Company Quick10K Filing
Western Alliance
Price45.84 EPS5
Shares103 P/E10
MCap4,743 P/FCF9
Net Debt-872 EBIT771
TEV3,871 TEV/EBIT5
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-10-30
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-04-30
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-04-30
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-10-30
10-Q 2018-06-30 Filed 2018-07-31
10-Q 2018-03-31 Filed 2018-04-27
10-K 2017-12-31 Filed 2018-02-26
10-Q 2017-09-30 Filed 2017-10-27
10-Q 2017-06-30 Filed 2017-07-28
10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-10-31
10-Q 2016-06-30 Filed 2016-07-29
10-Q 2016-03-31 Filed 2016-05-02
10-K 2015-12-31 Filed 2016-02-16
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-02-17
10-Q 2014-09-30 Filed 2014-10-30
10-Q 2014-06-30 Filed 2014-07-30
10-Q 2014-03-31 Filed 2014-04-30
10-K 2013-12-31 Filed 2014-02-21
10-Q 2013-09-30 Filed 2013-10-31
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-03
10-K 2011-12-31 Filed 2012-03-02
10-Q 2011-09-30 Filed 2011-11-08
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-Q 2010-09-30 Filed 2010-11-08
10-Q 2010-06-30 Filed 2010-08-05
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-16
10-K 2001-12-31 Filed 2011-03-07
8-K 2020-10-29 Other Events, Exhibits
8-K 2020-10-22 Earnings, Exhibits
8-K 2020-07-28 Other Events, Exhibits
8-K 2020-07-16 Earnings, Exhibits
8-K 2020-06-11
8-K 2020-06-01
8-K 2020-05-22
8-K 2020-05-13
8-K 2020-04-28
8-K 2020-04-16
8-K 2020-03-09
8-K 2020-02-12
8-K 2020-02-07
8-K 2020-01-23
8-K 2019-11-02
8-K 2019-10-29
8-K 2019-10-29
8-K 2019-10-17
8-K 2019-07-30
8-K 2019-07-18
8-K 2019-06-04
8-K 2019-04-22
8-K 2019-03-04
8-K 2019-02-11
8-K 2019-01-24
8-K 2018-12-11
8-K 2018-10-18
8-K 2018-07-19
8-K 2018-06-12
8-K 2018-04-19
8-K 2018-04-16
8-K 2018-01-25

WAL 10Q Quarterly Report

Part I
Item 1.Financial Statements
Item 2.Management's Discussion 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 walex3119302020.htm
EX-31.2 walex3129302020.htm
EX-32 walex329302020.htm

Western Alliance Earnings 2020-09-30

Balance SheetIncome StatementCash Flow

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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, 2020
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
6.25% Subordinated Debentures due 2056WALANew 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 October 26, 2020, Western Alliance Bancorporation had 100,829,164 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:
ABAAlliance Bank of ArizonaHOA ServicesHomeowner Associations Services
BONBank of NevadaLVSPLas Vegas Sunset Properties
BridgeBridge BankTPBTorrey Pines Bank
CompanyWestern Alliance Bancorporation and subsidiariesWA PWIWestern Alliance Public Welfare Investments, LLC
CSICS Insurance CompanyWAB or BankWestern Alliance Bank
FIBFirst Independent BankWABTWestern Alliance Business Trust
HFFHotel Franchise FinanceWAL or ParentWestern Alliance Bancorporation
TERMS:
AFSAvailable-for-SaleHELOCHome Equity Line of Credit
ALCOAsset and Liability Management CommitteeHFIHeld for Investment
AOCIAccumulated Other Comprehensive IncomeHTMHeld-to-Maturity
APICAdditional paid in capitalICSInsured Cash Sweep Service
ASCAccounting Standards CodificationIRCInternal Revenue Code
ASUAccounting Standards UpdateISDAInternational Swaps and Derivatives Association
Basel IIIBanking Supervision's December 2010 final capital frameworkLGDLoss Given Default
BODBoard of DirectorsLIBORLondon Interbank Offered Rate
BSABank Secrecy ActLIHTCLow-Income Housing Tax Credit
CARES ActCoronavirus Aid, Relief and Economic Security ActMBSMortgage-Backed Securities
CDARSCertificate Deposit Account Registry ServiceMSLPMain Street Lending Program
CDOCollateralized Debt ObligationNBLNational Business Lines
CECLCurrent Expected Credit LossesNOLNet Operating Loss
CEOChief Executive OfficerNPVNet Present Value
CFOChief Financial OfficerOCIOther Comprehensive Income
COVID-19Coronavirus Disease 2019OREOOther Real Estate Owned
CRACommunity Reinvestment ActOTTIOther-than-Temporary Impairment
CRECommercial Real EstatePCIPurchased Credit Impaired
EADExposure at DefaultPDProbability of Default
EPSEarnings per sharePPNRPre-Provision Net Revenue
EVEEconomic Value of EquityPPPPaycheck Protection Program
Exchange ActSecurities Exchange Act of 1934, as amendedPPPFAPaycheck Protection Program Flexibility Act
FASBFinancial Accounting Standards BoardREITReal Estate Investment Trust
FDICFederal Deposit Insurance CorporationROURight of use
FHLBFederal Home Loan BankSBASmall Business Administration
FHLMCFederal Home Loan Mortgage CorporationSBICSmall Business Investment Company
FinCENFinancial Crimes Enforcement NetworkSECSecurities and Exchange Commission
FNMAFederal National Mortgage AssociationSERPSupplemental Executive Retirement Plan
FOMCFederal Open Market CommitteeSOFRSecured Overnight Financing Rate
FRBFederal Reserve BankSRSupervision and Regulation Letters
FVOFair Value OptionTDRTroubled Debt Restructuring
GAAPU.S. Generally Accepted Accounting PrinciplesTEBTax Equivalent Basis
GNMAGovernment National Mortgage AssociationTSRTotal Shareholder Return
GSEGovernment-Sponsored EnterpriseXBRLeXtensible Business Reporting Language
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Table of Contents
Item 1.Financial Statements
WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
September 30, 2020December 31, 2019
(Unaudited)
(in thousands,
except shares and per share amounts)
Assets:
Cash and due from banks$163,893 $185,977 
Interest-bearing deposits in other financial institutions1,254,842 248,619 
Cash, cash equivalents, and restricted cash1,418,735 434,596 
Investment securities - AFS, at fair value; amortized cost of $3,876,586 at September 30, 2020 and $3,317,928 at December 31, 2019
3,975,225 3,346,310 
Investment securities - HTM, at amortized cost; fair value of $548,140 at September 30, 2020 and $516,261 at December 31, 2019
504,477 485,107 
Less: allowance for credit losses(5,964) 
Net HTM investment securities498,513 485,107 
Investment securities - equity160,561 138,701 
Investments in restricted stock, at cost66,843 66,509 
Loans - HFS20,764 21,803 
Loans, net of deferred loan fees and costs25,993,254 21,101,493 
Less: allowance for credit losses(310,560)(167,797)
Net loans held for investment25,682,694 20,933,696 
Premises and equipment, net128,256 125,838 
Operating lease right of use asset71,393 72,558 
Bank owned life insurance175,478 174,046 
Goodwill and intangible assets, net298,987 297,608 
Deferred tax assets, net46,645 18,025 
Investments in LIHTC and renewable energy414,305 409,365 
Other assets377,107 297,786 
Total assets$33,335,506 $26,821,948 
Liabilities:
Deposits:
Non-interest-bearing demand$13,013,014 $8,537,905 
Interest-bearing15,830,382 14,258,588 
Total deposits28,843,396 22,796,493 
Customer repurchase agreements19,688 16,675 
Other borrowings10,000  
Qualifying debt618,772 393,563 
Operating lease liability78,613 78,112 
Other liabilities540,991 520,357 
Total liabilities30,111,460 23,805,200 
Commitments and contingencies (Note 11)
Stockholders’ equity:
Common stock - par value $0.0001; 200,000,000 authorized; 102,993,777 shares issued at September 30, 2020 and 104,527,544 at December 31, 2019
10 10 
Treasury stock, at cost (2,168,437 shares at September 30, 2020 and 2,003,873 shares at December 31, 2019)
(71,098)(62,728)
Additional paid in capital1,383,537 1,374,141 
Accumulated other comprehensive income78,585 25,008 
Retained earnings1,833,012 1,680,317 
Total stockholders’ equity3,224,046 3,016,748 
Total liabilities and stockholders’ equity$33,335,506 $26,821,948 
See accompanying Notes to Unaudited Consolidated Financial Statements.
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Table of Contents
WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
(in thousands, except per share amounts)
Interest income:
Loans, including fees$276,623 $278,932 $843,085 $808,099 
Investment securities26,323 28,928 79,778 84,929 
Dividends1,397 1,289 4,305 4,452 
Other500 6,459 3,129 12,144 
Total interest income304,843 315,608 930,297 909,624 
Interest expense:
Deposits12,215 43,354 59,736 121,030 
Other borrowings5 34 75 1,344 
Qualifying debt7,872 5,785 17,833 17,898 
Other13 13 495 913 
Total interest expense20,105 49,186 78,139 141,185 
Net interest income284,738 266,422 852,158 768,439 
Provision for credit losses14,661 3,803 157,837 15,303 
Net interest income after provision for credit losses270,077 262,619 694,321 753,136 
Non-interest income:
Service charges and fees5,913 5,888 17,447 17,121 
Card income1,873 1,729 4,768 5,195 
Foreign currency income1,755