Western Alliance Bancorp (NYSE:WAL) shares are trading higher in Tuesday’s after-hours session after the company reported first-quarter results.
What Happened: Western Alliance reported first-quarter revenue of $551.9 million, which missed consensus estimates of $666.44 million, according to Benzinga Pro. The bank reported quarterly earnings of $2.30 per share, which beat estimates of $2.04 per share.
Net interest income totaled $609.9 million, up 35.7% year-over-year, while net interest margins reached 3.79%, up 3.32%.
“The flexibility of our diversified, national commercial banking strategy, with a broad range of value-added deposit channels and deep commercial customer relationships in a wide variety of sectors and geographies, all contributed to our firm’s resilience in the face of recent turbulence in the banking industry,” said Kenneth Vecchione, president and CEO of Western Alliance.
Deposits totaled $47.6 billion as of March 31, a decrease of $4.6 billion year-over-year. Total assets increased 4.9% sequentially.
It appears Western Alliance’s quarterly results were better than feared given that the stock was down nearly 50% year-to-date heading into the print.
Western Alliance will host a conference call to discuss its results at 12:00 p.m. ET on Wednesday.
See Also: United Airlines Shares Are Turbulent After Hours: What’s Going On?
WAL Price Action: Western Alliance shares were up 16.8% after hours at $37.90 at time of publication, according to Benzinga Pro.
Photo: jenniferfgallagher from Pixabay.
