Western Alliance Bancorporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Loans Charge-Offs for the Fourth Quarter Ended December 31, 2017
January 25, 2018 at 05:04 pm EST
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Western Alliance Bancorporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total interest income of $228,459,000 compared to $187,411,000 a year ago. Net interest income was $211,029,000 compared to $175,269,000 a year ago. Income before income taxes was $124,319,000 compared to $96,164,000 a year ago. Net income was $89,346,000 or $0.85 per diluted share compared to $69,800,000 or $0.67 per diluted share a year ago. Return on average assets was 1.79% compared to 1.63% a year ago. Return on average tangible common equity was 18.80% compared to 17.59% a year ago.
For the year, the company reported interest income of $845,513,000 compared to $700,506,000 a year ago. Net interest income was $784,664,000 compared to $657,213,000 a year ago. Income before income taxes was $451,817,000 compared to $361,179,000 a year ago. Net income was $325,492,000 or $3.10 per diluted share compared to $259,798,000 or $2.50 per diluted share a year ago. Return on average assets was 1.72% compared to 1.61% a year ago. Return on average tangible common equity was 18.32% compared to 17.71% a year ago. Book value per common share as at December 31, 2017 was $21.13 compared to $18.00 a year ago. Tangible book value per common share as at December 31, 2017 was $18.31 compared to $15.17 a year ago.
For the quarter, the company reported total loans charged-off of $2,295,000 compared to $1,388,000 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.
Western Alliance Bancorporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Loans Charge-Offs for the Fourth Quarter Ended December 31, 2017