$WAL-PA

WESTERN ALLIANCE BANCORPORATION

CIK:0001212545|SEC Filings

CONSOLIDATED INCOME STATEMENTS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income:
Loans, including fees	$ 941.5	$ 914.3	$ 1,857.2	$ 1,795.3
Investment securities	243.0	199.7	461.6	365.5
Dividends and other	47.4	40.4	101.3	89.2
Total interest income	1,231.9	1,154.4	2,420.1	2,250.0
Interest expense:
Deposits	370.5	377.8	731.2	756.1
Qualifying debt	13.8	8.2	26.9	17.5
Other borrowings	50.7	70.8	98.8	128.2
Total interest expense	435.0	456.8	856.9	901.8
Net interest income	796.9	697.6	1,563.2	1,348.2
Provision for credit losses	80.4	39.9	293.6	71.1
Net interest income after provision for credit losses	716.5	657.7	1,269.6	1,277.1
Non-interest income:
Service charges and fees	63.1	39.7	151.6	80.2
Net gain on mortgage loan origination and sale activities	53.4	39.4	126.1	88.9
Net loan servicing revenue	31.3	38.3	30.0	60.1
Income from bank owned life insurance	10.8	11.0	21.5	22.4
Gain on sales of investment securities	3.0	11.4	53.5	13.5
Fair value gain adjustments, net	12.8	0.1	15.9	1.1
Income (loss) from equity investments	11.9	2.9	25.2	(1.9)
Other income	12.5	5.5	27.6	11.4
Total non-interest income	198.8	148.3	451.4	275.7
Non-interest expense:
Salaries and employee benefits	204.3	179.9	409.8	362.3
Deposit costs	179.2	147.4	342.5	284.2
Data processing	52.1	45.0	105.2	90.2
Legal, professional, and directors' fees	32.8	25.3	63.4	54.2
Insurance	28.3	37.4	53.0	75.3
Occupancy	21.1	16.9	40.3	34.1
Loan servicing expenses	17.6	20.1	34.3	36.5
Loan acquisition and origination expenses	8.8	5.8	16.7	11.0
Business development and marketing	8.3	6.1	17.8	12.0
Other expense	30.8	30.8	74.7	55.3
Total non-interest expense	583.3	514.7	1,157.7	1,015.1
Income before provision for income taxes	332.0	291.3	563.3	537.7
Income tax expense	63.2	53.5	105.3	100.8
Net income	268.8	237.8	458.0	436.9
Net income attributable to noncontrolling interest	7.1	7.4	14.2	7.4
Net income attributable to Western Alliance	261.7	230.4	443.8	429.5
Dividends on preferred stock	3.2	3.2	6.4	6.4
Net income available to common stockholders	$ 258.5	$ 227.2	$ 437.4	$ 423.1
Earnings per share:
Basic (dollars per share)	$ 2.37	$ 2.08	$ 4.00	$ 3.89
Diluted (dollars per share)	$ 2.36	$ 2.07	$ 3.99	$ 3.86
Weighted average number of common shares outstanding:
Basic (shares)	107.8	109.0	108.0	108.9
Diluted (shares)	108.0	109.6	108.1	109.6
Dividends declared per common share (dollars per share)	$ 0.42	$ 0.38	$ 0.84	$ 0.76

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Cash flows from operating activities:

Net income

$ 458.0

$ 436.9

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Provision for credit losses

293.6

71.1

Depreciation and amortization

57.8

51.4

Stock-based compensation

22.1

26.5

Deferred income taxes

(37.3)

(46.9)

Amortization of net discounts for investment securities

(8.3)

(32.5)

Amortization of tax credit investments

32.1

34.1

Amortization of operating lease right of use asset

12.1

11.9

Amortization of net deferred loan fees and net purchase premiums

(33.9)

(38.7)

Purchases and originations of loans HFS

(32,022.8)

(26,746.0)

Proceeds from sales and payments on loans HFS and related securitization activities

30,965.5

25,009.0

Mortgage servicing rights capitalized upon sale of mortgage loans

(588.8)

(544.8)

Net losses (gains) on:

Change in fair value of trading securities, loans HFS, mortgage servicing rights, and related derivatives

42.3

114.8

Fair value adjustments

3.6

4.6

Sale of investment securities

(53.5)

(13.5)

Other

(32.6)

0.7

Other assets

67.1

(275.7)

Other liabilities

(40.3)

(74.6)

Net cash used in operating activities

(863.3)

(2,011.7)

Investment securities - AFS

Purchases

(9,021.8)

(9,634.7)

Principal pay downs and maturities

1,667.6

3,567.6

Proceeds from sales

7,158.8

2,606.0

Investment securities - HTM

Purchases

(128.3)

(51.2)

Principal pay downs and maturities

43.6

39.2

Equity securities carried at fair value

Purchases

(0.4)

Redemptions

0.0

5.0

Proceeds from sales

10.7

22.0

Proceeds from sale of mortgage servicing rights and related holdbacks, net

470.2

518.8

Purchase of other investments

(110.2)

(143.5)

Proceeds from bank owned life insurance, net

0.0

0.6

Net increase in loans HFI

(2,583.8)

(2,446.9)

Purchase of premises, equipment, and other assets, net

(43.5)

(37.7)

Proceeds from sale of other repossessed assets

0.8

0.0

Net cash used in investing activities

(2,536.3)

(5,555.2)

Cash flows from financing activities:

Net increase in deposits

4,713.3

4,762.2

Net proceeds from issuance of long-term debt

1,800.0

3,700.0

Payments on long-term debt

(1,714.3)

(3,437.4)

Net increase in short-term borrowings

1,136.7

1,029.6

Net proceeds from issuance of equity by a subsidiary

0.0

293.1

Cash paid for tax withholding on vested restricted stock and other

(18.6)

(11.7)

Common stock repurchases

(52.6)

0.0

Cash dividends paid on common and preferred stock

(98.3)

(90.4)

Cash dividends paid to noncontrolling interest

(14.2)

(7.4)

Payment of contingent consideration

(12.4)

0.0

Net cash provided by financing activities

5,739.6

6,238.0

Net increase (decrease) in cash and cash equivalents

2,340.0

(1,328.9)

Cash, cash equivalents, and restricted cash at beginning of period

3,595.9

4,095.6

Cash, cash equivalents, and restricted cash at end of period

5,935.9

2,766.7

Cash paid during the period for:

Interest

860.4

921.0

Income taxes, net

80.4

28.7

Non-cash activities:

Transfers of mortgage-backed securities in settlement of secured borrowings

229.5

1,052.2

Transfers of loans HFI to HFS, net of fair value loss adjustment

^[1]

117.4

130.7

Unsettled sales of AFS securities

15.2

198.6

Transfers of loans HFI to other assets acquired through foreclosure

25.8

176.1

Transfers of OREO properties to premises and equipment, net

$ 38.7

$ 0.0

[1]	(1)Activity for the six months ended June 30, 2026 and 2025 excludes $39.1 million and $244.1 million, respectively, of loans transferred with an original designation of HFS, which sales activity was classified as operating cash flows.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Assets:
Cash and due from banks	$ 454.0	$ 497.0
Interest bearing deposits in other financial institutions	5,482.0	3,099.0
Cash and cash equivalents	5,936.0	3,596.0
Investment securities - AFS, at fair value; amortized cost of $19,547 at June 30, 2026 and $19,303 at December 31, 2025	18,880.0	18,788.0
Investment securities - HTM, at amortized cost and net of ACL of $13.8 and $12.9 (fair value of $1,497 and $1,427) at June 30, 2026 and December 31, 2025, respectively	1,662.0	1,571.0
Investment securities - equity	80.0	79.0
Investments in restricted stock, at cost	256.0	248.0
Loans HFS	4,347.0	3,498.0
Loans:
Loans HFI, net of deferred fees and costs	60,949.0	58,677.0
Less: allowance for credit losses	(487.4)	(460.6)
Net loans HFI	60,462.0	58,216.0
Mortgage servicing rights	1,500.0	1,494.0
Premises and equipment, net	479.0	442.0
Operating lease right of use asset	119.0	131.0
Bank owned life insurance	1,075.0	1,057.0
Goodwill and intangible assets, net	644.0	649.0
Deferred tax assets, net	425.0	349.0
Investments in LIHTC and renewable energy	571.0	593.0
Other assets	2,265.0	2,063.0
Total assets	98,701.0	92,774.0
Deposits:
Non-interest bearing	27,820.0	24,353.0
Interest bearing	54,054.0	52,806.0
Total deposits	81,874.0	77,159.0
Other borrowings	6,236.0	5,240.0
Qualifying debt	1,069.0	1,076.0
Operating lease liability	148.0	160.0
Other liabilities	1,239.0	1,193.0
Total liabilities	90,566.0	84,828.0
Commitments and contingencies (Note 15)
Equity:
Preferred stock (par value $0.0001; 20,000,000 authorized; 30,000 shares (12,000,000 depositary shares) issued and outstanding and liquidation value per depositary share of $25 at June 30, 2026 and December 31, 2025)	295.0	295.0
Common stock (par value $0.0001; 200,000,000 authorized; 112,360,864 shares issued at June 30, 2026 and 112,491,068 at December 31, 2025) and additional paid in capital	2,202.0	2,232.0
Treasury stock, at cost (3,181,959 shares at June 30, 2026 and 2,981,687 shares at December 31, 2025)	(156.0)	(137.0)
Accumulated other comprehensive loss	(451.0)	(344.0)
Retained earnings	5,952.0	5,607.0
Total Western Alliance stockholders’ equity	7,842.0	7,653.0
Noncontrolling interest in subsidiary	293.0	293.0
Total equity	8,135.3	7,945.9
Total liabilities and equity	$ 98,701.0	$ 92,774.0