Western Alliance (NYSE:WAL) saw its profit climb in the second quarter, exceeding Street expectations.
Earnings and Revenue The company announced EPS of 15 cents a share against the 13 cents a share estimate.
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The company's net income for the quarter was $14 million. According to the reported number, this is up 124.1% from last year's levels.
Company Fundamental Trends
History Against Expectations The company topped estimates last quarter after falling in line with expectations in the first quarter. It reported net income of 12 cents per share.
Official Comment: "Our strong growth trends continued in the second quarter with record revenue during the period and tripling our earnings per share from a year ago," said Robert Sarver, Chairman and Chief Executive Officer of Western Alliance Bancorporation. "With over $300 million in both loan and deposit growth in 2012, we have maintained our earnings power momentum while continuing to improve the asset quality composition of our balance sheet. From our success in achieving the goals as a participant in the Small Business Lending Fund, we expect to see the dividend rate on our preferred stock fall to one percent this quarter from 3.7 percent during the second."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.