Western Alliance Bancorporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014
January 22, 2015 at 05:41 pm EST
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Western Alliance Bancorporation announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company's net interest income was $102.145 million compared with $89.981 million a year ago. Income from continuing operations, before income tax expense was $54.520 million compared with $36.107 million a year ago. Income from continuing operations was $40.409 million or $0.46 per diluted share compared with $32.115 million or $0.36 per diluted share a year ago. Net income available to common stockholders was $40.080 million or $0.46 per diluted share compared with $31.062 million or $0.36 per diluted share a year ago. Return on average assets was 1.56% compared with 1.38% a year ago. Return on tangible common equity was 18.15% compared with 18.33% a year ago. Net operating revenue was $109.0 million, an increase of $5.3 million compared to $103.7 million for the third quarter 2014, and an increase of $13.8 million compared to $95.2 million for the fourth quarter 2013.
For the year, the company's net interest income was $384.893 million compared with $332.895 million a year ago. Income from continuing operations, before income tax expense was $197.499 million compared with $145.656 million a year ago. Income from continuing operations was $149.109 million or $1.69 per diluted share compared with $115.826 million or $1.32 per diluted share a year ago. Net income available to common stockholders was $146.564 million or $1.67 per diluted share compared with $113.555 million or $1.31 per diluted share a year ago. As on December 31, 2013, the company's tangible book value per share, net of tax was $10.21. Return on average assets was 1.50% compared with 1.35% a year ago. Return on tangible common equity was 18.52% compared with 18.28% a year ago.
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.