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Mar 31, 2024
Western Alliance Q1 2024 Earnings Report
Reported strong first quarter results driven by deposit growth and balance sheet repositioning.
Key Takeaways
Western Alliance Bancorporation reported a net income of $177.4 million and earnings per share of $1.60 for Q1 2024. The company saw significant deposit growth of $6.9 billion, which enhanced liquidity and allowed for the repayment of $1.0 billion in borrowings. Excluding notable items, net income was $190.9 million and earnings per share were $1.72.
Net income reached $177.4 million, with earnings per share at $1.60.
Deposits grew by $6.9 billion, improving the loan-to-deposit ratio to 81.5%.
The company repaid $1.0 billion of borrowings, enhancing its liquidity profile.
Tangible book value per share climbed 13.8% year-over-year to $47.30, with a CET 1 ratio of 11.0%.
Western Alliance
Western Alliance
Forward Guidance
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.
Positive Outlook
- Expectations with regard to our business
- Financial and operating results
- Future economic performance
- Dividends
- Management’s estimates and projections of interest rates and interest rate policy
Challenges Ahead
- The risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission
- Adverse developments in the financial services industry generally such as the bank failures in 2023 and any related impact on depositor behavior
- Risks related to the sufficiency of liquidity
- Changes in general economic conditions, either nationally or locally in the areas in which we conduct or will conduct our business
- The impact on financial markets from geopolitical conflicts such as the wars in Ukraine and the Middle East