Bank of Nevada holding company sees third-quarter income surge

Western Alliance Bancorp, the holding company of Bank of Nevada, saw its third-quarter income increase dramatically, the result of growth in loans and deposits.

Western Alliance on Monday reported net income of $13.4 million, or 4 cents a share, for the quarter ended Sept. 30, compared with $2.6 million, or a penny a share, a year earlier.

The Phoenix-based bank reported net revenue of $70.5 million in the quarter, a 7.1 percent jump from the $65.8 million it reported in the third quarter of 2010.

Bank of Nevada reported that deposits increased $17 million in the third quarter, the company said.

Net income for Bank of Nevada was $1.7 million for the third quarter, compared with a year-earlier loss of $6.9 million.