Western Alliance Q4 2022 Earnings Report
Key Takeaways
Western Alliance Bancorporation reported strong Q4 2022 financial results, with record net income of $293.0 million and earnings per share of $2.67. The company's performance was driven by its diversified, national commercial business strategy.
Net income reached a record $293.0 million, with earnings per share at $2.67, a 15.1% increase year-over-year.
Tangible book value per share increased 6.4% year-over-year to $40.25.
Quarterly deposits declined by $1.9 billion, primarily due to seasonal tax and insurance escrow deposit outflows, which have since reversed.
Net interest margin was 3.98%, compared to 3.78% in the previous quarter.
Western Alliance
Western Alliance
Forward Guidance
Management expects the company to sustain its earnings trajectory into 2023 while continuing its focus on asset quality.