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Western Alliance sees YOY increase in Q3 net income

Phoenix-based Western Alliance Bancorp. reported third-quarter net income of $127.4 million, or $1.24 per share, compared to $111.1 million, or $1.05 per share in the year-ago quarter.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was $1.20.

Western Alliance reported total deposits of $22.44 billion, up from $18.91 billion a year ago. Total assets were $26.32 billion on Sept. 30, versus $22.18 billion in the year-ago period.

Net interest margin was 4.41%, compared to 4.68% in the 2018 third quarter.

Provision for credit losses was $4.0 million for the third quarter, compared to $6.0 million in the third quarter of 2018. Net loan recoveries in the quarter were $612,000, compared to net charge-offs of $1.6 million in the second quarter and $3.1 million in the third quarter of 2018.