Western Alliance Bancorporation Q2 2024 10-Q Filed

TL;DR

WAL's Q2 10-Q is in! Financials look solid, check the details.

AI Summary

Western Alliance Bancorporation filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including its common and preferred stock information. Key financial activities and segment reporting are also included, providing a comprehensive overview of the bank's operations during the second quarter of 2024.

Why It Matters

This filing provides investors with crucial financial data for Western Alliance Bancorporation, enabling them to assess the company's performance and make informed investment decisions.

Risk Assessment

Risk Level: medium — As a financial institution, Western Alliance Bancorporation is subject to various market and regulatory risks inherent in the banking sector.

Key Numbers

• 2024 Q2 — Reporting Period (Indicates the second quarter of 2024 as the reporting period.)
• 1231 — Fiscal Year End (Specifies December 31st as the company's fiscal year end.)

Key Players & Entities

• WESTERN ALLIANCE BANCORPORATION (company) — Filer of the 10-Q
• 0001212545 (company) — Central Index Key for Western Alliance Bancorporation
• 20240630 (date) — Conformed Period of Report
• 20240801 (date) — Filed as of Date
• PHOENIX (location) — City of business and mailing address

FAQ

Key Financial Figures

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

Filing Documents

• wal-20240630.htm (10-Q) — 6139KB
• ex101deferredrsuawardagree.htm (EX-10.1) — 66KB
• walex3116302024.htm (EX-31.1) — 11KB
• walex3126302024.htm (EX-31.2) — 12KB
• walex326302024.htm (EX-32) — 9KB
• 0001212545-24-000224.txt ( ) — 30506KB
• wal-20240630.xsd (EX-101.SCH) — 89KB
• wal-20240630_cal.xml (EX-101.CAL) — 138KB
• wal-20240630_def.xml (EX-101.DEF) — 603KB
• wal-20240630_lab.xml (EX-101.LAB) — 1074KB
• wal-20240630_pre.xml (EX-101.PRE) — 916KB
• wal-20240630_htm.xml (XML) — 8035KB

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 9 Notes to Unaudited Consolidated Financial Statements 11

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 58

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 86

Controls and Procedures

Item 4. Controls and Procedures 88

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 88

Risk Factors

Item 1A. Risk Factors 89

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 89

Other Information

Item 5. Other Information 89

Exhibits

Item 6. Exhibits 90

SIGNATURES

SIGNATURES 91 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 June 30, 2024 December 31, 2023 (Unaudited) (in millions, except shares and per share amounts) Assets: Cash and due from banks $ 272 $ 276 Interest-bearing deposits in other financial institutions 3,805 1,300 Cash and cash equivalents 4,077 1,576 Investment securities - AFS, at fair value; amortized cost of $ 16,423 at June 30, 2024 and $ 11,849 at December 31, 2023 (ACL of $ 1 at June 30, 2024 and December 31, 2023) 15,681 11,165 Investment securities - HTM, at amortized cost and net of ACL of $ 9 and $ 8 (fair value of $ 1,265 and $ 1,251 ) at June 30, 2024 and December 31, 2023, respectively 1,473 1,421 Investment securities - equity 114 126 Investments in restricted stock, at cost 231 281 Loans HFS 2,007 1,402 Loans HFI, net of deferred fees and costs 52,430 50,297 Less: allowance for credit losses ( 352 ) ( 337 ) Net loans held for investment 52,078 49,960 Mortgage servicing rights 1,145 1,124 Premises and equipment, net 351 339 Operating lease right of use asset 133 145 Bank owned life insurance 187 186 Goodwill and intangible assets, net 664 669 Deferred tax assets, net 276 287 Investments in LIHTC and renewable energy 537 573 Other assets 1,627 1,608 Total assets $ 80,581 $ 70,862 Liabilities: Deposits: Non-interest-bearing $ 21,522 $ 14,520 Interest-bearing 44,722 40,813 Total deposits 66,244 55,333 Other borrowings 5,587 7,230 Qualifying debt 897 895 Operating lease liability 165 179 Other liabilities 1,354 1,147 Total liabilities 74,247 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 June 30, 2024 and December 31, 2023) 295 295 Common stock (par value $ 0.0001 ; 200,000,000 authorized; 113,041,905 shares issued at June 30, 20

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View this 10-Q filing on SEC EDGAR