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Western Alliance (WAL) in Phoenix reported a drop in quarterly profits largely because of debt valuation adjustments.
January 24 -
Western Alliance Bancorporation in Phoenix is looking for a new chief operating officer. Kenneth Vecchione will resign on April 5 to become the chief executive at another publicly traded financial services company, Western Alliance said Wednesday.
March 20 -
Western Alliance's deal for a small industrial loan company out of bankruptcy shows that old-fashioned financial deals still have appeal for shrewd shoppers.
January 31
Western Alliance Bancorp. in Phoenix reported higher third-quarter earnings due to double digit growth in loans and revenue.
The $10.3 billion-asset company said Thursday that it earned $40.9 million, up 43% from the previous year. Earnings per share of 46 cents beat estimates of analysts polled by Bloomberg by six cents.
Net operating revenue for the third quarter increased roughly 15% from a year earlier, to $103.7 million. Net interest income was up 16%, to $98.1 million, as total loans climbed 22%, to $7.8 billion. Deposits jumped 20%, to $8.7 billion.
The company's net interest margin increased two basis points, to 4.43%, from a year earlier.
Operating costs remained flat year over year, at $50 million, as an increase in employee salaries was offset by a decline in legal fees.
The company recorded a $419,000 credit for its loan loss provision in the third quarter, compared with not taking a provision a year earlier. Asset quality remained strong as net loan recoveries totaled $2.8 million, up roughly 87% from a year earlier.
Western Alliance said in a June regulatory filing that it could
