Delaware | 001-32550 | 88-0365922 | ||||||||||||
(State or other jurisdiction
of incorporation) |
(Commission
File Number) |
(IRS Employer
Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, $0.0001 Par Value | WAL | New York Stock Exchange | ||||||||||||
6.25% Subordinated Debentures due 2056 | WALA | New York Stock Exchange |
Commercial | Consumer Related | Corporate & Other | Consolidated Company | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
At September 30, 2020: | ||||||||||||||||||||||||||
Loans, net of deferred loan fees and costs | $ | 19,590.3 | $ | 6,419.6 | $ | 4.1 | $ | 26,014.0 | ||||||||||||||||||
Allowance for credit losses | (296.4) | (14.1) | — | (310.5) | ||||||||||||||||||||||
Deposits | 19,888.6 | 8,035.6 | 919.2 | 28,843.4 | ||||||||||||||||||||||
At June 30, 2020: | ||||||||||||||||||||||||||
Loans, net of deferred loan fees and costs | $ | 19,329.4 | $ | 5,699.6 | $ | 0.4 | $ | 25,029.4 | ||||||||||||||||||
Allowance for credit losses | (292.8) | (17.6) | (0.1) | (310.5) | ||||||||||||||||||||||
Deposits | 19,220.8 | 6,962.4 | 1,361.4 | 27,544.6 | ||||||||||||||||||||||
At March 31, 2020: | ||||||||||||||||||||||||||
Loans, net of deferred loan fees and costs | $ | 18,108.1 | $ | 5,054.5 | $ | 3.6 | $ | 23,166.2 | ||||||||||||||||||
Allowance for credit losses | (208.7) | (26.6) | — | (235.3) | ||||||||||||||||||||||
Deposits | 17,546.1 | 6,510.1 | 774.5 | 24,830.7 | ||||||||||||||||||||||
At December 31, 2019: | ||||||||||||||||||||||||||
Loans, net of deferred loan fees and costs | $ | 16,767.3 | $ | 4,352.5 | $ | 3.5 | $ | 21,123.3 | ||||||||||||||||||
Allowance for credit losses | (134.2) | (33.6) | — | (167.8) | ||||||||||||||||||||||
Deposits | 17,067.6 | 4,644.7 | 1,084.2 | 22,796.5 | ||||||||||||||||||||||
Commercial | Consumer Related | Corporate & Other | Consolidated Company | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Three Months Ended September 30, 2020: | ||||||||||||||||||||||||||
Net interest income | $ | 245.5 | $ | 80.7 | $ | (41.5) | $ | 284.7 | ||||||||||||||||||
Provision for (recovery of) credit losses | 20.1 | (3.7) | (1.8) | 14.6 | ||||||||||||||||||||||
Net interest income after provision for credit losses | 225.4 | 84.4 | (39.7) | 270.1 | ||||||||||||||||||||||
Non-interest income | 13.4 | 0.5 | 6.7 | 20.6 | ||||||||||||||||||||||
Non-interest expense | 77.3 | 21.1 | 25.7 | 124.1 | ||||||||||||||||||||||
Income (loss) before income taxes | 161.5 | 63.8 | (58.7) | 166.6 | ||||||||||||||||||||||
Income tax expense (benefit) | 39.0 | 15.1 | (23.3) | 30.8 | ||||||||||||||||||||||
Net income | $ | 122.5 | $ | 48.7 | $ | (35.4) | $ | 135.8 |
Three Months Ended June 30, 2020: | ||||||||||||||||||||||||||
Net interest income | $ | 254.9 | $ | 72.4 | $ | (28.9) | $ | 298.4 | ||||||||||||||||||
Provision for (recovery of) credit losses | 97.9 | (10.5) | 4.6 | 92.0 | ||||||||||||||||||||||
Net interest income after provision for credit losses | 157.0 | 82.9 | (33.5) | 206.4 | ||||||||||||||||||||||
Non-interest income | 9.6 | 0.4 | 11.3 | 21.3 | ||||||||||||||||||||||
Non-interest expense | 71.2 | 21.2 | 22.4 | 114.8 | ||||||||||||||||||||||
Income (loss) before income taxes | 95.4 | 62.1 | (44.6) | 112.9 | ||||||||||||||||||||||
Income tax expense (benefit) | 22.9 | 14.7 | (18.0) | 19.6 | ||||||||||||||||||||||
Net income | $ | 72.5 | $ | 47.4 | $ | (26.6) | $ | 93.3 |
Three Months Ended March 31, 2020: | ||||||||||||||||||||||||||
Net interest income | $ | 228.5 | $ | 55.7 | $ | (15.2) | $ | 269.0 | ||||||||||||||||||
Provision for (recovery of) credit losses | 47.9 | 3.0 | 0.3 | 51.2 | ||||||||||||||||||||||
Net interest income after provision for credit losses | 180.6 | 52.7 | (15.5) | 217.8 | ||||||||||||||||||||||
Non-interest income | 11.4 | 0.4 | (6.7) | 5.1 | ||||||||||||||||||||||
Non-interest expense | 82.4 | 25.8 | 12.3 | 120.5 | ||||||||||||||||||||||
Income (loss) before income taxes | 109.6 | 27.3 | (34.5) | 102.4 | ||||||||||||||||||||||
Income tax expense (benefit) | 26.0 | 6.4 | (13.9) | 18.5 | ||||||||||||||||||||||
Net income | $ | 83.6 | $ | 20.9 | $ | (20.6) | $ | 83.9 |
Three Months Ended December 31, 2019: | ||||||||||||||||||||||||||
Net interest income | $ | 225.8 | $ | 57.1 | $ | (10.9) | $ | 272.0 | ||||||||||||||||||
Provision for (recovery of) credit losses | 3.4 | 0.6 | — | 4.0 | ||||||||||||||||||||||
Net interest income after provision for credit losses | 222.4 | 56.5 | (10.9) | 268.0 | ||||||||||||||||||||||
Non-interest income | 14.0 | 0.3 | 1.7 | 16.0 | ||||||||||||||||||||||
Non-interest expense | 85.1 | 25.7 | 18.9 | 129.7 | ||||||||||||||||||||||
Income (loss) before income taxes | 151.3 | 31.1 | (28.1) | 154.3 | ||||||||||||||||||||||
Income tax expense (benefit) | 36.7 | 7.2 | (17.7) | 26.2 | ||||||||||||||||||||||
Net income | $ | 114.6 | $ | 23.9 | $ | (10.4) | $ | 128.1 |
Commercial | Consumer Related | Corporate & Other | Consolidated Company | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Nine Months Ended September 30, 2020: | ||||||||||||||||||||||||||
Net interest income | $ | 728.9 | $ | 208.8 | $ | (85.6) | $ | 852.1 | ||||||||||||||||||
Provision for (recovery of) credit losses | 165.9 | (11.2) | 3.1 | 157.8 | ||||||||||||||||||||||
Net interest income after provision for credit losses | 563.0 | 220.0 | (88.7) | 694.3 | ||||||||||||||||||||||
Non-interest income | 34.4 | 1.3 | 11.3 | 47.0 | ||||||||||||||||||||||
Non-interest expense | 230.9 | 68.1 | 60.4 | 359.4 | ||||||||||||||||||||||
Income (loss) before income taxes | 366.5 | 153.2 | (137.8) | 381.9 | ||||||||||||||||||||||
Income tax expense (benefit) | 87.9 | 36.2 | (55.2) | 68.9 | ||||||||||||||||||||||
Net income | $ | 278.6 | $ | 117.0 | $ | (82.6) | $ | 313.0 |
Year Ended December 31, 2019: | ||||||||||||||||||||||||||
Net interest income | $ | 837.2 | $ | 209.0 | $ | (5.8) | $ | 1,040.4 | ||||||||||||||||||
Provision for (recovery of) credit losses | 11.1 | 7.4 | 0.8 | 19.3 | ||||||||||||||||||||||
Net interest income after provision for credit losses | 826.1 | 201.6 | (6.6) | 1,021.1 | ||||||||||||||||||||||
Non-interest income | 50.4 | 1.4 | 13.3 | 65.1 | ||||||||||||||||||||||
Non-interest expense | 320.6 | 96.7 | 64.7 | 482.0 | ||||||||||||||||||||||
Income (loss) before income taxes | 555.9 | 106.3 | (58.0) | 604.2 | ||||||||||||||||||||||
Income tax expense (benefit) | 134.7 | 24.8 | (54.5) | 105.0 | ||||||||||||||||||||||
Net income | $ | 421.2 | $ | 81.5 | $ | (3.5) | $ | 499.2 |
WESTERN ALLIANCE BANCORPORATION | ||||||||
(Registrant) | ||||||||
/s/ Dale Gibbons | ||||||||
Dale Gibbons | ||||||||
Executive Vice President and | ||||||||
Chief Financial Officer | ||||||||
Date: | January 19, 2021 |