Western Alliance Bank, in light of recent industry events, updates finiancial information so that bank customers are infomed in light of recent events involving finiancial institutions. With more than $65 billion in assets, Western Alliance Bancorporation is one of the country’s top-performing banking companies. Through its primary subsidiary, Western Alliance Bank, Member FDIC, business clients benefit from a full spectrum of tailored banking solutions and outstanding service delivered by industry experts who put customers first. Major accolades include being ranked #1 top-performing large bank with assets greater than $50 billion in 2021 by both American Banker and Bank Director. Serving clients across the country wherever business happens, Western Alliance Bank operates individual, full-service banking and financial brands with offices in key markets nationwide.
See the below updates of financial (unaudited) information:
- Deposits remain strong with the following balances, as of 3/9/2023:
- Total deposits of $61.5 billion, an increase of $7.8 billion since year end, led by our deposit verticals of Settlement Services, Home Owner Associations and Mortgage Warehouse. The company expects deposits to moderately decline from these levels by quarter end due to typical seasonal and monthly activity
- Total technology-related deposits of $6.5 billion, which are down $201 million quarter to date, as of 3/9/2023
- Total Equity Fund Resources & Life Sciences deposits of $1.5 billion, which are up $118 million quarter to date, as of 3/9/2023
- Liquidity remains robust with available liquidity, as of 3/9/2023:
- Cash held on balance sheet of approximately $2.5 billion, as of 3/9/2023
- Fully collateralized credit facility from the Federal Home Loan Bank of San Francisco of $13.1 billion with a $0 balance, as of 3/9/2023
- Uncommitted credit lines from various financial institutions of $4.6 billion with a $198 million balance, as of 3/9/2023
- Fully collateralized credit facility from the Federal Reserve Bank of San Francisco of $5.2 billion with a $0 balance, as of 3/9/2023
- Unpledged available for sale marketable securities of $5.3 billion with an adverse mark of $383 million already captured in Accumulated Other Comprehensive Income (AOCI), as of 2/28/2023, that could be liquidated or pledged to provide additional liquidity, if needed
- Held to maturity securities of less than 2% of assets with an unrecognized adverse mark of only $192 million, as of 2/28/2023
- Capital remains strong with CET1 of 9.32%, as of 12/31/2022. We expect CET1 to continue to rise from year end levels to 9.5% or higher at first quarter end
- Asset quality remains excellent, and we have experienced no significant changes since year end, including classified assets, non-performing assets, and charge-offs
- Furthermore, Western Alliance affirms its full-year deposit growth guidance of 13% – 17%
