WESTERN ALLIANCE BANCORPORATION
For the period ended Dec 31, 2024. Filed Feb 25, 2025.
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FY2024 · Filed Feb 25, 2025
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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| (in millions) | |||
| Cash flows from operating activities: | |||
| Net income | $787.7 | $722.4 | $1,057.3 |
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||
| Provision for credit losses | 145.9 | 62.6 | 68.1 |
| Depreciation and amortization | 94.4 | 63.0 | 52.4 |
| Stock-based compensation | 47.7 | 34.3 | 39.8 |
| Deferred income taxes | 12.4 | (24.9) | (68.6) |
| Amortization of net discounts for investment securities | (207.3) | (84.0) | 21.1 |
| Amortization of tax credit investments | 75.2 | 64.3 | 63.2 |
| Amortization of operating lease right of use asset | 24.1 | 23.5 | 22.2 |
| Amortization of net deferred loan fees and net purchase premiums | (85.6) | (84.0) | (73.6) |
| Purchases and originations of loans HFS | (48,667.3) | (42,720.9) | (45,407.0) |
| Proceeds from sales and payments on loans HFS | 45,752.4 | 42,168.1 | 47,285.0 |
| Mortgage servicing rights capitalized upon sale of mortgage loans | (922.8) | (864.5) | (719.7) |
| Net losses (gains) on: | |||
| Change in fair value of loans HFS, mortgage servicing rights, and related derivatives | (9.4) | 87.8 | (73.9) |
| Fair value adjustments | (16.3) | 122.0 | 22.3 |
| Sale of investment securities | (17.4) | 40.8 | (6.8) |
| Extinguishment of debt | — | (52.7) | — |
| Other | (20.6) | (1.1) | 2.2 |
| Other assets and liabilities, net | 264.9 | 114.7 | (38.7) |
| Net cash (used in) provided by operating activities | $(2,742.0) | $(328.6) | $2,245.3 |
| Cash flows from investing activities: | |||
| Investment securities - AFS | |||
| Purchases | $(16,789.7) | $(15,144.7) | $(2,396.3) |
| Principal pay downs and maturities | 10,306.1 | 10,036.3 | 604.2 |
| Proceeds from sales | 4,525.3 | 1,532.6 | 177.0 |
| Investment securities - HTM | |||
| Purchases | (131.5) | (201.6) | (281.9) |
| Principal pay downs and maturities | 33.8 | 62.1 | 100.6 |
| Equity securities carried at fair value | |||
| Purchases | (0.7) | (0.6) | (36.2) |
| Redemptions | 15.0 | 9.0 | 6.9 |
| Proceeds from sales | — | 1.5 | 14.1 |
| Proceeds from sale of mortgage servicing rights and related holdbacks, net | 908.3 | 798.2 | 391.9 |
| Purchase of other investments | (135.5) | (245.1) | (346.6) |
| Proceeds from bank owned life insurance, net | 1.7 | 0.7 | — |
| Net (increase) decrease in loans HFI | (3,816.0) | 1,106.8 | (11,172.8) |
| Purchase of premises, equipment, and other assets, net | (83.8) | (114.3) | (141.0) |
| Purchase of bank owned life insurance | (800.0) | — | — |
| Cash consideration paid for acquisitions, net of cash acquired | — | — | (50.0) |
| Net cash used in investing activities | $(5,967.0) | $(2,159.1) | $(13,130.1) |
| December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| (in millions) | |||
| Cash flows from financing activities: | |||
| Net increase in deposits | $11,002.0 | $1,688.9 | $6,032.1 |
| Net proceeds from issuance of long-term debt | 3,000.0 | 9.9 | 578.4 |
| Payments on long-term debt | (1,025.7) | (818.1) | (30.7) |
| Net (decrease) increase in short-term borrowings | (1,562.4) | 2,341.3 | 4,859.0 |
| 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 | (8.7) | (11.0) | (18.5) |
| Cash dividends paid on common and preferred stock | (176.8) | (171.5) | (166.2) |
| Proceeds from issuance of common stock, net | 0.1 | 0.1 | 157.7 |
| Net cash provided by financing activities | $11,228.5 | $3,020.4 | $11,411.8 |
| Net increase in cash and cash equivalents | 2,519.5 | 532.7 | 527.0 |
| Cash, cash equivalents, and restricted cash at beginning of period | 1,576.1 | 1,043.4 | 516.4 |
| Cash, cash equivalents, and restricted cash at end of period | $4,095.6 | $1,576.1 | $1,043.4 |
| Supplemental disclosure: | |||
| Cash paid during the period for: | |||
| Interest | $1,941.6 | $1,581.0 | $452.9 |
| Income taxes, net | 1.3 | 63.6 | 197.6 |
| Non-cash activities: | |||
| Net increase in unfunded commitments and obligations | $111.4 | $77.1 | $259.3 |
| Transfers of securitized loans HFS to AFS securities | 123.0 | 276.5 | 205.0 |
| 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) | 267.2 | 6,646.8 | — |
| Transfers of loans HFS to HFI, at amortized cost | 2.5 | 2,357.2 | 780.0 |
| Transfers of mortgage-backed securities in settlement of secured borrowings | 2,090.4 | 557.3 | 610.5 |
(1)Activity for years ended December 31, 2024 and 2023 excludes $461.3 million and $531.6 million, respectively, of loans transferred with an original designation of HFS, whose sales activity was classified as operating cash flows.
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