Western Alliance Bancorporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Announces Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2013; Provides Tax Guidance for the Year 2014
January 23, 2014 at 10:04 pm
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Western Alliance Bancorporation announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company's net interest income was $89.98 million compared with $77.5 million a year ago. Income from continuing operations, before income tax expense was $34.4 million compared with $41.4 million a year ago. Income from continuing operations was $32.1 million or $0.37 per diluted share compared with $33.9 million or $0.39 per diluted share a year ago. Net income available to common stockholders was $30.99 million or $0.36 per diluted share compared with $31.8 million or $0.37 per diluted share a year ago. Return on average assets was 1.37% compared with 1.68% a year ago. Return on tangible common equity was 18.11% compared with 21.70% a year ago. Net operating revenue was $95.2 million for the quarter, an increase of 15.3% compared to $82.5 million for the fourth quarter 2012.
For the year, the company's net interest income was $332.9 million compared with $290.3 million a year ago. Income from continuing operations, before income tax expense was $140.6 million compared with $99.3 million a year ago. Income from continuing operations was $115.4 million or $1.32 per diluted share compared with $75.3 million or $0.86 per diluted share a year ago. Net income available to common stockholders was $113.1 million or $1.31 per diluted share compared with $69.0 million or $0.83 per diluted share a year ago. As on December 31, 2013, the company's book value per common share was $8.19 and tangible book value per share, net of tax was $7.89. Return on average assets was 1.35% compared with 1.01% a year ago. Return on tangible common equity was 16.67% compared with 12.37% a year ago.
Net loan charge-offs (annualized) to average loans outstanding of 0.13%, compared to net loan recoveries to average loans of 0.10% in the third quarter 2013 and net loan charge-offs to average loans of 0.99% in the fourth quarter 2012.
For the year 2014, the company expects tax rate of 25%.
Western Alliance Bancorporation is a bank holding company. The Company provides a full spectrum of customized loan, deposit, and treasury management capabilities, including funds transfer and other digital payment offerings through its wholly owned banking subsidiary, Western Alliance Bank (WAB). WAB operates through five full-service banking divisions: Alliance Bank of Arizona, Bank of Nevada, Bridge Bank, First Independent Bank, and Torrey Pines Bank. The Company also provides a range of specialized financial services to business customers across the country, including mortgage banking services through AmeriHome and treasury management services to the homeowner's association sector, and digital payment services for the class action legal industry. It has two non-bank subsidiaries, such as CS Insurance Company (CSI) and Western Alliance Trust Company, N.A. (WATC). CSI is a captive insurance company. WATC provides corporate trust services and levered loan administration solutions.
Western Alliance Bancorporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Announces Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2013; Provides Tax Guidance for the Year 2014