WESTERN ALLIANCE BANCORPORATION
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
WAL$76.30-1.2%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (in millions) | |||
| Cash flows from operating activities: | |||
| Net income | $722.4 | $1,057.3 | $899.2 |
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||
| Provision for (recovery of) credit losses | 62.6 | 68.1 | (21.4) |
| Depreciation and amortization | 63.0 | 52.4 | 33.7 |
| Stock-based compensation | 34.3 | 39.8 | 35.1 |
| Deferred income taxes | (24.9) | (68.6) | 42.0 |
| Amortization of net (discounts) premiums for investment securities | (84.0) | 21.1 | 39.8 |
| Amortization of tax credit investments | 64.3 | 63.2 | 49.5 |
| Amortization of operating lease right of use asset | 23.5 | 22.2 | 16.3 |
| Amortization of net deferred loan fees and net purchase premiums | (84.0) | (73.6) | (66.3) |
| Purchases and originations of loans HFS | (42,720.9) | (45,407.0) | (59,569.6) |
| Proceeds from sales and payments on loans HFS | 42,168.1 | 47,285.0 | 56,647.7 |
| Mortgage servicing rights capitalized upon sale of mortgage loans | (864.5) | (719.7) | (763.8) |
| Net (gains) losses on: | |||
| Change in fair value of loans HFS, mortgage servicing rights, and related derivatives | 87.8 | (73.9) | 177.7 |
| Fair value adjustments | 122.0 | 22.3 | 1.3 |
| Sale of investment securities | 40.8 | (6.8) | (8.4) |
| Extinguishment of debt | (52.7) | — | 5.9 |
| Other | (1.1) | 2.2 | (15.1) |
| Other assets and liabilities, net | 114.7 | (38.7) | (157.6) |
| Net cash (used in) provided by operating activities | $(328.6) | $2,245.3 | $(2,654.0) |
| Cash flows from investing activities: | |||
| Investment securities - AFS | |||
| Purchases | $(15,144.7) | $(2,396.3) | $(3,248.4) |
| Principal pay downs and maturities | 10,036.3 | 604.2 | 1,634.1 |
| Proceeds from sales | 1,532.6 | 177.0 | 164.5 |
| Investment securities - HTM | |||
| Purchases | (201.6) | (281.9) | (595.6) |
| Principal pay downs and maturities | 62.1 | 100.6 | 54.9 |
| Equity securities carried at fair value | |||
| Purchases | (0.6) | (36.2) | (36.2) |
| Redemptions | 9.0 | 6.9 | 21.0 |
| Proceeds from sales | 1.5 | 14.1 | 4.4 |
| Proceeds from sale of mortgage servicing rights and related holdbacks, net | 798.2 | 391.9 | 1,182.8 |
| Purchase of other investments | (245.1) | (346.6) | (134.6) |
| Proceeds from bank owned life insurance, net | 0.7 | — | — |
| Net decrease (increase) in loans HFI | 1,106.8 | (11,172.8) | (12,665.0) |
| Purchase of premises, equipment, and other assets, net | (114.3) | (141.0) | (69.4) |
| Cash consideration paid for acquisitions, net of cash acquired | — | (50.0) | (1,024.4) |
| Net cash used in investing activities | $(2,159.1) | $(13,130.1) | $(14,711.9) |
| December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (in millions) | |||
| Cash flows from financing activities: | |||
| Net increase in deposits | $1,688.9 | $6,032.1 | $15,681.5 |
| Net proceeds from issuance of long-term debt | 9.9 | 578.4 | 1,055.7 |
| Payments on long-term debt | (818.1) | (30.7) | (475.9) |
| Net increase (decrease) in short-term borrowings | 2,341.3 | 4,859.0 | (1,742.1) |
| Net proceeds from repurchase obligations | 2,661.8 | — | — |
| Payments on repurchase obligations | (2,681.0) | — | — |
| Cash paid for tax withholding on vested restricted stock and other | (11.0) | (18.5) | (15.8) |
| Cash dividends paid on common stock and preferred stock | (171.5) | (166.2) | (127.6) |
| Proceeds from issuance of common stock, net | 0.1 | 157.7 | 540.3 |
| Proceeds from issuance of preferred stock, net | — | — | 294.5 |
| Net cash provided by financing activities | $3,020.4 | $11,411.8 | $15,210.6 |
| Net increase (decrease) in cash and cash equivalents | 532.7 | 527.0 | (2,155.3) |
| Cash, cash equivalents, and restricted cash at beginning of period | 1,043.4 | 516.4 | 2,671.7 |
| Cash, cash equivalents, and restricted cash at end of period | $1,576.1 | $1,043.4 | $516.4 |
| Supplemental disclosure: | |||
| Cash paid during the period for: | |||
| Interest | $1,581.0 | $452.9 | $111.6 |
| Income taxes, net | 63.6 | 197.6 | 175.7 |
| Non-cash activities: | |||
| Net increase in unfunded commitments and obligations | $77.1 | $259.3 | $294.1 |
| Transfers of securitized loans HFS to AFS securities | 276.5 | 205.0 | 144.5 |
| Transfer of EBO loans previously classified as HFS to HFI | — | 1,638.1 | — |
| Transfers of loans HFI to HFS, net of fair value loss adjustment (1) | 6,646.8 | — | — |
| Transfers of loans HFS to HFI, at amortized cost | 2,357.2 | 780.0 | — |
| Transfers of mortgage-backed securities in settlement of secured borrowings | 557.3 | 610.5 | 640.6 |
(1)Excludes $531.6 million of loans transferred with an original designation of HFS, whose sales activity was classified as operating cash flows.
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