Current Report — Form 8-K Filing Table of Contents
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iOne E. Washington Street, iPhoenix,
iArizonai85004
(Address of principal executive offices) (Zip Code)
(i602)
i389-3500
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
i☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
i☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
i☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
i☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title
of each class
Trading Symbol(s)
Name of each exchange on which registered
iCommon Stock, $0.0001 Par Value
iWAL
iNew
York Stock Exchange
i6.25% Subordinated Debentures due 2056
iWALA
iNew
York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company i☐
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
ITEM 8.01. OTHER EVENTS.
Change in Reportable Segments.
Western Alliance Bancorporation (together with its consolidated subsidiaries,
referred to herein as “WAL”, or “the Company”) has made certain changes to its reportable segments effective October 1, 2020. This change is consistent with how WAL’s senior executive officers now evaluate operating performance, allocate resources, implement suitable risk oversight practices, and assess appropriateness of products and services offered to our clients.
Prior to the fourth quarter of 2020, the Company had the following reportable segments:
▪Four regional banking segments: Arizona, Nevada, Southern California, and Northern California
▪Five
National Business Lines ("NBL") segments: Homeowner Associations ("HOA") Services, Hotel Franchise Finance ("HFF"), Public & Nonprofit Finance, Technology & Innovation, and Other NBLs
▪Corporate & Other
Beginning with the fourth quarter of 2020, the Company will provide financial results for the following three reportable segments:
▪Commercial
▪Consumer Related
▪Corporate & Other
The
primary changes made were as follows:
The Commercial segment provides commercial banking and treasury management products and services to small and middle-market businesses, specialized banking services to sophisticated commercial institutions and investors within niche industries, as well as financial services to the real estate industry.
The Consumer Related segment provides commercial banking services to enterprises in consumer-related sectors as well as consumer banking activities, such as residential mortgage banking.
The Corporate
& Other segment consists of the Company's investment portfolio, Corporate borrowings and other related items, income and expense items not allocated to our other reportable segments, and inter-segment eliminations.
These changes in reportable segments are effective beginning October 1, 2020 and have no impact on the Company’s historical consolidated financial position and results of operations. Prior period segment results have been restated to conform to the new reportable segments.
ITEM
9.01. FINANCIAL STATEMENTS AND EXHIBITS.
Prior period results are presented on a comparable basis in the following tables:
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
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.