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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 Liberty Bancorp (WLBC) was built to buy — but now it has decided to sell.
August 20
Western Alliance (WAL) in Phoenix reported a drop in quarterly profits largely because of debt valuation adjustments.
The $9.3 billion-asset company's fourth-quarter earnings fell 2% from a year earlier, to $31.4 million. Earnings per share of 36 cents were 3 cents higher than the average estimate of analysts polled by Bloomberg.
The quarter included a $3.7 million tax benefit from the company's
Western Alliance posted a $158,000 noninterest loss, compared to $24.5 million in noninterest income a year earlier.
Net interest income rose 16% from a year earlier, to $90 million. Income from loans rose 15% from the fourth quarter of 2012, to $86.9 million. Revenue from investment securities increased significantly. The net interest margin narrowed by 11 points from a year earlier, to 4.44%.
Noninterest expense rose 4% from a year earlier, to $51.1 million, partly because of higher costs from salaries and employee benefits and more legal, professional and directors' fees.
Improved credit quality prompted Western Alliance to cut its loan-loss provision by 63% from a year earlier, to $4.3 million. Net loan chargeoffs fell 84% from the fourth quarter of 2012, to $2.1 million.
