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
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| (in millions) | ||
| Cash flows from operating activities: | ||
| Net income | $570.8 | $574.5 |
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
| Provision for credit losses | 85.9 | 53.3 |
| Depreciation and amortization | 64.6 | 43.9 |
| Stock-based compensation | 37.0 | 25.4 |
| Deferred income taxes | (10.0) | (31.8) |
| Amortization of net discounts for investment securities | (170.6) | (43.4) |
| Amortization of tax credit investments | 55.3 | 66.9 |
| Amortization of operating lease right of use asset | 18.0 | 17.6 |
| Amortization of net deferred loan fees and net purchase premiums | (66.8) | (64.8) |
| Purchases and originations of loans HFS | (35,134.2) | (32,403.8) |
| Proceeds from sales and payments on loans HFS | 32,872.9 | 31,552.2 |
| Mortgage servicing rights capitalized upon sale of mortgage loans | (625.9) | (653.0) |
| Net losses (gains) on: | ||
| Change in fair value of loans HFS, mortgage servicing rights, and related derivatives | 83.0 | (44.6) |
| Fair value adjustments | (11.5) | 122.2 |
| Sale of investment securities | (10.2) | 26.0 |
| Extinguishment of debt | — | (13.4) |
| Other | (16.6) | 8.1 |
| Other assets and liabilities, net | 138.0 | 94.9 |
| Net cash used in operating activities | $(2,120.3) | $(669.8) |
| Cash flows from investing activities: | ||
| Investment securities - AFS | ||
| Purchases | $(14,325.2) | $(6,853.5) |
| Principal pay downs and maturities | 7,219.5 | 3,559.2 |
| Proceeds from sales | 4,020.7 | 777.8 |
| Investment securities - HTM | ||
| Purchases | (121.5) | (163.2) |
| Principal pay downs and maturities | 26.0 | 51.5 |
| Equity securities carried at fair value | ||
| Purchases | (0.6) | (0.5) |
| Redemptions | 15.0 | 9.0 |
| Proceeds from sales | — | 1.5 |
| Proceeds from sale of mortgage servicing rights and related holdbacks, net | 653.8 | 615.6 |
| Sale (purchase) of other investments | 33.9 | (116.6) |
| Net (increase) decrease in loans HFI | (3,218.7) | 1,926.5 |
| Purchase of premises, equipment, and other assets, net | (57.1) | (87.0) |
| Purchase of bank owned life insurance | (800.0) | — |
| Net cash used in investing activities | $(6,554.2) | $(279.0) |
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| (in millions) | ||
| Cash flows from financing activities: | ||
| Net increase in deposits | $12,707.3 | $642.9 |
| Net proceeds from issuance of long-term debt | 1,000.0 | 9.9 |
| Payments on long-term debt | (19.1) | (538.4) |
| Net (decrease) increase in short-term borrowings | (3,857.2) | 2,962.9 |
| Net proceeds from repurchase obligations | — | 2,661.8 |
| Payments on repurchase obligations | — | (2,198.0) |
| Cash paid for tax withholding on vested restricted stock and other | (8.7) | (10.9) |
| Cash dividends paid on common and preferred stock | (131.8) | (127.8) |
| Net cash provided by financing activities | $9,690.5 | $3,402.4 |
| Net increase in cash and cash equivalents | 1,016.0 | 2,453.6 |
| 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 | $2,592.1 | $3,497.0 |
| Supplemental disclosure: | ||
| Cash paid (received) during the period for: | ||
| Interest | $1,435.7 | $1,108.5 |
| Income taxes, net | (27.5) | 57.0 |
| Non-cash activities: | ||
| Transfers of mortgage-backed securities in settlement of secured borrowings | 1,369.3 | 461.2 |
| Transfers of securitized loans HFS to AFS securities | 123.0 | 182.0 |
| Transfers of loans HFI to HFS, net of fair value loss adjustment (1) | 207.8 | 6,646.8 |
| Transfers of loans HFS to HFI, at amortized cost | 1.8 | 2,357.2 |
(1)Activity for the nine months ended September 30, 2024 and 2023 excludes $333.3 million and $426.4 million, respectively, of loans transferred with an original designation of HFS, which sales activity was classified as operating cash flows.
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