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Western Alliance Bancorporation – ‘8-K’ for 1/19/21

On:  Tuesday, 1/19/21, at 4:32pm ET   ·   For:  1/19/21   ·   Accession #:  1212545-21-5   ·   File #:  1-32550

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  As Of               Filer                 Filing    For·On·As Docs:Size

 1/19/21  Western Alliance Bancorporation   8-K:8,9     1/19/21   12:1.2M

Current Report   —   Form 8-K
Filing Table of Contents

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11: JSON        XBRL Instance as JSON Data -- MetaLinks               15±    22K 
12: ZIP         XBRL Zipped Folder -- 0001212545-21-000005-xbrl      Zip    257K 


‘8-K’   —   Current Report


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 iX:   C:  C: 
  wal-20210119  
 i 0001212545 i FALSE00012125452021-01-192021-01-190001212545us-gaap:CommonStockMember2021-01-192021-01-190001212545us-gaap:SubordinatedDebtMember2021-01-192021-01-19

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM  i 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):   i January 19, 2021


 i WESTERN ALLIANCE BANCORPORATION
(Exact name of registrant as specified in its charter)

 i Delaware i 001-32550 i 88-0365922
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)

 i One E. Washington Street,  i Phoenix,  i Arizona   i 85004
 (Address of principal executive offices)               (Zip Code)

( i 602)  i 389-3500
(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 classTrading Symbol(s)Name of each exchange on which registered
 i Common Stock, $0.0001 Par Value i WAL i New York Stock Exchange
 i 6.25% Subordinated Debentures due 2056 i WALA i New 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:
wal-20210119_g1.jpg
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:

Western Alliance Bancorporation and Subsidiaries
Operating Segment Results
Unaudited

Balance Sheets:

CommercialConsumer RelatedCorporate & OtherConsolidated 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)
Deposits19,888.6 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)
Deposits19,220.8 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)
Deposits17,546.1 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)
Deposits17,067.6 4,644.7 1,084.2 22,796.5 




Western Alliance Bancorporation and Subsidiaries
Operating Segment Results
Unaudited

Income Statements:

Quarterly Results

CommercialConsumer RelatedCorporate & OtherConsolidated 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 losses20.1 (3.7)(1.8)14.6 
Net interest income after provision for credit losses225.4 84.4 (39.7)270.1 
Non-interest income13.4 0.5 6.7 20.6 
Non-interest expense77.3 21.1 25.7 124.1 
Income (loss) before income taxes161.5 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 losses97.9 (10.5)4.6 92.0 
Net interest income after provision for credit losses157.0 82.9 (33.5)206.4 
Non-interest income9.6 0.4 11.3 21.3 
Non-interest expense71.2 21.2 22.4 114.8 
Income (loss) before income taxes95.4 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 losses47.9 3.0 0.3 51.2 
Net interest income after provision for credit losses180.6 52.7 (15.5)217.8 
Non-interest income11.4 0.4 (6.7)5.1 
Non-interest expense82.4 25.8 12.3 120.5 
Income (loss) before income taxes109.6 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 losses3.4 0.6 — 4.0 
Net interest income after provision for credit losses222.4 56.5 (10.9)268.0 
Non-interest income14.0 0.3 1.7 16.0 
Non-interest expense85.1 25.7 18.9 129.7 
Income (loss) before income taxes151.3 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 



Western Alliance Bancorporation and Subsidiaries
Operating Segment Results
Unaudited

Year-to-Date Results

CommercialConsumer RelatedCorporate & OtherConsolidated 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 losses165.9 (11.2)3.1 157.8 
Net interest income after provision for credit losses563.0 220.0 (88.7)694.3 
Non-interest income34.4 1.3 11.3 47.0 
Non-interest expense230.9 68.1 60.4 359.4 
Income (loss) before income taxes366.5 153.2 (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 losses11.1 7.4 0.8 19.3 
Net interest income after provision for credit losses826.1 201.6 (6.6)1,021.1 
Non-interest income50.4 1.4 13.3 65.1 
Non-interest expense320.6 96.7 64.7 482.0 
Income (loss) before income taxes555.9 106.3 (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.
 WESTERN ALLIANCE BANCORPORATION
(Registrant)
 
 
/s/ Dale Gibbons
Dale Gibbons
Executive Vice President and
Chief Financial Officer
 
 
 
Date:January 19, 2021



Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘8-K’ Filing    Date    Other Filings
Filed on / For Period end:1/19/21
10/1/20
9/30/2010-Q
6/30/2010-Q,  4,  S-8
3/31/2010-Q
12/31/1910-K,  5
 List all Filings 


8 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/28/22  Western Alliance Bancorporation   424B5                  2:464K                                   Donnelley … Solutions/FA
 9/16/21  Western Alliance Bancorporation   424B5                  1:656K                                   Donnelley … Solutions/FA
 9/15/21  Western Alliance Bancorporation   424B5                  1:663K                                   Donnelley … Solutions/FA
 6/04/21  Western Alliance Bancorporation   424B5                  1:692K                                   Donnelley … Solutions/FA
 6/03/21  Western Alliance Bancorporation   424B5                  1:482K                                   Donnelley … Solutions/FA
 6/03/21  Western Alliance Bancorporation   424B5                  1:693K                                   Donnelley … Solutions/FA
 5/14/21  Western Alliance Bancorporation   S-3ASR      5/14/21    4:464K                                   Donnelley … Solutions/FA
 3/01/21  Western Alliance Bancorporation   424B5                  1:405K                                   Donnelley … Solutions/FA
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