Western Alliance Bancorporation (WAL) Tops Q1 EPS by 12c
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Western Alliance Bancorporation (NYSE: WAL) reported Q1 EPS of $0.83, $0.12 better than the analyst estimate of $0.71. Revenue for the quarter came in at $285.4 million versus the consensus estimate of $286.56 million.
“As we all experience the pressure that the COVID-19 pandemic has caused around the world, the people at Western Alliance remain actively engaged and are focused on helping our clients navigate through this challenging time,” said Kenneth A. Vecchione, President and Chief Executive Officer. He continued, “We arrive here uniquely prepared to address what’s ahead - at the end of 2019, the Company had $3.3 billion in total regulatory capital and strong tangible common equity1. Further, our robust and diverse deposit sources support our liquidity position.”
“The Company’s first quarter results produced loan and deposit growth that each exceeded $2.0 billion, bringing total assets to $29.2 billion at the end of the quarter. The $2.0 billion increase in loans, together with the adoption of the new current expected credit losses accounting guidance that requires recognition of lifetime losses upfront and consideration of the current economic environment and outlook, resulted in a first quarter 2020 provision for credit losses of $51.2 million that reduced net income to $84.0 million and earnings per share to $0.83. Operating pre-provision net revenue1, which excludes the impact of the provision for credit losses rose $4.7 million, or 3%, from the prior quarter to $163.4 million, even with one less day in the quarter. Asset quality at the end of the quarter remains steady with a ratio of non-performing assets to total assets of 0.33%. As we enter into the second quarter, we believe that we are well-positioned and prepared for the challenges ahead with a seasoned leadership team in place, ample liquidity and substantial capital resources.”
For earnings history and earnings-related data on Western Alliance Bancorporation (WAL) click here.
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