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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, 2021
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 1400PhoenixArizona 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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.0001 Par ValueWALNew York Stock Exchange
6.25% Subordinated Debentures due 2056WALANew 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 filerAccelerated filer
Non accelerated filerSmaller 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, 2021, Western Alliance Bancorporation had 104,221,389 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:
ABAAlliance Bank of ArizonaFIBFirst Independent Bank
AMH or AmeriHomeAmeriHome Mortgage Company, LLCLVSPLas Vegas Sunset Properties
ArisAris Mortgage Holding Company, LLCTPBTorrey Pines Bank
BONBank of NevadaWA PWIWestern Alliance Public Welfare Investments, LLC
BridgeBridge BankWAB or BankWestern Alliance Bank
CompanyWestern Alliance Bancorporation and subsidiariesWABTWestern Alliance Business Trust
CSICS Insurance CompanyWAL or ParentWestern Alliance Bancorporation
TERMS:
AFSAvailable-for-SaleHFIHeld for Investment
ALCOAsset and Liability Management CommitteeHFSHeld for Sale
AOCIAccumulated Other Comprehensive IncomeHTMHeld-to-Maturity
APICAdditional paid in capitalHUDU.S. Department of Housing and Urban Development
ASCAccounting Standards CodificationICSInsured Cash Sweep Service
ASUAccounting Standards UpdateIRCInternal Revenue Code
Basel IIIBanking Supervision's December 2010 final capital frameworkIRLCInterest Rate Lock Commitment
BODBoard of DirectorsISDAInternational Swaps and Derivatives Association
CARES ActCoronavirus Aid, Relief and Economic Security ActLGDLoss Given Default
CBOEChicago Board Options ExchangeLIBORLondon Interbank Offered Rate
CDARSCertificate Deposit Account Registry ServiceLIHTCLow-Income Housing Tax Credit
CECLCurrent Expected Credit LossesMBSMortgage-Backed Securities
CEOChief Executive OfficerMSAMetropolitan Statistical Area
CET1Common Equity Tier 1MSRMortgage Servicing Right
CFOChief Financial OfficerNOLNet Operating Loss
CFPBConsumer Financial Protection BureauNPVNet Present Value
CLOCollateralized Loan ObligationOCIOther Comprehensive Income
COVID-19Coronavirus Disease 2019OREOOther Real Estate Owned
CRACommunity Reinvestment ActOTTIOther-than-Temporary Impairment
CRECommercial Real EstatePCDPurchased Credit Deteriorated
EADExposure at DefaultPDProbability of Default
EBOEarly buyoutPPNRPre-Provision Net Revenue
EPSEarnings per sharePPPPaycheck Protection Program
EVEEconomic Value of EquityROURight of use
Exchange ActSecurities Exchange Act of 1934, as amendedSBASmall Business Administration
FASBFinancial Accounting Standards BoardSBICSmall Business Investment Company
FDICFederal Deposit Insurance CorporationSECSecurities and Exchange Commission
FHAFederal Housing AdministrationSERPSupplemental Executive Retirement Plan
FHLBFederal Home Loan BankSOFRSecured Overnight Financing Rate
FHLMCFederal Home Loan Mortgage CorporationSRSupervision and Regulation Letters
FICOThe Financing CorporationTDRTroubled Debt Restructuring
FNMAFederal National Mortgage AssociationTEBTax Equivalent Basis
FRBFederal Reserve BankTSRTotal Shareholder Return
FTCFederal Trade CommissionUPBUnpaid Principal Balance
FVOFair Value OptionUSDAUnited States Deptartment of Agriculture
GAAPU.S. Generally Accepted Accounting PrinciplesVAVeterans Affairs
GNMAGovernment National Mortgage AssociationVIEVariable Interest Entity
GSEGovernment-Sponsored EnterpriseXBRLeXtensible Business Reporting Language
HELOCHome Equity Line of Credit
3

Table of Contents
Item 1.Financial Statements
WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
June 30, 2021December 31, 2020
(Unaudited)
(in millions,
except shares and per share amounts)
Assets:
Cash and due from banks$312.6 $174.2 
Interest-bearing deposits in other financial institutions3,083.2 2,497.5 
Cash, cash equivalents and restricted cash3,395.8 2,671.7 
Investment securities - AFS, at fair value; amortized cost of $6,529.2 at June 30, 2021 and $4,586.4 at December 31, 2020
6,615.2 4,708.5 
Investment securities - HTM, at amortized cost and net of allowance for credit losses of $6.0 and $6.8 (fair value of $1,012.7 and $611.8) at June 30, 2021 and December 31, 2020, respectively
962.7 562.0 
Investment securities - equity193.8 167.3 
Investments in restricted stock, at cost73.3 67.0 
Loans - HFS4,465.2  
Loans - HFI, net of deferred loan fees and costs30,026.4 27,053.0 
Less: allowance for credit losses(232.9)(278.9)
Net loans held for investment29,793.5 26,774.1 
Mortgage servicing rights726.2  
Premises and equipment, net150.2 134.1 
Operating lease right of use asset94.9 72.5 
Bank owned life insurance178.2 176.3 
Goodwill and intangible assets, net610.7 298.5 
Deferred tax assets, net36.5 31.3 
Investments in LIHTC and renewable energy490.1 405.6 
Other assets1,282.7 392.1 
Total assets$49,069.0 $36,461.0 
Liabilities:
Deposits:
Non-interest-bearing demand$20,105.6 $13,463.3 
Interest-bearing21,815.4 18,467.2 
Total deposits41,921.0 31,930.5 
Other borrowings615.4 21.0 
Qualifying debt1,140.0 548.7 
Operating lease liability102.4 79.9 
Other liabilities1,255.7 467.4 
Total liabilities45,034.5 33,047.5 
Commitments and contingencies (Note 14)
Stockholders’ equity:
Common stock (par value $0.0001; 200,000,000 authorized; 106,567,407 shares issued at June 30, 2021 and 103,013,290 at December 31, 2020) and additional paid in capital
1,687.6 1,390.9 
Treasury stock, at cost (2,325,816 shares at June 30, 2021 and 2,169,397 shares at December 31, 2020)
(84.2)(71.1)
Accumulated other comprehensive income64.5 92.3 
Retained earnings2,366.6 2,001.4 
Total stockholders’ equity4,034.5 3,413.5 
Total liabilities and stockholders’ equity$49,069.0 $36,461.0 
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,
2021202020212020
(in millions, except per share amounts)
Interest income:
Loans, including fees$353.8 $289.6 $652.2 $566.5 
Investment securities41.8 27.1 74.6 53.4 
Dividends and other2.9 1.5 5.8 5.5 
Total interest income398.5 318.2 732.6 625.4 
Interest expense:
Deposits11.6 15.0 22.4 47.5 
Qualifying debt7.2 4.7 13.1 10.0 
Other borrowings9.2 0.1 9.3 0.5 
Total interest expense28.0 19.8 44.8 58.0 
Net interest income370.5 298.4 687.8 567.4 
(Recovery of) provision for credit losses(14.5)92.0 (46.9)143.2 
Net interest income after (recovery of) provision for credit losses385.0 206.4 734.7 424.2 
Non-interest income:
Net gain on loan purchase, origination, and sale activities132.0  132.0  
Service charges and fees7.4 5.1 14.1 11.5 
Income from equity investments6.8 1.3 14.4 5.1 
Commercial banking related income4.5 2.4 7.9 6.2 
Foreign currency income1.5 1.2 3.7 2.5 
Income from bank owned life insurance0.9 6.7 1.9 7.7 
Fair value gain (loss) on assets measured at fair value, net3.2 4.4 1.7 (6.9)
Net loan servicing revenue(20.8) (20.8) 
Other income0.5 0.2 0.8 0.3 
Total non-interest income136.0 21.3 155.7 26.4 
Non-interest expense:
Salaries and employee benefits128.9 69.6 212.6 141.7 
Loan servicing expenses22.3  22.3  
Data processing15.0 8.6 24.9 17.2 
Legal, professional, and directors' fees14.0 10.7 24.1 21.1 
Loan acquisition and origination expenses10.5  10.5  
Occupancy10.4 8.1 19.0 16.3 
Deposit costs7.1 3.5 13.4 10.8 
Insurance5.5 3.4 9.7 6.4 
Loan and repossessed asset expenses2.5 2.0 4.7 3.5 
Intangible amortization1.8 0.4 2.3 0.8 
Marketing1.7 0.9 2.3 1.8 
Business development1.5 0.8 2.3 3.1 
Card expense0.6 0.4 1.2 1.1 
Net (gain) loss on sales / valuations of repossessed and other assets(1.5)0.0 (1.8)(1.4)
Acquisition and restructure expenses15.7  16.1  
Other expense8.8 6.4 16.2 12.9 
Total non-interest expense244.8 114.8 379.8 235.3 
Income before provision for income taxes276.2 112.9 510.6 215.3 
Income tax expense52.4 19.6 94.3 38.1 
Net income$223.8 $93.3 $416.3 $177.2 
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Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
(in millions, except per share amounts)
Earnings per share:
Basic$2.18 $0.93 $4.09 $1.76 
Diluted2.17 0.93 4.07 1.76 
Weighted average number of common shares outstanding:
Basic102.7 99.8 101.8 100.6 
Diluted103.4 100.0 102.4 100.8 
Dividends declared per common share$0.25 $0.25 $0.50 $0.50 
See accompanying Notes to Unaudited Consolidated Financial Statements.
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WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
(in millions)
Net income$223.8 $93.3 $416.3 $177.2 
Other comprehensive income (loss), net:
Unrealized gain (loss) on AFS securities, net of tax effect of $(14.6), $(12.8), $8.9, and $(14.8), respectively
44.8 39.3 (27.2)45.6 
Unrealized (loss) on SERP, net of tax effect of $0.0, $0.0, $0.0, and $0.1, respectively
 0.0  (0.3)
Unrealized (loss) gain on junior subordinated debt, net of tax effect of $0.0, $1.0, $0.1, and $(1.1), respectively
(0.2)(3.0)(0.5)3.6 
Realized (gain) on sale of AFS securities included in income, net of tax effect of $0.0, $0.0, $0.0, and $0.0, respectively
 (0.1)(0.1)(0.2)
Net other comprehensive income (loss)44.6 36.2 (27.8)48.7 
Comprehensive income$268.4 $129.5 $388.5 $225.9 
See accompanying Notes to Unaudited Consolidated Financial Statements.
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WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
 Common StockAdditional Paid in CapitalTreasury StockAccumulated Other Comprehensive IncomeRetained EarningsTotal Stockholders’ Equity
 SharesAmount
 (in millions)
Balance, March 31, 2020101.1 $ $1,370.5 $(70.2)$37.5 $1,661.8 $2,999.6 
Net income— — — — — 93.3 93.3 
Restricted stock, performance stock units, and other grants, net — 8.1 — — — 8.1 
Restricted stock surrendered (1) — — (0.4)— — (0.4)
Stock repurchase(0.3)— (1.8)— — (7.4)(9.2)
Dividends paid— — — — — (25.2)(25.2)
Other comprehensive income, net— — — — 36.2 — 36.2 
Balance, June 30, 2020100.8 $ $1,376.8 $(70.6)$73.7 $1,722.5 $3,102.4 
Balance, March 31, 2021103.4 $ $1,608.2 $(84.0)$19.9 $2,168.6 $3,712.7 
Net income     223.8 223.8 
Restricted stock, performance stock units, and other grants, net0.1  9.6