Western Alliance Bancorporation(US:WAL)2024-04-18 20:13Financial Performance - Net income for Q1 2024 was $177.4 million, an increase of $29.5 million from Q4 2023 and $35.2 million from Q1 2023[14]. - Earnings per share for Q1 2024 was $1.60, compared to $1.33 in Q4 2023 and $1.28 in Q1 2023[14]. - Net income for Q1 2024 was $177.4 million, a 24.8% increase from $142.2 million in Q1 2023[49]. - Diluted earnings per common share increased to $1.60, up 25.0% from $1.28 in Q1 2023[49]. - Net income available to common stockholders for the three months ended March 31, 2024, was $174.2 million, resulting in diluted earnings per share of $1.60, up from $1.33[55]. - Net income reached $177.4 million, reflecting strong financial performance[67]. Deposits and Loans - Total deposits increased by $6.9 billion to $62.2 billion, representing a 12.5% growth from the previous quarter[5]. - Total deposits increased by 30.8% to $62.2 billion at March 31, 2024, from $47.6 billion at March 31, 2023[23]. - HFI loans totaled $50.7 billion, up $403 million or 0.8% from the previous quarter[5]. - The Commercial segment reported an HFI loan balance of $29.6 billion at March 31, 2024, an increase of $506 million during the quarter, and an increase of $2.4 billion year-over-year[18]. - The Consumer Related segment's deposits totaled $30.5 billion, an increase of $5.6 billion during the quarter, and an increase of $10.5 billion year-over-year[18]. Asset Quality - Nonperforming assets to total assets ratio was 0.53%, compared to 0.17% in the previous quarter[12]. - The allowance for loan losses to funded HFI loans ratio was 0.67%, unchanged from the previous quarter[8]. - Nonaccrual loans increased to $399 million, representing 0.79% of funded HFI loans, compared to 0.54% in the previous quarter[30]. - Special mention loans decreased to $394 million from $641 million in the previous quarter, indicating improved asset quality[58]. - Classified loans on accrual decreased to $361 million from $379 million in the previous quarter, reflecting a positive trend in loan performance[58]. Revenue and Expenses - Net revenue reached $728.8 million, a 6.8% increase compared to the previous quarter, while non-interest expenses increased by 4.3% to $463.8 million[35]. - Non-interest income was $129.9 million, significantly up from $90.5 million in Q4 2023, driven by higher servicing income and fair value changes[37]. - Total non-interest expenses increased to $481.8 million, up 38.5% from $347.9 million in Q1 2023[49]. - Total non-interest income for the three months ended March 31, 2024, was $129.9 million, compared to a loss of $58.0 million in the same period last year[81]. Capital Ratios - The CET 1 ratio stood at 11.0%, up from 10.8% in the previous quarter[13]. - The Company's common equity tier 1 capital ratio was 11.0% at March 31, 2024, up from 10.8% at December 31, 2023, and 9.4% at March 31, 2023[16]. - Tangible common equity ratio decreased to 6.8% from 7.3% in Q4 2023[52]. - Total capital ratio increased to 14.0% from 13.7% in Q4 2023[52]. Employee Metrics - The company had 3,312 full-time equivalent employees as of March 31, 2024, an increase from 3,260 at December 31, 2023[14]. - The total number of full-time equivalent employees increased to 3,312 as of March 31, 2024, from 2,998 in the previous quarter[78]. Tax and Provisions - The effective tax rate decreased to 23.5% from 29.9% in the previous year[35]. - Provision for credit losses totaled $15.2 million for Q1 2024, compared to $9.3 million for Q4 2023, and $19.4 million for Q1 2023[17]. - Provision for credit losses decreased to $15.2 million from $19.4 million in Q1 2023, a reduction of 21.6%[49].