Western Alliance reports Q1 EPS ex-items $1.72, consensus $1.66

“Western Alliance delivered strong first quarter results with continued robust business and deposit momentum that allowed us to largely complete our balance sheet repositioning efforts, while maintaining stable asset quality,” said Kenneth A. Vecchione, President and Chief Executive Officer. “Quarterly deposit growth of $6.9 billion enhanced our liquidity profile, drove the loan-to-deposit ratio down to 81.5%, and allowed us to repay $1.0 billion of borrowings. In total, excluding a $17.6 million increase to the FDIC special assessment and related tax impact, we achieved net income of $190.9 million and earnings per share of $1.72, which resulted in a return on tangible common equity of 14.5%. Tangible book value per share climbed 13.8% year-over-year to $47.30 with a CET 1 ratio of 11.0%.”