Western Alliance Bancorporation Reports Fourth Quarter and Full Year 2020 Financial Results
Western Alliance Bancorporation (NYSE:WAL) reported a strong performance for Q4 and the full year 2020, achieving net income of $193.6 million and earnings per share of $1.93, marking over a 50% increase year-over-year. The company saw record earnings and pre-provision net revenue (PPNR) of $206.4 million for the quarter, up 13.9%.
Annual net income reached $506.6 million, with a 4.1% rise in earnings per share to $5.04. Total deposits grew by $3.1 billion to $31.9 billion.
- Net income increased to $193.6 million in Q4 2020, a 51.1% increase from Q4 2019.
- Earnings per share rose to $1.93, up from $1.25 in Q4 2019.
- Total deposits grew by $3.1 billion, or 42.6% annualized, reaching $31.9 billion.
- Pre-provision net revenue (PPNR) increased to $206.4 million, up 13.9% from the previous quarter.
- Tangible book value per share increased by 6.4% to $30.90.
- The efficiency ratio increased to 38.2%, compared to 39.7% in the previous quarter, indicating higher non-interest expenses.
- Net loan charge-offs rose to $3.9 million in Q4 2020, compared to $1.2 million in Q4 2019.
Western Alliance Bancorporation (NYSE:WAL):
FOURTH QUARTER AND FULL YEAR 2020 FINANCIAL RESULTS |
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Net income |
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Earnings per share |
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PPNR1 |
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Net interest margin |
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Efficiency ratio1 |
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Book value per
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CEO COMMENTARY: |
“Western Alliance continued on the successful path it has paved from the start of the year and closed out the year with record revenues, PPNR1 and earnings,” said Kenneth Vecchione, President and Chief Executive Officer. “Our strategy to align the Company with strong borrowers nationwide provided us the strength and flexibility to navigate the economic volatility as we grew our balance sheet and earnings, while simultaneously managing asset quality. We achieved a record
“Reflecting on full year results, PPNR1 climbed
LINKED-QUARTER BASIS |
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FULL YEAR |
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FINANCIAL POSITION RESULTS: |
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LOANS AND ASSET QUALITY: |
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KEY PERFORMANCE METRICS: |
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1 See reconciliation of Non-GAAP Financial Measures. |
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Income Statement
Net interest income was
The Company recognized a reversal of a portion of credit loss provisions2 taken earlier in the year of
The Company’s net interest margin in the fourth quarter 2020 was
Non-interest income was
Net revenue was
Non-interest expense was
Income tax expense was
Net income was
The Company views its pre-provision net revenue1 ("PPNR") as a key metric for assessing the Company’s earnings power, which it defines as net revenue less non-interest expense. For the fourth quarter 2020, the Company’s PPNR1 was
The Company had 1,915 full-time equivalent employees and 49 offices at December 31, 2020, compared to 1,885 employees and 49 offices at September 30, 2020, and 1,835 employees and 47 offices at December 31, 2019.
1 |
See reconciliation of Non-GAAP Financial Measures. |
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2 |
Upon adoption of CECL on January 1, 2020, Provision for credit losses has been modified to also include amounts related to unfunded loan commitments and investment securities. Prior period amounts have been restated to conform to the current presentation. |
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Balance Sheet
Gross loans totaled
Deposits totaled
The table below shows the Company's deposit types as a percentage of total deposits:
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Dec 31, 2020 |
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Sep 30, 2020 |
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Dec 31, 2019 |
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Non-interest bearing |
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42.1 |
% |
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45.1 |
% |
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37.5 |
% |
Savings and money market |
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38.9 |
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36.7 |
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40.0 |
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Interest-bearing demand |
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13.8 |
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12.3 |
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12.1 |
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Certificates of deposit |
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5.2 |
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5.9 |
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10.4 |
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The Company’s ratio of loans to deposits was
Borrowings were
Qualifying debt totaled
Stockholders’ equity was
At December 31, 2020, tangible common equity, net of tax, was
Total assets increased
Asset Quality
Recovery of credit losses totaled
Nonaccrual loans decreased
Repossessed assets totaled
The ratio of classified assets to Tier 1 capital plus the allowance for credit losses, a common regulatory measure of asset quality, was
1 |
See reconciliation of Non-GAAP Financial Measures. |
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Segment Highlights
As disclosed in the Company's Form 8-K, filed on January 19, 2021, the Company has made changes to its reportable segments, which have been reflected in the Company's operating segment results as of October 1, 2020.
Prior to October 1, 2020, the Company's reportable segments were aggregated primarily based on geographic location, services offered, and markets served and consisted of the following:
- Four regional banking segments: Arizona, Nevada, Southern California, and Northern California;
- Five National Business Lines ("NBL") segments: Homeowner Associations ("HOA") Services, Hotel Franchise Finance ("HFF"), Public & Nonprofit Finance, Technology & Innovation, and Other NBLs; and
- A Corporate & Other segment.
As of October 1, 2020, the Company's reportable segments are aggregated with a focus on products and services offered and consist of three reportable segments:
- Commercial segment: provides commercial banking and treasury management products and services to small and middle-market businesses, specialized banking services to sophisticated commercial institutions and investors within niche industries, as well as financial services to the real estate industry.
- Consumer Related segment: offers both commercial banking services to enterprises in consumer-related sectors and consumer banking services, such as residential mortgage banking.
- Corporate & Other segment: consists of the Company's investment portfolio, Corporate borrowings and other related items, income and expense items not allocated to our other reportable segments, and inter-segment eliminations.
Key management metrics for evaluating the performance of the Company's Commercial and Consumer Related segments include loan and deposit growth, asset quality, and pre-tax income.
The Commercial segment reported a gross loan balance of
Pre-tax income for the Commercial segment was
The Consumer Related segment reported a gross loan balance of
Pre-tax income for the Consumer Related segment was
Total loans and deposits as of December 31, 2020 under the Company's previous reportable segments are as follows:
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As of December 31, 2020: |
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Total Loans, net |
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Total Deposits |
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Regional Segments |
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($ in millions) |
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Arizona |
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$ |
4,559.8 |
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$ |
8,262.2 |
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Nevada |
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2,530.1 |
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5,929.2 |
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Southern California |
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2,443.1 |
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4,469.8 |
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Northern California |
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1,676.5 |
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2,857.0 |
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Regional Segments Total |
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11,209.5 |
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21,518.2 |
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National Business Lines |
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HOA Services |
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275.5 |
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3,916.5 |
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Public & Nonprofit Finance |
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1,712.9 |
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— |
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Technology & Innovation |
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2,562.5 |
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5,450.5 |
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Hotel Franchise Finance |
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2,118.9 |
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— |
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Other NBLs |
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8,886.0 |
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499.7 |
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NBL Segments Total |
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15,555.8 |
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9,866.7 |
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Corporate & Other |
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8.8 |
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545.6 |
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Consolidated Total |
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$ |
26,774.1 |
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$ |
31,930.5 |
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Conference Call and Webcast
Western Alliance Bancorporation will host a conference call and live webcast to discuss its fourth quarter 2020 financial results at 12:00 p.m. ET on Friday, January 22, 2021. Participants may access the call by dialing 1-833-236-2753 and using the conference ID 9490267 or via live audio webcast using the website link https://event.on24.com/wcc/r/2928095/355DC0E5938CE1195BD005E82EA3D638. The webcast is also available via the Company’s website at www.westernalliancebancorporation.com. Participants should log in at least 15 minutes early to receive instructions. The call will be recorded and made available for replay after 3:00 p.m. ET January 22nd through 11:00 p.m. ET February 22nd by dialing 1-800-585-8637, conference ID: 9490267.
Reclassifications
Certain amounts in the Consolidated Income Statements for the prior periods have been reclassified to conform to the current presentation. The reclassifications have no effect on net income or stockholders’ equity as previously reported.
Use of Non-GAAP Financial Information
This press release contains both financial measures based on GAAP and non-GAAP based financial measures, which are used where management believes them to be helpful in understanding the Company’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation 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.
Adoption of Accounting Standards
During the first quarter of 2020, the Company adopted the Accounting Standards Updates ("ASU") related to credit losses, which include ASU 2016-13, Measurement of Credit Losses on Financial Instruments, ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, ASU 2019-05, Financial Instruments - Credit Losses, and ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses.
The new standards significantly change the impairment model for most financial assets that are measured at amortized cost, including off-balance sheet credit exposures, from an incurred loss model to an expected loss model. The amendments in ASU 2016-13 require that an organization measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The Company adopted the amendments within ASU 2016-13 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. The Company recorded a cumulative effect adjustment to retained earnings, which resulted in a total decrease to retained earnings of
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. Examples of forward-looking statements include, among others, statements we make regarding our expectations with regard to our business, financial and operating results, future economic performance and dividends, and the impact of the COVID-19 pandemic and related economic conditions. 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, among others: the risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 as filed with the Securities and Exchange Commission; the potential adverse effects of the ongoing COVID-19 pandemic and any governmental or societal responses thereto, including the distribution and effectiveness of COVID-19 vaccines, or other unusual and infrequently occurring events; 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 including in response to the COVID-19 pandemic such as the Coronavirus Aid, Relief and Economic Security Act and the rules and regulations that may be promulgated thereunder; or changes in accounting principles, policies or guidelines; supervisory actions by regulatory agencies which may limit our ability to pursue certain growth opportunities, including expansion through acquisitions; additional regulatory requirements resulting from our continued growth; 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.
Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We do not intend and disclaim any duty or obligation to update or revise any industry information or forward-looking statements, whether written or oral, that may be made from time to time, set forth in this press release to reflect new information, future events or otherwise.
About Western Alliance Bancorporation
With more than
Western Alliance Bancorporation and Subsidiaries |
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Summary Consolidated Financial Data |
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Unaudited |
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Selected Balance Sheet Data: |
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As of December 31, |
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2020 |
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2019 |
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Change % |
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(in millions) |
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Total assets |
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$ |
36,461.0 |
$ |
26,821.9 |
35.9 |
% |
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Gross loans, net of deferred fees |
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27,053.0 |
21,123.3 |
28.1 |
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Investment securities |
5,504.8 |
4,036.6 |
36.4 |
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Total deposits |
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31,930.5 |
22,796.5 |
40.1 |
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Qualifying debt |
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548.7 |
393.6 |
39.4 |
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Stockholders' equity |
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3,413.5 |
3,016.7 |
13.2 |
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Tangible common equity, net of tax (1) |
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3,116.6 |
2,721.0 |
14.5 |
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Selected Income Statement Data: |
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For the Three Months Ended December 31, |
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For the Year Ended December 31, |
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2020 |
2019 |
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Change % |
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2020 |
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2019 |
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Change % |
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(in millions, except per share data) |
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(in millions, except per share data) |
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Interest income |
$ |
331.6 |
$ |
315.4 |
5.1 |
% |
$ |
1,261.8 |
$ |
1,225.0 |
3.0 |
% |
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Interest expense |
16.8 |
43.4 |
(61.3 |
) |
94.9 |
184.6 |
(48.6 |
) |
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Net interest income |
314.8 |
272.0 |
15.7 |
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1,166.9 |
1,040.4 |
12.2 |
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(Recovery of) provision for credit losses |
(34.2 |
) |
4.0 |
NM |
123.6 |
19.3 |
NM |
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Net interest income after provision for credit losses |
349.0 |
268.0 |
30.2 |
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1,043.3 |
1,021.1 |
2.2 |
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Non-interest income |
23.8 |
16.0 |
48.8 |
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70.8 |
65.1 |
8.8 |
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Non-interest expense |
132.2 |
129.7 |
1.9 |
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491.6 |
482.0 |
2.0 |
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Income before income taxes |
240.6 |
154.3 |
55.9 |
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622.5 |
604.2 |
3.0 |
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Income tax expense |
47.0 |
26.2 |
79.1 |
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115.9 |
105.0 |
10.4 |
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Net income |
$ |
193.6 |
$ |
128.1 |
51.1 |
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$ |
506.6 |
$ |
499.2 |
1.5 |
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Diluted earnings per share |
$ |
1.93 |
$ |
1.25 |
54.4 |
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$ |
5.04 |
$ |
4.84 |
4.1 |
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(1) See Reconciliation of Non-GAAP Financial Measures. |
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NM Changes +/- |
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Western Alliance Bancorporation and Subsidiaries |
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Summary Consolidated Financial Data |
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Unaudited |
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Common Share Data: |
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At or For the Three Months Ended December 31, |
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For the Year Ended December 31, |
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2020 |
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2019 |
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Change % |
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2020 |
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2019 |
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Change % |
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Diluted earnings per share |
$ |
1.93 |
$ |
1.25 |
54.4 |
% |
$ |
5.04 |
$ |
4.84 |
4.1 |
% |
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Book value per common share |
33.85 |
29.42 |
15.1 |
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Tangible book value per share, net of tax (1) |
30.90 |
26.54 |
16.4 |
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Average shares outstanding
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Basic |
99.9 |
101.6 |
(1.7 |
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100.2 |
102.7 |
(2.4 |
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Diluted |
100.4 |
102.1 |
(1.7 |
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100.5 |
103.1 |
(2.5 |
) |
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Common shares outstanding |
100.8 |
102.5 |
(1.6 |
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Selected Performance Ratios: |
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Return on average assets (2) |
2.22 |
% |
1.92 |
% |
15.6 |
% |
1.61 |
% |
2.00 |
% |
(19.5 |
)% |
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Return on average tangible common equity (1, 2) |
25.7 |
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18.9 |
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35.9 |
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17.8 |
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19.6 |
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(9.4 |
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Net interest margin (2) |
3.84 |
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4.39 |
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(12.5 |
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3.97 |
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4.52 |
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(12.2 |
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Efficiency ratio - tax equivalent basis (1) |
38.2 |
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44.1 |
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(13.4 |
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38.8 |
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42.7 |
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(9.1 |
) |
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Loan to deposit ratio |
84.7 |
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92.7 |
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(8.6 |
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Asset Quality Ratios: |
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Net charge-offs to average loans outstanding (2) |
0.06 |
% |
0.02 |
% |
NM |
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0.06 |
% |
0.02 |
% |
NM |
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Nonaccrual loans to funded loans |
0.43 |
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0.27 |
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59.3 |
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Nonaccrual loans and repossessed assets to total assets |
0.32 |
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0.26 |
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23.1 |
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Allowance for loan losses to funded loans |
1.03 |
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0.80 |
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28.8 |
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Allowance for loan losses to nonaccrual loans |
242 |
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300 |
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(19.3 |
) |
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| Capital Ratios: | |||||||||
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Dec 31, 2020 |
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Sep 30, 2020 |
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Dec 31, 2019 |
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Tangible common equity (1) |
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8.6 |
% |
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8.9 |
% |
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10.3 |
% |
Common Equity Tier 1 (3) |
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9.9 |
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10.0 |
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10.6 |
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Tier 1 Leverage ratio (3) |
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9.2 |
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9.3 |
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10.6 |
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Tier 1 Capital (3) |
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10.2 |
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10.3 |
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10.9 |
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Total Capital (3) |
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12.5 |
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13.0 |
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12.8 |
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(1) |
See Reconciliation of Non-GAAP Financial Measures. |
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(2) |
Annualized on an actual/actual basis for periods less than 12 months. |
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(3) |
Capital ratios for December 31, 2020 are preliminary. |
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NM |
Changes +/- |
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Western Alliance Bancorporation and Subsidiaries |
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Condensed Consolidated Income Statements |
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Unaudited |
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Three Months Ended December 31, |
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Year Ended December 31, |
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2020 |
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2019 |
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2020 |
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2019 |
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(dollars in millions, except per share data) |
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Interest income: |
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Loans |
$ |
301.2 |
|
$ |
285.0 |
$ |
1,144.3 |
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$ |
1,093.0 |
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Investment securities |
29.4 |
|
28.2 |
112.4 |
|
115.9 |
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Other |
1.0 |
|
2.2 |
5.1 |
|
16.1 |
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Total interest income |
331.6 |
|
315.4 |
1,261.8 |
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1,225.0 |
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Interest expense: |
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Deposits |
10.7 |
|
37.4 |
70.4 |
|
158.4 |
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Qualifying debt |
6.0 |
|
5.5 |
23.9 |
|
23.4 |
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Borrowings |
0.1 |
|
0.5 |
0.6 |
|
2.8 |
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Total interest expense |
16.8 |
|
43.4 |
94.9 |
|
184.6 |
||||||||
Net interest income |
314.8 |
|
272.0 |
1,166.9 |
|
1,040.4 |
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(Recovery of) provision for credit losses (1) |
(34.2 |
) |
4.0 |
123.6 |
|
19.3 |
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Net interest income after provision for credit losses |
349.0 |
|
268.0 |
1,043.3 |
|
1,021.1 |
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Non-interest income: |
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Income from equity investments |
6.4 |
|
1.7 |
12.7 |
|
8.3 |
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Service charges and fees |
5.9 |
|
6.2 |
23.3 |
|
23.3 |
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Card income |
1.7 |
|
1.8 |
6.5 |
|
7.0 |
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Foreign currency income |
1.3 |
|
1.4 |
5.6 |
|
5.0 |
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Income from bank owned life insurance |
1.2 |
|
1.0 |
10.2 |
|
3.9 |
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Lending related income and (losses) gains on sale of loans, net |
(1.0 |
) |
1.8 |
1.0 |
|
3.2 |
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Gain on sales of investment securities, net |
— |
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— |
0.2 |
|
3.1 |
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Fair value gain adjustments on assets measured at fair value, net |
4.7 |
|
0.5 |
3.8 |
|
5.1 |
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Other |
3.6 |
|
1.6 |
7.5 |
|
6.2 |
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Total non-interest income |
23.8 |
|
16.0 |
70.8 |
|
65.1 |
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Non-interest expenses: |
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Salaries and employee benefits |
83.1 |
|
73.9 |
303.6 |
|
279.3 |
||||||||
Legal, professional, and directors' fees |
11.1 |
|
10.1 |
42.2 |
|
37.0 |
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Data processing |
9.6 |
|
10.0 |
35.7 |
|
30.6 |
||||||||
Occupancy |
8.4 |
|
8.3 |
34.1 |
|
32.5 |
||||||||
Deposit costs |
4.5 |
|
6.8 |
18.5 |
|
31.7 |
||||||||
Insurance |
3.8 |
|
3.2 |
13.3 |
|
11.9 |
||||||||
Loan and repossessed asset expenses |
1.8 |
|
2.1 |
7.1 |
|
7.6 |
||||||||
Marketing |
1.5 |
|
1.6 |
4.1 |
|
4.2 |
||||||||
Business development |
1.4 |
|
2.1 |
5.5 |
|
7.0 |
||||||||
Card expense |
0.6 |
|
0.4 |
2.2 |
|
2.3 |
||||||||
Intangible amortization |
0.4 |
|
0.4 |
1.6 |
|
1.6 |
||||||||
Net (gain) loss on sales and valuations of repossessed and other assets |
(0.2 |
) |
1.0 |
(1.5 |
) |
3.8 |
||||||||
Other |
6.2 |
|
9.8 |
25.2 |
|
32.5 |
||||||||
Total non-interest expense |
132.2 |
|
129.7 |
491.6 |
|
482.0 |
||||||||
Income before income taxes |
240.6 |
|
154.3 |
622.5 |
|
604.2 |
||||||||
Income tax expense |
47.0 |
|
26.2 |
115.9 |
|
105.0 |
||||||||
Net income |
$ |
193.6 |
|
$ |
128.1 |
$ |
506.6 |
|
$ |
499.2 |
||||
|
|
|
|
|
||||||||||
Earnings per share: |
{
"@context": "https://schema.org",
"@type": "FAQPage",
"name": "Western Alliance Bancorporation Reports Fourth Quarter and Full Year 2020 Financial Results FAQs",
"mainEntity": [
{
"@type": "Question",
"name": "What were the financial results for Western Alliance Bancorporation (WAL) in Q4 2020?",
"acceptedAnswer": {
"@type": "Answer",
"text": "In Q4 2020, WAL reported a net income of $193.6 million and earnings per share of $1.93."
}
},
{
"@type": "Question",
"name": "How did Western Alliance Bancorporation (WAL) perform in 2020?",
"acceptedAnswer": {
"@type": "Answer",
"text": "For the full year 2020, WAL achieved a net income of $506.6 million, marking a 1.5% increase from 2019."
}
},
{
"@type": "Question",
"name": "What is the recent growth in deposits for Western Alliance Bancorporation (WAL)?",
"acceptedAnswer": {
"@type": "Answer",
"text": "WAL reported an increase of $3.1 billion in total deposits, reaching $31.9 billion as of December 31, 2020."
}
},
{
"@type": "Question",
"name": "What changes were observed in earnings per share for WAL in 2020?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Earnings per share for WAL increased by 4.1% to $5.04 in 2020."
}
},
{
"@type": "Question",
"name": "What is the PPNR for Western Alliance Bancorporation (WAL) for Q4 2020?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Western Alliance reported a pre-provision net revenue (PPNR) of $206.4 million for Q4 2020."
}
}
]
}
| |||||||||||||
