Exhibit 99.1
Western
Alliance Reports First Quarter 2012 Net Income of $11.3 Million, or
$0.12 Per Share
-
Loan
Growth of $146 million
-
Deposit
Growth of $241 million
-
SBLF
Dividend Rate to Decline to 1% in Third Quarter
-
Interest
Margin of 4.53%
PHOENIX--(BUSINESS WIRE)--April 19, 2012--Western Alliance
Bancorporation (NYSE:WAL) announced today its financial results for the
first quarter 2012.
First Quarter 2012 Highlights:
-
Net income of $11.3 million, including loss on repossessed assets
valuations/sales of $2.7 million
-
Earnings per share of $0.12, compared to $0.07 per share for the
fourth quarter 2011 and $0.03 per share in the first quarter 2011
-
Pre-tax, pre-provision operating earnings of $31.7 million, up from
$31.5 million in fourth quarter 2011 and up 25.3% from $25.3 million
in first quarter 20111
-
Total loans of $4.93 billion, up $146 million from December 31, 2011,
approximately half of which were investment grade municipal leases
acquired from another financial institution
-
Total deposits of $5.90 billion, up $241 million from December 31, 2011
-
Nonperforming assets (nonaccrual loans and repossessed assets)
increased to 2.7% of total assets from 2.6% in fourth quarter 2011 and
decreased from 3.3% in first quarter 2011
-
Net charge-offs (annualized) to average loans outstanding declined to
1.18% from 1.24% in the fourth quarter 2011 and 1.39% in the first
quarter of 2011.
-
Tier I Leverage capital of 9.8% and Total Risk-Based Capital ratio of
12.5%, compared to 9.6% and 13.2% a year ago
-
Total equity of $654.1 million, up $17.4 million from December 31, 2011
Financial Performance
“We’re off to a strong start in 2012, with record top line revenue and
net income more than double the first quarter of last year,” said Robert
Sarver, Chairman and Chief Executive Officer of Western Alliance
Bancorporation. “Our balance sheet momentum continues with double digit
loan and deposit growth during the quarter on an annualized basis. I’m
particularly proud of our growth in qualifying loans for the Small
Business Lending Fund, which is a ‘win-win’ for businesses by providing
them additional liquidity and our shareholders with lower preferred
dividend service requirements.”
Ken Vecchione, President and Chief Operating Officer, added, “Our core
earnings, defined as Pre-tax, Pre-provision income, grew again for the
eleventh consecutive quarter.1 Contributing to the rise in
income, net interest margin increased from prior quarter while loan
growth continues its acceleration from prior year. This quarter Western
Alliance’s ROA grew to 67 bps, double the performance of last year. In
April, Torrey Pines Bank opened its second Los Angeles branch as we
begin to penetrate the attractive Los Angeles market.”
Western Alliance Bancorporation reported net income of $11.3 million, or
$0.12 per share in the first quarter 2012 including $1.3 million
after-tax charge from repossessed assets valuations/sales.
Total loans increased $146 million, or 3.1 percent, to $4.93 billion at
March 31, 2012 from $4.78 billion on December 31, 2011. This increase
was driven by growth in commercial and industrial loans, commercial
leases and commercial real estate loans. Loans increased $648 million
from March 31, 2011.
Qualifying Small Business Fund Loans grew $82 million during the quarter
to $169 million or 11.2% from the baseline at March 31, 2012.
Total deposits increased $241 million, or 4.3 percent, to $5.90 billion
at March 31, 2012 from $5.66 billion at December 31, 2011, with growth
primarily in non-interest bearing demand, interest bearing demand and
money market accounts, partially offset by declines in savings accounts
and certificates of deposit. Deposits increased $402 million from March
31, 2011.
Income Statement
Net interest income of $70.1 million in the first quarter 2012 increased
by 2.0 percent compared to the fourth quarter 2011 and 14.7 percent
compared to the first quarter 2011. The net interest margin in the first
quarter 2012 was 4.53 percent compared to 4.51 percent in the fourth
quarter 2011 and 4.35 percent in the first quarter 2011.
Operating non-interest income was $5.9 million for the first quarter
2012, an increase from $5.6 million for the fourth quarter of 2011 and
decrease from $6.0 million for the first quarter of 2011.1
Net revenue was $75.9 million for the first quarter 2012, a 2.2 percent
increase from $74.3 million for the fourth quarter of 2011 and 13.1
percent from $67.1 million for the first quarter 2011.1
Operating non-interest expense was $44.2 million for the first quarter
2012, compared to $42.8 million for the fourth quarter of 2011 and $41.8
million for the first quarter of 2011.1 The Company’s
operating efficiency ratio on a tax equivalent basis was 57.0 percent
for the first quarter 2012, improved from 61.9 percent for the first
quarter 2011.1
The Company had 951 full-time equivalent employees at March 31, 2012,
compared to 894 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 first quarter 2012, the
Company’s performance on this metric was $31.7 million, up from $31.5
million in the fourth quarter 2011 and $25.3 million in the first
quarter 2011.1
The provision for credit losses remained flat at $13.1 million for the
first quarter 2012 compared to the fourth quarter 2011. The provision
for the first quarter of 2011 was $10.0 million. Net loan charge-offs in
the first quarter 2012 were $14.1 million, or 1.18 percent of average
loans (annualized), down from 1.24 percent of average loans (annualized)
for the fourth quarter 2011. Net charge-offs for the first quarter 2011
were $14.6 million or 1.39% of average loans (annualized).
Nonaccrual loans increased $13.1 million to $103.5 million during the
quarter as certain loans were placed on nonaccrual status despite
adequate cash flow and current in payments but deficient in collateral
coverage. Loans past due 90 days and still accruing totaled $1.0 million
at March 31, 2012, down from $2.6 million at December 31, 2011 and $1.1
million at March 31, 2011. Loans past due 30-89 days totaled $12.0
million at quarter end, down from $13.7 million at December 31, 2011 and
down from $30.7 million at March 31, 2011.
Classified assets to Tier I capital plus allowance for credit losses, a
common regulatory measure of asset quality, improved to 37 percent at
March 31, 2012 from 48 percent at March 31, 2011 and 39 percent at
December 31, 2011.1
Net loss on sales and valuation of repossessed assets (primarily other
real estate) was $2.7 million for the first quarter of 2012 compared to
$7.7 million for the fourth quarter 2011 and $6.1 million in the first
quarter 2011. At March 31, 2012, other repossessed assets were valued at
$81 million compared to $89 million at December 31, 2011 and $98 million
one year ago.
Balance Sheet
Gross loans totaled $4.93 billion at March 31, 2012, an increase of $146
million from December 31, 2011 and an increase of $648 million from
$4.28 billion at March 31, 2011. At March 31, 2012 the allowance for
credit losses was 1.99 percent of total loans down from 2.07 percent at
December 31, 2011 and 2.48 percent at March 31, 2011.
Deposits totaled $5.90 billion at March 31, 2012, an increase of $241
million from $5.66 billion at December 31, 2011 and an increase of $402
million from $5.50 billion at March 31, 2011.
Non-interest bearing deposits increased $199 million at March 31, 2012
from December 31, 2011 and increased $303 million from $1.46 billion at
March 31, 2011. Non-interest bearing deposits comprised 29.8 percent of
total deposits at March 31, 2012, compared to 26.5 percent a year ago.
At March 31, 2012, the Company’s loans were 83.5 percent of deposits
compared to 84.5 percent at December 31, 2011 and 77.8 percent at March
31, 2011.
Stockholders’ equity at March 31, 2012 increased to $654.1 million from
$636.7 million at December 31, 2011. At March 31, 2012, tangible common
equity was 6.9 percent of tangible assets1 and total
risk-based capital was 12.5 percent of risk-weighted assets.
Total assets increased to $6.93 billion at March 31, 2012 from $6.84
billion at December 31, 2011 and increased 8.1 percent from $6.40
billion at March 31, 2011.
Operating Unit Highlights
Bank of Nevada reported that loans increased by $67 million during the
first quarter of 2012, primarily due to an intercompany transfer from
Torrey Pines Bank, and increased $54 million during the last 12 months
to $1.93 billion at March 31, 2012. Deposits increased $58 million in
the first quarter of 2012 and increased $45 million over the last twelve
months to $2.44 billion. Net income for Bank of Nevada was $1.0 million
for the first quarter 2012, compared with net income of $1.2 million for
the fourth quarter of 2011 and net income of $0.9 million during the
first quarter 2011.
Western Alliance Bank reported loan growth of $65 million during the
first quarter 2012 and $365 million during the last 12 months to $1.71
billion. Deposits increased $76 million in the first quarter and $261
million during the last 12 months to $1.95 billion. Net income for
Western Alliance Bank was $9.8 million during the first quarter 2012
compared with net income of $5.6 million during the fourth quarter of
2011 and net income of $4.9 million during the first quarter 2011.
The Torrey Pines Bank segment, which excludes discontinued operations,
reported that loans increased $14 million during the first quarter 2012
and $229 million during the last 12 months to $1.33 billion. Deposits
increased $114 million in the first quarter 2012 and over the last 12
months to $1.53 billion. Net income for Torrey Pines Bank was $5.8
million during the first quarter 2012 compared with net income of $5.9
million for the fourth quarter of 2011 and net income of $4.0 million
during the first quarter 2011. Torrey Pines Bank opened its second
branch in the Los Angeles area in April 2012.
Attached to this press release is summarized financial information for
the quarter ended March 31, 2012.
Conference Call and Webcast
Western Alliance Bancorporation will host a conference call and live
webcast to discuss its first quarter 2012 financial results at 12:00
p.m. ET on Friday, April 20, 2012. Participants may access the call by
dialing 1-866-843-0890 and using passcode: 9945126 or via live audio
webcast using the website link: https://services.choruscall.com/links/wal120420pm.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 April 20th through April 30th at
9:00 a.m. ET by dialing 1-877-344-7529 using the conference number
10012763.
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 15
|
Western Alliance Bancorporation and Subsidiaries
|
|
Summary Consolidated Financial Data
|
|
Unaudited
|
|
|
|
|
At or for the Three Months
|
|
|
|
|
Ended March 31,
|
|
|
|
|
2012
|
|
2011
|
|
Change %
|
|
|
|
|
|
|
|
|
|
|
|
Selected Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
(dollars in millions)
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
$
|
6,925.3
|
|
|
$
|
6,404.8
|
|
|
8.1
|
|
%
|
|
Loans, net of deferred fees
|
|
|
|
4,926.2
|
|
|
|
4,278.0
|
|
|
15.2
|
|
|
|
Securities and money market investments
|
|
|
|
1,423.2
|
|
|
|
1,319.6
|
|
|
7.9
|
|
|
|
Total deposits
|
|
|
|
5,899.1
|
|
|
|
5,497.5
|
|
|
7.3
|
|
|
|
Borrowings
|
|
|
|
307.8
|
|
|
|
236.4
|
|
|
30.2
|
|
|
|
Junior subordinated debt
|
|
|
|
37.3
|
|
|
|
43.0
|
|
|
(13.3
|
)
|
|
|
Stockholders' equity
|
|
|
|
654.1
|
|
|
|
601.6
|
|
|
8.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Income Statement Data:
|
|
|
|
|
|
|
|
|
|
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
$
|
77,437
|
|
|
$
|
71,966
|
|
|
7.6
|
|
%
|
|
Interest expense
|
|
|
|
7,380
|
|
|
|
10,868
|
|
|
(32.1
|
)
|
|
|
Net interest income
|
|
|
|
70,057
|
|
|
|
61,098
|
|
|
14.7
|
|
|
|
Provision for loan losses
|
|
|
|
13,081
|
|
|
|
10,041
|
|
|
30.3
|
|
|
|
Net interest income after provision for credit losses
|
|
|
|
56,976
|
|
|
|
51,057
|
|
|
11.6
|
|
|
|
Non-interest income
|
|
|
|
5,884
|
|
|
|
6,830
|
|
|
(13.9
|
)
|
|
|
Non-interest expense
|
|
|
|
46,897
|
|
|
|
48,146
|
|
|
(2.6
|
)
|
|
|
Income from continuing operations before income taxes
|
|
|
|
15,963
|
|
|
|
9,741
|
|
|
63.9
|
|
|
|
Income tax expense
|
|
|
|
4,441
|
|
|
|
4,029
|
|
|
(10.2
|
)
|
|
|
Income from continuing operations
|
|
|
|
11,522
|
|
|
|
5,712
|
|
|
101.7
|
|
|
|
Loss on discontinued operations, net
|
|
|
|
(222
|
)
|
|
|
(559
|
)
|
|
60.3
|
|
|
|
Net income
|
|
|
$
|
11,300
|
|
|
$
|
5,153
|
|
|
119.3
|
|
%
|
|
Diluted net income per common share from continuing operations
|
|
|
$
|
0.12
|
|
|
$
|
0.04
|
|
|
|
|
|
Diluted net loss per common share from discontinued operations, net
of tax
|
|
|
$
|
0.00
|
|
|
$
|
(0.01
|
)
|
|
|
|
|
Diluted net income per common share
|
|
|
$
|
0.12
|
|
|
$
|
0.03
|
|
|
300.0
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Common Share Data:
|
|
|
|
|
|
|
|
|
|
Diluted net income per common share
|
|
|
$
|
0.12
|
|
|
$
|
0.03
|
|
|
300.0
|
|
%
|
|
Book value per common share
|
|
|
$
|
6.17
|
|
|
$
|
5.72
|
|
|
7.9
|
|
%
|
|
Tangible book value per share, net of tax (1)
|
|
|
$
|
5.79
|
|
|
$
|
5.30
|
|
|
9.2
|
|
%
|
|
Average shares outstanding (in thousands):
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
81,359
|
|
|
|
80,794
|
|
|
0.7
|
|
|
|
Diluted
|
|
|
|
82,227
|
|
|
|
81,013
|
|
|
1.5
|
|
|
|
Common shares outstanding
|
|
|
|
83,145
|
|
|
|
82,237
|
|
|
1.1
|
|
|
|
(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
|
|
|
|
|
Ended March 31,
|
|
|
|
|
2012
|
|
2011
|
|
Change %
|
|
|
|
|
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Selected Performance Ratios:
|
|
|
|
|
|
|
|
|
|
Return on average assets (1)
|
|
|
|
0.67
|
|
%
|
|
0.33
|
|
%
|
103.0
|
|
%
|
|
Return on average stockholders' equity (1)
|
|
|
|
6.97
|
|
|
|
3.41
|
|
|
104.4
|
|
|
|
Net interest margin (1)
|
|
|
|
4.53
|
|
|
|
4.35
|
|
|
4.1
|
|
|
|
Net interest spread
|
|
|
|
4.34
|
|
|
|
4.06
|
|
|
6.9
|
|
|
|
Efficiency ratio - tax equivalent basis (2)
|
|
|
|
56.96
|
|
|
|
61.89
|
|
|
(8.0
|
)
|
|
|
Loan to deposit ratio
|
|
|
|
83.51
|
|
|
|
77.82
|
|
|
7.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios:
|
|
|
|
|
|
|
|
|
|
Tangible equity (2)
|
|
|
|
9.0
|
|
%
|
|
8.8
|
|
%
|
1.6
|
|
%
|
|
Tangible common equity (2)
|
|
|
|
6.9
|
|
|
|
6.8
|
|
|
2.4
|
|
|
|
Tier one common equity (2)
|
|
|
|
8.1
|
|
|
|
8.5
|
|
|
(4.4
|
)
|
|
|
Tier 1 Leverage ratio (3)
|
|
|
|
9.8
|
|
|
|
9.6
|
|
|
2.1
|
|
|
|
Tier 1 Risk Based Capital (3)
|
|
|
|
11.3
|
|
|
|
12.0
|
|
|
(5.8
|
)
|
|
|
Total Risk Based Capital (3)
|
|
|
|
12.5
|
|
|
|
13.2
|
|
|
(5.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Ratios:
|
|
|
|
|
|
|
|
|
|
Net charge-offs to average loans outstanding (1)
|
|
|
|
1.18
|
|
%
|
|
1.39
|
|
%
|
(15.1
|
)
|
%
|
|
Nonaccrual loans to gross loans
|
|
|
|
2.10
|
|
|
|
2.67
|
|
|
(21.3
|
)
|
|
|
Nonaccrual loans and repossessed assets to total assets
|
|
|
|
2.67
|
|
|
|
3.32
|
|
|
(19.6
|
)
|
|
|
Loans past due 90 days and still accruing to total loans
|
|
|
|
0.02
|
|
|
|
0.03
|
|
|
(33.3
|
)
|
|
|
Allowance for credit losses to loans
|
|
|
|
1.99
|
|
|
|
2.48
|
|
|
(19.8
|
)
|
|
|
Allowance for credit losses to nonaccrual loans
|
|
|
|
94.82
|
|
|
|
92.90
|
|
|
2.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Annualized for the three month periods ended March 31, 2012 and
2011. See table on page 12.
|
|
(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
|
|
|
|
|
March 31,
|
|
|
|
|
2012
|
|
2011
|
|
|
|
|
(dollars in thousands)
|
|
Interest income:
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
$
|
67,760
|
|
|
$
|
63,882
|
|
|
Investment securities
|
|
|
|
9,585
|
|
|
|
7,930
|
|
|
Federal funds sold and other
|
|
|
|
92
|
|
|
|
154
|
|
|
Total interest income
|
|
|
|
77,437
|
|
|
|
71,966
|
|
|
Interest expense:
|
|
|
|
|
|
|
Deposits
|
|
|
|
4,762
|
|
|
|
7,898
|
|
|
Customer repurchase agreements
|
|
|
|
63
|
|
|
|
86
|
|
|
Borrowings
|
|
|
|
2,071
|
|
|
|
2,182
|
|
|
Junior subordinated and subordinated debt
|
|
|
|
484
|
|
|
|
702
|
|
|
Total interest expense
|
|
|
|
7,380
|
|
|
|
10,868
|
|
|
Net interest income
|
|
|
|
70,057
|
|
|
|
61,098
|
|
|
Provision for credit losses
|
|
|
|
13,081
|
|
|
|
10,041
|
|
|
Net interest income after provision for credit losses
|
|
|
|
56,976
|
|
|
|
51,057
|
|
|
Non-interest income
|
|
|
|
|
|
|
Unrealized gains (losses) on assets/liabilities measured at fair
value, net
|
|
|
|
(333
|
)
|
|
|
(509
|
)
|
|
Gains on sales of investment securities, net
|
|
|
|
361
|
|
|
|
1,379
|
|
|
Investment advisory services
|
|
|
|
619
|
|
|
|
636
|
|
|
Service charges
|
|
|
|
2,285
|
|
|
|
2,284
|
|
|
Operating lease income
|
|
|
|
273
|
|
|
|
671
|
|
|
Bank owned life insurance
|
|
|
|
1,123
|
|
|
|
1,184
|
|
|
Other
|
|
|
|
1,556
|
|
|
|
1,185
|
|
|
|
|
|
|
5,884
|
|
|
|
6,830
|
|
|
Non-interest expenses:
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
|
|
26,664
|
|
|
|
22,840
|
|
|
Occupancy
|
|
|
|
4,722
|
|
|
|
4,854
|
|
|
Net loss on sales and valuations of repossessed assets
|
|
|
|
2,651
|
|
|
|
6,129
|
|
|
Insurance
|
|
|
|
2,050
|
|
|
|
3,863
|
|
|
Loan and repossessed asset expenses
|
|
|
|
1,684
|
|
|
|
2,122
|
|
|
Legal, professional and director's fees
|
|
|
|
1,572
|
|
|
|
1,366
|
|
|
Marketing
|
|
|
|
1,371
|
|
|
|
1,157
|
|
|
Data Processing
|
|
|
|
995
|
|
|
|
848
|
|
|
Intangible amortization
|
|
|
|
890
|
|
|
|
890
|
|
|
Customer service
|
|
|
|
591
|
|
|
|
892
|
|
|
Operating lease depreciation
|
|
|
|
208
|
|
|
|
421
|
|
|
Merger/restructure expense
|
|
|
|
-
|
|
|
|
217
|
|
|
Other
|
|
|
|
3,499
|
|
|
|
2,547
|
|
|
|
|
|
|
46,897
|
|
|
|
48,146
|
|
|
Income from continuing operations before income taxes
|
|
|
|
15,963
|
|
|
|
9,741
|
|
|
Income tax expense
|
|
|
|
4,441
|
|
|
|
4,029
|
|
|
Income from continuing operations
|
|
|
|
11,522
|
|
|
|
5,712
|
|
|
Loss from discontinued operations net of tax benefit
|
|
|
|
(222
|
)
|
|
|
(559
|
)
|
|
Net income
|
|
|
|
11,300
|
|
|
|
5,153
|
|
|
Preferred stock dividends
|
|
|
|
1,763
|
|
|
|
1,750
|
|
|
Accretion on preferred stock discount
|
|
|
|
-
|
|
|
|
753
|
|
|
Net income available to common stockholders
|
|
|
$
|
9,537
|
|
|
$
|
2,650
|
|
|
Diluted net income per share
|
|
|
$
|
0.12
|
|
|
$
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Western Alliance Bancorporation and Subsidiaries
|
|
Five Quarter Condensed Consolidated Income Statements
|
|
Unaudited
|
|
|
Three Months Ended
|
|
|
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
|
|
|
2012
|
|
2011
|
|
2011
|
|
2011
|
|
2011
|
|
|
|
|
(in thousands, except per share data)
|
|
Interest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
$
|
67,760
|
|
|
$
|
67,102
|
|
|
$
|
65,540
|
|
|
$
|
64,919
|
|
|
$
|
63,882
|
|
|
Investment securities
|
|
|
|
9,585
|
|
|
|
9,591
|
|
|
|
8,356
|
|
|
|
8,542
|
|
|
|
7,930
|
|
|
Federal funds sold and other
|
|
|
|
92
|
|
|
|
153
|
|
|
|
237
|
|
|
|
185
|
|
|
|
154
|
|
|
Total interest income
|
|
|
|
77,437
|
|
|
|
76,846
|
|
|
|
74,133
|
|
|
|
73,646
|
|
|
|
71,966
|
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
4,762
|
|
|
|
5,549
|
|
|
|
6,982
|
|
|
|
7,548
|
|
|
|
7,898
|
|
|
Borrowings and customer repurchase agreements
|
|
|
|
2,134
|
|
|
|
2,126
|
|
|
|
2,101
|
|
|
|
2,123
|
|
|
|
2,268
|
|
|
Junior subordinated and subordinated debt
|
|
|
|
484
|
|
|
|
472
|
|
|
|
465
|
|
|
|
689
|
|
|
|
702
|
|
|
Total interest expense
|
|
|
|
7,380
|
|
|
|
8,147
|
|
|
|
9,548
|
|
|
|
10,360
|
|
|
|
10,868
|
|
|
Net interest income
|
|
|
|
70,057
|
|
|
|
68,699
|
|
|
|
64,585
|
|
|
|
63,286
|
|
|
|
61,098
|
|
|
Provision for credit losses
|
|
|
|
13,081
|
|
|
|
13,076
|
|
|
|
11,180
|
|
|
|
11,891
|
|
|
|
10,041
|
|
|
Net interest income after provision for credit losses
|
|
|
|
56,976
|
|
|
|
55,623
|
|
|
|
53,405
|
|
|
|
51,395
|
|
|
|
51,057
|
|
|
Non-interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-market gains (losses), net
|
|
|
|
(333
|
)
|
|
|
(626
|
)
|
|
|
6,420
|
|
|
|
336
|
|
|
|
(509
|
)
|
|
Securities impairment charges
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(226
|
)
|
|
|
-
|
|
|
Gains on sales of investment securities, net
|
|
|
|
361
|
|
|
|
(28
|
)
|
|
|
781
|
|
|
|
2,666
|
|
|
|
1,379
|
|
|
Investment advisory services
|
|
|
|
619
|
|
|
|
583
|
|
|
|
661
|
|
|
|
657
|
|
|
|
636
|
|
|
Service charges
|
|
|
|
2,285
|
|
|
|
2,238
|
|
|
|
2,337
|
|
|
|
2,243
|
|
|
|
2,284
|
|
|
Operating lease income
|
|
|
|
273
|
|
|
|
274
|
|
|
|
353
|
|
|
|
580
|
|
|
|
671
|
|
|
Bank owned life insurance
|
|
|
|
1,123
|
|
|
|
1,177
|
|
|
|
1,189
|
|
|
|
1,822
|
|
|
|
1,184
|
|
|
Other
|
|
|
|
1,556
|
|
|
|
1,330
|
|
|
|
1,341
|
|
|
|
1,519
|
|
|
|
1,185
|
|
|
|
|
|
|
5,884
|
|
|
|
4,948
|
|
|
|
13,082
|
|
|
|
9,597
|
|
|
|
6,830
|
|
|
Non-interest expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
|
|
26,664
|
|
|
|
24,021
|
|
|
|
23,319
|
|
|
|
22,960
|
|
|
|
22,840
|
|
|
Occupancy
|
|
|
|
4,722
|
|
|
|
4,948
|
|
|
|
5,126
|
|
|
|
5,044
|
|
|
|
4,854
|
|
|
Insurance
|
|
|
|
2,050
|
|
|
|
2,166
|
|
|
|
2,664
|
|
|
|
2,352
|
|
|
|
3,863
|
|
|
Loan and repossessed asset expenses
|
|
|
|
1,684
|
|
|
|
1,661
|
|
|
|
2,059
|
|
|
|
2,284
|
|
|
|
2,122
|
|
|
Net loss on sales and valuations of repossessed assets
|
|
|
|
2,651
|
|
|
|
7,702
|
|
|
|
2,128
|
|
|
|
8,633
|
|
|
|
6,129
|
|
|
Legal, professional and director's fees
|
|
|
|
1,572
|
|
|
|
2,039
|
|
|
|
1,912
|
|
|
|
2,361
|
|
|
|
1,366
|
|
|
Marketing
|
|
|
|
1,371
|
|
|
|
1,294
|
|
|
|
1,090
|
|
|
|
1,135
|
|
|
|
1,157
|
|
|
Intangible amortization
|
|
|
|
890
|
|
|
|
889
|
|
|
|
890
|
|
|
|
890
|
|
|
|
890
|
|
|
Customer service
|
|
|
|
591
|
|
|
|
716
|
|
|
|
900
|
|
|
|
828
|
|
|
|
892
|
|
|
Data Processing
|
|
|
|
995
|
|
|
|
895
|
|
|
|
895
|
|
|
|
928
|
|
|
|
848
|
|
|
Operating lease depreciation
|
|
|
|
208
|
|
|
|
208
|
|
|
|
245
|
|
|
|
327
|
|
|
|
421
|
|
|
Merger/restructure expense
|
|
|
|
-
|
|
|
|
482
|
|
|
|
974
|
|
|
|
(109
|
)
|
|
|
217
|
|
|
Other
|
|
|
|
3,499
|
|
|
|
3,942
|
|
|
|
3,279
|
|
|
|
3,375
|
|
|
|
2,547
|
|
|
|
|
|
|
46,897
|
|
|
|
50,963
|
|
|
|
45,481
|
|
|
|
51,008
|
|
|
|
48,146
|
|
|
Income from continuing operations before income taxes
|
|
|
|
15,963
|
|
|
|
9,608
|
|
|
|
21,006
|
|
|
|
9,984
|
|
|
|
9,741
|
|
|
Income tax expense
|
|
|
|
4,441
|
|
|
|
2,011
|
|
|
|
7,514
|
|
|
|
3,295
|
|
|
|
4,029
|
|
|
Income from continuing operations
|
|
|
$
|
11,522
|
|
|
$
|
7,597
|
|
|
$
|
13,492
|
|
|
$
|
6,689
|
|
|
$
|
5,712
|
|
|
Loss from discontinued operations, net of tax
|
|
|
|
(222
|
)
|
|
|
(496
|
)
|
|
|
(481
|
)
|
|
|
(460
|
)
|
|
|
(559
|
)
|
|
Net income
|
|
|
$
|
11,300
|
|
|
$
|
7,101
|
|
|
$
|
13,011
|
|
|
$
|
6,229
|
|
|
$
|
5,153
|
|
|
Preferred stock dividends
|
|
|
|
1,763
|
|
|
|
1,781
|
|
|
|
1,752
|
|
|
|
1,750
|
|
|
|
1,750
|
|
|
Accretion on preferred stock
|
|
|
|
-
|
|
|
|
-
|
|
|
|
7,667
|
|
|
|
753
|
|
|
|
753
|
|
|
Net Income available to common stockholders
|
|
|
$
|
9,537
|
|
|
$
|
5,320
|
|
|
$
|
3,592
|
|
|
$
|
3,726
|
|
|
$
|
2,650
|
|
|
Diluted net income per share
|
|
|
$
|
0.12
|
|
|
$
|
0.07
|
|
|
$
|
0.04
|
|
|
$
|
0.05
|
|
|
$
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Western Alliance Bancorporation and Subsidiaries
|
|
Five Quarter Condensed Consolidated Balance Sheets
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
|
|
|
2012
|
|
2011
|
|
2011
|
|
2011
|
|
2011
|
|
|
|
|
(in millions)
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
|
$
|
179.8
|
|
|
$
|
155.0
|
|
|
$
|
306.0
|
|
|
$
|
534.6
|
|
|
$
|
363.3
|
|
|
Federal funds sold
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Cash and cash equivalents
|
|
|
|
179.8
|
|
|
|
155.0
|
|
|
|
306.0
|
|
|
|
534.6
|
|
|
|
363.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities and money market investments
|
|
|
|
1,423.2
|
|
|
|
1,490.5
|
|
|
|
1,304.6
|
|
|
|
1,138.2
|
|
|
|
1,319.6
|
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
|
|
1,436.5
|
|
|
|
1,336.6
|
|
|
|
1,152.9
|
|
|
|
1,029.5
|
|
|
|
935.9
|
|
|
Commercial real estate - owner occupied
|
|
|
|
1,289.9
|
|
|
|
1,252.2
|
|
|
|
1,225.4
|
|
|
|
1,285.3
|
|
|
|
1,299.5
|
|
|
Construction and land development
|
|
|
|
347.7
|
|
|
|
381.7
|
|
|
|
404.4
|
|
|
|
396.3
|
|
|
|
391.7
|
|
|
Commercial real estate - non-owner occupied
|
|
|
|
1,365.6
|
|
|
|
1,301.2
|
|
|
|
1,239.8
|
|
|
|
1,170.0
|
|
|
|
1,086.9
|
|
|
Residential real estate
|
|
|
|
434.5
|
|
|
|
443.0
|
|
|
|
450.2
|
|
|
|
473.9
|
|
|
|
504.5
|
|
|
Consumer
|
|
|
|
58.7
|
|
|
|
72.5
|
|
|
|
60.3
|
|
|
|
62.6
|
|
|
|
65.7
|
|
|
Deferred fees, net
|
|
|
|
(6.7
|
)
|
|
|
(7.1
|
)
|
|
|
(6.5
|
)
|
|
|
(5.9
|
)
|
|
|
(6.2
|
)
|
|
|
|
|
|
4,926.2
|
|
|
|
4,780.1
|
|
|
|
4,526.5
|
|
|
|
4,411.7
|
|
|
|
4,278.0
|
|
|
Allowance for credit losses
|
|
|
|
(98.1
|
)
|
|
|
(99.2
|
)
|
|
|
(100.2
|
)
|
|
|
(104.4
|
)
|
|
|
(106.1
|
)
|
|
Loans, net
|
|
|
|
4,828.1
|
|
|
|
4,680.9
|
|
|
|
4,426.3
|
|
|
|
4,307.3
|
|
|
|
4,171.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and equipment, net
|
|
|
|
105.1
|
|
|
|
105.5
|
|
|
|
106.2
|
|
|
|
109.2
|
|
|
|
112.0
|
|
|
Other repossessed assets
|
|
|
|
81.4
|
|
|
|
89.1
|
|
|
|
86.7
|
|
|
|
85.7
|
|
|
|
98.3
|
|
|
Bank owned life insurance
|
|
|
|
135.0
|
|
|
|
133.9
|
|
|
|
132.7
|
|
|
|
131.5
|
|
|
|
131.0
|
|
|
Goodwill and other intangibles
|
|
|
|
34.8
|
|
|
|
35.7
|
|
|
|
36.6
|
|
|
|
37.5
|
|
|
|
38.4
|
|
|
Other assets
|
|
|
|
137.9
|
|
|
|
153.9
|
|
|
|
146.8
|
|
|
|
164.1
|
|
|
|
170.3
|
|
|
Total assets
|
|
|
$
|
6,925.3
|
|
|
$
|
6,844.5
|
|
|
$
|
6,545.9
|
|
|
$
|
6,508.1
|
|
|
$
|
6,404.8
|
|
|
Liabilities and Stockholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing demand deposits
|
|
|
$
|
1,757.7
|
|
|
$
|
1,558.2
|
|
|
$
|
1,519.0
|
|
|
$
|
1,516.8
|
|
|
$
|
1,455.1
|
|
|
Interest bearing
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
|
|
|
|
527.2
|
|
|
|
482.7
|
|
|
|
466.0
|
|
|
|
456.5
|
|
|
|
521.2
|
|
|
Savings and money market
|
|
|
|
2,224.1
|
|
|
|
2,166.6
|
|
|
|
2,151.9
|
|
|
|
2,105.4
|
|
|
|
2,100.6
|
|
|
Time certificates
|
|
|
|
1,390.1
|
|
|
|
1,451.0
|
|
|
|
1,496.0
|
|
|
|
1,509.6
|
|
|
|
1,420.6
|
|
|
Total deposits
|
|
|
|
5,899.1
|
|
|
|
5,658.5
|
|
|
|
5,632.9
|
|
|
|
5,588.3
|
|
|
|
5,497.5
|
|
|
Customer repurchase agreements
|
|
|
|
114.4
|
|
|
|
123.6
|
|
|
|
142.6
|
|
|
|
148.7
|
|
|
|
163.4
|
|
|
Total customer funds
|
|
|
|
6,013.5
|
|
|
|
5,782.1
|
|
|
|
5,775.5
|
|
|
|
5,737.0
|
|
|
|
5,660.9
|
|
|
Borrowings
|
|
|
|
193.4
|
|
|
|
353.3
|
|
|
|
73.2
|
|
|
|
73.1
|
|
|
|
73.0
|
|
|
Junior subordinated debt
|
|
|
|
37.3
|
|
|
|
37.0
|
|
|
|
36.3
|
|
|
|
42.7
|
|
|
|
43.0
|
|
|
Accrued interest payable and other liabilities
|
|
|
|
27.0
|
|
|
|
35.4
|
|
|
|
28.6
|
|
|
|
39.6
|
|
|
|
26.3
|
|
|
Total liabilities
|
|
|
|
6,271.2
|
|
|
|
6,207.8
|
|
|
|
5,913.6
|
|
|
|
5,892.4
|
|
|
|
5,803.2
|
|
|
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock and additional paid-in capital
|
|
|
|
746.2
|
|
|
|
743.8
|
|
|
|
743.0
|
|
|
|
741.6
|
|
|
|
740.9
|
|
|
Preferred Stock
|
|
|
|
141.0
|
|
|
|
141.0
|
|
|
|
141.0
|
|
|
|
132.3
|
|
|
|
131.6
|
|
|
Retained earnings (deficit)
|
|
|
|
(234.0
|
)
|
|
|
(243.5
|
)
|
|
|
(248.8
|
)
|
|
|
(252.4
|
)
|
|
|
(256.2
|
)
|
|
Accumulated other comprehensive income (loss)
|
|
|
|
0.9
|
|
|
|
(4.6
|
)
|
|
|
(2.9
|
)
|
|
|
(5.8
|
)
|
|
|
(14.7
|
)
|
|
Total stockholders' equity
|
|
|
|
654.1
|
|
|
|
636.7
|
|
|
|
632.3
|
|
|
|
615.7
|
|
|
|
601.6
|
|
|
Total liabilities and stockholders' equity
|
|
|
$
|
6,925.3
|
|
|
$
|
6,844.5
|
|
|
$
|
6,545.9
|
|
|
$
|
6,508.1
|
|
|
$
|
6,404.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Western Alliance Bancorporation and Subsidiaries
|
|
Changes in the Allowance For Credit Losses
|
|
Unaudited
|
|
|
|
|
Three Months Ended
|
|
|
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
|
|
|
2012
|
|
2011
|
|
2011
|
|
2011
|
|
2011
|
|
|
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period
|
|
|
$
|
99,170
|
|
|
$
|
100,216
|
|
|
$
|
104,375
|
|
|
$
|
106,133
|
|
|
$
|
110,699
|
|
|
Provision for credit losses
|
|
|
|
13,081
|
|
|
|
13,076
|
|
|
|
11,180
|
|
|
|
11,891
|
|
|
|
10,041
|
|
|
Recoveries of loans previously charged-off:
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and land development
|
|
|
|
86
|
|
|
|
354
|
|
|
|
707
|
|
|
|
677
|
|
|
|
416
|
|
|
Commercial real estate
|
|
|
|
1,705
|
|
|
|
755
|
|
|
|
127
|
|
|
|
804
|
|
|
|
471
|
|
|
Residential real estate
|
|
|
|
340
|
|
|
|
179
|
|
|
|
440
|
|
|
|
172
|
|
|
|
269
|
|
|
Commercial and industrial
|
|
|
|
777
|
|
|
|
603
|
|
|
|
1,243
|
|
|
|
726
|
|
|
|
829
|
|
|
Consumer
|
|
|
|
38
|
|
|
|
64
|
|
|
|
41
|
|
|
|
44
|
|
|
|
25
|
|
|
Total recoveries
|
|
|
|
2,946
|
|
|
|
1,955
|
|
|
|
2,558
|
|
|
|
2,423
|
|
|
|
2,010
|
|
|
Loans charged-off:
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and land development
|
|
|
|
5,087
|
|
|
|
3,155
|
|
|
|
2,369
|
|
|
|
1,516
|
|
|
|
4,198
|
|
|
Commercial real estate
|
|
|
|
4,912
|
|
|
|
9,244
|
|
|
|
2,484
|
|
|
|
4,286
|
|
|
|
6,114
|
|
|
Residential real estate
|
|
|
|
1,420
|
|
|
|
1,895
|
|
|
|
10,555
|
|
|
|
3,339
|
|
|
|
3,282
|
|
|
Commercial and industrial
|
|
|
|
3,654
|
|
|
|
1,004
|
|
|
|
1,420
|
|
|
|
5,926
|
|
|
|
1,407
|
|
|
Consumer
|
|
|
|
2,002
|
|
|
|
779
|
|
|
|
1,069
|
|
|
|
1,005
|
|
|
|
1,616
|
|
|
Total loans charged-off
|
|
|
|
17,075
|
|
|
|
16,077
|
|
|
|
17,897
|
|
|
|
16,072
|
|
|
|
16,617
|
|
|
Net loans charged-off
|
|
|
|
14,129
|
|
|
|
14,122
|
|
|
|
15,339
|
|
|
|
13,649
|
|
|
|
14,607
|
|
|
Balance, end of period
|
|
|
$
|
98,122
|
|
|
$
|
99,170
|
|
|
$
|
100,216
|
|
|
$
|
104,375
|
|
|
$
|
106,133
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs (annualized) to average loans outstanding
|
|
|
|
1.18
|
%
|
|
|
1.24
|
%
|
|
|
1.40
|
%
|
|
|
1.26
|
%
|
|
|
1.39
|
%
|
|
Allowance for credit losses to gross loans
|
|
|
|
1.99
|
|
|
|
2.07
|
|
|
|
2.21
|
|
|
|
2.37
|
|
|
|
2.48
|
|
|
Nonaccrual loans
|
|
|
$
|
103,486
|
|
|
$
|
90,392
|
|
|
$
|
113,713
|
|
|
$
|
112,750
|
|
|
$
|
114,246
|
|
|
Repossessed assets
|
|
|
|
81,445
|
|
|
|
89,104
|
|
|
|
86,692
|
|
|
|
85,732
|
|
|
|
98,312
|
|
|
Loans past due 90 days, still accruing
|
|
|
|
1,011
|
|
|
|
2,589
|
|
|
|
2,096
|
|
|
|
1,134
|
|
|
|
1,087
|
|
|
Loans past due 30 to 89 days, still accruing
|
|
|
|
12,040
|
|
|
|
13,731
|
|
|
|
12,414
|
|
|
|
11,581
|
|
|
|
30,689
|
|
|
Classified loans on accrual
|
|
|
|
98,170
|
|
|
|
112,147
|
|
|
|
110,654
|
|
|
|
126,681
|
|
|
|
128,434
|
|
|
Watch loans
|
|
|
|
132,829
|
|
|
|
147,112
|
|
|
|
167,571
|
|
|
|
190,045
|
|
|
|
204,470
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Western Alliance Bancorporation and Subsidiaries
|
|
Analysis of Average Balances, Yields and Rates
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
2012 (2)
|
|
|
2011
|
|
|
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/
Cost
|
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/
Cost
|
|
|
|
|
($ in
millions)
|
|
($ in
thousands)
|
|
|
|
|
($ in
millions)
|
|
($ in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities (1)
|
|
|
$
|
1,423.3
|
|
|
$
|
9,585
|
|
3.13
|
%
|
|
|
$
|
1,277.2
|
|
|
$
|
7,930
|
|
2.67
|
%
|
|
Federal funds sold and other
|
|
|
|
0.2
|
|
|
|
-
|
|
0.00
|
%
|
|
|
|
0.2
|
|
|
|
1
|
|
2.03
|
%
|
|
Loans (1)
|
|
|
|
4,782.8
|
|
|
|
67,760
|
|
5.68
|
%
|
|
|
|
4,203.2
|
|
|
|
63,882
|
|
6.16
|
%
|
|
Short term investments
|
|
|
|
96.7
|
|
|
|
50
|
|
0.21
|
%
|
|
|
|
228.1
|
|
|
|
131
|
|
0.23
|
%
|
|
Investment in restricted stock
|
|
|
|
33.4
|
|
|
|
42
|
|
0.50
|
%
|
|
|
|
36.8
|
|
|
|
22
|
|
0.24
|
%
|
|
Total interest earning assets
|
|
|
|
6,336.4
|
|
|
|
77,437
|
|
5.00
|
%
|
|
|
|
5,745.5
|
|
|
|
71,966
|
|
5.11
|
%
|
|
Non-interest earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
|
|
114.8
|
|
|
|
|
|
|
|
|
121.6
|
|
|
|
|
|
|
Allowance for credit losses
|
|
|
|
(100.7
|
)
|
|
|
|
|
|
|
|
(110.5
|
)
|
|
|
|
|
|
Bank owned life insurance
|
|
|
|
134.3
|
|
|
|
|
|
|
|
|
130.2
|
|
|
|
|
|
|
Other assets
|
|
|
|
358.0
|
|
|
|
|
|
|
|
|
408.9
|
|
|
|
|
|
|
Total assets
|
|
|
$
|
6,842.8
|
|
|
|
|
|
|
|
$
|
6,295.7
|
|
|
|
|
|
|
Interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing transaction accounts
|
|
|
$
|
504.3
|
|
|
$
|
315
|
|
0.25
|
%
|
|
|
$
|
501.5
|
|
|
$
|
533
|
|
0.43
|
%
|
|
Savings and money market
|
|
|
|
2,233.6
|
|
|
|
2,168
|
|
0.39
|
%
|
|
|
|
2,007.4
|
|
|
|
3,566
|
|
0.72
|
%
|
|
Time certificates of deposit
|
|
|
|
1,424.3
|
|
|
|
2,279
|
|
0.64
|
%
|
|
|
|
1,438.9
|
|
|
|
3,799
|
|
1.07
|
%
|
|
Total interest-bearing deposits
|
|
|
|
4,162.2
|
|
|
|
4,762
|
|
0.46
|
%
|
|
|
|
3,947.8
|
|
|
|
7,898
|
|
0.81
|
%
|
|
Borrowings
|
|
|
|
294.9
|
|
|
|
2,134
|
|
2.89
|
%
|
|
|
|
220.8
|
|
|
|
2,268
|
|
4.17
|
%
|
|
Junior subordinated and subordinated debt
|
|
|
|
37.0
|
|
|
|
484
|
|
5.23
|
%
|
|
|
|
43.0
|
|
|
|
702
|
|
6.62
|
%
|
|
Total interest-bearing liabilities
|
|
|
|
4,494.1
|
|
|
|
7,380
|
|
0.66
|
%
|
|
|
|
4,211.6
|
|
|
|
10,868
|
|
1.05
|
%
|
|
Noninterest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits
|
|
|
|
1,645.7
|
|
|
|
|
|
|
|
|
1,441.4
|
|
|
|
|
|
|
Other liabilities
|
|
|
|
45.6
|
|
|
|
|
|
|
|
|
29.6
|
|
|
|
|
|
|
Stockholders’ equity
|
|
|
|
657.4
|
|
|
|
|
|
|
|
|
613.1
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
|
$
|
6,842.8
|
|
|
|
|
|
|
|
$
|
6,295.7
|
|
|
|
|
|
|
Net interest income and margin
|
|
|
|
|
$
|
70,057
|
|
4.53
|
%
|
|
|
|
|
$
|
61,098
|
|
4.35
|
%
|
|
Net interest spread
|
|
|
|
|
|
|
4.34
|
%
|
|
|
|
|
|
|
4.06
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Yields on loans and securities have been adjusted to a tax
equivalent basis. The taxable-equivalent adjustment was $1,761 and
$481 for the first 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
|
|
Operating Segment Results
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
Inter-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
segment
|
|
Consoli-
|
|
|
|
|
Bank
|
|
Western
|
|
Torrey
|
|
|
|
elimi-
|
|
dated
|
|
|
|
|
of Nevada
|
|
Alliance Bank
|
|
Pines Bank*
|
|
Other
|
|
nations
|
|
Company
|
|
At March 31, 2012
|
|
|
(dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
$
|
2,890.9
|
|
|
$
|
2,271.1
|
|
|
$
|
1,785.1
|
|
|
$
|
779.3
|
|
|
$
|
(801.1
|
)
|
|
$
|
6,925.3
|
|
|
Gross loans and deferred fees, net
|
|
|
|
1,925.7
|
|
|
|
1,710.0
|
|
|
|
1,333.3
|
|
|
|
-
|
|
|
|
(42.8
|
)
|
|
|
4,926.2
|
|
|
Less: Allowance for credit losses
|
|
|
|
(62.6
|
)
|
|
|
(19.5
|
)
|
|
|
(16.0
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(98.1
|
)
|
|
Net loans
|
|
|
|
1,863.1
|
|
|
|
1,690.5
|
|
|
|
1,317.3
|
|
|
|
-
|
|
|
|
(42.8
|
)
|
|
|
4,828.1
|
|
|
Goodwill
|
|
|
|
23.2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2.7
|
|
|
|
-
|
|
|
|
25.9
|
|
|
Deposits
|
|
|
|
2,435.2
|
|
|
|
1,953.7
|
|
|
|
1,530.6
|
|
|
|
-
|
|
|
|
(20.4
|
)
|
|
|
5,899.1
|
|
|
FHLB advances and other
|
|
|
|
70.0
|
|
|
|
20.0
|
|
|
|
60.0
|
|
|
|
-
|
|
|
|
(30.0
|
)
|
|
|
120.0
|
|
|
Stockholders' equity
|
|
|
|
324.3
|
|
|
|
202.0
|
|
|
|
157.7
|
|
|
|
661.5
|
|
|
|
(691.4
|
)
|
|
|
654.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
No. of branches
|
|
|
|
11
|
|
|
|
16
|
|
|
|
12
|
|
|
|
-
|
|
|
|
-
|
|
|
|
39
|
|
|
No. of FTE
|
|
|
|
394
|
|
|
|
237
|
|
|
|
223
|
|
|
|
97
|
|
|
|
-
|
|
|
|
951
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2012:
|
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
$
|
27,839
|
|
|
$
|
23,055
|
|
|
$
|
21,236
|
|
|
$
|
(2,073
|
)
|
|
$
|
-
|
|
|
$
|
70,057
|
|
|
Provision for credit losses
|
|
|
|
13,481
|
|
|
|
(1,997
|
)
|
|
|
1,597
|
|
|
|
-
|
|
|
|
-
|
|
|
|
13,081
|
|
|
Net interest income (loss) after provision for credit losses
|
|
|
|
14,358
|
|
|
|
25,052
|
|
|
|
19,639
|
|
|
|
(2,073
|
)
|
|
|
-
|
|
|
|
56,976
|
|
|
Non-interest income
|
|
|
|
3,583
|
|
|
|
1,853
|
|
|
|
1,178
|
|
|
|
1,991
|
|
|
|
(2,721
|
)
|
|
|
5,884
|
|
|
Non-interest expense
|
|
|
|
(18,831
|
)
|
|
|
(11,918
|
)
|
|
|
(11,072
|
)
|
|
|
(7,797
|
)
|
|
|
2,721
|
|
|
|
(46,897
|
)
|
|
Income (loss) from continuing operations before income taxes
|
|
|
|
(890
|
)
|
|
|
14,987
|
|
|
|
9,745
|
|
|
|
(7,879
|
)
|
|
|
-
|
|
|
|
15,963
|
|
|
Income tax expense (benefit)
|
|
|
|
(1,851
|
)
|
|
|
5,172
|
|
|
|
3,958
|
|
|
|
(2,838
|
)
|
|
|
-
|
|
|
|
4,441
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
|
961
|
|
|
|
9,815
|
|
|
|
5,787
|
|
|
|
(5,041
|
)
|
|
|
-
|
|
|
|
11,522
|
|
|
Loss from discontinued operations, net
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(222
|
)
|
|
|
-
|
|
|
|
(222
|
)
|
|
Net income (loss)
|
|
|
$
|
961
|
|
|
$
|
9,815
|
|
|
$
|
5,787
|
|
|
$
|
(5,263
|
)
|
|
$
|
-
|
|
|
$
|
11,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Excludes discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Western Alliance Bancorporation and Subsidiaries
|
|
Operating Segment Results
|
|
|
|
|
|
|
|
|
|
|
|
|
Inter-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
segment
|
|
Consoli-
|
|
|
|
|
Bank
|
|
Western
|
|
Torrey
|
|
|
|
elimi-
|
|
dated
|
|
|
|
|
of Nevada
|
|
Alliance Bank
|
|
Pines Bank*
|
|
Other
|
|
nations
|
|
Company
|
|
At March 31, 2011
|
|
|
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
$
|
2,778.3
|
|
|
$
|
1,979.8
|
|
|
$
|
1,590.7
|
|
|
$
|
728.4
|
|
|
$
|
(672.4
|
)
|
|
$
|
6,404.8
|
|
|
Gross loans and deferred fees, net
|
|
|
|
1,872.1
|
|
|
|
1,344.6
|
|
|
|
1,104.1
|
|
|
|
-
|
|
|
|
(42.8
|
)
|
|
|
4,278.0
|
|
|
Less: Allowance for credit losses
|
|
|
|
(70.6
|
)
|
|
|
(19.7
|
)
|
|
|
(15.8
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(106.1
|
)
|
|
Net loans
|
|
|
|
1,801.5
|
|
|
|
1,324.9
|
|
|
|
1,088.3
|
|
|
|
-
|
|
|
|
(42.8
|
)
|
|
|
4,171.9
|
|
|
Goodwill
|
|
|
|
23.2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2.7
|
|
|
|
-
|
|
|
|
25.9
|
|
|
Deposits
|
|
|
|
2,390.2
|
|
|
|
1,693.1
|
|
|
|
1,416.7
|
|
|
|
-
|
|
|
|
(2.5
|
)
|
|
|
5,497.5
|
|
|
Stockholders' equity
|
|
|
|
310.4
|
|
|
|
165.8
|
|
|
|
137.0
|
|
|
|
608.7
|
|
|
|
(620.3
|
)
|
|
|
601.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
No. of branches
|
|
|
|
12
|
|
|
|
16
|
|
|
|
11
|
|
|
|
-
|
|
|
|
-
|
|
|
|
39
|
|
|
No. of FTE
|
|
|
|
407
|
|
|
|
210
|
|
|
|
193
|
|
|
|
84
|
|
|
|
-
|
|
|
|
894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2011:
|
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
$
|
26,428
|
|
|
$
|
19,656
|
|
|
$
|
17,317
|
|
|
$
|
(2,303
|
)
|
|
$
|
-
|
|
|
$
|
61,098
|
|
|
Provision for credit losses
|
|
|
|
7,003
|
|
|
|
1,600
|
|
|
|
1,437
|
|
|
|
-
|
|
|
|
-
|
|
|
|
10,041
|
|
|
Net interest income (loss) after
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
provision for credit losses
|
|
|
|
19,425
|
|
|
|
18,056
|
|
|
|
15,880
|
|
|
|
(2,303
|
)
|
|
|
-
|
|
|
|
51,057
|
|
|
Non-interest income
|
|
|
|
3,392
|
|
|
|
2,031
|
|
|
|
1,739
|
|
|
|
(332
|
)
|
|
|
-
|
|
|
|
6,830
|
|
|
Non-interest expense
|
|
|
|
(21,672
|
)
|
|
|
(12,383
|
)
|
|
|
(10,491
|
)
|
|
|
(3,600
|
)
|
|
|
-
|
|
|
|
(48,146
|
)
|
|
Income (loss) from continuing operations before income taxes
|
|
|
|
1,145
|
|
|
|
7,704
|
|
|
|
7,128
|
|
|
|
(6,235
|
)
|
|
|
-
|
|
|
|
9,741
|
|
|
Income tax expense (benefit)
|
|
|
|
251
|
|
|
|
2,849
|
|
|
|
3,106
|
|
|
|
(2,177
|
)
|
|
|
-
|
|
|
|
4,029
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income(loss) from continuing operations
|
|
|
|
894
|
|
|
|
4,855
|
|
|
|
4,022
|
|
|
|
(4,058
|
)
|
|
|
-
|
|
|
|
5,712
|
|
|
Loss from discontinued operations, net
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(559
|
)
|
|
|
-
|
|
|
|
(559
|
)
|
|
Net income (loss)
|
|
|
$
|
894
|
|
|
$
|
4,855
|
|
|
$
|
4,022
|
|
|
$
|
(4,617
|
)
|
|
$
|
-
|
|
|
$
|
5,153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Excludes discontinued operations
|
|
|
|
|
|
Western Alliance Bancorporation and Subsidiaries
|
|
Reconciliation of Non-GAAP Financial Measures (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
|
|
|
2012
|
|
2011
|
|
2011
|
|
2011
|
|
2011
|
|
|
|
|
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholder's equity
|
|
|
$
|
654,045
|
|
|
$
|
636,683
|
|
|
$
|
632,255
|
|
|
$
|
615,653
|
|
|
$
|
601,576
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill and intangible assets
|
|
|
|
34,843
|
|
|
|
35,732
|
|
|
|
36,622
|
|
|
|
37,511
|
|
|
|
38,401
|
|
|
Total tangible stockholders' equity
|
|
|
|
619,202
|
|
|
|
600,951
|
|
|
|
595,633
|
|
|
|
578,142
|
|
|
|
563,175
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock
|
|
|
|
141,000
|
|
|
|
141,000
|
|
|
|
141,000
|
|
|
|
132,333
|
|
|
|
131,580
|
|
|
Total tangible common equity
|
|
|
|
478,202
|
|
|
|
459,951
|
|
|
|
454,633
|
|
|
|
445,809
|
|
|
|
431,595
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax
|
|
|
|
3,209
|
|
|
|
3,522
|
|
|
|
3,835
|
|
|
|
4,148
|
|
|
|
4,461
|
|
|
Total tangible common equity, net of tax
|
|
|
$
|
481,411
|
|
|
$
|
463,473
|
|
|
$
|
458,468
|
|
|
$
|
449,957
|
|
|
$
|
436,056
|
|
|
Total assets
|
|
|
$
|
6,925,292
|
|
|
$
|
6,844,541
|
|
|
$
|
6,545,890
|
|
|
$
|
6,508,089
|
|
|
$
|
6,404,838
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill and intangible assets
|
|
|
|
34,843
|
|
|
|
35,732
|
|
|
|
36,622
|
|
|
|
37,511
|
|
|
|
38,401
|
|
|
Tangible assets
|
|
|
|
6,890,449
|
|
|
|
6,808,809
|
|
|
|
6,509,268
|
|
|
|
6,470,578
|
|
|
|
6,366,437
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax
|
|
|
|
3,209
|
|
|
|
3,522
|
|
|
|
3,835
|
|
|
|
4,148
|
|
|
|
4,461
|
|
|
Total tangible assets, net of tax
|
|
|
$
|
6,893,658
|
|
|
$
|
6,812,331
|
|
|
$
|
6,513,103
|
|
|
$
|
6,474,726
|
|
|
$
|
6,370,898
|
|
|
Tangible equity ratio (1)
|
|
|
|
9.0
|
%
|
|
|
8.8
|
%
|
|
|
9.1
|
%
|
|
|
8.9
|
%
|
|
|
8.8
|
%
|
|
Tangible common equity ratio (2)
|
|
|
|
6.9
|
%
|
|
|
6.8
|
%
|
|
|
7.0
|
%
|
|
|
6.9
|
%
|
|
|
6.8
|
%
|
|
Common shares outstanding
|
|
|
|
83,145
|
|
|
|
82,362
|
|
|
|
82,263
|
|
|
|
82,139
|
|
|
|
82,237
|
|
|
Tangible book value per share, net of tax (3)
|
|
|
$
|
5.79
|
|
|
$
|
5.63
|
|
|
$
|
5.57
|
|
|
$
|
5.48
|
|
|
$
|
5.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
|
|
|
2012
|
|
2011
|
|
2011
|
|
2011
|
|
2011
|
|
|
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest income
|
|
|
$
|
5,884
|
|
|
$
|
4,948
|
|
|
$
|
13,082
|
|
|
$
|
9,597
|
|
|
$
|
6,830
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-market (losses) gains, net
|
|
|
|
(333
|
)
|
|
|
(626
|
)
|
|
|
6,420
|
|
|
|
336
|
|
|
|
(509
|
)
|
|
Securities impairment charges
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(226
|
)
|
|
|
-
|
|
|
Gains on sales of investment securities, net
|
|
|
|
361
|
|
|
|
(28
|
)
|
|
|
781
|
|
|
|
2,666
|
|
|
|
1,379
|
|
|
Total operating non-interest income
|
|
|
|
5,856
|
|
|
|
5,602
|
|
|
|
5,881
|
|
|
|
6,821
|
|
|
|
5,960
|
|
|
Add: net interest income
|
|
|
|
70,057
|
|
|
|
68,699
|
|
|
|
64,585
|
|
|
|
63,286
|
|
|
|
61,098
|
|
|
Net revenue (4)
|
|
|
$
|
75,913
|
|
|
$
|
74,301
|
|
|
$
|
70,466
|
|
|
$
|
70,107
|
|
|
$
|
67,058
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest expense
|
|
|
$
|
46,897
|
|
|
$
|
50,963
|
|
|
$
|
45,481
|
|
|
$
|
51,008
|
|
|
$
|
48,146
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss (gain) on sales/valuations of repossessed assets
|
|
|
|
2,651
|
|
|
|
7,702
|
|
|
|
2,128
|
|
|
|
8,633
|
|
|
|
6,129
|
|
|
Merger/restructure
|
|
|
|
-
|
|
|
|
482
|
|
|
|
974
|
|
|
|
(109
|
)
|
|
|
217
|
|
|
Goodwill impairment
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total operating non-interest expense (4)
|
|
|
$
|
44,246
|
|
|
$
|
42,779
|
|
|
$
|
42,379
|
|
|
$
|
42,484
|
|
|
$
|
41,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
|
$
|
75,913
|
|
|
$
|
74,301
|
|
|
$
|
70,466
|
|
|
$
|
70,107
|
|
|
$
|
67,058
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating non-interest expense
|
|
|
|
44,246
|
|
|
|
42,779
|
|
|
|
42,379
|
|
|
|
42,484
|
|
|
|
41,800
|
|
|
Pre-tax, pre-provision operating earnings (5)
|
|
|
$
|
31,667
|
|
|
$
|
31,522
|
|
|
$
|
28,087
|
|
|
$
|
27,623
|
|
|
$
|
25,258
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Western Alliance Bancorporation and Subsidiaries
|
|
Reconciliation of Non-GAAP Financial Measures (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
|
|
|
2012
|
|
2011
|
|
2011
|
|
2011
|
|
2011
|
|
|
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating non-interest expense
|
|
|
$
|
44,246
|
|
|
$
|
42,779
|
|
|
$
|
42,379
|
|
|
$
|
42,484
|
|
|
$
|
41,800
|
|
|
Divided by:
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net interest income
|
|
|
$
|
70,057
|
|
|
$
|
68,699
|
|
|
$
|
64,585
|
|
|
$
|
63,286
|
|
|
$
|
61,098
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax equivalent interest adjustment
|
|
|
|
1,761
|
|
|
|
1,425
|
|
|
|
634
|
|
|
|
473
|
|
|
|
481
|
|
|
Operating non-interest income
|
|
|
|
5,856
|
|
|
|
5,602
|
|
|
|
5,881
|
|
|
|
6,821
|
|
|
|
5,960
|
|
|
|
|
|
$
|
77,674
|
|
|
$
|
75,726
|
|
|
$
|
71,100
|
|
|
$
|
70,580
|
|
|
$
|
67,539
|
|
|
Efficiency ratio - tax equivalent basis (6)
|
|
|
|
57.0
|
%
|
|
|
56.5
|
%
|
|
|
59.6
|
%
|
|
|
60.2
|
%
|
|
|
61.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
March 31,
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholder's equity
|
|
|
$
|
654,045
|
|
|
$
|
601,576
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated other comprehensive (loss) income
|
|
|
|
868
|
|
|
|
(14,741
|
)
|
|
|
|
|
|
|
|
Non-qualifying goodwill and intangibles
|
|
|
|
32,331
|
|
|
|
34,663
|
|
|
|
|
|
|
|
|
Other non-qualifying assets
|
|
|
|
3
|
|
|
|
24,057
|
|
|
|
|
|
|
|
|
Disallowed unrealized losses on equity securities
|
|
|
|
-
|
|
|
|
19
|
|
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Qualifying trust preferred securities
|
|
|
|
45,506
|
|
|
|
43,034
|
|
|
|
|
|
|
|
|
Tier 1 capital (regulatory) (7) (10)
|
|
|
|
666,349
|
|
|
|
600,612
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
Qualifying non-controlling interests
|
|
|
|
343
|
|
|
|
122
|
|
|
|
|
|
|
|
|
Qualifying trust preferred securities
|
|
|
|
45,506
|
|
|
|
43,034
|
|
|
|
|
|
|
|
|
Preferred stock
|
|
|
|
141,000
|
|
|
|
131,580
|
|
|
|
|
|
|
|
|
Estimated Tier 1 common equity (8) (10)
|
|
|
$
|
479,500
|
|
|
$
|
425,876
|
|
|
|
|
|
|
|
|
Divided by:
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated risk-weighted assets (regulatory (8) (10)
|
|
|
$
|
5,902,377
|
|
|
$
|
4,947,956
|
|
|
|
|
|
|
|
|
Tier 1 common equity ratio (8) (10)
|
|
|
|
8.1
|
%
|
|
|
8.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
March 31,
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Classified assets
|
|
|
$
|
284,140
|
|
|
$
|
341,618
|
|
|
|
|
|
|
|
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital (regulatory) (7) (10)
|
|
|
|
666,349
|
|
|
|
600,612
|
|
|
|
|
|
|
|
|
Plus: Allowance for credit losses
|
|
|
|
98,122
|
|
|
|
106,133
|
|
|
|
|
|
|
|
|
Total Tier 1 capital plus allowance for credit losses
|
|
|
$
|
764,471
|
|
|
$
|
706,745
|
|
|
|
|
|
|
|
|
Classified assets to Tier 1 capital plus allowance (9) (10)
|
|
|
|
37
|
%
|
|
|
48
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
CONTACT:
Western Alliance Bancorporation
Dale Gibbons, 602-952-5476
