In 2017, our exceptional company created value for our clients, shareholders, employees, and the communities we serve. Western Alliance continued to attract new clients and expand existing relationships. Our client-centric approach and customer satisfaction drove all our business segments to gain market share during the year. Total assets for the company grew by 18% to end 2017 at $20.3 billion. Total loans grew by $1.89 billion which was a 14% increase over 2016, to $15.1 billion, as WAL continues to be a trusted partner and funding source for businesses. Total deposits increased by $2.42 billion, 17%, to end the year at $17.0 billion.
Net income of $325 million and earnings per share of $3.10 for 2017 compared favorably to $260 million and $2.50, respectively. Return on average assets and return on tangible common equity of 1.72% and 18.32% placed Western Alliance among industry leaders. Augmenting strong balance sheet and earnings growth were an increase in our regulatory capital of $350 million to $2.5 billion and another stellar year of asset quality numbers including net loan losses of 0.01% and total non-performing assets at December 31, 2017, of 0.36% of total assets.
Our stock price is a measure of the growth and success of our business and a result of the investment in our people, products and technology over the long term in both good and not-so-good times. Recognizing our strong overall performance, the market rewarded our shareholders with a 16.3% return for the year and a five-year return of 437%, which was more than double that of our peer index and the S&P 500. Forbes magazine ranked WAL #2 on its 2018 "Best Banks in America" list.
We value being excellent corporate citizens, not just in how we treat our employees and clients, but in how we positively impact the communities we live in. We now provide credit to help over 7,500 businesses grow. This report features two clients from our innovation banking group that are making a meaningful contribution to society. One has a mission to revolutionize children's meals, starting in schools. The other to make life with diabetes easier and safer. Another featured example comes from our municipal finance group where we provided a customized loan solution to aid in easing traffic congestion in the busy Silicon Valley. During the year, our dedicated employees provided over 10,000 hours of community service. We provided $84 million of direct community investments and grants. Our various real estate lending groups originated $230 million in community development loans, and our affordable housing lending unit increased its committed capital to over $600 million. These loans are used to build/remodel housing units for over 100,000 residents across 42 states.
Looking to 2018, our goal is to continue to deliver exceptional results for our shareholders, clients, and employees, while at the same time operating with discipline and managing risk appropriately. We will continue to selectively add new bankers, offices, and relevant products to meet our customers' needs. We will invest in new technology to help our clients grow and operate more efficiently as well as protect their data.
We will continue to grow our balance sheet, which supports the credit and liquidity needs of our clients. We reinvest all of our earnings back into our business to maintain a strong capital position needed to augment our growth.
Our people, including our Board of Directors, are our most important asset. We are thankful for their passion, hard work, entrepreneurial spirit, and dedication to Western Alliance.
Robert G. Sarver
Executive Chairman of the Board
Western Alliance Bank
Kenneth A. Vecchione
Chief Executive Officer
Western Alliance Bank
Robert G. Sarver
Kenneth A. Vecchione
Our stock price is a measure of the growth and success of our business and a result of the investment in our people, products and technology over the long term."
A Special Thank You
Also in 2017, we took important steps to make sure Western Alliance has a robust set of talented leaders to guide the company's continued growth and strong performance for years to come. Our roles are shifting in positive ways as Ken Vecchione, who returned to the company as President in July, steps into the CEO position this spring.
I will continue to provide strategic leadership as Executive Chairman of the Board. Dale Gibbons, our company's longstanding Chief Financial Officer, remains in this key role and adds the title Vice Chairman. Jim Haught, who joined Western Alliance in April as Chief Operating Officer and oversees operations and technology, now also becomes President.
This new leadership structure adds more depth and resources to our executive team and underscores the strategies that have always differentiated Western Alliance.
Our board continually focuses on succession planning, not just at the CEO level, but throughout our entire senior management team. This plan has been well thought out and in process for over a year. The timing is right. Our company is in a very strong position.
I would like to take this opportunity to thank you, customers, shareholders and my co-workers, for your loyalty and support during my 15 years as CEO. I am proud of what Western Alliance has accomplished, but even more excited for its future.
Robert G. Sarver
Executive Chairman of the Board
Western Alliance Bank