Western Alliance Bancorporation operates as a bank holding company whose primary subsidiary, Western Alliance Bank, provides commercial banking, deposit, treasury management, funds transfer and digital payment services. Its updates commonly cover quarterly earnings, net interest margin, efficiency, loan growth, provisions for credit losses, nonperforming loans, criticized loans and other asset-quality measures.
Company news also covers specialized banking groups serving commercial clients, real estate, affordable housing, legal-industry businesses, healthcare companies and consumer-related sectors. Additional recurring subjects include AmeriHome Mortgage’s correspondent mortgage lending, servicing and direct origination activities, along with business-line expansions and community finance initiatives.
Western Alliance Bancorporation (NYSE: WAL) has announced the release date for its third quarter 2024 financial results. The company will publish its results after market close on Thursday, October 17, 2024. A conference call and webcast are scheduled for Friday, October 18, 2024, at 12:00 p.m. ET, hosted by President and CEO Ken Vecchione and Vice Chairman and CFO Dale Gibbons.
Participants can join the call by dialing 1-833-470-1428 (access code: 586867) or via live audio webcast. The webcast link and additional access options are available on the company's website. Attendees are advised to log in 15 minutes early. A replay of the call will be accessible from October 18th after 3:00 p.m. ET until November 17th at 11:59 p.m. ET by dialing 1-866-813-9403 (access code: 196595).
Western Alliance Bancorporation (NYSE: WAL) reported its Q2 2024 financial results. The company achieved net income of $193.6 million, up 9.1% from Q1 2024 but down 10.2% year-over-year. Earnings per share (EPS) rose to $1.75, a 9.4% increase from Q1 2024 but a 10.7% decrease year-over-year. Net revenue increased by 5.9% quarter-over-quarter to $771.8 million and by 15.3% year-over-year. The company’s pre-provision net revenue (PPNR) was $285.0 million, up $38.0 million from Q1 2024.
Western Alliance saw a 3.4% increase in HFI loans from the previous quarter, totaling $52.4 billion. Total deposits rose 6.5% quarter-over-quarter to $66.2 billion. The net interest margin (NIM) improved to 3.63%, driven by higher average asset balances.
Positive results were tempered by higher provision for credit losses at $37.1 million, an increase of $21.9 million from Q1 2024. Net loan charge-offs rose to 0.18% of average loans, up from 0.08% in Q1 2024.
Western Alliance Bancorporation (NYSE: WAL) announced it will release its financial results for the second quarter of 2024 after market close on July 18, 2024.
A conference call and webcast to discuss the results will be hosted by President and CEO Ken Vecchione, and Vice Chairman and CFO Dale Gibbons on July 19, 2024 at 12:00 p.m. ET.
Participants can join the call by dialing 1-833-470-1428 with access code 465259 or through a live audio webcast available on the company's website.
The call recording will be available for replay from July 19, 2024, at 3:00 p.m. ET until August 19, 2024, at 11:59 p.m. ET by dialing 1-866-813-9403 with access code 719075.
Alliance Association Bank announced the expansion of its community association banking team with the addition of Kenneth Sonner and Anthony Dister. Sonner, with over 30 years of banking experience, will oversee the Mid-Atlantic and Southern Central Regions. Meanwhile, Dister, holding over 20 years of experience, will manage the Midwest Region. Both directors bring extensive expertise in HOA banking, contributing to the bank's commitment to delivering specialized banking and payment technology solutions for homeowner associations and community management companies nationwide.
Western Alliance Bank has announced the strategic expansion of its Commercial Banking team by hiring Leo Munoz as Industry Executive for Food and Agriculture. Munoz brings over 25 years of banking experience and will enhance the bank's commercial banking focus throughout California's Central Valley. Based in Fresno, Munoz, a lifelong resident of the Central Valley, is expected to strengthen client relationships and provide deep expertise in food and agriculture. Previously, Munoz served as Senior Vice President – Market Manager for Bank of America’s Central California region and was a principal for its Food, Agriculture, and Beverage discipline. He is also noted for his contributions to diversity and inclusion, having served as Executive Sponsor for HOLA (Hispanic/Latino Organization for Leadership Advancement).
Western Alliance Bancorporation promoted Jocelyn Lynch to President and CEO of Western Alliance Trust Company, N.A. Lynch, with extensive experience in corporate trust services, will lead the organization's strategy and operations. She aims to enhance client asset management strategies through premier collateral management services.
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