Western Alliance Bancorporation Earnings Cheat Sheet: Sees Profit Move Up

Western Alliance Bancorporation (NYSE:WAL) reported its results 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 Earnings Cheat Sheet for the Third Quarter

Results: Net income for Western Alliance Bancorporation rose to $13 million (4 cents per share) vs. $2 million in the same quarter a year earlier. This marks a substantial increase from the year earlier quarter.

Revenue: Noninterest income was $13.1 million last quarter.

Actual vs. Wall St. Expectations: Estimates for WAL had a consensus of 6 cents per share.

Quoting Management: “We are pleased to announce another quarter of strong growth in loans and deposits, increasing pre-tax pre-credit earnings, stable net interest margin, and improving asset quality,” said Robert Sarver, Chairman and Chief Executive Officer of Western Alliance Bancorporation. “Also, as announced on September 27, 2011, we are excited to participate in the SBLF Program. As one of the largest lenders to small businesses in our markets, this Program will facilitate our ability to continue to service the credit needs of this important segment.”

Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the fourth quarter has moved up from 8 cents a share to 9 cents over the last thirty days. For the fiscal year, the average estimate has moved down from 23 cents a share to 22 cents over the last sixty days.

Competitors to Watch: Guaranty Bancorp (NASDAQ:GBNK), High Country Bancorp, Inc. (HCBC), 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).

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(Source: Xignite Financials)