Western Alliance Bancorp. in Phoenix reported higher first-quarter profit as its remains a busy dealmaker.
Net income at the $15 billion-asset company rose 5% to $61 million from the previous quarter. Year-over-year results were skewed by Western Alliance's June acquisition of Bridge Capital Holdings in San Jose, Calif.
Net interest income after the loan-loss provision rose 2% to $143 million. The net interest margin narrowed 9 basis points to 4.58%. Total loans rose 1% to $11.2 billion.
Noninterest income rose 39% to $13 million on higher deposit charges, lending-related income, gains on loan sales and gains on the sale of investment securities.
Noninterest expense rose 4% to $75 million.
Western Alliance on Wednesday completed its acquisition of a hotel franchise lending group from General Electric. Western Alliance expects the deal to be immediately accretive to earnings this quarter.