit losses   28,846         1,215         5,282         -         -         35,343  

Net interest income (loss) after provision for credit losses
54,208 70,349 59,124 (6,216 ) - 177,465
Non-interest income 11,132 5,021 3,111 61,806 (60,807 ) 20,263
Non-interest expense   (53,437 )       (35,986 )       (33,492 )       (24,496 )       7,540         (139,871 )

Income (loss) from continuing operations before income taxes
11,903 39,384 28,743 31,094 (53,267 ) 57,857
Income tax expense (benefit)   1,341         13,031         11,255         (9,175 )       -         16,452  
Income (loss) from continuing operations 10,562 26,353 17,488 40,269 (53,267 ) 41,405
Loss from discontinued operations, net   -         -         -         (686 )       -         (686 )
Net income (loss) $ 10,562       $ 26,353       $ 17,488       $ 39,583       $ (53,267 )     $ 40,719  
 
* Excludes discontinued operations
 
 

 
Western Alliance Bancorporation and Subsidiaries
Operating Segment Results
Unaudited             Inter-    
          segment Consoli-
Bank Western Torrey elimi- dated
of Nevada Alliance Bank Pines Bank* Other nations Company
At September 30, 2011 (dollars in millions)
Assets $ 2,853.0 $ 2,073.1 $ 1,623.9 $ 752.6 $ (756.7 ) $ 6,545.9
Gross loans and deferred fees, net 1,851.9 1,484.8 1,232.6 - (42.8 ) 4,526.5
Less: Allowance for credit losses   (63.4 )       (20.2 )       (16.6 )       -         -         (100.2 )
Net loans   1,788.5         1,464.6         1,216.0         -         (42.8 )       4,426.3  
Goodwill 23.2 - - 2.7 - 25.9
Deposits 2,466.5 1,768.4 1,400.3 - (2.3 ) 5,632.9
Stockholders' equity 320.2 189.2 149.2 639.5 (665.8 ) 632.3
 
No. of branches 12 16 11 - - 39
No. of FTE 409 215 209 78 - 911
 
Three Months Ended September 30, 2011: (in thousands)
Net interest income $ 26,297 $ 20,684 $ 19,660 $ (2,056 ) $ - $ 64,585
Provision for credit losses   8,319         1,275         1,586         -         -         11,180  

Net interest income (loss) after provision for credit losses
17,978 19,409 18,074 (2,056 ) - 53,405
Non-interest income 4,397 1,504 1,083 8,281 (2,183 ) 13,082
Non-interest expense   (20,245 )       (12,383 )       (10,099 )       (4,937 )       2,183         (45,481 )

Income (loss) from continuing operations before income taxes
2,130 8,530 9,058 1,288 - 21,006
Income tax expense (benefit)   441         3,009         3,680         384         -         7,514  

Income (loss) from continuing operations
1,689 5,521 5,378 904 - 13,492

Loss from discontinued operations, net
  -         -         -         (481 )       -         (481 )
Net income (loss) $ 1,689       $ 5,521       $ 5,378       $ 423       $ -       $ 13,011  
 
Nine Months Ended September 30, 2011: (in thousands)
Net interest income $ 79,582 $ 60,450 $ 55,588 $ (6,651 ) $ - $ 188,969
Provision for credit losses   20,622         6,606         5,883         -         -         33,112  

Net interest income (loss) after provision for credit losses
58,960 53,844 49,705 (6,651 ) - 155,857
Non-interest income 13,772 5,887 4,057 11,531 (5,738 ) 29,509
Non-interest expense   (64,656 )       (37,446 )       (30,588 )       (17,683 )       5,738         (144,635 )

Income (loss) from continuing operations before income taxes
8,076 22,285 23,174 (12,803 ) - 40,731
Income tax expense (benefit)   1,768         8,083         9,597         (4,610 )       -         14,838  

Income (loss) from continuing operations
6,308 -14,202 13,577 (8,193 ) - 25,893
Loss from discontinued operations, net   -         -         -         (1,500 )       -         (1,500 )
Net income (loss) $ 6,308       $ 14,202       $ 13,577       $ (9,693 )     $ -       $ 24,393  
 
* Excludes discontinued operations
 
 

 
Western Alliance Bancorporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures (Unaudited)
     

September 30,
   

June 30,
   

March 31,
   

December 31,
   

September 30,
2012 2012 2012 2011 2011
(dollars in thousands)
Total stockholder's equity $ 698,011 $ 672,120 $ 654,045 $ 636,683 $ 632,255
Less:
Goodwill and intangible assets   28,989     33,953     34,843     35,732     36,622  
Total tangible stockholders' equity 669,022 638,167 619,202 600,951 595,633
Less:
Preferred stock   141,000     141,000     141,000     141,000     141,000  
Total tangible common equity 528,022 497,167 478,202 459,951 454,633
Add:
Deferred tax   2,033     2,896     3,209     3,522     3,835  
Total tangible common equity, net of tax $ 530,055   $ 500,063   $ 481,411   $ 463,473   $ 458,468  
Total assets $ 7,403,603 $ 7,163,572 $ 6,925,292 $ 6,844,541 $ 6,545,890
Less:
Goodwill and intangible assets   28,989     33,953     34,843     35,732     36,622  
Tangible assets 7,374,614 7,129,619 6,890,449 6,808,809 6,509,268
Add:
Deferred tax   2,033     2,896     3,209     3,522     3,835  
Total tangible assets, net of tax $ 7,376,647   $ 7,132,515   $ 6,893,658   $ 6,812,331   $ 6,513,103  
Tangible equity ratio (1) 9.1 % 8.9 % 9.0 % 8.8 % 9.1 %
Tangible common equity ratio (2) 7.2 % 7.0 % 6.9 % 6.8 % 7.0 %
Common shares outstanding 83,455 83,157 83,145 82,362 82,263
Tangible book value per share, net of tax (3) $ 6.35 $ 6.01 $ 5.79 $ 5.63 $ 5.57
 
Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,
2012 2012 2012 2011 2011
(in thousands)
Total non-interest income $ 6,982 $ 7,397 $ 5,884 $ 4,948 $ 13,082
Less:
Mark-to-market (losses) gains, net 470 564 (333 ) (626 ) 6,420
Gain on sale of non-controlling interest 776 - - - -
Loss on LIHTC investments (651 ) (59 ) - - -
Gains on sales of investment securities, net   1,031     1,110     361     (28 )   781  
Total operating non-interest income 5,356 5,782 5,856 5,602 5,881
Add: net interest income   71,946     70,805     70,057     68,699     64,585  
Net revenue (4) $ 77,302   $ 76,587   $ 75,913   $ 74,301   $ 70,466  
 
Total non-interest expense $ 47,543 $ 45,431 $ 46,897 $ 50,963 $ 45,481
Less:

Net loss (gain) on sales/valuations of repossessed assets
126 901 2,651 7,702 2,128
Merger/restructure 113 - - 482 974
Goodwill impairment   3,435     -     -     -     -  
Total operating non-interest expense (4) $ 43,869   $ 44,530   $ 44,246   $ 42,779   $ 42,379  
 
Net revenue $ 77,302 $ 76,587 $ 75,913 $ 74,301 $ 70,466
Less:
Operating non-interest expense   43,869     44,530     44,246     42,779     42,379  
Pre-tax, pre-provision operating earnings (5) $ 33,433   $ 32,057   $ 31,667   $ 31,522   $ 28,087  
 
 

 
Western Alliance Bancorporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures (Unaudited)
                     
Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,
2012 2012 2012 2011 2011
(in thousands)
Total operating non-interest expense $ 43,869   $ 44,530   $ 44,246   $ 42,779   $ 42,379  
Divided by:
Total net interest income $ 71,946 $ 70,805 $ 70,057 $ 68,699 $ 64,585
Add:
Tax equivalent interest adjustment 2,655 2,310 1,761 1,425 634
Operating non-interest income   5,356     5,782     5,856     5,602     5,881  
$ 79,957   $ 78,897   $ 77,674   $ 75,726   $ 71,100  
Efficiency ratio - tax equivalent basis (6) 54.9 % 56.4 % 57.0 % 56.5 % 59.6 %
 
Three Months Ended

September 30,

September 30,
2012 2011
(in thousands)
Stockholder's equity $ 698,011 $ 632,255
Less:
Accumulated other comprehensive (loss) income 12,109 (2,945 )
Non-qualifying goodwill and intangibles 26,867 33,497
Other non-qualifying assets 25 3,038
Add:
Qualifying trust preferred securities 44,819 34,348
Tier 1 capital (regulatory) (7) (10) 703,829 633,013
Less:
Qualifying non-controlling interests 75 90
Qualifying trust preferred securities 44,819 34,348
Preferred stock   141,000     141,000  
Estimated Tier 1 common equity (8) (10) $ 517,935 $ 457,575
Divided by:
Estimated risk-weighted assets (regulatory (8) (10) $ 6,394,105   $ 5,345,928  
Tier 1 common equity ratio (8) (10) 8.1 % 8.6 %
 

September 30,

September 30,
2012 2011
(in thousands)
Classified assets $ 316,253 $ 311,392
Divide:
Tier 1 capital (regulatory) (7) (10) 703,829 633,013
Plus: Allowance for credit losses   97,410     100,216  
Total Tier 1 capital plus allowance for credit losses $ 801,239   $ 733,229  
Classified assets to Tier 1 capital plus allowance (9) (10) 39 % 42 %
 
 

(1) We believe this non-GAAP ratio provides a critical metric with which to analyze and evaluate financial condition and capital strength.

(2) We believe this non-GAAP ratio provides a critical metric with which to analyze and evaluate financial condition and capital strength.

(3) We believe this non-GAAP ratio improves the comparability to other institutions that have not engaged in acquisitions that resulted in recorded goodwill and other intangibles.
(4) We believe this non-GAAP measurement provides a useful indication of the cash generating capacity of the Company.

(5) We believe this non-GAAP measurement is a key indicator of the earnings power of the Company, which is otherwise obscured by the asset quality issues.
(6) We believe this non-GAAP ratio provides a useful metric to measure the operating efficiency of the Company.

(7) Under the guidelines of the Federal Reserve and the FDIC in effect at December 31, 2011, Tier 1 capital consisted of common stock, retained earnings, non-cumulative perpetual preferred stock, trust preferred securities up to a certain limit, and minority interests in certain subsidiaries, less most other intangible assets.

(8) Tier 1 common equity is often expressed as a percentage of risk-weighted assets. Under the risk-based capital framework, a bank's balance sheet assets and credit equivalent amounts of off-balance sheet items, are assigned to one of four broad risk categories. The aggregated dollar amount in each category is then multiplied by the risk weighting assigned to that category. The resulting weighted values from each of the four categories are added together and this sum is the risk-weighted assets total that, as adjusted, comprises the denominator (risk-weighted assets) to determine the Tier 1 capital ratio. Adjustments are made to Tier 1 capital to arrive at Tier 1 common equity. Tier 1 common equity is also divided by the risk-weighted assets to determine the Tier 1 common equity ratio. We believe this non-GAAP ratio with which to analyze and evaluate financial condition and capital strength.
(9) We believe this non-GAAP ratio provides a critical regulatory metric in which to analyze asset quality.
(10) Preliminary until Call Reports are filed.

Copyright Business Wire 2010

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