Company Quick10K Filing
Western Alliance
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 104 $4,495
10-Q 2019-10-31 Quarter: 2019-09-30
10-Q 2019-08-01 Quarter: 2019-06-30
10-Q 2019-04-30 Quarter: 2019-03-31
10-K 2019-03-01 Annual: 2018-12-31
10-Q 2018-10-30 Quarter: 2018-09-30
10-Q 2018-07-31 Quarter: 2018-06-30
10-Q 2018-04-27 Quarter: 2018-03-31
10-K 2018-02-26 Annual: 2017-12-31
10-Q 2017-10-27 Quarter: 2017-09-30
10-Q 2017-07-28 Quarter: 2017-06-30
10-Q 2017-04-27 Quarter: 2017-03-31
10-K 2017-02-28 Annual: 2016-12-31
10-Q 2016-10-31 Quarter: 2016-09-30
10-Q 2016-07-29 Quarter: 2016-06-30
10-Q 2016-05-02 Quarter: 2016-03-31
10-K 2016-02-16 Annual: 2015-12-31
10-Q 2015-10-30 Quarter: 2015-09-30
10-Q 2015-08-07 Quarter: 2015-06-30
10-Q 2015-05-08 Quarter: 2015-03-31
10-K 2015-02-17 Annual: 2014-12-31
10-Q 2014-10-30 Quarter: 2014-09-30
10-Q 2014-07-30 Quarter: 2014-06-30
10-Q 2014-04-30 Quarter: 2014-03-31
10-K 2014-02-21 Annual: 2013-12-31
10-Q 2013-10-31 Quarter: 2013-09-30
10-Q 2013-08-09 Quarter: 2013-06-30
10-Q 2013-05-03 Quarter: 2013-03-31
10-K 2013-03-01 Annual: 2012-12-31
10-Q 2012-11-02 Quarter: 2012-09-30
10-Q 2012-08-03 Quarter: 2012-06-30
10-Q 2012-05-03 Quarter: 2012-03-31
10-K 2012-03-02 Annual: 2011-12-31
10-Q 2011-11-08 Quarter: 2011-09-30
10-Q 2011-08-05 Quarter: 2011-06-30
10-Q 2011-05-06 Quarter: 2011-03-31
10-Q 2010-11-08 Quarter: 2010-09-30
10-Q 2010-08-05 Quarter: 2010-06-30
10-Q 2010-05-07 Quarter: 2010-03-31
10-K 2010-03-16 Annual: 2009-12-31
10-K 2011-03-07 Annual: 2001-12-31
8-K 2020-02-12 Regulation FD, Exhibits
8-K 2020-02-07 Other Events, Exhibits
8-K 2020-01-23 Earnings, Exhibits
8-K 2019-11-02 Officers
8-K 2019-10-29 Regulation FD, Other Events, Exhibits
8-K 2019-10-29 Officers
8-K 2019-07-30 Other Events
8-K 2019-07-18 Earnings, Exhibits
8-K 2019-06-04 Shareholder Vote, Other Events, Exhibits
8-K 2019-04-22 Earnings, Exhibits
8-K 2019-03-04 Officers
8-K 2019-02-11 Regulation FD, Exhibits
8-K 2019-01-24 Earnings, Exhibits
8-K 2018-12-11 Other Events
8-K 2018-10-18 Earnings, Exhibits
8-K 2018-07-19 Earnings, Exhibits
8-K 2018-06-12 Shareholder Vote
8-K 2018-04-19 Earnings, Exhibits
8-K 2018-04-16 Officers
8-K 2018-01-25 Earnings, Exhibits
WAL 2019-09-30
Part I
Item 1. Financial Statements
Item 2. Management's Discussions and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 5. Other Information
Item 6. Exhibits
EX-31.1 walex3119302019.htm
EX-31.2 walex3129302019.htm
EX-32 walex329302019.htm

Western Alliance Earnings 2019-09-30

WAL 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
OZK 4,754 19,152 16,276 0 0 308 585 3,825 6.5 2%
FHN 4,674 42,172 37,246 1,935 0 590 1,166 4,674 0% 4.0 1%
PB 4,580 22,375 18,247 0 0 331 535 4,278 8.0 1%
PACW 4,529 26,344 21,492 1,040 0 472 822 5,834 0% 7.1 2%
WAL 4,495 25,315 22,464 0 0 484 740 3,428 4.6 2%
PNFP 4,360 26,540 22,364 0 0 383 731 4,360 6.0 1%
STL 4,324 30,238 25,778 26 0 432 842 8,115 0% 9.6 1%
WBS 4,190 28,942 25,877 208 0 397 666 4,511 0% 6.8 1%
FFIN 4,187 7,979 6,815 0 0 159 215 4,187 19.5 2%
WTFC 4,141 33,642 30,195 1,055 0 342 736 3,840 0% 5.2 1%

Document
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Table of Contents

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 September 30, 2019
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 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:
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
6.25% Subordinated Debentures due 2056
 
WALA
 
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.
Large accelerated filer
 
 
Accelerated filer
 
 
 
 
 
 
 
 
Non accelerated filer
 
 
Smaller 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 October 25, 2019, Western Alliance Bancorporation had 102,637,384 shares of common stock outstanding.


Table of Contents

INDEX
 
 
 
Page
 
 
 
Item 1.
 
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 
 
 
 
 
 
 
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.
 
 
 
 
 



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
HOA Services
Homeowner Associations Services
BON
Bank of Nevada
LVSP
Las Vegas Sunset Properties
Bridge
Bridge Bank
TPB
Torrey Pines Bank
Company
Western Alliance Bancorporation and subsidiaries
WA PWI
Western Alliance Public Welfare Investments, LLC
CSI
CS Insurance Company
WAB or Bank
Western Alliance Bank
FIB
First Independent Bank
WABT
Western Alliance Business Trust
HFF
Hotel Franchise Finance
WAL or Parent
Western Alliance Bancorporation
TERMS:
AFS
Available-for-Sale
GSE
Government-Sponsored Enterprise
ALCO
Asset and Liability Management Committee
HFI
Held for Investment
AOCI
Accumulated Other Comprehensive Income
HTM
Held-to-Maturity
APIC
Additional paid in capital
ICS
Insured Cash Sweep Service
ASC
Accounting Standards Codification
IRC
Internal Revenue Code
ASU
Accounting Standards Update
ISDA
International Swaps and Derivatives Association
Basel III
Banking Supervision's December 2010 final capital framework
LIBOR
London Interbank Offered Rate
BOD
Board of Directors
LIHTC
Low-Income Housing Tax Credit
CDARS
Certificate Deposit Account Registry Service
MBS
Mortgage-Backed Securities
CDO
Collateralized Debt Obligation
NBL
National Business Lines
CEO
Chief Executive Officer
NOL
Net Operating Loss
CFO
Chief Financial Officer
NPV
Net Present Value
CRA
Community Reinvestment Act
OCI
Other Comprehensive Income
CRE
Commercial Real Estate
OREO
Other Real Estate Owned
EPS
Earnings per share
OTTI
Other-than-Temporary Impairment
EVE
Economic Value of Equity
PCI
Purchased Credit Impaired
Exchange Act
Securities Exchange Act of 1934, as amended
PPNR
Pre-Provision Net Revenue
FASB
Financial Accounting Standards Board
ROU
Right of use
FDIC
Federal Deposit Insurance Corporation
SBA
Small Business Administration
FHLB
Federal Home Loan Bank
SBIC
Small Business Investment Company
FHLMC
Federal Home Loan Mortgage Corporation
SEC
Securities and Exchange Commission
FNMA
Federal National Mortgage Association
SERP
Supplemental Executive Retirement Plan
FRB
Federal Reserve Bank
SR
Supervision and Regulation Letters
FVO
Fair Value Option
TDR
Troubled Debt Restructuring
GAAP
U.S. Generally Accepted Accounting Principles
TEB
Tax Equivalent Basis
GNMA
Government National Mortgage Association
XBRL
eXtensible Business Reporting Language

3

Table of Contents

Item 1.
Financial Statements
WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 
 
September 30, 2019
 
December 31, 2018
 
 
(Unaudited)
 
 
 
 
(in thousands,
except shares and per share amounts)
Assets:
 
 
 
 
Cash and due from banks
 
$
244,319

 
$
180,053

Interest-bearing deposits in other financial institutions
 
627,740

 
318,519

Cash, cash equivalents, and restricted cash
 
872,059

 
498,572

Money market investments
 

 
7

Investment securities - AFS, at fair value; amortized cost of $3,475,037 at September 30, 2019 and $3,339,888 at December 31, 2018
 
3,512,828

 
3,276,988

Investment securities - HTM, at amortized cost; fair value of $482,069 at September 30, 2019 and $298,648 at December 31, 2018
 
442,396

 
302,905

Investment securities - equity
 
126,502

 
115,061

Investments in restricted stock, at cost
 
66,375

 
66,132

Loans - HFS
 
21,803

 

Loans, net of deferred loan fees and costs
 
20,131,058

 
17,710,629

Less: allowance for credit losses
 
(165,021
)
 
(152,717
)
Net loans held for investment
 
19,966,037

 
17,557,912

Premises and equipment, net
 
125,063

 
119,474

Operating lease right of use asset
 
74,548

 

Other assets acquired through foreclosure, net
 
15,483

 
17,924

Bank owned life insurance
 
173,083

 
170,145

Goodwill
 
289,895

 
289,895

Other intangible assets, net
 
8,099

 
9,260

Deferred tax assets, net
 
3,672

 
31,990

Investments in LIHTC
 
338,565

 
342,381

Other assets
 
287,837

 
310,840

Total assets
 
$
26,324,245

 
$
23,109,486

Liabilities:
 
 
 
 
Deposits:
 
 
 
 
Non-interest-bearing demand
 
$
8,755,671

 
$
7,456,141

Interest-bearing
 
13,685,143

 
11,721,306

Total deposits
 
22,440,814

 
19,177,447

Customer repurchase agreements
 
14,982

 
22,411

Other borrowings
 

 
491,000

Qualifying debt
 
388,856

 
360,458

Operating lease liability
 
79,803

 

Other liabilities
 
476,727

 
444,436

Total liabilities
 
23,401,182

 
20,495,752

Commitments and contingencies (Note 12)
 

 

Stockholders’ equity:
 
 
 
 
Common stock - par value $0.0001; 200,000,000 authorized; 104,642,039 shares issued at September 30, 2019 and 106,741,870 at December 31, 2018
 
10

 
10

Treasury stock, at cost (2,002,614 shares at September 30, 2019 and 1,793,231 shares at December 31, 2018)
 
(62,665
)
 
(53,083
)
Additional paid in capital
 
1,368,191

 
1,417,724

Accumulated other comprehensive income (loss)
 
35,599

 
(33,622
)
Retained earnings
 
1,581,928

 
1,282,705

Total stockholders’ equity
 
2,923,063

 
2,613,734

Total liabilities and stockholders’ equity
 
$
26,324,245

 
$
23,109,486

See accompanying Notes to Unaudited Consolidated Financial Statements.

4

Table of Contents

WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
 
 
(in thousands, except per share amounts)
Interest income:
 
 
 
 
 
 
 
 
Loans, including fees
 
$
278,932

 
$
234,709

 
$
808,099

 
$
662,703

Investment securities
 
28,928

 
26,100

 
84,929

 
77,847

Dividends
 
1,289

 
1,831

 
4,452

 
5,506

Other
 
6,459

 
2,576

 
12,144

 
5,459

Total interest income
 
315,608

 
265,216

 
909,624

 
751,515

Interest expense:
 

 

 
 
 
 
Deposits
 
43,354

 
25,266

 
121,030

 
59,288

Other borrowings
 
34

 
90

 
1,344

 
3,352

Qualifying debt
 
5,785

 
5,794

 
17,898

 
16,458

Other
 
13

 
28

 
913

 
51

Total interest expense
 
49,186

 
31,178

 
141,185

 
79,149

Net interest income
 
266,422

 
234,038

 
768,439

 
672,366

Provision for credit losses
 
4,000

 
6,000

 
14,500

 
17,000

Net interest income after provision for credit losses
 
262,422

 
228,038

 
753,939

 
655,366

Non-interest income:
 

 

 
 
 
 
Service charges and fees
 
5,888

 
5,267

 
17,121

 
16,684

Income from equity investments
 
3,742

 
1,440

 
6,619

 
5,417

Card income
 
1,729

 
2,138

 
5,195

 
6,143

Foreign currency income
 
1,321

 
1,092

 
3,564

 
3,475

Income from bank owned life insurance
 
979

 
868