Western Alliance Bancorp. in Phoenix reported higher fourth-quarter profit on higher commercial and construction lending and improved fee income.
The $14.3 billion-asset company's net income rose 45% to $58.5 million. Earnings per share rose 24% to 57 cents, beating the consensus estimate of analysts polled by Bloomberg by three cents.
The results were affected by Western Alliance's June
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Western Alliance Bancorp. in Phoenix posted a big increase in third-quarter profit, its first earnings statement after the acquisition of Bridge Bank.
October 19 -
CEOS of midsize banks traveled to Washington recently to seek relief from some of the more onerous regulations that they say are making it harder for them to compete with both big banks and largely unregulated marketplace lenders that are aggressively going after their customers.
November 6 -
USAA will shift about 120 positions in its mortgage operations from an office near Dallas to offices in Tampa, Fla., and Phoenix.
October 1
Net interest income after the provision for loan losses rose 40% to $143.3 million. Total loans rose 33% to $11.1 billion, on higher commercial and construction lending. The net interest margin fell 23 basis points to 4.67%.
Noninterest income rose 13% to $9.5 million, on higher service charges and lending related fees.
Noninterest expense rose 30% to $72.4 million.
