Western Alliance Bancorporation Files 2023 Annual Report on Form 10-K

TL;DR

<b>Western Alliance Bancorporation filed its 2023 10-K report detailing financial performance and corporate information.</b>

AI Summary

WESTERN ALLIANCE BANCORPORATION (WAL-PA) filed a Annual Report (10-K) with the SEC on February 28, 2024. Western Alliance Bancorporation reported its 2023 fiscal year results on February 28, 2024. The filing covers the period from January 1, 2023, to December 31, 2023. The company is incorporated in Delaware and headquartered in Phoenix, Arizona. Its Standard Industrial Classification code is 6022 for Commercial Banks. The filing includes detailed financial data for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking WESTERN ALLIANCE BANCORPORATION, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Western Alliance Bancorporation's financial health and operational activities for the fiscal year 2023, crucial for investors and stakeholders to assess performance and future outlook. The detailed financial statements and disclosures within the report are essential for understanding the company's revenue streams, asset base, debt levels, and profitability trends compared to previous years.

Risk Assessment

Risk Level: medium — WESTERN ALLIANCE BANCORPORATION shows moderate risk based on this filing. The company operates in the commercial banking sector, which is subject to significant regulatory oversight and market fluctuations, as evidenced by its SIC code 6022 and the need for detailed financial reporting.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's performance and potential risks in the banking sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-02-28 — Filing Date (Filed As Of Date)
• 6022 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• WESTERN ALLIANCE BANCORPORATION (company) — Filer Name
• WAL (company) — Ticker Symbol
• Phoenix (location) — Business Address City
• DE (location) — State of Incorporation
• 6022 (industry) — Standard Industrial Classification

FAQ

Industry Context

Western Alliance Bancorporation operates within the commercial banking industry, a sector characterized by its sensitivity to interest rate changes, economic conditions, and regulatory scrutiny.

Regulatory Implications

As a commercial bank, the company is subject to regulations from various federal and state agencies, including those governing capital requirements, lending practices, and consumer protection.

What Investors Should Do

1. Review the full 10-K for detailed financial statements and management's discussion and analysis.
2. Analyze the company's performance metrics against industry benchmarks and prior year results.
3. Assess the identified risk factors and their potential impact on future operations.

Key Dates

• 2024-02-28: 10-K Filing — Annual report filing date
• 2023-12-31: Fiscal Year End — Period covered by the annual report

Year-Over-Year Comparison

This filing represents the annual 10-K report for the fiscal year 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 Par Value WAL New York Stock Exchange
• $36.47 — d stock on the New York Stock Exchange ($36.47 per share). As of February 21, 2024, W
• $2.4 b — er commercial properties. Approximately $2.4 billion, or 4.7%, of total loans HFI cons
• $50.3 b — he Company's HFI loan portfolio totaled $50.3 billion, or approximately 71% of total as

Filing Documents

• wal-20231231.htm (10-K) — 6836KB
• walex1014formofpsuawardagr.htm (EX-10.14) — 61KB
• walex1015formofexecutivers.htm (EX-10.15) — 93KB
• walex1016formofnoticeofcas.htm (EX-10.16) — 59KB
• ex211listofsubsidiaries123.htm (EX-21.1) — 28KB
• ex231consent12312023.htm (EX-23.1) — 3KB
• walex31112312023.htm (EX-31.1) — 11KB
• walex31212312023.htm (EX-31.2) — 12KB
• walex3212312023.htm (EX-32) — 9KB
• ex971clawbackpolicy-2023.htm (EX-97.1) — 39KB
• wal-20231231_g1.jpg (GRAPHIC) — 109KB
• 0001212545-24-000092.txt (&nbsp;) — 34439KB
• wal-20231231.xsd (EX-101.SCH) — 122KB
• wal-20231231_cal.xml (EX-101.CAL) — 186KB
• wal-20231231_def.xml (EX-101.DEF) — 826KB
• wal-20231231_lab.xml (EX-101.LAB) — 1603KB
• wal-20231231_pre.xml (EX-101.PRE) — 1203KB
• wal-20231231_htm.xml (XML) — 8262KB

Forward-Looking Statements

Forward-Looking Statements 3

Risk Factors

Item 1A. Risk Factors 16

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 29

Cybersecurity

Item 1C. Cybersecurity 29

Properties

Item 2. Properties 31

Legal Proceedings

Item 3. Legal Proceedings 31

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 31 PART II

Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31

Reserved

Item 6. Reserved 32

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 32

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 73

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 75

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 155

Controls and Procedures

Item 9A. Controls and Procedures 155

Other Information

Item 9B. Other Information 157

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 157 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 157

Executive Compensation

Item 11. Executive Compensation 157

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 157

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 157

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 157 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 158

Form 10-K Summary

Item 16. Form 10-K Summary 160

SIGNATURES

SIGNATURES 161 2 Table of Contents PART I

Forward-Looking Statements

Forward-Looking Statements Certain statements contained in this Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (this "Form 10-K") are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). Statements that constitute forward-looking statements within the meaning of the Reform Act are generally identified through the inclusion of words such as "aim," "anticipate," "believe," "drive," "estimate," "expect," "expressed confidence," "forecast," "future," "goals," "guidance," "intend," "may," "opportunity," "plan," "position," "potential," "project," " seek," "should," "strategy," "target," "will," "would" or similar statements or variations of such words and other similar expressions. All statements other than statements of historical fact are "forward-looking statements" within the meaning of the Reform Act, including statements that are related to or are dependent on estimates or assumptions relating to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. These forward-looking statements reflect the Company's current views about future events and financial performance and involve certain risks, uncertainties, assumptions, and changes in circumstances that may cause the Company's actual results to differ significantly from historical results and those expressed in any forward-looking statement. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to, those described in "Risk Factors" in Item 1A of this Form 10-K. Forward-looking statements speak only as of the date they are made and the Company undertakes no obligation to publicly update or revise any forward-looking statements included in this Form 10-K or to update the reasons why actual results could differ from those co

Business

Item 1. Business. Organization Structure and Description of Services WAL is a bank holding company headquartered in Phoenix, Arizona, incorporated under the laws of the state of Delaware. WAL provides a full spectrum of customized loan, deposit and treasury management capabilities, including funds transfer and other digital payment offerings through its wholly-owned banking subsidiary, WAB. WAB operates the following full-service banking divisions: ABA, BON and FIB, Bridge, and TPB. The Company also provides an array of specialized financial services to business customers across the country, including mortgage banking services through AmeriHome, treasury management services to the homeowner's association sector, and digital payment services for the class action legal industry. In addition, the Company has the following non-bank subsidiaries: CSI, a captive insurance company formed and licensed under the laws of the State of Arizona and established as part of the Company's overall enterprise risk management strategy and WATC, which provides corporate trust services and levered loan administration solutions. WAL also has eight unconsolidated subsidiaries used as business trusts in connection with issuance of trust-preferred securities as described in "Note 11. Qualifying Debt" in Item 8 of this Form 10-K. Bank Subsidiary At December 31, 2023, WAL has the following bank subsidiary: Bank Name Headquarters Location Cities Total Assets Net Loans Deposits (in millions) Western Alliance Bank Phoenix, Arizona Arizona: Chandler, Flagstaff, Gilbert, Mesa, Phoenix, Scottsdale, and Tucson $ 70,853 $ 51,362 $ 55,689 Nevada: Carson City, Fallon, Henderson, Las Vegas, Mesquite, Reno, and Sparks California: Beverly Hills, Carlsbad, Costa Mesa, Irvine, La Mesa, Los Angeles, Oakland, Pleasanton, San Diego, San Francisco, San Jose, and Woodland Hills Other: Atlanta, Georgia; Austin, Houston, and Irving, Texas; Boston, Massachusetts; Chicago, Illinois; Columbus, Ohio; D

View Full Filing

View this 10-K filing on SEC EDGAR