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Section 1: 10-Q (10-Q)

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
 
 
FORM 10-Q
 
(Mark One)
 
 
 
 
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2019
or
 
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: 001-32550  
 
 
WESTERN ALLIANCE BANCORPORATION
(Exact name of registrant as specified in its charter)
 
 
 
Delaware
 
88-0365922
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
One E. Washington Street, Suite 1400
Phoenix
Arizona
 
85004
(Address of principal executive offices)
 
(Zip Code)
(602) 389-3500
(Registrant’s telephone number, including area code)
 
 

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, $0.0001 Par Value
 
WAL
 
New York Stock Exchange
6.25% Subordinated Debentures due 2056
 
WALA
 
New York Stock Exchange

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.    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).    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.
Large accelerated filer
 
 
Accelerated filer
 
 
 
 
 
 
 
 
Non accelerated filer
 
 
Smaller reporting company
 
 
 
 
 
 
 
 
 
 
 
 
Emerging growth company
 
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      No  
As of July 26, 2019, Western Alliance Bancorporation had 103,633,094 shares of common stock outstanding.


Table of Contents

INDEX
 
 
 
Page
 
 
 
Item 1.
 
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 
 
 
 
 
 
 
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.
 
 
 
 
 



2

Table of Contents

PART I
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
HOA Services
Homeowner Associations Services
BON
Bank of Nevada
LVSP
Las Vegas Sunset Properties
Bridge
Bridge Bank
TPB
Torrey Pines Bank
Company
Western Alliance Bancorporation and subsidiaries
WA PWI
Western Alliance Public Welfare Investments, LLC
CSI
CS Insurance Company
WAB or Bank
Western Alliance Bank
FIB
First Independent Bank
WABT
Western Alliance Business Trust
HFF
Hotel Franchise Finance
WAL or Parent
Western Alliance Bancorporation
TERMS:
AFS
Available-for-Sale
HFI
Held for Investment
ALCO
Asset and Liability Management Committee
HTM
Held-to-Maturity
AOCI
Accumulated Other Comprehensive Income
ICS
Insured Cash Sweep Service
APIC
Additional paid in capital
IRC
Internal Revenue Code
ASC
Accounting Standards Codification
ISDA
International Swaps and Derivatives Association
ASU
Accounting Standards Update
LIBOR
London Interbank Offered Rate
Basel III
Banking Supervision's December 2010 final capital framework
LIHTC
Low-Income Housing Tax Credit
BOD
Board of Directors
MBS
Mortgage-Backed Securities
CDARS
Certificate Deposit Account Registry Service
NBL
National Business Lines
CDO
Collateralized Debt Obligation
NOL
Net Operating Loss
CEO
Chief Executive Officer
NPV
Net Present Value
CFO
Chief Financial Officer
OCI
Other Comprehensive Income
CRA
Community Reinvestment Act
OREO
Other Real Estate Owned
CRE
Commercial Real Estate
OTTI
Other-than-Temporary Impairment
EPS
Earnings per share
PCI
Purchased Credit Impaired
EVE
Economic Value of Equity
PPNR
Pre-Provision Net Revenue
Exchange Act
Securities Exchange Act of 1934, as amended
ROU
Right of use
FASB
Financial Accounting Standards Board
SBA
Small Business Administration
FDIC
Federal Deposit Insurance Corporation
SBIC
Small Business Investment Company
FHLB
Federal Home Loan Bank
SEC
Securities and Exchange Commission
FHLMC
Federal Home Loan Mortgage Corporation
SERP
Supplemental Executive Retirement Plan
FNMA
Federal National Mortgage Association
SERP
Supplemental Executive Retirement Plan
FRB
Federal Reserve Bank
SR
Supervision and Regulation Letters
FVO
Fair Value Option
TDR
Troubled Debt Restructuring
GAAP
U.S. Generally Accepted Accounting Principles
TEB
Tax Equivalent Basis
GNMA
Government National Mortgage Association
TRG
Transition Resource Group
GSE
Government-Sponsored Enterprise
XBRL
eXtensible Business Reporting Language

3

Table of Contents

Item 1.
Financial Statements
WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 
 
June 30, 2019
 
December 31, 2018
 
 
(Unaudited)
 
 
 
 
(in thousands,
except shares and per share amounts)
Assets:
 
 
 
 
Cash and due from banks
 
$
181,045

 
$
180,053

Interest-bearing deposits in other financial institutions
 
796,662

 
318,519

Federal funds sold
 
90,000

 

Cash, cash equivalents, and restricted cash
 
1,067,707

 
498,572

Money market investments
 
144

 
7

Investment securities - AFS, at fair value; amortized cost of $3,226,756 at June 30, 2019 and $3,339,888 at December 31, 2018
 
3,253,094

 
3,276,988

Investment securities - HTM, at amortized cost; fair value of $466,858 at June 30, 2019 and $298,648 at December 31, 2018
 
435,997

 
302,905

Investment securities - equity
 
114,689

 
115,061

Investments in restricted stock, at cost
 
66,217

 
66,132

Loans, net of deferred loan fees and costs
 
19,250,250

 
17,710,629

Less: allowance for credit losses
 
(160,409
)
 
(152,717
)
Net loans held for investment
 
19,089,841

 
17,557,912

Premises and equipment, net
 
123,084

 
119,474

Operating lease right of use asset
 
71,087

 

Other assets acquired through foreclosure, net
 
17,707

 
17,924

Bank owned life insurance
 
172,104

 
170,145

Goodwill
 
289,895

 
289,895

Other intangible assets, net
 
8,486

 
9,260

Deferred tax assets, net
 
9,319

 
31,990

Investments in LIHTC
 
321,543

 
342,381

Other assets
 
273,871

 
310,840

Total assets
 
$
25,314,785

 
$
23,109,486

Liabilities:
 
 
 
 
Deposits:
 
 
 
 
Non-interest-bearing demand
 
$
8,677,288

 
$
7,456,141

Interest-bearing
 
12,762,611

 
11,721,306

Total deposits
 
21,439,899

 
19,177,447

Customer repurchase agreements
 
13,921

 
22,411

Other borrowings
 

 
491,000

Qualifying debt
 
387,232

 
360,458

Operating lease liability
 
76,191

 

Other liabilities
 
546,278

 
444,436

Total liabilities
 
22,463,521

 
20,495,752

Commitments and contingencies (Note 12)
 

 

Stockholders’ equity:
 
 
 
 
Common stock - par value $0.0001; 200,000,000 authorized; 105,623,556 shares issued at June 30, 2019 and 106,741,870 at December 31, 2018
 
10

 
10

Treasury stock, at cost (1,969,432 shares at June 30, 2019 and 1,793,231 shares at December 31, 2018)
 
(61,134
)
 
(53,083
)
Additional paid in capital
 
1,372,037

 
1,417,724

Accumulated other comprehensive (loss)
 
26,381

 
(33,622
)
Retained earnings
 
1,513,970

 
1,282,705

Total stockholders’ equity
 
2,851,264

 
2,613,734

Total liabilities and stockholders’ equity
 
$
25,314,785

 
$
23,109,486

See accompanying Notes to Unaudited Consolidated Financial Statements.

4

Table of Contents

WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
 
 
(in thousands, except per share amounts)
Interest income:
 
 
 
 
 
 
 
 
Loans, including fees
 
$
270,349

 
$
222,035

 
$
529,167

 
$
427,994

Investment securities
 
27,823

 
25,975

 
56,001

 
51,747

Dividends
 
1,530

 
2,197

 
3,163

 
3,675

Other
 
3,146

 
1,395

 
5,685

 
2,883

Total interest income
 
302,848

 
251,602

 
594,016

 
486,299

Interest expense:
 

 

 
 
 
 
Deposits
 
41,888

 
19,849

 
77,676

 
34,022

Other borrowings
 
33

 
1,936

 
1,310

 
3,262

Qualifying debt
 
6,008

 
5,695

 
12,113

 
10,664

Other
 
238

 
14

 
900

 
23

Total interest expense
 
48,167

 
27,494

 
91,999

 
47,971

Net interest income
 
254,681

 
224,108

 
502,017

 
438,328

Provision for credit losses
 
7,000

 
5,000

 
10,500

 
11,000

Net interest income after provision for credit losses
 
247,681

 
219,108

 
491,517

 
427,328

Non-interest income:
 

 

 
 
 
 
Service charges and fees
 
5,821

 
5,672

 
11,233

 
11,417

Card income
 
1,625

 
2,033

 
3,466

 
4,005

Foreign currency income
 
1,148

 
1,181

 
2,243

 
2,383

Income from bank owned life insurance
 
978

 
1,167

 
1,959

 
2,095

Income from equity investments
 
868

 
2,517

 
2,877

 
3,977

Lending related income and gains (losses) on sale of loans, net
 
553

 
1,047

 
804

 
2,025

Unrealized gains (losses) on assets measured at fair value, net
 
1,572

 
(685
)
 
4,406

 
(1,759
)
Other income
 
1,653

 
512

 
2,640

 
944

Total non-interest income
 
14,218

 
13,444

 
29,628

 
25,087

Non-interest expense:
 
 
 
 
 
 
 
 
Salaries and employee benefits
 
65,794

 
61,785

 
134,350

 
123,918

Legal, professional, and directors' fees
 
11,105

 
7,946

 
18,637

 
13,949

Occupancy
 
7,761

 
7,401

 
15,988

 
14,265

Deposit costs
 
7,669

 
4,114

 
13,393

 
7,040

Data processing
 
6,793

 
5,586

 
13,468

 
10,793

Insurance
 
2,811

 
3,885

 
5,620

 
7,754

Loan and repossessed asset expenses
 
1,460

 
1,017

 
3,466

 
1,600

Business development
 
1,444

 
1,414

 
3,529

 
3,142

Marketing
 
1,057

 
1,146

 
1,798

 
1,742

Card expense
 
710

 
1,081

 
1,344

 
2,023

Intangible amortization
 
387

 
399

 
774

 
797

Net (gain) loss on sales / valuations of repossessed and other assets
 
(620
)
 
(179
)
 
(523
)
 
(1,407
)
Other expense
 
7,842

 
6,953

 
15,283

 
15,081

Total non-interest expense
 
114,213

 
102,548

 
227,127

 
200,697

Income before provision for income taxes
 
147,686

 
130,004

 
294,018

 
251,718

Income tax expense
 
24,750

 
25,325

 
50,286

 
46,139

Net income
 
$
122,936

 
$
104,679

 
$
243,732

 
$
205,579