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Last $33.83 USD
Change Today -0.01 / -0.03%
Volume 562.2K
WAL On Other Exchanges
Symbol
Exchange
New York
Berlin
As of 8:04 PM 07/31/15 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

One East Washington Street

Phoenix, AZ 85004

United States

Phone: 602-389-3500

Fax:

Western Alliance Bancorporation operates as the bank holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada. The company provides a spectrum of deposit, lending, treasury management, and online banking products and services. The company also serves business customers through a national platform of specialized financial services, including Alliance Association Bank; Western Alliance Corporate Finance; Western Alliance Equipment Finance; Western Alliance Public Finance; Western Alliance Resort Finance; and Western Alliance Warehouse Lending. The company has one non-bank subsidiary, Las Vegas Sunset Properties (LVSP), which holds and manages certain non-performing loans and other real estate owned. In addition to bank, the company has various wholly-owned subsidiaries, including WAB Investments, Inc., BON Investments, Inc., and TPB Investments, Inc. - each hold certain investment securities, municipal loans, and leases; BW Real Estate, Inc. - operates as a real estate investment trust and holds certain real estate loans and related securities; BW Nevada Holdings, LLC - owns the 2700 West Sahara Avenue, Las Vegas, Nevada office building; and Western Alliance Equipment Finance - offers equipment finance services nationwide. Lending Activities The company, through its banking divisions and non-bank subsidiaries, provides various financial services to customers, including commercial real estate (CRE) loans, construction and land development loans, commercial loans, and consumer loans. Commercial and Industrial: Commercial and industrial loans include working capital lines of credit, inventory and accounts receivable lines, mortgage warehouse lines, equipment loans and leases, and other commercial loans. Loans to tax exempt municipalities and not-for-profit organizations are categorized as commercial loans. CRE: Loans to finance the purchase or refinancing of CRE and loans to finance inventory and working capital that are additionally secured by CRE make up the majority of the company’s loan portfolio. These CRE loans are secured by apartment buildings, professional offices, industrial facilities, retail centers, and other commercial properties. Owner-occupied CRE loans are loans secured by owner-occupied nonfarm nonresidential properties for which the primary source of repayment (approximately 50%) is the cash flow from the ongoing operations and activities conducted by the borrower who owns the property. Non-owner-occupied CRE loans are CRE loans for which the primary source of repayment is nonaffiliated rental income associated with the collateral property. Construction and Land Development: Construction and land development loans include multi-family apartment projects, industrial/warehouse properties, office buildings, retail centers, and medical facilities. Consumer: Limited types of consumer loans are offered to meet customer demand and to respond to community needs. Consumer loans are generally offered at a higher rate and shorter term than residential mortgages. The company’s consumer loans include home equity loans and lines of credit, home improvement loans and personal lines of credit. Investment Portfolio As of December 31, 2014, the company’s investment portfolio included U.S. government sponsored agency securities; municipal obligations; preferred stock; mutual funds; residential mortgage-backed securities (MBS) issued by government-sponsored enterprises (GSEs); commercial MBS issued by GSEs; private label residential MBS; private label commercial MBS; trust preferred securities; Community Reinvestment Act investments; collateralized debt obligations; and corporate debt securities. Deposit Products The company offers various deposit products, including checking accounts, savings accounts, money market accounts, and other types of deposit accounts, including fixed-rate, fixed maturity retail certificates of deposit. Financial Products and Services In addition to traditional commercial banking activities, the company offers other financial services to its customers, including Internet banking, wire transfers, electronic bill payment, lock box services, courier, and cash management services. Foreign Operations The company provides loans, letters of credit, and other trade-related services to commercial enterprises that conduct business outside the U.S. Regulation The company is a bank holding company, registered with the Board of Governors of the Federal Reserve or the Federal Reserve, under the Bank Holding Company Act of 1956 (BHCA). As such, the Federal Reserve is the company’s primary federal regulator, and the company is subject to extensive regulation, supervision and examination by the Federal Reserve. The bank was a state-chartered, non-member bank and was subject to regulation, supervision and examination by the Federal Deposit Insurance Corporation (FDIC) during 2014. In January 2015, the bank became a member of the Federal Reserve System and both the company and the bank are regulated by the Federal Reserve Bank. In addition, the bank is chartered in Arizona and is subject to supervision by the Arizona Department of Financial Institutions. Deposits in the bank are insured by the FDIC to applicable limits through the Deposit Insurance Fund. The company’s ability to pay dividends is subject to the regulatory authority of the Federal Reserve.

 

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Industry Analysis

WAL

Industry Average

Valuation WAL Industry Range
Price/Earnings 19.2x
Price/Sales 6.9x
Price/Book 2.1x
Price/Cash Flow 22.1x
TEV/Sales 5.4x
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