WESTERN ALLIANCE BANCORPORATION

For the period ended Mar 31, 2024. Filed May 2, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 2, 2024

WAL$76.30-1.2%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Cash Flows

	Three Months Ended March 31,
	2024	2023
(in millions)
Cash flows from operating activities:
Net income	$177.4	$142.2
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Provision for credit losses	15.2	19.4
Depreciation and amortization	20.8	16.5
Stock-based compensation	13.1	6.1
Deferred income taxes	2.7	(5.5)
Amortization of net (discounts) premiums for investment securities	(56.5)	2.0
Amortization of tax credit investments	18.6	11.3
Amortization of operating lease right of use asset	6.0	6.0
Amortization of net deferred loan fees and net purchase premiums	(20.9)	(22.6)
Purchases and originations of loans HFS	(9,984.5)	(8,067.2)
Proceeds from sales and payments on loans HFS	9,432.8	8,265.4
Mortgage servicing rights capitalized upon sale of mortgage loans	(188.7)	(142.4)
Net (gains) losses on:
Change in fair value of loans HFS, mortgage servicing rights, and related derivatives	(28.5)	43.5
Fair value adjustments	0.7	149.8
Sale of investment securities	0.9	12.5
Extinguishment of debt	—	(12.7)
Other	(3.0)	(3.6)
Other assets and liabilities, net	287.4	(63.4)
Net cash (used in) provided by operating activities	$(306.5)	$357.3
Cash flows from investing activities:
Investment securities - AFS
Purchases	$(5,938.0)	$(931.3)
Principal pay downs and maturities	1,285.6	61.1
Proceeds from sales	1,403.2	429.3
Investment securities - HTM
Purchases	(36.9)	(44.0)
Principal pay downs and maturities	4.2	7.7
Equity securities carried at fair value
Purchases	(0.2)	(0.5)
Proceeds from sale of mortgage servicing rights and related holdbacks, net	162.3	335.2
Sale (purchase) of other investments	16.6	(172.6)
Net increase in loans HFI	(525.7)	(1,003.5)
Purchase of premises, equipment, and other assets, net	(18.8)	(28.5)
Net cash used in investing activities	$(3,647.7)	$(1,347.1)

	Three Months Ended March 31,
	2024	2023
(in millions)
Cash flows from financing activities:
Net increase (decrease) in deposits	$6,895.7	$(6,056.6)
Payments on long-term debt	(5.4)	(257.3)
Net (decrease) increase in short-term borrowings	(910.6)	9,952.9
Cash paid for tax withholding on vested restricted stock and other	(7.8)	(10.7)
Cash dividends paid on common stock and preferred stock	(43.9)	(42.6)
Net cash provided by financing activities	$5,928.0	$3,585.7
Net increase in cash and cash equivalents	1,973.8	2,595.9
Cash, cash equivalents, and restricted cash at beginning of period	1,576.1	1,043.4
Cash, cash equivalents, and restricted cash at end of period	$3,549.9	$3,639.3
Supplemental disclosure:
Cash paid during the period for:
Interest	$439.0	$329.5
Income taxes, net	(145.2)	(7.5)
Non-cash activities:
Transfers of mortgage-backed securities in settlement of secured borrowings	95.4	125.2
Transfers of securitized loans HFS to AFS securities	60.6	43.9
Transfers of loans HFI to HFS, net of fair value loss adjustment (1)	142.1	5,910.4

(1)Activity for the three months ended March 31, 2024 and 2023 excludes $89.1 million and $294.4 million, respectively, of loans transferred with an original designation of HFS, which sales activity was classified as operating cash flows.

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