Western Alliance Bancorporation (NASDAQ:WAL) reported net income above Wall Street’s expectations for the first 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 First Quarter
Results: Net income for Western Alliance Bancorporation rose to $5.2 million (3 cents/share) vs. $384,000 in the same quarter a year earlier. A substantial increase from the year earlier quarter.
Revenue: Revenue was $67.1 million.
Actual vs. Wall St. Expectations: WAL beat the mean analyst estimate of a loss of one cent/share. Estimates ranged from a loss of 7 cents per share to a profit of 6 cents per share.
Quoting Management: Ken Vecchione, President and Chief Operating Officer, added, “Western Alliance continues to demonstrate predictability along with improving credit metrics. Over the last several quarters our Company has shown consistent loan growth, improving quarter-to-quarter net interest income, expense discipline, increasing operating leverage, and strong core profitability dynamics. Focus on our long-term objectives, adhering to our straight-forward business model, and the improving backdrop of credit quality help produce our best quarterly financial results since 2007.
Competitors to Watch: Wells Fargo (NYSE:WFC), U.S. Bancorp (NYSE:USB), J.P. Morgan, (NYSE:JPM), Citigroup (NYSE:C), Bank of America (NYSE:BAC), 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).
Today’s Performance: Shares of WAL are trading at $7.70 as of April 25, 2011 at 9:54 AM ET, down a penny from the previous close.