Exhibit 99.1
Western Alliance Reports Net Income of $2.4 Million or $0.08 Per Share for the Second Quarter 2008
LAS VEGAS--(BUSINESS WIRE)--Western Alliance Bancorporation (NYSE:WAL) announced today its financial results for the second quarter 2008.
Second Quarter 2008 Highlights:
- Regulatory capital of $508 million, up $40 million from March 31, 2008 which further strengthened our "well capitalized" status by federal banking standards
- Net income of $2.4 million, including loan loss reserve build of $7.8 million ($5.1 million, net of tax), down 41.7% from $4.1 million in the first quarter 2008 and 69.6% from $7.9 million in the second quarter 2007
- Diluted earnings per share of $0.08, including loan loss reserve build of $0.17 per share, down 42.9% from $0.14 the first quarter 2008 and down 68.0% from $0.25 in the second quarter 2007
- Net revenue (sum of net interest income and non-interest income, excluding securities and fair value gains/losses) of $55.0 million, down 0.6% from $55.3 million in the first quarter 2008 and up 6.0% from $51.8 million in the second quarter 2007
- Gross loans of $3.87 billion at June 30, 2008, up 4.1% or $152 million from March 31, 2008, and up 14.3% or $486 million from one year ago
- Deposits of $3.59 billion, up 0.9% or $33 million from March 31, 2008 and customer repurchase agreements of $186 million, down 17.4% or $39 million from March 31, 2008, resulting in total customer funds of $3.78 billion, down $6 million and down $232 million from one quarter and one year ago, respectively
Financial Performance
Western Alliance Bancorporation reported net income of $2.4 million for the second quarter 2008, down 41.7 percent from $4.1 million for the first quarter 2008 and 69.6 percent from $7.9 million for the second quarter 2007. Second quarter results include a $13.2 million loan loss provision expense, as compared to $8.1 million in the first quarter 2008. The second quarter also includes the $1.7 million after-tax loss ($0.06 per share) from PartnersFirst, the Company’s affinity credit card initiative.
Gross loans grew $152 million to $3.87 billion at June 30, 2008 from March 31, 2008 and increased $486 million from June 30, 2007.
Customer funds decreased $6 million to $3.78 billion at June 30, 2008 from March 31, 2008, comprised of a $33 million increase in deposits and a $39 million decrease in customer repurchase agreements. From June 30, 2007, customer funds decreased $232 million, comprised of a $222 million decrease in deposits and a $10 million decrease in customer repurchase agreements. Non-interest bearing title company deposits declined $79 million to $165 million during the 12 months ended June 30, 2008 and decreased $21 million from March 31, 2008.
“Despite these challenging times, Western Alliance continued to strengthen its banking franchise during the second quarter,” said Robert Sarver, Chairman, President and Chief Executive Officer of Western Alliance. “We have taken advantage of the turbulent market conditions to establish new customer relationships, leading to $152 million in loan growth with good pricing and structure. Like other banks, our earnings have been adversely affected by challenging macroeconomic conditions, particularly in the real estate sector. However, as a result of our three year program to stress test our real estate loans and curtail weaker credits, our asset quality has remained superior to our local peers. During the quarter, we also bolstered our strong capital position by raising $30.2 million of equity, half from insiders, which has taken our total capital to over $500 million as we remain a ‘well-capitalized’ institution by federal banking standards.”
Income Statement
Net interest income increased 4.7 percent to $48.0 million in the second quarter 2008 from $45.8 million in the second quarter 2007. The net interest margin in the second quarter 2008 was 4.25 percent, compared to 4.20 percent in the first quarter 2008. The net interest margin was 4.52 percent in the second quarter 2007.
The provision for loan losses was $13.2 million for the second quarter 2008 compared to $8.1 million for the first quarter 2008 and $2.0 million for the second quarter 2007. Non-accrual loans and other real estate owned were $51.3 million or 0.98 percent of total assets at June 30, 2008, up from $16.7 million or 0.32 percent of total assets at March 31, 2008. Net loan charge-offs were $5.3 million or 0.55 percent of average loans, compared to net charge-offs of $6.5 million or 0.70 percent of average loans for the first quarter 2008. Loans past due 30-89 days totaled $11.9 million at quarter end, down from $50.7 million at March 31, 2008.
Non-interest income, excluding increases in fair value of financial instruments measured at fair value, was $7.0 million for the second quarter 2008, up 15.5 percent from $6.0 million for the same period in 2007. For the first quarter 2008, non-interest income was $8.4 million, including approximately $1.1 million of non-recurring amounts.
Net revenue was $55.0 million for the second quarter 2008, up 6.0 percent from $51.8 million for the second quarter 2007. For the first quarter 2008, net revenue was $55.3 million.
Non-interest expense was $39.2 million for the second quarter 2008, up 14.3 percent from $34.3 million for the same period in 2007. For the first quarter 2008, non-interest expense was $38.0 million. We had 1,000 full-time equivalent (FTE) employees and 41 banking offices on June 30, 2008 compared to 979 and 40, respectively, on March 31, 2008 and 1,000 and 35, respectively, on June 30, 2007. These numbers include 28 FTE at PartnersFirst at June 30, 2008, our credit card affinity initiative that was launched in July 2007.
Net income decreased 41.7 percent to $2.4 million for the second quarter 2008 compared to $4.1 million for the first quarter 2008. Net income was $7.9 million for the same period last year. Diluted earnings per share were $0.08 compared with $0.14 for the first quarter 2008 and $0.25 for the second quarter 2007. Average diluted shares decreased 5.1 percent to 30.2 million for the second quarter 2008 compared to 31.8 million for the second quarter 2007.
Balance Sheet
Gross loans totaled $3.87 billion at June 30, 2008, an increase of 4.1 percent from March 31, 2008 and 14.3 percent from $3.39 billion at June 30, 2007. At June 30, 2008 the allowance for loan losses was 1.51 percent of gross loans up from 1.37 percent at March 31, 2008 and 1.09 percent at June 30, 2007.
Customer funds totaled $3.78 billion at June 30, 2008, a decrease of $6 million from March 31, 2008 and a $232 million decrease from $4.01 billion at June 30, 2007.
Non-interest bearing deposits, which include title company deposits for which the Company incurs non-interest expense for the benefit of the depositor, comprised 28.0 percent of total deposits at June 30, 2008. As of June 30, 2008, non-interest bearing deposits from title companies were 4.6 percent of total deposits, compared to 5.2 percent at March 31, 2008, and 6.4 percent at June 30, 2007.
At June 30, 2008 the company’s loan to deposit ratio was 107.8 percent compared with 88.8 percent one year earlier. Borrowings, including non-relationship brokered deposits, totaled $777 million at June 30, 2008, up $686 million from $91 million one year earlier. The majority of these borrowings represent overnight advances from the Federal Home Loan Bank.
Stockholders’ equity increased $31 million from March 31, 2008 to $525 million at June 30, 2008, primarily from a private placement of 3.8 million shares of common stock totaling $30.2 million. Our accumulated other comprehensive loss has increased since December 2007 due mainly to widening of credit spreads, which negatively affected the market values of our trust preferred CDO and adjustable rate preferred stock portfolios, increasing our other comprehensive loss by $3.5 million to $46.2 million for the quarter ended June 30, 2008. At June 30, 2008 tangible common equity was 5.7 percent of tangible assets and total risk-based capital was 11.0 percent of risk-weighted assets.
Total assets increased 10.0 percent to $5.22 billion at June 30, 2008 from $4.75 billion at June 30, 2007.
Operating Unit Highlights
Our Nevada banking operations, which include Bank of Nevada and First Independent Bank of Nevada, reported loan growth of $52 million during the second quarter 2008 and $193 million during the last 12 months to $2.62 billion at June 30, 2008. Customer funds decreased $34 million and $237 million to $2.48 billion during the same periods, respectively. Net income for our Nevada banks was $3.3 million during the second quarter 2008 compared with $8.8 million during the second quarter 2007.
Our California banking operations, which include Torrey Pines Bank and Alta Alliance Bank, reported loan growth of $71 million during the second quarter 2008 and $207 million during the last 12 months to $665 million. Customer funds increased $51 million and $23 million to $630 million during the same periods, respectively. Net income for our California banks was $1.0 million during the second quarter 2008 compared with $0.4 million during the second quarter 2007.
Our Arizona banking operations, which consists of Alliance Bank of Arizona, reported loan growth of $21 million during the second quarter 2008 and an increase of $94 million during the last 12 months to $618 million. Customer funds decreased $13 million and $9 million to $681 million during the same periods, respectively. Net income for our Arizona banks was $0.8 million during the second quarter 2008 compared with $0.7 million during the second quarter 2007.
Our Asset Management business line, which includes Miller/Russell and Associates, Shine Investments Advisory Services and Premier Trust, had assets under management of $2.05 billion at June 30, 2008, up 11.4 percent from $1.84 billion at June 30, 2007. Assets under administration by the three entities increased 9.8 percent from $2.04 billion at June 30, 2007 to $2.24 billion at June 30, 2008. Net income for the Assets Management segment for the quarter ended June 30, 2008 was $0.3 million.
Our affinity credit card business line, PartnersFirst, has launched 13 new affinity groups and opened 6,879 accounts during the second quarter 2008. Losses incurred by PartnersFirst for the quarter ended June 30, 2008 were $1.7 million.
Attached to this press release is summarized financial information for the quarter ended June 30, 2008.
Conference Call
Western Alliance Bancorporation will host a conference call to discuss its second quarter 2008 financial results at noon ET on Friday, July 25, 2008. Participants may access the call by dialing 1-800-860-2442. The call will be recorded and made available for replay after 2:00 p.m. ET July 25 until 9 a.m. ET August 2 by dialing 1-877-344-7529 using the pass code 421030#.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements that relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. The forward-looking statements contained herein reflect our current views about future events and financial performance and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from historical results and those expressed in any forward-looking statement. Some factors that could cause actual results to differ materially from historical or expected results include: factors listed in the Form 10-K as filed with the Securities and Exchange Commission; changes in general economic conditions, either nationally or locally in the areas in which we conduct or will conduct our business; inflation, interest rate, market and monetary fluctuations; increases in competitive pressures among financial institutions and businesses offering similar products and services; higher defaults on our loan portfolio than we expect; changes in management’s estimate of the adequacy of the allowance for loan losses; legislative or regulatory changes or changes in accounting principles, policies or guidelines; management’s estimates and projections of interest rates and interest rate policy; the execution of our business plan; and other factors affecting the financial services industry generally or the banking industry in particular.
We do not intend and disclaim any duty or obligation to update or revise any industry information or forward-looking statements set forth in this press release to reflect new information, future events or otherwise.
About Western Alliance Bancorporation
Western Alliance Bancorporation is the parent company of Bank of Nevada, First Independent Bank of Nevada, Alliance Bank of Arizona, Torrey Pines Bank, Alta Alliance Bank, Miller/Russell & Associates, Shine Investment Advisory Services, Premier Trust, and PartnersFirst. These dynamic organizations provide a broad array of banking, leasing, trust, investment, and mortgage services to clients in Nevada, Arizona and California, investment services in Colorado, and bank card services nationwide. Staffed with experienced financial professionals, these organizations deliver a broader product array and larger credit capacity than community banks, yet are empowered to be more responsive to customers' needs than larger institutions. Additional investor information can be accessed on the Investor Relations page of the company's website, www.westernalliancebancorp.com.
| Western Alliance Bancorporation and Subsidiaries |
| Summary Consolidated Financial Data |
| Unaudited |
| | | | | | | | | | | | | | | | | | | |
| | At or for the three months
ended Jun. 30, | | For the six months
ended Jun. 30, |
| | | 2008 | | | 2007 | | | Change% | | 2008 | | | | 2007 | | | Change% | |
| | | | | | | | | | | | | | | | | | | | | | |
Selected Balance Sheet Data:
($ in millions) | | | | | | | | | | | | | | | | | | | | | | |
| Total assets | | $ | 5,219.3 | | | $ | 4,746.8 | | | 10.0 | % | | | | | | | | | | | |
Gross loans, including net deferred fees | | | 3,874.6 | | | | 3,388.9 | | | 14.3 | | | | | | | | | | | | |
| Securities | | | 621.7 | | | | 685.6 | | | -9.3 | | | | | | | | | | | | |
Federal funds sold | | | 10.9 | | | | 73.0 | | | -85.1 | | | | | | | | | | | | |
| Customer funds | | | 3,779.2 | | | | 4,011.5 | | | -5.8 | | | | | | | | | | | | |
Borrowings and brokered deposits | | | 777.0 | | | | 90.9 | | | 754.8 | | | | | | | | | | | | |
Junior sub. and subordinated debt | | | 114.3 | | | | 110.2 | | | 3.7 | | | | | | | | | | | | |
| Stockholders' equity | | | 525.4 | | | | 519.4 | | | 1.2 | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Selected Income Statement Data:
($ in thousands) | | | | | | | | | | | | | | | | | | | | | | |
| Interest income | | $ | 72,686 | | | $ | 76,846 | | | -5.4 | % | | $ | 149,478 | | | $ | 144,159 | | | 3.7 | % |
| Interest expense | | | 24,684 | | | | 31,020 | | | -20.4 | | | | 54,614 | | | | 57,477 | | | -5.0 | |
| Net interest income | | | 48,002 | | | | 45,826 | | | 4.7 | | | | 94,864 | | | | 86,682 | | | 9.4 | |
Provision for loans losses | | | 13,152 | | | | 2,012 | | | 553.7 | | | | 21,211 | | | | 2,453 | | | 764.7 | |
Net interest income after provision for loan losses | | | 34,850 | | | | 43,814 | | | -20.5 | | | | 73,653 | | | | 84,229 | | | -12.6 | |
Securities gains/(losses) and other valuation changes | | | 707 | | | | (3,766 | ) | | | | | | (2,988 | ) | | | (3,495 | ) | | -14.5 | |
| Other non-interest income | | | 6,952 | | | | 6,019 | | | 15.5 | | | | 15,370 | | | | 11,608 | | | 32.4 | |
| Non-interest expense | | | 39,192 | | | | 34,274 | | | 14.3 | | | | 77,195 | | | | 63,195 | | | 22.2 | |
Income before income taxes | | | 3,317 | | | | 11,793 | | | -71.9 | | | | 8,840 | | | | 29,147 | | | -69.7 | |
| Income tax expense | | | 902 | | | | 3,847 | | | -76.6 | | | | 2,283 | | | | 9,798 | | | -76.7 | |
| Net Income | | $ | 2,415 | | | $ | 7,946 | | | -69.6 | | | $ | 6,557 | | | $ | 19,349 | | | -66.1 | |
Memo: intangible asset amortization expense, net of tax | | $ | 915 | | | $ | 557 | | | 64.3 | | | $ | 1,704 | | | $ | 814 | | | 109.3 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Common Share Data: | | | | | | | | | | | | | | | | | | | | | | |
Diluted net income per share | | | 0.08 | | | | 0.25 | | | -68.0 | | | | 0.21 | | | | 0.63 | | | -66.7 | |
Book value per share | | | 15.43 | | | | 17.24 | | | -10.5 | | | | | | | | | | | | |
Tangible book value per share (net of tax) | | | 8.59 | | | | 9.73 | | | -11.7 | | | | | | | | | | | | |
| Average shares outstanding (in thousands): | | | | | | | | | | | | | | | | | | | |
| Basic | | | 29,759 | | | | 29,666 | | | 0.3 | | | | 29,948 | | | | 28,308 | | | 5.8 | |
| Diluted | | | 30,211 | | | | 31,835 | | | -5.1 | | | | 30,676 | | | | 30,509 | | | 0.5 | |
Common shares outstanding | | | 34,059 | | | | 30,128 | | | 13.0 | | | | | | | | | | | | |
| |
| |
| Western Alliance Bancorporation and Subsidiaries |
| Summary Consolidated Financial Data (continued) |
| Unaudited |
| | | | | | | | | | | | | | | | | | | |
| | At or for the three months
ended Jun. 30, | For the six months
ended Jun. 30, |
| | | | 2008 | | | 2007 | | Change% | 2008 | | | 2007 | | | Change% | |
| | | | | | | | | | | | | | | | | | | | | | |
Selected Performance Ratios: | | | | | | | | | | | | | | | | | | | | | | |
Return on average assets (1) | | | 0.19 | % | | | 0.68 | % | | -72.1 | % | | | 0.26 | % | | | 0.89 | % | | -70.8 | % |
Cash return on average tangible assets (1) (2) | | | 0.27 | | | | 0.77 | | | -64.9 | | | | 0.33 | | | | 0.97 | | | -66.0 | |
Return on average stockholders' equity (1) | | | 1.95 | | | | 6.15 | | | -68.3 | | | | 2.63 | | | | 8.37 | | | -68.6 | |
Cash return on average tangible stockholders' equity (1) (2) | | | 5.17 | | | | 11.60 | | | -55.4 | | | | 5.20 | | | | 14.33 | | | -63.7 | |
Net interest margin (1) | | | 4.25 | | | | 4.52 | | | -6.0 | | | | 4.19 | | | | 4.55 | | | -7.9 | |
Net interest spread | | | 3.73 | | | | 3.42 | | | 9.1 | | | | 3.60 | | | | 3.41 | | | 5.6 | |
Efficiency ratio - tax equivalent basis | | | 70.70 | | | | 64.23 | | | 10.1 | | | | 69.46 | | | | 63.16 | | | 10.0 | |
Loan to deposit ratio | | | 107.82 | | | | 88.81 | | | 21.4 | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Capital Ratios: | | | | | | | | | | | | | | | | | | | | | | |
Tangible Common Equity | | | 5.7 | % | | | 6.3 | % | | -9.5 | | | | | | | | | | | | |
Tier 1 leverage ratio | | | 7.8 | | | | 8.2 | | | -4.9 | | | | | | | | | | | | |
Tier 1 Risk Based Capital | | | 8.4 | | | | 8.9 | | | -5.6 | | | | | | | | | | | | |
Total Risk Based Capital | | | 11.0 | | | | 10.7 | | | 2.8 | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| Asset Quality Ratios: | | | | | | | | | | | | | | | | | | | | | | |
Net charge-offs to average loans outstanding (1) | | | 0.55 | % | | | 0.31 | % | | 77.4 | | | | 0.63 | % | | | 0.18 | % | | 250.0 | |
Non-accrual loans to gross loans | | | 1.15 | | | | 0.02 | | | 5,650.0 | | | | | | | | | | | | |
Non-accrual loans and OREO to total assets | | | 0.98 | | | | 0.02 | | | 4,800.0 | | | | | | | | | | | | |
Loans past due 90 days and still accruing to total loans | | | 0.09 | | | | 0.19 | | | -52.6 | | | | | | | | | | | | |
Allowance for loan losses to gross loans | | | 1.51 | | | | 1.09 | | | 38.5 | | | | | | | | | | | | |
Allowance for loan losses to non-accrual loans | | | 132.13 | % | | | 5152.86 | % | | -97.4 | | | | | | | | | | | | |
| =================================================== |
| (1) Annualized for the three and six-month periods ended June 30, 2008 and 2007. |
| (2) Cash return is defined as net income before intangible asset amortization expense. |
| Western Alliance Bancorporation and Subsidiaries |
| | | | | | | | |
| Condensed Consolidated Statements of Income | | |
| Unaudited | | Three Months
Ended June 30, | | Six Months
Ended June 30, |
| |
| (in thousands, except per share data) | | | | | | | | |
| | | 2008 | | 2007 | | 2008 | | 2007 |
| Interest income on: | | | | | | | | |
| Loans, including fees | | $ | 62,817 | | $ | 67,193 | | | $ | 128,521 | | | $ | 126,213 | |
| Securities | | | 9,789 | | | 9,144 | | | | 20,762 | | | | 16,904 | |
Federal funds sold and other | | | 80 | | | 509 | | | | 195 | | | | 1,042 | |
| Total interest income | | | 72,686 | | | 76,846 | | | | 149,478 | | | | 144,159 | |
| Interest expense on: | | | | | | | | |
| Deposits | | | 16,490 | | | 25,832 | | | | 36,004 | | | | 47,705 | |
| Borrowings | | | 6,587 | | | 3,316 | | | | 14,882 | | | | 6,221 | |
Junior sub. and subordinated debt | | | 1,607 | | | 1,872 | | | | 3,728 | | | | 3,551 | |
| Total interest expense | | | 24,684 | | | 31,020 | | | | 54,614 | | | | 57,477 | |
| Net interest income | | | 48,002 | | | 45,826 | | | | 94,864 | | | | 86,682 | |
| Provision for loan losses | | | 13,152 | | | 2,012 | | | | 21,211 | | | | 2,453 | |
Net interest income after provision for loan losses | | | 34,850 | | | 43,814 | | | | 73,653 | | | | 84,229 | |
Mark-to-market gains (losses), net | | | 707 | | | (3,766 | ) | | | 2,292 | | | | (3,495 | ) |
Securities impairment charges | | | - | | | - | | | | (5,280 | ) | | | - | |
| Other income: | | | | | | | | |
Trust and investment advisory services | | | 2,735 | | | 2,137 | | | | 5,531 | | | | 4,242 | |
| Service charges | | | 1,411 | | | 1,167 | | | | 2,838 | | | | 2,236 | |
| Bank owned life ins. | | | 573 | | | 960 | | | | 1,373 | | | | 1,888 | |
| Other | | | 2,233 | | | 1,755 | | | | 5,628 | | | | 3,242 | |
| | | 6,952 | | | 6,019 | | | | 15,370 | | | | 11,608 | |
| Other expense: | | | | | | | | |
| Compensation | | | 21,517 | | | 18,821 | | | | 43,451 | | | | 35,854 | |
| Occupancy | | | 5,179 | | | 4,872 | | | | 10,207 | | | | 9,111 | |
| Customer service | | | 1,113 | | | 1,897 | | | | 2,313 | | | | 3,220 | |
| Merger expenses | | | - | | | 747 | | | | - | | | | 747 | |
| Intangible amortization | | | 915 | | | 557 | | | | 1,704 | | | | 814 | |
| Other | | | 10,468 | | | 7,380 | | | | 19,520 | | | | 13,449 | |
| | | 39,192 | | | 34,274 | | | | 77,195 | | | | 63,195 | |
Income before income taxes | | | 3,317 | | | 11,793 | | | | 8,840 | | | | 29,147 | |
| Income tax expense | | | 902 | | | 3,847 | | | | 2,283 | | | | 9,798 | |
| | | | | | | | |
| Net income | | $ | 2,415 | | $ | 7,946 | | | $ | 6,557 | | | $ | 19,349 | |
| | | | | | | | |
| Diluted EPS | | $ | 0.08 | | $ | 0.25 | | | $ | 0.21 | | | $ | 0.63 | |
| Western Alliance Bancorporation and Subsidiaries |
| Five Quarter Condensed Consolidated Statements of Income |
| Unaudited |
| | | | | | | | | | |
| | Quarter ended |
($ in thousands, except per share data) | | Jun. 30,
2008 | | Mar. 31,
2008 | | Dec. 31,
2007 | | Sep. 30,
2007 | | Jun. 30,
2007 |
| Interest income on: | | | | | | | | | | |
| Loans, including fees | | $ | 62,817 | | $ | 65,704 | | | $ | 69,201 | | | $ | 69,066 | | $ | 67,193 | |
| Securities | | | 9,789 | | | 10,973 | | | | 11,744 | | | | 11,049 | | | 9,144 | |
Federal funds sold and other | | | 80 | | | 115 | | | | 245 | | | | 358 | | | 509 | |
Total interest income | | | 72,686 | | | 76,792 | | | | 81,190 | | | | 80,473 | | | 76,846 | |
| Interest expense on: | | | | | | | | | | |
| Deposits | | | 16,490 | | | 19,514 | | | | 23,852 | | | | 26,571 | | | 25,832 | |
| Borrowings | | | 6,587 | | | 8,295 | | | | 8,698 | | | | 5,270 | | | 3,316 | |
Junior subordinated & subordinated debt | | | 1,607 | | | 2,121 | | | | 2,207 | | | | 1,858 | | | 1,872 | |
| Total interest expense | | | 24,684 | | | 29,930 | | | | 34,757 | | | | 33,699 | | | 31,020 | |
| Net interest income | | | 48,002 | | | 46,862 | | | | 46,433 | | | | 46,774 | | | 45,826 | |
| Provision for loan losses | | | 13,152 | | | 8,059 | | | | 13,881 | | | | 3,925 | | | 2,012 | |
Net interest income after provision | | | 34,850 | | | 38,803 | | | | 32,552 | | | | 42,849 | | | 43,814 | |
Mark-to-market gains (losses), net | | | 707 | | | 1,585 | | | | 2,458 | | | | 2,056 | | | (3,766 | ) |
Securities impairment charges | | | - | | | (5,280 | ) | | | (2,861 | ) | | | - | | | - | |
| Other income: | | | | | | | | | | |
| Trust and other fees | | | 2,735 | | | 2,796 | | | | 2,889 | | | | 2,633 | | | 2,137 | |
| Service charges | | | 1,411 | | | 1,427 | | | | 1,339 | | | | 1,253 | | | 1,167 | |
| Bank owned life ins. | | | 573 | | | 800 | | | | 913 | | | | 962 | | | 960 | |
| Other | | | 2,233 | | | 3,395 | | | | 1,731 | | | | 1,051 | | | 1,755 | |
| | | 6,952 | | | 8,418 | | | | 6,872 | | | | 5,899 | | | 6,019 | |
| Other expense: | | | | | | | | | | |
| Compensation | | | 21,517 | | | 21,934 | | | | 20,172 | | | | 20,556 | | | 18,821 | |
| Occupancy | | | 5,179 | | | 5,028 | | | | 5,397 | | | | 5,240 | | | 4,872 | |
| Customer service | | | 1,113 | | | 1,200 | | | | 1,813 | | | | 1,675 | | | 1,897 | |
| Merger expenses | | | - | | | - | | | | - | | | | - | | | 747 | |
| Intangible amortization | | | 915 | | | 789 | | | | 381 | | | | 260 | | | 557 | |
| Other | | | 10,468 | | | 9,052 | | | | 8,201 | | | | 6,890 | | | 7,380 | |
| | | 39,192 | | | 38,003 | | | | 35,964 | | | | 34,621 | | | 34,274 | |
Income before income taxes | | | 3,317 | | | 5,523 | | | | 3,057 | | | | 16,183 | | | 11,793 | |
| Income tax expense | | | 902 | | | 1,381 | | | | 614 | | | | 5,100 | | | 3,847 | |
| Net income | | $ | 2,415 | | $ | 4,142 | | | $ | 2,443 | | | $ | 11,083 | | $ | 7,946 | |
| | | | | | | | | | |
| Diluted EPS | | $ | 0.08 | | $ | 0.14 | | | $ | 0.08 | | | $ | 0.35 | | $ | 0.25 | |
| Western Alliance Bancorporation and Subsidiaries |
| Five Quarter Condensed Consolidated Balance Sheets |
| Unaudited |
| | | | | | | | | | |
| ($ in millions) | | Jun. 30,
2008 | | Mar. 31,
2008 | | Dec. 31,
2007 | | Sep. 30,
2007 | | Jun. 30,
2007 |
| Assets | | | | | | | | | | |
Cash and due from banks | | $ | 170.3 | | | $ | 132.9 | | | $ | 104.6 | | | $ | 128.9 | | | $ | 122.9 | |
| Federal funds sold | | | 10.9 | | | | 59.0 | | | | 11.0 | | | | 37.6 | | | | 73.0 | |
Cash and cash equivalents | | | 181.2 | | | | 191.9 | | | | 115.6 | | | | 166.5 | | | | 195.9 | |
| | | | | | | | | | |
| Securities | | | 621.7 | | | | 731.1 | | | | 736.2 | | | | 788.4 | | | | 685.6 | |
Gross loans, including net deferred loan fees: | | | | | | | | | | |
| Construction | | | 831.7 | | | | 805.5 | | | | 806.1 | | | | 801.7 | | | | 765.3 | |
| Real estate: | | | | | | | | | | |
| Commercial | | | 1,624.5 | | | | 1,550.8 | | | | 1,514.5 | | | | 1,484.7 | | | | 1,437.9 | |
| Residential | | | 536.0 | | | | 519.6 | | | | 492.6 | | | | 466.8 | | | | 436.6 | |
| Commercial | | | 837.0 | | | | 808.9 | | | | 784.4 | | | | 752.1 | | | | 709.2 | |
| Consumer | | | 54.1 | | | | 46.2 | | | | 43.5 | | | | 49.9 | | | | 46.9 | |
| Net deferred fees | | | (8.7 | ) | | | (8.4 | ) | | | (8.1 | ) | | | (8.7 | ) | | | (7.0 | ) |
| | | 3,874.6 | | | | 3,722.6 | | | | 3,633.0 | | | | 3,546.5 | | | | 3,388.9 | |
Less: Allowance for loan losses | | | (58.7 | ) | | | (50.8 | ) | | | (49.3 | ) | | | (39.9 | ) | | | (36.9 | ) |
| Loans, net | | | 3,815.9 | | | | 3,671.8 | | | | 3,583.7 | | | | 3,506.6 | | | | 3,352.0 | |
Premises and equipment, net | | | 143.4 | | | | 143.9 | | | | 143.4 | | | | 138.4 | | | | 130.3 | |
Bank owned life insurance | | | 89.4 | | | | 88.9 | | | | 88.1 | | | | 87.1 | | | | 86.2 | |
Goodwill and other intangibles | | | 240.7 | | | | 241.4 | | | | 242.2 | | | | 243.1 | | | | 237.4 | |
Other assets | | | 127.0 | | | | 128.3 | | | | 106.9 | | | | 73.3 | | | | 59.4 | |
Total assets | | $ | 5,219.3 | | | $ | 5,197.3 | | | $ | 5,016.1 | | | $ | 5,003.4 | | | $ | 4,746.8 | |
| | | | | | | | | | |
| | | | | | | | | | |
Western Alliance Bancorporation and Subsidiaries |
| Five Quarter Condensed Consolidated Balance Sheets (continued) |
| | | | | | | | | | |
| ($ in millions) | | Jun. 30,
2008 | | Mar. 31,
2008 | | Dec. 31,
2007 | | Sep. 30,
2007 | | Jun. 30,
2007 |
| Liabilities and Stockholders' Equity | | | | | | | | | | |
| Liabilities | | | | | | | | | | |
Non-interest bearing demand deposits | | $ | 1,007.6 | | | $ | 1,032.2 | | | $ | 1,007.6 | | | $ | 1,112.1 | | | $ | 1,160.5 | |
| Interest bearing deposits: | | | | | | | | | | |
| Demand | | | 263.8 | | | | 276.5 | | | | 264.6 | | | | 259.2 | | | | 263.8 | |
Savings and money market | | | 1,585.4 | | | | 1,538.3 | | | | 1,558.9 | | | | 1,710.8 | | | | 1,684.7 | |
Time, $100 and over | | | 622.2 | | | | 623.8 | | | | 649.4 | | | | 641.0 | | | | 634.8 | |
| Other time | | | 114.6 | | | | 89.5 | | | | 66.5 | | | | 69.6 | | | | 72.0 | |
| | | 3,593.6 | | | | 3,560.3 | | | | 3,547.0 | | | | 3,792.7 | | | | 3,815.8 | |
Customer repurchase agreements | | | 185.6 | | | | 224.6 | | | | 275.0 | | | | 204.1 | | | | 195.7 | |
| Total customer funds | | | 3,779.2 | | | | 3,784.9 | | | | 3,822.0 | | | | 3,996.8 | | | | 4,011.5 | |
| Brokered deposits | | | 60.0 | | | | 70.0 | | | | - | | | | - | | | | - | |
| Borrowings | | | 717.0 | | | | 696.4 | | | | 544.7 | | | | 356.3 | | | | 90.9 | |
Junior subordinated debt | | | 114.3 | | | | 116.0 | | | | 122.2 | | | | 113.7 | | | | 110.2 | |
Accrued interest payable and other liabilities | | | 23.4 | | | | 36.0 | | | | 25.7 | | | | 20.7 | | | | 14.8 | |
| Total liabilities | | | 4,693.9 | | | | 4,703.3 | | | | 4,514.6 | | | | 4,487.5 | | | | 4,227.4 | |
| Stockholders' Equity | | | | | | | | | | |
Common stock and additional paid-in capital | | | 412.9 | | | | 380.4 | | | | 378.0 | | | | 379.2 | | | | 383.8 | |
| Retained earnings | | | 158.7 | | | | 156.3 | | | | 152.3 | | | | 149.8 | | | | 138.8 | |
Accumulated other comprehensive loss | | | (46.2 | ) | | | (42.7 | ) | | | (28.8 | ) | | | (13.1 | ) | | | (3.2 | ) |
Total stockholders' equity | | | 525.4 | | | | 494.0 | | | | 501.5 | | | | 515.9 | | | | 519.4 | |
Total liabilities and stockholders' equity | | $ | 5,219.3 | | | $ | 5,197.3 | | | $ | 5,016.1 | | | $ | 5,003.4 | | | $ | 4,746.8 | |
| Western Alliance Bancorporation and Subsidiaries |
| |
| Changes in the Allowance For Loan Losses |
| Unaudited |
| | Quarter Ended |
(in thousands) | | Jun. 30,
2008 | | Mar. 31,
2008 | | Dec. 31,
2007 | | Sep. 30,
2007 | | Jun. 30,
2007 |
| | | | | | | | | | |
Balance, beginning of period | | $ | 50,839 | | | $ | 49,305 | | | $ | 39,911 | | | $ | 36,946 | | | $ | 37,519 | |
| Acquisitions | | | - | | | | - | | | | - | | | | (370 | ) | | | 83 | |
Provisions charged to operating expenses | | | 13,152 | | | | 8,059 | | | | 13,881 | | | | 3,925 | | | | 2,012 | |
Recoveries of loans previously charged-off: | | | | | | | | | | |
Construction and land development | | | - | | | | - | | | | - | | | | - | | | | - | |
Commercial real estate | | | - | | | | - | | | | - | | | | - | | | | - | |
| Residential real estate | | | - | | | | - | | | | - | | | | - | | | | - | |
| Commercial and industrial | | | 192 | | | | 95 | | | | 45 | | | | 14 | | | | 83 | |
| Consumer | | | 4 | | | | 8 | | | | 20 | | | | 12 | | | | 9 | |
Total recoveries | | | 196 | | | | 103 | | | | 65 | | | | 26 | | | | 92 | |
| Loans charged-off: | | | | | | | | | | |
Construction and land development | | | 1,082 | | | | 3,323 | | | | 2,361 | | | | - | | | | - | |
| Commercial real estate | | | - | | | | 182 | | | | - | | | | - | | | | - | |
| Residential real estate | | | 1,528 | | | | 970 | | | | 49 | | | | - | | | | - | |
| Commercial and industrial | | | 2,705 | | | | 2,084 | | | | 2,023 | | | | 328 | | | | 2,727 | |
| Consumer | | | 184 | | | | 69 | | | | 119 | | | | 288 | | | | 33 | |
| Total charged-off | | | 5,499 | | | | 6,628 | | | | 4,552 | | | | 616 | | | | 2,760 | |
| Net charge-offs | | | 5,303 | | | | 6,525 | | | | 4,487 | | | | 590 | | | | 2,668 | |
| Balance, end of period | | $ | 58,688 | | | $ | 50,839 | | | $ | 49,305 | | | $ | 39,911 | | | $ | 36,946 | |
| | | | | | | | | | |
| Net charge-offs (annualized) to average loans outstanding | | | 0.55 | % | | | 0.70 | % | | | 0.49 | % | | | 0.07 | % | | | 0.31 | % |
Allowance for loan losses to gross loans | | | 1.51 | | | | 1.37 | | | | 1.36 | | | | 1.13 | | | | 1.09 | |
| Non-accrual loans | | $ | 44,416 | | | $ | 9,750 | | | $ | 17,873 | | | $ | 16,240 | | | $ | 717 | |
| Other real estate owned | | | 6,847 | | | | 6,901 | | | | 3,412 | | | | 149 | | | | - | |
Loans past due 30 to 89 days, still accruing | | | 11,893 | | | | 50,681 | | | | 11,879 | | | | 5,012 | | | | 26,716 | |
Loans past due 90 days, still accruing | | | 3,597 | | | | 3,235 | | | | 779 | | | | 760 | | | | 6,431 | |
Western Alliance Bancorporation and Subsidiaries |
| | | | | | | | | | | | | | |
Average Balances, Yields and Rates Paid |
Unaudited |
| | | | | | | | | | | | | | |
| | Three Months Ended June 30, |
| | | 2008 | | | | 2007 |
| | | | | | | | | | | | | | |
| Earning Assets | | Average
Balance
in
millions | | Interest
in
thousands | | Average
Yield/
Cost | | | | Average
Balance
in
millions | | Interest
in
thousands | | Average
Yield/
Cost |
| | | | | | | | | | | | | | | | | | | | | | |
| Securities (1) | | $ | 690.0 | | | $ | 9,196 | | 5.64 | % | | | | $ | 642.1 | | | $ | 8,939 | | 5.81 | % |
| Federal funds sold | | | 14.3 | | | | 80 | | 2.25 | % | | | | | 36.0 | | | | 509 | | 5.67 | % |
| Loans (1) | | | 3,840.0 | | | | 62,817 | | 6.58 | % | | | | | 3,402.6 | | | | 67,193 | | 7.92 | % |
| Restricted stock | | | 42.8 | | | | 593 | | 5.57 | % | | | | | 17.0 | | | | 205 | | 4.84 | % |
| Total earnings assets | | | 4,587.1 | | | | 72,686 | | 6.41 | % | | | | | 4,097.7 | | | | 76,846 | | 7.56 | % |
| Non-earning Assets | | | | | | | | | | | | | | |
Cash and due from banks | | | 104.6 | | | | | | | | | | 105.0 | | | | | |
Allowance for loan losses | | | (53.5 | ) | | | | | | | | | (37.8 | ) | | | | |
Bank-owned life insurance | | | 89.1 | | | | | | | | | | 85.5 | | | | | |
| Other assets | | | 473.3 | | | | | | | | | | 405.6 | | | | | |
| Total assets | | $ | 5,200.6 | | | | | | | | | $ | 4,656.0 | | | | | |
| Interest Bearing Liabilities | | | | | | | | | | | | | | | | |
| Sources of Funds | | | | | | | | | | | | | | |
| Interest-bearing deposits: | | | | | | | | | | | | | | |
Interest-bearing checking | | $ | 264.4 | | | | 967 | | 1.47 | % | | | | $ | 269.8 | | | | 1,663 | | 2.47 | % |
Savings and money market | | | 1,584.6 | | | | 8,790 | | 2.23 | % | | | | | 1,646.7 | | | | 15,715 | | 3.83 | % |
| Time deposits | | | 722.3 | | | | 6,733 | | 3.75 | % | | | | | 692.7 | | | | 8,454 | | 4.90 | % |
| | | 2,571.3 | | | | 16,490 | | 2.58 | % | | | | | 2,609.2 | | | | 25,832 | | 3.97 | % |
| Borrowings | | | 1,012.7 | | | | 6,587 | | 2.62 | % | | | | | 289.2 | | | | 3,316 | | 4.60 | % |
Junior subordinated & sub. debt | | | 116.0 | | | | 1,607 | | 5.57 | % | | | | | 110.3 | | | | 1,872 | | 6.81 | % |
Total interest-bearing liabilities | | | 3,700.0 | | | | 24,684 | | 2.68 | % | | | | | 3,008.7 | | | | 31,020 | | 4.14 | % |
Non-interest Bearing Liabilities | | | | | | | | | | | | | | |
Noninterest-bearing demand deposits | | | 976.1 | | | | | | | | | | 1,106.8 | | | | | |
| Other liabilities | | | 27.0 | | | | | | | | | | 22.3 | | | | | |
| Stockholders’ equity | | | 497.5 | | | | | | | | | | 518.2 | | | | | |
Total liabilities and stockholders' equity | | $ | 5,200.6 | | | | | | | | | $ | 4,656.0 | | | | | |
Net interest income and margin | | | | $ | 48,002 | | 4.25 | % | | | | | | $ | 45,826 | | 4.52 | % |
| Net interest spread | | | | | | 3.73 | % | | | | | | | | 3.42 | % |
| | | | | | | | | | | | | | |
| (1) Yields on loans and securities have been adjusted to a tax equivalent basis. |
| Western Alliance Bancorporation and Subsidiaries |
| |
Operating Segment Results |
Unaudited |
| | | | | | | | | | | | | | | | |
| ($ in millions) | | Nevada | | California | | Arizona | | Asset
Management | | PartnersFirst | | Other | | Inter-
segment
Elimi-
nations | | Consoli
dated
Company |
| At Jun. 30, 2008: | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Assets | | $ | 3,668.7 | | | $ | 863.0 | | | $ | 797.0 | | | $ | 18.4 | | | $ | 20.6 | | | $ | 16.5 | | | $ | (164.9 | ) | | $ | 5,219.3 | |
Gross loans and deferred fees | | | 2,619.7 | | | | 664.7 | | | | 618.1 | | | | - | | | | 15.1 | | | | - | | | | (43.0 | ) | | | 3,874.6 | |
Less: Allowance for loan losses | | | (42.6 | ) | | | (7.4 | ) | | | (8.2 | ) | | | - | | | | (0.5 | ) | | | - | | | | - | | | | (58.7 | ) |
Net loans | | | 2,577.1 | | | | 657.3 | | | | 609.9 | | | | - | | | | 14.6 | | | | - | | | | (43.0 | ) | | | 3,815.9 | |
| Deposits | | | 2,328.1 | | | | 622.8 | | | | 656.9 | | | | - | | | | - | | | | - | | | | (14.2 | ) | | | 3,593.6 | |
Stockholders' equity | | | 426.3 | | | | 67.9 | | | | 54.1 | | | | 16.7 | | | | - | | | | (39.6 | ) | | | - | | | | 525.4 | |
| | | | | | | | | | | | | | | | |
| No. of branches | | | 21 | | | | 9 | | | | 11 | | | | - | | | | - | | | | - | | | | - | | | | 41 | |
| No. of FTE | | | 598 | | | | 152 | | | | 141 | | | | 44 | | | | 28 | | | | 37 | | | | - | | | | 1,000 | |
| | | | | | | | | | | | | | | | |
| (in thousands) | | | | | | | | | | | | | | | | |
Three Months Ended Jun. 30, 2008: | | | | | | | | | | | | | | | | |
Net interest income | | $ | 32,525 | | | $ | 9,287 | | | $ | 7,345 | | | $ | 16 | | | $ | 15 | | | $ | (1,186 | ) | | $ | - | | | $ | 48,002 | |
Provision for loan losses | | | 10,674 | | | | 1,464 | | | | 760 | | | | - | | | | 254 | | | | - | | | | - | | | | 13,152 | |
Net interest income after provision for loan losses | | | 21,851 | | | | 7,823 | | | | 6,585 | | | | 16 | | | | (239 | ) | | | (1,186 | ) | | | - | | | | 34,850 | |
Securities gains/(losses) and other valuation changes | | | (161 | ) | | | (261 | ) | | | (567 | ) | | | - | | | | - | | | | 1,696 | | | | | | 707 | |
Noninterest income | | | 2,614 | | | | 496 | | | | 1,487 | | | | 2,720 | | | | 147 | | | | 361 | | | | (873 | ) | | | 6,952 | |
Noninterest expense | | | (19,606 | ) | | | (6,410 | ) | | | (6,169 | ) | | | (2,219 | ) | | | (2,901 | ) | | | (2,760 | ) | | | 873 | | | | (39,192 | ) |
Income (loss) before income taxes | | | 4,698 | | | | 1,648 | | | | 1,336 | | | | 517 | | | | (2,993 | ) | | | (1,889 | ) | | | - | | | | 3,317 | |
Income tax expense (benefit) | | | 1,363 | | | | 690 | | | | 506 | | | | 226 | | | | (1,245 | ) | | | (638 | ) | | | - | | | | 902 | |
Net income (loss) | | $ | 3,335 | | | $ | 958 | | | $ | 830 | | | $ | 291 | | | $ | (1,748 | ) | | $ | (1,251 | ) | | $ | - | | | $ | 2,415 | |
| | | | | | | | | | | | | | | | |
| (in thousands) | | | | | | | | | | | | | | | | |
| Six Months Ended Jun. 30, 2008: | | | | | | | | | | | | | | | | |
Net interest income | | $ | 65,037 | | | $ | 17,807 | | | $ | 14,641 | | | $ | 45 | | | $ | (66 | ) | | $ | (2,600 | ) | | $ | - | | | $ | 94,864 | |
Provision for loan losses | | | 17,247 | | | | 2,017 | | | | 1,485 | | | | - | | | | 462 | | | | - | | | | - | | | | 21,211 | |
Net interest income after provision for loan losses | | | 47,790 | | | | 15,790 | | | | 13,156 | | | | 45 | | | | (528 | ) | | | (2,600 | ) | | | - | | | | 73,653 | |
Securities gains/(losses) and other valuation changes | | | (9,945 | ) | | | (383 | ) | | | (575 | ) | | | - | | | | - | | | | 7,915 | | | | - | | | | (2,988 | ) |
Noninterest income | | | 6,189 | | | | 1,015 | | | | 3,381 | | | | 5,526 | | | | 302 | | | | 364 | | | | (1,407 | ) | | | 15,370 | |
Noninterest expense | | | (38,850 | ) | | | (12,795 | ) | | | (12,633 | ) | | | (4,972 | ) | | | (4,909 | ) | | | (4,443 | ) | | | 1,407 | | | | (77,195 | ) |
Income (loss) before income taxes | | | 5,184 | | | | 3,627 | | | | 3,329 | | | | 599 | | | | (5,135 | ) | | | 1,236 | | | | - | | | | 8,840 | |
Income tax expense (benefit) | | | 973 | | | | 1,514 | | | | 1,213 | | | | 294 | | | | (2,133 | ) | | | 422 | | | | - | | | | 2,283 | |
| Net income (loss) | | $ | 4,211 | | | $ | 2,113 | | | $ | 2,116 | | | $ | 305 | | | $ | (3,002 | ) | | $ | 814 | | | $ | - | | | $ | 6,557 | |
| Western Alliance Bancorporation and Subsidiaries |
| |
Operating Segment Results (continued) |
Unaudited |
| | | | | | | | | | | | | | |
| ($ in millions) | | Nevada | | California | | Arizona | | Asset
Management | | Other | | Inter-
segment
Elimi-
nations | | Consoli-
dated
Company |
| At Jun. 30, 2007: | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| Assets | | $ 3,461.1 | | $ 682.2 | | $ 755.9 | | $ 9.2 | | $ 10.6 | | $ (172.2) | | $ 4,746.8 |
Gross loans and deferred fees | | 2,427.2 | | 457.5 | | 524.2 | | - | | - | | (20.0) | | 3,388.9 |
Less: Allowance for loan losses | | (25.9) | | (4.7) | | (6.3) | | - | | - | | - | | (36.9) |
Net loans | | 2,401.3 | | 452.8 | | 517.9 | | - | | - | | (20.0) | | 3,352.0 |
| Deposits | | 2,585.6 | | 572.3 | | 662.0 | | - | | - | | (4.1) | | 3,815.8 |
Stockholders' equity | | 477.9 | | 64.5 | | 53.6 | | 8.5 | | (85.1) | | - | | 519.4 |
| | | | | | | | | | | | | | |
| No. of branches | | 17 | | 8 | | 10 | | - | | - | | - | | 35 |
| No. of FTE | | 642 | | 147 | | 145 | | 36 | | 30 | | - | | 1,000 |
| | | | | | | | | | | | | | |
| (in thousands) | | | | | | | | | | | | | | |
Three Months Ended
Jun. 30, 2007: | | | | | | | | | | | | | | |
Net interest income | | $ 33,448 | | $ 6,649 | | $ 7,279 | | $ 18 | | $ (1,568) | | $ - | | $ 45,826 |
Provision for loan losses | | 1,318 | | 149 | | 545 | | - | | - | | - | | 2,012 |
Net interest income after provision for loan losses | | 32,130 | | 6,500 | | 6,734 | | 18 | | (1,568) | | - | | 43,814 |
Securities gains/(losses) and other valuation changes | | (2,907) | | (419) | | (440) | | - | | - | | - | | (3,766) |
Noninterest income | | 3,221 | | 543 | | 611 | | 2,136 | | - | | (492) | | 6,019 |
Noninterest expense | | (19,603) | | (5,862) | | (5,842) | | (1,792) | | (1,667) | | 492 | | (34,274) |
Income (loss) before income taxes | | 12,841 | | 762 | | 1,063 | | 362 | | (3,235) | | - | | 11,793 |
Income tax expense (benefit) | | 4,073 | | 376 | | 398 | | 159 | | (1,159) | | - | | 3,847 |
Net income (loss) | | $ 8,768 | | $ 386 | | $ 665 | | $ 203 | | $ (2,076) | | $ - | | $ 7,946 |
| | | | | | | | | | | | | | |
| (in thousands) | | | | | | | | | | | | | | |
| Six Months Ended Jun. 30, 2007: | | | | | | | | | | | | | | |
Net interest income | | $ 62,414 | | $ 12,884 | | $ 13,973 | | $ 31 | | $ (2,620) | | $ - | | $ 86,682 |
Provision for loan losses | | 1,605 | | 303 | | 545 | | - | | - | | - | | 2,453 |
Net interest income after provision for loan losses | | 60,809 | | 12,581 | | 13,428 | | 31 | | (2,620) | | - | | 84,229 |
Securities gains/(losses) and other valuation changes | | (2,926) | | (418) | | (440) | | - | | 289 | | - | | (3,495) |
Noninterest income | | 6,162 | | 1,071 | | 1,142 | | 4,275 | | (289) | | (753) | | 11,608 |
Noninterest expense | | (34,656) | | (11,509) | | (11,241) | | (3,534) | | (3,008) | | 753 | | (63,195) |
Income (loss) before income taxes | | 29,389 | | 1,725 | | 2,889 | | 772 | | (5,628) | | - | | 29,147 |
Income tax expense (benefit) | | 9,582 | | 745 | | 1,109 | | 336 | | (1,974) | | - | | 9,798 |
Net income (loss) | | $ 19,807 | | $ 980 | | $ 1,780 | | $ 436 | | $ (3,654) | | $ - | | $ 19,349 |
CONTACT:
Western Alliance Bancorporation
Media
Robert Sarver, Chairman/CEO, 602-952-5445
Investor
Dale Gibbons, CFO, 702-248-4200
