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Western Alliance Bancorporation One East Washington Street Phoenix , AZ 85004 www.westernalliancebancorporation.com PHOENIX -- ( BUSINESS WIRE ) -- April 15 , 2021 FIRST QUARTER 2021 FINANCIAL RESULTS Net income ■ $ 192.5 million FINANCIAL HIGHLIGHTS : . Earnings per share FINANCIAL POSITION RESULTS : ■ $ 1.90 KEY PERFORMANCE METRICS : PPNR¹ $ 202.0 million Net income of $ 192.5 million and earnings per share of $ 1.90 , compared to $ 193.6 million and $ 1.93 , respectively Net revenue of $ 337.0 million , a decrease of 0.5 % , or $ 1.6 million , compared to an increase in non - interest expenses of 2.1 % , or $ 2.8 million Pre - provision net revenue¹ of $ 202.0 million , down $ 4.4 million from $ 206.4 million Effective tax rate of 17.88 % , compared to 19.53 % Total loans of $ 28.7 billion , up $ 1.7 billion , or 24.9 % annualized Total deposits of $ 38.4 billion , up $ 6.5 billion , or 82.1 % annualized Stockholders ' equity of $ 3.7 billion , up $ 299 million LOANS AND ASSET QUALITY : Nonperforming assets ( nonaccrual loans and repossessed assets ) to total assets of 0.27 % , compared to 0.32 % Annualized net loan charge - offs to average loans outstanding of 0.02 % , compared to 0.06 % CEO COMMENTARY : " The continued emphasis on Western Alliance's growing national commercial business strategy drove key financial performance results and balance sheet growth to quarterly record highs to kick off 2021 , " said Kenneth A. Vecchione , President and Chief Executive Officer . " Balance sheet growth continued with loans up $ 1.7 billion ( 24.9 % annualized ) , and deposits up $ 6.5 billion ( 82.1 % annualized ) , bringing total assets to $ 43.4 billion at quarter end , an increase of $ 6.9 billion from year end , further positioning us for swift deployment of excess liquidity to our commercial and consumer - related businesses . Net income of $ 192.5 million , earnings per share of $ 1.90 and return on tangible common equity¹ of 24.2 % for the first quarter 2021 mirrors the Company's strong fourth quarter performance and confirms that the economic recovery has begun . Asset quality remains stable with nonperforming assets to total assets of 0.27 % and annualized net charge - offs to average loans outstanding at a modest 0.02 % for the quarter . Lastly , we were pleased to complete the AmeriHome acquisition ahead of schedule and welcome their team into the WAL family . " AmeriHome Mortgage Company Transaction : 1 See reconciliation of Non - GAAP Financial Measures on page 17 . On April 7 , 2021 , the Company completed its previously announced acquisition of Aris Mortgage Holding Company , LLC , the parent company of AmeriHome Mortgage Company , LLC ( " AmeriHome " ) . Based on AmeriHome's closing balance sheet and a $ 275 million premium , total consideration was approximately $ 1.22 billion . Beginning in the second quarter 2021 , the Company's consolidated financial statements will include the financial results of AmeriHome . LINKED - QUARTER BASIS Net interest margin of 3.37 % , compared to 3.84 % Return on average assets and on tangible common equity¹ of 1.93 % and 24.2 % , compared to 2.22 % and 25.7 % , respectively Tangible common equity ratio¹ of 7.9 % , compared to 8.6 % Tangible book value per share¹ , net of tax , of $ 33.02 , an increase of 6.9 % from $ 30.90 Efficiency ratio¹ of 39.1 % , compared to 38.2 % Net interest margin 3.37 % . WA Efficiency ratio¹ 39.1 % Increase in total loans of $ 5.5 billion , or 23.9 % Increase in total deposits of $ 13.6 billion , or 54.6 % Increase in stockholders ' equity of $ 713 million Western Alliance Bancorporation YEAR - OVER - YEAR Book value per common share $ 35.89 $ 33.02¹ , excluding goodwill and intangibles Net income of $ 192.5 million and earnings per share of $ 1.90 , up 129.4 % and 128.9 % , from $ 83.9 million and $ 0.83 , respectively Net revenue of $ 337.0 million , an increase of 22.9 % , or $ 62.9 million , compared to an increase in non - interest expenses of 12.0 % , or $ 14.5 million Pre - provision net revenue¹ of $ 202.0 million , up $ 48.4 million from $ 153.6 million Effective tax rate of 17.88 % , compared to 18.06 % Nonperforming assets o total assets of 0.27 % , compared to 0.33 % Annualized net loan charge - offs ( recoveries ) to average loans outstanding of 0.02 % , compared to ( 0.06 ) % Net interest margin of 3.37 % , compared to 4.22 % Return on average assets and on tangible common equity¹ of 1.93 % and 24.2 % , compared to 1.22 % and 12.2 % , respectively Tangible common equity ratio¹ of 7.9 % , compared to 9.4 % Tangible book value per share¹ , net of tax , of $ 33.02 , an increase of 23.5 % from $ 26.73 Efficiency ratio¹ of 39.1 % , compared to 42.9 %