Western Alliance Bancorporation (WAL) Tops Q4 EPS by 61c, Revenues Beat

January 21, 2021 4:06 PM EST
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Price: $93.64 -1.73%

Financial Fact:
Net interest income: 172.55M

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Western Alliance Bancorporation (NYSE: WAL) reported Q4 EPS of $1.93, $0.61 better than the analyst estimate of $1.32. Revenue for the quarter came in at $338.6 million versus the consensus estimate of $318.74 million.


“Western Alliance continued on the successful path it has paved from the start of the year and closed out the year with record revenues, PPNR1 and earnings,” said Kenneth Vecchione, President and Chief Executive Officer. “Our strategy to align the Company with strong borrowers nationwide provided us the strength and flexibility to navigate the economic volatility as we grew our balance sheet and earnings, while simultaneously managing asset quality. We achieved a record $193.6 million in net income and earnings per share of $1.93 for the quarter, an increase of over 50% from the prior year, benefiting from a $34.2 million release in loan loss reserves. Quarterly loan and deposit growth of $1.0 billion and $3.1 billion, respectively, lifted total assets to $36.5 billion and PPNR1 by 13.9% to $206.4 million. Quarterly net interest margin of 3.84% rose 13 basis points from the prior quarter and tangible book value per share1 rose 6.4% to $30.90. Asset quality also improved with classified assets declining $102 million to 61 basis points of total assets."

“Reflecting on full year results, PPNR1 climbed 19.7% over the prior year to $746.1 million, with net income of $506.6 million and earnings per share up 4.1% to $5.04, inclusive of a higher provision expense for the year of $124 million. Capital levels also remain strong with tangible common equity ratio1 of 8.6% and a total ACL to funded loans ratio of 1.24%, excluding PPP loans. I’m appreciative of the immense efforts made by the people of Western Alliance to successfully respond to the challenging COVID-19 environment, which has strongly positioned and prepared the Company for whatever may come our way as we enter into 2021.”

For earnings history and earnings-related data on Western Alliance Bancorporation (WAL) click here.

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