Exhibit 99.1
Western Alliance Reports Net Income of $8.4 Million or $0.33 Per
Share for the First Quarter 2006
LAS VEGAS--(BUSINESS WIRE)--April 18, 2006--Western Alliance Bancorporation
(NYSE:WAL) announced today its financial results for the first quarter 2006.
First Quarter 2006 Highlights:
-- Net income of $8.4 million, up 58.6% from $5.3 million in the first
quarter 2005
-- Diluted earnings per share of $0.33, compared to $0.27 in the first
quarter 2005
-- Net revenue (sum of net interest income and non-interest income) of
$32.9 million, up 33.7% from $24.6 million in the first quarter 2005
-- Loans of $2.35 billion at March 31, 2006, up 76.8% or $1.02 billion
from one year ago, including organic growth of $612 million
-- Deposits of $2.96 billion at March 31, 2006, up 46.5% or $939 million
from one year ago, including organic growth of $517 million
-- Completed merger with Intermountain First Bancorporation, and thereby
acquired Nevada First Bank, on March 31, 2006
Acquisition Activity
On March 31, 2006, we completed our merger with Intermountain First
Bancorp, and thereby acquired Nevada First Bank. Total assets, loans and
deposits acquired in this merger were $573 million, $408 million and $422
million, respectively. We also added a total of four full-service branches in
Las Vegas, Henderson and Reno, Nev., through this merger. No income from
Intermountain First Bancorp's operations was recognized by Western Alliance in
the first quarter 2006.
Financial Performance
Western Alliance Bancorporation reported net income of $8.4 million for the
first quarter 2006, up 58.6 percent from $5.3 million for the first quarter
2005. Diluted earnings per share were $0.33, compared to $0.27 for the first
quarter 2005.
Loans grew $561 million, including organic growth of $153 million, to $2.35
billion at March 31, 2006, from Dec. 31, 2005, and $1.02 billion, including
organic growth of $615 million, from March 31, 2005. Deposits grew $564 million,
including organic growth of $142 million, to $2.96 billion from Dec. 31, 2005,
and $939 million, including organic growth of $517 million, from March 31, 2005.
"I'm delighted that we have started 2006 with such strong performance,"
said Robert Sarver, chairman and chief executive officer of Western Alliance.
"We achieved organic revenue growth of 34% during the quarter and surpassed our
loan and deposit growth objectives of $100 million. Four experienced
relationship managers joined our winning team. Our asset quality remains
exceptional with virtually zero non-performing assets and net recoveries year to
date."
Sarver continued, "During the quarter, we completed our merger with
Intermountain First Bancorp and announced the team to lead our new bank in the
Bay Area. We look forward to closing our merger with Bank of Nevada in the near
future and combining our three Nevada banks into a statewide franchise. We
started the year with 16 offices in four metro areas and I expect by year's end
we will have doubled our branches and expanded our presence into two more
markets."
Income Statement
Net interest income increased 33.5 percent to $29.4 million in the first
quarter 2006 from $22.0 million in the first quarter 2005. The interest margin
in the first quarter 2006 was 4.53 percent, compared to 4.43 percent in the
fourth quarter 2005. Interest income for the first quarter 2006 includes $0.5
million gross up in costs related to title company accounts, which has also been
added to non-interest expense. The margin was 4.35 percent in the first quarter
2005.
The provision for loan losses was $0.5 million for the first quarter 2006
compared to $2.0 million for the fourth quarter 2005 and $1.7 million for the
first quarter 2005. Non-accrual loans were $0.03 million or less than 0.01
percent of total loans at March 31, 2006, compared to 0.04 percent of total
loans at March 31, 2005. Net loan recoveries were $0.08 million for the first
quarter 2006.
Non-interest income was $3.5 million for the first quarter 2006, up 35.3
percent from $2.6 million for the same period in 2005. For the fourth quarter
2005, non-interest income was $3.4 million.
Net revenue was $32.9 million for the first quarter 2006, up 33.7 percent
from $24.6 million for the first quarter 2005. For the fourth quarter 2005, net
revenue was $32.0 million.
Non-interest expense was $19.5 million for the first quarter 2006, up 33.9
percent from $14.6 million for the same period in 2005. For the fourth quarter
2005, non-interest expense was $17.1 million. We had 660 full-time equivalent
employees on March 31, 2006, compared to 537 on Dec. 31, 2005, and 476 on March
31, 2005. We had 21 full-service banking offices on March 31, 2006, compared to
16 at Dec. 31, 2005, and 13 on March 31, 2005.
Net income increased 58.6 percent to $8.4 million for the first quarter
2006 compared to $5.3 million for the same period last year. Diluted earnings
per share were $0.33 compared with $0.27 for the first quarter 2005. Average
diluted shares increased 28.6 percent to 25.4 million for the first quarter 2006
compared to 20.0 million for the first quarter 2005.
Balance Sheet
Loans totaled $2.35 billion at March 31, 2006, an increase of 31.3 percent
from Dec. 31, 2005, and 76.8 percent from $1.33 billion at March 31, 2005. Total
loans acquired in the Intermountain merger were $408 million. Organic loan
growth for the quarter ended March 31, 2006, totaled $153 million. At March 31,
2006, the allowance for loan losses was 1.18 percent of gross loans, unchanged
from year end.
Deposits totaled $2.96 billion at March 31, 2006, an increase of 23.5
percent or $564 million from Dec. 31, 2005, and 46.5 percent from $2.02 billion
at March 31, 2005. Total deposits acquired in the Intermountain merger were $422
million. Organic deposit growth for the quarter ended March 31, 2006, totaled
$142 million. Non-interest bearing deposits comprised 40.1 percent of total
deposits at March 31, 2006. At March 31, 2006, 31.9 percent of non-interest
bearing deposits were from title companies, compared to 30.5 percent at Dec. 31,
2005. At March 31, 2006, the company's loan to deposit ratio was 79.6 percent
compared with 66.0 percent one year earlier.
Borrowings and repurchase agreements totaled $199 million at March 31,
2006, an increase of 39.2 percent from $143 million at March 31, 2005. Fed funds
sold totaled $222 million at March 31, 2006, up 102.4% from $110 million one
year earlier.
Stockholders' equity increased $219 million from March 31, 2005, to $356
million at March 31, 2006, primarily due to our initial public offering in June
2005 of 4.2 million shares and the issuance of 3.3 million shares in connection
with the Intermountain acquisition on March 31, 2006. At March 31, 2006,
tangible common equity was 7.6 percent of tangible assets and total risk-based
capital was 12.4 percent of risk-weighted assets.
Total assets increased 53.1 percent to $3.58 billion at March 31, 2006,
from $2.34 billion at March 31, 2005. Of this growth, $668 million was organic,
and $573 million was due to the Intermountain acquisition on March 31, 2006.
Operating Unit Highlights
BankWest of Nevada reported loan growth of $68 million during the first
quarter 2006 and $276 million during the last 12 months to $1.15 billion at
March 31, 2006. Deposits increased $92 million and $278 million to $1.70 billion
during the same periods, respectively. On March 31, 2006, Nevada First Bank
loans of $408 million and deposits of $422 million were acquired from the merger
with Intermountain First Bancorp. Net income at BankWest of Nevada was $7.0
million during the first quarter 2006 compared with $5.3 million during the
first quarter 2005.
Alliance Bank of Arizona reported loan growth of $42 million during the
first quarter 2006 and $183 million during the last 12 months to $447 million.
Deposits increased $52 million and $168 million to $510 million during the same
periods, respectively. Net income at Alliance Bank of Arizona was $0.8 million
during the first quarter 2006 compared with $0.5 million during the first
quarter 2005.
Torrey Pines Bank reported loan growth of $43 million during the first
quarter 2006 and $156 million during the last 12 months to $348 million.
Deposits decreased $7 million and increased $64 million to $328 million during
the same periods, respectively. Net income at Torrey Pines Bank was $1.1 million
during the first quarter 2006 compared with $0.2 million during the first
quarter 2005.
Assets under management at Miller/Russell and Associates were $1.19 billion
at March 31, 2006, up 39.9 percent from $849 million at March 31, 2005. At
Premier Trust, assets under management increased 52.1 percent from $94 million
to $143 million from March 31, 2005, to March 31, 2006. Total trust assets
increased 41.2 percent from $221 million to $312 million for the same periods,
respectively.
Attached to this press release is summarized financial information for the
quarter ended March 31, 2006.
Conference Call
Western Alliance Bancorporation will host a conference call to discuss its
first quarter 2006 financial results at noon ET on Wednesday, April 19, 2006.
Participants may access the call by dialing 866-239-0750, using the pass code
2158461. The call will be recorded and made available for replay after 5 p.m. ET
April 19 until 11 p.m. ET April 26 by dialing 888-203-1112 using the pass code
2158461.
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 initial public offering registration statement 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 BankWest of
Nevada, Nevada First Bank, Alliance Bank of Arizona, Torrey Pines Bank,
Miller/Russell & Associates and Premier Trust. These dynamic companies provide a
broad array of banking, leasing, trust, investment and mortgage services to
clients in Nevada, Arizona and California. 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 Web site,
www.westernalliancebancorp.com.
Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited
At or for the three
months ended
Mar. 31,
2006 2005 Change %
- ----------------------------------------------------------------------
Selected Balance Sheet Data:
($ in millions)
Total assets $3,579.8 $2,338.8 53.1 %
Gross loans, including net deferred fees 2,354.2 1,331.8 76.8
Securities 624.9 729.1 -14.3
Federal funds sold and other 221.6 109.5 102.4
Deposits 2,957.4 2,018.7 46.5
Borrowings 108.6 113.7 -4.5
Junior subordinated debt 41.2 30.9 33.3
Stockholders' equity 356.1 137.1 159.7
Selected Income Statement Data:
($ in thousands)
Interest income $42,196 $28,423 48.5 %
Interest expense 12,802 6,409 99.8
--------- ---------
Net interest income 29,394 22,014 33.5
Provision for loan losses 542 1,747 -69.0
--------- ---------
Net interest income after provision for
loan losses 28,852 20,267 42.4
Non-interest income 3,497 2,584 35.3
Non-interest expense 19,520 14,573 33.9
--------- ---------
Income before income taxes 12,829 8,278 55.0
Income tax expense 4,391 2,957 48.5
--------- ---------
Net Income $8,438 $5,321 58.6
========= =========
Common Share Data:
Net income per share:
Basic $0.37 $0.29 27.6
Diluted 0.33 0.27 22.2
Book value per share 13.51 7.46 81.1
Tangible book value per share 10.03 7.17 39.9
Average shares outstanding (in
thousands):
Basic 22,999 18,294 25.7
Diluted 25,355 20,021 26.6
Common shares outstanding 26,365 18,372 43.5
Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data (continued)
At or for the three
months ended
Mar. 31,
2006 2005 Change %
- ----------------------------------------------------------------------
Selected Performance Ratios:
Return on average assets (1) 1.19 % 0.98 % 21.4 %
Return on average stockholders' equity
(1) 13.75 15.27 -10.0
Net interest margin (1) 4.53 4.36 3.9
Net interest spread 3.50 3.65 -4.1
Efficiency ratio 59.35 59.24 0.2
Loan to deposit ratio 79.60 65.97 20.7
Capital Ratios:
Tangible Common Equity 7.6 % 5.6 % 35.7
Leverage ratio 11.5 7.7 49.4
Tier 1 Risk Based Capital 11.4 10.4 9.6
Total Risk Based Capital 12.4 11.4 8.8
Asset Quality Ratios:
Net charge-offs to average loans
outstanding (1) (0.02)% (0.03)% -33.3
Non-accrual loans to gross loans 0.00 0.04 -100.0
Non-accrual loans to total assets 0.00 0.02 -100.0
Loans past due 90 days and still accruing
to total loans 0.00 0.00 0.0
Allowance for loan losses to gross loans 1.18 1.29 -8.5
Allowance for loan losses to non-accrual greater greater
loan than 10 than 10
times times
===================================================
(1) Annualized for the three-month periods ended March 31, 2006 and
2005.
Western Alliance Bancorporation and Subsidiaries
Condensed Consolidated Statements of Income
Unaudited Three Months Ended
March 31,
(in thousands, except per share data)
2006 2005
- ----------------------------------------------------------------------
Interest income on:
Loans, including fees $34,754 $20,334
Securities 7,159 7,876
Federal funds sold and other 283 213
--------------------
Total interest income 42,196 28,423
--------------------
Interest expense on:
Deposits 9,924 4,519
Borrowings 2,311 1,424
Junior subordinated debt 567 466
--------------------
Total interest expense 12,802 6,409
--------------------
Net interest income 29,394 22,014
Provision for loan losses 542 1,747
Net interest income after provision for --------------------
loan losses 28,852 20,267
--------------------
Other income:
Trust and investment advisory services 1,576 1,313
Service charges 669 555
Bank owned life insurance 612 289
Other 640 427
--------------------
3,497 2,584
--------------------
Other expense:
Compensation 11,577 8,493
Occupancy 2,450 2,207
Customer service 1,249 708
Other 4,244 3,165
--------------------
19,520 14,573
--------------------
Income before income taxes 12,829 8,278
Income tax expense 4,391 2,957
--------------------
Net income $8,438 $5,321
====================
Earnings per share:
Basic $0.37 $0.29
====================
Diluted $0.33 $0.27
====================
Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Statements of Income
Unaudited Quarter ended
($ in thousands, except Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
per share data) 2006 2005 2005 2005 2005
- ---------------------------------- -------- -------- -------- --------
Interest income on:
Loans, including fees $34,754 $31,215 $27,343 $23,589 $20,334
Securities 7,159 7,285 7,488 7,385 7,876
Federal funds sold and
other 283 475 869 838 213
-------- -------- -------- -------- --------
Total interest income 42,196 38,975 35,700 31,812 28,423
-------- -------- -------- -------- --------
Interest expense on:
Deposits 9,924 8,422 6,767 5,838 4,519
Borrowings 2,311 1,345 1,056 1,084 1,424
Junior subordinated debt 567 593 546 508 466
Total interest -------- -------- -------- -------- --------
expense 12,802 10,360 8,369 7,430 6,409
-------- -------- -------- -------- --------
Net interest income 29,394 28,615 27,331 24,382 22,014
Provision for loan losses 542 1,962 1,283 1,187 1,747
Net interest
income after
provision for -------- -------- -------- -------- --------
loan losses 28,852 26,653 26,048 23,195 20,267
-------- -------- -------- -------- --------
Other income:
Trust and other fees 1,576 1,591 1,448 1,347 1,313
Service charges 669 637 662 641 555
Bank owned life ins. 612 619 463 293 289
Other 640 556 660 637 427
-------- -------- -------- -------- --------
3,497 3,403 3,233 2,918 2,584
-------- -------- -------- -------- --------
Other expense:
Compensation 11,577 9,767 9,541 9,015 8,493
Occupancy 2,450 2,619 2,581 2,412 2,207
Customer service 1,249 790 1,257 965 708
Other 4,244 3,874 3,895 3,575 3,165
-------- -------- -------- -------- --------
19,520 17,050 17,274 15,967 14,573
-------- -------- -------- -------- --------
Income before
income taxes 12,829 13,006 12,007 10,146 8,278
Income tax expense 4,391 4,564 4,258 3,593 2,957
-------- -------- -------- -------- --------
Net income $8,438 $8,442 $7,749 $6,553 $5,321
======== ======== ======== ======== ========
Earnings per share:
Basic $0.37 $0.37 $0.34 $0.35 $0.29
======== ======== ======== ======== ========
Diluted $0.33 $0.34 $0.31 $0.32 $0.27
======== ======== ======== ======== ========
Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Balance Sheets
Unaudited
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
($ in millions) 2006 2005 2005 2005 2005
- ----------------------------------------------------------------------
Assets
Cash and due
from banks $141.7 $111.2 $90.6 $93.2 $87.0
Federal funds sold 221.6 63.2 204.0 212.2 109.5
Cash and cash ------------------------------------------------
equivalents 363.3 174.4 294.6 305.4 196.5
------------------------------------------------
Securities 624.9 748.5 713.1 695.4 729.1
Gross loans, including
net deferred loan
fees:
Construction 553.3 432.7 397.0 381.4 362.9
Real estate:
Commercial 936.0 727.2 655.0 598.3 544.1
Residential 342.1 272.9 239.5 168.6 140.2
Commercial 503.3 342.5 307.0 286.3 266.7
Consumer 23.3 20.4 21.1 20.6 20.0
Net deferred fees (3.8) (2.3) (2.1) (1.9) (2.1)
------------------------------------------------
2,354.2 1,793.4 1,617.5 1,453.3 1,331.8
Less: Allowance for
loan losses (27.7) (21.2) (19.3) (18.1) (17.1)
------------------------------------------------
Loans, net 2,326.5 1,772.2 1,598.2 1,435.2 1,314.7
------------------------------------------------
Initial public
offering proceeds
receivable - - - 77.1 -
Premises and
equipment, net 64.5 58.4 36.9 35.8 29.2
Bank owned life
insurance 52.4 51.8 51.2 26.7 26.5
Goodwill and other
intangibles 91.7 5.2 5.2 5.3 5.3
Other assets 56.5 46.8 45.8 40.4 37.5
------------------------------------------------
Total assets $3,579.8 $2,857.3 $2,745.0 $2,621.3 $2,338.8
================================================
Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Balance Sheets (continued)
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
($ in millions) 2006 2005 2005 2005 2005
- ----------------------------------------------------------------------
Liabilities and Stockholders' Equity
Liabilities
Non-interest bearing
demand deposits $1,186.6 $980.0 $1,048.2 $964.3 $864.1
Interest bearing
deposits:
Demand 240.6 122.3 107.7 110.5 103.0
Savings and money
market 1,086.3 949.6 893.7 820.0 783.5
Time, $100 and over 380.9 316.2 275.3 273.6 249.0
Other time 63.0 25.8 22.6 21.1 19.1
------------------------------------------------
2,957.4 2,393.9 2,347.5 2,189.5 2,018.7
Customer repurchase
agreements 90.4 78.2 55.8 55.3 29.1
Borrowings 108.6 80.5 63.7 113.7 113.7
Junior subordinated
debt 41.2 30.9 30.9 30.9 30.9
Accrued interest
payable and other
liabilities 26.1 29.6 8.9 9.4 9.3
------------------------------------------------
Total liabilities 3,223.7 2,613.1 2,506.8 2,398.8 2,201.7
------------------------------------------------
Stockholders' Equity
Common stock and
additional paid-in
capital 271.7 167.6 167.6 157.8 81.0
Retained earnings 94.7 86.3 77.7 70.1 63.6
Accumulated other
comprehensive loss (10.3) (9.7) (7.1) (5.4) (7.5)
------------------------------------------------
Total
stockholders'
equity 356.1 244.2 238.2 222.5 137.1
------------------------------------------------
Total liabilities
and
stockholders'
equity $3,579.8 $2,857.3 $2,745.0 $2,621.3 $2,338.8
================================================
Western Alliance Bancorporation and Subsidiaries
Condensed Consolidated Statement of Changes in Stockholders' Equity
Unaudited 3 Months ended
Mar. 31,
Shares 2006 2005
(in thousands) Outstanding Amount
- -------------------------------------------------- -------------------
Balance, beginning of period 22,810 $244,223 $133,571
Net income - 8,438 5,321
Other comprehensive income (loss), net
of tax:
Net unrealized holding losses on
securities available for sale - (559) (2,377)
Common stock issued in acquisition 3,341 102,801 -
Stock options exercised 66 548 266
Stock warrants exercised 34 260 286
Restricted stock granted, net 114 - -
Stock-based compensation expense - 342 15
----------- --------- ---------
Balance, end of period 26,365 $356,053 $137,082
=========== ========= =========
Western Alliance Bancorporation and Subsidiaries
Changes in the Allowance For Loan Losses
Unaudited
Quarter Ended
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
(in thousands) 2006 2005 2005 2005 2005
- ---------------------------------- -------- -------- -------- --------
Balance, beginning of
period $21,192 $19,288 $18,118 $17,114 $15,271
Acquisition of
Intermountain 5,877 - - - -
Provisions charged
operating expenses 542 1,962 1,283 1,187 1,747
Recoveries of loans
previously charged-off:
Construction and
land development - - - - -
Commercial real
estate - - - - -
Residential real
estate 5 - - - 3
Commercial and
industrial 128 8 7 19 130
Consumer 30 16 6 1 5
-------- -------- -------- -------- --------
Total
recoveries 163 24 13 20 138
Loans charged-off:
Construction and
land development - - - - -
Commercial real
estate - - - - -
Residential real
estate - - - - -
Commercial and
industrial 83 13 - 107 18
Consumer 2 69 126 96 24
-------- -------- -------- -------- --------
Total charged-
off 85 82 126 203 42
Net charge-offs
(recoveries) (78) 58 113 183 (96)
-------- -------- -------- -------- --------
Balance, end of period $27,689 $21,192 $19,288 $18,118 $17,114
======== ======== ======== ======== ========
Net charge-offs
(recoveries) (annualized)
to average loans
outstanding -0.02% 0.01% 0.03% 0.05% -0.03%
Allowance for loan losses
to gross loans 1.18 1.18 1.19 1.25 1.29
Non-accrual loans $29 $107 $175 $503 $575
Loans past due 90 days,
still accruing - 34 2,503 9 57
Western Alliance Bancorporation and Subsidiaries
Average Balances, Yields and Rates Paid
Three Months Ended March 31,
2006 2005
- ----------------------------------------------------------------------
Unaudited
Average Interest Average Average Interest Average
Balance Yield/ Balance Yield/
Cost Cost
Earning Assets in in in in
millions thousands millions thousands
Securities $671.8 $6,990 4.34% $770.6 $7,754 4.11%
Federal funds sold 27.9 283 4.11% 35.5 213 2.43%
Loans 1,935.4 34,754 7.28% 1,233.9 20,334 6.68%
FHLB stock 14.4 169 4.76% 13.6 122 3.64%
------------------------ -------------------------
Total earnings
assets 2,649.5 42,196 6.49% 2,053.6 28,423 5.62%
Non-earning Assets
Cash and due from
banks 83.0 71.3
Allowance for
loan losses (21.8) (15.6)
Bank-owned
life insurance 52.0 26.3
Other assets 103.5 58.8
---------- ----------
Total assets $2,866.2 $2,194.4
========== ==========
Interest Bearing
Liabilities
Sources of Funds
Interest-bearing
deposits:
Interest checking $120.9 216 0.72% $99.4 97 0.40%
Savings and
money market 976.8 6,513 2.70% 714.2 3,015 1.71%
Time deposits 354.4 3,195 3.66% 249.8 1,407 2.28%
------------------------ -------------------------
1,452.1 9,924 2.77% 1,063.4 4,519 1.72%
Borrowings 255.0 2,311 3.68% 224.5 1,424 2.57%
Junior subordinated
debt 30.9 567 7.44% 30.9 466 6.12%
------------------------ -------------------------
Total interest-
bearing
liabilities 1,738.0 12,802 2.99% 1,318.8 6,409 1.97%
-------- --------
Non-interest Bearing
Liabilities
Noninterest-bearing
demand deposits 866.6 722.6
Other liabilities 12.7 11.7
Stockholders' equity 248.9 141.3
Total liabilities
and stockholders' ---------- ----------
equity $2,866.2 $2,194.4
========== ==========
Net interest income
and margin $29,394 4.53% $22,014 4.36%
======== ========
Net interest spread 3.50% 3.65%
Western Alliance Bancorporation and Subsidiaries
Operating Segment Results
Unaudited Inter-
Alliance Torrey segment Consoli-
Nevada Bank of Pines Elimi- dated
(in millions) Banks(1) Arizona Bank Other nations Company
- ----------------------------------------------------------------------
At Mar. 31, 2006:
Assets $2,567.6 $565.0 $438.2 $414.9 $(405.9)$3,579.8
Gross loans and
deferred fees 1,559.3 447.0 347.9 - - $2,354.2
Less: Allowance
for loan losses (18.0) (6.0) (3.7) - - (27.7)
------------------------------------------------
Net loans 1,541.3 441.0 344.2 - - 2,326.5
------------------------------------------------
Deposits 2,121.1 509.5 328.0 - (1.2) 2,957.4
Stockholders'
equity 256.7 46.9 35.4 363.2 (346.1) 356.1
(in thousands)
Three Months Ended
Mar. 31, 2006:
Net interest income $18,693 $5,795 $4,978 $(73) $1 $29,394
Provision for loan
losses (214) 534 222 - - 542
------------------------------------------------
Net interest income
after provision
for loan losses 18,907 5,261 4,756 (73) 1 28,852
Noninterest income 1,616 366 267 10,500 (9,252) 3,497
Noninterest expense (10,026) (4,386)(3,186)(2,253) 331 (19,520)
------------------------------------------------
Income (loss) before
income taxes 10,497 1,241 1,837 8,174 (8,920) 12,829
Income tax expense
(benefit) 3,461 477 746 (293) - 4,391
------------------------------------------------
Net income (loss) $7,036 $764 $1,091 $8,467 $(8,920) $8,438
================================================
(in thousands)
Western Alliance Bancorporation and Subsidiaries
Operating Segment Results
Inter-
BankWest Alliance Torrey segment Consoli-
of Bank of Pines Elimi- dated
(in millions) Nevada Arizona Bank Other nations Company
- ----------------------------------------------------------------------
At Mar. 31, 2005:
Assets $1,654.5 $381.7 $294.3 $176.1 $(167.7)$2,338.9
Gross loans and
deferred fees 875.1 264.4 192.3 - - 1,331.8
Less: Allowance
for loan losses (10.9) (3.9) (2.3) - - (17.1)
------------------------------------------------
Net loans 864.2 260.5 190.0 - - 1,314.7
------------------------------------------------
Deposits 1,420.7 341.6 263.8 - (7.4) 2,018.7
Stockholders'
equity 94.6 31.4 26.5 144.2 (159.7) 137.0
(in thousands)
Three Months Ended
Mar. 31, 2005:
Net interest income $15,832 $3,817 $2,810 $(445) $- $22,014
Provision for loan
losses 959 478 310 - - 1,747
------------------------------------------------
Net interest income
after provision
for loan losses 14,873 3,339 2,500 (445) - 20,267
Noninterest income 1,223 128 124 7,385 (6,276) 2,584
Noninterest expense (8,108) (2,688)(2,269)(1,710) 202 (14,573)
------------------------------------------------
Income (loss) before
income taxes 7,988 779 355 5,230 (6,074) 8,278
Income tax expense
(benefit) 2,672 308 130 (153) - 2,957
------------------------------------------------
Net income (loss) $5,316 $471 $225 $5,383 $(6,074) $5,321
================================================
(1) - Includes BankWest of Nevada and balance sheet data for Nevada
First Bank. Nevada First Bank was acquired on March 31, 2006.
CONTACT: Western Alliance Bancorporation
Robert Sarver, 858-523-4601 (Media)
Dale Gibbons, 702-248-4200 (Investor)