WESTERN ALLIANCE BANCORPORATION

For the period ended Mar 31, 2025. Filed May 1, 2025.

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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.

Mar 31, 2025 · Filed May 1, 2025

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,
	2025	2024
(in millions)
Cash flows from operating activities:
Net income	$199.1	$177.4
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses	31.2	15.2
Depreciation and amortization	25.0	20.8
Stock-based compensation	15.4	13.1
Deferred income taxes	(54.3)	2.7
Amortization of net discounts for investment securities	(19.8)	(56.5)
Amortization of tax credit investments	15.1	18.6
Amortization of operating lease right of use asset	6.0	6.0
Amortization of net deferred loan fees and net purchase premiums	(19.6)	(20.9)
Purchases and originations of loans HFS	(12,529.0)	(9,984.5)
Proceeds from sales and payments on loans HFS	11,009.4	9,432.8
Mortgage servicing rights capitalized upon sale of mortgage loans	(260.4)	(188.7)
Net losses (gains) on:
Change in fair value of loans HFS, mortgage servicing rights, and related derivatives	87.3	(28.5)
Fair value adjustments	2.9	0.7
Sale of investment securities	(2.1)	0.9
Other	3.9	(3.0)
Other assets and liabilities, net	(164.1)	287.4
Net cash used in operating activities	$(1,654.0)	$(306.5)
Cash flows from investing activities:
Investment securities - AFS
Purchases	$(2,748.1)	$(5,938.0)
Principal pay downs and maturities	1,710.9	1,285.6
Proceeds from sales	411.7	1,403.2
Investment securities - HTM
Purchases	(27.6)	(36.9)
Principal pay downs and maturities	19.0	4.2
Equity securities carried at fair value
Purchases	(0.2)	(0.2)
Redemptions	5.0	—
Proceeds from sales	0.2	—
Proceeds from sale of mortgage servicing rights and related holdbacks, net	107.8	162.3
Proceeds from sale and purchase of other investments, net	12.7	16.6
Proceeds from bank owned life insurance, net	0.6	—
Net increase in loans HFI	(1,068.5)	(525.7)
Purchase of premises, equipment, and other assets, net	(16.6)	(18.8)
Net cash used in investing activities	$(1,593.1)	$(3,647.7)

	Three Months Ended March 31,
	2025	2024
(in millions)
Cash flows from financing activities:
Net increase in deposits	$2,979.3	$6,895.7
Net proceeds from issuance of long-term debt	1,200.0	—
Payments on long-term debt	(2,005.9)	(5.4)
Net increase (decrease) in short-term borrowings	19.6	(910.6)
Net proceeds from issuance of equity by a subsidiary	293.1	—
Cash paid for tax withholding on vested restricted stock and other	(10.8)	(7.8)
Cash dividends paid on common and preferred stock	(45.0)	(43.9)
Net cash provided by financing activities	$2,430.3	$5,928.0
Net (decrease) increase in cash and cash equivalents	(816.8)	1,973.8
Cash, cash equivalents, and restricted cash at beginning of period	4,095.6	1,576.1
Cash, cash equivalents, and restricted cash at end of period	$3,278.8	$3,549.9
Supplemental disclosure:
Cash paid during the period for:
Interest	$442.3	$439.0
Income taxes, net	24.2	(145.2)
Non-cash activities:
Transfers of mortgage-backed securities in settlement of secured borrowings	645.0	95.4
Transfers of securitized loans HFS to AFS securities	—	60.6
Transfers of loans HFI to HFS, net of fair value loss adjustment (1)	88.2	142.1

(1)Activity for the three months ended March 31, 2025 and 2024 excludes $129.9 million and $89.1 million, respectively, of loans transferred with an original designation of HFS, which sales activity was classified as operating cash flows.

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