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 2020-03-31 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 2020-06-11
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 walex3113312020.htm
EX-31.2 walex3123312020.htm
EX-32 walex323312020.htm

Western Alliance Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

Document
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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 March 31, 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 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 April 27, 2020, Western Alliance Bancorporation had 100,851,015 shares of common stock outstanding.



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



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:
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
GNMA
Government National Mortgage Association
ALCO
Asset and Liability Management Committee
GSE
Government-Sponsored Enterprise
AOCI
Accumulated Other Comprehensive Income
HFI
Held for Investment
APIC
Additional paid in capital
HTM
Held-to-Maturity
ASC
Accounting Standards Codification
ICS
Insured Cash Sweep Service
ASU
Accounting Standards Update
IRC
Internal Revenue Code
Basel III
Banking Supervision's December 2010 final capital framework
ISDA
International Swaps and Derivatives Association
BOD
Board of Directors
LGD
Loss Given Default
BSA
Bank Secrecy Act
LIBOR
London Interbank Offered Rate
CARES Act
Coronavirus Aid, Relief and Economic Security Act
LIHTC
Low-Income Housing Tax Credit
CDARS
Certificate Deposit Account Registry Service
MBS
Mortgage-Backed Securities
CDO
Collateralized Debt Obligation
NBL
National Business Lines
CECL
Current Expected Credit Losses
NOL
Net Operating Loss
CEO
Chief Executive Officer
NPV
Net Present Value
CFO
Chief Financial Officer
OCI
Other Comprehensive Income
COVID-19
Coronavirus Disease 2019
OREO
Other Real Estate Owned
CRA
Community Reinvestment Act
OTTI
Other-than-Temporary Impairment
CRE
Commercial Real Estate
PCI
Purchased Credit Impaired
EAD
Exposure at Default
PD
Probability of Default
EPS
Earnings per share
PPNR
Pre-Provision Net Revenue
EVE
Economic Value of Equity
PPP
Paycheck Protection Program
Exchange Act
Securities Exchange Act of 1934, as amended
REIT
Real Estate Investment Trust
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
FinCEN
Financial Crimes Enforcement Network
SERP
Supplemental Executive Retirement Plan
FNMA
Federal National Mortgage Association
SR
Supervision and Regulation Letters
FOMC
Federal Open Market Committee
TDR
Troubled Debt Restructuring
FRB
Federal Reserve Bank
TEB
Tax Equivalent Basis
FVO
Fair Value Option
TSR
Total Shareholder Return
GAAP
U.S. Generally Accepted Accounting Principles
XBRL
eXtensible Business Reporting Language

3


Item 1.
Financial Statements
WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 
 
March 31, 2020
 
December 31, 2019
 
 
(Unaudited)
 
 
 
 
(in thousands,
except shares and per share amounts)
Assets:
 
 
 
 
Cash and due from banks
 
$
152,368

 
$
185,977

Interest-bearing deposits in other financial institutions
 
263,342

 
248,619

Cash, cash equivalents, and restricted cash
 
415,710

 
434,596

Investment securities - AFS, at fair value; amortized cost of $3,640,109 at March 31, 2020 and $3,317,928 at December 31, 2019
 
3,676,651

 
3,346,310

Investment securities - HTM, at amortized cost; fair value of $530,062 at March 31, 2020 and $516,261 at December 31, 2019
 
483,775

 
485,107

Less: allowance for credit losses
 
(2,981
)
 

Net HTM investment securities
 
480,794

 
485,107

Investment securities - equity
 
131,158

 
138,701

Investments in restricted stock, at cost
 
66,709

 
66,509

Loans - HFS
 
20,873

 
21,803

Loans, net of deferred loan fees and costs
 
23,145,268

 
21,101,493

Less: allowance for credit losses
 
(235,329
)
 
(167,797
)
Net loans held for investment
 
22,909,939

 
20,933,696

Premises and equipment, net
 
125,889

 
125,838

Operating lease right of use asset
 
72,338

 
72,558

Bank owned life insurance
 
175,007

 
174,046

Goodwill and intangible assets, net
 
297,234

 
297,608

Deferred tax assets, net
 
27,518

 
18,025

Investments in LIHTC and renewable energy
 
416,272

 
409,365

Other assets
 
342,135

 
297,786

Total assets
 
$
29,158,227

 
$
26,821,948

Liabilities:
 
 
 
 
Deposits:
 
 
 
 
Non-interest-bearing demand
 
$
9,886,528

 
$
8,537,905

Interest-bearing
 
14,944,153

 
14,258,588

Total deposits
 
24,830,681

 
22,796,493

Customer repurchase agreements
 
22,980

 
16,675

Other borrowings
 
308,000

 

Qualifying debt
 
389,893

 
393,563

Operating lease liability
 
78,733

 
78,112

Other liabilities
 
528,307

 
520,357

Total liabilities
 
26,158,594

 
23,805,200

Commitments and contingencies (Note 12)
 

 

Stockholders’ equity:
 
 
 
 
Common stock - par value $0.0001; 200,000,000 authorized; 103,296,003 shares issued at March 31, 2020 and 104,527,544 at December 31, 2019
 
10

 
10

Treasury stock, at cost (2,142,984 shares at March 31, 2020 and 2,003,873 shares at December 31, 2019)
 
(70,186
)
 
(62,728
)
Additional paid in capital
 
1,370,544

 
1,374,141

Accumulated other comprehensive income
 
37,497

 
25,008

Retained earnings
 
1,661,768

 
1,680,317

Total stockholders’ equity
 
2,999,633

 
3,016,748

Total liabilities and stockholders’ equity
 
$
29,158,227

 
$
26,821,948

See accompanying Notes to Unaudited Consolidated Financial Statements.

4


WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
 
 
Three Months Ended March 31,
 
 
2020
 
2019
 
 
(in thousands, except per share amounts)
Interest income:
 
 
 
 
Loans, including fees
 
$
276,886

 
$
258,818

Investment securities
 
26,300

 
28,178

Dividends
 
1,615

 
1,633

Other
 
2,415

 
2,539

Total interest income
 
307,216

 
291,168

Interest expense:
 

 

Deposits
 
32,516

 
35,788

Other borrowings
 
35

 
1,277

Qualifying debt
 
5,249

 
6,105

Other
 
396

 
662

Total interest expense
 
38,196

 
43,832

Net interest income
 
269,020

 
247,336

Provision for credit losses
 
51,176

 
4,536

Net interest income after provision for credit losses
 
217,844

 
242,800

Non-interest income:
 

 

Service charges and fees
 
6,404

 
5,412

Income from equity investments
 
3,766

 
2,009

Card income
 
1,717

 
1,841

Foreign currency income
 
1,328

 
1,095

Income from bank owned life insurance
 
962

 
981

Lending related income and gains (losses) on sale of loans, net
 
648

 
251

Gain (loss) on sales of investment securities, net
 
72

 

Fair value (loss) gain adjustments on assets measured at fair value, net
 
(11,300
)
 
2,834

Other income
 
1,512

 
987

Total non-interest income
 
5,109

 
15,410

Non-interest expense:
 
 
 
 
Salaries and employee benefits
 
72,064

 
68,556

Legal, professional, and directors' fees
 
10,402

 
7,532

Data processing
 
8,603

 
6,675

Occupancy
 
8,225

 
8,227

Deposit costs
 
7,338

 
5,724

Insurance
 
2,998

 
2,809

Business development
 
2,281

 
2,085

Loan and repossessed asset expenses
 
1,462

 
2,006

Marketing
 
904

 
741