Western Alliance Ban Corp. has a market cap of $528.41 million; its shares were traded at around $6.57 with and P/S ratio of 1.72. WAL is in the portfolios of NWQ Managers of NWQ Investment Management Co.
Highlight of Business Operations:Net loss for the Company of $0.5 million or ($0.01) loss per diluted share for the quarter ended September 30, 2010 compared to a net loss of $26.4 million or ($0.37) loss per diluted share for the third quarter of 2009.
For banks and bank holding companies, asset quality plays a significant role in the overall financial condition of the institution and results of operations. The Company measures asset quality in terms of nonaccrual loans as a percentage of gross loans, and net charge-offs as a percentage of average loans. Net charge-offs are calculated as the difference between charged-off loans and recovery payments received on previously charged-off loans. As of September 30, 2010, impaired loans, including nonaccrual loans, were $245.8 million compared to $232.0 million at September 30, 2009. Nonaccrual loans as a percentage of gross loans as of September 30, 2010 were 3.14% compared to 4.19% as of September 30, 2009. At September 30, 2010 and 2009, nonperforming assets were $348.2 million and $285.8 million, respectively, and were comprised of nonaccrual loans, loans past due 90 days or more and still accruing interest, restructured and impaired loans and foreclosed collateral. For the three and nine months ended September 30, 2010, annualized net charge-offs as a percentage of average loans were 2.41% and 2.47%, respectively, compared to 3.05% and 2.60% for the three and nine months ended September 30, 2009, respectively.
Asset and Deposit Growth. The ability to originate loans and attract deposits is fundamental to our asset growth. Our assets and liabilities are comprised primarily of loans and deposits, respectively. Total assets at September 30, 2010 increased $347.8 million or 6.0%, to $6.18 billion from $5.83 billion at September 30, 2009. Gross loans increased by $205.5 million or 5.2% as of September 30, 2010 from September 30, 2009. Total deposits increased $576.3 million or 12.1%, to $5.33 billion at September 30, 2010 from $4.75 billion at September 30, 2009.
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