Western Alliance Bancorporation announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. Net income available to common stockholders was $32 million against $5.3 million of prior year period. Net income was $32.1 million, an increase of 107.1% compared to $15.5 million for the third quarter 2012 and more than quadruple compared to $7.1 million for the fourth quarter 2011. Net income of $18.9 million for the fourth quarter 2012, excluding $14.8 million net effect from certain transactions which include the effect of the bargain purchase gain on Western Liberty, $1.9 million of securities gains, $0.9 million net legal settlements, $5.6 million accrued disposition costs related to affinity credit card services, and $1.2 million large loan prepayment fee. Earnings per share were $0.37 compared to $0.18 per share for the third quarter 2012 and $0.07 per share in the fourth quarter 2011. Earnings per share of $0.22 for the fourth quarter 2012, excluding $0.15 per share net effect from certain transactions which include the effect of the bargain purchase gain on Western Liberty, $0.02 per share securities gains, $0.01 per share net legal settlements, $0.04 per share accrued disposition cost related to affinity credit card services and $0.01 per share for loan prepayment fee. Net revenue was $82.5 million for the fourth quarter 2012, up from $77.3 million for the third quarter of 2012 and an increase of 11.0% from $74.3 million for the fourth quarter 2011. Net interest income of $77.5 million in the fourth quarter 2012, an increase of 7.8% compared to the third quarter 2012 and 12.7% compared to the fourth quarter 2011 of $68.7 million. Income from continuing operations before income taxes was $41.4 million against $9.6 million for the same period a year ago. Diluted net income per common share from continuing operations was $0.39 against $0.07 of prior year period. Book value per common share was $7.15 against $6.02 of prior year period. Return on average assets and return on average stockholders equity were 1.68% and 17.03% against 0.42% and 4.34% of prior year period.

Full year net income was $72.8 million compared to $31.5 million in 2011. Net income available to common stockholders was $69 million against $15.3 million of prior year period. Full year earnings per share were $0.83 compared to $0.19 for 2011. Net interest income was $290.3 million against $257.7 million for the last year. Income from continuing operations before income taxes was $99.3 million against $50.3 million for the year ago. Diluted net income per common share from continuing operations was $0.86 against $0.21 of prior year. Return on average assets and return on average stockholders equity were 1.01% and 10.54% against 0.49% and 4.99% of prior year. Tangible book value ended at $6.84 in 2012.

For the quarter, the company's net loan charge-offs were $13.5 million, or 0.99% of average loans (annualized), up from 0.70% of average loans (annualized) for the third quarter 2012. Net charge-offs for the fourth quarter 2011 were $14.1 million, or 1.24% of average loans (annualized).