Western Alliance 4Q net income up |
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Wed, 24 Jan 2007 00:58
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LAS VEGAS (AFX) - Western Alliance Bancorp, a regional bank focused on the Las Vegas area, said Tuesday its fourth-quarter net income rose 7 percent.The company earned $9 million, or 31 cents per share, compared with $8.4 million, or 34 cents per share, during the same period a year ago. The company had a higher number of outstanding shares in the most recent quarter.Analysts, on average, were looking for earnings of 33 cents per share, according to a poll by Thomson Financial.The results included a charge of 10 cents per share for organizational costs for a securities portfolio restructuring.Net interest income jumped 42 percent to $40.6 million, while non-interest income rose 55 percent to $5.3 million.For the full year, Western Alliance earned $39.9 million, or $1.41 per share, up 42 percent from $28.1 million, or $1.24 per share, in 2005.Net interest income rose 45 percent to $148.8 million.Analysts were looking for earnings of $1.43 per share.Shares added 9 cents to close at $34.80 on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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