Western Alliance Bancorporation (NYSE:WAL) reported net income above Wall Street’s expectations for the third quarter. Western Alliance Bancorporation, through its subsidiary banks, provides a range of banking and related services to businesses, professional firms, real estate developers and investors, local nonprofit organizations, high net worth individuals, and consumers.
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Western Alliance Bancorporation Earnings Cheat Sheet
Results: Net income for Western Alliance Bancorporation rose to $15.5 million (18 cents per share) vs. $13 million (4 cents per share) in the same quarter a year earlier. This marks a rise of 18.8% from the year-earlier quarter.
Actual vs. Wall St. Expectations: Western Alliance Bancorporation beat the mean analyst estimate of 17 cents per share.
Quoting Management: “This was an exceptional quarter for Western Alliance,” said Robert Sarver, Chairman and Chief Executive Officer of Western Alliance Bancorporation. “Loans grew for the 10th consecutive quarter and deposits were up for the 11th, driving our top line revenue up 9.7% from the third quarter of 2011. In fact, recently released FDIC data shows that the Company is growing twice as fast as the market in Arizona and San Diego. Meanwhile, we held our expenses in check and our credit costs fell, propelling a substantial rise in earnings per share.”
The company has beaten estiamtes for two quarters in a row. In the second quarter, it topped expectations with net income of 16 cents versus a mean estimate of net income of 13 cents per share.
Looking Forward: The average estimate for the fourth quarter is steady at 18 cents a share. For the fiscal year, the average estimate has been unchanged at 60 cents a share.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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