Western Alliance Reports Fourth Quarter 2014 Net Income of $40.4 million, or $0.46 Per Share; Full Year Net Income of $148.0 million, or $1.67 Per Share

PHOENIX--()--Western Alliance Bancorporation (NYSE:WAL) (the "Company") announced today its financial results for the fourth quarter 2014.

Fourth Quarter 2014 Highlights:

  • Net income of $40.4 million, compared to $40.9 million for the third quarter 2014, and $31.4 million for the fourth quarter 2013
  • Earnings per share of $0.46, compared to $0.46 per share in the third quarter 2014, and $0.36 per share in the fourth quarter 2013
  • Pre-tax, pre-provision operating earnings of $52.0 million, up from $51.8 million in third quarter 2014, and up 18.6% from $43.8 million in fourth quarter 20131
  • Net interest margin of 4.44%, compared to 4.43% in the third quarter 2014, and 4.44% in the fourth quarter 2013
  • Total loans of $8.40 billion, an increase of $469 million from September 30, 2014, and an increase of $1.60 billion from December 31, 2013
  • Total deposits of $8.93 billion, an increase of $233 million from September 30, 2014, and an increase of $1.09 billion from December 31, 2013
  • Nonperforming assets (nonaccrual loans and repossessed assets) decreased to 1.18% of total assets, from 1.23% at September 30, 2014, and from 1.53% at December 31, 2013
  • Net loan recoveries (annualized) to average loans outstanding of 0.04%, compared to 0.15% in the third quarter 2014, and net loan charge-offs (annualized) to average loans of 0.13% in the fourth quarter 2013
  • Tier I Leverage capital of 9.7% and Total Risk-Based Capital ratio of 11.7%, compared to 10.1% and 12.2% at September 30, 2014, respectively, and 9.8% and 12.4% at December 31, 2013, respectively, which was driven by the voluntary redemption of $70.5 million of Small Business Lending Fund (SBLF) preferred stock
  • Total equity of $1.00 billion, down $2 million from September 30, 2014 as a result of redemption of the SBLF preferred stock, and up $145 million from December 31, 2013
  • Tangible book value per share, net of tax, of $10.21, up 7.1% from $9.53 at September 30, 2014, and up 29.2% from $7.90 at December 31, 2013

Full Year 2014 Highlights:

  • Net income of $148.0 million, compared to $115.0 million for 2013
  • Return on average assets and return on average tangible common equity of 1.50% and 18.52%, compared to 1.35% and 18.28%, respectively, in 2013
  • Earnings per share of $1.67, compared to $1.31 per share for 2013
  • Net interest margin of 4.42%, compared to 4.39% in 2013
  • Total loan and deposit growth of $1.60 billion and $1.09 billion, respectively, from December 31, 2013
  • Net loan recoveries to average loans outstanding of 0.07%, compared to net loan charge-offs to average loans outstanding of 0.14% in 2013

Financial Performance

“Western Alliance had another strong year with revenue, earnings, loans, and deposits all reaching record levels,” commented Robert Sarver, Chairman and Chief Executive Officer of Western Alliance Bancorporation. “Net income for the quarter and the full year were both up nearly 29% to $40.4 million and $148.0 million compared to last year. Our teams, from lending and deposit officers to office support, deserve credit for their considerable efforts in gaining market share and maintaining margins and efficiency. Clearly, our focus on developing bankers who are experts in their markets and industries is fueling our success. Additionally, we’ve grown without sacrificing asset quality, with net recoveries for 2014 of 0.07% of loans, compared to net charge-offs of 0.14% in the previous year.”

Income Statement

Net interest income was $102.1 million in the fourth quarter 2014, an increase of $4.0 million, or 4.1%, from $98.1 million in the third quarter 2014, and an increase of $12.1 million, or 13.4%, compared to the fourth quarter 2013. The Company’s net interest margin increased in the fourth quarter 2014 to 4.44%, compared to 4.43% in the third quarter 2014, and remained constant with 4.44% in the fourth quarter 2013. Interest income on the disposition of purchased credit impaired loans was $1.2 million in the fourth quarter 2014, compared to $2.5 million in both the third quarter 2014 and fourth quarter 2013. In addition, other non-recurring payoff gains from organic loans totaled $1.8 million during the fourth quarter 2014.

Operating non-interest income was $6.9 million for the fourth quarter 2014, compared to $5.7 million in the third quarter 2014, and $5.2 million for the fourth quarter 2013.1

Net operating revenue was $109.0 million for the fourth quarter 2014, an increase of $5.3 million compared to $103.7 million for the third quarter 2014, and an increase of $13.8 million compared to $95.2 million for the fourth quarter 2013.1

Operating non-interest expense was $57.0 million for the fourth quarter 2014, compared to $52.0 million for the third quarter 2014, and $51.4 million for the fourth quarter 2013.1 The Company’s operating efficiency ratio1 on a tax equivalent basis was 49.4% for the fourth quarter 2014, compared to 47.2% for the third quarter 2014, and an improvement from 51.9% for the fourth quarter 2013.

Non-operating items for the fourth quarter 2014 consisted of a net gain on sales and valuations of repossessed and other assets of $1.1 million, net unrealized gains on assets and liabilities measured at fair value of $1.4 million, and gains on sales of investment securities of $0.4 million.

The Company had 1,131 full-time equivalent employees and 40 offices at December 31, 2014, compared to 1,051 employees and 39 offices at December 31, 2013.

The Company views its pre-tax, pre-provision operating earnings as a key metric for assessing the Company’s earnings power, which it defines as net operating revenue less operating non-interest expense. For the fourth quarter 2014, the Company’s pre-tax, pre-provision operating earnings were $52.0 million, up from $51.8 million in the third quarter 2014, and up 18.6% from $43.8 million in the fourth quarter 2013.1

Balance Sheet

Gross loans totaled $8.40 billion at December 31, 2014, an increase of $469 million from $7.93 billion at September 30, 2014, and an increase of $1.60 billion from $6.80 billion at December 31, 2013. At December 31, 2014, the allowance for credit losses was 1.31% of total loans, compared to 1.38% at September 30, 2014, and 1.47% at December 31, 2013, reflecting an improvement in the Company’s asset quality profile and historical losses.

Deposits totaled $8.93 billion at December 31, 2014, an increase of $233 million from $8.70 billion at September 30, 2014, and an increase of $1.09 billion from $7.84 billion at December 31, 2013. Non-interest bearing deposits were $2.29 billion at December 31, 2014, compared to $2.25 billion at September 30, 2014, and $2.20 billion at December 31, 2013. Non-interest bearing deposits comprised 25.6% of total deposits at December 31, 2014, compared to 25.8% at September 30, 2014, and 28.1% at December 31, 2013. The proportion of savings and money market accounts increased to 43.3% from 42.4% at September 30, 2014, and from 42.2% at December 31, 2013. Certificates of deposit as a percentage of total deposits were 21.5% at December 31, 2014, compared to 22.5% at September 30, 2014, and 20.6% at December 31, 2013. The Company’s ratio of loans to deposits was 94.0% at December 31, 2014, compared to 91.2% at September 30, 2014, and 86.8% at December 31, 2013.

Stockholders’ equity at December 31, 2014 remained constant at $1.00 billion, compared to September 30, 2014 and increased from $856 million at December 31, 2013. There were several significant items that had offsetting effects on stockholders' equity during the fourth quarter 2014, which include: a reduction for the redemption of preferred stock and increases related to at-the-money (ATM) issuances, exercise of stock options, and unrealized gains on investment securities. In December 2014, the Company redeemed 70,500 shares of its 141,000 outstanding shares of Non-Cumulative Perpetual Preferred Stock, Series B. The shares were redeemed at their liquidation value of $1,000 per share plus accrued dividends for a total redemption price of $70.7 million. In the second quarter 2014, the Company began issuing common stock under a $100 million ATM public offering. During the fourth quarter 2014, we raised $11.2 million in net proceeds from the issuance of 432,256 shares of common stock. In total, during fiscal 2014, we raised $13.7 million in net proceeds from the issuance of 548,122 shares of common stock. Also in the fourth quarter 2014, there were $5.5 million in stock option exercises, resulting in the issuance of 409,429 shares of common stock. Accumulated other comprehensive income increased $7.1 million from September 30, 2014 as a result of unrealized gains on investment securities.

At December 31, 2014, tangible common equity, net of tax, was 8.6% of tangible assets1 and total risk-based capital was 11.7% of risk-weighted assets. The Company’s tangible book value per share1 was $10.21 at December 31, 2014, up 29.2% from December 31, 2013.

Total assets increased 3.0% to $10.60 billion at December 31, 2014 from $10.29 billion at September 30, 2014, and increased 13.9% from $9.31 billion at December 31, 2013.

Asset Quality

The provision for credit losses was $0.3 million for the fourth quarter 2014, compared to $0.4 million in the third quarter 2014, and $4.3 million for the fourth quarter 2013. Net loan recoveries in the fourth quarter 2014 were $0.8 million, or 0.04% of average loans (annualized), compared to 0.15% for the third quarter 2014. Net loan charge-offs for the fourth quarter 2013 were $2.1 million, or 0.13% of average loans (annualized).

Nonaccrual loans decreased $7.4 million to $67.7 million during the quarter. Loans past due 90 days and still accruing interest totaled $5.1 million at December 31, 2014, compared to $3.6 million at September 30, 2014, and $1.5 million at December 31, 2013. Loans past due 30-89 days and still accruing interest totaled $9.8 million at quarter end, down from $16.5 million at September 30, 2014, and down from $13.4 million at December 31, 2013.

As the Company’s asset quality improved and its capital increased, the ratio of classified assets to Tier I capital plus the allowance for credit losses, a common regulatory measure of asset quality, improved to 20% at December 31, 2014 from 27% at December 31, 2013.1

Segment Highlights

On December 31, 2013, the Company consolidated its three bank subsidiaries under one charter, Western Alliance Bank. As a result, the Company redefined its operating segments to reflect the new organizational and internal reporting structure. Prior year segment information has not been recast to conform to the new segmentation methodology due to the impracticability of restating segments because of the change in legal structure at December 31, 2013. The new operating segments are as follows: Arizona, Nevada, California, Central Business Lines, and Corporate & Other.

The Company's reportable segments are aggregated primarily based on geographic location, services offered, and markets served. The Arizona, Nevada, and California segments provide full service banking and related services to their respective markets. The Company's Central Business Lines (CBL) segment provides banking services to niche markets. These CBLs are managed centrally and are broader in geographic scope, though still predominately within our core market areas. The Corporate & Other segment consists of corporate-related items, income and expense items not allocated to our other reportable segments, and inter-segment eliminations.

Key management metrics for evaluating the performance of the Company's Arizona, Nevada, California, and CBL segments include loan and deposit growth, asset quality, and pre-tax income.

Arizona reported a gross loan balance of $2.34 billion at December 31, 2014, an increase of $137 million during the quarter, and an increase of $317 million during the twelve months ended December 31, 2014. Deposits were $2.18 billion at December 31, 2014, an increase of $101 million during the quarter, and an increase of $178 million during the twelve months ended December 31, 2014. Pre-tax income was $14.1 million and $58.8 million for the three and twelve months ended December 31, 2014, respectively.

Nevada reported a gross loan balance of $1.67 billion at December 31, 2014, a decrease of $11 million during the quarter, and a decrease of $86 million during the twelve months ended December 31, 2014. Deposits were $3.23 billion at December 31, 2014, an increase of $37 million during the quarter, and an increase of $308 million during the twelve months ended December 31, 2014. Pre-tax income was $18.9 million and $74.3 million for the three and twelve months ended December 31, 2014, respectively.

California reported a gross loan balance of $1.75 billion at December 31, 2014, an increase of $26 million during the quarter, and an increase of $137 million during the twelve months ended December 31, 2014. Deposits were $2.33 billion at December 31, 2014, a decrease of $21 million during the quarter, and an increase of $384 million during the twelve months ended December 31, 2014. Pre-tax income was $14.6 million and $52.3 million for the three and twelve months ended December 31, 2014, respectively.

CBL reported a gross loan balance of $2.59 billion at December 31, 2014, an increase of $325 million during the quarter, and an increase of $1.24 billion during the twelve months ended December 31, 2014. Deposits were $947 million at December 31, 2014, an increase of $41 million during the quarter, and an increase of $179 million during the twelve months ended December 31, 2014. Pre-tax income was $11.9 million and $33.6 million for the three and twelve months ended December 31, 2014, respectively.

Attached to this press release is summarized financial information for the quarter ended December 31, 2014.

Conference Call and Webcast

Western Alliance Bancorporation will host a conference call and live webcast to discuss its fourth quarter 2014 financial results at 12:00 p.m. ET on Friday, January 23, 2015. Participants may access the call by dialing 1-888-317-6003 and using passcode: 2324705 or via live audio webcast using the website link: http://services.choruscall.com/links/wal150123.html. The webcast is also available via the Company’s website at www.westernalliancebancorp.com. Participants should log in at least 15 minutes early to receive instructions. The call will be recorded and made available for replay after 2:00 p.m. ET January 23rd through February 24th at 9:00 a.m. ET by dialing 1-877-344-7529 passcode: 10057230.

Use of Non-GAAP Financial Information

This press release contains both financial measures based on accounting principles generally accepted in the United States (“GAAP”) and non-GAAP based financial measures, which are used where management believes it to be helpful in understanding the Company’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Early Adoption of Accounting Standards

Effective as of the first quarter 2014, the Company elected early adoption of Accounting Standards Codification 323-740, an amended Financial Accounting Standards Board standard related to accounting for low income housing tax credit investments. Under this amended standard, the amortization of the investment may now be calculated under the proportional amortization method and is included in income tax expense rather than as a separate line item in non-interest income. Prior period amounts have been adjusted to reflect the adoption of this new accounting guidance, which has resulted in an increase in non-interest income and income tax expense. See the supplemental schedule at the end of the Company's Q1 2014 press release for additional detail on the impact that adoption of this standard has had on prior period financial information.

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. Examples of forward-looking statements include, among others, statements we make regarding guidance, outlook or expectations relating to our business, financial and operating results, and future economic performance. 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, among others: the risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 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 credit losses; legislative or regulatory changes or changes in accounting principles, policies or guidelines; supervisory actions by regulatory agencies which may limit our ability to pursue certain growth opportunities; 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.

Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We do not intend and disclaim any duty or obligation to update or revise any industry information or forward-looking statements, whether written or oral, that may be made from time to time, set forth in this press release to reflect new information, future events or otherwise.

About Western Alliance Bancorporation

Driving growth in assets and earnings, top-performing, Phoenix-based Western Alliance Bancorporation (NYSE:WAL) has more than $10 billion in assets and is one of the fastest growing bank holding companies in the U.S. Its primary subsidiary, Western Alliance Bank, is the go-to bank for business and succeeds with local teams of experienced bankers who deliver superior, personalized services and a full spectrum of deposit, lending, treasury management and online banking products and services. Western Alliance Bank operates through these full-service banking divisions: Alliance Bank of Arizona, Bank of Nevada, First Independent Bank (Nevada) and Torrey Pines Bank (California). The company also serves business customers through a robust national platform of specialized financial services including Alliance Association Bank, Western Alliance Corporate Finance, Western Alliance Equipment Finance, Western Alliance Public Finance, Western Alliance Resort Finance, and Western Alliance Warehouse Lending. For more information visit westernalliancebancorp.com.

1 See Reconciliation of Non-GAAP Financial Measures beginning on page 15

 
Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited
                 
At or for the Three Months Ended December 31,

For the Twelve Months Ended December 31,

2014   2013   Change % 2014   2013   Change %
 

Selected Balance Sheet Data:

(dollars in millions)

Total assets $ 10,600.5 $ 9,307.4 13.9 %
Loans, net of deferred fees 8,398.3 6,801.4 23.5
Securities and money market investments 1,547.8 1,689.6 (8.4 )
Total deposits 8,931.0 7,838.2 13.9
Borrowings 390.3 341.1 14.4
Junior subordinated debt 40.4 41.9 (3.6 )
Stockholders' equity 1,000.9 855.5 17.0
 

Selected Income Statement Data:

(dollars in thousands)

Interest income $ 110,151 $ 97,582 12.9 % $ 416,379 $ 362,655 14.8 %
Interest expense 8,006   7,601   5.3 31,486   29,760   5.8
Net interest income 102,145 89,981 13.5 384,893 332,895 15.6
Provision for credit losses 300   4,300   (93.0 ) 4,726   13,220   (64.3 )
Net interest income after provision for credit losses 101,845 85,681 18.9 380,167 319,675 18.9
Non-interest income 8,607 1,557 NM 25,441 22,247 14.4
Non-interest expense 55,932   51,131   9.4 208,109   196,266   6.0
Income from continuing operations before income taxes 54,520 36,107 51.0 197,499 145,656 35.6
Income tax expense 14,111   3,992   NM 48,390   29,830   62.2
Income from continuing operations 40,409 32,115 25.8 149,109 115,826 28.7
Loss on discontinued operations, net of tax   (701 ) (100.0 ) (1,158 ) (861 ) 34.5
Net income $ 40,409   $ 31,414   28.6 $ 147,951   $ 114,965   28.7
Diluted net income per common share from continuing operations $ 0.46   $ 0.37   24.3 $ 1.69   $ 1.32   28.0
Diluted net loss per common share from discontinued operations, net of tax $   $ (0.01 ) $ (0.02 ) $ (0.01 )
Diluted net income per common share $ 0.46   $ 0.36   27.8 $ 1.67   $ 1.31   27.5
 
Common Share Data:
Diluted net income per common share $ 0.46 $ 0.36 27.8 % $ 1.67 $ 1.31 27.5 %
Book value per common share $ 10.49 $ 8.20 27.9
Tangible book value per share, net of tax (1) $ 10.21 $ 7.90 29.2
Average shares outstanding (in thousands):
Basic 87,279 85,939 1.6 % 86,693 85,682 1.2 %
Diluted 87,987 86,877 1.3 87,506 86,541 1.1
Common shares outstanding 88,691 87,186 1.7
 

(1) See Reconciliation of Non-GAAP Financial Measures.

NM: Percentage change greater than 100% is not meaningful.

 
Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data (continued)
Unaudited
           
At or for the Three Months Ended December 31, For the Twelve Months Ended December 31,
2014   2013   Change % 2014   2013   Change %
 
Selected Performance Ratios:
Return on average assets (1) 1.56 % 1.38 % 13.0 % 1.50 % 1.35 % 11.1 %
Return on average tangible common equity (2) 18.15 18.33 (1.0 ) 18.52 18.28 1.3
Net interest margin (1) 4.44 4.44 4.42 4.39 0.7
Net interest spread 4.31 4.28 0.7 4.29 4.24 1.2
Efficiency ratio - tax equivalent basis (2) 49.38 51.92 (4.9 ) 49.22 52.50 (6.2 )
Loan to deposit ratio 94.04 86.77 8.4
 
Capital Ratios:
Tangible equity (2) 9.2 % 8.9 % 3.4 %
Tangible common equity (2) 8.6 7.4 16.2
Tier 1 common equity (2) 9.3 8.8 5.7
Tier 1 Leverage ratio (3) 9.7 9.8 (1.0 )
Tier 1 Risk Based Capital (3) 10.5 11.1 (5.4 )
Total Risk Based Capital (3) 11.7 12.4 (5.6 )
 
Asset Quality Ratios:
Net (recoveries) charge-offs to average loans outstanding (1) (0.04 )% 0.13 % (130.8 )% (0.07 )% 0.14 % (150.0 )%
Nonaccrual loans to gross loans 0.81 1.11 (27.0 )
Nonaccrual loans and repossessed assets to total assets 1.18 1.53 (22.9 )
Loans past due 90 days and still accruing to total loans 0.06 0.02 200.0
Allowance for credit losses to gross loans 1.31 1.47 (10.9 )
Allowance for credit losses to nonaccrual loans 162.90 132.20 23.2
 
(1) Annualized for the three-month periods ended December 31, 2014 and 2013.
(2) See Reconciliation of Non-GAAP Financial Measures.
(3) Capital ratios are preliminary until the Call Reports are filed.
 
Western Alliance Bancorporation and Subsidiaries
Condensed Consolidated Income Statements
Unaudited
   
Three Months Ended December 31, Twelve Months Ended December 31,

2014

   

2013

 

2014

   

2013

 
(dollars in thousands)
Interest income:
Loans $ 99,099 $ 86,902 $ 370,922 $ 326,714
Investment securities 10,455 10,137 43,209 34,403
Federal funds sold and other 597   543   2,248   1,538  
Total interest income 110,151   97,582   416,379   362,655  
Interest expense:
Deposits 5,245 4,442 20,012 16,335
Borrowings 2,314 2,717 9,720 11,602
Junior subordinated debt 447   442   1,754   1,823  

Total interest expense

8,006   7,601   31,486   29,760  

Net interest income

102,145 89,981 384,893 332,895
Provision for credit losses 300   4,300   4,726   13,220  

Net interest income after provision for credit losses

101,845   85,681   380,167   319,675  
Non-interest income:
Service charges 2,750 2,512 10,451 9,920
Bank owned life insurance 1,464 905 4,508 4,809
Gains (losses) on sales of investment securities, net 373 342 757 (1,195 )
Unrealized gains (losses) on assets and liabilities measured at fair value, net 1,357 (2,618 ) 1,212 (6,483 )
Bargain purchase gain 10,044
Loss on extinguishment of debt (1,387 ) (502 ) (1,387 )
Other 2,663   1,803   9,015   6,539  

Total non-interest income

8,607   1,557   25,441   22,247  
Non-interest expenses:
Salaries and employee benefits 33,094 30,071 126,630 113,434
Occupancy 4,682 4,626 18,192 19,126
Legal, professional and directors' fees 3,425 4,623 14,278 13,633
Insurance 2,386 1,744 8,862 8,094
Data Processing 1,997 2,040 9,181 7,952
Loan and repossessed asset expenses 1,553 793 4,721 4,246
Customer service 866 860 3,082 2,897
Marketing 857 619 2,300 2,581
Intangible amortization 281 597 1,461 2,388
Net gain on sales and valuations of repossessed and other assets (1,102 ) (2,153 ) (5,421 ) (2,387 )
Merger / restructure expense 1,919 198 5,752
Other 7,893   5,392   24,625   18,550  

Total non-interest expense

55,932   51,131   208,109   196,266  
Income from continuing operations before income taxes 54,520 36,107 197,499 145,656
Income tax expense 14,111   3,992   48,390   29,830  
Income from continuing operations $ 40,409 $ 32,115 $ 149,109 $ 115,826
Loss from discontinued operations, net of tax   (701 ) (1,158 ) (861 )
Net income $ 40,409   $ 31,414   $ 147,951   $ 114,965  
Preferred stock dividends 329   352   1,387   1,410  
Net income available to common stockholders $ 40,080   $ 31,062   $ 146,564   $ 113,555  
 
Diluted net income per share $ 0.46   $ 0.36   $ 1.67   $ 1.31  
 
Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Income Statements
Unaudited
 
Three Months Ended
Dec 31, 2014     Sep 30, 2014     Jun 30, 2014     Mar 31, 2014     Dec 31, 2013
(in thousands, except per share data)
Interest income:
Loans $ 99,099 $ 94,436 $ 90,583 $ 86,804 $ 86,902
Investment securities 10,455 10,535 10,894 11,325 10,137
Federal funds sold and other 597   583   496   572   543  

Total interest income

110,151   105,554   101,973   98,701   97,582  
Interest expense:
Deposits 5,245 5,172 4,930 4,665 4,442
Borrowings 2,314 1,866 2,702 2,838 2,717
Junior subordinated debt 447   443   443   421   442  
Total interest expense 8,006   7,481   8,075   7,924   7,601  
Net interest income 102,145 98,073 93,898 90,777 89,981
Provision for credit losses 300   419   507   3,500   4,300  
Net interest income after provision for credit losses 101,845   97,654   93,391   87,277   85,681  
Non-interest income:
Service charges 2,750 2,434 2,737 2,530 2,512
Bank owned life insurance 1,464 1,136 959 949 905
Gains (losses) on sales of investment securities, net 373 181 (163 ) 366 342
Unrealized gains (losses) on assets and liabilities measured at fair value, net 1,357 896 235 (1,276 ) (2,618 )
Loss on extinguishment of debt (502 ) (1,387 )
Other 2,663   2,081   2,005   2,266   1,803  

Total non-interest income

8,607   6,226   5,773   4,835   1,557  
Non-interest expenses:
Salaries and employee benefits 33,094 32,230 31,751 29,555 30,071
Occupancy 4,682 4,500 4,328 4,682 4,626
Legal, professional, and directors' fees 3,425 3,022 4,192 3,639 4,623
Insurance 2,386 1,996 2,087 2,393 1,744
Data Processing 1,997 2,109 2,401 2,674 2,040
Loan and repossessed asset expenses 1,553 1,007 927 1,234 793
Customer service 866 888 708 620 860
Marketing 857 378 506 559 619
Intangible amortization 281 281 302 597 597
Net (gain) loss on sales and valuations of repossessed and other assets (1,102 ) (1,956 ) 184 (2,547 ) (2,153 )
Merger / restructure expense 15 26 157 1,919
Other 7,893   5,542   5,004   6,186   5,392  
Total non-interest expense 55,932   50,012   52,416   49,749   51,131  
Income from continuing operations before income taxes 54,520 53,868 46,748 42,363 36,107
Income tax expense 14,111   12,949   10,706   10,624   3,992  
Income from continuing operations $ 40,409 $ 40,919 $ 36,042 $ 31,739 $ 32,115
Loss from discontinued operations, net of tax     (504 ) (654 ) (701 )
Net income $ 40,409   $ 40,919   $ 35,538   $ 31,085   $ 31,414  
Preferred stock dividends 329   353   352   353   352  
Net Income available to common stockholders $ 40,080   $ 40,566   $ 35,186   $ 30,732   $ 31,062  
 
Diluted net income per share $ 0.46   $ 0.46   $ 0.40   $ 0.35   $ 0.36  
 

Western Alliance Bancorporation and Subsidiaries

Five Quarter Condensed Consolidated Balance Sheets

Unaudited

         
Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013
(in millions)
Assets:
Cash and due from banks $ 164.4 $ 258.8 $ 379.3 $ 354.8 $ 305.5
Securities purchased under agreement to resell       111.1    
Cash and cash equivalents 164.4 258.8 379.3 465.9 305.5
 
Securities and money market investments 1,547.8 1,597.3 1,606.7 1,671.2 1,689.6
Loans held for investment:
Commercial 3,531.9 3,292.1 3,027.7 2,723.4 2,478.2
Commercial real estate - non-owner occupied 2,058.6 1,998.9 1,940.0 1,849.2 1,841.1
Commercial real estate - owner occupied 1,734.6 1,621.9 1,605.0 1,606.2 1,561.9
Construction and land development 754.2 677.1 612.4 553.7 535.7
Residential real estate 298.9 316.9 328.1 344.9 350.3
Consumer 32.6 33.0 40.9 38.3 43.1
Deferred fees, net (12.5 ) (10.5 ) (9.6 ) (7.1 ) (8.9 )
Gross loans and deferred fees, net 8,398.3 7,929.4 7,544.5 7,108.6 6,801.4
Allowance for credit losses (110.2 ) (109.2 ) (105.9 ) (103.9 ) (100.1 )
Loans, net 8,288.1   7,820.2   7,438.6   7,004.7   6,701.3  
 
Premises and equipment, net 113.8 112.1 109.6 106.6 105.6
Other assets acquired through foreclosure, net 57.1 51.8 59.3 56.5 66.7
Bank owned life insurance 142.0 143.2 142.5 141.5 140.6
Goodwill and other intangibles, net 25.9 26.2 26.5 26.8 27.4
Other assets 261.4   279.2   261.1   273.4   270.7  
Total assets $ 10,600.5   $ 10,288.8   $ 10,023.6   $ 9,746.6   $ 9,307.4  
Liabilities and Stockholders' Equity:
Liabilities:
Deposits:
Non-interest bearing demand deposits $ 2,288.0 $ 2,246.7 $ 2,278.8 $ 2,093.6 $ 2,200.0
Interest bearing:
Demand 854.9 809.4 794.8 750.4 709.8
Savings and money market 3,869.7 3,685.0 3,637.4 3,672.3 3,310.4
Time certificates 1,918.4   1,956.5   1,758.5   1,632.7   1,618.0  
Total deposits 8,931.0 8,697.6 8,469.5 8,149.0 7,838.2
Customer repurchase agreements 54.9   53.0   53.7   57.4   71.2  
Total customer funds 8,985.9 8,750.6 8,523.2 8,206.4 7,909.4
Securities sold short 109.8
Borrowings 390.3 330.8 337.5 342.8 341.1
Junior subordinated debt 40.4 41.8 42.7 42.8 41.9
Accrued interest payable and other liabilities 183.0   162.5   162.5   150.0   159.5  
Total liabilities 9,599.6   9,285.7   9,065.9   8,851.8   8,451.9  
Stockholders' Equity
Common stock and additional paid-in capital 828.3 807.2 803.4 795.3 797.2
Preferred stock 70.5 141.0 141.0 141.0 141.0
Retained earnings (accumulated deficit) 85.5 45.4 4.8 (30.4 ) (61.2 )
Accumulated other comprehensive income (loss) 16.6   9.5   8.5   (11.1 ) (21.5 )

Total stockholders' equity

1,000.9   1,003.1   957.7   894.8   855.5  

Total liabilities and stockholders' equity

$ 10,600.5   $ 10,288.8   $ 10,023.6   $ 9,746.6   $ 9,307.4  
 
 
Western Alliance Bancorporation and Subsidiaries
Changes in the Allowance For Credit Losses
Unaudited
 
Three Months Ended
Dec 31, 2014   Sep 30, 2014   Jun 30, 2014   Mar 31, 2014   Dec 31, 2013
(in thousands)
Balance, beginning of period $ 109,161 $ 105,937 $ 103,899 $ 100,050 $ 97,851
Provision for credit losses 300 419 507 3,500 4,300

Recoveries of loans previously charged-off:

Commercial and industrial 1,499 1,053 1,254 922 666
Commercial real estate - non-owner occupied 229 1,226 1,052 83 395
Commercial real estate - owner occupied 43 553 196 477 297
Construction and land development 1,268 182 498 211 273
Residential real estate 261 768 314 553 549
Consumer 64   34   191   170   179  
Total recoveries 3,364 3,816 3,505 2,416 2,359
Loans charged-off:
Commercial and industrial 1,743 110 1,039 1,478 621
Commercial real estate - non-owner occupied 158 99 160 2,268
Commercial real estate - owner occupied 270 35 230 11 238
Construction and land development 8 78 686
Residential real estate 377 423 523 406 281
Consumer 211   285   5   12   366  
Total loans charged-off 2,609 1,011 1,974 2,067 4,460
Net loan (recoveries) charge-offs (755 ) (2,805 ) (1,531 ) (349 ) 2,101  
Balance, end of period $ 110,216   $ 109,161   $ 105,937   $ 103,899   $ 100,050  
 
Net (recoveries) charge-offs to average loans outstanding - annualized (0.04 )% (0.15 )% (0.09 )% (0.02 )% 0.13 %
Allowance for credit losses to gross loans 1.31 1.38 1.40 1.46 1.47
Nonaccrual loans $ 67,659 $ 75,092 $ 64,345 $ 70,401 $ 75,681
Repossessed assets 57,150 51,787 59,292 56,450 66,719
Loans past due 90 days, still accruing 5,132 3,558 3,001 167 1,534
Loans past due 30 to 89 days, still accruing 9,804 16,500 5,123 11,087 13,425
Classified loans on accrual 90,393 107,776 133,220 125,903 128,586
Special mention loans 97,504 98,265 90,534 117,540 129,965
 
Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
 
Three Months Ended December 31,
2014   2013
Average
Balance
  Interest  

Average Yield /
Cost

Average
Balance
  Interest   Average Yield /
Cost
($ in millions) ($ in thousands) ($ in millions) ($ in thousands)
Interest earning assets
Loans (1) $ 7,997.5 $ 99,099 5.20 % $ 6,515.2 $ 86,902 5.48 %
Securities (1) 1,574.7 10,455 3.07 1,488.8 10,137 3.11
Federal funds sold and other 217.2   597   1.10   447.5   543   0.49  
Total interest earning assets 9,789.4 110,151 4.77 8,451.5 97,582 4.79
Non-interest earning assets
Cash and due from banks 121.3 132.7
Allowance for credit losses (111.1 ) (98.4 )
Bank owned life insurance 142.1 140.0
Other assets 450.8   465.6  
Total assets $ 10,392.5   $ 9,091.4  

Interest-bearing liabilities

Interest-bearing deposits:

Interest-bearing transaction accounts $ 805.0 $ 354 0.18 % $ 676.8 $ 360 0.21 %
Savings and money market 3,767.7 2,789 0.30 3,175.1 2,390 0.30
Time certificates of deposit 1,945.9   2,102   0.43   1,592.4   1,692   0.43  
Total interest-bearing deposits 6,518.6 5,245 0.32 5,444.3 4,442 0.33
Short-term borrowings 170.3 1,772 4.16 176.2 137 0.31
Long-term debt 210.1 542 1.03 323.1 2,580 3.19
Junior subordinated debt 41.8   447   4.28   39.5   442   4.48  
Total interest-bearing liabilities 6,940.8 8,006 0.46 5,983.1 7,601 0.51
Non-interest-bearing liabilities
Non-interest-bearing demand deposits 2,270.4 2,091.8
Other liabilities 133.6 162.1
Stockholders’ equity 1,047.7   854.4  
Total liabilities and stockholders' equity $ 10,392.5   $ 9,091.4  
Net interest income and margin $ 102,145   4.44 % $ 89,981   4.44 %
Net interest spread 4.31 % 4.28 %
 
(1) Yields on loans and securities have been adjusted to a tax equivalent basis. The taxable-equivalent adjustment was $6,489 and $3,728 for the fourth quarter 2014 and 2013, respectively.
Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
  Twelve Months Ended December 31,
2014   2013
Average
Balance
  Interest   Average Yield /
Cost
Average
Balance
  Interest   Average Yield /
Cost
($ in millions) ($ in thousands) ($ in millions) ($ in thousands)
Interest earning assets
Loans (1) $ 7,432.1 $ 370,922 5.23 % $ 6,136.2 $ 326,714 5.43 %
Securities (1) 1,607.7 43,209 3.10 1,342.0 34,403 3.07
Federal funds sold & other 230.7   2,248   0.97   409.4   1,538   0.38  
Total interest earnings assets 9,270.5 416,379 4.76 7,887.6 362,655 4.77
Non-interest earning assets
Cash and due from banks 133.7 128.5
Allowance for credit losses (106.1 ) (97.5 )
Bank owned life insurance 141.9 139.8
Other assets 451.1   441.9  
Total assets $ 9,891.1   $ 8,500.3  
Interest-bearing liabilities
Interest-bearing deposits:
Interest bearing transaction accounts $ 793.1 $ 1,522 0.19 % $ 640.1 $ 1,334 0.21 %
Savings and money market 3,616.8 10,852 0.30 2,936.1 8,553 0.29
Time certificates of deposits 1,758.3   7,638   0.43   1,488.0   6,448   0.43  
Total interest-bearing deposits 6,168.2 20,012 0.32 5,064.2 16,335 0.32
Short-term borrowings 173.2 2,336 1.35 202.8 1,279 0.63
Long-term debt 265.8 7,384 2.78 323.1 10,323 3.19
Junior subordinated debt 42.3   1,754   4.15   38.1   1,823   4.78  
Total interest-bearing liabilities 6,649.5 31,486 0.47 5,628.2 29,760 0.53
Non-interest-bearing liabilities
Non-interest-bearing demand deposits 2,153.7 1,954.2
Other liabilities 123.8 119.4
Stockholders’ equity 964.1   798.5  
Total liabilities and stockholders' equity $ 9,891.1   $ 8,500.3  
Net interest income and margin $ 384,893   4.42 % $ 332,895   4.39 %
Net interest spread 4.29 % 4.24 %
 
(1) Yields on loans and securities have been adjusted to a tax equivalent basis. The taxable-equivalent adjustment was $24,571 and $13,312 for the twelve months ended December 31, 2014 and 2013, respectively.
 
Western Alliance Bancorporation and Subsidiaries
Operating Segment Results
Unaudited
           
Arizona Nevada California

Central
Business Lines

Corporate &
Other

Consolidated
Company

At December 31, 2014 (dollars in millions)
Assets:
Cash, cash equivalents, and investment securities $ 2.3 $ 5.0 $ 2.5 $ $ 1,702.4 $ 1,712.2
Gross loans and deferred fees, net 2,341.9 1,668.7 1,751.7 2,590.0 46.0 8,398.3
Less: allowance for credit losses (30.7 ) (21.9 ) (23.0 ) (34.0 ) (0.6 ) (110.2 )
Loans, net 2,311.2   1,646.8   1,728.7   2,556.0   45.4   8,288.1  
Other assets acquired through foreclosure, net 15.5 21.0 20.6 57.1
Goodwill and other intangibles, net 25.9 25.9
Other assets 34.8   64.2   21.5   22.9   373.8   517.2  
Total assets $ 2,363.8   $ 1,762.9   $ 1,752.7   $ 2,578.9   $ 2,142.2   $ 10,600.5  
Liabilities:
Deposits (1) $ 2,178.0 $ 3,230.6 $ 2,328.5 $ 946.6 $ 247.3 $ 8,931.0
Borrowings 390.3 390.3
Other liabilities 17.4   40.8   9.1   72.4   138.6   278.3  
Total liabilities 2,195.4   3,271.4   2,337.6   1,019.0   776.2   9,599.6  
Allocated equity 250.8   209.0   197.7   232.9   110.5   1,000.9  
Liabilities and stockholders' equity $ 2,446.2   $ 3,480.4   $ 2,535.3   $ 1,251.9   $ 886.7   $ 10,600.5  
Excess funds provided (used) 82.4 1,717.5 782.6 (1,327.0 ) (1,255.5 )
 
No. of branches 11 18 11 40
No. of full-time equivalent employees 215 295 227 99 295 1,131
 
Three Months Ended December 31, 2014: (in thousands)

Net interest income (expense)

$ 27,892 $ 29,674 $ 26,899 $ 21,959 $ (4,279 ) $ 102,145
Provision for credit losses 192   (1,607 ) (717 ) 2,434   (2 ) 300  
Net interest income (expense) after provision for credit losses 27,700 31,281 27,616 19,525 (4,277 ) 101,845
Non-interest income 1,119 2,530 1,217 504 3,237 8,607
Non-interest expense (14,715 ) (14,901 ) (14,275 ) (8,179 ) (3,862 ) (55,932 )
Income (loss) from continuing operations before income taxes 14,104 18,910 14,558 11,850 (4,902 ) 54,520
Income tax expense (benefit) 5,532   6,617   6,121   4,444   (8,603 ) 14,111  
Net income (loss) $ 8,572   $ 12,293   $ 8,437   $ 7,406   $ 3,701   $ 40,409  
 
Twelve Months Ended December 31, 2014: (in thousands)
Net interest income (expense) $ 112,128 $ 117,508 $ 100,223 $ 71,010 $ (15,976 ) $ 384,893
Provision for (recovery of) credit losses 2,083   (7,542 ) (1,638 ) 11,365   458   4,726  
Net interest income (expense) after provision for credit losses 110,045 125,050 101,861 59,645 (16,434 ) 380,167
Non-interest income 3,713 9,410 4,394 1,742 6,182 25,441
Non-interest expense (54,986 ) (60,149 ) (53,914 ) (27,804 ) (11,256 ) (208,109 )
Income (loss) from continuing operations before income taxes 58,772 74,311 52,341 33,583 (21,508 ) 197,499
Income tax expense (benefit) 23,053   26,009   22,007   12,594   (35,273 ) 48,390  
Income (loss) from continuing operations 35,719 48,302 30,334 20,989 13,765 149,109
Loss from discontinued operations, net         (1,158 ) (1,158 )
Net income (loss) $ 35,719   $ 48,302   $ 30,334   $ 20,989   $ 12,607   $ 147,951  
 
(1) Certain centrally-managed deposits from prior periods were re-allocated to specific regions to conform to current presentation.
 
Western Alliance Bancorporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures (Unaudited)
 
Pre-Tax, Pre-Provision Operating Earnings by Quarter
 
Three Months Ended
Dec 31, 2014     Sep 30, 2014     Jun 30, 2014     Mar 31, 2014     Dec 31, 2013
(in thousands)
Total non-interest income $ 8,607 $ 6,226 $ 5,773 $ 4,835 $ 1,557
Less:
Gains (losses) on sales of investment securities, net 373 181 (163 ) 366 342
Unrealized gains (losses) on assets and liabilities measured at fair value, net 1,357 896 235 (1,276 ) (2,618 )
Loss on extinguishment of debt   (502 )     (1,387 )
Total operating non-interest income 6,877 5,651 5,701 5,745 5,220
Add: net interest income 102,145   98,073   93,898   90,777   89,981  
Net operating revenue (1) $ 109,022   $ 103,724   $ 99,599   $ 96,522   $ 95,201  
 
Total non-interest expense $ 55,932 $ 50,012 $ 52,416 $ 49,749 $ 51,131
Less:
Net (gain) loss on sales and valuations of repossessed and other assets (1,102 ) (1,956 ) 184 (2,547 ) (2,153 )
Merger / restructure expense   15   26   157   1,919  

Total operating non-interest expense (1)

$ 57,034   $ 51,953   $ 52,206   $ 52,139   $ 51,365  
                   

Pre-tax, pre-provision operating earnings (2)

$ 51,988   $ 51,771   $ 47,393   $ 44,383   $ 43,836  
 
Tangible Common Equity
Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013
(dollars and shares in thousands)
Total stockholders' equity $ 1,000,928 $ 1,003,122 $ 957,664 $ 894,805 $ 855,498
Less: goodwill and intangible assets 25,913   26,194   26,475   26,777   27,374  
Total tangible stockholders' equity 975,015 976,928 931,189 868,028 828,124
Less: preferred stock 70,500   141,000   141,000   141,000   141,000  
Total tangible common equity 904,515 835,928 790,189 727,028 687,124
Add: deferred tax - attributed to intangible assets 1,006   1,138   1,138   1,243   1,452  
Total tangible common equity, net of tax $ 905,521   $ 837,066   $ 791,327   $ 728,271   $ 688,576  
Total assets $ 10,600,498 $ 10,288,824 $ 10,023,587 $ 9,746,624 $ 9,307,342
Less: goodwill and intangible assets, net 25,913   26,194   26,475   26,777   27,374  
Tangible assets 10,574,585 10,262,630 9,997,112 9,719,847 9,279,968
Add: deferred tax - attributed to intangible assets 1,006   1,138   1,138   1,243   1,452  
Total tangible assets, net of tax $ 10,575,591   $ 10,263,768   $ 9,998,250   $ 9,721,090   $ 9,281,420  
Tangible equity ratio (3) 9.2 % 9.5 % 9.3 % 8.9 % 8.9 %
Tangible common equity ratio (3) 8.6 % 8.2 % 7.9 % 7.5 % 7.4 %
Common shares outstanding 88,691 87,849 87,774 87,554 87,186
Tangible book value per share, net of tax (4) $ 10.21 $ 9.53 $ 9.02 $ 8.32 $ 7.90
 
Western Alliance Bancorporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures (Unaudited)
 
Efficiency Ratio by Quarter
Three Months Ended
Dec 31, 2014     Sep 30, 2014     Jun 30, 2014     Mar 31, 2014     Dec 31, 2013
(in thousands)
Total operating non-interest expense $ 57,034 $ 51,953 $ 52,206 $ 52,139 $ 51,365
Divided by: total net interest income 102,145 98,073 93,898 90,777 89,981
Add:
Tax equivalent interest adjustment 6,489 6,348 6,029 5,705 3,728
Operating non-interest income 6,877   5,651   5,701   5,745   5,220  
$ 115,511   $ 110,072   $ 105,628   $ 102,227   $ 98,929  
Efficiency ratio - tax equivalent basis (5) 49.4 % 47.2 % 49.4 % 51.0 % 51.9 %
Efficiency Ratio  
Twelve Months Ended December 31,
2014   2013  
(in thousands)
Total operating non-interest expense $ 213,332 $ 192,901
Divided by: total net interest income 384,893 332,895
Add:
Tax equivalent interest adjustment 24,571 13,312
Operating non-interest income 23,974   21,230  
$ 433,438   $ 367,437  
Efficiency ratio - tax equivalent basis (5) 49.2 % 52.5 %
 
Tier 1 Common Equity
December 31,
2014   2013  
(in thousands)
Stockholders' equity $ 1,000,928 $ 855,498
Less:
Accumulated other comprehensive income (loss) 16,639 (21,546 )
Non-qualifying goodwill and intangibles 24,907 25,991
Other non-qualifying assets
Disallowed unrealized losses on equity securities 296 8,059
Add: qualifying trust preferred securities 48,192   48,485  
Tier 1 capital (regulatory) (6) (9) 1,007,278 891,479
Less:
Qualifying trust preferred securities 48,192 48,485
Preferred stock 70,500   141,000  
Estimated Tier 1 common equity (7) (9) $ 888,586 $ 701,994
Divided by: estimated risk-weighted assets (regulatory (7) (9) $ 9,567,379   $ 8,016,500  
Tier 1 common equity ratio (7) (9) 9.3 % 8.8 %
 
Tier 1 Capital
December 31,
2014   2013  
(in thousands)
Classified assets $ 225,739 $ 270,375
Divide: Tier 1 capital (regulatory) (6) (9) 1,007,278 891,479
Plus: Allowance for credit losses 110,216   100,050  
Total Tier 1 capital plus allowance for credit losses $ 1,117,494   $ 991,529  
Classified assets to Tier 1 capital plus allowance (8) (9) 20 % 27 %
(1) We believe these non-GAAP measurements provide a useful indication of the cash generating capacity of the Company.
(2) We believe this non-GAAP measurement is a key indicator of the earnings power of the Company.
(3) We believe these non-GAAP ratios provide an important metric with which to analyze and evaluate financial condition and capital strength.
(4) We believe this non-GAAP ratio improves the comparability to other institutions that have not engaged in acquisitions that resulted in recorded goodwill and other intangibles.
(5) We believe this non-GAAP ratio provides a useful metric to measure the operating efficiency of the Company.
(6) Under the current guidelines of the Federal Reserve and the Federal Deposit Insurance Corporation, Tier 1 capital consists of common stock, retained earnings, non-cumulative perpetual preferred stock, trust preferred securities up to a certain limit, and minority interests in certain subsidiaries, less most other intangible assets.
(7) Tier 1 common equity is often expressed as a percentage of risk-weighted assets. Under the risk-based capital framework, a bank's balance sheet assets and credit equivalent amounts of off-balance sheet items are assigned to one of four broad risk categories. The aggregated dollar amount in each category is then multiplied by the risk weighting assigned to that category. The resulting weighted values from each of the four categories are added together and this sum is the risk-weighted assets total that, as adjusted, comprises the denominator (risk-weighted assets) to determine the Tier 1 capital ratio. Adjustments are made to Tier 1 capital to arrive at Tier 1 common equity. Tier 1 common equity is divided by the risk-weighted assets to determine the Tier 1 common equity ratio. We believe this non-GAAP ratio provides an important metric with which to analyze and evaluate financial condition and capital strength.
(8) We believe this non-GAAP ratio provides an important regulatory metric to analyze asset quality.
(9) Current quarter is preliminary until Call Reports are filed.

Contacts

Western Alliance Bancorporation
Dale Gibbons, 602-952-5476

Release Summary

Western Alliance Reports Fourth Quarter 2014 Financial Results

Contacts

Western Alliance Bancorporation
Dale Gibbons, 602-952-5476