Western Alliance Bancorporation (WAL) Tops Q1 EPS by 43c

Western Alliance Bancorporation (NYSE: WAL) reported Q1 EPS of $1.90, $0.43 better than the analyst estimate of $1.47. Revenue for the quarter came in at $337 million versus the consensus estimate of $338.05 million.

CEO COMMENTARY:

“The continued emphasis on Western Alliance\'s growing national commercial business strategy drove key financial performance results and balance sheet growth to quarterly record highs to kick off 2021,” said Kenneth A. Vecchione, President and Chief Executive Officer. “Balance sheet growth continued with loans up $1.7 billion (24.9% annualized), and deposits up $6.5 billion (82.1% annualized), bringing total assets to $43.4 billion at quarter end, an increase of $6.9 billion from year end, further positioning us for swift deployment of excess liquidity to our commercial and consumer-related businesses. Net income of $192.5 million, earnings per share of $1.90 and return on tangible common equity1 of 24.2% for the first quarter 2021 mirrors the Company’s strong fourth quarter performance and confirms that the economic recovery has begun. Asset quality remains stable with nonperforming assets to total assets of 0.27% and annualized net charge-offs to average loans outstanding at a modest 0.02% for the quarter. Lastly, we were pleased to complete the AmeriHome acquisition ahead of schedule and welcome their team into the WAL family.”

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

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