Western Alliance Bancorporation Issues Updated Financial Information
03 Maio 2023 - 10:38PM
Business Wire
Western Alliance Bancorporation (“Western Alliance” or the
“Bank”) (NYSE: WAL), the holding company for Western Alliance Bank,
today issued the following update reaffirming its financial
strength as well as its deposit growth guidance in response to
recent industry events.
Western Alliance released the following key financial metrics,
which reinforce the Bank’s strength, soundness, and stability:
1.
Stable
Deposits: The Bank has not experienced unusual deposit flows
following the sale of First Republic Bank and other recent industry
news. Total Deposits were $48.8 billion as of Tuesday, May 2, up
from $48.2 billion as of Monday, May 1, and flat to Friday, April
28. Quarter to date, deposits are up $1.2 billion from $47.6
billion as of March 31. Due to normal seasonality within our
mortgage warehouse business, mortgage warehouse deposits are lower
from April 14 by approximately $700 million, which are rebuilding
in a typical fashion and pace. Annual tax payments have also
impacted deposit balances quarter-to-date. Therefore, we reaffirm
our $2 billion quarter-over-quarter deposit growth rate guidance,
as stated on our Q1 2023 earnings call.
2.
Insured Deposit
Strength: As of May 2, in accordance with regulatory
requirements, insured deposits represent over 74% of total
deposits, including reciprocal, collateralized, and accounts
eligible for “pass-through” deposit insurance. Of our 20 largest
deposit relationships, over 88% of these deposits are insured.
Liquidity coverage of uninsured deposits from on-balance sheet
liquidity and available borrowing capacity was approximately
165%.
3.
Balance Sheet
Repositioning Actions Remain on Track: The completion of $6
billion of full-year select asset dispositions discussed on our Q1
2023 earnings call remain on track. Of the $3 billion of assets
previously identified as contracted to sell, but not closed, $2.1
billion have settled as of today, with the remainder expected to
settle in the coming weeks. Asset disposition marks remain within
the 2% average mark previously cited.
4.
HFI Loan/Deposit
Ratio Improvement: HFI Loans-to-Deposits were approximately
95% as of May 2 compared to approximately 98% as of March 31.
5.
Strong Capital
Base: Western Alliance’s CET1 ratio was approximately 9.7%
as of April 30 compared to 9.4% as of March 31. Our Tangible Common
Equity-to-Tangible Assets ratio has increased to approximately 6.7%
from 6.5% over the same time period. Acknowledging our capital
strength, the Board declared our Q2 2023 common dividend of $0.36
per share on May 2, which is unchanged from Q1 2023.
About Western Alliance Bancorporation
With more than $65 billion in assets, Western Alliance
Bancorporation (NYSE: WAL) 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. For
more information, visit westernalliancebank.com.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements that relate to
expectations, beliefs, projections, future plans and strategies,
anticipated events or trends and similar expressions concerning
matters that are not historical facts. Examples of forward-looking
statements include, among others, statements we make regarding our
expectations with regard to our business, financial and operating
results, including deposit balances, capital ratios and unrealized
losses on investment securities, future economic performance, and
dividends. The forward-looking statements contained herein reflect
our current views about future events and financial performance and
are subject to risks, uncertainties, assumptions, and changes in
circumstances that may cause our actual results to differ
significantly from historical results and those expressed in any
forward-looking statement. Some factors that could cause actual
results to differ materially from historical or expected results
include, among others: the risk factors discussed in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2022, as
filed with the Securities and Exchange Commission; the potential
adverse effects of unusual and infrequently occurring events,
including bank failures; changes in general economic conditions,
either nationally or locally in the areas in which we conduct or
will conduct our business; the impact on financial markets from
geopolitical conflicts; inflation, interest rate, market and
monetary fluctuations; increases in competitive pressures among
financial institutions and businesses offering similar products and
services; higher defaults on our loan portfolio than we expect;
changes in management’s estimate of the adequacy of the allowance
for credit losses; legislative or regulatory changes or changes in
accounting principles, policies or guidelines; supervisory actions
by regulatory agencies which may limit our ability to pursue
certain growth opportunities, including expansion through
acquisitions; additional regulatory requirements resulting from our
continued growth; management’s estimates and projections of
interest rates and interest rate policy; the execution of our
business plan; and other factors affecting the financial services
industry generally or the banking industry in particular. Any
forward-looking statement made by us in this release is based only
on information currently available to us and speaks only as of the
date on which it is made. We do not intend and disclaim any duty or
obligation to update or revise any industry information or
forward-looking statements, whether written or oral, that may be
made from time to time, set forth in this press release to reflect
new information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20230503006067/en/
Investors: Miles Pondelik, 602-346-7462
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