Western Alliance Bancorp (WAL) reported fourth-quarter net income of $32.1 million, more than quadruple compared to $7.1 million in the prior year quarter. Earnings per share grew to $0.37, up from $0.07 per share in the year-ago quarter.
Net income was $18.9 million for the quarter, excluding $14.8 million net effect from certain transactions which include the effect of the bargain purchase gain on Western Liberty, $1.9 million of securities gains, $0.9 million net legal settlements, $5.6 million accrued disposition costs and $1.2 million large loan prepayment fee
Earnings per share were $0.22, excluding $0.15 per share net effect from certain transactions which include the effect of the bargain purchase gain on Western Liberty, $0.02 per share securities gains, $0.01 per share net legal settlements, $0.04 per share accrued disposition cost related to affinity credit card services and $0.01 per share for loan prepayment fee
Net revenue was $82.5 million, an increase of 11.0 percent from $74.3 million a year earlier.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.22 per share on revenues of $82.92 million for the quarter. Analysts' estimates typically exclude special items.
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