WAL - Western Alliance Bancorporation: Strong Loan Growth Decline In Credit Costs To Drive Earnings Recovery
Western Alliance Bancorporation (WAL) posted earnings of $1.76 per share in the first half of 2020, down from $2.34 per share in the corresponding period last year. A hike in provision expense was the major reason for the decline in net income. Earnings will likely recover in the remainder of the year due to a drop in provision expense. Further, the strong loan growth in the first half of the year will lift net interest income in the second half of 2020. Additionally, the Paycheck Protection Program will increase income. Overall, I'm expecting WAL to