SEC Info - Western Alliance Bancorporation

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		Alternative Formats (Word, et al.) Consolidated Balance Sheets Consolidated Income Statements Consolidated Statements of Cash Flows Consolidated Statements of Comprehensive Income Consolidated Statements of Stockholders' Equity Controls and Procedures Exhibits Financial Statements (Unaudited) Glossary of Entities and Terms Legal Proceedings Management's Discussion and Analysis of Financial Condition and Results of Operations Notes to Unaudited Consolidated Financial Statements Other Information Part I. Financial Information Part Ii. Other Information Quantitative and Qualitative Disclosures About Market Risk Risk Factors Signatures Table of Contents Unregistered Sales of Equity Securities and Use of Proceeds
1	1st Page – Filing Submission
"	Table of Contents
"	Part I. Financial Information
"	Glossary of Entities and Terms
"	Financial Statements (Unaudited)
"	Consolidated Balance Sheets
"	Consolidated Income Statements
"	Consolidated Statements of Comprehensive Income
"	Consolidated Statements of Stockholders' Equity
"	Consolidated Statements of Cash Flows
"	Notes to Unaudited Consolidated Financial Statements
"	Management's Discussion and Analysis of Financial Condition and Results of Operations
"	Quantitative and Qualitative Disclosures About Market Risk
"	Controls and Procedures
"	Part Ii. Other Information
"	Legal Proceedings
"	Risk Factors
"	Unregistered Sales of Equity Securities and Use of Proceeds
"	Other Information
"	Exhibits
"	Signatures

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



i ☒						Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended i September 30, 2023


i ☐						Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from__________ to __________

Commission file number: i 001-32550

i WESTERN ALLIANCE BANCORPORATION

(Exact name of registrant as specified in its charter)

i One E. Washington Street, Suite 1400

i Phoenix

i Arizona

i 85004

(Address of principal executive offices)

(Zip Code)

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Depositary Shares, Each Representing a 1/400th Interest in a Share of

4.250% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. i Yes ý No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). i Yes ý No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes i ☐ No ☒

As of October 27, 2023, Western Alliance Bancorporation had i 109,473,703 shares of common stock outstanding.

GLOSSARY OF ENTITIES AND TERMS

The acronyms and abbreviations identified below are used in various sections of this Form 10-Q, including "Management's Discussion and Analysis of Financial Condition and Results of Operations," in Item 2 and the Consolidated Financial Statements and the Notes to Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q.


ENTITIES / DIVISIONS:
ABA	Alliance Bank of Arizona	FIB	First Independent Bank
AmeriHome	AmeriHome Mortgage Company, LLC	TPB	Torrey Pines Bank
BON	Bank of Nevada	WA PWI	Western Alliance Public Welfare Investments, LLC
Bridge	Bridge Bank	WAB or Bank	Western Alliance Bank
Company	Western Alliance Bancorporation and subsidiaries	WABT	Western Alliance Business Trust
CSI	CS Insurance Company	WAL or Parent	Western Alliance Bancorporation
DST	Digital Settlement Technologies LLC	WATC	Western Alliance Trust Company, N.A.
TERMS:
ACL	Allowance for Credit Losses	FOMC	Federal Open Market Committee
AFS	Available-for-Sale	FRB	Federal Reserve Bank
ALCO	Asset and Liability Management Committee	FVO	Fair Value Option
AOCI	Accumulated Other Comprehensive Income	GAAP	U.S. Generally Accepted Accounting Principles
ASC	Accounting Standards Codification	GNMA	Government National Mortgage Association
ASU	Accounting Standards Update	GSE	Government-Sponsored Enterprise
Basel III	Banking Supervision's December 2010 final capital framework	HFI	Held for Investment
BOD	Board of Directors	HFS	Held for Sale
BTFP	Bank Term Funding Program	HTM	Held-to-Maturity
Capital Rules	The FRB, the OCC, and the FDIC 2013 Approved Final Rules	HUD	U.S. Department of Housing and Urban Development
CDARS	Certificate Deposit Account Registry Service	ICS	Insured Cash Sweep Service
CECL	Current Expected Credit Losses	IRLC	Interest Rate Lock Commitment
CEO	Chief Executive Officer	ISDA	International Swaps and Derivatives Association
CET1	Common Equity Tier 1	LIBOR	London Interbank Offered Rate
CFO	Chief Financial Officer	LIHTC	Low-Income Housing Tax Credit
CLO	Collateralized Loan Obligation	MBS	Mortgage-Backed Securities
COVID-19	Coronavirus Disease 2019	MSR	Mortgage Servicing Right
CRA	Community Reinvestment Act	NPV	Net Present Value
CRE	Commercial Real Estate	OCI	Other Comprehensive Income
DTA	Deferred Tax Asset	PPNR	Pre-Provision Net Revenue
EBO	Early buyout	SEC	Securities and Exchange Commission
EPS	Earnings per share	SERP	Supplemental Executive Retirement Plan
ESG	Environmental, Social, and Governance	SOFR	Secured Overnight Financing Rate
EVE	Economic Value of Equity	TDR	Troubled Debt Restructuring
Exchange Act	Securities Exchange Act of 1934, as amended	TEB	Tax Equivalent Basis
FASB	Financial Accounting Standards Board	TSR	Total Shareholder Return
FDIC	Federal Deposit Insurance Corporation	UPB	Unpaid Principal Balance
FHA	Federal Housing Administration	USDA	United States Department of Agriculture
FHLB	Federal Home Loan Bank	VA	Veterans Affairs
FHLMC	Federal Home Loan Mortgage Corporation	VIE	Variable Interest Entity
FNMA	Federal National Mortgage Association	XBRL	eXtensible Business Reporting Language

Item 1.Financial Statements

WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

September 30, 2023

December 31, 2022

(Unaudited)

(in millions,
except shares and per share amounts)

Assets:

Cash and due from banks

i 289

i 259

Interest-bearing deposits in other financial institutions

i 3,208

i 784

Cash and cash equivalents

i 3,497

i 1,043

Investment securities - AFS, at fair value; amortized cost of $ i 10,672 at September 30, 2023 and $ i 7,973 at December 31, 2022 (ACL of $ i 5 and $ i 0 at September 30, 2023 and December 31, 2022, respectively)

i 9,689

i 7,092

Investment securities - HTM, at amortized cost and net of allowance for credit losses of $ i 7 and $ i 5 (fair value of $ i 1,140 and $ i 1,112) at September 30, 2023 and December 31, 2022, respectively

i 1,394

i 1,284

Investment securities - equity

i 121

i 160

Investments in restricted stock, at cost

i 219

i 224

Loans HFS

i 1,766

i 1,184

Loans HFI, net of deferred fees and costs

i 49,447

i 51,862

Less: allowance for credit losses

( i 327)

( i 310)

Net loans held for investment

i 49,120

i 51,552

Mortgage servicing rights

i 1,233

i 1,148

Premises and equipment, net

i 327

i 276

Operating lease right of use asset

i 150

i 163

Bank owned life insurance

i 184

i 182

Goodwill and intangible assets, net

i 672

i 680

Deferred tax assets, net

i 365

i 311

Investments in LIHTC and renewable energy

i 545

i 624

Other assets

i 1,609

i 1,811

Total assets

i 70,891

i 67,734

Liabilities:

Deposits:

Non-interest-bearing demand

i 17,991

i 19,691

Interest-bearing

i 36,296

i 33,953

Total deposits

i 54,287

i 53,644

Other borrowings

i 8,745

i 6,299

Qualifying debt

i 890

i 893

Operating lease liability

i 180

i 185

Other liabilities

i 1,043

i 1,357

Total liabilities

i 65,145

i 62,378

Commitments and contingencies (Note 14)

Stockholders’ equity:

Preferred stock (par value $ i i 0.0001 / and liquidation value per share of $ i i 25 / ; i i 20,000,000 / authorized; i i i i 12,000,000 / / / issued and outstanding at September 30, 2023 and December 31, 2022)

i 295

Common stock (par value $ i i 0.0001 / ; i i 200,000,000 / authorized; i 112,174,818 shares issued at September 30, 2023 and i 111,465,292 at December 31, 2022) and additional paid in capital

i 2,189

i 2,163

Treasury stock, at cost ( i 2,702,124 shares at September 30, 2023 and i 2,550,766 shares at December 31, 2022)

( i 116)

( i 105)

Accumulated other comprehensive loss

( i 733)

( i 661)

Retained earnings

i 4,111

i 3,664

Total stockholders’ equity

i 5,746

i 5,356

Total liabilities and stockholders’ equity

i 70,891

i 67,734

See accompanying Notes to Unaudited Consolidated Financial Statements.

WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES

CONSOLIDATED INCOME STATEMENTS

Three Months Ended September 30,

Nine Months Ended September 30,

2023

2022

2023

2022

(in millions, except per share amounts)

Interest income:

Loans, including fees

i 860.8

i 657.0

i 2,550.7

i 1,608.3

Investment securities

i 121.0

i 74.0

i 325.6

i 178.3

Dividends and other

i 44.8

i 8.4

i 120.0

i 16.9

Total interest income

i 1,026.6

i 739.4

i 2,996.3

i 1,803.5

Interest expense:

Deposits

i 316.2

i 77.6

i 798.9

i 118.8

Qualifying debt

i 9.5

i 8.9

i 28.3

i 25.9

Other borrowings

i 113.9

i 50.8

i 421.9

i 82.2

Total interest expense

i 439.6

i 137.3

i 1,249.1

i 226.9

Net interest income

i 587.0

i 602.1

i 1,747.2

i 1,576.6

Provision for credit losses

i 12.1

i 28.5

i 53.3

i 65.0

Net interest income after provision for credit losses

i 574.9

i 573.6

i 1,693.9

i 1,511.6

Non-interest income:

Net gain on loan origination and sale activities

i 52.0

i 14.5

i 145.7

i 78.6

Net loan servicing revenue

i 27.2

i 23.0

i 93.2

i 109.5

Service charges and fees

i 23.3

i 6.5

i 53.6

i 21.1

Commercial banking related income

i 5.6

i 5.1

i 17.8

i 16.0

Income from equity investments

i 0.5

i 4.3

i 2.6

i 13.6

(Loss) gain on recovery from credit guarantees

( i 4.0)

i 0.4

i 0.5

i 11.7

Gain (loss) on sales of investment securities

i 0.1

i —

( i 26.0)

i 6.7

Fair value gain (loss) adjustments, net

i 17.8

( i 2.8)

( i 117.3)

( i 19.4)

Other income

i 6.7

i 10.8

i 20.1

i 25.3

Total non-interest income

i 129.2

i 61.8

i 190.2

i 263.1

Non-interest expense:

Salaries and employee benefits

i 137.2

i 136.5

i 431.7

i 413.8

Deposit costs

i 127.8

i 56.2

i 305.7

i 83.6

Data processing

i 33.9

i 21.8

i 88.9

i 59.1

Insurance

i 33.1

i 8.1

i 81.8

i 22.2

Legal, professional, and directors' fees

i 28.3

i 24.8

i 77.8

i 73.9

Occupancy

i 16.8

i 13.9

i 48.7

i 39.7

Loan servicing expenses

i 11.9

i 15.2

i 44.1

i 40.7

Loan acquisition and origination expenses

i 5.6

i 5.8

i 15.6

i 18.7

Business development and marketing

i 4.9

i 5.0

i 15.1

i 14.8

Gain on extinguishment of debt

i —

( i 13.4)

i —

Other expense

i 26.7

i 18.5

i 65.5

i 56.8

Total non-interest expense

i 426.2

i 305.8

i 1,161.5

i 823.3

Income before provision for income taxes

i 277.9

i 329.6

i 722.6

i 951.4

Income tax expense

i 61.3

i 65.6

i 148.1

i 187.1

Net income

i 216.6

i 264.0

i 574.5

i 764.3

Dividends on preferred stock

i 3.2

i 9.6

Net income available to common stockholders

i 213.4

i 260.8

i 564.9

i 754.7

Earnings per share:

Basic

i 1.97

i 2.43

i 5.22

i 7.06

Diluted

i 1.97

i 2.42

i 5.21

i 7.03

Weighted average number of common shares outstanding:

Basic

i 108.3

i 107.5

i 108.3

i 107.0

Diluted

i 108.5

i 107.9

i 108.4

i 107.4

Dividends declared per common share

i 0.36

i 1.08

i 1.06

See accompanying Notes to Unaudited Consolidated Financial Statements.

WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended September 30,

Nine Months Ended September 30,

2023

2022

2023

2022

(in millions)

Net income

i 216.6

i 264.0

i 574.5

i 764.3

Other comprehensive income (loss), net:

Unrealized loss on AFS securities, net of tax effect of $ i 41.2, $ i 74.2, $ i 31.7, and $ i 248.2 respectively

( i 120.2)

( i 219.9)

( i 94.3)

( i 752.3)

Unrealized (loss) gain on junior subordinated debt, net of tax effect of $ i 0.4, $( i 0.5), $( i 0.9), and $( i 1.9) respectively

( i 1.2)

i 1.6

i 2.7

i 5.8

Realized (gain) loss on sale of AFS securities included in income, net of tax effect of $ i 0.1, $ i 0, $( i 6.4), and $ i 1.8 respectively

( i 0.4)

i —

i 19.1

( i 5.4)

Realized loss on impairment of AFS securities included in income, net of tax effect of $ i 0, $ i 0, $( i 0.4), and $ i 0 respectively

i —

i 1.2

i —

Net other comprehensive loss

( i 121.8)

( i 218.3)

( i 71.3)

( i 751.9)

Comprehensive income

i 94.8

i 45.7

i 503.2

i 12.4

See accompanying Notes to Unaudited Consolidated Financial Statements.

WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Three Months Ended September 30,

Preferred Stock

Common Stock

Additional Paid in Capital

Treasury Stock

Accumulated Other Comprehensive Loss

Retained Earnings

Total Stockholders’ Equity

Amount

(in millions)

Balance, June 30, 2022

i 12.0

i 294.5

i 108.3

i —

i 2,094.8

( i 104.3)

( i 517.9)

i 3,191.7

i 4,958.8

Net income

—

i 264.0

Restricted stock, performance stock units, and other grants, net

—

i 9.4

—

i 9.4

Restricted stock surrendered (1)

—

( i 0.9)

—

( i 0.9)

Common stock issuance, net

—

i 0.6

—

i 50.0

—

i 50.0

Dividends paid to preferred stockholders

—

( i 3.2)

Dividends paid to common stockholders

—

( i 39.0)

Other comprehensive loss, net

—

( i 218.3)

—

( i 218.3)

Balance, September 30, 2022

i 12.0

i 294.5

i 108.9

i —

i 2,154.2

( i 105.2)

( i 736.2)

i 3,413.5

i 5,020.8

Balance, June 30, 2023

i 12.0

i 294.5

i 109.5

i —

i 2,180.3

( i 116.2)

( i 610.5)

i 3,936.8

i 5,684.9

Net income

—

i 216.6

Restricted stock, performance stock units, and other grants, net

—

i 8.9

—

i 8.9

Dividends paid to preferred stockholders

—

( i 3.2)

Dividends paid to common stockholders

—

( i 39.4)

Other comprehensive loss, net

—

( i 121.8)

—

( i 121.8)

Balance, September 30, 2023

i 12.0

i 294.5

i 109.5

i —

i 2,189.2

( i 116.2)

( i 732.3)

i 4,110.8

i 5,746.0

Nine Months Ended September 30,

Preferred Stock

Common Stock

Additional Paid in Capital

Treasury Stock

Accumulated Other Comprehensive Income (Loss)

Retained Earnings

Total Stockholders’ Equity

Amount

(in millions)

Balance, December 31, 2021

i 12.0

i 294.5

i 106.6

i —

i 1,966.2

( i 86.8)

i 15.7

i 2,773.0

i 4,962.6

Net income

—

i 764.3

Restricted stock, performance stock units, and other grants, net

—

i 0.6

—

i 30.3

—

i 30.3

Restricted stock surrendered (1)

—

( i 0.2)

—

( i 18.4)

—

( i 18.4)

Common stock issuance, net

—

i 1.9

—

i 157.7

—

i 157.7

Dividends paid to preferred stockholders

—

( i 9.6)

Dividends paid to common stockholders

—

( i 114.2)

Other comprehensive loss, net

—

( i 751.9)

—

( i 751.9)

Balance, September 30, 2022

i 12.0

i 294.5

i 108.9

i —

i 2,154.2

( i 105.2)

( i 736.2)

i 3,413.5

i 5,020.8

Balance, December 31, 2022

i 12.0

i 294.5

i 108.9

i —

i 2,163.7

( i 105.3)

( i 661.0)

i 3,664.1

i 5,356.0

Net income

—

i 574.5

Restricted stock, performance stock units, and other grants, net

—

i 0.7

—

i 25.5

i —

—

i 25.5

Restricted stock surrendered (1)

—

( i 0.1)

—

( i 10.9)

—

( i 10.9)

Dividends paid to preferred stockholders

—

( i 9.6)

Dividends paid to common stockholders

—

( i 118.2)

Other comprehensive loss, net

—

( i 71.3)

—

( i 71.3)

Balance, September 30, 2023

i 12.0

i 294.5

i 109.5

i —

i 2,189.2

( i 116.2)

( i 732.3)

i 4,110.8

i 5,746.0

(1)Share amounts represent Treasury Shares.

See accompanying Notes to Unaudited Consolidated Financial Statements.

WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended September 30,

2023

2022

(in millions)

Cash flows from operating activities:

Net income

i 574.5

i 764.3

Adjustments to reconcile net income to net cash (used in) provided by operating activities:

Provision for credit losses

i 53.3

i 65.0

Depreciation and amortization

i 43.9

i 36.1

Stock-based compensation

i 25.4

i 30.3

Deferred income taxes

( i 31.8)

i 47.7

Amortization of net (discounts) premiums for investment securities

( i 43.4)

i 17.1

Amortization of tax credit investments

i 66.9

i 45.6

Amortization of operating lease right of use asset

i 17.6

i 16.4

Amortization of net deferred loan fees and net purchase premiums

( i 64.8)

( i 50.6)

Purchases and originations of loans HFS

( i 32,403.8)

( i 37,064.4)

Proceeds from sales and payments on loans held for sale

i 31,552.2

i 38,294.5

Mortgage servicing rights capitalized upon sale of mortgage loans

( i 653.0)

( i 578.1)

Net (gains) losses on:

Change in fair value of loans HFS, mortgage servicing rights, and related derivatives

( i 44.6)

( i 139.3)

Fair value adjustments

i 122.2

i 20.4

Sale of investment securities

i 26.0

( i 6.7)

Extinguishment of debt

( i 13.4)

i —

Other

i 8.1

( i 3.6)

Other assets and liabilities, net

i 94.9

( i 43.8)

Net cash (used in) provided by operating activities

( i 669.8)

i 1,450.9

Cash flows from investing activities:

Investment securities - AFS

Purchases

( i 6,853.5)

( i 2,286.4)

Principal pay downs and maturities

i 3,559.2

i 511.8

Proceeds from sales

i 777.8

i 124.6

Investment securities - HTM

Purchases

( i 163.2)

( i 230.3)

Principal pay downs and maturities

i 51.5

i 68.1

Equity securities carried at fair value

Purchases

( i 0.5)

( i 35.2)

Redemptions

i 9.0

i 1.1

Proceeds from sales

i 1.5

i 14.1

Proceeds from sale of mortgage servicing rights and related holdbacks, net

i 615.6

i 382.2

Purchase of other investments

( i 116.6)

( i 300.3)

Proceeds from bank owned life insurance, net

i 0.7

i —

Net decrease (increase) in loans HFI

i 1,926.5

( i 11,736.5)

Purchase of premises, equipment, and other assets, net

( i 87.0)

( i 84.2)

Cash consideration paid for acquisitions, net of cash acquired

i —

( i 50.0)

Net cash used in investing activities

( i 279.0)

( i 13,621.0)

Nine Months Ended September 30,

2023

2022

(in millions)

Cash flows from financing activities:

Net increase in deposits

i 642.9

i 7,976.7

Net proceeds from issuance of long-term debt

i 9.9

i 485.5

Payments on long-term debt

( i 538.4)

( i 24.8)

Net increase in short-term borrowings

i 2,962.9

i 4,810.3

Net proceeds from repurchase obligations

i 2,661.8

i —

Payments on repurchase obligations

( i 2,198.0)

i —

Cash paid for tax withholding on vested restricted stock and other

( i 10.9)

( i 18.4)

Cash dividends paid on common stock and preferred stock

( i 127.8)

( i 123.8)

Proceeds from issuance of common stock in offerings, net

i —

i 157.7

Net cash provided by financing activities

i 3,402.4

i 13,263.2

Net increase in cash and cash equivalents

i 2,453.6

i 1,093.1

Cash, cash equivalents, and restricted cash at beginning of period

i 1,043.4

i 516.4

Cash, cash equivalents, and restricted cash at end of period

i 3,497.0

i 1,609.5

Supplemental disclosure:

Cash paid during the period for:

Interest

i 1,108.5

i 211.4

Income taxes, net

i 57.0

i 190.7

Non-cash activities:

Transfers of mortgage-backed securities in settlement of secured borrowings

i 461.2

i 452.9

Net increase in unfunded commitments and obligations

i 29.1

i 281.1

Transfers of securitized loans HFS to AFS securities

i 182.0

i 131.0

Transfers of loans HFI to HFS, net of fair value loss adjustment (1)

i 6,646.8

i —

Transfers of loans HFS to HFI, at amortized cost

i 2,357.2

i 1,505.7

(1)Excludes $426.4 million of loans transferred with an original designation of HFS, whose sales activity was classified as operating cash flows.

See accompanying Notes to Unaudited Consolidated Financial Statements.

WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of operations

WAL is a bank holding company headquartered in Phoenix, Arizona, incorporated under the laws of the state of Delaware. WAL provides a full spectrum of customized loan, deposit, and treasury management capabilities, including 24/7 funds transfer and other digital payment offerings through its wholly-owned banking subsidiary, WAB.

WAB operates the following full-service banking divisions: ABA, BON, FIB, Bridge, and TPB. The Company also serves business customers through a national platform of specialized financial services, including mortgage banking services through AmeriHome, and digital payment services for the class action legal industry through DST. In addition, the Company has the following non-bank subsidiaries: CSI, a captive insurance company formed and licensed under the laws of the State of Arizona and established as part of the Company's overall enterprise risk management strategy, and WATC, which provides corporate trust services and levered loan administration solutions.

Basis of presentation

The accompanying Unaudited Consolidated Financial Statements as of September 30, 2023 and for the three and nine months ended September 30, 2023 and 2022 have been prepared in accordance with GAAP for interim financial information and Article 10 of Regulation S-X and, therefore, do not include all of the information and footnotes required by GAAP for complete financial statements. Accordingly, these statements should be read in conjunction with the Company's audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. The accounts of the Company and its consolidated subsidiaries are included in the Consolidated Financial Statements.

The information furnished in these interim statements reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for each respective period presented. Such adjustments are of a normal, recurring nature. The results of operations in the interim statements are not necessarily indicative of the results that may be expected for any other quarter or for the full year.

Recent accounting pronouncements

Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

In March 2023, the FASB issued guidance within ASU 2023-02, Investments — Equity Method and Joint Ventures (Topic 323). The amendments in this update permit entities to elect to account for tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. Previously this option was only permitted for LIHTC investments. Additionally, the amendments in this update require that all tax equity investments accounted for using the proportional amortization method apply the delayed equity contribution guidance in Subtopic 323-740 and disclosure of the nature of an entity's tax equity investments and their effect on an entity's financial position and results of operations.

The amendments in this update are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years and are applied on a modified retrospective or a retrospective basis. The adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements.

Recently adopted accounting guidance

Troubled Debt Restructurings and Vintage Disclosures

In March 2022, the FASB issued guidance within ASU 2022-02, Financial Instruments—Credit Losses (Topic 326). The amendments in this update eliminate the accounting guidance and related disclosures for TDRs by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty and requiring an entity to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost.

The Company adopted this accounting guidance prospectively on January 1, 2023. The adoption of this guidance did not have a material impact on the Company's Consolidated Financial Statements.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management's estimates and judgments are ongoing and are based on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities, as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. Actual results may differ from those estimates and assumptions used in the Consolidated Financial Statements and related notes. Material estimates that are susceptible to significant changes in the near term relate to: 1) the determination of the ACL; 2) certain assets and liabilities carried at or evaluated using fair value measurements; and 3) accounting for income taxes.

Principles of consolidation

As of September 30, 2023, WAL has the following significant wholly-owned subsidiaries: WAB and i eight unconsolidated subsidiaries used as business trusts in connection with the issuance of trust-preferred securities.

WAB has the following significant wholly-owned subsidiaries: 1) WABT, which holds certain investment securities, municipal and nonprofit loans, and leases; 2) WA PWI, which holds interests in certain limited partnerships invested primarily in low income housing tax credits and small business investment corporations; 3) Helios Prime, which holds interests in certain limited partnerships invested in renewable energy projects; 4) BW Real Estate, Inc., which operates as a real estate investment trust and holds certain of WAB's real estate loans and related securities; and 5) Western Finance Company, which purchases and originates equipment finance leases and provides mortgage banking services through its wholly-owned subsidiary, AmeriHome.

The Company does not have any other significant entities that should be consolidated. All significant intercompany balances and transactions have been eliminated in consolidation.

Certain amounts in the Consolidated Income Statements for the prior periods have been reclassified to conform to the current presentation. The reclassifications had no effect on net income or stockholders’ equity as previously reported.

i Goodwill and other intangible assets

The Company evaluated whether the continued effects from the bank failures in early 2023 may give rise to a triggering event and elected to perform a Step 0 goodwill impairment assessment, which included assessing the financial performance of the Company and analyzing qualitative factors applicable to the Company. As of September 30, 2023, the Company does not believe that these events or circumstances have significantly altered the long-term financial performance of the Company. Accordingly, it was determined that it is more likely than not that the fair value of the Company and its reporting units exceeds their respective carrying values as of September 30, 2023. The Company's goodwill totaled $ i 527 million at September 30, 2023 and December 31, 2022, with $ i 290 million and $ i 237 million allocated to the Commercial and Consumer Related segments, respectively.

2. INVESTMENT SECURITIES

The carrying amounts and fair values of investment securities are summarized as follows:

September 30, 2023

Amortized Cost

Gross Unrealized Gains

Gross Unrealized (Losses)

Fair Value

(in millions)

Held-to-maturity

Private label residential MBS

i 189

i —

( i 51)

i 138

Tax-exempt

i 1,212

i —

( i 210)

i 1,002

Total HTM securities

i 1,401

i —

( i 261)

i 1,140

Available-for-sale debt securities

CLO

i 2,183

i 1

( i 19)

i 2,165

Commercial MBS issued by GSEs

i 212

i —

( i 13)

i 199

Corporate debt securities

i 411

i —

( i 51)

i 360

Private label residential MBS

i 1,340

i —

( i 272)

i 1,068

Residential MBS issued by GSEs

i 2,333

i —

( i 475)

i 1,858

Tax-exempt

i 918

i —

( i 143)

i 775

U.S. Treasury securities

i 3,201

i —

( i 3)

i 3,198

Other

i 74

i 3

( i 11)

i 66

Total AFS debt securities

i 10,672

i 4

( i 987)

i 9,689

December 31, 2022

Amortized Cost

Gross Unrealized Gains

Gross Unrealized (Losses)

Fair Value

(in millions)

Held-to-maturity

Private label residential MBS

i 198

i —

( i 39)

i 159

Tax-exempt

i 1,091

i —

( i 138)

i 953

Total HTM securities

i 1,289

i —

( i 177)

i 1,112

Available-for-sale debt securities

CLO

i 2,796

i —

( i 90)

i 2,706

Commercial MBS issued by GSEs

i 104

i 1

( i 8)

i 97

Corporate debt securities

i 429

i —

( i 39)

i 390

Private label residential MBS

i 1,442

i —

( i 243)

i 1,199

Residential MBS issued by GSEs

i 2,123

i —

( i 383)

i 1,740

Tax-exempt

i 1,004

i 2

( i 115)

i 891

Other

i 75

i 6

( i 12)

i 69

Total AFS debt securities

i 7,973

i 9

( i 890)

i 7,092

In addition, the Company held equity securities, which primarily consisted of preferred stock and CRA investments, with a fair value of $ i 121 million and $ i 160 million at September 30, 2023 and December 31, 2022, respectively. Unrealized gains on equity securities of $ i 5.1 million and losses of $ i 3.7 million for the three months ended September 30, 2023 and 2022, respectively, and losses of $ i 3.3 million and $ i 20.4 million for the nine months ended September 30, 2023 and 2022, respectively, were recognized in earnings as a component of fair value gain (loss) adjustments.

Securities with carrying amounts of approximately $ i 5.5 billion and $ i 1.7 billion at September 30, 2023 and December 31, 2022, respectively, were pledged for various purposes as required or permitted by law.

The following tables summarize the Company's AFS debt securities in an unrealized loss position, aggregated by major security type and length of time in a continuous unrealized loss position:

September 30, 2023

Less Than Twelve Months

More Than Twelve Months

Total

Gross Unrealized Losses

Fair Value

Gross Unrealized Losses

Fair Value

Gross Unrealized Losses

Fair Value

(in millions)

Available-for-sale debt securities

CLO

i 1

i 129

i 18

i 1,757

i 19

i 1,886

Commercial MBS issued by GSEs

i 2

i 145

i 11

i 53

i 13

i 198

Corporate debt securities (1)

i —

i 51

i 352

i 51

i 352

Private label residential MBS

i 1

i 25

i 271

i 1,016

i 272

i 1,041

Residential MBS issued by GSEs

i 12

i 380

i 463

i 1,475

i 475

i 1,855

Tax-exempt

i 6

i 69

i 137

i 706

i 143

i 775

U.S. Treasury securities

i 3

i 2,444

i —

i 3

i 2,444

Other

i 1

i 9

i 10

i 44

i 11

i 53

Total AFS securities

i 26

i 3,201

i 961

i 5,403

i 987

i 8,604

(1)Includes securities with an ACL that have a fair value of $ i 143 million and unrealized losses of $ i 29 million.

December 31, 2022

Less Than Twelve Months

More Than Twelve Months

Total

Gross Unrealized Losses

Fair Value

Gross Unrealized Losses

Fair Value

Gross Unrealized Losses

Fair Value

(in millions)

Available-for-sale debt securities

CLO

i 81

i 2,467

i 9

i 216

i 90

i 2,683

Commercial MBS issued by GSEs

i 4

i 46

i 4

i 14

i 8

i 60

Corporate debt securities

i 28

i 263

i 11

i 120

i 39

i 383

Private label residential MBS

i 27

i 279

i 216

i 912

i 243

i 1,191

Residential MBS issued by GSEs

i 82

i 600

i 301

i 1,101

i 383

i 1,701

Tax-exempt

i 93

i 752

i 22

i 78

i 115

i 830

Other

i 4

i 26

i 8

i 26

i 12

i 52

Total AFS securities

i 319

i 4,433

i 571

i 2,467

i 890

i 6,900

The total number of AFS debt securities in an unrealized loss position at September 30, 2023 was i 869, compared to i 832 at December 31, 2022.

On a quarterly basis, the Company performs an impairment analysis on its AFS debt securities that are in an unrealized loss position at the end of the period to determine whether credit losses should be recognized on these securities.

Qualitative considerations made by the Company in its impairment analysis are further discussed below.

Government Issued Securities

U.S. Treasury securities and commercial and residential MBS are issued by either government agencies or GSEs. These securities are either explicitly or implicitly guaranteed by the U.S. government and are highly rated by major rating agencies. Further, principal and interest payments on these securities continue to be made on a timely basis.

Non-Government Issued Securities

Qualitative factors used in the Company's credit loss assessment of its securities that are not issued and guaranteed by the U.S. government include consideration of any adverse conditions related to a specific security, industry, or geographic region of its securities, any credit ratings below investment grade, the payment structure of the security and the likelihood of the issuer to be able to make payments that increase in the future, and failure of the issuer to make any scheduled principal or interest payments.

For the Company's corporate debt and tax-exempt securities, the Company also considers various metrics of the issuer including days of cash on hand, the ratio of long-term debt to total assets, the net change in cash between reporting periods, and consideration of any breach in covenant requirements. The Company's corporate debt securities are primarily investment grade, issuers continue to make timely principal and interest payments, and the unrealized losses on these security portfolios primarily relate to changes in interest rates and other market conditions that are not considered to be credit-related issues. The Company continues to receive timely principal and interest payments on its tax-exempt securities and the majority of these issuers have revenues pledged for payment of debt service prior to payment of other types of expenses.

In consideration of the continued effects from the bank failures in early 2023, the Company performed a targeted impairment analysis on its AFS debt securities issued by regional banks held in its corporate debt securities portfolio. The Company considered the issuers' credit ratings, probability of default, and other factors. As a result of the analysis, a $ i 0.3 million and $ i 21.8 million provision for credit losses was recognized during the three and nine months ended September 30, 2023, respectively. The provision for credit losses for the nine months ended September 30, 2023 included recognition of a $ i 17.1 million charge-off for one debt security issued by a regional bank that was sold. The Company does not intend to sell and it is more likely than not that the Company will not be required to sell the remainder of these regional bank debt securities prior to their anticipated recovery, therefore, no additional credit losses on the Company's remaining portfolio have been recognized during the three and nine months ended September 30, 2023.

For the Company's private label residential MBS, which consist of non-agency collateralized mortgage obligations that are secured by pools of residential mortgage loans, the Company also considers metrics such as securitization risk weight factor, current credit support, whether there were any mortgage principal losses resulting from defaults in payments on the underlying mortgage collateral, and the credit default rate over the last twelve months. These securities primarily carry investment grade credit ratings, principal and interest payments on these securities continue to be made on a timely basis, and credit support for these securities is considered adequate.

The Company's CLO portfolio consists of highly rated securitization tranches, containing pools of medium to large-sized corporate, high yield loans. These are variable rate securities that have an investment grade rating of Single-A or better. Unrealized losses on these securities are primarily a function of the differential from the offer price and the valuation mid-market price as well as changes in interest rates.

Unrealized losses on the Company's other securities portfolio relate to taxable municipal and trust preferred securities. The Company is continuing to receive timely principal and interest payments on its taxable municipal securities, these securities continue to be highly rated and the number of days of cash on hand is strong. The Company's trust preferred securities are investment grade and the issuers continue to make timely principal and interest payments.

The following table presents a rollforward by major security type of the ACL on the Company's AFS debt securities:

Three Months Ended September 30, 2023

Balance,
June 30, 2023

Provision for Credit Losses

Charge-offs

Recoveries

Balance,
September 30, 2023

(in millions)

Available for sale securities

Corporate debt securities

i 4.4

i 0.3

i —

i 4.7

Nine Months Ended September 30, 2023

Balance,
December 31, 2022

Provision for Credit Losses

Charge-offs

Recoveries

Balance,
September 30, 2023

(in millions)

Available for sale securities

Corporate debt securities

i —

i 21.8

( i 17.1)

i —

i 4.7

There were i i no / credit losses recognized on AFS securities during the three and nine months ended September 30, 2022.

The credit loss model under ASC 326-20, applicable to HTM debt securities, requires recognition of lifetime expected credit losses through an allowance account at the time the security is purchased.

The following table presents a rollforward by major security type of the ACL on the Company's HTM debt securities:

Three Months Ended September 30, 2023

Balance,
June 30, 2023

Provision for Credit Losses

Charge-offs

Recoveries

Balance,
September 30, 2023

(in millions)

Held-to-maturity debt securities

Tax-exempt

i 6.0

i 0.7

i —

i 6.7

Nine Months Ended September 30, 2023

Balance,
December 31, 2022

Provision for Credit Losses

Charge-offs

Recoveries

Balance,
September 30, 2023

(in millions)

Held-to-maturity debt securities

Tax-exempt

i 5.2

i 1.5

i —

i 6.7

Three Months Ended September 30, 2022:

Balance,
June 30, 2022

Provision for Credit Losses

Charge-offs

Recoveries

Balance
September 30, 2022

(in millions)

Held-to-maturity debt securities

Tax-exempt

i 3.2

i 1.2

i —

i 4.4

Nine Months Ended September 30, 2022:

Balance,
December 31, 2021

Recovery of Credit Losses

Charge-offs

Recoveries

Balance
September 30, 2022

(in millions)

Held-to-maturity debt securities

Tax-exempt

i 5.2

( i 0.8)

i —

i 4.4

No allowance has been recognized on the Company's HTM private label residential MBS as losses are not expected due to the Company holding a senior position in these securities.

Accrued interest receivable on HTM securities totaled $ i 5 million and $ i 3 million at September 30, 2023 and December 31, 2022, respectively, and is excluded from the estimate of expected credit losses.

The following tables summarize the carrying amount of the Company’s investment ratings position, which are updated quarterly and used to monitor the credit quality of the Company's securities:

September 30, 2023

AAA

Split-rated AAA/AA+

AA+ to AA-

A+ to A-

BBB+ to BBB-

BB+ and below

Unrated

Totals

(in millions)

Held-to-maturity

Private label residential MBS

i —

i 189

Tax-exempt

i —

i 1,212

Total HTM securities (1)

i —

i 1,401

Available-for-sale debt securities

CLO

i 121

i —

i 1,980

i 64

i —

i 2,165

Commercial MBS issued by GSEs

i —

i 199

i —

i 199

Corporate debt securities

i —

i 75

i 225

i 60

i —

i 360

Private label residential MBS

i 1,044

i —

i 24

i —

i 1,068

Residential MBS issued by GSEs

i —

i 1,858

i —

i 1,858

Tax-exempt

i 8

i 15

i 329

i 348

i —

i 75

i 775

U.S. Treasury securities

i —

i 3,198

i —

i 3,198

Other

i —

i 9

i 29

i 3

i 16

i 66

Total AFS securities (1)

i 1,173

i 5,270

i 2,342

i 496

i 254

i 63

i 91

i 9,689

Equity securities

CRA investments

i —

i 24

i —

i 24

Preferred stock

i —

i 52

i 34

i 11

i 97

Total equity securities (1)

i —

i 24

i —

i 52

i 34

i 11

i 121

(1)For rated securities, if ratings differ, the Company uses an average of the available ratings by major credit agencies.

December 31, 2022

AAA

Split-rated AAA/AA+

AA+ to AA-

A+ to A-

BBB+ to BBB-

BB+ and below

Unrated

Totals

(in millions)

Held-to-maturity

Private label residential MBS

i —

i 198

Tax-exempt

i —

i 1,091

Total HTM securities (1)

i —

i 1,289

Available-for-sale debt securities

CLO

i 310

i —

i 2,121

i 275

i —

i 2,706

Commercial MBS issued by GSEs

i —

i 97

i —

i 97

Corporate debt securities

i —

i 74

i 316

i —

i 390

Private label residential MBS

i 1,158

i —

i 41

i —

i 1,199

Residential MBS issued by GSEs

i —

i 1,740

i —

i 1,740

Tax-exempt

i 11

i 15

i 392

i 425

i —

i 48

i 891

Other

i —

i 9

i 27

i 6

i 18

i 69

Total AFS securities (1)

i 1,479

i 1,852

i 2,563

i 783

i 343

i 6

i 66

i 7,092

Equity securities

Common stock

i —

i 3

CRA investments

i —

i 24

i —

i 25

i 49

Preferred stock

i —

i 82

i 17

i 9

i 108

Total equity securities (1)

i —

i 24

i —

i 82

i 17

i 37

i 160

(1)For rated securities, if ratings differ, the Company uses an average of the available ratings by major credit agencies.

A security is considered to be past due once it is 30 days contractually past due under the terms of the agreement. As of September 30, 2023, the Company did not have a significant amount of investment securities that were past due or on nonaccrual status.

The amortized cost and fair value of the Company's debt securities by contractual maturities are shown below. MBS are shown separately as individual MBS are comprised of pools of loans with varying maturities. Therefore, these securities are listed separately in the maturity summary.

September 30, 2023

Amortized Cost

Estimated Fair Value

(in millions)

Held-to-maturity

Due in one year or less

i 21

After one year through five years

i 14

After five years through ten years

i 77

i 64

After ten years

i 1,100

i 903

Mortgage-backed securities

i 189

i 138

Total HTM securities

i 1,401

i 1,140

Available-for-sale

Due in one year or less

i 3,201

i 3,198

After one year through five years

i 166

i 155

After five years through ten years

i 900

i 855

After ten years

i 2,520

i 2,356

Mortgage-backed securities

i 3,885

i 3,125

Total AFS securities

i 10,672

i 9,689

The following table presents gross gains and losses on sales of investment securities:

Three Months Ended September 30,

Nine Months Ended September 30,

2023

2022

2023

2022

(in millions)

Available-for-sale securities

Gross gains

i 0.5

i —

i 4.0

i 7.3

Gross losses

i —

( i 29.6)

i —

Net gains (losses) on AFS securities

i 0.5

i —

( i 25.6)

i 7.3

Equity securities

Gross gains

i —

Gross losses

( i 0.4)

i —

( i 0.4)

( i 0.6)

Net losses on equity securities

( i 0.4)

i —

( i 0.4)

( i 0.6)

During the three months ended September 30, 2023, the Company sold securities with a carrying value of $ i 7 million and recognized a net gain of $ i 0.1 million. During the nine months ended September 30, 2023, the Company sold securities with a carrying value of $ i 821 million and recognized a net loss of $ i 26.0 million. Sales of CLOs were executed as part of the Company's balance sheet repositioning strategy and resulted in the gross AFS securities losses above. Sales of MBS and tax-exempt municipal securities were completed to secure gains. During the three and nine months ended September 30, 2022, the Company sold securities with a carrying value of $ i 5 million and $ i 132 million, respectively, and recognized a net gain of i zero and $ i 6.7 million, respectively.

3. LOANS HELD FOR SALE

The Company purchases and originates residential mortgage loans to be sold or securitized through its AmeriHome mortgage banking business channel. In addition, as part of the Company's balance sheet repositioning strategy, the Company transferred $ i 5.9 billion of loans, net of a fair value loss adjustment (primarily commercial and industrial loans) to HFS as of March 31, 2023. Loans transferred from HFI to HFS were transferred at the lower of its amortized cost basis (adjusted for any charge-offs) or fair value. If the amortized cost basis of the transferred loan exceeded its fair value, a valuation allowance equal to the difference in these amounts was established on the transfer date and any subsequent changes in the valuation allowance were recognized in earnings. Any ACL previously recorded on transferred loans was reversed and recognized in earnings at the time of the transfer.

The Company completed loan dispositions from this transferred loan pool totaling $ i 4.3 billion through September 30, 2023 and transferred all remaining HFS loans back to HFI at the end of the period as a result of a change in management's intentions.

The following is a summary of loans HFS by type:

September 30, 2023

December 31, 2022

(in millions)

Government-insured or guaranteed:

EBO (1)

i 3

i —

Non-EBO

i 1,165

i 591

Total government-insured or guaranteed

i 1,168

i 591

Agency-conforming

i 585

i 593

Non-agency

i 13

i —

Total loans HFS

i 1,766

i 1,184

(1) EBO loans are delinquent FHA, VA, or USDA loans purchased from GNMA pools under the terms of the GNMA MBS program that can be repooled when loans are brought current either through the borrower's reperformance or through completion of a loan modification.

The following is a summary of the net gain on loan purchase, origination, and sale activities on residential mortgage loans to be sold or securitized:

Three Months Ended September 30,

Nine Months Ended September 30,

2023

2022

2023

2022

(in millions)

Mortgage servicing rights capitalized upon sale of loans

i 265.8

i 180.6

i 653.0

i 578.1

Net proceeds from sale of loans (1)

( i 274.7)

( i 207.1)

( i 612.7)

( i 905.7)

Provision for and change in estimate of liability for losses under representations and warranties, net

i 0.1

i 0.7

i 2.8

i 2.3

Change in fair value

( i 10.1)

( i 75.1)

( i 13.2)

( i 82.0)

Change in fair value of derivatives:

Unrealized gain (loss) on derivatives

i 10.3

i 80.7

i 25.3

i 112.1

Realized gain on derivatives

i 44.5

i 18.3

i 47.0

i 321.8

Total change in fair value of derivatives

i 54.8

i 99.0

i 72.3

i 433.9

Net gain on residential mortgage loans HFS

i 35.9

( i 1.9)

i 102.2

i 26.6

Loan acquisition and origination fees

i 16.1

i 16.4

i 43.5

i 52.0

Net gain on loan origination and sale activities

i 52.0

i 14.5

i 145.7

i 78.6

(1) Represents the difference between cash proceeds received upon settlement and loan basis.

4. LOANS, LEASES AND ALLOWANCE FOR CREDIT LOSSES

The composition of the Company's HFI loan portfolio is as follows:

September 30, 2023

December 31, 2022

(in millions)

Warehouse lending

i 6,439

i 5,561

Municipal & nonprofit

i 1,474

i 1,524

Tech & innovation

i 2,254

i 2,293

Equity fund resources

i 1,034

i 3,717

Other commercial and industrial

i 7,317

i 7,793

CRE - owner occupied

i 1,624

i 1,656

Hotel franchise finance

i 3,837

i 3,807

Other CRE - non-owner occupied

i 5,952

i 5,457

Residential

i 13,301

i 13,996

Residential - EBO

i 1,343

i 1,884

Construction and land development

i 4,652

i 3,995

Other

i 220

i 179

Total loans HFI

i 49,447

i 51,862

Allowance for credit losses

( i 327)

( i 310)

Total loans HFI, net of allowance

i 49,120

i 51,552

Loans classified as HFI are stated at the amount of unpaid principal, adjusted for net deferred fees and costs, premiums and discounts on acquired and purchased loans, and an ACL. Net deferred fees of $ i 112 million and $ i 141 million reduced the carrying value of loans as of September 30, 2023 and December 31, 2022, respectively. Net unamortized purchase premiums on acquired and purchased loans of $ i 177 million and $ i 195 million increased the carrying value of loans as of September 30, 2023 and December 31, 2022, respectively.

Nonaccrual and Past Due Loans

Loans are placed on nonaccrual status when management determines that the full repayment of principal and collection of interest according to contractual terms is no longer likely, generally when the loan becomes 90 days or more past due.

The following tables present nonperforming loan balances by loan portfolio segment:

September 30, 2023

Nonaccrual with No Allowance for Credit Loss

Nonaccrual with an Allowance for Credit Loss

Total Nonaccrual

Loans Past Due 90 Days or More and Still Accruing

(in millions)

Municipal & nonprofit

i —

i 13

i —

Tech & innovation

i —

i 7

i —

Other commercial and industrial

i 52

i 17

i 69

i —

CRE - owner occupied

i 8

i 1

i 9

i —

Other CRE - non-owner occupied

i 77

i —

i 77

i —

Residential

i —

i 62

i —

Residential - EBO

i —

i 439

Total

i 137

i 100

i 237

i 439

Loans contractually delinquent by 90 days or more and still accruing totaled $ i 439 million at September 30, 2023 and consisted of government guaranteed EBO residential loans.

December 31, 2022

Nonaccrual with No Allowance for Credit Loss

Nonaccrual with an Allowance for Credit Loss

Total Nonaccrual

Loans Past Due 90 Days or More and Still Accruing

(in millions)

Municipal & nonprofit

i —

i 7

i —

Tech & innovation

i —

i 1

i —

Other commercial and industrial

i 1

i 23

i 24

i —

CRE - owner occupied

i 10

i 2

i 12

i —

Hotel franchise finance

i —

i 10

i —

Other CRE - non-owner occupied

i 5

i 3

i 8

i —

Residential

i —

i 19

i —

Residential - EBO

i —

i 582

Construction and land development

i 4

i —

i 4

i —

Total

i 20

i 65

i 85

i 582

Loans contractually delinquent by 90 days or more and still accruing totaled $ i 582 million at December 31, 2022 and consisted of government guaranteed EBO residential loans.

The reduction in interest income associated with loans on nonaccrual status was approximately $ i 4.5 million and $ i 1.3 million for the three months ended September 30, 2023 and 2022, respectively, and $ i 8.1 million and $ i 3.6 million for the nine months ended September 30, 2023 and 2022, respectively.

The following table presents an aging analysis of past due loans by loan portfolio segment:

September 30, 2023

Current

30-59 Days
Past Due

60-89 Days
Past Due

Over 90 days
Past Due

Total
Past Due

Total

(in millions)

Warehouse lending

i 6,439

i —

i 6,439

Municipal & nonprofit

i 1,474

i —

i 1,474

Tech & innovation

i 2,254

i —

i 2,254

Equity fund resources

i 1,034

i —

i 1,034

Other commercial and industrial

i 7,317

i —

i 7,317

CRE - owner occupied

i 1,622

i —

i 2

i —

i 2

i 1,624

Hotel franchise finance

i 3,837

i —

i 3,837

Other CRE - non-owner occupied

i 5,923

i 29

i —

i 29

i 5,952

Residential

i 13,216

i 68

i 17

i —

i 85

i 13,301

Residential - EBO

i 643

i 158

i 103

i 439

i 700

i 1,343

Construction and land development

i 4,579

i 54

i 19

i —

i 73

i 4,652

Other

i 220

i —

i 220

Total loans

i 48,558

i 309

i 141

i 439

i 889

i 49,447

December 31, 2022

Current

30-59 Days
Past Due

60-89 Days
Past Due

Over 90 days
Past Due

Total
Past Due

Total

(in millions)

Warehouse lending

i 5,561

i —

i 5,561

Municipal & nonprofit

i 1,524

i —

i 1,524

Tech & innovation

i 2,270

i 23

i —

i 23

i 2,293

Equity fund resources

i 3,717

i —

i 3,717

Other commercial and industrial

i 7,791

i 2

i —

i 2

i 7,793

CRE - owner occupied

i 1,656

i —

i 1,656

Hotel franchise finance

i 3,807

i —

i 3,807

Other CRE - non-owner occupied

i 5,454

i 3

i —

i 3

i 5,457

Residential

i 13,955

i 37

i 4

i —

i 41

i 13,996

Residential - EBO

i 969

i 217

i 116

i 582

i 915

i 1,884

Construction and land development

i 3,995

i —

i 3,995

Other

i 178

i 1

i —

i 1

i 179

Total loans

i 50,877

i 283

i 120

i 582

i 985

i 51,862

Credit Quality Indicators

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually to classify the loans as to credit risk. This analysis is performed on a quarterly basis. i The following tables present risk ratings by loan portfolio segment and origination year. The origination year is the year of origination or renewal.

Term Loan Amortized Cost Basis by Origination Year

Revolving Loans Amortized Cost Basis

Total

As of and for the nine months ended September 30, 2023

2023

2022

2021

2020

2019

Prior

(in millions)

Warehouse lending

Pass

i 594

i 260

i 4

i 289

i —

i 5,290

i 6,437

Special mention

i —

i 2

Classified

i —

Total

i 594

i 260

i 4

i 289

i —

i 5,292

i 6,439

Current period gross charge-offs

i —

Municipal & nonprofit

Pass

i 14

i 152

i 192

i 182

i 69

i 834

i —

i 1,443

Special mention

i —

i 7

i —

i 11

i —

i 18

Classified

i —

i 6

i 7

i —

i 13

Total

i 14

i 159

i 192

i 182

i 75

i 852

i —

i 1,474

Current period gross charge-offs

i —

Tech & innovation

Pass

i 406

i 683

i 196

i 58

i 53

i 1

i 785

i 2,182

Special mention

i 8

i 11

i 1

i 6

i —

i 17

i 43

Classified

i 14

i 7

i 2

i 3

i —

i 3

i 29

Total

i 428

i 701

i 199

i 67

i 53

i 1

i 805

i 2,254

Current period gross charge-offs

i 2

i —

i 2

Equity fund resources

Pass

i 280

i 32

i 47

i 37

i 2

i —

i 636

i 1,034

Special mention

i —

Classified

i —

Total

i 280

i 32

i 47

i 37

i 2

i —

i 636

i 1,034

Current period gross charge-offs

i —

Other commercial and industrial

Pass

i 1,555

i 1,691

i 668

i 193

i 100

i 225

i 2,625

i 7,057

Special mention

i 94

i 53

i 2

i —

i 149

Classified

i 1

i 38

i 63

i 1

i 4

i 1

i 3

i 111

Total

i 1,650

i 1,782

i 733

i 194

i 104

i 226

i 2,628

i 7,317

Current period gross charge-offs

i 1

i 3

i 10

i 4

i —

i 1

i 19

CRE - owner occupied

Pass

i 93

i 347

i 330

i 165

i 136

i 491

i 36

i 1,598

Special mention

i 4

i —

i 1

i 5

i —

i 14

Classified

i —

i 4

i 2

i 1

i 5

i —

i 12

Total

i 97

i 351

i 334

i 167

i 138

i 501

i 36

i 1,624

Current period gross charge-offs

i —

Hotel franchise finance

Pass

i 454

i 1,531

i 618

i 95

i 470

i 173

i 134

i 3,475

Special mention

i 37

i 22

i 67

i —

i 68

i —

i 194

Classified

i 46

i 9

i 20

i 26

i 43

i 24

i —

i 168

Total

i 537

i 1,562

i 705

i 121

i 513

i 265

i 134

i 3,837

Current period gross charge-offs

i —

Term Loan Amortized Cost Basis by Origination Year

Revolving Loans Amortized Cost Basis

Total

As of and for the nine months ended September 30, 2023

2023

2022

2021

2020

2019

Prior

(in millions)

Other CRE - non-owner occupied

Pass

i 1,370

i 2,227

i 739

i 535

i 186

i 257

i 246

i 5,560

Special mention

i 16

i 42

i 72

i 71

i 29

i —

i 230

Classified

i 48

i 1

i 93

i 1

i 15

i 4

i —

i 162

Total

i 1,434

i 2,270

i 904

i 607

i 230

i 261

i 246

i 5,952

Current period gross charge-offs

i —

i 5

i —

i 5

Residential

Pass

i 277

i 3,603

i 8,022

i 827

i 275

i 212

i 23

i 13,239

Special mention

i —

Classified

i —

i 21

i 32

i 3

i —

i 62

Total

i 277

i 3,624

i 8,054

i 830

i 278

i 215

i 23

i 13,301

Current period gross charge-offs

i —

Residential - EBO

Pass

i 1

i 10

i 239

i 564

i 268

i 261

i —

i 1,343

Special mention

i —

Classified

i —

Total

i 1

i 10

i 239

i 564

i 268

i 261

i —

i 1,343

Current period gross charge-offs

i —

Construction and land development

Pass

i 910

i 1,985

i 418

i 69

i —

i 1

i 1,190

i 4,573

Special mention

i —

i 6

i 12

i —

i 18

Classified

i —

i 19

i —

i 42

i —

i 61

Total

i 910

i 2,004

i 424

i 123

i —

i 1

i 1,190

i 4,652

Current period gross charge-offs

i —

Other

Pass

i 8

i 14

i 3

i 13

i 4

i 66

i 112

i 220

Special mention

i —

Classified

i —

Total

i 8

i 14

i 3

i 13

i 4

i 66

i 112

i 220

Current period gross charge-offs

i —

Total by Risk Category

Pass

i 5,962

i 12,535

i 11,476

i 3,027

i 1,563

i 2,521

i 11,077

i 48,161

Special mention

i 159

i 139

i 148

i 89

i 30

i 84

i 19

i 668

Classified

i 109

i 95

i 214

i 78

i 72

i 44

i 6

i 618

Total

i 6,230

i 12,769

i 11,838

i 3,194

i 1,665

i 2,649

i 11,102

i 49,447

Current period gross charge-offs

i 3

i 15

i 4

i —

i 1

i 26

Term Loan Amortized Cost Basis by Origination Year

Revolving Loans Amortized Cost Basis

Total

December 31, 2022

2022

2021

2020

2019

2018

Prior

(in millions)

Warehouse lending

Pass

i 397

i 41

i 152

i —

i 4,928

i 5,518

Special mention

i 43

i —

i 43

Classified

i —

Total

i 440

i 41

i 152

i —

i 4,928

i 5,561

Municipal & nonprofit

Pass

i 107

i 185

i 187

i 78

i 43

i 917

i —

i 1,517

Special mention

i —

Classified

i —

i 7

i —

i 7

Total

i 107

i 185

i 187

i 78

i 43

i 924

i —

i 1,524

Tech & innovation

Pass

i 813

i 374

i 87

i 66

i 4

i 1

i 853

i 2,198

Special mention

i 36

i 22

i 3

i —

i 20

i 81

Classified

i 2

i 12

i —

i 14

Total

i 851

i 408

i 90

i 66

i 4

i 1

i 873

i 2,293

Equity fund resources

Pass

i 1,020

i 1,189

i 191

i 16

i —

i 1,301

i 3,717

Special mention

i —

Classified

i —

Total

i 1,020

i 1,189

i 191

i 16

i —

i 1,301

i 3,717

Other commercial and industrial

Pass

i 2,968

i 1,272

i 262

i 277

i 312

i 206

i 2,406

i 7,703

Special mention

i —

i 44

i —

i 3

i 47

Classified

i 3

i 21

i 10

i 3

i 1

i 2

i 43

Total

i 2,971

i 1,337

i 272

i 280

i 315

i 207

i 2,411

i 7,793

CRE - owner occupied

Pass

i 338

i 359

i 174

i 157

i 211

i 339

i 29

i 1,607

Special mention

i —

i 1

i —

i 1

Classified

i —

i 14

i 7

i 1

i 5

i 10

i 11

i 48

Total

i 338

i 373

i 181

i 158

i 216

i 350

i 40

i 1,656

Hotel franchise finance

Pass

i 1,762

i 726

i 54

i 528

i 290

i 103

i 118

i 3,581

Special mention

i —

i 26

i —

i 26

Classified

i 18

i 20

i —

i 117

i 45

i —

i 200

Total

i 1,780

i 746

i 80

i 645

i 335

i 103

i 118

i 3,807

Other CRE - non-owner occupied

Pass

i 2,344

i 1,201

i 870

i 264

i 160

i 218

i 315

i 5,372

Special mention

i 3

i 38

i —

i 12

i —

i 1

i 54

Classified

i —

i 4

i —

i 12

i 10

i 5

i —

i 31

Total

i 2,347

i 1,243

i 870

i 288

i 170

i 223

i 316

i 5,457

Residential

Pass

i 4,041

i 8,474

i 878

i 308

i 150

i 90

i 36

i 13,977

Special mention

i —

Classified

i 6

i 9

i —

i 3

i 1

i —

i 19

Total

i 4,047

i 8,483

i 878

i 311

i 151

i 90

i 36

i 13,996

Residential - EBO

Pass

i 3

i 268

i 712

i 454

i 191

i 256

i —

i 1,884

Special mention

i —

Classified

i —

Total

i 3

i 268

i 712

i 454

i 191

i 256

i —

i 1,884

Term Loan Amortized Cost Basis by Origination Year

Revolving Loans Amortized Cost Basis

Total

December 31, 2022

2022

2021

2020

2019

2018

Prior

(in millions)

Construction and land development

Pass

i 1,533

i 815

i 273

i 14

i —

i 1,258

i 3,893

Special mention

i —

i 98

i —

i 98

Classified

i —

i 4

i —

i 4

Total

i 1,533

i 815

i 371

i 18

i —

i 1,258

i 3,995

Other

Pass

i 23

i 10

i 13

i 5

i 2

i 61

i 64

i 178

Special mention

i —

i 1

i —

i 1

Classified

i —

Total

i 23

i 10

i 13

i 5

i 2

i 62

i 64

i 179

Total by Risk Category

Pass

i 15,349

i 14,914

i 3,853

i 2,167

i 1,363

i 2,191

i 11,308

i 51,145

Special mention

i 82

i 104

i 127

i 12

i —

i 2

i 24

i 351

Classified

i 29

i 80

i 17

i 140

i 64

i 23

i 13

i 366

Total

i 15,460

i 15,098

i 3,997

i 2,319

i 1,427

i 2,216

i 11,345

i 51,862

Restructurings for Borrowers Experiencing Financial Difficulty

The Company adopted the amendments in ASU 2022-02, which eliminated accounting guidance on TDR loans for creditors and requires enhanced disclosures for loan modifications to borrowers experiencing financial difficulty that were made on or after January 1, 2023. See “Note 1. Summary of Significant Accounting Policies” of these Notes to Unaudited Financial Statements for further discussion of the amendments in this update.

The following table presents the amortized cost basis of loans HFI that were modified during the period by loan portfolio segment:

Amortized Cost Basis at September 30, 2023

Payment Delay and Term Extension

Term Extension

Payment Delay

Total

% of Total Class of Financing Receivable

Three Months Ended

(dollars in millions)

Tech & innovation

i —

i 7

i 0.3

Other commercial and industrial

i —

i 1

i 12

i 13

i 0.2

CRE - owner occupied

i —

i 3

i —

i 3

i 0.2

Hotel franchise finance

i —

i 20

i —

i 20

i 0.5

Other CRE - non-owner occupied

i —

i 20

i —

i 20

i 0.3

Total

i —

i 44

i 19

i 63

i 0.1

Amortized Cost Basis at September 30, 2023

Payment Delay and Term Extension

Term Extension

Payment Delay

Total

% of Total Class of Financing Receivable

Nine Months Ended

(dollars in millions)

Tech & innovation

i 2

i —

i 7

i 9

i 0.4

Other commercial and industrial

i —

i 24

i 12

i 36

i 0.5

CRE - owner occupied

i —

i 3

i —

i 3

i 0.2

Hotel franchise finance

i —

i 46

i —

i 46

i 1.2

Other CRE - non-owner occupied

i —

i 48

i —

i 48

i 0.8

Residential

i —

i 1

i 0.0

Total

i 2

i 121

i 20

i 143

i 0.3

The performance of these modified loans is monitored for 12 months following the modification. As of September 30, 2023, modified loans on nonaccrual status totaled $ i 36 million and the remaining $ i 107 million were current with contractual payments.

In the normal course of business, the Company also modifies EBO loans, which are delinquent FHA, VA, or USDA insured or guaranteed loans repurchased under the terms of the GNMA MBS program and can be repooled or resold when loans are brought current. During the three and nine months ended September 30, 2023, the Company completed modifications of EBO loans with an amortized cost of $ i 84 million and $ i 176 million, respectively. These modifications were largely payment delays and term extensions, or both.

Troubled Debt Restructurings

Prior to the adoption of ASU 2022-02, the Company accounted for a modification to the contractual terms of a loan that resulted in granting a concession to a borrower experiencing financial difficulties as a TDR. The loan terms that were modified or restructured due to a borrower’s financial situation included, but were not limited to, a reduction in the stated interest rate, an extension of the maturity or renewal of the loan at an interest rate below current market, a reduction in the face amount of the debt, a reduction in the accrued interest, or deferral of interest payments. The majority of the Company's modifications were extensions in terms or deferral of payments which resulted in no lost principal or interest. Consistent with regulatory guidance, a TDR loan that was subsequently modified in another restructuring agreement but had shown sustained performance and classification as a TDR, was removed from TDR status provided that the modified terms were market-based at the time of modification.

The following table presents TDR loans by loan portfolio segment:

December 31, 2022

Number of Loans

Recorded Investment

Other commercial and industrial

i 4

i 2

CRE - owner occupied

i 1

Hotel franchise finance

i 1

i 10

Other CRE - non-owner occupied

i 1

Total

i 7

i 14

As of December 31, 2022, the ACL on TDR loans totaled $ i 4 million and there were i no outstanding commitments on TDR loans.

During the three months ended September 30, 2022, the Company had i two new TDR loans with a recorded investment of $ i 14 million. During the nine months ended September 30, 2022, the Company had i four new TDR loans with a recorded investment of $ i 17 million. No principal amounts were forgiven and there were no waived fees or other expenses resulting from these TDRs.

During the three and nine months ended September 30, 2022, there were i i no / loans for which there was a payment default within 12 months following the modification.

Collateral-Dependent Loans

The following table presents the amortized cost basis of collateral-dependent loans by loan portfolio segment:

September 30, 2023

December 31, 2022

Real Estate Collateral

Other Collateral

Total

Real Estate Collateral

Other Collateral

Total

(in millions)

Municipal & nonprofit

i —

i 12

i —

i 7

Tech & innovation

i —

i 6

Other commercial and industrial

i —

i 8

i —

i 30

CRE - owner occupied

i 6

i —

i 6

i 42

i —

i 42

Hotel franchise finance

i 125

i —

i 125

i 186

i —

i 186

Other CRE - non-owner occupied

i 160

i —

i 160

i 27

i —

i 27

Construction and land development

i 61

i —

i 61

i 4

i —

i 4

Total

i 352

i 20

i 372

i 259

i 43

i 302

The Company did not identify any significant changes in the extent to which collateral secures its collateral dependent loans, whether in the form of general deterioration or from other factors during the period ended September 30, 2023.

Allowance for Credit Losses

The ACL consists of the ACL on funded loans HFI and an ACL on unfunded loan commitments. The ACL on HTM securities is estimated separately from loans, see "Note 2. Investment Securities" of these Notes to Unaudited Consolidated Financial Statements for further discussion. Management considers the level of ACL to be a reasonable and supportable estimate of expected credit losses inherent within the Company's HFI loan portfolio as of September 30, 2023.

The below tables reflect the activity in the ACL on loans HFI by loan portfolio segment, which includes an estimate of future recoveries:

Three Months Ended September 30, 2023

Balance,
June 30, 2023

Provision for (Recovery of) Credit Losses

Charge-offs

Recoveries

Balance,
September 30, 2023

(in millions)

Warehouse lending

i 5.2

( i 0.5)

i —

i 4.7

Municipal & nonprofit

i 16.5

i 0.2

i —

i 16.7

Tech & innovation

i 33.6

( i 1.6)

i —

i 32.0

Equity fund resources

i 1.7

i —

i 1.7

Other commercial and industrial

i 51.8

i 22.8

i 5.4

( i 0.3)

i 69.5

CRE - owner occupied

i 8.0

( i 0.3)

i —

i 7.7

Hotel franchise finance

i 45.7

( i 5.1)

i —

i 40.6

Other CRE - non-owner occupied

i 90.1

i 8.6

i 3.0

i —

i 95.7

Residential

i 33.9

( i 7.9)

i —

( i 0.1)

i 26.1

Residential - EBO

i —

Construction and land development

i 31.7

( i 2.6)

i —

i 29.1

Other

i 2.9

i 0.7

i 0.1

( i 0.1)

i 3.6

Total

i 321.1

i 14.3

i 8.5

( i 0.5)

i 327.4

Nine Months Ended September 30, 2023

Balance,
December 31, 2022

Provision for (Recovery of) Credit Losses

Charge-offs

Recoveries

Balance,
September 30, 2023

(in millions)

Warehouse lending

i 8.4

( i 3.7)

i —

i 4.7

Municipal & nonprofit

i 15.9

i 0.8

i —

i 16.7

Tech & innovation

i 30.8

i 3.0

i 1.8

i —

i 32.0

Equity fund resources

i 6.4

( i 4.7)

i —

i 1.7

Other commercial and industrial

i 85.9

( i 2.0)

i 18.7

( i 4.3)

i 69.5

CRE - owner occupied

i 7.1

i 0.6

i —

i 7.7

Hotel franchise finance

i 46.9

( i 6.3)

i —

i 40.6

Other CRE - non-owner occupied

i 47.4

i 53.5

i 5.2

i —

i 95.7

Residential

i 30.4

( i 4.4)

i —

( i 0.1)

i 26.1

Residential - EBO

i —

Construction and land development

i 27.4

i 1.7

i —

i 29.1

Other

i 3.1

i 0.6

i 0.2

( i 0.1)

i 3.6

Total

i 309.7

i 39.1

i 25.9

( i 4.5)

i 327.4

Three Months Ended September 30, 2022

Balance,
June 30, 2022

Provision for (Recovery of) Credit Losses

Charge-offs

Recoveries

Balance,
September 30, 2022

(in millions)

Warehouse lending

i 3.7

i 0.7

i —

i 4.4

Municipal & nonprofit

i 13.6

i 1.6

i —

i 15.2

Tech & innovation

i 25.4

( i 0.2)

i —

i 25.2

Equity fund resources

i 14.0

( i 3.1)

i —

i 10.9

Other commercial and industrial

i 119.2

( i 14.7)

i 2.1

( i 3.8)

i 106.2

CRE - owner occupied

i 7.5

( i 0.8)

i —

i 6.7

Hotel franchise finance

i 33.8

i 17.2

i —

i 51.0

Other CRE - non-owner occupied

i 22.1

i 11.2

i —

( i 0.1)

i 33.4

Residential

i 18.8

i 6.8

i —

i 25.6

Construction and land development

i 12.2

i 10.1

i —

( i 0.1)

i 22.4

Other

i 2.9

i 0.2

i —

i 3.1

Total

i 273.2

i 29.0

i 2.1

( i 4.0)

i 304.1

Nine Months Ended September 30, 2022

Balance,
December 31, 2021

Provision for (Recovery of) Credit Losses

Charge-offs

Recoveries

Balance,
September 30, 2022

(in millions)

Warehouse lending

i 3.0

i 1.4

i —

i 4.4

Municipal & nonprofit

i 13.7

i 1.5

i —

i 15.2

Tech & innovation

i 25.7

( i 2.5)

i —

( i 2.0)

i 25.2

Equity fund resources

i 9.6

i 1.3

i —

i 10.9

Other commercial and industrial

i 103.6

i 4.7

i 7.0

( i 4.9)

i 106.2

CRE - owner occupied

i 10.6

( i 4.0)

i —

( i 0.1)

i 6.7

Hotel franchise finance

i 41.5

i 9.5

i —

i 51.0

Other CRE - non-owner occupied

i 16.9

i 16.4

i —

( i 0.1)

i 33.4

Residential

i 12.5

i 13.1

i —

i 25.6

Construction and land development

i 12.5

i 9.8

i —

( i 0.1)

i 22.4

Other

i 2.9

i 0.1

( i 0.2)

i 3.1

Total

i 252.5

i 51.3

i 7.1

( i 7.4)

i 304.1

Accrued interest receivable of $ i 290 million and $ i 304 million at September 30, 2023 and December 31, 2022, respectively, was excluded from the estimate of credit losses. Whereas, accrued interest receivable related to the Company's Residential-EBO loan portfolio segment was included in the estimate of credit losses and had an allowance of $ i 5 million and $ i 9 million, as of September 30, 2023 and December 31, 2022, respectively.

In addition to the ACL on funded loans HFI, the Company maintains a separate ACL related to off-balance sheet credit exposures, including unfunded loan commitments. This allowance is included in Other liabilities on the Consolidated Balance Sheet.

The below table reflects the activity in the ACL on unfunded loan commitments:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in millions)
Balance, beginning of period	$	i 41.1	$	i 53.8	$	i 47.0	$	i 37.6
Provision for credit losses	( i 3.2)		( i 1.7)		( i 9.1)		i 14.5
Balance, end of period	$	i 37.9	$	i 52.1	$	i 37.9	$	i 52.1

The following tables disaggregate the Company's ACL on funded loans HFI and loan balances by measurement methodology:

September 30, 2023

Loans

Allowance

Collectively Evaluated for Credit Loss

Individually Evaluated for Credit Loss

Total

Collectively Evaluated for Credit Loss

Individually Evaluated for Credit Loss

Total

(in millions)

Warehouse lending

i 6,439

i —

i 6,439

i 4.7

i —

i 4.7

Municipal & nonprofit

i 1,461

i 13

i 1,474

i 13.2

i 3.5

i 16.7

Tech & innovation

i 2,225

i 29

i 2,254

i 27.9

i 4.1

i 32.0

Equity fund resources

i 1,034

i —

i 1,034

i 1.7

i —

i 1.7

Other commercial and industrial

i 7,209

i 108

i 7,317

i 63.3

i 6.2

i 69.5

CRE - owner occupied

i 1,615

i 9

i 1,624

i 7.7

i —

i 7.7

Hotel franchise finance

i 3,669

i 168

i 3,837

i 40.6

i —

i 40.6

Other CRE - non-owner occupied

i 5,791

i 161

i 5,952

i 95.7

i —

i 95.7

Residential

i 13,301

i —

i 13,301

i 26.1

i —

i 26.1

Residential EBO

i 1,343

i —

i 1,343

i —

Construction and land development

i 4,592

i 60

i 4,652

i 29.1

i —

i 29.1

Other

i 220

i —

i 220

i 3.6

i —

i 3.6

Total

i 48,899

i 548

i 49,447

i 313.6

i 13.8

i 327.4

December 31, 2022

Loans

Allowance

Collectively Evaluated for Credit Loss

Individually Evaluated for Credit Loss

Total

Collectively Evaluated for Credit Loss

Individually Evaluated for Credit Loss

Total

(in millions)

Warehouse lending

i 5,561

i —

i 5,561

i 8.4

i —

i 8.4

Municipal & nonprofit

i 1,517

i 7

i 1,524

i 13.4

i 2.5

i 15.9

Tech & innovation

i 2,280

i 13

i 2,293

i 30.3

i 0.5

i 30.8

Equity fund resources

i 3,717

i —

i 3,717

i 6.4

i —

i 6.4

Other commercial and industrial

i 7,754

i 39

i 7,793

i 80.4

i 5.5

i 85.9

CRE - owner occupied

i 1,612

i 44

i 1,656

i 7.1

i —

i 7.1

Hotel franchise finance

i 3,607

i 200

i 3,807

i 44.7

i 2.2

i 46.9

Other CRE - non-owner occupied

i 5,428

i 29

i 5,457

i 47.4

i —

i 47.4

Residential

i 13,996

i —

i 13,996

i 30.4

i —

i 30.4

Residential EBO

i 1,884

i —

i 1,884

i —

Construction and land development

i 3,991

i 4

i 3,995

i 27.4

i —

i 27.4

Other

i 179

i —

i 179

i 3.1

i —

i 3.1

Total

i 51,526

i 336

i 51,862

i 299.0

i 10.7

i 309.7

Loan Purchases and Sales

During the three and nine months ended September 30, 2023, loan purchases totaled $ i 329 million and $ i 1.4 billion, respectively, which consisted primarily of commercial and industrial and residential loans. Loan purchases during the three and nine months ended September 30, 2022 totaled $ i 2.7 billion and $ i 8.2 billion, respectively, which consisted primarily of residential loans. There were no loans purchased with more-than-insignificant deterioration in credit quality during the three and nine months ended September 30, 2023 and 2022.

The Company transferred $ i 6.0 billion of loans HFI (primarily commercial and industrial loans) to HFS as of March 31, 2023. The loans were transferred to HFS net of a fair value loss adjustment of $ i 123.5 million, or a carrying value of $ i 5.9 billion. From March 31, 2023 through September 30, 2023, the Company transferred an additional $ i 0.7 billion from loans HFI to HFS. The Company completed loan dispositions from this HFS loan pool totaling $ i 4.3 billion through September 30, 2023 and transferred all remaining loans in this pool back to HFI at the end of the period as a result of a change in management's intentions.

5. MORTGAGE SERVICING RIGHTS

The following table presents the changes in fair value of the Company's MSR portfolio related to its mortgage banking business and other information related to its servicing portfolio:

Three Months Ended September 30,

Nine Months Ended September 30,

2023

2022

2023

2022

(in millions)

Balance, beginning of period

i 1,007

i 826

i 1,148

i 698

Additions from loans sold with servicing rights retained

i 266

i 180

i 653

i 578

Carrying value of MSRs sold

( i 112)

i —

( i 611)

( i 350)

Change in fair value

i 98

i 63

i 114

i 206

Mark to market adjustments

i —

i 4

i —

Realization of cash flows

( i 26)

( i 25)

( i 75)

( i 88)

Balance, end of period

i 1,233

i 1,044

i 1,233

i 1,044

Unpaid principal balance of mortgage loans serviced for others

i 70,261

i 62,841


i Delaware						i 88-0365922
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


	September 30, 2023			December 31, 2022
	(dollars in millions)
Nonaccrual loans	$	237		$	85
Repossessed assets	8			11
Non-performing assets	352			98
Nonaccrual loans to funded loans	0.48		%	0.16		%
Nonaccrual and repossessed assets to total assets	0.35			0.14
Allowance for loan losses to funded loans	0.66			0.60
Allowance for credit losses to funded loans	0.74			0.69
Net charge-offs to average loans outstanding (1)	0.07			0.00


Nine Months Ended September 30, 2023	(in millions)
Net income	$	574.5
Adjusted for:
Loss on sales of investment securities	26.0
Fair value loss adjustments, net	117.3
Gain on extinguishment of debt	(13.4)
Tax effect of adjustments	(34.0)
Net income, adjusted	$	670.4
Dividends on preferred stock	9.6
Net income available to common stockholders, adjusted	$	660.8
Weighted average number of common shares outstanding:
Basic	$	108.3
Diluted	108.4
Earnings per share, adjusted:
Basic, adjusted	$	6.10
Diluted, adjusted	6.10


	September 30, 2023			December 31, 2022			September 30, 2022
	(dollars and shares in millions)
Total stockholders' equity	$	5,746		$	5,356		$	5,021
Less:
Goodwill and intangible assets	672			680			682
Preferred stock	295			295			295
Total tangible common stockholders' equity	4,779			4,381			4,044
Plus: deferred tax - attributed to intangible assets	2			2			3
Total tangible common equity, net of tax	$	4,781		$	4,383		$	4,047

Total assets	$	70,891		$	67,734		$	69,165
Less: goodwill and intangible assets, net	672			680			682
Tangible assets	70,219			67,054			68,483
Plus: deferred tax - attributed to intangible assets	2			2			3
Total tangible assets, net of tax	$	70,221		$	67,056		$	68,486

Tangible common equity ratio	6.8		%	6.5		%	5.9		%
Common shares outstanding	109.5			108.9			108.9
Book value per common share	$	49.78		$	46.47		$	43.39
Tangible book value per common share, net of tax	43.66			40.25			37.16


	September 30, 2023			December 31, 2022
	(dollars in millions)
Common equity tier 1:
Common equity	$	5,475		$	5,097
Less:
Non-qualifying goodwill and intangibles	661			672

Disallowed deferred tax asset	6			12
AOCI related adjustments	(738)			(664)
Unrealized gain on changes in fair value liabilities	6			4
Common equity tier 1	$	5,540		$	5,073
Divided by: *Risk-weighted assets*	$	52,447		$	54,461
Common equity tier 1 ratio	10.6		%	9.3		%

Common equity tier 1	$	5,540		$	5,073

Plus: Preferred stock and trust preferred securities	376			376




Tier 1 capital	$	5,916		$	5,449
Divided by: *Tangible average assets*	$	69,296		$	69,814
Tier 1 leverage ratio	8.5		%	7.8		%

Total capital:
Tier 1 capital	$	5,916		$	5,449
Plus:
Subordinated debt	818			817
Adjusted allowances for credit losses	344			320

Tier 2 capital	1,162			1,137


Total capital	$	7,078		$	6,586
Total capital ratio	13.5		%	12.1		%

Classified assets to tier 1 capital plus allowance:
Classified assets	$	639		$	393

Divided by: *Tier 1 capital*	5,916			5,449
Plus: Adjusted allowances for credit losses	344			320
Total Tier 1 capital plus adjusted allowances for credit losses	$	6,260		$	5,769
Classified assets to tier 1 capital plus allowance	10.2		%	6.8		%

Western Alliance Bancorporation – ‘10-Q’ for 9/30/23

On: Tuesday, 10/31/23, at 5:08pm ET · For: 9/30/23 · Accession #: 1212545-23-163 · File #: 1-32550

Previous ‘10-Q’: ‘10-Q’ on 8/1/23 for 6/30/23 · Latest ‘10-Q’: This Filing · 5 References:

Quarterly Report — Form 10-Q

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‘10-Q’ — Quarterly Report

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Dates Referenced Herein and Documents Incorporated by Reference

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		Page
PART I. FINANCIAL INFORMATION

Item 1.	Glossary of Entities and Terms	3
	Financial Statements (Unaudited)
	Consolidated Balance Sheets	4
	Consolidated Income Statements	4
	Consolidated Statements of Comprehensive Income	6
	Consolidated Statements of Stockholders’ Equity	7
	Consolidated Statements of Cash Flows	9
	Notes to Unaudited Consolidated Financial Statements	11
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	59
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	86
Item 4.	Controls and Procedures	88

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	88
Item 1A.	Risk Factors	89
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	90
Item 5.	Other Information	90
Item 6.	Exhibits	91

SIGNATURES		92


	December 31,
	(in millions)
2023	$	i 3,311
2024	i 4,870
2025	i 594
2026	i 5
2027	i 1


Total	$	i 8,781


	January 25, 2022
	(in millions)
Assets acquired:
Cash and cash equivalents	$	i 0.6
Identified intangible assets	i 20.1
Other assets	i 0.1
Total assets	$	i 20.8
Liabilities assumed:
Other liabilities	$	i 0.4
Total liabilities	i 0.4
Net assets acquired	$	i 20.4
Consideration paid
Cash	$	i 50.6
Contingent consideration	i 6.4
Total consideration	$	i 57.0
Goodwill	$	i 36.6


	Three Months Ended September 30,				Increase		Nine Months Ended September 30,				Increase
	2023		2022		(Decrease)		2023		2022		(Decrease)
	(in millions, except per share amounts)
Consolidated Income Statement Data:
Interest income	$	1,026.6	$	739.4	$	287.2	$	2,996.3	$	1,803.5	$	1,192.8
Interest expense	439.6		137.3		302.3		1,249.1		226.9		1,022.2
Net interest income	587.0		602.1		(15.1)		1,747.2		1,576.6		170.6
Provision for credit losses	12.1		28.5		(16.4)		53.3		65.0		(11.7)
Net interest income after provision for credit losses	574.9		573.6		1.3		1,693.9		1,511.6		182.3
Non-interest income	129.2		61.8		67.4		190.2		263.1		(72.9)
Non-interest expense	426.2		305.8		120.4		1,161.5		823.3		338.2
Income before provision for income taxes	277.9		329.6		(51.7)		722.6		951.4		(228.8)
Income tax expense	61.3		65.6		(4.3)		148.1		187.1		(39.0)
Net income	216.6		264.0		(47.4)		574.5		764.3		(189.8)
Dividends on preferred stock	3.2		3.2		—		9.6		9.6		—
Net income available to common stockholders	$	213.4	$	260.8	$	(47.4)	$	564.9	$	754.7	$	(189.8)
Earnings per share:
Basic	$	1.97	$	2.43	$	(0.46)	$	5.22	$	7.06	$	(1.84)
Diluted	1.97		2.42		(0.45)		5.21		7.03		(1.82)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023 versus 2022						2023 versus 2022
	Increase (Decrease) Due to Changes in (1)						Increase (Decrease) Due to Changes in (1)
	Volume		Rate		Total		Volume		Rate		Total
	(in millions)
Interest income:
Loans held for sale	$	(14.2)	$	12.5	$	(1.7)	$	(51.5)	$	92.8	$	41.3
Loans:
Commercial and industrial	(90.4)		132.6		42.2		(106.0)		447.2		341.2
CRE - non-owner occupied	35.9		48.8		84.7		135.4		143.2		278.6
CRE - owner-occupied	(0.7)		3.8		3.1		(1.6)		9.0		7.4
Construction and land development	26.1		24.7		50.8		76.7		81.5		158.2
Residential real estate	(2.2)		26.3		24.1		62.2		51.6		113.8
Consumer	0.2		0.4		0.6		0.8		1.1		1.9
Total loans HFI	(31.1)		236.6		205.5		167.5		733.6		901.1
Securities:
Securities - taxable	19.5		25.2		44.7		46.0		94.2		140.2
Securities - tax-exempt	0.6		1.6		2.2		0.8		7.1		7.9
Total securities	20.1		26.8		46.9		46.8		101.3		148.1
Cash and other	24.7		11.8		36.5		50.3		52.0		102.3
Total interest income	(0.5)		287.7		287.2		213.1		979.7		1,192.8

Interest expense:
Interest-bearing transaction accounts	34.2		40.2		74.4		75.7		136.5		212.2
Savings and money market accounts	(36.0)		97.8		61.8		(71.4)		309.7		238.3
Certificates of deposit	76.4		26.0		102.4		168.5		61.1		229.6
Total deposits	74.6		163.9		238.6		172.9		507.2		680.1
Short-term borrowings	33.0		37.2		70.2		241.5		76.3		317.8
Long-term debt	(10.1)		3.0		(7.1)		1.6		20.3		21.9
Qualifying debt	—		0.6		0.6		—		2.4		2.4
Total interest expense	97.5		204.7		302.3		416.0		606.2		1,022.2

Net change	$	(98.0)	$	83.0	$	(15.1)	$	(202.9)	$	373.5	$	170.6


	Consolidated Company		Commercial		Consumer Related		Corporate & Other
At September 30, 2023	(in millions)
Loans HFI, net of deferred loan fees and costs	$	49,447	$	28,720	$	20,727	$	—
Deposits	54,287		22,643		25,094		6,550

At December 31, 2022
Loans HFI, net of deferred loan fees and costs	$	51,862	$	31,414	$	20,448	$	—
Deposits	53,644		29,494		18,492		5,658


Three Months Ended September 30, 2023	(in millions)
Pre-tax income	$	277.9	$	196.1	$	68.9	$	12.9

Nine Months Ended September 30, 2023
Pre-tax income (loss)	$	722.6	$	576.8	$	182.4	$	(36.6)

Three Months Ended September 30, 2022
Pre-tax income (loss)	$	329.6	$	298.2	$	93.2	$	(61.8)

Nine Months Ended September 30, 2022
Pre-tax income (loss)	$	951.4	$	774.8	$	380.3	$	(203.7)


	September 30, 2023		December 31, 2022		Increase (Decrease)
	(in millions)
Debt securities
CLO	$	2,165	$	2,706	$	(541)
Commercial MBS issued by GSEs	199		97		102
Corporate debt securities	360		390		(30)

Private label residential MBS	1,257		1,397		(140)
Residential MBS issued by GSEs	1,858		1,740		118
Tax-exempt	1,987		1,982		5

U.S. Treasury securities	3,198		—		3,198
Other	66		69		(3)
Total debt securities	$	11,090	$	8,381	$	2,709

Equity securities
Common stock	$	—	$	3	$	(3)
CRA investments	24		49		(25)
Preferred stock	97		108		(11)
Total equity securities	$	121	$	160	$	(39)


	September 30, 2023
	Nonaccrual Balance		Percent of Nonaccrual Balance		Percent of Total Loans HFI
	(dollars in millions)

Municipal & nonprofit	$	13	5.5	%	0.03	%
Tech & innovation	7		3.0		0.01

Other commercial and industrial	69		29.1		0.14
CRE - owner occupied	9		3.8		0.02

Other CRE - non-owner occupied	77		32.5		0.16
Residential	62		26.1		0.12



Total non-accrual loans	$	237	100.0	%	0.48	%


	September 30, 2023
	Number of Loans	Problem Loan Balance		Percent of Problem Loan Balance		Percent of Total Loans HFI
	(dollars in millions)
Warehouse lending	1	$	2	0.3	%	0.00	%
Municipal & nonprofit	2	18		2.4		0.04
Tech & innovation	15	43		5.8		0.09

Other commercial and industrial	60	151		20.5		0.31
CRE - owner occupied	16	16		2.2		0.03
Hotel franchise finance	6	194		26.3		0.39
Other CRE - non-owner occupied	14	230		31.2		0.47
Residential	132	65		8.8		0.13

Construction and land development	2	18		2.4		0.03
Other	19	1		0.1		0.00
Total	267	$	738	100.0	%	1.49	%


	Total Capital		Tier 1 Capital		Risk-Weighted Assets		Tangible Average Assets		Total Capital Ratio		Tier 1 Capital Ratio		Tier 1 Leverage Ratio		Common Equity Tier 1
	(dollars in millions)
September 30, 2023
WAL	$	7,078	$	5,916	$	52,447	$	69,296	13.5	%	11.3	%	8.5	%	10.6	%
WAB	6,726		6,158		52,339		69,221		12.9		11.8		8.9		11.8
Well-capitalized ratios									10.0		8.0		5.0		6.5
Minimum capital ratios									8.0		6.0		4.0		4.5

December 31, 2022
WAL	$	6,586	$	5,449	$	54,461	$	69,814	12.1	%	10.0	%	7.8	%	9.3	%
WAB	6,280		5,737		54,411		69,762		11.5		10.5		8.2		10.5
Well-capitalized ratios									10.0		8.0		5.0		6.5
Minimum capital ratios									8.0		6.0		4.0		4.5


	September 30, 2023
	Available Balance		Outstanding Balance
	(in millions)
Unsecured fed funds credit lines at correspondent banks	$	1,417	$	122


	September 30, 2023
	(in millions)
FHLB:
Borrowing capacity	$	12,524
Outstanding borrowings	4,700
Letters of credit	195
Total available credit	$	7,629

FRB:
Borrowing capacity	$	16,073
Outstanding borrowings (BTFP)	1,300
Total available credit	$	14,773

Warehouse borrowings:
Borrowing capacity	$	3,000
Outstanding borrowings	1,334
Total available credit	$	1,666


	Down 200		Down 100		Up 100		Up 200
	(change in basis points from Base)
Parallel Shift Scenario	(8.3)	%	(4.1)	%	3.8	%	7.8	%
Interest Rate Ramp Scenario	(3.7)	%	(2.0)	%	1.6	%	3.4	%


	Interest Rate Scenario
	Down 200		Down 100		Up 100		Up 200




			(change in basis points from Base)
% Change	15.1	%	7.6	%	(6.0)	%	(10.6)	%


Period	Total Number of Shares Purchased (1)(2)	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)	Approximate Dollar Value of Shares That May Yet be Purchased Under the Plans or Programs
July 2023	60	$	52.31	—	$	—
August 2023	—	—		—	—
September 2023	79	45.71		—	—
Total	139	$	48.56	—	$	—


3.1						Amended and Restated Certificate of Incorporation, effective as of May 19, 2015 (incorporated by reference to Exhibit 3.1 of Western Alliance's Form 10-K filed with the SEC on March 1, 2019).

3.2						Certificate of Amendment designating the 4.250% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, effective September 22, 2021 (incorporated by reference to Exhibit 3.1 of Western Alliance's Form 8-K filed with the SEC on September 22, 2021).

3.3						Amended and Restated Bylaws of Western Alliance, effective as of June 14, 2022 (incorporated by reference to Exhibit 3.1 of Western Alliance's Form 8-K filed with the SEC on June 16, 2022).

3.4						Articles of Conversion, as filed with the Nevada Secretary of State on May 29, 2014 (incorporated by reference to Exhibit 3.1 of Western Alliance’s Form 8-K filed with the SEC on June 3, 2014).

3.5						Certificate of Conversion, as filed with the Delaware Secretary of State on May 29, 2014 (incorporated by reference to Exhibit 3.2 of Western Alliance’s Form 8-K filed with the SEC on June 3, 2014).

31.1*						CEO Certification Pursuant Rule 13a-14(a)/15d-14(a).

31.2*						CFO Certification Pursuant Rule 13a-14(a)/15d-14(a).

32**						CEO and CFO Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes Oxley Act of 2002.

101*						Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022, (ii) the Consolidated Income Statements for the three months ended September 30, 2023 and September 30, 2022 and nine months ended September 30, 2023 and 2022, (iii) the Consolidated Statements of Comprehensive Income for the three months ended September 30, 2023 and September 30, 2022 and nine months ended September 30, 2023 and September 30, 2022, (iv) the Consolidated Statements of Stockholders’ Equity for the three months ended September 30, 2023 and September 30, 2022 and the nine months September 30, 2023 and 2022, (v) the Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022, and (vi) the Notes to Unaudited Consolidated Financial Statements. (Pursuant to Rule 406T of Regulation S-T, this information is deemed furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934.).

104*						The cover page of Western Alliance Bancorporation’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023, formatted in Inline XBRL (contained in Exhibit 101).

This ‘10-Q’ Filing	Date	Other Filings

	6/15/31
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Filed on:	10/31/23	4
	10/27/23
For Period end:	9/30/23
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	12/31/22	10-K, 5, ARS
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	12/31/21	10-K
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	5/14/21	8-K/A, S-3ASR
		List all Filings

Western Alliance Bancorporation – ‘10-Q’ for 9/30/23

On: Tuesday, 10/31/23, at 5:08pm ET · For: 9/30/23 · Accession #: 1212545-23-163 · File #: 1-32550

Quarterly Report — Form 10-QFiling Table of Contents

‘10-Q’ — Quarterly ReportDocument Table of Contents

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

5 Previous Filings that this Filing References

Quarterly Report — Form 10-Q

Filing Table of Contents

‘10-Q’ — Quarterly Report

Document Table of Contents