(PHOENIX) Alliance Bank of Arizona reported earnings of $10.4 million for the fourth quarter and record net income of $37 million in 2012. It was the Bank’s third consecutive year of increasing profitability.
For Q4 of 2012, the Bank reported loan growth of $166 million while deposits increased $74 million. In 2012, loans grew $392 million to $2 billion and deposits grew $347 million to $2.22 billion.
Tier 1 Capital grew $9 million this quarter to $219 million; with a Tier 1 Capital Ratio of 8.6%.
CEO Jim Lundy said, “As the largest locally-headquartered bank in Arizona, our team has worked exceptionally hard to sustain these impressive results which illustrate our ongoing commitment to lend and promote Arizona’s economic recovery. We continue to attract key bankers and we have accelerated our plans to expand our office locations and product offerings. We are focused to be the business bank of choice in Arizona.”
Founded in 2003, Alliance Bank of Arizona quickly became one of the fastest-growing new banks in the country and is a division of Phoenix-based Western Alliance Bank with assets of $2.6 billion. Western Alliance Bank operates nine offices in Arizona and seven offices in Northern Nevada. Its parent company, Western Alliance Bancorporation, also headquartered in Phoenix, is one of the largest regional bank holding companies in the Southwest with assets of $7.6 billion.