Press Release

Western Alliance Reports Third Quarter 2013 Net Income of $28.2 Million, or $0.32 Per Share

Company Release - 10/17/2013 4:39 PM ET

PHOENIX--(BUSINESS WIRE)-- Western Alliance Bancorporation (NYSE:WAL) announced today its financial results for the third quarter 2013.

Third Quarter 2013 Highlights:

  • Net income of $28.2 million, compared to $34.0 million for the second quarter 2013 (which included the $10.0 million bargain purchase gain from the acquisition of Centennial Bank in addition to other non-recurring items) and $15.5 million for the third quarter 2012
  • Earnings per share of $0.32, compared to $0.39 per share in the second quarter 2013 (which included the effects of the Centennial Bank bargain purchase gain and other non-recurring items) and $0.18 per share in the third quarter 2012
  • Pre-tax, pre-provision operating earnings of $42.1 million, up 4.9% from $40.1 million in second quarter 2013 and up 25.9% from $33.4 million in third quarter 20121
  • Net interest margin of 4.41%, compared to 4.36% in the second quarter 2013 and 4.41% in the third quarter 2012
  • Total loans of $6.52 billion, up $104 million from June 30, 2013 and up $1.18 billion from September 30, 2012
  • Total deposits of $7.28 billion, up $274 million from June 30, 2013 and up $1.11 billion from September 30, 2012
  • Nonperforming assets (nonaccrual loans and repossessed assets) decreased to 1.7% of total assets from 1.9% in the second quarter 2013 and from 2.7% in the third quarter 2012
  • Net loan recoveries (annualized) to average loans outstanding of 0.10%, compared to net loan charge-offs to average loans of 0.17% in the second quarter 2013 and 0.70% in the third quarter 2012
  • Tier I Leverage capital of 10.0% and Total Risk-Based Capital ratio of 12.5%, compared to 9.7% and 12.3%, respectively, a year ago
  • Total equity of $826 million, up $128 million from September 30, 2012

Financial Performance

“Once again, Western Alliance delivered strong financial performance with key metrics relating to growth, margin, efficiency and asset quality all improving during the third quarter, resulting in record revenue and operating earnings,” said Robert Sarver, Chairman and Chief Executive Officer of Western Alliance Bancorporation. “Net interest income increased 17% from a year ago, while expense growth was held to 10%. Our asset quality improvement has been notable as net loan losses swung from a $9 million charge in the third quarter of 2012 to net recoveries of $1.5 million this quarter.”

Sarver continued, “As our performance has improved, we’re also resolved to maintain a strong risk discipline. During the third quarter, we successfully completed the conversion of Centennial Bank to our systems, giving us more real-time oversight of its operations. Pending regulatory approval, we also anticipate integrating our three subsidiary banks into one charter at the end of the year, which will enable us to further enhance our risk management architecture.”

Western Alliance Bancorporation reported net income of $28.2 million, or $0.32 per share, in the third quarter 2013, compared to $15.5 million, or $0.18 per share, one year ago. Key drivers of performance improvement include sustained organic balance sheet growth, prudent expense management, and reduced legacy asset costs against the backdrop of improved economic conditions.

Total loans increased $104 million to $6.52 billion at September 30, 2013 from $6.41 billion at June 30, 2013. Loans increased $1.18 billion, or 22.2%, from September 30, 2012. The increase over the past year was primarily driven by the Western Liberty Bancorp and Centennial Bank acquisitions, as well as organic growth in commercial and industrial, commercial real estate, and construction and land development loans.

Total deposits increased $274 million to $7.28 billion at September 30, 2013 from $7.00 billion at June 30, 2013. Deposits increased $1.11 billion from September 30, 2012. The increases in each of these periods were primarily due to growth in time certificates and savings and money market deposits.

Income Statement

Net interest income was $84.6 million in the third quarter 2013, an increase of $2.4 million, or 2.9%, from $82.2 million in the second quarter of 2013 and an increase of $12.7 million, or 17.5%, compared to the third quarter 2012. The Company’s net interest margin increased in the third quarter 2013 to 4.41%, compared to 4.36% in the second quarter 2013. It was 4.41% in the third quarter 2012.

Operating non-interest income was $5.8 million for the third quarter 2013, up from $5.0 million in the second quarter of 2013 and $5.4 million for the third quarter of 2012.1

Net operating revenue was $90.4 million for the third quarter 2013, up from $87.2 million for the second quarter of 2013 and an increase of 17.0% from $77.3 million for the third quarter 2012.1

Operating non-interest expense was $48.3 million for the third quarter 2013, compared to $47.0 million for the second quarter of 2013 and $43.9 million for the third quarter of 2012.1 The Company’s operating efficiency ratio1 on a tax equivalent basis was 51.6% for the third quarter 2013, an improvement from 52.2% for the second quarter 2013 and 54.9% for the third quarter 2012 as the growth rate in revenue continued to outpace that of expense.

The Company had 1,023 full-time equivalent employees and 42 offices at September 30, 2013, compared to 964 employees and 39 offices one year ago.

The Company views its pre-tax, pre-provision operating earnings as a key metric for assessing the Company’s earning power, which it defines as net operating revenue less operating non-interest expense. For the third quarter 2013, the Company’s pre-tax, pre-provision operating earnings were $42.1 million, up from $40.1 million in the second quarter 2013 and up 25.9% from $33.4 million in the third quarter 2012.

There was no provision for credit losses for the third quarter 2013, compared to $3.5 million for the second quarter 2013. The provision for the third quarter of 2012 was $8.9 million. Net loan recoveries in the third quarter 2013 were $1.5 million, or 0.10% of average loans (annualized), compared to 0.17% of net loan charge-offs to average loans (annualized) for the second quarter 2013. Net charge-offs for the third quarter 2012 were $9.0 million or 0.70% of average loans (annualized).

Nonaccrual loans decreased $6.3 million to $76.6 million during the quarter. Loans past due 90 days and still accruing interest totaled $5.5 million at September 30, 2013, compared to $3.9 million at June 30, 2013 and $1.7 million at September 30, 2012. Loans past due 30-89 days, still accruing interest totaled $8.7 million at quarter end, up from $7.3 million at June 30, 2013 and down from $10.2 million at September 30, 2012.

As the Company’s asset quality improved and its capital increased, the ratio of classified assets to Tier I capital plus the allowance for credit losses, a common regulatory measure of asset quality, improved to 31% at September 30, 2013 from 39% at September 30, 2012.1

Net loss on sales and valuation of repossessed assets (primarily other real estate) was $0.4 million for the third quarter 2013, compared to a $1.1 million net gain in the second quarter 2013 and a $0.1 million loss in the third quarter 2012. At September 30, 2013 and June 30, 2013, other repossessed assets totaled $77 million, compared to $78 million one year ago.

Balance Sheet

Gross loans totaled $6.52 billion at September 30, 2013, an increase of $104 million from June 30, 2013 and an increase of $1.18 billion from $5.33 billion at September 30, 2012. At September 30, 2013 and June 30, 2013, the allowance for credit losses was 1.50% of total loans, compared to 1.83% at September 30, 2012, reflecting an improvement in the Company’s asset quality.

Deposits totaled $7.28 billion at September 30, 2013, an increase of $274 million from $7.00 billion at June 30, 2013 and an increase of $1.11 billion from $6.16 billion at September 30, 2012. Non-interest bearing deposits were $1.97 billion at September 30, 2013, compared to $1.92 billion at June 30, 2013 and $1.84 billion at September 30, 2012. Non-interest bearing deposits comprised 27.1% of total deposits at September 30, 2013, compared to 29.9% a year ago, while the proportion of savings and money market accounts increased to 41.9% from 41.2% during the same period. Certificates of deposit as a percent of total deposits were 21.7% at September 30, 2013. The Company’s ratio of loans to deposits was 89.6% at September 30, 2013 compared to 91.2% at June 30, 2013 and 86.5% at September 30, 2012.

Stockholders’ equity at September 30, 2013 increased to $826 million from $800 million at June 30, 2013. At September 30, 2013, tangible common equity was 7.4% of tangible assets1 and total risk-based capital was 12.5% of risk-weighted assets. The Company’s tangible book value per share1 was $7.57 at September 30, 2013, up 19.2% during the past year.

Total assets increased to $8.92 billion at September 30, 2013 from $8.59 billion at June 30, 2013, and increased 20.5% from $7.40 billion at September 30, 2012.

Operating Unit Highlights

Western Alliance Bank (doing business as Alliance Bank of Arizona and First Independent Bank in Nevada) reported loan growth of $135 million during the third quarter 2013 and $718 million during the last 12 months to $2.59 billion. Third quarter loan growth came primarily from commercial and industrial, commercial real estate and construction and land development loans. Deposits increased $183 million in the third quarter and $681 million during the last 12 months to $2.83 billion. Net income for Western Alliance Bank was $9.8 million during the third quarter 2013 compared with net income of $20.5 million during the second quarter of 2013 (which includes a bargain purchase gain of $10.0 million from the acquisition of Centennial Bank) and net income of $8.8 million during the third quarter 2012.

Bank of Nevada, which was the recipient of net affiliate loan sales and participations, reported that loans decreased by $29 million during the third quarter of 2013 and increased $326 million during the last 12 months to $2.39 billion at September 30, 2013. The decline in third quarter loans came primarily from a decrease in commercial leases, construction and land development and residential real estate loans. Deposits decreased by $6 million in the third quarter of 2013 and increased $205 million over the last twelve months to $2.61 billion. Net income for Bank of Nevada was $16.3 million for the third quarter 2013, compared with net income of $12.7 million for the second quarter of 2013 and net income of $5.8 million during the third quarter 2012.

The Torrey Pines Bank segment, which excludes the discontinued operations of PartnersFirst, reported that loans increased $2 million during the third quarter 2013 and increased $94 million during the last 12 months to $1.52 billion. The slight third quarter increase in the loan balances were primarily attributable to an increase in construction and land development loans, which were largely offset by a decrease in commercial real estate and commercial and industrial loans. Deposits increased $95 million in the third quarter 2013 and $231 million over the last 12 months to $1.84 billion. Net income for Torrey Pines Bank was $4.6 million during the third quarter 2013, compared with net income of $5.8 million for the second quarter of 2013 and net income of $6.4 million during the third quarter 2012.

Attached to this press release is summarized financial information for the quarter ended September 30, 2013.

Subsequent Event

On October 1, 2013, the Company completed the sale of certain receivables related to its discontinued affinity credit card business, PartnersFirst. These receivables were classified as loans held for sale and totaled $25.4 million as of September 30, 2013.

Conference Call and Webcast

Western Alliance Bancorporation will host a conference call and live webcast to discuss its third quarter 2013 financial results at 12:00 p.m. ET on Friday, October 18, 2013. Participants may access the call by dialing 1-888-317-6003 and using passcode: 9765434 or via live audio webcast using the website link: https://services.choruscall.com/links/wal131018.html. The webcast is also available via the Company’s website at www.westernalliancebancorp.com. Participants should log in at least 15 minutes early to receive instructions. The call will be recorded and made available for replay after 2:00 p.m. ET October 18th through November 1st at 9:00 a.m. ET by dialing 1-877-344-7529 passcode: 10034832.

About Western Alliance Bancorporation

Western Alliance Bancorporation is the parent company of Bank of Nevada, Western Alliance Bank doing business as Alliance Bank of Arizona and First Independent Bank, and Torrey Pines Bank. These organizations provide a broad array of deposit and credit services to clients in Nevada, Arizona and California. Staffed with experienced financial professionals, these organizations deliver a broader product array and larger credit capacity than community banks, yet are empowered to be more responsive to customers' needs than larger institutions. Additional investor information can be accessed on the Investor Relations page of the Company's website, www.westernalliancebancorp.com.

Cautionary Note Regarding Forward-Looking Statements

This release contains 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. Examples of forward-looking statements include, among others, statements we make regarding guidance or expectations relating to balance sheet growth, interest margin, operating efficiency, asset quality, and regulatory capital. The forward-looking statements contained herein reflect our current views about future events and financial performance and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from historical results and those expressed in any forward-looking statement. Some factors that could cause actual results to differ materially from historical or expected results include, among others: factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 as filed with the Securities and Exchange Commission; changes in general economic conditions, either nationally or locally in the areas in which we conduct or will conduct our business; inflation, interest rate, market and monetary fluctuations; increases in competitive pressures among financial institutions and businesses offering similar products and services; higher defaults on our loan portfolio than we expect; changes in management’s estimate of the adequacy of the allowance for credit losses; legislative or regulatory changes or changes in accounting principles, policies or guidelines; supervisory actions by regulatory agencies which may limit our ability to pursue certain growth opportunities; management’s estimates and projections of interest rates and interest rate policy; the execution of our business plan; and other factors affecting the financial services industry generally or the banking industry in particular.

Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We do not intend and disclaim any duty or obligation to update or revise any industry information or forward-looking statements, whether written or oral, that may be made from time to time, set forth in this press release to reflect new information, future events or otherwise.

This press release contains both financial measures based on accounting principles generally accepted in the United States (“GAAP”) and non-GAAP based financial measures, which are used where management believes it to be helpful in understanding Western Alliance Bancorporation’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconcilement to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

1 See Reconciliation of Non-GAAP Financial Measures beginning on page 16

                                   
Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited
 
At or for the Three Months For the Nine Months
Ended September 30, Ended September 30,
2013 2012 Change % 2013 2012 Change %
 
Selected Balance Sheet Data:
(dollars in millions)
Total assets $ 8,921.4 $ 7,403.6

20.5

%

 

Loans, net of deferred fees 6,516.3 5,332.9 22.2
Securities and money market investments 1,370.8 1,338.9 2.4
Securities purchased under agreement to resell 128.1 139.8 (8.4 )
Total deposits 7,275.3 6,162.0 18.1
Borrowings 394.1 223.6 76.3
Junior subordinated debt 39.4 36.2 8.8
Stockholders' equity 826.3 698.0 18.4
 
Selected Income Statement Data:
(dollars in thousands)
Interest income $ 92,680 $ 78,669

17.8

%

 

$ 265,073 $ 233,952

13.3

%

Interest expense   8,121     6,723   20.8   22,159     21,144   4.8
Net interest income 84,559 71,946 17.5 242,914 212,808 14.1
Provision for loan losses   -     8,932   (100.0 )   8,920     35,343   (74.8 )
Net interest income after provision for credit losses 84,559 63,014 34.2 233,994 177,465 31.9
Non-interest income 2,625 6,982 (62.4 ) 17,386 20,263 (14.2 )
Non-interest expense   49,675     47,543   4.5   145,135     139,871   3.8
Income from continuing operations, before income tax expense 37,509 22,453 67.1 106,245 57,857 83.6
Income tax expense   9,288     6,752   37.6   22,913     16,452   39.3
Income from continuing operations 28,221 15,701 79.7 83,332 41,405 101.3
Loss on discontinued operations, net   (29 )   (243 ) 88.1   (160 )   (686 ) (76.7 )
Net income $ 28,192   $ 15,458  

82.4

%

 

$ 83,172   $ 40,719  

104.3

%

Diluted net income per common share from continuing operations $ 0.32   $ 0.19  

71.0

%

 

$ 0.95   $ 0.46  

105.6

%

Diluted net loss per common share from discontinued operations, net of tax

$ -   $ (0.01 ) $ -   $ (0.01 )
Diluted net income per common share $ 0.32   $ 0.18  

77.8

%

 

$ 0.95   $ 0.45  

109.4

%

 
Common Share Data:
Diluted net income per common share $ 0.32 $ 0.18

77.8

%

 

$ 0.95 $ 0.45

109.4

%

Book value per common share $ 7.87 $ 6.67

18.0

%

 

Tangible book value per share, net of tax (1)

$ 7.57 $ 6.35

19.1

%

 

Average shares outstanding (in thousands):
Basic 85,799 81,712 5.0 85,596 81,555 5.0
Diluted 86,769 82,254 5.5 86,428 82,000 5.4
Common shares outstanding 87,099 83,455 4.4
 
(1) See Reconciliation of Non-GAAP Financial Measures
 
 

                                   
Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data (continued)
Unaudited
 
At or for the Three Months For the Nine Months
Ended September 30, Ended September 30,
2013 2012 Change % 2013 2012 Change %
(in thousands, except per share data)
Selected Performance Ratios:

Return on average assets (1)

1.30

%

 

0.85

%

 

52.9

%

 

2.03

%

 

0.77

%

 

163.6

%

Return on tangible common equity (2)

17.06 11.65 46.4 25.52 15.55 64.1

Net interest margin (1)

4.41 4.41 0.0 4.38 4.47 (2.0 )
Net interest spread 4.25 4.24 0.2 4.22 4.29 (1.6 )

Efficiency ratio - tax equivalent basis (2)

51.56 54.87 (6.0 )
Loan to deposit ratio 89.57 86.54 3.5
 
Capital Ratios:

Tangible equity (2)

9.0

%

 

9.1

%

 

(1.0

)%

 

Tangible common equity (2)

7.4 7.2 3.2

Tier 1 common equity (2)

8.8 8.1 8.2

Tier 1 Leverage ratio (3)

10.0 9.7 2.6

Tier 1 Risk Based Capital (3)

11.2 11.0 2.1

Total Risk Based Capital (3)

12.5 12.3 1.4
 
Asset Quality Ratios:

Net charge-offs to average loans outstanding (1)

(0.10

)%

 

0.70

%

 

(114.3

)%

 

0.04

%

 

0.99

%

 

(96.0

)%

Nonaccrual loans to gross loans 1.20 2.27 (47.1 )
Nonaccrual loans and repossessed assets to total assets 1.72 2.69 (36.1 )
Loans past due 90 days and still accruing to total loans 0.08 0.03 166.7
Allowance for credit losses to loans 1.50 1.83 (18.0 )
Allowance for credit losses to nonaccrual loans 127.67 80.35 58.9
 
(1) Annualized for the three and nine month periods ended September 30, 2013 and 2012.
(2) See Reconciliation of Non-GAAP Financial Measures.
(3) Capital ratios are preliminary until Call Reports are filed.
 
 

                       
Western Alliance Bancorporation and Subsidiaries
Condensed Consolidated Income Statements

Unaudited

 

 

Three Months Ended Nine Months Ended
September 30, September 30,
2013 2012 2013 2012

(dollars in thousands)

Interest income:

 

Loans $ 83,994 $ 69,580 $ 239,812 $ 205,682
Investment securities 8,286 9,034 24,266 28,008
Federal funds sold and other   400     55     995     262  
Total interest income   92,680     78,669     265,073     233,952  
Interest expense:
Deposits 4,232 3,974 11,893 12,904
Borrowings 3,429 2,262 8,885 6,782
Junior subordinated debt   460     487     1,381     1,458  
Total interest expense   8,121     6,723     22,159     21,144  
Net interest income 84,559 71,946 242,914 212,808
Provision for credit losses   -     8,932     8,920     35,343  
Net interest income after provision for credit losses   84,559     63,014     233,994     177,465  
Non-interest income
Service charges 2,425 2,412 7,408 7,014
Bank owned life insurance 1,832 1,116 3,904 3,359
Amortization of affordable housing investments (1,504 ) (651 ) (3,304 ) (710 )
(Losses) Gains on sales of investment securities, net (1,679 ) 1,031 (1,537 ) 2,502
Unrealized (losses) gains on assets/liabilities measured at fair value, net (7 ) 470 (3,768 ) 701
Bargain purchase gain from acquisition - - 10,044 -
Other   1,558     2,604     4,639     7,397  
Total non-interest income   2,625     6,982     17,386     20,263  
Non-interest expenses:
Salaries and employee benefits 28,689 25,500 83,363 78,159
Occupancy 4,901 4,655 14,500 14,046
Legal, professional and directors' fees 3,006 2,291 8,017 6,380
Insurance 1,884 2,121 6,350 6,323
Data Processing 1,872 1,390 5,912 3,678
Marketing 1,599 1,231 4,970 4,061
Loan and repossessed asset expenses 1,136 1,236 3,453 4,573
Customer service 677 653 2,037 1,926
Net loss (gain) on sales and valuations of repossessed assets 371 126 (234 ) 3,678
Intangible amortization 597 880 1,791 2,660
Merger / restructure expense 1,018 113 3,833 113
Goodwill and intangible impairment - 3,435 - 3,435
Other   3,925     3,912     11,143     10,839  
Total non-interest expense   49,675     47,543     145,135     139,871  
Income from continuing operations before income taxes 37,509 22,453 106,245 57,857
Income tax expense   9,288     6,752     22,913     16,452  
Income from continuing operations 28,221 15,701 83,332 41,405
Loss from discontinued operations net of tax benefit   (29 )   (243 )   (160 )   (686 )
Net income 28,192 15,458 83,172 40,719
Preferred stock dividends   353     352     1,059     3,440  
Net income available to common stockholders $ 27,839   $ 15,106   $ 82,113   $ 37,279  
Diluted net income per share $ 0.32   $ 0.18   $ 0.95   $ 0.45  
 
 

                             
Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Income Statements

Unaudited

 

 

Three Months Ended
September 30, June 30, March 31, December 31, September 30,
2013 2013 2013 2012 2012

 

(in thousands, except per share data)

Interest income:

Loans $ 83,994 $ 81,093 $ 74,725 $ 75,303 $ 69,580
Investment securities 8,286 7,822 8,158 8,794 9,034
Federal funds sold and other   400     370     225     246     55  

Total interest income

  92,680     89,285     83,108     84,343     78,669  
Interest expense:
Deposits 4,232 3,929 3,732 3,890 3,974
Borrowings 3,429 2,749 2,707 2,528 2,262
Junior subordinated debt   460     455     466     470     487  
Total interest expense   8,121     7,133     6,905     6,888     6,723  
Net interest income 84,559 82,152 76,203 77,455 71,946
Provision for credit losses   -     3,481     5,439     11,501     8,932  
Net interest income after provision for credit losses   84,559     78,671     70,764     65,954     63,014  
Non-interest income
Service charges 2,425 2,449 2,534 2,438 2,412
Bank owned life insurance 1,832 1,036 1,036 1,080 1,116
Amortization of affordable housing investments (1,504 ) (900 ) (900 ) (1,069 ) (651 )
(Losses) Gains on sales of investment securities, net (1,679 ) (5 ) 147 1,447 1,031
Unrealized (losses) gains on assets/liabilities measured at fair value, net (7 ) (3,290 ) (471 ) (48 ) 470
Bargain purchase gain from acquisition - 10,044 - 17,562 -
Other   1,558     1,528     1,553     3,053     2,604  
Total non-interest income   2,625     10,862     3,899     24,463     6,982  
Non-interest expenses:
Salaries and employee benefits 28,689 28,100 26,574 26,885 25,500
Occupancy 4,901 4,753 4,846 4,769 4,655
Legal, professional and directors' fees 3,006 2,227 2,784 1,849 2,291
Insurance 1,884 2,096 2,370 2,188 2,121
Data Processing 1,872 2,175 1,865 2,071 1,390
Marketing 1,599 1,607 1,764 1,546 1,231
Loan and repossessed asset expenses 1,136 721 1,596 2,102 1,236
Customer service 677 717 643 678 653
Net loss (gain) on sales and valuations of repossessed assets 371 (1,124 ) 519 529 126
Intangible amortization 597 597 597 596 880
Merger / restructure expense 1,018 2,620 195 2,706 113
Goodwill and intangible impairment - - - - 3,435
Other   3,925     4,042     3,176     3,070     3,912  
Total non-interest expense   49,675     48,531     46,929     48,989     47,543  
Income from continuing operations before income taxes 37,509 41,002 27,734 41,428 22,453
Income tax expense   9,288     6,817     6,808     7,509     6,752  
Income from continuing operations $ 28,221 $ 34,185 $ 20,926 $ 33,919 $ 15,701
(Loss) Income from discontinued operations, net of tax   (29 )   (169 )   38     (1,804 )   (243 )
Net income $ 28,192   $ 34,016   $ 20,964   $ 32,115   $ 15,458  
Preferred stock dividends   353     353     353     353     352  
Net Income available to common stockholders $ 27,839   $ 33,663   $ 20,611   $ 31,762   $