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Western Alliance Bancorporation One East Washington Street Phoenix , AZ 85004 www.westernalliancebancorporation.com PHOENIX -- ( BUSINESS WIRE ) -- July 15 , 2021 SECOND QUARTER 2021 FINANCIAL RESULTS Net income . $ 223.8 million Earnings per share $ 2.17 I $ 2.29 , excluding acquisition and restructure expenses FINANCIAL HIGHLIGHTS : Net income of $ 223.8 million and earnings per share of $ 2.17 , compared to $ 192.5 million and $ 1.90 , respectively ■ Net revenue of $ 506.5 million , an increase of 50.3 % , or $ 169.5 million , compared to an increase in non - interest expenses of 81.3 % , or $ 109.8 million I FINANCIAL POSITION RESULTS : HFI loans of $ 30.0 billion , up $ 1.3 billion , or 18.4 % annualized Total deposits of $ 41.9 billion , up $ 3.5 billion , or 36.9 % annualized Stockholders ' equity of $ 4.0 billion , up $ 322 million Pre - provision net revenue¹ of $ 277.4 million , up $ 75.0 million from $ 202.4 million Effective tax rate of 19.0 % , compared to 17.9 % PPNR¹ $ 277.4 million LOANS AND ASSET QUALITY : Nonperforming assets ( nonaccrual loans and repossessed assets ) to total assets of 0.20 % , compared to 0.27 % Annualized net loan charge - offs to average loans outstanding of approximately 0.00 % , compared to 0.02 % KEY PERFORMANCE METRICS : CEO COMMENTARY : " Western Alliance continued to execute on its diversified national commercial business strategy , effectively deploying excess liquidity and generating record revenues , PPNR¹ and earnings for the second quarter 2021 , " said Kenneth A. Vecchione , President and Chief Executive Officer . " Balance sheet growth was driven by an increase in HFI loans of $ 2.0 billion ( 29.3 % annualized ) , excluding PPP payoffs , supported by deposit growth of $ 3.5 billion ( 36.9 % annualized ) , lifting total assets to $ 49.1 billion and PPNR¹ by 37.1 % in the quarter to $ 277.4 million . As we began to unlock the value from the AmeriHome acquisition , we achieved record net income of $ 223.8 million , earnings per share of $ 2.17 and return on tangible common equity of 28.1 % for the second quarter 2021. Asset quality remained strong with nonperforming assets to total assets of 0.20 % and negligible net charge - offs for the quarter . " Acquisition of AmeriHome Mortgage Company : 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 " ) . The Company's results for the second quarter 2021 include the financial results of AmeriHome beginning on April 7 , 2021. Pursuant to accounting guidance , acquired assets and liabilities are recorded at estimated fair value as of the acquisition date . The estimated fair value of certain net assets are preliminary and are subject to measurement period adjustments . Based on AmeriHome's closing balance sheet and a $ 275 million premium , cash consideration was approximately $ 1.22 billion . LINKED - QUARTER BASIS ■ Net interest margin of 3.51 % , compared to 3.37 % . Return on average assets and on tangible common equity¹ of 1.86 % and 28.1 % , compared to 1.93 % and 24.2 % , respectively Tangible common equity ratio¹ of 7.1 % , compared to 7.9 % Tangible book value per share¹ , net of tax , of $ 32.86 , a decrease of 0.5 % from $ 33.02 Efficiency ratio¹ of 44.5 % , compared to 39.0 % 1 See reconciliation of Non - GAAP Financial Measures on page 18 . Net interest margin 3.51 % . Western Alliance WA Bancorporation Efficiency ratio¹ 44.5 % YEAR - OVER - YEAR Increase in HFI loans of $ 5.0 billion , or 20.1 % Increase in total deposits of $ 14.4 billion , or 52.2 % Increase in stockholders ' equity of $ 932 million Book value per common share $ 38.70 $ 32.86¹ , excluding goodwill and intangibles Pre - provision net revenue of $ 277.4 million , up $ 72.5 million from $ 204.9 million Effective tax rate of 19.0 % , compared to 17.4 % Net income of $ 223.8 million and earnings per share of $ 2.17 , up 139.9 % and 133.3 % , from $ 93.3 million and $ 0.93 , respectively t revenue of $ 506.5 million , an increase of 58.4 % , or $ 186.8 million , compared to an increase in non - interest expenses of 13.2 % , or $ 130.0 million Nonperforming assets to total assets of 0.20 % , compared to 0.47 % Annualized net loan charge - offs to average loans outstanding of approximately 0.00 % , compared to 0.09 % Net interest margin of 3.51 % , compared to 4.19 % Return on average assets and on tangible common equity¹ of 1.86 % and 28.1 % , compared to 1.22 % and 13.6 % , respectively Tangible common equity ratio¹ of 7.1 % , compared to 8.9 % Tangible book value per share¹ , net of tax , of $ 32.86 , an increase of 18.0 % from $ 27.84 Efficiency ratio¹ of 44.5 % , compared to 35.1 %