Western Alliance reports net income up 35 percent

Western Alliance Bancorporation, the $4.7 billion asset Las Vegas-based holding company for Bank of Nevada, reported Monday that first-quarter net income increased 35.1 percent to $11.4 million from $8.4 million.

Earnings per share increased 18.2 percent to 39 cents from 33 cents in the quarter last year.

Loans rose 11 percent to $3.34 billion, and deposits climbed 13 percent to $3.85 billion.

The holding company completed the acquisition of First Independent Bank of Reno during the quarter, adding $293 million in loans and $403 million in deposits.

Western Alliance named John Sande III, 57, former First Independent board chairman, to its board.

Western Alliance appointed Grant Markham, 59, former First Independent CEO, executive vice president.

“Although we fell short of our balance sheet growth objectives during the quarter, I expect our 35 percent jump in net income and 18 percent increase in earnings per share will be among the best in the industry,” said Robert Sarver, chairman and CEO.

Bank of Nevada reported $11 million in net income, up from $7 million a year ago.

Total assets were $2.9 billion.

The company’s board approved repurchasing $50 million in shares through the end of 2008.

Western Alliance has 35 full-service bank branches in Nevada, Arizona and California.

In a separate development, Capitol Bancorp, which operates banks in Southern Nevada, on Friday reported first quarter net income plunged to $6.3 million from $10 million a year ago.

Earnings per share dropped to 36 cents from 61 cents in the first quarter last year.

Shares in the Lansing, Mich.-based holding company continued to slide 3.43 percent or $1.04 to $29.31 Monday after a 16 percent fall on Friday.

Capitol’s network of banks include Bank of Las Vegas, Black Mountain Community Bank, Desert Community Bank, and Red Rock Community Bank, all of the Las Vegas area.