Western Alliance Bancorp. in Phoenix posted a big increase in third-quarter profit, its first earnings statement after the acquisition of Bridge Bank.
Net income at the $14 billion-asset company grew 44.5% to $59.1 million, or 58 cents per share, from the same period last year.
Net interest income rose 40.1%, to $137.4 million. Loans increased 35.7%, to $10.8 billion. The net interest margin increased by 16 basis points to 4.59%.
Noninterest income more than doubled, growing 128% from the same period last year to $13.8 million. This was driven in part by increases in revenue from unrealized gains on assets and liabilities, and deposit service charges.
Noninterest expense rose more than 46%, to $72.9 million, driven by higher personnel costs.
Western Alliance in June acquired Bridge Capital Holdings, in San Jose, Calif., the holding company for Bridge Bank.