Western Alliance Bancorporation (NASDAQ:WAL) reported net income above Wall Street’s expectations for the second quarter. Western Alliance Bancorporation a bank holding company provides a range of banking & related services to businesses, professional firms, real estate developers & investors, local nonprofit organizations, high net worth individuals & consumers.
Western Alliance Earnings Cheat Sheet for the Second Quarter
Results: Western Alliance Bancorporation reported profit of $6.2 million (5 cents per share) vs. a loss of 2 cents per share in the same quarter a year earlier.
Revenue: Noninterest income was $9.6 million last quarter.
Actual vs. Wall St. Expectations: WAL beat the mean analyst estimate of 4 cents per share.
Quoting Management: “We have continued improvement on all fronts including asset and revenue growth, expense control and asset quality,” said Robert Sarver, Chairman and Chief Executive Officer of Western Alliance Bancorporation. “I am especially pleased that Bank of Nevada, arguably our toughest market, is now notably contributing to the Company’s overall profitability.” Ken Vecchione, President and Chief Operating Officer, added, “The substantial decrease in the number of community banks has made us the preferred local lender, and resulted in the strong loan and deposit market share gains we have today. Having increased our capital base during the last several years allowed us to support our customers during this difficult economic environment and supply our credit-worthy clients with the needed borrowing capacity to run their businesses. This quarter, we again improved our performance in multiple areas simultaneously with increased capital, improved asset quality and strong earnings growth. We have put ourselves on the path to consistent and sustainable profitability
Competitors to Watch: Guaranty Bancorp (NASDAQ:GBNK), Zions Bancorporation (NASDAQ:ZION), People’s United Financial, Inc. (NASDAQ:PBCT), Wells Fargo & Company (NYSE:WFC), First State Bancorp., NM (FSNM), CoBiz Financial Inc (NASDAQ:COBZ), Heritage Oaks Bancorp (NASDAQ:HEOP), and Wilshire Bancorp, Inc. (NASDAQ:WIBC).
(Source: Xignite Financials)