WESTERN ALLIANCE BANCORPORATION

Listed Company

WAL-PACIK 0001212545NYSELarge AcceleratedState Commercial BanksDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$969.00M

Total Assets

$92.77B

Equity

$7.65B

Shares Out

109.88M

Op. Cash Flow

$-2.68B

Business

WESTERN ALLIANCE BANCORPORATION provides banking and financial services through its bank holding company structure and wholly owned banking subsidiary and divisions. It offers customized lending, deposit, treasury management, digital payment and mortgage banking services, along with captive insurance, corporate trust, and loan administration solutions. Its reportable segments are Commercial, Consumer Related, and Corporate & Other, covering commercial banking and treasury management, consumer and residential mortgage services, and investment and corporate activities. The company distributes products via its bank subsidiary, multiple banking divisions, non-bank subsidiaries, and digital channels across Arizona, California, Nevada and other U.S. markets.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans, including fees	3,680	3,629	3,410	2,393	1,489
Investment securities	816	704	460	266	159
Dividends and other	197	208	166	33	11
Total interest income	4,693	4,541	4,035	2,692	1,659
Deposits	1,538	1,600	1,143	276	48
Qualifying debt	33	38	38	35	33
Other borrowings	258	284	516	164	29
Total interest expense	1,828	1,922	1,696	476	—
Net interest income	2,865	2,619	2,339	2,216	1,549
Provision for (recovery of) credit losses	224	146	63	68	21
Net interest income after provision for credit losses	2,641	2,473	2,276	2,148	1,570
Service charges and fees	194	110	110	50	—
Net gain on mortgage loan origination and sale activities	256	206	194	—	—
Net loan servicing revenue	78	122	102	131	−16
Income from equity investments	18	38	16	18	22
Income from bank owned life insurance	46	28	5	5	—
Gain (loss) on sales of investment securities	29	17	−41	7	8
Fair value gain (loss) adjustments, net	13	8	−116	−29	−1
Other income	44	15	11	40	12
Non-interest income	678	543	281	325	404
Salaries and employee benefits	758	631	566	540	467
Deposit costs	631	693	437	166	30
Insurance	118	165	190	31	23
Data processing	187	150	122	83	58
Legal, professional, and directors' fees	116	109	107	100	59
Occupancy	71	73	66	56	44
Loan servicing expenses	69	68	59	56	54
Business development and marketing	29	33	22	22	14
Loan acquisition and origination expenses	26	22	20	23	29
Extinguishment of debt	0	0	−53	0	6
Other non-interest expense	108	81	87	81	54
Total non-interest expense	2,112	2,025	1,623	1,157	851
Income (loss) before provision for income taxes	1,207	991	934	1,316	1,123
Income tax expense	217	204	211	259	224
Net income	991	788	722	—	—
Net income attributable to noncontrolling interest	22	0	0	—	—
Net income attributable to Western Alliance	969	788	722	1,057	899
Dividends on preferred stock	13	13	13	13	4
Net income available to common stockholders	956	775	710	1,045	896
Earnings per share, basic (dollars per share)	8.79	7.14	6.55	9.74	8.72
Earnings per share, diluted (dollars per share)	8.73	7.09	6.54	9.7	8.67
Weighted average number of common shares outstanding, basic (shares)	109	109	108	107	103
Weighted average number of common shares outstanding, diluted (shares)	110	109	109	108	103
Dividends declared per common share (dollars per share)	1.56	1.49	1.45	1.42	1.2

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	497	320	276	259	166
Interest bearing deposits in other financial institutions	3,099	3,776	1,300	784	350
Cash and cash equivalents	3,596	4,096	1,576	1,043	516
Fair value	18,788	13,468	11,165	7,092	—
Amortized cost	1,571	1,510	1,421	1,284	1,102
Investment securities - equity	79	117	126	160	159
Investments in restricted stock, at cost	248	232	281	224	92
Loans HFS	3,498	2,286	—	1,184	5,635
Loans HFI, net of deferred fees and costs	58,677	53,676	50,297	51,862	—
Less: allowance for credit losses	−461	−374	−337	−310	−253
Net loans held for investment	58,216	53,302	49,960	51,552	—
Mortgage servicing rights	1,494	1,127	1,124	1,148	698
Premises and equipment, net	442	361	339	276	182
Operating lease right of use asset	131	128	145	163	133
Bank owned life insurance	1,057	1,011	186	182	180
Goodwill and intangible assets, net	649	659	669	680	635
Deferred tax assets, net	349	281	287	311	21
Investments in LIHTC and renewable energy	593	606	573	624	631
Other assets	2,063	1,750	1,608	1,811	987
Total assets	92,774	80,934	70,862	67,734	55,983
Non-interest bearing	24,353	18,846	14,520	19,691	21,353
Interest bearing	52,806	47,495	40,813	33,953	26,259
Total deposits	77,159	66,341	55,333	53,644	47,612
Other borrowings	5,240	5,573	7,230	6,299	1,502
Qualifying debt	1,076	899	895	893	896
Operating lease liability	160	159	179	185	143
Other liabilities	1,193	1,255	1,147	1,357	867
Total liabilities	84,828	74,227	64,784	62,378	51,020
Commitments and contingencies	—	—	—	—	—
Preferred stock (par value $0.0001; 20,000,000 authorized; 30,000 shares (12,000,000 depositary shares) issued and outstanding and liquidation value per depositary share of $25 at December 31, 2025 and 2024)	295	295	295	295	295
Common stock (par value $0.0001; 200,000,000 authorized; 112,491,068 and 112,897,807 shares issued at December 31, 2025 and 2024, respectively) and additional paid in capital	2,232	2,245	2,197	2,163	1,966
Treasury stock, at cost (2,981,687 and 2,845,201 shares at December 31, 2025 and 2024, respectively)	−137	−125	−116	−105	−87
Accumulated other comprehensive loss	−344	−534	−513	−661	16
Retained earnings	5,607	4,826	4,215	3,664	2,773
Total Western Alliance stockholders equity	7,653	6,707	6,078	5,356	4,963
Noncontrolling interest in subsidiary	293	0	—	—	—
Total equity	7,946	6,707	6,078	5,356	—
Total liabilities and stockholders equity	92,774	80,934	70,862	67,734	55,983

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	107	94	63	52	34
Stock-based compensation	51	48	34	40	35
Deferred income taxes	−130	12	−25	−69	42
Amortization of net discounts for investment securities	−41	−207	−84	21	40
Amortization of tax credit investments	76	75	64	63	50
Amortization of operating lease right of use asset	24	24	24	22	16
Amortization of net deferred loan fees and net purchase premiums	−78	−86	−84	−74	−66
Purchases and originations of loans HFS	−58,329	−48,667	−42,721	−45,407	−59,570
Proceeds from sales and payments on loans HFS and related securitization activities	55,783	45,752	42,168	47,285	56,648
Mortgage servicing rights capitalized upon sale of mortgage loans	−1,196	−923	−865	−720	−764
Change in fair value of trading securities, loans HFS, mortgage servicing rights, and related derivatives	190	−9	88	−74	178
Fair value adjustments	7	−16	122	22	1
Sale of investment securities	−29	−17	41	−7	−8
Other operating activities, net	−48	−21	−1	2	−15
Other assets	−408	224	−103	—	—
Other liabilities	129	41	218	—	—
Net cash provided by operating activities	−2,679	−2,742	−329	2,245	−2,654
Purchases	−17,649	−16,790	−15,145	−2,396	−3,248
Principal pay downs and maturities	6,504	10,306	10,036	604	1,634
Proceeds from sales	6,170	4,525	1,533	177	165
Purchases	−166	−132	−202	−282	−596
Principal pay downs and maturities	120	34	62	101	55
Purchases	−800,000	−700,000	−600,000	−36	−36
Redemptions	16	15	9	7	21
Proceeds from sales	35	0	2	14	4
Proceeds from sale of mortgage servicing rights and related holdbacks, net	645	908	798	392	1,183
Purchase of other investments	−288	−136	−245	−347	−135
Proceeds from bank owned life insurance, net	1	2	700,000	0	0
Net (increase) decrease in loans HFI	−5,237	−3,816	1,107	−11,173	−12,665
Purchase of premises, equipment, and other assets, net	−114	−84	−114	−141	−69
Purchase of bank owned life insurance	0	−800	0	0	—
Proceeds from sale of other repossessed assets	17	0	0	—	—
Net cash used in investing activities	−9,948	−5,967	−2,159	−13,130	−14,712
Net increase in deposits	10,811	11,002	1,689	6,032	15,682
Net proceeds from issuance of long-term debt	7,596	3,000	10	578	1,056
Payments on long-term debt	−8,452	−1,026	−818	−31	−476
Net increase (decrease) in short-term borrowings	2,165	−1,562	2,341	4,859	−1,742
Net proceeds from issuance of equity by a subsidiary	293	0	0	—	—
Net proceeds from repurchase obligations	0	0	2,662	0	0
Payments on repurchase obligations	0	0	−2,681	0	0
Cash paid for tax withholding on vested restricted stock and other	−12	−9	−11	−19	−16
Common stock repurchases	−68	0	0	0	0
Cash dividends paid on common and preferred stock	−185	−177	−172	—	—
Cash dividends paid to noncontrolling interest	−22	0	0	—	—
Proceeds from issuance of common stock, net	0	100,000	100,000	158	540
Net cash provided by financing activities	12,127	11,229	3,020	11,412	15,211
Net (decrease) increase in cash and cash equivalents	−500	2,520	533	527	−2,155
Interest	1,850	1,942	1,581	453	112
Income taxes, net	32	1	64	198	176
Net increase in unfunded commitments and obligations	140	111	77	259	294
Transfers of securitized loans HFS to AFS securities	0	123	277	205	145
Transfer of loans HFI to HFS, net of fair value loss adjustment	270	267	6,647	0	0
Transfers of loans HFS to HFI, at amortized cost	0	3	2,357	780	0
Transfers of mortgage-backed securities in settlement of secured borrowings	1,485	2,090	557	611	641
Transfers of loans HFI to other assets acquired through foreclosure	178	0	0	—	—
Transfers of OREO properties to premises and equipment, net	48	0	0	—	—
Financed sale of OREO	29	0	0	—	—

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