Western Alliance Reports Second Quarter 2013 Net Income of $34.0 Million, or $0.39 Per Share

  Western Alliance Reports Second Quarter 2013 Net Income of $34.0 Million, or
  $0.39 Per Share

Business Wire

PHOENIX -- July 18, 2013

Western Alliance Bancorporation (NYSE:WAL) announced today its financial
results for the second quarter 2013.

Second Quarter 2013 Highlights:

  *Net income of $34.0 million, compared to $21.0 million for the first
    quarter 2013 and $14.0 million for the second quarter 2012
  *Net income of $27.7 million for the second quarter 2013, excluding a $10.0
    million bargain purchase gain from the acquisition of Centennial Bank, a
    $3.3 million trust preferred fair value revaluation charge, and a $1.1
    million gain on OREO valuation (excluding tax effects)
  *Earnings per share of $0.39, compared to $0.24 per share in the first
    quarter 2013 and $0.15 per share in the second quarter 2012
  *Earnings per share of $0.30 for the second quarter 2013, excluding $0.10
    per share bargain purchase gain from the acquisition of Centennial Bank,
    $0.02 trust preferred valuation charge, and $0.01 OREO valuation gain
  *Pre-tax, pre-provision operating earnings of $40.1 million, up 14.4% from
    $35.1 million in first quarter 2013 and from $32.1 million in second
    quarter 2012^1
  *Net interest margin of 4.36%, compared to 4.36% in the first quarter 2013
    and 4.46% in the second quarter 2012
  *Total loans of $6.41 billion, up $556 million from March 31, 2013, and up
    $1.25 billion from June 30, 2012, including $343 million increase from the
    acquisition of Centennial Bank, which closed on April 30, 2013
  *Total deposits of $7.00 billion, up $266 million from March 31, 2013 and
    up $1.00 billion from June 30, 2012, including $298 million increase from
    the acquisition of Centennial Bank, which closed on April 30, 2013
  *Nonperforming assets (nonaccrual loans and repossessed assets) decreased
    to 1.9% of total assets from 2.1% in first quarter 2013 and from 2.5% in
    second quarter 2012
  *Net loan charge-offs (annualized) to average loans outstanding decreased
    to 0.17% from 0.38% in the first quarter 2013 and 1.11% in the second
    quarter 2012
  *Tier I Leverage capital of 9.9% and Total Risk-Based Capital ratio of
    12.0%, compared to 9.7% and 12.3% a year ago
  *Total equity of $800 million, up $128 million from June 30, 2012

Financial Performance

“Our proven business model of exceptional client service, strong credit
underwriting, and striving for continued performance improvement has driven
our record earnings for the second quarter,” said Robert Sarver, Chairman and
Chief Executive Officer of Western Alliance Bancorporation. “On the revenue
side, strong loan growth and disciplined pricing led to record net interest
income. Meanwhile, effective cost control and leveraging our infrastructure
resulted in improved operating efficiency, as deposits per branch rose over
10% during the past year to $171 million. The acquisition of Centennial Bank
augmented our results with a bargain purchase gain and higher earning assets.
Continued collection activities and economic recovery resulted in a gain on
sale of real estate owned and a lower credit provision as non-performing loans
and repossessed assets fell to under 2%. We also invested in our future by
recruiting new members to our team and, on July 1^st, opened our 42^nd office
to more effectively serve the vibrant Scottsdale Airpark market.”

Western Alliance Bancorporation reported net income of $34.0 million, or $0.39
per share, in the second quarter 2013 (includes an $8.5 million gain from the
acquisition of Centennial Bank, net of merger related expenses and tax), more
than double the $14.0 million, or $0.15 per share, earned one year ago. Key
performance improvement drivers include sustained organic balance sheet
growth, prudent expense management, and reduced legacy asset costs against the
backdrop of improved economic conditions.

Total loans increased $556 million to $6.41 billion at June 30, 2013 from
$5.86 billion on March 31, 2013. Loans increased $1.25 billion, or 24.1%, from
June 30, 2012. The increases in each of these periods were primarily driven by
growth in commercial and industrial loans and commercial real estate loans.

Total deposits increased $266 million to $7.00 billion at June 30, 2013 from
$6.73 billion at March 31, 2013. Deposits increased $1.00 billion from June
30, 2012. The increases in each of these periods were primarily due to growth
in certificates of deposits and savings and money market deposits.

Income Statement

Net interest income was $82.2 million in the second quarter 2013, an increase
of $6.0 million, or 7.8%, from $76.2 million in the first quarter of 2013 and
an increase of $11.3 million, or 16.0%, compared to the second quarter 2012.
The Company’s net interest margin remained flat in the second quarter 2013 at
4.36% compared to the first quarter 2013 and decreased from 4.46% in the
second quarter 2012.

Operating non-interest income was $5.0 million for the second quarter 2013,
down from $5.1 million in the first quarter of 2013 and down from $5.8 million
for the second quarter of 2012.^1

Net revenue was $87.2 million for the second quarter 2013, up from $81.3
million for the first quarter of 2013 and an increase of 13.8% from $76.6
million for the second quarter 2012.^1

Operating non-interest expense was $47.0 million for the second quarter 2013,
compared to $46.2 million for the first quarter of 2013 and $44.5 million for
the second quarter of 2012.^1 The Company’s operating efficiency ratio^1 on a
tax equivalent basis was 52.2% for the second quarter 2013, an improvement
from 54.6% for the first quarter 2013 and 56.4% for the second quarter 2012 as
the growth rate in revenue continued to outpace that of expense.

The Company had 1,015 full-time equivalent employees and 41 offices at June
30, 2013, compared to 953 employees and 39 offices one year ago.

The Company views its pre-tax, pre-provision operating earnings as a key
metric for assessing the Company’s earning power, which it defines as net
operating revenue less operating non-interest expense. For the second quarter
2013, the Company’s performance was $40.1 million, up from $35.1 million in
the first quarter 2013 and up 25.2% from $32.1 million in the second quarter
2012.

The provision for credit losses was $3.5 million for the second quarter 2013,
compared to $5.4 million for the first quarter 2013. The provision for the
second quarter of 2012 was $13.3 million. Net loan charge-offs in the second
quarter 2013 were $2.7 million, or 0.17% of average loans (annualized), down
from 0.38% of average loans (annualized) for the first quarter 2013. Net
charge-offs for the second quarter 2012 were $13.9 million or 1.11% of average
loans (annualized).

Nonaccrual loans decreased $11 million to $83 million during the quarter.
Loans past due 90 days and still accruing interest totaled $793 thousand at
June 30, 2013, compared to $2 million at March 31, 2013 and $795 thousand at
June 30, 2012. Loans past due 30-89 days, still accruing interest totaled $7
million at quarter end, down from $15 million at March 31, 2013 and down from
$14 million at June 30, 2012.

As the Company’s asset quality improved and its capital increased, the ratio
of classified assets to Tier I capital plus the allowance for credit losses, a
common regulatory measure of asset quality, improved to 32% at June 30, 2013
from 42% at June 30, 2012.^1

Net gain on sales and valuation of repossessed assets (primarily other real
estate) was $1.1 million for the second quarter 2013 compared to a $0.5
million loss from the first quarter 2013 and a $0.9 million loss in the second
quarter 2012. At June 30, 2013, other repossessed assets totaled $76.5 million
compared to $77.9 million at March 31, 2013 and $77.0 million one year ago.
During the second quarter 2013, the Company’s net sales proceeds received from
other repossessed real estate dispositions was 116.9% of carrying value.

During the quarter, the Company completed its acquisition of Centennial Bank,
which increased assets, loans and deposits at June 30, 2013 by $403 million,
$343 million and $298 million, respectively, and recorded a net acquisition
gain of $8.5 million. Pursuant to the accounting guidance, acquired net assets
are recorded at estimated fair value. The estimated fair value of certain net
assets are preliminary and subject to measurement period adjustments.

Balance Sheet

Gross loans totaled $6.41 billion at June 30, 2013, an increase of $556
million from March 31, 2013 and an increase of $1.25 billion from $5.16
billion at June 30, 2012. At June 30, 2013, the allowance for credit losses
was 1.50% of total loans, which has declined from 1.63% at March 31, 2013 and
1.89% at June 30, 2012, as the Company’s asset quality has improved.

Deposits totaled $7.00 billion at June 30, 2013, an increase of $266 million
from $6.73 billion at March 31, 2013 and an increase of $1.00 billion from
$6.00 billion at June 30, 2012. Non-interest bearing deposits were flat at
$1.92 billion at June 30, 2013 compared to March 31, 2013 and increased $77
million from $1.84 billion at June 30, 2012. Non-interest bearing deposits
comprised 27.4% of total deposits at June 30, 2013, compared to 30.7% a year
ago, while the proportion from savings and money market increased to 42.1%
from 40.6% during the same period. Certificates of deposit as a percent of
total deposits were 21.5% at June 30, 2013. The Company’s ratio of loans to
deposits was 91.2% at June 30, 2013 compared to 86.9% at March 31, 2013 and
86.1% at June 30, 2012.

Stockholders’ equity at June 30, 2013 increased to $800 million from $781
million at March 31, 2013. At June 30, 2013, tangible common equity was 7.4%
of tangible assets^1 and total risk-based capital was 12.0% of risk-weighted
assets. The Company’s tangible book value per share^1 was $7.26 at June 30,
2013, up 20.8% during the past year.

Total assets increased to $8.59 billion at June 30, 2013 from $8.17 billion at
March 31, 2013 and increased 20.0% from $7.16 billion at June 30, 2012.

Operating Unit Highlights

Western Alliance Bank (doing business as Alliance Bank of Arizona and First
Independent Bank) reported loan growth of $339 million during the second
quarter 2013 and $671 million during the last 12 months to $2.45 billion.
Second quarter loan growth came primarily from the acquisition of Centennial
Bank (which was merged into Western Alliance Bank). Deposits increased $208
million in the second quarter and $651 million during the last 12 months to
$2.65 billion. Net income for Western Alliance Bank was $20.5 million during
the second quarter 2013 compared with net income of $8.5 million during the
first quarter of 2013 and net income of $7.8 million during the second quarter
2012.

Bank of Nevada, which was the recipient of net affiliate loan sales and
participations, reported that loans increased by $115 million during the
second quarter of 2013 and increased $414 million during the last 12 months to
$2.42 billion at June 30, 2013. Second quarter loan growth came primarily from
a rise in commercial real estate and construction and land development loans.
Deposits increased by $13 million in the second quarter of 2013 and $189
million over the last twelve months to $2.62 billion. Net income for Bank of
Nevada was $12.7 million for the second quarter 2013, compared with net income
of $10.7 million for the first quarter of 2013 and net income of $3.8 million
during the second quarter 2012.

The Torrey Pines Bank segment, which excludes the discontinued operations of
PartnersFirst, reported that loans increased $92 million during the second
quarter 2013 and increased $100 million during the last 12 months to $1.52
billion. Second quarter increases in loan balances were primarily attributable
to an increase in commercial and industrial loans. Deposits increased $51
million in the second quarter 2013 and $157 million over the last 12 months to
$1.75 billion. Net income for Torrey Pines Bank was $5.8 million during the
second quarter 2013 compared with net income of $6.3 million for the first
quarter of 2013 and net income of $5.3 million during the second quarter 2012.

Attached to this press release is summarized financial information for the
quarter ended June 30, 2013.

Conference Call and Webcast

Western Alliance Bancorporation will host a conference call and live webcast
to discuss its second quarter 2013 financial results at 12:00 p.m. ET on
Friday, July 19, 2013. Participants may access the call by dialing
1-888-317-6003 and using passcode: 2074791 or via live audio webcast using the
website link: https://services.choruscall.com/links/wal130719.html. The
webcast is also available via the Company’s website at
www.westernalliancebancorp.com. Participants should log in at least 15 minutes
early to receive instructions. The call will be recorded and made available
for replay after 2:00 p.m. ET July 19^th through August 2^nd at 9:00 a.m. ET
by dialing 1-877-344-7529 using the conference number 10031032.

About Western Alliance Bancorporation

Western Alliance Bancorporation is the parent company of Bank of Nevada,
Western Alliance Bank doing business as Alliance Bank of Arizona and First
Independent Bank, and Torrey Pines Bank. These dynamic organizations provide a
broad array of deposit and credit services to clients in Nevada, Arizona and
California. Staffed with experienced financial professionals, these
organizations deliver a broader product array and larger credit capacity than
community banks, yet are empowered to be more responsive to customers' needs
than larger institutions. Additional investor information can be accessed on
the Investor Relations page of the Company's website,
www.westernalliancebancorp.com.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements that relate to expectations,
beliefs, projections, future plans and strategies, anticipated events or
trends and similar expressions concerning matters that are not historical
facts. The forward-looking statements contained herein reflect our current
views about future events and financial performance and are subject to risks,
uncertainties, assumptions and changes in circumstances that may cause our
actual results to differ significantly from historical results and those
expressed in any forward-looking statement. Some factors that could cause
actual results to differ materially from historical or expected results
include: factors discussed in our Annual Report on Form 10-K for the year
ended December 31, 2012 as filed with the Securities and Exchange Commission;
changes in general economic conditions, either nationally or locally in the
areas in which we conduct or will conduct our business; inflation, interest
rate, market and monetary fluctuations; increases in competitive pressures
among financial institutions and businesses offering similar products and
services; higher defaults on our loan portfolio than we expect; changes in
management’s estimate of the adequacy of the allowance for credit losses;
legislative or regulatory changes or changes in accounting principles,
policies or guidelines; supervisory actions by regulatory agencies which may
limit our ability to pursue certain growth opportunities; management’s
estimates and projections of interest rates and interest rate policy; the
execution of our business plan; and other factors affecting the financial
services industry generally or the banking industry in particular.

We do not intend and disclaim any duty or obligation to update or revise any
industry information or forward-looking statements set forth in this press
release to reflect new information, future events or otherwise.

This press release contains both financial measures based on accounting
principles generally accepted in the United States (“GAAP”) and non-GAAP based
financial measures, which are used where management believes it to be helpful
in understanding Western Alliance Bancorporation’s results of operations or
financial position. Where non-GAAP financial measures are used, the comparable
GAAP financial measure, as well as the reconcilement to the comparable GAAP
financial measure, can be found in this press release. These disclosures
should not be viewed as a substitute for operating results determined in
accordance with GAAP, nor are they necessarily comparable to non-GAAP
performance measures that may be presented by other companies.

^1 See Reconciliation of Non-GAAP Financial Measures beginning on page 16

                                                                                      
Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited
                   At or for the Three Months                      For the Six Months
                    Ended June 30,                                  Ended June 30,
                    2013            2012            Change          2013            2012            Change
                                                    %                                               %
                                                                                                            
Selected
Balance Sheet
Data:
(dollars in
millions)
Total assets        $ 8,593.7       $ 7,163.6       20.0    %
Loans, net of         6,411.5         5,164.8       24.1
deferred fees
Securities
and money             1,313.1         1,401.5       (6.3  )
market
investments
Securities
purchased
under                 134.0           -             -
agreement to
resell
Total                 7,001.3         6,001.4       16.7
deposits
Borrowings            470.5           390.4         20.5
Junior
subordinated          39.9            36.7          8.7
debt
Stockholders'         799.5           672.1         19.0
equity
                                                                                                            
Selected
Income
Statement
Data:
(dollars in
thousands)
Interest            $ 89,285        $ 77,846        14.7    %       $ 172,393       $ 155,283       11.0    %
income
Interest             7,133         7,041        1.3              14,038        14,421       (2.7  )
expense
Net interest          82,152          70,805        16.0              158,355         140,862       12.4
income
Provision for        3,481         13,330       (73.9 )          8,920         26,411       (66.2 )
loan losses
Net interest
income after          78,671          57,475        36.9              149,435         114,451       30.6
provision for
credit losses
Non-interest          10,862          7,397         46.8              14,761          13,281        11.1
income
Non-interest         48,531        45,431       6.8              95,460        92,328       3.4
expense
Income from
continuing
operations,           41,002          19,441        110.9             68,736          35,404        94.1
before income
tax expense
Income tax           6,817         5,259        29.6             13,625        9,700        40.5
expense
Income from
continuing            34,185          14,182        141.0             55,111          25,704        114.4   %
operations
Loss on
discontinued         (169    )      (221    )     23.5             (131    )      (443    )
operations,
net
Net income          $ 34,016       $ 13,961       143.7   %       $ 54,980       $ 25,261  
Diluted net
income per
common share        $ 0.39         $ 0.16                         $ 0.63         $ 0.28    
from
continuing
operations
Diluted net
loss per
common share
from                $ (0.00   )     $ (0.00   )                     $ (0.00   )     $ (0.01   )
discontinued
operations,
net of tax
Diluted net
income per          $ 0.39         $ 0.15         160.0   %       $ 0.63         $ 0.27         133.0   %
common share
                                                                                                            
Common Share
Data:
Diluted net
income per          $ 0.39          $ 0.15          160.0   %       $ 0.63          $ 0.27          133.0   %
common share
Book value
per common          $ 7.57          $ 6.39          18.5    %
share
Tangible book
value per           $ 7.26          $ 6.01          20.8    %
share, net of
tax (1)
Average
shares
outstanding
(in
thousands):
Basic                 85,659          81,590        5.0               85,493          81,475        4.9
Diluted               86,524          81,955        5.6               86,254          82,091        5.1
Common shares         86,997          83,157        4.6
outstanding
                                                                                                            
(1) See Reconciliation of Non-GAAP Financial Measures
                                                                                                            
                                                                                                            

                                                                     
Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data (continued)
Unaudited
                 At or for the Three Months               For the Six Months
                  Ended June 30,                           Ended June 30,
                  2013         2012        Change          2013        2012        Change
                                           %                                       %
                  (in thousands, except per share data)
Selected
Performance
Ratios:
Return on
average           1.64   %     0.80  %     105.0   %       1.37  %     0.74  %     85.1    %
assets (1)
Return on
tangible          21.66        11.26       92.4            17.60       10.25       71.7
common
equity (2)
Net
interest          4.36         4.46        (2.2  )         4.36        4.49        (2.9  )
margin (1)
Net
interest          4.22         4.27        (1.2  )         4.21        4.31        (2.3  )
spread
Efficiency
ratio - tax       52.21        56.44       (7.5  )
equivalent
basis (2)
Loan to
deposit           91.58        86.06       6.4
ratio
                                                                                           
Capital
Ratios:
Tangible          9.0    %     8.9   %     0.6     %
equity (2)
Tangible
common            7.4          7.0         5.5
equity (2)
Tier 1
common            8.3          8.0         4.3
equity (2)
Tier 1
Leverage          9.9          9.7         2.1
ratio (3)
Tier 1 Risk
Based             10.8         11.0        (1.8  )
Capital (3)
Total Risk
Based             12.0         12.3        (2.4  )
Capital (3)
                                                                                           
Asset
Quality
Ratios:
Net
charge-offs
to average        0.17   %     1.11  %     (84.7 ) %       0.71  %     1.15  %     (38.3 ) %
loans
outstanding
(1)
Nonaccrual
loans to          1.42         2.02        (29.7 )
gross loans
Nonaccrual
loans and
repossessed       1.85         2.53        (26.9 )
assets to
total
assets
Loans past
due 90 days
and still         0.01         0.02        (50.0 )
accruing to
total loans
Allowance
for credit        1.50         1.89        (20.6 )
losses to
loans
Allowance
for credit
losses to         116.19       93.47       24.3
nonaccrual
loans
                                                                                           
(1) Annualized for the three and six month periods ended June 30, 2013 and 2012.
(2) See Reconciliation of Non-GAAP Financial Measures.
(3) Capital ratios are preliminary until Call Reports are filed.
                
                

                                                              
Western Alliance Bancorporation and Subsidiaries
Condensed Consolidated Income Statements
Unaudited                Three Months Ended              Six Months Ended
                         June 30,                        June 30,
                         2013           2012             2013            2012
Interest income:         (dollars in thousands)
Loans                    $ 81,093       $ 68,342         $ 155,818       $ 136,102
Investment                 7,822          9,389            15,980          18,974
securities
Federal funds sold        370          115            595           207     
and other
Total interest            89,285       77,846         172,393       155,283 
income
Interest expense:
Deposits                   3,929          4,168            7,661           8,930
Borrowings                 2,749          2,386            5,456           4,520
Junior                    455          487            921           971     
subordinated debt
Total interest            7,133        7,041          14,038        14,421  
expense
Net interest               82,152         70,805           158,355         140,862
income
Provision for             3,481        13,330         8,920         26,411  
credit losses
Net interest
income after              78,671       57,475         149,435       114,451 
provision for
credit losses
Non-interest
income
Service charges            2,449          2,317            4,983           4,602
Bank owned life            1,036          1,120            2,072           2,243
insurance
Amortization of
affordable housing         (900   )       (59    )         (1,800  )       (59     )
investments
(Losses) Gains on
sales of                   (5     )       1,110            142             1,471
investment
securities, net
Unrealized
(losses) gains on
assets/liabilities         (3,290 )       564              (3,761  )       232
measured at fair
value, net
Bargain purchase
gain from                  10,044         -                10,044          -
acquisition
Other                     1,528        2,345          3,081         4,792   
Total non-interest        10,862       7,397          14,761        13,281  
income
Non-interest
expenses:
Salaries and               28,100         25,995           54,674          52,659
employee benefits
Occupancy                  4,753          4,669            9,599           9,391
Legal,
professional and           2,227          2,517            5,011           4,089
director's fees
Insurance                  2,096          2,152            4,466           4,202
Data Processing            2,175          1,293            4,040           2,288
Marketing                  1,607          1,459            3,371           2,830
Loan and
repossessed asset          721            1,653            2,317           3,337
expenses
Customer service           717            682              1,360           1,274
Net (gain) loss on
sales and                  (1,124 )       901              (605    )       3,552
valuations of
repossessed assets
Intangible                 597            890              1,194           1,779
amortization
Merger/restructure         2,620          -                2,815           -
expense
Other                     4,042        3,220          7,218         6,927   
Total non-interest        48,531       45,431         95,460        92,328  
expense
Income from
continuing                 41,002         19,441           68,736          35,404
operations before
income taxes
Income tax expense        6,817        5,259          13,625        9,700   
Income from
continuing                 34,185         14,182           55,111          25,704
operations
Loss from
discontinued              (169   )      (221   )        (131    )      (443    )
operations net of
tax benefit
Net income                 34,016         13,961           54,980          25,261
Preferred stock           353          1,325          706           3,088   
dividends
Net income
available to             $ 33,663      $ 12,636        $ 54,274       $ 22,173  
common
stockholders
Diluted net income       $ 0.39        $ 0.15          $ 0.63         $ 0.27    
per share
                                                                         
                                                                         

                                                                            
Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Income Statements
Unaudited             Three Months Ended
                         June 30,       March 31,      December       September      June 30,
                                                       31,            30,
                         2013           2013           2012           2012           2012
Interest income:         (in thousands, except per share data)
Loans                    $ 81,093       $ 74,725       $ 75,303       $ 69,580       $ 68,342
Investment                 7,822          8,158          8,794          9,034          9,389
securities
Federal funds sold        370          225          246          55           115    
and other
Total interest            89,285       83,108       84,343       78,669       77,846 
income
Interest expense:
Deposits                   3,929          3,732          3,890          3,974          4,168
Borrowings                 2,749          2,707          2,528          2,262          2,386
Junior                    455          466          470          487          487    
subordinated debt
Total interest            7,133        6,905        6,888        6,723        7,041  
expense
Net interest               82,152         76,203         77,455         71,946         70,805
income
Provision for             3,481        5,439        11,501       8,932        13,330 
credit losses
Net interest
income after              78,671       70,764       65,954       63,014       57,475 
provision for
credit losses
Non-interest
income
Service charges            2,449          2,534          2,438          2,412          2,317
Bank owned life            1,036          1,036          1,080          1,116          1,120
insurance
Amortization of
affordable housing         (900   )       (900   )       (1,069 )       (651   )       (59    )
investments
(Losses) Gains on
sales of                   (5     )       147            1,447          1,031          1,110
investment
securities, net
Unrealized
(losses) gains on
assets/liabilities         (3,290 )       (471   )       (48    )       470            564
measured at fair
value, net
Bargain purchase
gain from                  10,044         -              17,562         -              -
acquisition
Other                     1,528        1,553        3,053        2,604        2,345  
Total non-interest        10,862       3,899        24,463       6,982        7,397  
income
Non-interest
expenses:
Salaries and               28,100         26,574         26,885         25,500         25,995
employee benefits
Occupancy                  4,753          4,846          4,769          4,655          4,669
Legal,
professional and           2,227          2,784          1,849          2,291          2,517
director's fees
Data Processing            2,175          1,865          2,071          1,390          1,293
Insurance                  2,096          2,370          2,188          2,121          2,152
Marketing                  1,607          1,764          1,546          1,231          1,459
Loan and
repossessed asset          721            1,596          2,102          1,236          1,653
expenses
Customer service           717            643            678            653            682
Net (gain) loss on
sales and                  (1,124 )       519            529            126            901
valuations of
repossessed assets
Intangible                 597            597            596            880            890
amortization
Merger/restructure         2,620          195            2,706          113            -
expense
Goodwill and
intangible                 -              -              -              3,435          -
impairment
Other                     4,042        3,176        3,070        3,912        3,220  
Total non-interest        48,531       46,929       48,989       47,543       45,431 
expense
Income from
continuing                 41,002         27,734         41,428         22,453         19,441
operations before
income taxes
Income tax expense        6,817        6,808        7,509        6,752        5,259  
Income from
continuing               $ 34,185       $ 20,926       $ 33,919       $ 15,701       $ 14,182
operations
(Loss) Income from
discontinued              (169   )      38           (1,804 )      (243   )      (221   )
operations, net of
tax
Net income               $ 34,016      $ 20,964      $ 32,115      $ 15,458      $ 13,961 
Preferred stock           353          353          353          352          1,325  
dividends
Net Income
available to             $ 33,663      $ 20,611      $ 31,762      $ 15,106      $ 12,636 
common
stockholders
Diluted net income       $ 0.39        $ 0.24        $ 0.37        $ 0.18        $ 0.15   
per share
                                                                                     
                                                                                     

                                                                           
Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Balance Sheets
Unaudited
                 June 30,        March 31,       December        September       June 30,
                                                    31,             30,
                    2013            2013            2012            2012            2012
Assets:             (in millions)
Cash and due        $ 248.9         $ 422.3         $ 204.6         $ 168.1         $ 178.9
from banks
Securities
purchased
under                134.0         134.0         -             139.8         -       
agreement to
resell
Cash and cash         382.9           556.3           204.6           307.9           178.9
equivalents
                                                                                    
Securities
and money             1,313.1         1,302.4         1,236.6         1,338.9         1,401.5
market
investments
Loans held            27.6            27.9            31.1            -               -
for sale
Loans held
for
investment
Commercial            2,174.1         2,084.9         1,947.8         1,756.0         1,573.6
Commercial
real estate -         1,839.7         1,538.4         1,505.6         1,407.1         1,440.4
non-owner
occupied
Commercial
real estate -         1,550.0         1,414.3         1,396.8         1,331.3         1,310.3
owner
occupied
Construction
and land              416.7           381.1           394.3           379.8           360.6
development
Residential           381.7           388.7           407.9           408.4           430.4
real estate
Consumer              28.5            26.0            31.8            56.6            55.8
Deferred             (6.8    )      (6.0    )      (6.0    )      (6.3    )      (6.3    )
fees, net
Gross loans
and deferred          6,383.9         5,827.4         5,678.2         5,332.9         5,164.8
fees, net
Allowance for        (96.3   )      (95.5   )      (95.4   )      (97.4   )      (97.5   )
credit losses
Loans, net           6,287.6       5,731.9       5,582.8       5,235.5       5,067.3 
                                                                                    
Premises and
equipment,            106.1           107.1           107.9           106.9           106.9
net
Other
repossessed           76.5            77.9            77.2            78.2            77.0
assets
Bank owned
life                  140.4           139.4           138.3           137.3           136.1
insurance
Goodwill and
other                 28.5            29.2            29.8            29.0            34.0
intangibles
Other assets         231.0         202.0         214.3         169.9         161.9   
Total assets        $ 8,593.7      $ 8,174.1      $ 7,622.6      $ 7,403.6      $ 7,163.6 
Liabilities
and
Stockholders'
Equity:
Liabilities:
Deposits:
Non-interest
bearing             $ 1,919.6       $ 1,930.4       $ 1,933.2       $ 1,840.8       $ 1,842.1
demand
deposits
Interest
bearing
Demand                631.3           619.7           582.3           514.7           540.6
Savings and           2,945.1         2,826.7         2,573.5         2,541.2         2,438.4
money market
Time                 1,505.3       1,358.1       1,366.2       1,265.3       1,180.3 
certificates
Total                 7,001.3         6,734.9         6,455.2         6,162.0         6,001.4
deposits
Customer
repurchase           51.9          64.7          79.0          73.1          86.9    
agreements
Total
customer              7,053.2         6,799.6         6,534.2         6,235.1         6,088.3
funds
Securities            129.5           132.6           -               138.3           -
sold short
Borrowings            418.6           293.8           193.7           223.6           303.5
Junior
subordinated          39.9            36.7            36.2            36.2            36.7
debt
Accrued
interest
payable and          153.0         130.1         98.9          72.4          63.0    
other
liabilities
Total                7,794.2       7,392.8       6,863.0       6,705.6       6,491.5 
liabilities
Stockholders'
Equity
Common stock
and
additional            789.5           786.9           784.9           751.1           748.1
paid-in
capital
Preferred             141.0           141.0           141.0           141.0           141.0
Stock
Accumulated           (120.2  )       (153.8  )       (174.5  )       (206.2  )       (221.3  )
deficit
Accumulated
other                (10.8   )      7.2           8.2           12.1          4.3     
comprehensive
(loss) income
Total
stockholders'        799.5         781.3         759.6         698.0         672.1   
equity
Total
liabilities
and                 $ 8,593.7      $ 8,174.1      $ 7,622.6      $ 7,403.6      $ 7,163.6 
stockholders'
equity
                                                                                    
                                                                                    

                                                                        
Western Alliance Bancorporation and Subsidiaries
Changes in the Allowance For Credit Losses
Unaudited
                  Three Months Ended
                   June 30,        March 31,       December        September       June 30,
                                                   31,             30,
                   2013            2013            2012            2012            2012
                                                                                   
                   (in thousands)
Balance,
beginning of       $ 95,494        $ 95,427        $ 97,410        $ 97,512        $ 98,122
period
Provision
for credit           3,481           5,439           11,501          8,932           13,330
losses
Recoveries
of loans
previously
charged-off:
Commercial
and                  1,757           441             372             501             1,417
industrial
Commercial
real estate          154             440             288             27              368
- non-owner
occupied
Commercial
real estate          479             502             109             606             193
- owner
occupied
Construction
and land             120             701             2,033           567             217
development
Residential          549             569             313             153             274
real estate
Consumer            11            14            63            38            214     
Total                3,070           2,667           3,178           1,892           2,683
recoveries
Loans
charged-off:
Commercial
and                  1,065           1,770           4,654           4,100           4,933
industrial
Commercial
real estate          1,000           1,908           2,673           998             2,463
- non-owner
occupied
Commercial
real estate          1,391           979             4,470           472             3,178
- owner
occupied
Construction
and land             238             614             405             2,315           3,185
development
Residential          2,010           2,493           1,307           2,242           2,094
real estate
Consumer            18            275           3,153         799           770     
Total loans          5,722           8,039           16,662          10,926          16,623
charged-off
Net loans           2,652         5,372         13,484        9,034         13,940  
charged-off
Balance, end       $ 96,323       $ 95,494       $ 95,427       $ 97,410       $ 97,512  
of period
                                                                                   
Net
charge-offs
(annualized)         0.17    %       0.38    %       0.99    %       0.70    %       1.11    %
to average
loans
outstanding
Allowance
for credit           1.50            1.63            1.67            1.83            1.89
losses to
gross loans
Nonaccrual         $ 82,899        $ 93,748        $ 104,716       $ 121,238       $ 104,324
loans
Repossessed          76,499          77,921          77,247          78,234          76,994
assets
Loans past
due 90 days,         793             1,640           1,388           1,710           795
still
accruing
Loans past
due 30 to 89         7,341           14,795          16,565          10,181          13,848
days, still
accruing
Classified
loans on             140,192         97,351          112,637         116,841         135,913
accrual
Special
mention              115,135         125,660         103,550         97,681          91,924
loans
                                                                                   
                                                                                   

                                                                                          
Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
                         Three Months Ended June 30,
                          2013                                         2012
                          Average                        Average       Average                        Average
                          Balance       Interest       Yield/        Balance         Interest       Yield/
                                                         Cost                                         Cost
Interest earning          ($ in           ($ in                        ($ in           ($ in
assets                    millions)       thousands)                   millions)       thousands)
Loans (1)                 $ 6,100.8       $  81,093      5.40  %       $ 5,014.1       $  68,342      5.50  %
Investment                  1,295.9          7,822       2.92  %         1,417.1          9,389       3.15  %
securities (1)
Federal funds sold         407.6        370       0.36  %        133.1        115       0.35  %
and other
Total interest              7,804.4          89,285      4.73  %         6,564.3          77,846      4.88  %
earning assets
Non-interest
earning assets
Cash and due from           119.2                                        113.1
banks
Allowance for               (96.6   )                                    (97.5   )
credit losses
Bank owned life             139.7                                        135.4
insurance
Other assets               432.7                                      346.9   
Total assets              $ 8,399.4                                   $ 7,062.2 
Interest-bearing
liabilities
Interest-bearing
deposits:
Interest-bearing
transaction               $ 626.8         $  370         0.24  %       $ 518.4         $  310         0.24  %
accounts
Savings and money           2,768.7          2,007       0.29  %         2,296.0          1,956       0.34  %
market
Time certificates          1,584.0      1,552     0.39  %        1,320.7      1,902     0.58  %
of deposit
Total
interest-bearing            4,979.5          3,929       0.32  %         4,135.1          4,168       0.40  %
deposits
Borrowings                  554.0            2,749       1.98  %         425.7            2,386       2.24  %
Junior subordinated        36.7         455       4.96  %        37.3         487       5.22  %
debt
Total
interest-bearing            5,570.1          7,133       0.51  %         4,598.1          7,041       0.61  %
liabilities
Noninterest-bearing
liabilities
Noninterest-bearing         1,898.2                                      1,744.1
demand deposits
Other liabilities           124.6                                        52.1
Stockholders’              806.4                                      667.9   
equity
Total liabilities
and stockholders'         $ 8,399.4                                   $ 7,062.2 
equity
Net interest income                       $  82,152      4.36  %                       $  70,805      4.46  %
and margin
Net interest spread                                      4.22  %                                      4.27  %
                                                                                                      

(1) Yields on loans and securities have been adjusted to a tax equivalent
basis. The taxable-equivalent adjustment was $2,929 and $2,310 for the second
quarter ended 2013 and 2012, respectively.



                                                                                          
Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
                      
                          Six Months Ended June 30,
                          2013                                         2012
                                                                                                      
                          Average                        Average       Average                        Average
                          Balance         Interest       Yield/        Balance         Interest       Yield/
                                                         Cost                                         Cost
Interest earning          ($ in           ($ in                        ($ in           ($ in
Assets                    millions)       thousands)                   millions)       thousands)
Loans (1)                 $ 5,857.0       $  155,818     5.41  %       $ 4,898.5       $  136,102     5.59  %
Investment                  1,289.7          15,980      3.06  %         1,420.2          18,974      3.14  %
securities (1)
Federal funds sold         406.2        595       0.29  %        132.2        207       0.31  %
& other
Total interest              7,552.9          172,393     4.73  %         6,450.9          155,283     4.94  %
earnings assets
Non-interest
earning assets
Cash and due from           122.9                                        113.3
banks
Allowance for               (96.8   )                                    (99.1   )
credit losses
Bank owned life             139.2                                        134.8
insurance
Other assets               427.3                                      352.5   
Total assets              $ 8,145.5                                   $ 6,952.4 
Interest-bearing
liabilities
Interest-bearing
deposits:
Interest bearing
transaction               $ 617.8         $  671         0.22  %       $ 511.3         $  624         0.24  %
accounts
Savings and money           2,695.2          3,918       0.29  %         2,264.8          4,124       0.36  %
market
Time certificates          1,517.2      3,072     0.40  %        1,372.5      4,182     0.61  %
of deposits
Total
interest-bearing            4,830.2          7,661       0.32  %         4,148.6          8,930       0.44  %
deposits
Borrowings                  501.3            5,456       2.18  %         360.3            4,520       2.51  %
Junior subordinated        36.5         921       5.05  %        37.1         971       5.23  %
debt
Total
interest-bearing          $ 5,368.0          14,038      0.52  %       $ 4,546.0          14,421      0.63  %
liabilities
Noninterest-bearing
liabilities
Noninterest-bearing         1,876.8                                      1,694.9
demand deposits
Other liabilities           108.2                                        48.7
Stockholders’              792.5                                      662.8   
equity
Total liabilities
and stockholders'         $ 8,145.5                                   $ 6,952.4 
equity
Net interest income                       $  158,355     4.36  %                       $  140,862     4.49  %
and margin
Net interest spread                                      4.21  %                                      4.31  %
                                                                                                      

(1) Yields on loans and securities have been adjusted to a tax equivalent
basis. The taxable-equivalent adjustment was $6,311 and $4,017 for the six
months June 30, 2013 and 2012, respectively.



                                                                                            
Western Alliance Bancorporation and Subsidiaries
Operating Segment Results
Unaudited                                                                    Inter-
                                                                                    segment        Consoli-
                    Western         Bank            Torrey                          elimi-         dated
                    Alliance        of Nevada       Pines Bank*     Other           nations        Company
                    Bank
At June 30,         (dollars in millions)
2013
Assets              $ 3,053.0       $ 3,319.2       $ 2,030.7       $ 1,124.8       $ (934.0 )     $ 8,593.7
Held for sale         -               -               27.6            -               -              27.6
loans
Gross loans
and deferred          2,454.4         2,416.3         1,494.0         62.1            (43.0  )       6,383.9
fees, net
Less:
Allowance for        (22.3   )    (55.8   )    (15.6   )    (2.6    )    -          (96.3   )
credit losses
Loans, net           2,432.1     2,360.5     1,478.5     59.5        (43.0  )    6,287.6 
Goodwill and
intangible            3.0             25.6            -               -               -              28.6
assets
Deposits              2,648.9         2,619.9         1,749.4         -               (16.9  )       7,001.3
Borrowings            74.7            200.0           45.0            123.9           (25.0  )       418.6
Stockholders'         262.4           393.1           170.1           817.8           (843.9 )       799.5
equity
                                                                                                   
No. of                17              12              12              -               -              41
branches
No. of FTE            293             388             229             105             -              1,015
                                                                                                   
Three Months
Ended June          (in thousands)
30, 2013:
Net interest        $ 32,530        $ 30,679        $ 20,603          (1,660  )     $ -            $ 82,152
income
Provision for        1,009       999         740         733         -          3,481   
credit losses
Net interest
income (loss)
after                 31,521          29,680          19,863          (2,393  )       -              78,671
provision for
credit losses
Non-interest          11,300          3,732           606             (294    )       (4,482 )       10,862
income
Non-interest         (17,100 )    (16,034 )    (11,958 )    (7,921  )    4,482      (48,531 )
expense
Income (loss)
from
continuing            25,721          17,378          8,511           (10,608 )       -              41,002
operations
before income
taxes
Income tax
expense              5,247       4,672       2,669       (5,771  )    -          6,817   
(benefit)
Income (loss)
from                  20,474          12,706          5,842           (4,837  )       -              34,185
continuing
operations
Loss from
discontinued         -                        -           (169    )    -          (169    )
operations,
net
Net income          $ 20,474     $ 12,706     $ 5,842      $ (5,006  )   $ -         $ 34,016  
(loss)
                                                                                                   
Six Months
Ended June          (in thousands)
30, 2013:
Net interest        $ 59,165        $ 59,933        $ 41,380        $ (2,123  )     $ -            $ 158,355
income
Provision for        3,644       1,404       832         3,040       -          8,920   
credit losses
Net interest
income (loss)
after                 55,521          58,529          40,548          (5,163  )       -              149,435
provision for
credit losses
Non-interest          12,704          7,069           1,204           1,411           (7,627 )       14,761
income
Non-interest         (30,168 )    (33,925 )    (23,927 )    (15,067 )    7,627      (95,460 )
expense
Income (loss)
from
continuing            38,057          31,673          17,825          (18,819 )       -              68,736
operations
before income
taxes
Income tax
expense              9,089       8,265       5,668       (9,397  )    -          13,625  
(benefit)
Income (loss)
from                  28,968          23,408          12,157          (9,422  )       -              55,111
continuing
operations
Loss from
discontinued         -           -           -           (131    )    -          (131    )
operations,
net
Net income          $ 28,968     $ 23,408     $ 12,157     $ (9,553  )   $ -         $ 54,980  
(loss)
                                                                                                   
* Excludes discontinued operations
                                                                                                   
                                                                                                   

<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb b*Story too large*
                                                                                           
Western Alliance Bancorporation and Subsidiaries
Operating Segment Results
Unaudited                                                                   Inter-
                                                                                   segment        Consoli-
                    Western         Bank            Torrey                         elimi-         dated
                    Alliance        of Nevada       Pines Bank*     Other          nations        Company
                    Bank
At June 30,         (dollars in millions)
2012
Assets              $ 2,349.6       $ 2,920.2       $ 1,895.9       $ 800.7        $ (802.8 )     $ 7,163.6
Gross loans
and deferred          1,783.6         2,002.1         1,422.0         -              (42.9  )       5,164.8
fees, net
Less:
Allowance for        (20.3   )    (60.5   )    (16.7   )    -          -          (97.5   )
credit losses
Loans, net           1,763.3     1,941.6     1,405.3     -          (42.9  )    5,067.3 
Goodwill and
intangible            3.8             25.8            0.2             4.1            -              33.9
assets
Deposits              1,998.2         2,430.9         1,592.5         -              (20.2  )       6,001.4
Borrowings            70.0            100.0           72.0            74             (12.0  )       303.5
Stockholders'         208.7           329.5           161.6           680.4          (708.1 )       672.1
equity
                                                                                                  
No. of                16              11              12              -              -              39
branches
No. of FTE            239             386             228             100            -              953
                                                                                                  
Three Months
Ended June          (in thousands)
30, 2012:
Net interest        $ 24,060        $ 27,498        $ 21,374        $ (2,127 )     $ -            $ 70,805
income
Provision for        2,100       8,747       2,483       -          -          13,330  
credit losses
Net interest
income (loss)
after                 21,960          18,751          18,891          (2,127 )       -              57,475
provision for
credit losses
Non-interest          1,994           4,291           1,079           1,929          (1,896 )       7,397
income
Non-interest         (12,086 )    (18,140 )    (11,338 )    (5,763 )    1,896      (45,431 )
expense
Income (loss)
from
continuing            11,868          4,902           8,632           (5,961 )       -              19,441
operations
before income
taxes
Income tax
expense              4,091       1,137       3,340       (3,309 )    -          5,259   
(benefit)
Income (loss)
from                  7,777           3,765           5,292           (2,652 )       -              14,182
continuing
operations
Loss from
discontinued         -           -           -           (221   )    -          (221    )
operations,
net
Net income          $ 7,777      $ 3,765      $ 5,292      $ (2,873 )   $ -         $ 13,961  
(loss)
                                                                                                  
Six Months
Ended June
30, 2012:
Net interest        $ 47,116        $ 55,337        $ 42,610
income

[TRUNCATED]
 
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