Western Alliance Bancorporation said Monday morning that it expected net income to drop nearly 75 percent as the regional banking operation increases its loan loss reserves. Net income for the fourth quarter is expected to be $0.09 per share, compared to earnings of $0.35 per share reported for the third quarter of 2007. The bank holding company operates various banking franchises in Nevada, Arizona, Colorado, and California, totalling $4.7 billion in assets. In a brief press statement, the company said it would hike its loan loss provision to $13.9 million while absorbing $4.5 million in fourth quarter charge-offs. Western Alliance also said it would write down the value of its portfolio of subprime-backed securities from $9.5 million to $4.9 million during the fourth quarter. No details regarding the nature of charge-offs, or what portfolio exposure led to the increase in reserves, was provided. For more information, visit http://www.westernalliancebancorp.com. Disclosure: The author held no positions in WAL when this post was originally published.
Western Alliance Warns on Mortgage Losses
Most Popular Articles
Latest Articles
The best real estate podcasts for agents and brokers in 2024
The best real estate podcasts to motivate, inspire, entertain and enlighten you this year.
-
Home sellers saw their profits shrink in the first quarter: Attom
-
If reelected, Trump could seek greater control over Federal Reserve
-
Acra CEO Keith Lind on staying the course amid choppy waters in non-QM
-
HUD walks back some proposed changes to HECM for Purchase program
-
Retirement confidence hasn’t fully recovered, but survey shows hope for future prospects