Western Alliance Reports Q1 Earnings, Revenue Beats: What You Need To Know (CORRECTED)

Editor’s note: This story has been corrected to reflect that Western Alliance Bancorporation reported an adjusted earnings beat.

Western Alliance Bancorporation WAL reported its first-quarter financial results after the bell Thursday. Here's a look at the details. 

The Details: Western Alliance reported adjusted earnings per share of $1.72, beating the consensus estimate of $1.66.

The company reported quarterly sales of $728.8 million which beat the analyst consensus estimate of $697.04 million by 4.56% and represents a 32.05% increase over sales of $551.9 million year-over-year.

Western Alliance delivered a return on tangible common equity of 14.5% and tangible book value per share climbed 13.8% year-over-year to $47.30 with a CET 1 ratio of 11%.

“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, CEO of Western Alliance.

“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,” Vecchione added.

Western Alliance will host a conference call Friday at 12 p.m. ET to discuss the results.

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WAL Price Action: According to Benzinga Pro, Western Alliance shares are down 3.66% after-hours at $53.70 at the time of publication Thursday.

Photo: Robert Owen-Wahl from Pixabay