Good day, everyone. Welcome to the earnings call for Western Alliance Bancorporation for the Second Quarter 2019. Our speakers are Ken Vecchione, Chief Executive Officer; Dale Gibbons, Chief Financial Officer, and Robert Sarver, Executive Chairman. You may also view the presentation today via webcast through the Company's website at www.westernalliancebancorporation.com. The call will be recorded and made available for replay after 2 o'clock PM Eastern July 19th, 2019 through August 19th, 2019 at 9 AM Eastern Time by dialing 1 (877) 344-7529 with the passcode 10132284.
The discussion during this call may contain forward-looking statements that relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. The forward-looking statements contained herein reflect our current views about future events and financial performances and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to different significantly from historical results and those expressed in forward-looking statements.
Some factors that could cause actual results to differ materially from historical or expected results, includes those listed in the filings with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements.
Now, for the opening remarks, I would now like to turn the call over to Ken Vecchione. Please go ahead.
Kenneth A. Vecchione
Thank you. Good afternoon and welcome to Western Alliance second quarter earnings call. Joining me on the call today are Dale Gibbons and Robert Sarver. I will provide an overview of quarterly results and then Dale will walk you through the bank's financial performance in greater detail. Afterwards, we will open the line and Robert, Dale and I will take your questions.
Western Alliance delivered another exceptional quarter with strong deposit growth, primarily in non-interest bearing accounts, which funded high quality balanced loan growth. We maintain top tier financial performance while positioning our balance sheet to be resilient in front of potential slower economic growth and lower rates. As you'll see throughout our remarks, our results advanced our key strategic objectives, which include leveraging our branch lite business model to drive both discipline and thoughtful loan and deposit growth, carefully managing our balance sheet with regards to asset sensitivity, accretive capital allocation policies and de-risking our loan composition all while maintaining strong efficiency and profitability across all interest rate environments.
The strategy delivered outstanding results. Net income during the second quarter rose to a record $122.9 million or $1.19 per share compared to $120.8 million and $1.16 per share for Q1. Balance sheet growth was exceptional, with the Company reaching a new milestone of $25 billion in total assets. Year-over-year net income rose 17.4% and EPS grew 20.2%.
Total loans were $19.3 billion, an increase of 25% on a linked quarter annualized basis compared to $18.1 billion during Q1 2019. On a year-over-year basis, loans rose by 19.3%, assisted by $1 billion of residential growth, a part of our strategic de-risking plan as we
Kenneth A. Vecchione
Chief Executive Officer
Vice Chairman and Chief Financial Officer
Robert G. Sarver
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