WESTERN ALLIANCE BANCORPORATION
For the period ended Sep 30, 2024. Filed Oct 31, 2024.
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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.
Sep 30, 2024 · Filed Oct 31, 2024
WAL$76.30-1.2%Stored close · as of Nov 10, 2026
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Consolidated Income Statements
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| (in millions, except per share amounts) | ||||
| Interest income: | ||||
| Loans, including fees | $945.3 | $860.8 | $2,713.9 | $2,550.7 |
| Investment securities | 195.4 | 121.0 | 526.2 | 325.6 |
| Dividends and other | 59.3 | 44.8 | 162.4 | 120.0 |
| Total interest income | 1,200.0 | 1,026.6 | 3,402.5 | 2,996.3 |
| Interest expense: | ||||
| Deposits | 422.1 | 316.2 | 1,213.0 | 798.9 |
| Qualifying debt | 9.5 | 9.5 | 28.6 | 28.3 |
| Other borrowings | 71.5 | 113.9 | 208.5 | 421.9 |
| Total interest expense | 503.1 | 439.6 | 1,450.1 | 1,249.1 |
| Net interest income | 696.9 | 587.0 | 1,952.4 | 1,747.2 |
| Provision for credit losses | 33.6 | 12.1 | 85.9 | 53.3 |
| Net interest income after provision for credit losses | 663.3 | 574.9 | 1,866.5 | 1,693.9 |
| Non-interest income: | ||||
| Net gain on loan origination and sale activities | 46.3 | 52.0 | 138.4 | 145.7 |
| Service charges and loan fees | 30.1 | 29.7 | 64.3 | 72.3 |
| Net loan servicing revenue | 12.3 | 27.2 | 96.8 | 93.2 |
| Income from equity investments | 5.8 | 0.5 | 27.1 | 2.6 |
| Gain (loss) on sales of investment securities | 8.8 | 0.1 | 10.2 | (26.0) |
| Fair value gain (loss) adjustments, net | 4.1 | 17.8 | 5.1 | (117.3) |
| Gain (loss) on recovery from credit guarantees | 0.2 | (4.0) | (2.8) | 0.5 |
| Other income | 18.6 | 5.9 | 32.2 | 19.2 |
| Total non-interest income | 126.2 | 129.2 | 371.3 | 190.2 |
| Non-interest expense: | ||||
| Deposit costs | 208.0 | 127.8 | 518.7 | 305.7 |
| Salaries and employee benefits | 157.8 | 137.2 | 465.7 | 431.7 |
| Data processing | 38.7 | 33.9 | 110.4 | 88.9 |
| Insurance | 35.4 | 33.1 | 128.1 | 81.8 |
| Legal, professional, and directors' fees | 24.8 | 28.3 | 80.7 | 77.8 |
| Loan servicing expenses | 18.7 | 11.9 | 50.3 | 44.1 |
| Occupancy | 17.6 | 16.8 | 53.5 | 48.7 |
| Business development and marketing | 9.7 | 4.9 | 21.6 | 15.1 |
| Loan acquisition and origination expenses | 5.9 | 5.6 | 15.8 | 15.6 |
| Gain on extinguishment of debt | — | — | — | (13.4) |
| Other expense | 20.8 | 26.7 | 61.2 | 65.5 |
| Total non-interest expense | 537.4 | 426.2 | 1,506.0 | 1,161.5 |
| Income before provision for income taxes | 252.1 | 277.9 | 731.8 | 722.6 |
| Income tax expense | 52.3 | 61.3 | 161.0 | 148.1 |
| Net income | 199.8 | 216.6 | 570.8 | 574.5 |
| Dividends on preferred stock | 3.2 | 3.2 | 9.6 | 9.6 |
| Net income available to common stockholders | $196.6 | $213.4 | $561.2 | $564.9 |
| Earnings per share: | ||||
| Basic | $1.81 | $1.97 | $5.17 | $5.22 |
| Diluted | 1.80 | 1.97 | 5.14 | 5.21 |
| Weighted average number of common shares outstanding: | ||||
| Basic | 108.7 | 108.3 | 108.6 | 108.3 |
| Diluted | 109.5 | 108.5 | 109.2 | 108.4 |
| Dividends declared per common share | $0.37 | $0.36 | $1.11 | $1.08 |
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