10-Q 1 wal-20220630.htm 10-Q wal-20220630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
 
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2022
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from__________ to __________

Commission file number: 001-32550 
WESTERN ALLIANCE BANCORPORATION
(Exact name of registrant as specified in its charter)
 
Delaware 88-0365922
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
One E. Washington Street, Suite 1400PhoenixArizona 85004
(Address of principal executive offices) (Zip Code)
(602) 389-3500
(Registrant’s telephone number, including area code) 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)
Name of each exchange
on which registered
Common Stock, $0.0001 Par ValueWALNew York Stock Exchange
Depositary Shares, Each Representing a 1/400th Interest in a Share of
4.250% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A
WAL PrANew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
As of July 25, 2022, Western Alliance Bancorporation had 108,280,237 shares of common stock outstanding.


INDEX
 


2

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:
ABAAlliance Bank of ArizonaFIBFirst Independent Bank
AmeriHomeAmeriHome Mortgage Company, LLCLVSPLas Vegas Sunset Properties
ArisAris Mortgage Holding Company, LLCTPBTorrey Pines Bank
BONBank of NevadaWA PWIWestern Alliance Public Welfare Investments, LLC
BridgeBridge BankWAB or BankWestern Alliance Bank
CompanyWestern Alliance Bancorporation and subsidiariesWABTWestern Alliance Business Trust
CSICS Insurance CompanyWAL or ParentWestern Alliance Bancorporation
DSTDigital Settlement Technologies LLC
TERMS:
AFSAvailable-for-SaleHELOCHome Equity Line of Credit
ALCOAsset and Liability Management CommitteeHFIHeld for Investment
AOCIAccumulated Other Comprehensive IncomeHFSHeld for Sale
APICAdditional paid in capitalHTMHeld-to-Maturity
ASCAccounting Standards CodificationHUDU.S. Department of Housing and Urban Development
ASUAccounting Standards UpdateICSInsured Cash Sweep Service
Basel IIIBanking Supervision's December 2010 final capital frameworkIRCInternal Revenue Code
BODBoard of DirectorsIRLCInterest Rate Lock Commitment
Capital RulesThe FRB, the OCC, and the FDIC 2013 Approved Final RulesISDAInternational Swaps and Derivatives Association
CARES ActCoronavirus Aid, Relief and Economic Security ActLGDLoss Given Default
CBOEChicago Board Options ExchangeLIBORLondon Interbank Offered Rate
CDARSCertificate Deposit Account Registry ServiceLIHTCLow-Income Housing Tax Credit
CECLCurrent Expected Credit LossesMBSMortgage-Backed Securities
CEOChief Executive OfficerMSAMetropolitan Statistical Area
CET1Common Equity Tier 1MSRMortgage Servicing Right
CFOChief Financial OfficerNOLNet Operating Loss
CFPBConsumer Financial Protection BureauNPVNet Present Value
CLOCollateralized Loan ObligationNYSENew York Stock Exchange
COVID-19Coronavirus Disease 2019OCIOther Comprehensive Income
CRACommunity Reinvestment ActOREOOther Real Estate Owned
CRECommercial Real EstateOTTIOther-than-Temporary Impairment
DTADeferred Tax AssetPCDPurchased Credit Deteriorated
EADExposure at DefaultPDProbability of Default
EBOEarly buyoutPPNRPre-Provision Net Revenue
EPSEarnings per sharePPPPaycheck Protection Program
EVEEconomic Value of EquityROURight of use
Exchange ActSecurities Exchange Act of 1934, as amendedSBASmall Business Administration
FASBFinancial Accounting Standards BoardSBICSmall Business Investment Company
FDICFederal Deposit Insurance CorporationSECSecurities and Exchange Commission
FHAFederal Housing AdministrationSERPSupplemental Executive Retirement Plan
FHLBFederal Home Loan BankSOFRSecured Overnight Financing Rate
FHLMCFederal Home Loan Mortgage CorporationSRSupervision and Regulation Letters
FICOThe Financing CorporationTDRTroubled Debt Restructuring
FNMAFederal National Mortgage AssociationTEBTax Equivalent Basis
FOMCFederal Open Market CommitteeTSRTotal Shareholder Return
FRBFederal Reserve BankUPBUnpaid Principal Balance
FTCFederal Trade CommissionUSDAUnited States Department of Agriculture
FVOFair Value OptionVAVeterans Affairs
GAAPU.S. Generally Accepted Accounting PrinciplesVIEVariable Interest Entity
GNMAGovernment National Mortgage AssociationXBRLeXtensible Business Reporting Language
GSEGovernment-Sponsored Enterprise
3

Item 1.Financial Statements
WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
June 30, 2022December 31, 2021
(Unaudited)
(in millions,
except shares and per share amounts)
Assets:
Cash and due from banks$233 $166 
Interest-bearing deposits in other financial institutions1,653 350
Cash, cash equivalents and restricted cash1,886 516 
Investment securities - AFS, at fair value; amortized cost of $7,960 at June 30, 2022 and $6,167 at December 31, 2021
7,268 6,189 
Investment securities - HTM, at amortized cost and net of allowance for credit losses of $3 and $5 (fair value of $1,122 and $1,146) at June 30, 2022 and December 31, 2021, respectively
1,215 1,102 
Investment securities - equity170 159 
Investments in restricted stock, at cost149 92 
Loans HFS2,803 5,635 
Loans HFI, net of deferred loan fees and costs48,572 39,075 
Less: allowance for credit losses(273)(252)
Net loans held for investment48,299 38,823 
Mortgage servicing rights826 698 
Premises and equipment, net210 182 
Operating lease right of use asset136 133 
Bank owned life insurance180 180 
Goodwill and intangible assets, net695 635 
Deferred tax assets, net223 21 
Investments in LIHTC and renewable energy722 631 
Other assets1,273 987 
Total assets$66,055 $55,983 
Liabilities:
Deposits:
Non-interest-bearing demand$23,721 $21,353 
Interest-bearing29,991 26,259 
Total deposits53,712 47,612 
Other borrowings5,210 1,502 
Qualifying debt891 896 
Operating lease liability151 143 
Other liabilities1,132 867 
Total liabilities61,096 51,020 
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 issued and outstanding at June 30, 2022 and December 31, 2021)
295 295 
Common stock (par value $0.0001; 200,000,000 authorized; 110,820,001 shares issued at June 30, 2022 and 108,981,341 at December 31, 2021) and additional paid in capital
2,095 1,966 
Treasury stock, at cost (2,538,190 shares at June 30, 2022 and 2,350,021 shares at December 31, 2021)
(104)(87)
Accumulated other comprehensive (loss) income(518)16 
Retained earnings3,191 2,773 
Total stockholders’ equity4,959 4,963 
Total liabilities and stockholders’ equity$66,055 $55,983 
See accompanying Notes to Unaudited Consolidated Financial Statements.

4

WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(in millions, except per share amounts)
Interest income:
Loans, including fees$516.6 $353.8 $951.3 $652.2 
Investment securities57.6 41.8 104.3 74.6 
Dividends and other5.4 2.9 8.5 5.8 
Total interest income579.6 398.5 1,064.1 732.6 
Interest expense:
Deposits27.1 11.6 41.2 22.4 
Qualifying debt8.6 7.2 17.0 13.1 
Other borrowings18.9 9.2 31.4 9.3 
Total interest expense54.6 28.0 89.6 44.8 
Net interest income525.0 370.5 974.5 687.8 
Provision for (recovery of) credit losses27.5 (14.5)36.5 (46.9)
Net interest income after provision for (recovery of) credit losses497.5 385.0 938.0 734.7 
Non-interest income:
Net loan servicing revenue (expense)45.4 (20.8)86.5 (20.8)
Net gain on loan origination and sale activities27.2 132.0 64.1 132.0 
Gain on recovery from credit guarantees9.0  11.3  
Service charges and fees7.6 7.4 14.6 14.1 
Commercial banking related income5.8 4.5 10.9 7.9 
Income from equity investments5.2 6.8 9.3 14.4 
(Loss) gain on sales of investment securities(0.2) 6.7 0.1 
Fair value (loss) gain on assets measured at fair value, net(10.0)3.2 (16.6)1.7 
Other income5.0 2.9 14.5 6.3 
Total non-interest income95.0 136.0 201.3 155.7 
Non-interest expense:
Salaries and employee benefits139.0 128.9 277.3 212.6 
Legal, professional, and directors' fees25.1 14.0 49.1 24.1 
Data processing19.7 15.0 37.3 24.9 
Deposit costs18.1 7.1 27.4 13.4 
Loan servicing expenses14.7 22.3 25.5 22.3 
Occupancy13.0 10.4 25.8 19.0 
Insurance6.9 5.5 14.1 9.7 
Loan acquisition and origination expenses6.4 10.5 12.9 10.5 
Business development and marketing5.4 3.2 9.8 4.6 
Net gain on sales and valuations of repossessed and other assets(0.3)(1.5)(0.2)(1.8)
Acquisition and restructure expenses 15.7 0.4 16.1 
Other expense20.9 13.7 38.1 24.4 
Total non-interest expense268.9 244.8 517.5 379.8 
Income before provision for income taxes323.6 276.2 621.8 510.6 
Income tax expense63.4 52.4 121.5 94.3 
Net income260.2 223.8 500.3 416.3 
Dividends on preferred stock3.2  6.4  
Net income available to common stockholders$257.0 $223.8 $493.9 $416.3 
Earnings per share:
Basic$2.40 $2.18 $4.63 $4.09 
Diluted2.39 2.17 4.61 4.07 
Weighted average number of common shares outstanding:
Basic107.3 102.7 106.7 101.8 
Diluted107.7 103.4 107.1 102.4 
Dividends declared per common share$0.35 $0.25 $0.70 $0.50 
See accompanying Notes to Unaudited Consolidated Financial Statements.
5

WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(in millions)
Net income$260.2 $223.8 $500.3 $416.3 
Other comprehensive income (loss), net:
Unrealized (loss) gain on AFS securities, net of tax effect of $93.3, $(14.6), $174.1, and $8.9 respectively
(284.5)44.8 (532.4)(27.2)
Unrealized gain (loss) on junior subordinated debt, net of tax effect of $(0.7), $0.0, $(1.4), and $0.1 respectively
2.0 (0.2)4.2 (0.5)
Realized gain on sale of AFS securities included in income, net of tax effect of $0.1, $0.0, $1.9, and $0.0 respectively
(0.3) (5.4)(0.1)
Net other comprehensive (loss) gain(282.8)44.6 (533.6)(27.8)
Comprehensive (loss) income