Western Alliance Bancorporation recently shared their financial performance for the first quarter. Despite missing the consensus estimate, the company reported a quarterly earnings per share of $1.60, down by 30.43% from the same period last year. However, their quarterly sales of $728.8 million exceeded analyst expectations by 4.56% and marked a 32.05% increase over the previous year's sales of $551.9 million.
In addition to the financial figures, Western Alliance highlighted a few key metrics. The return on tangible common equity was reported at 14.5%, showing the company's financial efficiency. The tangible book value per share also showed a notable increase of 13.8% year-over-year, reaching $47.30. Furthermore, the CET 1 ratio stood at 11%, reflecting the company's capital strength.
CEO of Western Alliance, Kenneth A. Vecchione, expressed satisfaction with the first-quarter results, emphasizing the steady business and deposit momentum. He mentioned that quarterly deposit growth of $6.9 billion improved their liquidity profile, leading to a decrease in the loan-to-deposit ratio and enabling the repayment of $1.0 billion of borrowings. The company will further discuss these results in a conference call scheduled for Friday at 12 p.m. ET. As for the stock price, Western Alliance shares experienced a 3.66% decline after-hours, trading at $53.70 at the time of the report.