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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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☒ | | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the quarterly period ended March 31, 2022
or
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☐ | | 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)
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Delaware | | 88-0365922 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
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One E. Washington Street, Suite 1400 | Phoenix | Arizona | | 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:
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Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common Stock, $0.0001 Par Value | | WAL | | New 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 PrA | | New 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.
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Large accelerated filer | | ☒ | | Accelerated filer | | ☐ |
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Non accelerated filer | | ☐ | | Smaller reporting company | | ☐ |
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| | | | 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 April 25, 2022, Western Alliance Bancorporation had 108,282,445 shares of common stock outstanding.
INDEX
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Item 1. | | |
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Item 2. | | |
Item 3. | | |
Item 4. | | |
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Item 1. | | |
Item 1A. | | |
Item 2. | | |
Item 5. | | |
Item 6. | | |
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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.
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ENTITIES / DIVISIONS: |
ABA | Alliance Bank of Arizona | FIB | First Independent Bank |
AmeriHome | AmeriHome Mortgage Company, LLC | LVSP | Las Vegas Sunset Properties |
Aris | Aris Mortgage Holding 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 | | |
TERMS: |
AFS | Available-for-Sale | HELOC | Home Equity Line of Credit |
ALCO | Asset and Liability Management Committee | HFI | Held for Investment |
AOCI | Accumulated Other Comprehensive Income | HFS | Held for Sale |
APIC | Additional paid in capital | HTM | Held-to-Maturity |
ASC | Accounting Standards Codification | HUD | U.S. Department of Housing and Urban Development |
ASU | Accounting Standards Update | ICS | Insured Cash Sweep Service |
Basel III | Banking Supervision's December 2010 final capital framework | IRC | Internal Revenue Code |
BOD | Board of Directors | IRLC | Interest Rate Lock Commitment |
Capital Rules | The FRB, the OCC, and the FDIC 2013 Approved Final Rules | ISDA | International Swaps and Derivatives Association |
CARES Act | Coronavirus Aid, Relief and Economic Security Act | LGD | Loss Given Default |
CBOE | Chicago Board Options Exchange | LIBOR | London Interbank Offered Rate |
CDARS | Certificate Deposit Account Registry Service | LIHTC | Low-Income Housing Tax Credit |
CECL | Current Expected Credit Losses | MBS | Mortgage-Backed Securities |
CEO | Chief Executive Officer | MSA | Metropolitan Statistical Area |
CET1 | Common Equity Tier 1 | MSR | Mortgage Servicing Right |
CFO | Chief Financial Officer | NOL | Net Operating Loss |
CFPB | Consumer Financial Protection Bureau | NPV | Net Present Value |
CLO | Collateralized Loan Obligation | NYSE | New York Stock Exchange |
COVID-19 | Coronavirus Disease 2019 | OCI | Other Comprehensive Income |
CRA | Community Reinvestment Act | OREO | Other Real Estate Owned |
CRE | Commercial Real Estate | OTTI | Other-than-Temporary Impairment |
DTA | Deferred Tax Asset | PCD | Purchased Credit Deteriorated |
EAD | Exposure at Default | PD | Probability of Default |
EBO | Early buyout | PPNR | Pre-Provision Net Revenue |
EPS | Earnings per share | PPP | Paycheck Protection Program |
EVE | Economic Value of Equity | ROU | Right of use |
Exchange Act | Securities Exchange Act of 1934, as amended | SBA | Small Business Administration |
FASB | Financial Accounting Standards Board | SBIC | Small Business Investment Company |
FDIC | Federal Deposit Insurance Corporation | SEC | Securities and Exchange Commission |
FHA | Federal Housing Administration | SERP | Supplemental Executive Retirement Plan |
FHLB | Federal Home Loan Bank | SOFR | Secured Overnight Financing Rate |
FHLMC | Federal Home Loan Mortgage Corporation | SR | Supervision and Regulation Letters |
FICO | The Financing Corporation | TDR | Troubled Debt Restructuring |
FNMA | Federal National Mortgage Association | TEB | Tax Equivalent Basis |
FOMC | Federal Open Market Committee | TSR | Total Shareholder Return |
FRB | Federal Reserve Bank | UPB | Unpaid Principal Balance |
FTC | Federal Trade Commission | USDA | United States Department of Agriculture |
FVO | Fair Value Option | VA | Veterans Affairs |
GAAP | U.S. Generally Accepted Accounting Principles | VIE | Variable Interest Entity |
GNMA | Government National Mortgage Association | XBRL | eXtensible Business Reporting Language |
GSE | Government-Sponsored Enterprise | | |
Item 1.Financial Statements
WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
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| | March 31, 2022 | | December 31, 2021 | | |
| | (Unaudited) | | | | |
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| | (in millions, except shares and per share amounts) | | |
Assets: | | | | | | |
Cash and due from banks | | $ | 266.5 | | | $ | 166.2 | | | |
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Interest-bearing deposits in other financial institutions | | 2,335.8 | | | 350.2 | | | |
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Cash, cash equivalents and restricted cash | | 2,602.3 | | | 516.4 | | | |
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Investment securities - AFS, at fair value; amortized cost of $7,165.5 at March 31, 2022 and $6,166.5 at December 31, 2021 | | 6,852.2 | | | 6,188.8 | | | |
Investment securities - HTM, at amortized cost and net of allowance for credit losses of $3.2 and $5.2 (fair value of $1,139.9 and $1,146.4) at March 31, 2022 and December 31, 2021, respectively | | 1,157.8 | | | 1,101.9 | | | |
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Investment securities - equity | | 164.7 | | | 158.5 | | | |
Investments in restricted stock, at cost | | 101.9 | | | 91.7 | | | |
Loans HFS | | 4,761.6 | | | 5,635.1 | | | |
Loans HFI, net of deferred loan fees and costs | | 41,119.1 | | | 39,075.4 | | | |
Less: allowance for credit losses | | (257.6) | | | (252.5) | | | |
Net loans held for investment | | 40,861.5 | | | 38,822.9 | | | |
Mortgage servicing rights | | 950.3 | | | 698.0 | | | |
Premises and equipment, net | | 196.3 | | | 181.9 | | | |
Operating lease right of use asset | | 141.8 | | | 133.0 | | | |
Bank owned life insurance | | 178.9 | | | 180.2 | | | |
Goodwill and intangible assets, net | | 698.2 | | | 634.8 | | | |
Deferred tax assets, net | | 67.6 | | | 20.9 | | | |
Investments in LIHTC and renewable energy | | 729.9 | | | 631.3 | | | |
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Other assets | | 1,111.1 | | | 987.2 | | | |
Total assets | | $ | 60,576.1 | | | $ | 55,982.6 | | | |
Liabilities: | | | | | | |
Deposits: | | | | | | |
Non-interest-bearing demand | | $ | 23,520.4 | | | $ | 21,353.4 | | | |
Interest-bearing | | 28,639.1 | | | 26,258.6 | | | |
Total deposits | | 52,159.5 | | | 47,612.0 | | | |
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Other borrowings | | 833.3 | | | 1,501.9 | | | |
Qualifying debt | | 893.3 | | | 895.8 | | | |
Operating lease liability | | 154.9 | | | 142.8 | | | |
Other liabilities | | 1,523.5 | | | 867.5 | | | |
Total liabilities | | 55,564.5 | | | 51,020.0 | | | |
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 March 31, 2022 and December 31, 2021) | | 294.5 | | | 294.5 | | | |
Common stock (par value $0.0001; 200,000,000 authorized; 110,824,061 shares issued at March 31, 2022 and 108,981,341 at December 31, 2021) and additional paid in capital | | 2,083.7 | | | 1,966.2 | | | |
Treasury stock, at cost (2,535,555 shares at March 31, 2022 and 2,350,021 shares at December 31, 2021) | | (104.1) | | | (86.8) | | | |
Accumulated other comprehensive (loss) income | | (235.1) | | | 15.7 | | | |
Retained earnings | | 2,972.6 | | | 2,773.0 | | | |
Total stockholders’ equity | | 5,011.6 | | | 4,962.6 | | | |
Total liabilities and stockholders’ equity | | $ | 60,576.1 | | | $ | 55,982.6 | | | |
See accompanying Notes to Unaudited Consolidated Financial Statements.
WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
| | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, | | |
| | 2022 | | 2021 | | | | |
| | (in millions, except per share amounts) |
Interest income: | | | | | | | | |
Loans, including fees | | $ | 434.7 | | | $ | 298.4 | | | | | |
Investment securities | | 46.7 | | | 32.8 | | | | | |
Dividends and other | | 3.1 | | | 2.9 | | | | | |
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Total interest income | | 484.5 | | | 334.1 | | | | | |
Interest expense: | | | | | | | | |
Deposits | | 14.1 | | | 10.8 | | | | | |
Qualifying debt | | 8.4 | | | 5.9 | | | | | |
Other borrowings | | 12.5 | | | 0.1 | | | | | |
Total interest expense | | 35.0 | | | 16.8 | | | | | |
Net interest income | | 449.5 | | | 317.3 | | | | | |
Provision for (recovery of) credit losses | | 9.0 | | | (32.4) | | | | | |
Net interest income after provision for (recovery of) credit losses | | 440.5 | | | 349.7 | | | | | |
Non-interest income: | | | | | | | | |
Net loan servicing revenue | | 41.1 | | | — | | | | | |
Net gain on loan origination and sale activities | | 36.9 | | | — | | | | | |
Service charges and fees | | 7.0 | | | 6.7 | | | | | |
Gain on sales of investment securities | | 6.9 | | | 0.1 | | | | | |
Commercial banking related income | | 5.1 | | | 3.4 | | | | | |
Income from equity investments | | 4.1 | | | 7.6 | | | | | |
Gain on recovery from credit guarantees | | 2.3 | | | — | | | | | |
Fair value loss on assets measured at fair value, net | | (6.6) | | | (1.5) | | | | | |
Other income | | 9.5 | | | 3.4 | | | | | |
Total non-interest income | | 106.3 | | | 19.7 | | | | | |
Non-interest expense: | | | | | | | | |
Salaries and employee benefits | | 138.3 | | | 83.7 | | | | | |
Legal, professional, and directors' fees | | 24.0 | | | 10.1 | | | | | |
Data processing | | 17.6 | | | 9.9 | | | | | |
Occupancy | | 12.8 | | | 8.6 | | | | | |
Loan servicing expenses | | 10.8 | | | — | | | | | |
Deposit costs | | 9.3 | | | 6.3 | | | | | |
Insurance | | 7.2 | | | 4.2 | | | | | |
Loan acquisition and origination expenses | | 6.5 | | | — | | | | | |
Business development and marketing | | 4.4 | | | 1.4 | | | | | |
Net loss (gain) on sales and valuations of repossessed and other assets | | 0.1 | | | (0.3) | | | | | |
Acquisition and restructure expenses | | 0.4 | | | 0.4 | | | | | |
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Other expense | | 17.2 | | | 10.7 | | | | | |
Total non-interest expense | | 248.6 | | | 135.0 | | | | | |
Income before provision for income taxes | | 298.2 | | | 234.4 | | | | | |
Income tax expense | | 58.1 | | | 41.9 | | | | | |
Net income | | 240.1 | | | 192.5 | | | | | |
Dividends on preferred stock | | 3.2 | | | — | | | | | |
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Net income available to common stockholders | | $ | 236.9 | | | $ | 192.5 | | | | | |
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Earnings per share: | | | | | | | | |
Basic | | $ | 2.23 | | | $ | 1.91 | | | | | |
Diluted | | 2.22 | | | 1.90 | | | | | |
Weighted average number of common shares outstanding: | | | | | | |
Basic | | 106.0 | | | 100.8 | | | | | |
Diluted | | 106.6 | | | 101.4 | | | | | |
Dividends declared per common share | | $ | 0.35 | | | $ | 0.25 | | | | | |
See accompanying Notes to Unaudited Consolidated Financial Statements.
WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, | | |
| | 2022 | | 2021 | | | | |
| | (in millions) |
Net income | | $ | 240.1 | | | $ | 192.5 | | | | | |
Other comprehensive income (loss), net: | | | | | | | | |
Unrealized loss on AFS securities, net of tax effect of $80.8 and $23.5, respectively | | (247.9) | | | (72.0) | | | | | |
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Unrealized gain (loss) on junior subordinated debt, net of tax effect of $(0.7) and $0.1, respectively | | 2.2 | | | (0.3) | | | | | |
Realized gain on sale of AFS securities included in income, net of tax effect of $1.8 and approximately $0.0, respectively | | (5.1) | | | (0.1) | | | | | |
Net other comprehensive loss | | (250.8) | | | (72.4) | | | | | |
Comprehensive (loss) income | | $ | (10.7) | | | $ | 120.1 | | | | | |
See accompanying Notes to Unaudited Consolidated Financial Statements.
WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
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| Preferred Stock | | Common Stock | | Additional Paid in Capital | | Treasury Stock | | Accumulated Other Comprehensive Income (Loss) | | Retained Earnings | | Total Stockholders’ Equity |
| Shares | | Amount | | Shares | | Amount | | | | | |
| (in millions) |
Balance, December 31, 2020 | — | | | $ | — | | | 100.8 | | | $ | — | | | $ | 1,390.9 | | | $ | (71.1) | | | $ | 92.3 | | | $ | 2,001.4 | | | $ | 3,413.5 | |
Net income | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 192.5 | | | 192.5 | |
Restricted stock, performance stock units, and other grants, net | — | | | — | | | 0.5 | | | — | | | 8.1 | | | — | | | — | | | — | | | 8.1 | |
Restricted stock surrendered (1) | — | | | — | | | (0.2) | | | — | | | — | | | (12.9) | | | — | | | — | | | (12.9) | |
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Common stock issuance, net | — | | | — | | | 2.3 | | | — | | | 209.2 | | | — | | | — | | | — | | | 209.2 | |
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Dividends paid to common stockholders | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (25.3) | | | (25.3) | |
Other comprehensive loss, net | — | | | — | | | — | | | — | | | — | | | — | | | (72.4) | | | — | | | (72.4) | |
Balance, March 31, 2021 | — | | | $ | — | | | 103.4 | | | $ | — | | | $ | 1,608.2 | | | $ | (84.0) | | | $ | 19.9 | | | $ | 2,168.6 | | | $ | 3,712.7 | |
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Balance, December 31, 2021 | 12.0 | | | $ | 294.5 | | | 106.6 | | | $ | — | | | $ | 1,966.2 | | | $ | (86.8) | | | $ | 15.7 | | | $ | 2,773.0 | | | $ | 4,962.6 | |
Net income | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 240.1 | | | 240.1 | |
Restricted stock, performance stock units, and other grants, net | — | | | — | | | 0.6 | | | — | | | 9.8 | | | — | | | — | | | — | | | 9.8 | |
Restricted stock surrendered (1) | — | | | — | | | (0.2) | | | — | | | — | | | (17.3) | | | — | | | — | | | (17.3) | |
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Common stock issuance, net | — | | | — | | | 1.3 | | | — | | | 107.7 | | | — | | | — | | | — | | | 107.7 | |
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Dividends paid to preferred stockholders | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (3.2) | | | (3.2) | |
Dividends paid to common stockholders | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (37.3) | | | (37.3) | |
Other comprehensive loss, net | — | | | — | | | — | | | — | | | — | | | — | | | (250.8) | | | — | | | (250.8) | |
Balance, March 31, 2022 | 12.0 | | | $ | 294.5 | | | 108.3 | | | $ | — | | | $ | 2,083.7 | | | $ | (104.1) | | | $ | (235.1) | | | $ | 2,972.6 | | | $ | 5,011.6 | |
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(1)Share amounts represent Treasury Shares, see "Note 1. Summary of Significant Accounting Policies" for further discussion.
See accompanying Notes to Unaudited Consolidated Financial Statements.
WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
| | | | | | | | | | | | | | |
| | Three Months Ended March 31, |
| | 2022 | | 2021 |
| | (in millions) |
Cash flows from operating activities: | | | | |
Net income | | $ | 240.1 | | | $ | 192.5 | |
Adjustments to reconcile net income to cash provided by operating activities: | | | | |
Provision for (recovery of) credit losses | | 9.0 | | | (32.4) | |
Depreciation and amortization | | 11.1 | | | 6.0 | |
Stock-based compensation | | 9.8 | | | 8.0 | |
Deferred income taxes | | 35.1 | | | 5.1 | |
Amortization of net premiums for investment securities | | 6.9 | | | |