PHOENIX (AP) — PHOENIX (AP) — Western Alliance Bancorp (WAL) on Thursday reported first-quarter profit of $177.4 million.

The bank, based in Phoenix, said it had earnings of $1.60 per share. Earnings, adjusted for one-time gains and costs, came to $1.72 per share.

The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.69 per share.

The bank holding company posted revenue of $1.18 billion in the period. Its revenue net of interest expense was $738.4 million, also beating Street forecasts. Five analysts surveyed by Zacks expected $711.3 million.

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