Western Alliance(WAL)Q3 EPS与营收超预期但下调全年净利息收入增速指引，盘后仅微涨0.2%

Western Alliance Bancorporation ( WAL ) posted stronger-than-expected Q3 earnings on Monday, helped by lower deposit costs and a gain on sales of investment securities. The company lowered its full-year outlook for net interest income growth but increased its guidance for noninterest income growth. Western Alliance ( WAL ) now expects 2026 net interest income to increase 11%-12%, down from its prior guidance of up 12%-14%. Meanwhile, its guidance for full-year noninterest income growth rose to 18%-21% Y/Y from its prior outlook of 13%-17%. Q3 GAAP EPS of $2.45, beating the average analyst estimate of $2.43, rose from $2.36 in Q2 and $2.28 in last year's Q3. Q3 net revenue of $1.01B, topping the $987.2M consensus, rose from $995.7M in the prior quarter and $938.2M in the year-ago period. "Western Alliance’s third quarter results featured enhanced profitability, lower deposit costs, improved asset quality, and stronger reserve coverage, as well as accelerated share repurchase activity," said Chairman, President, and CEO Kenneth A. Vecchione. Net interest income of $807.6M, missing the $818.3M S&P CapIQ consensus, grew from $796.9M in Q2 and $750.4M in Q3 2025. Deposit costs fell to $164.4M in Q3 2026 from $179.2M in the prior quarter and $175.1M a year ago. With that, the reported net interest margin improved to 3.57% from 3.53% in both Q2 2026 and Q3 2025. Noninterest income of $206.6M, exceeding the S&P CapIQ consensus of $166.1M, advanced from $198.8M in the previous quarter and $187.8M a year ago. The quarter-over-quarter improvement primarily came from a $13.8M gain on sales of investment securities, partly offset by a decrease in mortgage banking revenue. The provision for credit losses stood at $80.0M vs. $80.4M in Q2 and $80.0M a year ago. The company repurchased $92.1M, or 1.15M shares at an average price of $79.78 per share, in Q3. Western Alliance ( WAL ) edged up 0.2% in after-hours trading. Conference call on Oct. 20 at 12:00 PM ET.