Western Alliance Bancorporation Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Western Alliance Bancorporation submitted its Q1 2024 10-Q filing, detailing financial performance and position as of March 31, 2024.</b>

AI Summary

WESTERN ALLIANCE BANCORPORATION (WAL-PA) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Western Alliance Bancorporation filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. Key financial data points from previous periods (2022-12-31, 2023-03-31, 2023-12-31) are referenced. The company's business address is One E. Washington Street, Phoenix, AZ 85004. The filing includes details on various investment securities such as Nontaxable Municipal Bonds, Residential Mortgage-Backed Securities, and U.S. Treasury Securities as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking WESTERN ALLIANCE BANCORPORATION, this filing contains several important signals. This 10-Q filing provides crucial insights into Western Alliance Bancorporation's financial health and operational performance during the first quarter of 2024, enabling investors to assess trends and make informed decisions. The detailed breakdown of assets, including various investment securities, and historical financial data allows for a comparative analysis of the company's stability and growth trajectory.

Risk Assessment

Risk Level: medium — WESTERN ALLIANCE BANCORPORATION shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) for a publicly traded bank, which inherently carries market and regulatory risks common to the financial sector. Specific risks are detailed within the full report.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-Q to understand the company's performance and outlook for the remainder of 2024.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Quarterly report)
• 2024-05-02 — Filing Date (10-Q submission)
• 602-389-3500 — Business Phone (Contact number)

Key Players & Entities

• WESTERN ALLIANCE BANCORPORATION (company) — Filer name
• WAL (company) — Ticker symbol
• 2024-05-02 (date) — Filing date
• 2024-03-31 (date) — Reporting period end date
• ONE E. WASHINGTON STREET (address) — Business address
• PHOENIX (location) — City in business address
• AZ (location) — State in business address
• 85004 (postal_code) — ZIP code in business address

FAQ

Industry Context

Western Alliance Bancorporation operates within the commercial banking sector, a highly regulated industry sensitive to interest rate changes and economic conditions.

Regulatory Implications

As a commercial bank, Western Alliance Bancorporation is subject to oversight from various regulatory bodies, including the Federal Reserve and state banking authorities, impacting its operations and capital requirements.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-Q for revenue streams, net income, and asset composition.
2. Examine the company's liquidity and capital adequacy ratios presented in the filing.
3. Review any disclosed risk factors or management discussion and analysis for potential headwinds or opportunities.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the quarterly update for Q1 2024, providing a snapshot of the company's financial position and performance compared to previous periods.

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 Par Value WAL New York Stock Exchange

Filing Documents

• wal-20240331.htm (10-Q) — 5262KB
• walex3113312024.htm (EX-31.1) — 11KB
• walex3123312024.htm (EX-31.2) — 12KB
• walex323312024.htm (EX-32) — 9KB
• 0001212545-24-000145.txt (&nbsp;) — 27593KB
• wal-20240331.xsd (EX-101.SCH) — 89KB
• wal-20240331_cal.xml (EX-101.CAL) — 136KB
• wal-20240331_def.xml (EX-101.DEF) — 611KB
• wal-20240331_lab.xml (EX-101.LAB) — 1053KB
• wal-20240331_pre.xml (EX-101.PRE) — 909KB
• wal-20240331_htm.xml (XML) — 7217KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Glossary of Entities and Terms

Item 1. Glossary of Entities and Terms 3

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated Balance Sheets 4 Consolidated Income Statements 4 Consolidated Statements of Comprehensive Income 6 Consolidated Statements of Stockholders' Equity 7 Consolidated Statements of Cash Flows 8 Notes to Unaudited Consolidated Financial Statements 10

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 53

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 77

Controls and Procedures

Item 4. Controls and Procedures 79

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 79

Risk Factors

Item 1A. Risk Factors 80

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 80

Other Information

Item 5. Other Information 80

Exhibits

Item 6. Exhibits 81

SIGNATURES

SIGNATURES 82 2 Table of Contents PART I GLOSSARY OF ENTITIES AND TERMS The acronyms and abbreviations identified below are used in various sections of this Form 10-Q, including "Management's Discussion and Analysis of Financial Condition and Results of Operations," in Item 2 and the Consolidated Financial Statements and the Notes to Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q. ENTITIES / DIVISIONS: ABA Alliance Bank of Arizona FIB First Independent Bank AmeriHome AmeriHome Mortgage Company, LLC TPB Torrey Pines Bank BON Bank of Nevada WA PWI Western Alliance Public Welfare Investments, LLC Bridge Bridge Bank WAB or Bank Western Alliance Bank Company Western Alliance Bancorporation and subsidiaries WABT Western Alliance Business Trust CSI CS Insurance Company WAL or Parent Western Alliance Bancorporation DST Digital Settlement Technologies LLC WATC Western Alliance Trust Company, N.A. TERMS: ACL Allowance for Credit Losses FOMC Federal Open Market Committee AFS Available-for-Sale FRB Federal Reserve Bank ALCO Asset and Liability Management Committee FVO Fair Value Option AOCI Accumulated Other Comprehensive Income GAAP U.S. Generally Accepted Accounting Principles ASC Accounting Standards Codification GNMA Government National Mortgage Association ASU Accounting Standards Update GSE Government-Sponsored Enterprise Basel III Banking Supervision's December 2010 final capital framework HFI Held for Investment BOD Board of Directors HFS Held for Sale Capital Rules The FRB, the OCC, and the FDIC 2013 Approved Final Rules HTM Held-to-Maturity CDARS Certificate Deposit Account Registry Service HUD U.S. Department of Housing and Urban Development CECL Current Expected Credit Losses ICS Insured Cash Sweep Service CEO Chief Executive Officer IRLC Interest Rate Lock Commitment CET1 Common Equity Tier 1 ISDA International Swaps and Derivatives Association CFO Chief Financial Officer LIBOR London Interbank Offered Rate

Financial Statements

Item 1. Financial Statements WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 (Unaudited) (in millions, except shares and per share amounts) Assets: Cash and due from banks $ 264 $ 276 Interest-bearing deposits in other financial institutions 3,286 1,300 Cash and cash equivalents 3,550 1,576 Investment securities - AFS, at fair value; amortized cost of $ 15,251 at March 31, 2024 and $ 11,849 at December 31, 2023 (ACL of $ 1 at March 31, 2024 and December 31, 2023) 14,509 11,165 Investment securities - HTM, at amortized cost and net of ACL of $ 8 (fair value of $ 1,253 and $ 1,251 ) at March 31, 2024 and December 31, 2023, respectively 1,453 1,421 Investment securities - equity 130 126 Investments in restricted stock, at cost 248 281 Loans HFS 1,841 1,402 Loans HFI, net of deferred fees and costs 50,700 50,297 Less: allowance for credit losses ( 340 ) ( 337 ) Net loans held for investment 50,360 49,960 Mortgage servicing rights 1,178 1,124 Premises and equipment, net 344 339 Operating lease right of use asset 139 145 Bank owned life insurance 187 186 Goodwill and intangible assets, net 666 669 Deferred tax assets, net 300 287 Investments in LIHTC and renewable energy 553 573 Other assets 1,531 1,608 Total assets $ 76,989 $ 70,862 Liabilities: Deposits: Non-interest-bearing demand $ 18,399 $ 14,520 Interest-bearing 43,829 40,813 Total deposits 62,228 55,333 Other borrowings 6,221 7,230 Qualifying debt 896 895 Operating lease liability 172 179 Other liabilities 1,300 1,147 Total liabilities 70,817 64,784 Commitments and contingencies (Note 14) Stockholders' equity: Preferred stock (par value $ 0.0001 and liquidation value per share of $ 25 ; 20,000,000 authorized; 12,000,000 depositary shares issued and outstanding at March 31, 2024 and December 31, 2023) 295 295 Common stock (par value $ 0.0001 ; 200,000,000 authorized; 113,005,772 shares issued at March 3

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View this 10-Q filing on SEC EDGAR