2012 Q4 Form 10-Q Financial Statement

#000119312512449418 Filed on November 02, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q3
Revenue $84.34M $78.67M $74.13M
YoY Change 9.76% 6.12%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization -$1.000M $2.400M $2.700M
YoY Change -140.0% -11.11% -25.0%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $6.888M $6.723M $9.548M
YoY Change -15.45% -29.59%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $41.43M $22.45M $21.01M
YoY Change 331.18% 6.89% 707.92%
Income Tax $7.509M $6.752M $7.514M
% Of Pretax Income 18.13% 30.07% 35.77%
Net Earnings $32.12M $15.46M $13.01M
YoY Change 352.26% 18.81% 550.55%
Net Earnings / Revenue 38.08% 19.65% 17.55%
Basic Earnings Per Share $0.38 $0.18 $0.04
Diluted Earnings Per Share $0.37 $0.18 $0.04
COMMON SHARES
Basic Shares Outstanding 86.42M shares 81.76M shares 80.93M shares
Diluted Shares Outstanding 82.29M shares 81.13M shares

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.441B $1.641B
YoY Change -12.06%
Cash & Equivalents $204.6M $307.9M $306.0M
Short-Term Investments $1.236B $1.333B
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $107.9M $106.9M $106.0M
YoY Change 2.24% 0.85% -9.4%
Goodwill $23.22M $23.22M
YoY Change -10.42%
Intangibles $6.539M $5.764M
YoY Change -33.32%
Long-Term Investments
YoY Change
Other Assets $52.00M $37.00M $63.00M
YoY Change -16.13% -41.27% -10.0%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $7.623B $7.404B $6.546B
YoY Change 11.37% 13.1% 5.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $120.0M $435.0M $216.0M
YoY Change -74.84% 101.39% 35.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $273.0M $435.0M $216.0M
YoY Change -42.77% 101.39% 35.0%
LONG-TERM LIABILITIES
Long-Term Debt $73.72M $36.00M $36.00M
YoY Change 99.24% 0.0% 0.0%
Other Long-Term Liabilities $99.00M $72.00M $29.00M
YoY Change 182.86% 148.28% -17.14%
Total Long-Term Liabilities $73.72M $108.0M $65.00M
YoY Change 2.38% 66.15% -8.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $273.0M $435.0M $216.0M
Total Long-Term Liabilities $73.72M $108.0M $65.00M
Total Liabilities $6.863B $6.706B $5.914B
YoY Change 10.55% 13.39% 6.39%
SHAREHOLDERS EQUITY
Retained Earnings -$174.5M -$206.2M
YoY Change -28.35%
Common Stock $9.000K $8.000K
YoY Change 12.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $759.4M $698.0M $632.0M
YoY Change
Total Liabilities & Shareholders Equity $7.623B $7.404B $6.546B
YoY Change 11.37% 13.1% 5.94%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income $32.12M $15.46M $13.01M
YoY Change 352.26% 18.81% 550.55%
Depreciation, Depletion And Amortization -$1.000M $2.400M $2.700M
YoY Change -140.0% -11.11% -25.0%
Cash From Operating Activities $71.50M $5.400M $27.40M
YoY Change 114.07% -80.29% -232.37%
INVESTING ACTIVITIES
Capital Expenditures -$2.600M -$1.500M
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$186.0M -$81.60M -$293.8M
YoY Change -60.32% -72.23% 108.81%
Cash From Investing Activities -$188.5M -$83.20M -$293.8M
YoY Change -59.79% -71.68% 108.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 13.80M 206.8M 37.80M
YoY Change -95.15% 447.09% -82.56%
NET CHANGE
Cash From Operating Activities 71.50M 5.400M 27.40M
Cash From Investing Activities -188.5M -83.20M -293.8M
Cash From Financing Activities 13.80M 206.8M 37.80M
Net Change In Cash -103.2M 129.0M -228.6M
YoY Change -31.61% -156.43% -512.64%
FREE CASH FLOW
Cash From Operating Activities $71.50M $5.400M $27.40M
Capital Expenditures -$2.600M -$1.500M
Free Cash Flow $74.10M $6.900M
YoY Change

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us-gaap Financing Receivable Allowance For Credit Losses Write Offs
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us-gaap Income Loss From Continuing Operations Per Basic Share
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us-gaap Interest Income Securities Taxable
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wal Reduction In Interest Income
ReductionInInterestIncome
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wal Financing Receivable Modification Number Of Contracts
FinancingReceivableModificationNumberOfContracts
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wal Financing Receivable Modification Post Modification Recorded Investment
FinancingReceivableModificationPostModificationRecordedInvestment
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wal Financing Receivable Modification Pre Modification Recorded Investment
FinancingReceivableModificationPreModificationRecordedInvestment
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wal Affinity Credit Card Revenue
AffinityCreditCardRevenue
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wal Amount Of Impairment Losses Reclassified Out Of Accumulated Other Comprehensive Income Into Earnings
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-226000
wal Change In Fair Value Of Assets And Liabilities Measured At Fair Value
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wal Customer Service
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wal Dividend Income Operating Non Taxable
DividendIncomeOperatingNonTaxable
1965000
wal Dividend Income Operating Taxable
DividendIncomeOperatingTaxable
859000
wal Financing Receivable Forgiven Principal Balance
FinancingReceivableForgivenPrincipalBalance
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wal Financing Receivable Waived Fees And Other Expenses
FinancingReceivableWaivedFeesAndOtherExpenses
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wal Income Tax Benefit Related To Impairment Losses
IncomeTaxBenefitRelatedToImpairmentLosses
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wal Investment In Money Market
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NetGainsAndLossesRecognizedOnTradingSecurities
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wal Net Loss Gain On Sales Valuations Of Repossessed Assets And Bank Premises Net
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wal Other Real Estate And Foreclosed Assets Valuation Adjustment
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wal Other Than Temporary Impairment Losses Investments
OtherThanTemporaryImpairmentLossesInvestments
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wal Principal Pay Downs And Maturities Of Securities Measured At Fair Value
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4465000
wal Proceeds From Issuance Of Common Stock Options And Stock Warrants
ProceedsFromIssuanceOfCommonStockOptionsAndStockWarrants
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wal Proceeds From Sale Of Other Real Estate Owned Net
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31794000
wal Proceeds From Sale Of Securities Measured At Fair Value
ProceedsFromSaleOfSecuritiesMeasuredAtFairValue
2907000
wal Sale Of Premises And Equipment Net
SaleOfPremisesAndEquipmentNet
711000
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SaleOfRepossessedAssetsNet
16179000
wal Service Charges And Fees Net
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wal Weighted Average Interest Rates
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wal Merger Restructure Expense
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wal Non Interest Expense Related To Discontinued Affinity Credit Card
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wal Financing Receivables Impaired Troubled Debt Restructuring Write Down Due To Interest Concessions
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wal Income Loss From Discontinuing Operations Per Basic Share
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InterestExpenseJuniorSubordinatedDebt
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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2012-09-30
dei Entity Central Index Key
EntityCentralIndexKey
0001212545
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Trading Symbol
TradingSymbol
WAL
dei Entity Registrant Name
EntityRegistrantName
WESTERN ALLIANCE BANCORPORATION
dei Amendment Flag
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false
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
us-gaap Provision For Loan Lease And Other Losses
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us-gaap Goodwill And Intangible Asset Impairment
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us-gaap Preferred Stock Dividends And Other Adjustments
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3440000
us-gaap Loans And Leases Receivable Commitments To Purchase Or Sell
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us-gaap Interest Expense Deposits
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us-gaap Prior Period Reclassification Adjustment Description
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<div> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Reclassifications</i></b></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">Certain amounts in the consolidated financial statements as of December&#xA0;31, 2011 and for the three and nine months ended September&#xA0;30, 2011 have been reclassified to conform to the current presentation. The reclassifications have no effect on net income or stockholders&#x2019; equity as previously reported.</font></p> </div>
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us-gaap Additions To Other Assets Amount
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701000
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706922 shares
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us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Cash Flows
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2660000
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0
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14046000
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277619000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1290000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
4400000
us-gaap Labor And Related Expense
LaborAndRelatedExpense
78159000
us-gaap Use Of Estimates
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Use of estimates</i></b></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes in the near term relate to the determination of the allowance for credit losses; fair value of other real estate owned; determination of the valuation allowance related to deferred tax assets; impairment of goodwill and other intangible assets and other than temporary impairment on securities. Although Management believes these estimates to be reasonably accurate, actual amounts may differ. In the opinion of Management, all adjustments considered necessary have been reflected in the financial statements during their preparation.</font></p> </div>
us-gaap Business Acquisition Effective Date Of Acquisition1
BusinessAcquisitionEffectiveDateOfAcquisition1
2012-10-17
us-gaap Proceeds From Sale And Maturity Of Held To Maturity Securities
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735000
us-gaap Interest Expense
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us-gaap Deferred Federal Income Tax Expense Benefit
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2600000
us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Income Loss From Continuing Operations Per Basic Share
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0.47
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us-gaap Interest Income Securities Taxable
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17522000
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wal Amortization Of Equity Method Investment Assets
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710000
wal Financing Receivable Modification Number Of Contracts
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71 Contract
wal Financing Receivable Modification Post Modification Recorded Investment
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wal Financing Receivable Modification Pre Modification Recorded Investment
FinancingReceivableModificationPreModificationRecordedInvestment
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wal Number Of Wholly Owned Subsidiaries
NumberOfWhollyOwnedSubsidiaries
10 Subsidiary
wal Affinity Credit Card Revenue
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947000
wal Change In Fair Value Of Assets And Liabilities Measured At Fair Value
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701000
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25100000
wal Dividend Income Operating Non Taxable
DividendIncomeOperatingNonTaxable
2096000
wal Dividend Income Operating Taxable
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wal Fair Value Input Value
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3678000
wal Number Of Unconsolidated Subsidiaries
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wal Sale Of Loans
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3742000
wal Weighted Average Interest Rates
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wal Merger Restructure Expense
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113000
wal Non Interest Expense Related To Discontinued Affinity Credit Card
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2130000
wal Service Charges And Fees Net
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7014000
wal Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Option Grants In Period Weighted Average Grant Date Fair Value
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5700000
wal Transfers To Other Assets Acquired Through Foreclosure Net
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wal Unfunded Commitments To Purchase Investment Tax Credits
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34599000
wal Unrealized Gain On Cash Flow Hedge Net
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414000
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