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目錄

美國

證券交易委員會

華盛頓特區20549

表格 10-Q

(選一)

☒						根據1934年證券交易法第13或15(d)條規定的季度報告

截至2024年6月30日季度結束 2024年9月30日

或

☐						根據1934年證券交易法第13條或第15(d)條的過渡報告

從__________到__________的過渡期間

委員會文件號碼： 001-32550 

Western Alliance Bancorporation

（依憑章程所載的完整登記名稱）

 

特拉華州						88-0365922
(依據所在地或其他管轄區) 的註冊地或組織地點)						(國稅局雇主識別號碼) 識別號碼)

華盛頓街一號E，1400套房

鳳凰城

亞利桑那州

85004

(總部辦公地址)

（郵政編碼）

(602) 389-3500

(註冊人電話號碼，包括區號) 

根據法案第12(b)條規定註冊的證券：

每種類別的名稱

交易 標的

每個交易所的名稱 註冊在哪裡的

普通股，每股面值$0.0001

WAL

紐約證券交易所

存托股，每份代表1/400日 對一份股份感興趣 4.250％固定利率重設非累積永久優先股票A系列

WAL PrA

紐約證券交易所

請在方框內選上，表示申報人（1）在過去12個月（或規定申報人須申報報告的較短時間內），已如期申報證券交易法案第13條或15(d)條文件；及（2）已在過去90天內遵守該申報要求。   是  ý    沒有  ¨

請用核對標記表示，是否在過去12個月內（或者在註冊人被要求提交這類檔案的較短期間內）依據Regulation S-t的第405條（本章節的§232.405）的規定，已經以電子方式提交了所需提交的每一個互動數據文件。    是  ý    沒有  ¨

憑藉勾選符號來指示登記者是否屬於大型加速提名人、加速提名人、非加速提名人、較小的報告公司、或新興成長公司。請參閱交易所法案第120億2條中對「大型加速提名人」、「加速提名人」、「較小的報告公司」和「新興成長公司」的定義。

大型加速歸檔人

☒

加速歸檔人

☐

非加速歸檔者

☐

較小報告公司

☐

新興成長型企業

☐

如果該企業為新興成長型企業，請在是否選擇不使用證交法第13(a)條所提供之符合任何新的或修訂財務會計標準的延長過渡期的方格中打勾。 ¨ 

勾選表示申報人是否為外殼公司（定義於交易所法規第1202條）。    是  ☐    沒有  ☒

截至2024年10月25日，西部聯盟銀行公司擁有 110,069,292 截至2024年7月30日，申報人持有184,769,862股普通股。

---

目錄

指数

 

						頁面
第一部分. 財務資訊
项目1。			主體和術語詞彙表			3
			基本報表（未經審核）
			合併資產負債表			4
			綜合損益表			4
			綜合損益表			6
			股東權益合併報表			7
			綜合現金流量表			9
			附註未經核數的合併財務報表			11
项目2。			管理層對財務狀況和營運成果的討論與分析			59
项目3。			市場風險的定量和定性披露。			87
项目4。			內部控制及程序			89
第II部分. 其他資訊
項目 1。			法律訴訟			89
第1項事項			風險因素			90
项目2。			股票權益的未註冊銷售和資金用途			90
项目5。			其他信息			90
第六項。			展品			91
簽名						92

2

---

目錄

第I部分

實體和術語詞彙表

以下識別的縮寫和縮略語用於本10-Q表格的各個部分，包括「財務狀況和營運結果的管理層討論和分析」的控制項2，以及本10-Q表格的控制項1中的綜合財務報表、未經審核的綜合財務報表附註。

實體/部門:
ABA			亞利桑那聯合銀行			FIB			美國獨立銀行
美國家居			AmeriHome 抵押貸款公司股份有限公司			TPB			Torrey Pines Bank
BON			Bank of Nevada			WA PWI			Western Alliance Public Welfare Investments, LLC
橋樑			Bridge Bank			WAb or Bank			西方聯盟銀行
權益代理			Western Alliance Bancorporation及其子公司			WABT			西方聯盟業務信託
hk銀行			CS 保險公司			WAL或母公司			西部聯盟銀行
學生住宿			數碼結算技術有限責任公司			WATC			致富金融信託公司，N.A.
條款：
前十字韌帶			賒銷損失準備			聯邦公開市場委員會			美國聯邦儲備系統開放市場委員會
AFS			可供出售			聯邦儲備局			聯邦儲備銀行
ALCO			資產和負債管理委員會			FVO			公平價值選擇權
其他綜合損益			累積其他綜合收益			GAAP			美國公認會計原則
ASC 480			Accounting Standards Codification			GNMA			政府國家抵押貸款協會
ASU			會計準則更新			本貢獻協議（以下簡稱“協議”）由開曼群島豁免有限公司Captivision Inc.（以下簡稱“公司”）和英格蘭及威爾士註冊的G-SMATt 歐洲 媒體有限公司（以下簡稱“GSE”）以及李浩尊（以下簡稱“貢獻者”）在2024年9月__日訂立。			政府支持企業
巴塞爾協定III			銀行監管的2010年12月最終資本架構			HFI			持有投資
董事會			董事會			HFS			待售
資本規則			2013年FRB、OCC和FDIC批准最終條例			hk銀行			持有至到期
CDARS			存證存款帳戶登記服務			美國住宅及都市發展部			U.S. Department of Housing and Urban Development
CECL			目前預期信用虧損			企業內部客戶服務部門			保險現金掃描服務
首席執行官			首席執行官			IRLC			利率鎖定承諾
CET1			普通股第一層級			ISDA			International Swaps and Derivatives Association
首席財務官			財務長			LIBOR			倫敦銀行同業拆息利率
CLO			擔保貸款憑證			LIHTC			低收入房屋稅收優惠
多個國家都採取了隔離、禁止旅行以及關閉辦公室、企業、學校、零售店和其他公共場所等類似的預防措施。			2019冠狀病毒疾病			MBS			按揭支持證券
CRA			社區再投資法			數據驅動分析			按揭業務權利
CRE			商業房地產業			NPV			淨現值
推遲課稅資產			遞延所得稅資產			OCI			其他綜合收益
EaR			風險盈利			PPNR			備抵前淨收益
EBO			提早買斷			美國證券交易委員會			證券交易委員會
致富金融			收益信用利率			SERP			補充執行養老計劃
每股收益			每股收益			SOFR			隔夜拆款利率
ESG			Environmental, Social, and Governance			TDR			Troubled Debt Restructuring
EVE			Economic Value of Equity			致富金融			稅收等效基礎
證券交易所法案			1934年修訂後的證券交易法			TSR			股東總回報率
金融會計準則委員會			金融會計準則委員會			UPB			未付本金餘額
FDIC(美國)聯邦存款保險公司			聯邦存款保險公司			美國農業部			美國農業部
美國聯邦住宅管理局			美國聯邦住宅管理局			VA			退伍軍人事務
FHLB			聯邦住宅貸款銀行			VIE			變量利益實體
FHLMC			聯邦住房抵押貸款公司			XBRL			可擴展商務報告語言
FNMA			聯邦國家抵押貸款協會

3

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目錄

项目1。基本報表

Western Alliance Bancorporation及其子公司

合併資產負債表

						(未經查核)
						2024年9月30日						2023年12月31日
						(以百萬計， 除股份和每股金額之外)
資產：
現金及來自銀行的存款						$	398					$	276
在其他金融機構的利息軸承存款						2,194						1,300
現金及現金等價物						2,592						1,576
Investment securities - AFS, at fair value; amortized cost of $15,258 at September 30, 2024 and $11,849 at December 31, 2023 (ACL of $0.4 15.11.4 at September 30, 2024 and December 31, 2023)						14,750						11,165
Investment securities - HTm, at amortized cost and net of ACL of $10 15.18 （2024年9月30日和2023年12月31日的公允價值分別為$1,371 15.11,251）。						1,515						1,421
投資證券 - 股票						117						126
限制股票投資，以成本計量						171						281
待銷售貸款						2,327						1,402
持有至到期投資淨額，扣除逾期費用和成本						53,346						50,297
扣除信用損失準備						(357)						(337)
持有投資的淨放款						52,989						49,960
按揭服務權						1,011						1,124
場地和設備，淨值						354						339
營業租賃權利資產						127						145
銀行持有的人壽保險						1,000						186
商譽和無形資產，淨值						661						669
递延所得税資產，淨值						254						287
投資於LIHTC和可再生能源						560						573
其他資產						1,652						1,608
資產總額						$	80,080					$	70,862
負債：
存款：
非利息軸承						$	24,965					$	14,520
帶息						43,075						40,813
總存款						68,040						55,333
其他借款						2,995						7,230
Qualifying debt						898						895
營業租賃負債						159						179
其他負債						1,311						1,147
總負債						73,403						64,784
承諾與或然性 （14.注）
股東權益：
優先股（面額 $100,000,000，截至2023年12月31日和2024年6月30日，已認證但未發行）0.0001 和每股清算價值為$25; 20,000,000 已授權； 12,000,000 2024年9月30日及2023年12月31日即時發行和流通的存托股份）						295						295
普通股（面額 $750,000,000，截至2023年12月31日和2024年6月30日，已認證但未發行）0.0001; 200,000,000 已授權； 112,917,197 2024年9月30日即時發行的股份和 112,169,523 2023年12月31日即時發行的股份和資本公積金						2,235						2,197
库存股（2,844,743 2024年9月30日的股份為， 2,703,218 在2023年12月31日的股份						(125)						(116)
累積其他全面損失						(382)						(513)
保留收益						4,654						4,215
股東權益總額						6,677						6,078
負債和股東權益總額						$	80,080					$	70,862

See accompanying Notes to Unaudited Consolidated Financial Statements.

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Table of Contents

WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES

CONSOLIDATED INCOME STATEMENTS

						Three Months Ended September 30,												Nine Months Ended September 30,
						2024						2023						2024						2023
						(in millions, except per share amounts)
Interest income:
Loans, including fees						$	945.3					$	860.8					$	2,713.9					$	2,550.7
Investment securities						195.4						121.0						526.2						325.6
Dividends and other						59.3						44.8						162.4						120.0
Total interest income						1,200.0						1,026.6						3,402.5						2,996.3
Interest expense:
Deposits						422.1						316.2						1,213.0						798.9
Qualifying debt						9.5						9.5						28.6						28.3
Other borrowings						71.5						113.9						208.5						421.9
Total interest expense						503.1						439.6						1,450.1						1,249.1
Net interest income						696.9						587.0						1,952.4						1,747.2
Provision for credit losses						33.6						12.1						85.9						53.3
Net interest income after provision for credit losses						663.3						574.9						1,866.5						1,693.9
Non-interest income:
Net gain on loan origination and sale activities						46.3						52.0						138.4						145.7
Service charges and loan fees						30.1						29.7						64.3						72.3
Net loan servicing revenue						12.3						27.2						96.8						93.2
Income from equity investments						5.8						0.5						27.1						2.6
Gain (loss) on sales of investment securities						8.8						0.1						10.2						(26.0)
Fair value gain (loss) adjustments, net						4.1						17.8						5.1						(117.3)
Gain (loss) on recovery from credit guarantees						0.2						(4.0)						(2.8)						0.5
Other income						18.6						5.9						32.2						19.2
Total non-interest income						126.2						129.2						371.3						190.2
Non-interest expense:
Deposit costs						208.0						127.8						518.7						305.7
Salaries and employee benefits						157.8						137.2						465.7						431.7
Data processing						38.7						33.9						110.4						88.9
Insurance						35.4						33.1						128.1						81.8
Legal, professional, and directors' fees						24.8						28.3						80.7						77.8
Loan servicing expenses						18.7						11.9						50.3						44.1
Occupancy						17.6						16.8						53.5						48.7
Business development and marketing						9.7						4.9						21.6						15.1
Loan acquisition and origination expenses						5.9						5.6						15.8						15.6
Gain on extinguishment of debt						—						—						—						(13.4)
Other expense						20.8						26.7						61.2						65.5
Total non-interest expense						537.4						426.2						1,506.0						1,161.5
Income before provision for income taxes						252.1						277.9						731.8						722.6
Income tax expense						52.3						61.3						161.0						148.1
Net income						199.8						216.6						570.8						574.5
Dividends on preferred stock						3.2						3.2						9.6						9.6
Net income available to common stockholders						$	196.6					$	213.4					$	561.2					$	564.9
Earnings per share:
Basic						$	1.81					$	1.97					$	5.17					$	5.22
Diluted						1.80						1.97						5.14						5.21
Weighted average number of common shares outstanding:
Basic						108.7						108.3						108.6						108.3
Diluted						109.5						108.5						109.2						108.4
Dividends declared per common share						$	0.37					$	0.36					$	1.11					$	1.08

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 September 30,												Nine Months Ended September 30,
						2024						2023						2024						2023
						(in millions)
Net income						$	199.8					$	216.6					$	570.8					$	574.5
Other comprehensive income (loss), net:
Unrealized gain (loss) on AFS securities, net of tax effect of $(60.4), $41.2, $(46.1), and $31.7 respectively						183.7						(120.2)						140.5						(94.3)
Unrealized (loss) on SERP, net of tax effect of $0, $—, $0, and $—, respectively						(0.1)						—						(0.1)						—
Unrealized (loss) gain on junior subordinated debt, net of tax effect of $0.1, $0.4, $0.5, and $(0.9) respectively						(0.3)						(1.2)						(1.3)						2.7
Realized (gain) loss on sale of AFS securities included in income, net of tax effect of $2.2, $0.1, $2.6, and $(6.4) respectively						(6.6)						(0.4)						(7.7)						19.1
Realized loss on impairment of AFS securities included in income, net of tax effect of $— , $—, $—, and $(0.4) respectively						—						—						—						1.2
Net other comprehensive income (loss)						176.7						(121.8)						131.4						(71.3)
Comprehensive income						$	376.5					$	94.8					$	702.2					$	503.2

See accompanying Notes to Unaudited Consolidated Financial Statements.

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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 Income (Loss)						Retained Earnings						Total Stockholders’ Equity
			Shares						Amount						Shares						Amount
			(in millions)
Balance, June 30, 2023			12.0						$	294.5					109.5						$	—					$	2,180.3					$	(116.2)					$	(610.5)					$	3,936.8					$	5,684.9
Net income			—						—						—						—						—						—						—						216.6						216.6
Restricted stock, performance stock units, and other grants, net			—						—						—						—						8.9						—						—						—						8.9
Dividends paid to preferred stockholders			—						—						—						—						—						—						—						(3.2)						(3.2)
Dividends paid to common stockholders			—						—						—						—						—						—						—						(39.4)						(39.4)
Other comprehensive loss, net			—						—						—						—						—						—						(121.8)						—						(121.8)
Balance, September 30, 2023			12.0						$	294.5					109.5						$	—					$	2,189.2					$	(116.2)					$	(732.3)					$	4,110.8					$	5,746.0
Balance, June 30, 2024			12.0						$	294.5					110.2						$	—					$	2,224.7					$	(124.9)					$	(558.2)					$	4,498.1					$	6,334.2
Net income			—						—						—						—						—						—						—						199.8						199.8
Restricted stock, performance stock units, and other grants, net			—						—						(0.1)						—						11.4						—						—						—						11.4
Restricted stock surrendered (1)			—						—						—						—						(1.0)						(0.1)						—						—						(1.1)
Dividends paid to preferred stockholders			—						—						—						—						—						—						—						(3.2)						(3.2)
Dividends paid to common stockholders			—						—						—						—						—						—						—						(40.7)						(40.7)
Other comprehensive income, net			—						—						—						—						—						—						176.7						—						176.7
Balance, September 30, 2024			12.0						$	294.5					110.1						$	—					$	2,235.1					$	(125.0)					$	(381.5)					$	4,654.0					$	6,677.1

(1)Share amounts represent Treasury Shares.

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WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

			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
			Shares						Amount						Shares						Amount
			(in millions)
Balance, December 31, 2022			12.0						$	294.5					108.9						$	—					$	2,163.7					$	(105.3)					$	(661.0)					$	3,664.1					$	5,356.0
Net income			—						—						—						—						—						—						—						574.5						574.5
Restricted stock, performance stock units, and other grants, net			—						—						0.7						—						25.5						—						—						—						25.5
Restricted stock surrendered (1)			—						—						(0.1)						—						—						(10.9)						—						—						(10.9)
Dividends paid to preferred stockholders			—						—						—						—						—						—						—						(9.6)						(9.6)
Dividends paid to common stockholders			—						—						—						—						—						—						—						(118.2)						(118.2)
Other comprehensive loss, net			—						—						—						—						—						—						(71.3)						—						(71.3)
Balance, September 30, 2023			12.0						$	294.5					109.5						$	—					$	2,189.2					$	(116.2)					$	(732.3)					$	4,110.8					$	5,746.0
Balance, December 31, 2023			12.0						$	294.5					109.4						$	—					$	2,198.1					$	(116.3)					$	(512.9)					$	4,215.0					$	6,078.4
Net income			—						—						—						—						—						—						—						570.8						570.8
Restricted stock, performance stock units, and other grants, net			—						—						0.8						—						37.0						—						—						—						37.0
Restricted stock surrendered (1)			—						—						(0.1)						—						—						(8.7)						—						—						(8.7)
Dividends paid to preferred stockholders			—						—						—						—						—						—						—						(9.6)						(9.6)
Dividends paid to common stockholders			—						—						—						—						—						—						—						(122.2)						(122.2)
Other comprehensive income, net			—						—						—						—						—						—						131.4						—						131.4
Balance, September 30, 2024			12.0						$	294.5					110.1						$	—					$	2,235.1					$	(125.0)					$	(381.5)					$	4,654.0					$	6,677.1

(1)Share amounts represent Treasury Shares.    

See accompanying Notes to Unaudited Consolidated Financial Statements.

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CONSOLIDATED STATEMENTS OF CASH FLOWS

						Nine Months Ended September 30,
						2024						2023
						(in millions)
Cash flows from operating activities:
Net income						$	570.8					$	574.5
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Provision for credit losses						85.9						53.3
Depreciation and amortization						64.6						43.9
Stock-based compensation						37.0						25.4
Deferred income taxes						(10.0)						(31.8)
Amortization of net discounts for investment securities						(170.6)						(43.4)
Amortization of tax credit investments						55.3						66.9
Amortization of operating lease right of use asset						18.0						17.6
Amortization of net deferred loan fees and net purchase premiums						(66.8)						(64.8)
Purchases and originations of loans HFS						(35,134.2)						(32,403.8)
Proceeds from sales and payments on loans HFS						32,872.9						31,552.2
Mortgage servicing rights capitalized upon sale of mortgage loans						(625.9)						(653.0)
Net losses (gains) on:
Change in fair value of loans HFS, mortgage servicing rights, and related derivatives						83.0						(44.6)
Fair value adjustments						(11.5)						122.2
Sale of investment securities						(10.2)						26.0
Extinguishment of debt						—						(13.4)
Other						(16.6)						8.1
Other assets and liabilities, net						138.0						94.9
Net cash used in operating activities						$	(2,120.3)					$	(669.8)
Cash flows from investing activities:
Investment securities - AFS
Purchases						$	(14,325.2)					$	(6,853.5)
Principal pay downs and maturities						7,219.5						3,559.2
Proceeds from sales						4,020.7						777.8
Investment securities - HTM
Purchases						(121.5)						(163.2)
Principal pay downs and maturities						26.0						51.5
Equity securities carried at fair value
Purchases						(0.6)						(0.5)
Redemptions						15.0						9.0
Proceeds from sales						—						1.5
Proceeds from sale of mortgage servicing rights and related holdbacks, net						653.8						615.6
Sale (purchase) of other investments						33.9						(116.6)
Net (increase) decrease in loans HFI						(3,218.7)						1,926.5
Purchase of premises, equipment, and other assets, net						(57.1)						(87.0)
Purchase of bank owned life insurance						(800.0)						—
Net cash used in investing activities						$	(6,554.2)					$	(279.0)

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						Nine Months Ended September 30,
						2024						2023
						(in millions)
Cash flows from financing activities:
Net increase in deposits						$	12,707.3					$	642.9
Net proceeds from issuance of long-term debt						1,000.0						9.9
Payments on long-term debt						(19.1)						(538.4)
Net (decrease) increase in short-term borrowings						(3,857.2)						2,962.9
Net proceeds from repurchase obligations						—						2,661.8
Payments on repurchase obligations						—						(2,198.0)
Cash paid for tax withholding on vested restricted stock and other						(8.7)						(10.9)
Cash dividends paid on common and preferred stock						(131.8)						(127.8)
Net cash provided by financing activities						$	9,690.5					$	3,402.4
Net increase in cash and cash equivalents						1,016.0						2,453.6
Cash, cash equivalents, and restricted cash at beginning of period						1,576.1						1,043.4
Cash, cash equivalents, and restricted cash at end of period						$	2,592.1					$	3,497.0
Supplemental disclosure:
Cash paid (received) during the period for:
Interest						$	1,435.7					$	1,108.5
Income taxes, net						(27.5)						57.0
Non-cash activities:
Transfers of mortgage-backed securities in settlement of secured borrowings						1,369.3						461.2
Transfers of securitized loans HFS to AFS securities						123.0						182.0
Transfers of loans HFI to HFS, net of fair value loss adjustment (1)						207.8						6,646.8
Transfers of loans HFS to HFI, at amortized cost						1.8						2,357.2

(1)Activity for the nine months ended September 30, 2024 and 2023 excludes $333.3 million and $426.4 million, respectively, of loans transferred with an original designation of HFS, which sales activity was classified as operating cash flows.

See accompanying Notes to Unaudited Consolidated Financial Statements.

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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 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. 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, 2024 and for the three and nine months ended September 30, 2024 and 2023 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, 2023. 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

Improvements to Income Tax Disclosures

In December 2023, the FASB issued guidance within ASU 2023-09, Income Taxes (Topic 740). The amendments in this update are intended to increase visibility into various income tax components that affect the reconciliation of the effective tax rate to the statutory rate, as well as the qualitative and quantitative aspects of those components. Public business entities will be required to disclose on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet or exceed a five percent threshold (computed by multiplying pretax income by the applicable statutory income tax rate) and include disclosure of state and local jurisdictions that make up the majority of the state and local income tax category in the rate reconciliation. Additional disclosure items include disaggregation of income taxes paid to and income tax expense from federal, state, and foreign jurisdictions as well as disaggregation of income taxes paid to individual jurisdictions in which income taxes paid are equal to or greater than five percent of total income taxes paid.

The amendments in this update are effective for fiscal years beginning after December 15, 2024 and interim periods within fiscal years beginning after December 15, 2025 and may be applied on a prospective or retrospective basis. The Company is currently evaluating the impact these amendments will have on its Consolidated Financial Statements.

Accounting for and Disclosure of Crypto Assets

In December 2023, the FASB issued guidance within ASU 2023-08, Intangibles — Goodwill and Other — Crypto Assets (Topic 350). The amendments in this update require entities that hold certain crypto assets to measure such assets at fair value and recognize any changes in fair value in net income in each reporting period. Entities will also be required to present crypto assets measured at fair value separately from other intangible assets on the balance sheet and changes from the remeasurement of crypto assets separately from changes in the carrying amounts of other intangible assets in the income statement. Other disclosure items include the name, cost basis, fair value, and number of units for each significant crypto asset holding and the aggregate fair values and cost bases of crypto asset holdings that are not individually significant along with a rollforward of activity in the reporting period and disclosure of the method for determining the cost basis of the crypto assets.

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The amendments in this update are effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years and are applied through a cumulative-effect adjustment to the opening balance of retained earnings (as of the beginning of the annual reporting period of adoption). As the Company does not currently hold any crypto assets meeting the criteria outlined in the update, the adoption of this guidance is not expected to have an impact on the Company's Consolidated Financial Statements.

Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued guidance within ASU 2023-07, Segment Reporting (Topic 280). The amendments in this update are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures related to significant segment expenses. The amendments do not change how an entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments and all existing segment disclosure requirements in ASC 280 and other Codification topics remain unchanged. The amendments in this update are incremental and require public entities that report segment information to disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss as well as other segment items. Annual disclosure of the title and position of the chief operating decision maker and how the reported measures of segment profit or loss are used to assess performance and allocation of resources is also required.

The amendments in this update are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 and are applied on a retrospective basis. As the amendments in this update relate entirely to enhanced disclosure requirements, adoption of this guidance will not have an impact on the Company's financial position or results of operations. Upon adoption, the Company expects to disclose additional expense detail within its segment disclosures.

Recently adopted accounting guidance

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 Company adopted this accounting guidance prospectively on January 1, 2024. The adoption of this guidance did not have a material impact on the Company's Consolidated Financial Statements.

Use of estimates

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 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; 3) goodwill impairment; and 4) accounting for income taxes.

Principles of consolidation

As of September 30, 2024, WAL has the following significant wholly-owned subsidiaries: WAB and 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

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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.

Reclassifications

Certain amounts in the Consolidated Income Statements and Note 4. Loans, Leases and Allowance for Credit Losses 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.

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2. INVESTMENT SECURITIES

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

						September 30, 2024
						Amortized Cost						Gross Unrealized Gains						Gross Unrealized (Losses)						Fair Value
						(in millions)
Held-to-maturity
Tax-exempt						$	1,346					$	3					$	(125)					$	1,224
Private label residential MBS						179						—						(32)						147
Total HTM securities						$	1,525					$	3					$	(157)					$	1,371
Available-for-sale debt securities
Residential MBS issued by GSEs						$	5,887					$	58					$	(316)					$	5,629
U.S. Treasury securities						5,597						4						(1)						5,600
Private label residential MBS						1,205						1						(164)						1,042
Tax-exempt						930						—						(60)						870
Commercial MBS issued by GSEs						648						13						(8)						653
CLO						509						—						(1)						508
Corporate debt securities						407						—						(28)						379
Other						75						1						(7)						69
Total AFS debt securities						$	15,258					$	77					$	(585)					$	14,750

						December 31, 2023
						Amortized Cost						Gross Unrealized Gains						Gross Unrealized (Losses)						Fair Value
						(in millions)
Held-to-maturity
Tax-exempt						$	1,243					$	1					$	(140)					$	1,104
Private label residential MBS						186						—						(39)						147
Total HTM securities						$	1,429					$	1					$	(179)					$	1,251
Available-for-sale debt securities
U.S. Treasury securities						$	4,853					$	1					$	(1)					$	4,853
Residential MBS issued by GSEs						2,328						3						(359)						1,972
CLO						1,407						1						(9)						1,399
Private label residential MBS						1,320						1						(204)						1,117
Tax-exempt						925						—						(67)						858
Commercial MBS issued by GSEs						531						8						(9)						530
Corporate debt securities						411						—						(44)						367
Other						74						4						(9)						69
Total AFS debt securities						$	11,849					$	18					$	(702)					$	11,165

In addition, the Company held equity securities, which primarily consisted of preferred stock and CRA investments, with a fair value of $117 million and $126 million at September 30, 2024 and December 31, 2023, respectively. Unrealized gains on equity securities of $3.2 million and $5.1 million for the three months ended September 30, 2024 and 2023, respectively, and unrealized gains of $5.9 million and losses of $3.3 million for the nine months ended September 30, 2024 and 2023, respectively, were recognized in earnings as a component of Fair value gain (loss) adjustments, net.

Securities with carrying amounts of approximately $4.7 billion and $7.7 billion at September 30, 2024 and December 31, 2023, respectively, were pledged for various purposes as required or permitted by law.

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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, 2024
			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
Residential MBS issued by GSEs			$	1					$	150					$	315					$	1,568					$	316					$	1,718
U.S. Treasury securities			1						2,210						—						—						1						2,210
Private label residential MBS			—						—						164						993						164						993
Tax-exempt			—						—						60						835						60						835
Commercial MBS issued by GSEs			7						92						1						17						8						109
CLO			1						338						—						—						1						338
Corporate debt securities (1)			—						—						28						375						28						375
Other			3						29						4						26						7						55
Total AFS securities			$	13					$	2,819					$	572					$	3,814					$	585					$	6,633

(1)Includes securities with an ACL that have a fair value of $8 million and unrealized losses of $1 million.

			December 31, 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
U.S. Treasury securities			$	1					$	2,208					$	—					$	—					$	1					$	2,208
Residential MBS issued by GSEs			3						174						356						1,551						359						1,725
Private label residential MBS			—						—						204						1,020						204						1,020
CLO			—						—						9						845						9						845
Tax-exempt			3						67						64						773						67						840
Corporate debt securities (1)			—						—						44						359						44						359
Commercial MBS issued by GSEs			—						—						9						53						9						53
Other			—						—						9						54						9						54
Total AFS securities			$	7					$	2,449					$	695					$	4,655					$	702					$	7,104

(1)Includes securities with an ACL that have a fair value of $54 million and unrealized losses of $8 million.

The total number of AFS debt securities in an unrealized loss position at September 30, 2024 was 658, compared to 708 at December 31, 2023.

On a quarterly basis, the Company performs an impairment analysis on its AFS debt securities 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.

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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 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 2023, the Company has continued to perform 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, recoveries of credit losses totaling $0.4 million and $1.0 million were recognized during the three and nine months ended September 30, 2024, respectively, compared to a provision for credit losses of $0.3 million and $21.8 million 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 $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 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, 2024.

For the Company's private label residential MBS, which consist of non-agency collateralized mortgage obligations 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, 2024
						Balance, June 30, 2024												Recovery of Credit Losses						Charge-offs						Recoveries						Balance, September 30, 2024
						(in millions)
Available for sale securities
Corporate debt securities						$	0.8											$	(0.4)					$	—					$	—					$	0.4

						Nine Months Ended September 30, 2024
						Balance, December 31, 2023												Recovery of Credit Losses						Charge-offs						Recoveries						Balance, September 30, 2024
						(in millions)
Available for sale securities
Corporate debt securities						$	1.4											$	(1.0)					$	—					$	—					$	0.4

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						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						$	4.4											$	0.3					$	—					$	—					$	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						$	—											$	21.8					$	(17.1)					$	—					$	4.7

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, 2024
						Balance, June 30, 2024												Provision for Credit Losses						Charge-offs						Recoveries						Balance, September 30, 2024
						(in millions)
Held-to-maturity debt securities
Tax-exempt						$	8.7											$	0.9					$	—					$	—					$	9.6

						Nine Months Ended September 30, 2024
						Balance, December 31, 2023												Provision for Credit Losses						Charge-offs						Recoveries						Balance, September 30, 2024
						(in millions)
Held-to-maturity debt securities
Tax-exempt						$	7.8											$	1.8					$	—					$	—					$	9.6

						Three Months Ended September 30, 2023
						Balance, June 30, 2023												Recovery of Credit Losses						Charge-offs						Recoveries						Balance September 30, 2023
						(in millions)
Held-to-maturity debt securities
Tax-exempt						$	6.0											$	0.7					$	—					$	—					$	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						$	5.2											$	1.5					$	—					$	—					$	6.7

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 $5 million at September 30, 2024 and December 31, 2023 and is excluded from the estimate of expected credit losses.

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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, 2024
						AAA						Split-rated AAA/AA+						AA+ to AA-						A+ to A-						BBB+ to BBB-						BB+ and below						Unrated						Totals
						(in millions)
Held-to-maturity
Tax-exempt						$	—					$	—					$	—					$	—					$	—					$	—					$	1,346					$	1,346
Private label residential MBS						—						—						—						—						—						—						179						179
Total HTM securities (1)						$	—					$	—					$	—					$	—					$	—					$	—					$	1,525					$	1,525
Available-for-sale debt securities
Residential MBS issued by GSEs						$	—					$	5,629					$	—					$	—					$	—					$	—					$	—					$	5,629
U.S. Treasury securities						—						5,600						—						—						—						—						—						5,600
Private label residential MBS						1,015						—						27						—						—						—						—						1,042
Tax-exempt						9						15						352						394						—						—						100						870
Commercial MBS issued by GSEs						—						653						—						—						—						—						—						653
CLO						24						—						484						—						—						—						—						508
Corporate debt securities						—						—						—						78						222						79						—						379
Other						—						2						8						2						38						1						18						69
Total AFS securities (1)						$	1,048					$	11,899					$	871					$	474					$	260					$	80					$	118					$	14,750
Equity securities
Preferred stock						$	—					$	—					$	—					$	—					$	51					$	29					$	11					$	91
CRA investments						—						26						—						—						—						—						—						26
Total equity securities (1)						$	—					$	26					$	—					$	—					$	51					$	29					$	11					$	117

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

						December 31, 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
Tax-exempt						$	—					$	—					$	—					$	—					$	—					$	—					$	1,243					$	1,243
Private label residential MBS						—						—						—						—						—						—						186						186
Total HTM securities (1)						$	—					$	—					$	—					$	—					$	—					$	—					$	1,429					$	1,429
Available-for-sale debt securities
U.S. Treasury securities						$	—					$	4,853					$	—					$	—					$	—					$	—					$	—					$	4,853
Residential MBS issued by GSEs						—						1,972						—						—						—						—						—						1,972
CLO						79						—						1,265						55						—						—						—						1,399
Private label residential MBS						1,090						—						26						—						—						1						—						1,117
Tax-exempt						9						16						361						386						—						—						86						858
Commercial MBS issued by GSEs						—						530						—						—						—						—						—						530
Corporate debt securities						—						—						—						76						211						80						—						367
Other						—						—						9						11						28						4						17						69
Total AFS securities (1)						$	1,178					$	7,371					$	1,661					$	528					$	239					$	85					$	103					$	11,165
Equity securities
Preferred stock						$	—					$	—					$	—					$	—					$	54					$	35					$	11					$	100
CRA investments						—						26						—						—						—						—						—						26
Total equity securities (1)						$	—					$	26					$	—					$	—					$	54					$	35					$	11					$	126

(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, 2024, the Company did not have a significant amount of investment securities that were past due or on nonaccrual status.

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The amortized cost and fair value of the Company's debt securities as of September 30, 2024, 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, 2024
						Amortized Cost						Estimated Fair Value
						(in millions)
Held-to-maturity
Due in one year or less						$	34					$	34
After one year through five years						7						7
After five years through ten years						97						89
After ten years						1,208						1,094
Mortgage-backed securities						179						147
Total HTM securities						$	1,525					$	1,371
Available-for-sale
Due in one year or less						$	5,079					$	5,081
After one year through five years						697						692
After five years through ten years						567						544
After ten years						1,175						1,109
Mortgage-backed securities						7,740						7,324
Total AFS securities						$	15,258					$	14,750

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

						Three Months Ended September 30,												Nine Months Ended September 30,
						2024						2023						2024						2023
						(in millions)
Available-for-sale securities
Gross gains						$	8.8					$	0.5					$	12.4					$	4.0
Gross losses						—						—						(2.2)						(29.6)
Net gains (losses) on AFS securities						$	8.8					$	0.5					$	10.2					$	(25.6)
Equity securities
Gross gains						$	—					$	—					$	—					$	—
Gross losses						—						(0.4)						—						(0.4)
Net losses on equity securities						$	—					$	(0.4)					$	—					$	(0.4)

During the three and nine months ended September 30, 2024, the Company sold AFS securities with a carrying value of $2.3 billion and $4.0 billion, respectively, and recognized a net gain of $8.8 million and $10.2 million, respectively. U.S. Treasury securities and MBS were sold to secure gains, while CLOs were sold as part of the Company's efforts to shift the investment portfolio mix toward high quality liquid assets. During the three and nine months ended September 30, 2023, the Company sold securities with a carrying value of $7 million and $821 million, respectively, and recognized a net gain of $0.1 million and a net loss of $26.0 million, respectively, as sales of CLOs were executed as part of the Company's balance sheet repositioning strategy. Sales of MBS and tax-exempt municipal securities were also executed during the three and nine months ended September 30, 2023 to secure gains.

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3. LOANS HELD FOR SALE

The Company purchases and originates residential mortgage loans through its AmeriHome mortgage banking business channel that are held for sale or securitization.

The following is a summary of loans HFS by type:

						September 30, 2024						December 31, 2023
						(in millions)
Government-insured or guaranteed:
EBO (1)						$	—					$	2
Non-EBO						816						498
Total government-insured or guaranteed						816						500
Agency-conforming						1,497						899
Non-agency						14						3
Total loans HFS						$	2,327					$	1,402

(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,
						2024						2023						2024						2023
						(in millions)
Mortgage servicing rights capitalized upon sale of loans						$	222.5					$	265.8					$	625.9					$	653.0
Net proceeds from sale of loans (1)						(116.4)						(274.7)						(467.7)						(612.7)
Provision for and change in estimate of liability for losses under representations and warranties, net						—						0.1						4.2						2.8
Change in fair value						4.0						(10.1)						(1.3)						(13.2)
Change in fair value of derivatives:
Unrealized (loss) gain on derivatives						(2.9)						10.3						14.2						25.3
Realized (loss) gain on derivatives						(76.3)						44.5						(79.7)						47.0
Total change in fair value of derivatives						(79.2)						54.8						(65.5)						72.3
Net gain on residential mortgage loans HFS						$	30.9					$	35.9					$	95.6					$	102.2
Loan acquisition and origination fees						15.4						16.1						42.8						43.5
Net gain on loan origination and sale activities						$	46.3					$	52.0					$	138.4					$	145.7

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

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4. LOANS, LEASES AND ALLOWANCE FOR CREDIT LOSSES

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

						September 30, 2024						December 31, 2023
						(in millions)
Warehouse lending						$	7,873					$	6,618
Municipal & nonprofit						1,667						1,554
Tech & innovation						3,220						2,808
Equity fund resources						906						845
Other commercial and industrial						9,073						7,452
CRE - owner occupied						1,665						1,658
Hotel franchise finance						3,686						3,855
Other CRE - non-owner occupied						6,398						5,974
Residential						12,983						13,287
Residential - EBO						1,037						1,223
Construction and land development						4,665						4,862
Other						173						161
Total loans HFI						53,346						50,297
Allowance for credit losses						(357)						(337)
Total loans HFI, net of allowance						$	52,989					$	49,960

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 $107 million and $108 million reduced the carrying value of loans as of September 30, 2024 and December 31, 2023, respectively. Net unamortized purchase premiums on acquired and purchased loans of $173 million and $177 million increased the carrying value of loans as of September 30, 2024 and December 31, 2023, 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, 2024
						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						$	—					$	6					$	6					$	—
Tech & innovation						33						31						64						—
Equity fund resources						—						—						—						1
Other commercial and industrial						11						1						12						3
CRE - owner occupied						5						1						6						—
Other CRE - non-owner occupied						146						17						163						—
Residential						—						79						79						—
Residential - EBO						—						—						—						313
Construction and land development						18						—						18						—
Other						1						—						1
Total						$	214					$	135					$	349					$	317

Loans contractually delinquent by 90 days or more and still accruing totaled $317 million at September 30, 2024 and consisted primarily of government guaranteed EBO residential loans.

Additionally, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process totaled $96 million at September 30, 2024.

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						December 31, 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						$	—					$	6					$	6					$	—
Tech & innovation						23						10						33						—
Other commercial and industrial						19						34						53						—
CRE - owner occupied						8						1						9						—
Other CRE - non-owner occupied						82						1						83						—
Residential						—						70						70						—
Residential - EBO						—						—						—						399
Construction and land development						19						—						19						42
Total						$	151					$	122					$	273					$	441

Loans contractually delinquent by 90 days or more and still accruing totaled $441 million at December 31, 2023 and consisted of government guaranteed EBO residential loans and construction and land development loans.

The reduction in interest income associated with loans on nonaccrual status was approximately $6.6 million and $4.5 million for the three months ended September 30, 2024 and 2023, respectively, and $18.4 million and $8.1 million for the nine months ended September 30, 2024 and 2023, respectively.

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

						September 30, 2024
						Current						30-59 Days Past Due						60-89 Days Past Due						Over 90 days Past Due						Total Past Due						Total Nonaccrual						Total
						(in millions)
Warehouse lending						$	7,873					$	—					$	—					$	—					$	—					$	—					$	7,873
Municipal & nonprofit						1,661						—						—						—						—						6						1,667
Tech & innovation						3,156						—						—						—						—						64						3,220
Equity fund resources						905						—						—						1						1						—						906
Other commercial and industrial						9,053						4						1						3						8						12						9,073
CRE - owner occupied						1,659						—						—						—						—						6						1,665
Hotel franchise finance						3,651						35						—						—						35						—						3,686
Other CRE - non-owner occupied						6,235						—						—						—						—						163						6,398
Residential						12,835						55						14						—						69						79						12,983
Residential - EBO						521						124						79						313						516						—						1,037
Construction and land development						4,647						—						—						—						—						18						4,665
Other						171						1						—						—						1						1						173
Total loans						$	52,367					$	219					$	94					$	317					$	630					$	349					$	53,346

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						December 31, 2023
						Current						30-59 Days Past Due						60-89 Days Past Due						Over 90 days Past Due						Total Past Due						Total Nonaccrual						Total
						(in millions)
Warehouse lending						$	6,618					$	—					$	—					$	—					$	—					$	—					$	6,618
Municipal & nonprofit						1,554						—						—						—						—						6						1,554
Tech & innovation						2,808						—						—						—						—						33						2,808
Equity fund resources						845						—						—						—						—						—						845
Other commercial and industrial						7,439						13						—						—						13						53						7,452
CRE - owner occupied						1,627						—						31						—						31						9						1,658
Hotel franchise finance						3,824						15						16						—						31						—						3,855
Other CRE - non-owner occupied						5,974						—						—						—						—						83						5,974
Residential						13,199						68						20						—						88						70						13,287
Residential - EBO						545						173						106						399						678						—						1,223
Construction and land development						4,820						—						—						42						42						19						4,862
Other						160						1						—						—						1						—						161
Total loans						$	49,413					$	270					$	173					$	441					$	884					$	273					$	50,297

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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. 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, 2024			2024						2023						2022						2021						2020						Prior
			(in millions)
Warehouse lending
Pass			$	56					$	490					$	314					$	5					$	284					$	—					$	6,714					$	7,863
Special mention			—						—						—						—						—						—						10						10
Classified			—						—						—						—						—						—						—						—
Total			$	56					$	490					$	314					$	5					$	284					$	—					$	6,724					$	7,873
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Municipal & nonprofit
Pass			$	98					$	111					$	246					$	169					$	162					$	858					$	—					$	1,644
Special mention			—						—						7						—						11						—						—						18
Classified			—						—						—						—						—						5						—						5
Total			$	98					$	111					$	253					$	169					$	173					$	863					$	—					$	1,667
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Tech & innovation
Pass			$	986					$	571					$	376					$	132					$	—					$	68					$	867					$	3,000
Special mention			4						31						29						11						—						—						13						88
Classified			11						1						72						3						—						—						45						132
Total			$	1,001					$	603					$	477					$	146					$	—					$	68					$	925					$	3,220
Current period gross charge-offs			$	—					$	1.5					$	—					$	—					$	3.5					$	—					$	—					$	5.0
Equity fund resources
Pass			$	21					$	93					$	99					$	38					$	3					$	—					$	651					$	905
Special mention			—						—						—						—						—						—						—						—
Classified			1						—						—						—						—						—						—						1
Total			$	22					$	93					$	99					$	38					$	3					$	—					$	651					$	906
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Other commercial and industrial
Pass			$	2,143					$	1,048					$	914					$	379					$	110					$	184					$	4,163					$	8,941
Special mention			—						—						6						—						—						1						2						9
Classified			12						87						2						18						1						3						—						123
Total			$	2,155					$	1,135					$	922					$	397					$	111					$	188					$	4,165					$	9,073
Current period gross charge-offs			$	—					$	0.2					$	0.8					$	4.6					$	—					$	0.3					$	0.8					$	6.7
CRE - owner occupied
Pass			$	149					$	166					$	361					$	307					$	149					$	493					$	18					$	1,643
Special mention			—						—						5						—						—						—						—						5
Classified			—						—						10						2						—						5						—						17
Total			$	149					$	166					$	376					$	309					$	149					$	498					$	18					$	1,665
Current period gross charge-offs			$	0.1					$	—					$	—					$	—					$	—					$	0.2					$	—					$	0.3
Hotel franchise finance
Pass			$	656					$	530					$	1,350					$	439					$	33					$	388					$	132					$	3,528
Special mention			23						32						—						39						—						—						—						94
Classified			—						—						29						—						—						35						—						64
Total			$	679					$	562					$	1,379					$	478					$	33					$	423					$	132					$	3,686
Current period gross charge-offs			$	—					$	—					$	—					$	1.4					$	—					$	1.5					$	—					$	2.9

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			Term Loan Amortized Cost Basis by Origination Year																																				Revolving Loans Amortized Cost Basis						Total
As of and for the nine months ended September 30, 2024			2024						2023						2022						2021						2020						Prior
			(in millions)
Other CRE - non-owner occupied
Pass			$	804					$	1,494					$	1,712					$	583					$	358					$	303					$	534					$	5,788
Special mention			111						38						115						—						1						—						—						265
Classified			—						146						104						81						13						1						—						345
Total			$	915					$	1,678					$	1,931					$	664					$	372					$	304					$	534					$	6,398
Current period gross charge-offs			$	—					$	17.1					$	4.5					$	22.7					$	—					$	—					$	—					$	44.3
Residential
Pass			$	330					$	245					$	3,392					$	7,650					$	778					$	439					$	26					$	12,860
Special mention			—						—						—						—						—						—						—						—
Classified			—						1						38						29						4						7						—						79
Cumulative fair value hedging adjustment			—						—						—						—						—						—						—						44
Total			$	330					$	246					$	3,430					$	7,679					$	782					$	446					$	26					$	12,983
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Residential - EBO
Pass			$	1					$	23					$	15					$	206					$	471					$	321					$	—					$	1,037
Special mention			—						—						—						—						—						—						—						—
Classified			—						—						—						—						—						—						—						—
Total			$	1					$	23					$	15					$	206					$	471					$	321					$	—					$	1,037
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Construction and land development
Pass			$	526					$	740					$	1,738					$	127					$	2					$	—					$	1,460					$	4,593
Special mention			—						—						12						—						—						—						—						12
Classified			—						1						18						—						41						—						—						60
Total			$	526					$	741					$	1,768					$	127					$	43					$	—					$	1,460					$	4,665
Current period gross charge-offs			$	—					$	—					$	1.5					$	—					$	—					$	—					$	—					$	1.5
Other
Pass			$	7					$	1					$	9					$	2					$	12					$	79					$	60					$	170
Special mention			—						—						—						—						—						1						—						1
Classified			1						—						—						—						—						1						—						2
Total			$	8					$	1					$	9					$	2					$	12					$	81					$	60					$	173
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	0.2					$	—					$	0.2
Total by Risk Category
Pass			$	5,777					$	5,512					$	10,526					$	10,037					$	2,362					$	3,133					$	14,625					$	51,972
Special mention			138						101						174						50						12						2						25						502
Classified			25						236						273						133						59						57						45						828
Cumulative fair value hedging adjustment			—						—						—						—						—						—						—						44
Total			$	5,940					$	5,849					$	10,973					$	10,220					$	2,433					$	3,192					$	14,695					$	53,346
Current period gross charge-offs			$	0.1					$	18.8					$	6.8					$	28.7					$	3.5					$	2.2					$	0.8					$	60.9

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			Term Loan Amortized Cost Basis by Origination Year																																				Revolving Loans Amortized Cost Basis						Total
As of December 31, 2023 and gross charge-offs for the nine months ended September 30, 2023			2023						2022						2021						2020						2019						Prior
			(in millions)
Warehouse lending
Pass			$	582					$	323					$	7					$	289					$	—					$	—					$	5,391					$	6,592
Special mention			—						—						—						—						—						—						26						26
Classified			—						—						—						—						—						—						—						—
Total			$	582					$	323					$	7					$	289					$	—					$	—					$	5,417					$	6,618
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Municipal & nonprofit
Pass			$	102					$	167					$	176					$	169					$	68					$	848					$	—					$	1,530
Special mention			—						7						—						11						—						—						—						18
Classified			—						—						—						—						6						—						—						6
Total			$	102					$	174					$	176					$	180					$	74					$	848					$	—					$	1,554
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Tech & innovation
Pass			$	758					$	774					$	206					$	22					$	66					$	38					$	816					$	2,680
Special mention			5						30						12						—						—						—						1						48
Classified			15						52						1						5						—						—						7						80
Total			$	778					$	856					$	219					$	27					$	66					$	38					$	824					$	2,808
Current period gross charge-offs			$	1.8					$	—					$	—					$	—					$	—					$	—					$	—					$	1.8
Equity fund resources
Pass			$	154					$	62					$	21					$	3					$	1					$	—					$	604					$	845
Special mention			—						—						—						—						—						—						—						—
Classified			—						—						—						—						—						—						—						—
Total			$	154					$	62					$	21					$	3					$	1					$	—					$	604					$	845
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Other commercial and industrial
Pass			$	1,610					$	1,454					$	559					$	185					$	77					$	196					$	3,186					$	7,267
Special mention			90						1						1						—						—						—						1						93
Classified			1						25						59						2						4						—						1						92
Total			$	1,701					$	1,480					$	619					$	187					$	81					$	196					$	3,188					$	7,452
Current period gross charge-offs			$	0.8					$	3.3					$	10.0					$	3.9					$	0.1					$	0.2					$	0.4					$	18.7
CRE - owner occupied
Pass			$	165					$	344					$	322					$	163					$	132					$	444					$	40					$	1,610
Special mention			—						—						—						—						—						1						—						1
Classified			2						1						4						1						1						38						—						47
Total			$	167					$	345					$	326					$	164					$	133					$	483					$	40					$	1,658
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Hotel franchise finance
Pass			$	593					$	1,535					$	566					$	95					$	419					$	165					$	132					$	3,505
Special mention			34						—						66						—						35						68						—						203
Classified			24						8						48						—						43						24						—						147
Total			$	651					$	1,543					$	680					$	95					$	497					$	257					$	132					$	3,855
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Other CRE - non-owner occupied
Pass			$	1,832					$	1,784					$	754					$	457					$	166					$	206					$	387					$	5,586
Special mention			164						—						16						43						28						—						—						251
Classified			28						—						93						1						14						1						—						137
Total			$	2,024					$	1,784					$	863					$	501					$	208					$	207					$	387					$	5,974
Current period gross charge-offs			$	—					$	—					$	5.1					$	—					$	—					$	0.1					$	—					$	5.2

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			Term Loan Amortized Cost Basis by Origination Year																																				Revolving Loans Amortized Cost Basis						Total
As of December 31, 2023 and gross charge-offs for the nine months ended September 30, 2023			2023						2022						2021						2020						2019						Prior
			(in millions)
Residential
Pass			$	324					$	3,573					$	7,985					$	819					$	270					$	207					$	20					$	13,198
Special mention			—						—						—						—						—						—						—						—
Classified			1						26						33						4						4						2						—						70
Cumulative fair value hedging adjustment			—						—						—						—						—						—						—						19
Total			$	325					$	3,599					$	8,018					$	823					$	274					$	209					$	20					$	13,287
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Residential - EBO
Pass			$	2					$	8					$	227					$	534					$	231					$	221					$	—					$	1,223
Special mention			—						—						—						—						—						—						—						—
Classified			—						—						—						—						—						—						—						—
Total			$	2					$	8					$	227					$	534					$	231					$	221					$	—					$	1,223
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Construction and land development
Pass			$	1,013					$	2,231					$	385					$	10					$	—					$	—					$	1,151					$	4,790
Special mention			—						—						—						—						—						—						—						—
Classified			1						19						—						52						—						—						—						72
Total			$	1,014					$	2,250					$	385					$	62					$	—					$	—					$	1,151					$	4,862
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Other
Pass			$	4					$	10					$	3					$	11					$	3					$	62					$	66					$	159
Special mention			—						—						—						—						—						1						—						1
Classified			—						—						—						—						—						1						—						1
Total			$	4					$	10					$	3					$	11					$	3					$	64					$	66					$	161
Current period gross charge-offs			$	—					$	0.1					$	—					$	—					$	—					$	0.1					$	—					$	0.2
Total by Risk Category
Pass			$	7,139					$	12,265					$	11,211					$	2,757					$	1,433					$	2,387					$	11,793					$	48,985
Special mention			293						38						95						54						63						70						28						641
Classified			72						131						238						65						72						66						8						652
Cumulative fair value hedging adjustment			—						—						—						—						—						—						—						19
Total			$	7,504					$	12,434					$	11,544					$	2,876					$	1,568					$	2,523					$	11,829					$	50,297
Current period gross charge-offs			$	2.6					$	3.4					$	15.1					$	3.9					$	0.1					$	0.4					$	0.4					$	25.9

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Restructurings for Borrowers Experiencing Financial Difficulty

The following tables present loan modifications during the period to borrowers experiencing financial difficulty:

						Amortized Cost Basis at September 30, 2024
						Payment Delay and Term Extension						Term Extension						Interest Rate Reduction						Payment Delay						Total						% of Total Class of Financing Receivable
Three Months Ended						(dollars in millions)
Tech & innovation						$	—					$	—					$	2					$	—					$	2					0.1		%
Other commercial and industrial						—						—						—						87						87						1.0
Total						$	—					$	—					$	2					$	87					$	89					0.2		%

						Amortized Cost Basis at September 30, 2024
						Payment Delay and Term Extension						Term Extension						Interest Rate Reduction						Payment Delay						Total						% of Total Class of Financing Receivable
Nine Months Ended						(dollars in millions)
Tech & innovation						$	—					$	—					$	2					$	29					$	31					1.0		%
Other commercial and industrial						—						8						—						87						95						1.0
Other CRE - non-owner occupied						—						—						—						56						56						0.9
Construction and land development						—						41						—						—						41						0.9
Total						$	—					$	49					$	2					$	172					$	223					0.4		%

						Amortized Cost Basis at September 30, 2023
						Payment Delay and Term Extension						Term Extension						Interest Rate Reduction						Payment Delay						Total						% of Total Class of Financing Receivable
Three Months Ended						(dollars in millions)
Tech & innovation						$	—					$	—					$	—					$	7					$	7					0.3		%
Other commercial and industrial						—						1						—						12						13						0.2
CRE - owner occupied						—						3						—						—						3						0.2
Hotel franchise finance						—						20						—						—						20						0.5
Other CRE - non-owner occupied						—						20						—						—						20						0.3
Total						$	—					$	44					$	—					$	19					$	63					0.1		%

						Amortized Cost Basis at September 30, 2023
						Payment Delay and Term Extension						Term Extension						Interest Rate Reduction						Payment Delay						Total						% of Total Class of Financing Receivable
Nine Months Ended						(dollars in millions)
Tech & innovation						$	2					$	—					$	—					$	7					$	9					0.4		%
Other commercial and industrial						—						24						—						12						36						0.6
CRE - owner occupied						—						3						—						—						3						0.2
Hotel franchise finance						—						46						—						—						46						1.1
Other CRE - non-owner occupied						—						48						—						—						48						0.8
Residential						—						—						—						1						1						0.0
Total						$	2					$	121					$	—					$	20					$	143					0.3		%

The performance of these modified loans is monitored for 12 months following the modification. As of September 30, 2024, modified loans of $136 million were current with contractual payments and $136 million were on nonaccrual status. As of December 31, 2023, modified loans of $95 million were current with contractual payments and $111 million were on nonaccrual status.

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

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brought current either through the borrower's reperformance or completion of a loan modification. During the three and nine months ended September 30, 2024, the Company completed modifications of EBO loans with an amortized cost of $106 million and $285 million, respectively. During the three and nine months ended September 30, 2023, the Company completed modifications of EBO loans with an amortized cost of $84 million and $176 million, respectively. These modifications were largely payment delays and term extensions. Certain of these loans were repooled or resold after modification and are no longer included in the pool of loan modifications being monitored for future performance. As of September 30, 2024, modified EBO loans consisted of $39 million in loans that were current to 89 days delinquent and $9 million in loans 90 days or more delinquent. As of December 31, 2023, modified EBO loans consisted of $26 million in loans that were current to 89 days delinquent and $12 million in loans 90 days or more delinquent.

Collateral-Dependent Loans

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

						September 30, 2024																		December 31, 2023
						Real Estate Collateral						Other Collateral						Total						Real Estate Collateral						Other Collateral						Total
						(in millions)
Municipal & nonprofit						$	—					$	5					$	5					$	—					$	6					$	6
Tech & innovation						—						2						2						—						—						—
Other commercial and industrial						—						3						3						—						29						29
CRE - owner occupied						12						—						12						43						—						43
Hotel franchise finance						64						—						64						104						—						104
Other CRE - non-owner occupied						345						—						345						136						—						136
Construction and land development						59						—						59						71						—						71
Total						$	480					$	10					$	490					$	354					$	35					$	389

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, 2024.

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, 2024.

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, 2024
						Balance, June 30, 2024						Provision for (Recovery of) Credit Losses						Charge-offs						Recoveries						Balance, September 30, 2024
						(in millions)
Warehouse lending						$	6.5					$	(0.6)					$	—					$	—					$	5.9
Municipal & nonprofit						14.0						(0.3)						—						—						13.7
Tech & innovation						45.0						21.2						3.5						—						62.7
Equity fund resources						1.7						0.2						—						—						1.9
Other commercial and industrial						84.3						1.9						0.7						(0.4)						85.9
CRE - owner occupied						5.0						0.1						0.3						—						4.8
Hotel franchise finance						39.6						(1.2)						—						(0.7)						39.1
Other CRE - non-owner occupied						104.5						10.7						21.7						—						93.5
Residential						18.8						0.4						—						—						19.2
Residential - EBO						—						—						—						—						—
Construction and land development						29.9						(1.3)						1.5						—						27.1
Other						2.5						0.3						0.1						(0.1)						2.8
Total						$	351.8					$	31.4					$	27.8					$	(1.2)					$	356.6

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						Nine Months Ended September 30, 2024
						Balance, December 31, 2023						Provision for (Recovery of) Credit Losses						Charge-offs						Recoveries						Balance, September 30, 2024
						(in millions)
Warehouse lending						$	5.8					$	0.1					$	—					$	—					$	5.9
Municipal & nonprofit						14.7						(1.0)						—						—						13.7
Tech & innovation						42.1						25.6						5.0						—						62.7
Equity fund resources						1.3						0.6						—						—						1.9
Other commercial and industrial						81.4						10.3						6.7						(0.9)						85.9
CRE - owner occupied						6.0						(0.9)						0.3						—						4.8
Hotel franchise finance						33.4						7.9						2.9						(0.7)						39.1
Other CRE - non-owner occupied						96.0						41.8						44.3						—						93.5
Residential						23.1						(3.9)						—						—						19.2
Residential - EBO						—						—						—						—						—
Construction and land development						30.4						(1.8)						1.5						—						27.1
Other						2.5						0.4						0.2						(0.1)						2.8
Total						$	336.7					$	79.1					$	60.9					$	(1.7)					$	356.6

						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						$	5.2					$	(0.5)					$	—					$	—					$	4.7
Municipal & nonprofit						16.5						0.2						—						—						16.7
Tech & innovation						33.6						(1.6)						—						—						32.0
Equity fund resources						1.7						—						—						—						1.7
Other commercial and industrial						51.8						22.8						5.4						(0.3)						69.5
CRE - owner occupied						8.0						(0.3)						—						—						7.7
Hotel franchise finance						45.7						(5.1)						—						—						40.6
Other CRE - non-owner occupied						90.1						8.6						3.0						—						95.7
Residential						33.9						(7.9)						—						(0.1)						26.1
Residential - EBO						—						—						—						—						—
Construction and land development						31.7						(2.6)						—						—						29.1
Other						2.9						0.7						0.1						(0.1)						3.6
Total						$	321.1					$	14.3					$	8.5					$	(0.5)					$	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						$	8.4					$	(3.7)					$	—					$	—					$	4.7
Municipal & nonprofit						15.9						0.8						—						—						16.7
Tech & innovation						30.8						3.0						1.8						—						32.0
Equity fund resources						6.4						(4.7)						—						—						1.7
Other commercial and industrial						85.9						(2.0)						18.7						(4.3)						69.5
CRE - owner occupied						7.1						0.6						—						—						7.7
Hotel franchise finance						46.9						(6.3)						—						—						40.6
Other CRE - non-owner occupied						47.4						53.5						5.2						—						95.7
Residential						30.4						(4.4)						—						(0.1)						26.1
Residential - EBO						—						—						—						—						—
Construction and land development						27.4						1.7						—						—						29.1
Other						3.1						0.6						0.2						(0.1)						3.6
Total						$	309.7					$	39.1					$	25.9					$	(4.5)					$	327.4

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Accrued interest receivable of $271 million and $281 million at September 30, 2024 and December 31, 2023, 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 $2 million and $4 million as of September 30, 2024 and December 31, 2023, respectively. Accrued interest receivable, net of any allowance, is included in Other assets on the Consolidated Balance Sheet.

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,
						2024						2023						2024						2023
						(in millions)
Balance, beginning of period						$	35.9					$	41.1					$	31.6					$	47.0
Provision for (recovery of) credit losses						1.7						(3.2)						6.0						(9.1)
Balance, end of period						$	37.6					$	37.9					$	37.6					$	37.9

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

						September 30, 2024
						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						$	7,873					$	—					$	7,873					$	5.9					$	—					$	5.9
Municipal & nonprofit						1,661						6						1,667						13.1						0.6						13.7
Tech & innovation						3,089						131						3,220						32.6						30.1						62.7
Equity fund resources						906						—						906						1.9						—						1.9
Other commercial and industrial						8,952						121						9,073						85.4						0.5						85.9
CRE - owner occupied						1,651						14						1,665						4.8						—						4.8
Hotel franchise finance						3,623						63						3,686						39.1						—						39.1
Other CRE - non-owner occupied						6,053						345						6,398						86.6						6.9						93.5
Residential						12,983						—						12,983						19.2						—						19.2
Residential EBO						1,037						—						1,037						—						—						—
Construction and land development						4,606						59						4,665						27.1						—						27.1
Other						172						1						173						2.8						—						2.8
Total						$	52,606					$	740					$	53,346					$	318.5					$	38.1					$	356.6

						December 31, 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						$	6,618					$	—					$	6,618					$	5.8					$	—					$	5.8
Municipal & nonprofit						1,548						6						1,554						13.7						1.0						14.7
Tech & innovation						2,729						79						2,808						38.3						3.8						42.1
Equity fund resources						845						—						845						1.3						—						1.3
Other commercial and industrial						7,362						90						7,452						64.6						16.8						81.4
CRE - owner occupied						1,613						45						1,658						6.0						—						6.0
Hotel franchise finance						3,708						147						3,855						33.4						—						33.4
Other CRE - non-owner occupied						5,838						136						5,974						96.0						—						96.0
Residential						13,287						—						13,287						23.1						—						23.1
Residential EBO						1,223						—						1,223						—						—						—
Construction and land development						4,791						71						4,862						30.4						—						30.4
Other						161						—						161						2.5						—						2.5
Total						$	49,723					$	574					$	50,297					$	315.1					$	21.6					$	336.7

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Loan Purchases and Sales

During the three and nine months ended September 30, 2024, loan purchases totaled $360 million and $875 million, respectively, and consisted primarily of commercial and industrial and residential loans. Loan purchases during the three and nine months ended September 30, 2023 totaled $329 million and $1.4 billion, respectively, and consisted primarily of commercial and industrial and residential loans. There were no loans purchased with more-than-insignificant deterioration in credit quality during the three and nine months ended September 30, 2024 and 2023.

In the normal course of business, the Company also repurchases guaranteed or insured loans under the terms of the GNMA MBS program which can be repooled when loans are brought current either through the borrower's reperformance or completion of a loan modification and have demonstrated sustained performance for a period of time. The Company repurchased $109 million and $291 million of such EBO loans during the three and nine months ended September 30, 2024, respectively. Prior to repurchase, these loans are classified as loans eligible for repurchase, which is included as a component of Other assets on the Consolidated Balance Sheet.

During the three and nine months ended September 30, 2024, the Company sold loans with a carrying value of approximately $161 million and $550 million, respectively. The Company recognized charge-offs totaling $0.4 million and a net loss of $0.1 million on these loan sales during the three months ended September 30, 2024. During the nine months ended September 30, 2024, the Company recognized charge-offs totaling $1.8 million and a net loss of $5.7 million on these loan sales. As part of the Company's balance sheet repositioning efforts, during the three and nine months ended September 30, 2023, loans with a carrying value of approximately $442 million and $7.7 billion, respectively, were transferred to HFS. A net loss of $21.4 million and $237.2 million for the three and nine months ended September 30, 2023, respectively, was recognized related to these transfers and any subsequent loan sales. Of the loans transferred to HFS, $904 million and $4.7 billion were disposed of during the three and nine months ended September 30, 2023, respectively and approximately $1.4 billion and $2.4 billion were returned to HFI during the three and nine months ended September 30, 2023, respectively.

5. MORTGAGE SERVICING RIGHTS

The following table presents changes in the 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,
			2024						2023						2024						2023
			(in millions)
Balance, beginning of period			$	1,145					$	1,007					$	1,124					$	1,148
Additions from loans sold with servicing rights retained			223						266						626						653
Carrying value of MSRs sold			(258)						(112)						(655)						(611)
Change in fair value			(62)						98						30						114
Mark to market adjustments			—						—						—						4
Realization of cash flows			(37)						(26)						(114)						(75)
Balance, end of period			$	1,011					$	1,233					$	1,011					$	1,233
Unpaid principal balance of mortgage loans serviced for others			$	63,773					$	70,261

Changes in the fair value of MSRs are recorded as Net loan servicing revenue in the Consolidated Income Statement. Due to the regulatory capital impact of MSRs on capital ratios, the Company sells certain MSRs and related servicing advances in the normal course of business. The Company may also sell excess servicing spread related to certain mortgage loans serviced by the Company. During the three and nine months ended September 30, 2024, the Company recognized a net gain of $1.5 million and $5.0 million on MSR sales, respectively. The UPB of loans underlying these sales totaled $15.5 billion and $42.8 billion for the three and nine months ended September 30, 2024, respectively. During the three and nine months ended September 30, 2023, the Company recognized a net loss of $0.5 million and $8.5 million on MSR sales, respectively. The UPB of loans underlying these sales totaled $16.0 billion and $44.3 billion for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024 and December 31, 2023, the Company had a remaining receivable balance of $41 million related to holdbacks on MSR sales for servicing transfers, which are recorded in Other assets on the Consolidated Balance Sheet.

The Company receives loan servicing fees, net of subservicing costs, based on the UPB of the underlying loans. Loan servicing fees are collected from payments made by borrowers. The Company may receive other remuneration from rights to various borrower contracted fees, such as late charges, collateral reconveyance charges, and non-sufficient funds fees. Contractually specified servicing fees, late fees, and ancillary income associated with the Company's MSR portfolio totaled $59.8 million and

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$196.9 million for the three and nine months ended September 30, 2024 and $56.4 million and $173.3 million for the three and nine months ended September 30, 2023, which are recorded as Net loan servicing revenue in the Consolidated Income Statement.

In accordance with its contractual loan servicing obligations, the Company is required to advance funds to or on behalf of investors when borrowers do not make payments. The Company advances property taxes and insurance premiums for borrowers who have insufficient funds in escrow accounts, plus any other costs to preserve real estate properties. The Company may also advance funds to maintain, repair, and market foreclosed real estate properties. The Company is entitled to recover all or a portion of the advances from borrowers of reinstated and performing loans, from the proceeds of liquidated properties or from the government agency or GSE guarantor of charged-off loans. Servicing advances are charged-off when they are deemed to be uncollectible. As of September 30, 2024 and December 31, 2023, net servicing advances totaled $48 million and $87 million, respectively, which are recorded as Other assets on the Consolidated Balance Sheet.

The following table presents the effect of hypothetical changes in the fair value of MSRs caused by assumed immediate changes in interest rates, discount rates, and prepayment speeds that are used to determine fair value:

September 30, 2024

(in millions)

Fair value of mortgage servicing rights

$

1,011

Increase (decrease) in fair value resulting from:

Interest rate change of 50 basis points

Adverse change

(84)

Favorable change

81

Discount rate change of 50 basis points

Increase

(21)

Decrease

21

Conditional prepayment rate change of 1%

Increase

(33)

Decrease

36

Cost to service change of 10%

Increase

(12)

Decrease

12

Sensitivities are hypothetical changes in fair value and cannot be extrapolated because the relationship of changes in assumptions to changes in fair value may not be linear. In addition, the offsetting effect of hedging activities are not contemplated in these results and further, the effect of a variation in a particular assumption is calculated without changing any other assumptions, whereas a change in one factor may result in changes to another. Accordingly, no assurance can be given that actual results would be consistent with the results of these estimates. As a result, actual future changes in MSR values may differ significantly from those reported.

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6. DEPOSITS

The table below summarizes deposits by type:

						September 30, 2024						December 31, 2023
						(in millions)
Non-interest bearing deposits						$	24,965					$	14,520
Interest bearing:
Demand accounts						13,846						15,916
Savings and money market accounts						19,575						14,791
Time certificates of deposit ($250,000 or more)						1,567						1,478
Other time deposits (1)						8,087						8,628
Total deposits						$	68,040					$	55,333

(1)    Retail brokered time deposits over $250,000 of $4.9 billion and $5.8 billion as of September 30, 2024 and December 31, 2023, respectively, are included within Other time deposits as these deposits are generally participated out by brokers in shares below the FDIC insurance limit.

A summary of the contractual maturities for all time deposits as of September 30, 2024 is as follows: 

						(in millions)
2024						$	3,911
2025						5,521
2026						211
2027						8
2028						1
Thereafter						2
Total						$	9,654

Brokered deposits provide an additional source of deposits and are placed with the Bank through third-party brokers. At September 30, 2024 and December 31, 2023, the Company held wholesale brokered deposits of $6.0 billion and $6.6 billion, respectively, excluding reciprocal deposits. In addition, WAB is a participant in the IntraFi Network, a network that offers deposit placement services such as CDARS and ICS, and other reciprocal deposit networks which offer products that qualify large deposits for FDIC insurance. At September 30, 2024, the Company had $13.1 billion of reciprocal deposits, compared to $13.3 billion at December 31, 2023.

In addition, deposits for which the Company provides account holders with earnings credits or referral fees totaled $26.1 billion and $17.8 billion at September 30, 2024 and December 31, 2023, respectively. Costs related to these deposits are primarily reported as Deposit costs in non-interest expense. Deposit costs include $201.7 million and $123.7 million in deposit related costs on these deposits for the three months ended September 30, 2024 and 2023, respectively, and $500.4 million and $297.1 million, respectively, for the nine months ended September 30, 2024 and 2023.

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7. OTHER BORROWINGS

The following table summarizes the Company’s other borrowings by type: 

						September 30, 2024						December 31, 2023
						(in millions)
Short-Term:
Federal funds purchased						$	—					$	175
FHLB advances						1,500						6,200
Repurchase agreements						5						382
Secured borrowings						62						27
Total short-term borrowings						$	1,567					$	6,784
Long-Term:
FHLB advances						$	1,000					$	—
Credit linked notes, net						428						446
Total long-term borrowings						$	1,428					$	446
Total other borrowings						$	2,995					$	7,230

Short-Term Borrowings

Federal Funds Lines of Credit

The Company maintains overnight federal fund lines of credit totaling $1.4 billion as of September 30, 2024, which have rates comparable to the federal funds effective rate plus 0.10% to 0.20%.

FHLB and FRB Advances

The Company also maintains secured overnight lines of credit with the FHLB and the FRB. The Company’s borrowing capacity is determined based on collateral pledged, generally consisting of investment securities and loans, at the time of the borrowing. As of September 30, 2024 and December 31, 2023, the Company had additional available credit with the FHLB of approximately $11.7 billion and $6.1 billion respectively. The weighted average rate on short-term FHLB advances was 5.21% and 5.67% as of September 30, 2024 and December 31, 2023, respectively.

Repurchase Agreements

Warehouse borrowing lines of credit are used to finance the acquisition of loans through the use of repurchase agreements. Repurchase agreements operate as financings under which the Company transfers loans to secure these borrowings. The borrowing amounts are based on the attributes of the collateralized loans and are defined in the repurchase agreement of each warehouse lender. The Company retains beneficial ownership of the transferred loans and will receive the loans from the lender upon full repayment of the borrowing. The repurchase agreements may require the Company to transfer additional assets to the lender in the event the estimated fair value of the existing transferred loans declines.

As of September 30, 2024, the Company had access to approximately $2.3 billion in uncommitted warehouse funding, of which no amounts were drawn. As of December 31, 2023, there were $376 million in warehouse borrowings outstanding at a weighted average borrowing rate of 6.72%.

Other repurchase facilities include overnight customer repurchase agreements. The total carrying value of these repurchase agreements was $5 million and $6 million as of September 30, 2024 and December 31, 2023, respectively.

Secured Borrowings

Secured borrowings consist of transfers of loans HFS not qualifying for sales accounting treatment. The weighted average interest rate on secured borrowings was 6.42% and 6.10% as of September 30, 2024 and December 31, 2023, respectively.

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Long-Term Borrowings

FHLB Advances

During the three months ended September 30, 2024, the Company entered into long-term advances with the FHLB totaling $1.0 billion and maturing in December 2025. The interest rates on these advances are tied to the daily SOFR rate plus a fixed spread. The Company may redeem the advances at par plus accrued and unpaid interest. The agreements include a make-whole provision upon termination that is based on the interest rate difference between the then current advance interest rate and the interest rate on the terminated advances. After three months from the inception date of the advances, the Company may redeem the advances without incurring a prepayment penalty. The weighted average rate on these long-term FHLB advances was 5.31% as of September 30, 2024.

Credit Linked Notes

The Company entered into credit linked note transactions that effectively transfer the risk of first losses on reference pools of the Company's loans purchased under its residential mortgage purchase program to the purchasers of the notes. The principal and interest payable on these notes may be reduced by a portion of the Company's loss on such loans if one of the following occurs with respect to a covered loan: (i) realized losses incurred by the Company on a loan following a liquidation of the loan or certain other events, or (ii) a modification of the loan resulting in a reduction in payments. The aggregate losses, if any, for each payment date will be allocated to reduce the class principal amount and (for modifications) the current interest of the notes in reverse order of class priority. Losses on residential mortgages have not generally been significant.

The Company's outstanding credit linked note issuances are detailed in the tables below:

September 30, 2024

Description

Issuance Date

Maturity Date

Interest Rate

Principal

Debt Issuance Costs

(in millions)

Residential mortgage loans (1)

December 12, 2022

October 25, 2052

SOFR + 7.80%

$

86

$

2

Residential mortgage loans (2)

June 30, 2022

April 25, 2052

SOFR + 6.00%

172

3

Residential mortgage loans (3)

December 29, 2021

July 25, 2059

SOFR + 4.67%

183

2

Total

$

441

$

7

December 31, 2023

Description

Issuance Date

Maturity Date

Interest Rate

Principal

Debt Issuance Costs

(in millions)

Residential mortgage loans (1)

December 12, 2022

October 25, 2052

SOFR + 7.80%

$

90

$

2

Residential mortgage loans (2)

June 30, 2022

April 25, 2052

SOFR + 6.00%

179

3

Residential mortgage loans (3)

December 29, 2021

July 25, 2059

SOFR + 4.67%

191

3

Total

$

460

$

8

(1)    There are multiple classes of these notes, each with an interest rate of SOFR plus a spread that ranges from 2.25% to 11.00% (or, a weighted average spread of 7.80%) on a reference pool balance of $1.7 billion and $1.8 billion as of September 30, 2024 and December 31, 2023, respectively.

(2)    There are multiple classes of these notes, each with an interest rate of SOFR plus a spread that ranges from 2.25% to 15.00% (or, a weighted average spread of 6.00%) on a reference pool balance of $3.5 billion and $3.6 billion as of September 30, 2024 and December 31, 2023, respectively.

(3)    There are six classes of these notes, each with an interest rate of SOFR plus a spread that ranges from 3.15% to 8.50% (or, a weighted average spread of 4.67%) on a reference pool balance of $3.6 billion and $3.8 billion as of September 30, 2024 and December 31, 2023, respectively.

During the nine months ended September 30, 2023, the Company recognized a gain on extinguishment of debt of $13.4 million related to the payoff of credit linked notes on its warehouse and equity fund resource loans.

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8. QUALIFYING DEBT

Subordinated Debt

The Company's subordinated debt issuances are detailed in the tables below:

September 30, 2024
Description						Issuance Date						Maturity Date						Interest Rate						Principal						Debt Issuance Costs
																								(in millions)
WAL fixed-to-variable-rate (1)						June 2021						June 15, 2031						3.00		%				$	600					$	5
WAB fixed-to-variable-rate (2)						May 2020						June 1, 2030						5.25		%				225						—
Total																								$	825					$	5

December 31, 2023
Description						Issuance Date						Maturity Date						Interest Rate						Principal						Debt Issuance Costs
																								(in millions)
WAL fixed-to-variable-rate (1)						June 2021						June 15, 2031						3.00		%				$	600					$	6
WAB fixed-to-variable-rate (2)						May 2020						June 1, 2030						5.25		%				225						1
Total																								$	825					$	7

(1)    Notes are redeemable, in whole or in part, beginning on June 15, 2026 at their principal amount plus accrued and unpaid interest and has a fixed interest rate of 3.00%. The notes also convert to a variable rate of three-month SOFR plus 225 basis points on this date.

(2)    Debt is redeemable, in whole or in part, on or after June 1, 2025 at its principal amount plus accrued and unpaid interest and has a fixed interest rate of 5.25% through June 1, 2025 and then converts to a variable rate per annum equal to three-month SOFR plus 512 basis points.

The carrying value of all subordinated debt issuances totaled $819 million and $818 million at September 30, 2024 and December 31, 2023, respectively.

Junior Subordinated Debt

The Company has formed or acquired through acquisition eight statutory business trusts, which exist for the exclusive purpose of issuing Cumulative Trust Preferred Securities.

With the exception of debt issued by Bridge Capital Trust I and Bridge Capital Trust II, junior subordinated debt is recorded at fair value at each reporting date due to the FVO election made by the Company under ASC 825. The Company did not make the FVO election for the junior subordinated debt acquired in the Bridge acquisition. Accordingly, the carrying value of these trusts does not reflect the current fair value of the debt and includes a fair market value adjustment established at acquisition that is being accreted over the remaining life of the trusts.

The carrying value of junior subordinated debt was $79 million and $77 million as of September 30, 2024 and December 31, 2023, respectively, with maturity dates ranging from 2033 through 2037. The weighted average interest rate of all junior subordinated debt as of September 30, 2024 and December 31, 2023 was 7.19% and 7.93%, respectively.

In the event of certain changes or amendments to regulatory requirements or federal tax rules, the debt is redeemable in whole. The obligations under these instruments are fully and unconditionally guaranteed by the Company and rank subordinate and junior in right of payment to all other liabilities of the Company. Based on guidance issued by the FRB, the Company's securities continue to qualify as Tier 1 Capital.

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9. STOCKHOLDERS' EQUITY

Stock-Based Compensation

Restricted Stock Awards

Restricted stock awards granted to employees generally vest over a 3-year period and stock grants made to non-employee WAL directors have generally vested over six months, with the 2024 grants vesting over one year. The Company estimates the compensation cost for stock grants based upon the grant date fair value. Stock compensation expense is recognized on a straight-line basis over the requisite service period for the entire award. The aggregate grant date fair value for the restricted stock awards granted during the three and nine months ended September 30, 2024 was $0.3 million and $46.9 million, respectively. Stock compensation expense related to restricted stock awards granted to employees is included in Salaries and employee benefits in the Consolidated Income Statement. For restricted stock awards granted to WAL directors, the related stock compensation expense is included in Legal, professional, and directors' fees. For the three and nine months ended September 30, 2024, the Company recognized $9.1 million and $32.6 million, in stock-based compensation expense related to employee and WAL director stock grants, compared to $7.5 million and $25.1 million for the three and nine months ended September 30, 2023.

Performance Stock Units

The Company grants performance stock units to members of its executive management that do not vest unless the Company achieves certain performance measures over a three-year performance period. For the 2024 award, the performance measures are based on the Company’s relative return on equity and maintenance of a target CET1 ratio, and relative TSR performance. For the 2023 and 2022 awards, the performance measures are based on achievement of a specified cumulative EPS target and a TSR performance factor. The number of shares issued will vary based on the performance measures that are achieved. The Company estimates the cost of performance stock units based upon the grant date fair value and expected vesting percentage over the three-year performance period. During the three and nine months ended September 30, 2024, the Company recognized stock-based compensation expense of $0.9 million and $2.5 million, respectively, for such units. During the three and nine months ended September 30, 2023, the Company recognized stock-based compensation expense of $1.4 million and $0.3 million (which includes a $2.5 million net reversal of expense recognized in the first quarter 2023 on unvested performance stock units due to revised performance expectations), respectively.

The three-year performance period for the 2021 grant ended on December 31, 2023, and based on the Company's cumulative EPS and TSR performance measure for the performance period, these shares vested at 168% of the target award under the terms of the grant. As a result, 129,942 shares became fully vested and were distributed to executive management in the first quarter of 2024.

The three-year performance period for the 2020 grant ended on December 31, 2022, and based on the Company's cumulative EPS and TSR performance measure for the performance period, these shares vested at 180% of the target award under the terms of the grant. As a result, 157,784 shares became fully vested and distributed to executive management in the first quarter of 2023.

Cash Settled Restricted Stock Units

In 2024, the Company began granting cash settled restricted stock units to members of its executive management that vest equally on a monthly basis over a three-year period. As the awards are settled in cash and are not dependent on the occurrence of a future event, these awards are classified as liabilities on the Consolidated Balance Sheet. At each vesting date, the Company settles the vested stock units in cash at the settlement date stock price. During the three and nine months ended September 30, 2024, the Company recognized compensation expense of $0.4 million and $0.8 million related to these awards, respectively. There were no such units outstanding during the three and nine months ended September 30, 2023.

Deferred Stock Units

In 2024, the Company began granting deferred stock unit awards to certain members of its management team, which are intended to provide retirement benefits on an unfunded, unsecured basis. These awards can be settled in either stock or cash, at the Company's option. Participants are credited dividend equivalent units for any cash dividends paid with respect to the shares of stock underlying the stock units. These awards vest on the later of (i) the one-year anniversary of the grant date and (ii) the participant's satisfaction of age- and service-related eligibility criteria for a qualified retirement. The aggregate grant date fair value for these deferred stock unit awards granted during the three and nine months ended September 30, 2024 was $0.1 million and $5.7 million, respectively. Stock compensation expense related to these deferred stock units is included in Salaries and employee benefits in the Consolidated Income Statement. For the three and nine months ended September 30, 2024, the

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Company recognized $1.4 million and $1.9 million, respectively, in stock-based compensation expense related to these stock grants. There were no such units outstanding during the three and nine months ended September 30, 2023.

Preferred Stock

The Company has 12,000,000 depositary shares outstanding, each representing a 1/400th ownership interest in a share of the Company’s 4.250% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Shares, Series A, par value $0.0001 per share, with a liquidation preference of $25 per depositary share (equivalent to $10,000 per share of Series A preferred stock). During the three and nine months ended September 30, 2024 and 2023, the Company declared and paid a quarterly cash dividend of $0.27 per depositary share, for a total dividend payment to preferred stockholders of $3.2 million and $9.6 million, respectively.

Cash Dividend on Common Shares

During the three and nine months ended September 30, 2024, the Company declared and paid a quarterly cash dividend of $0.37 per share, for a total dividend payment to stockholders of $40.7 million and $122.2 million, respectively. During the three and nine months ended September 30, 2023, the Company declared and paid a quarterly cash dividend of $0.36 per share for a total dividend payment to stockholders of $39.4 million and $118.2 million, respectively.

Treasury Shares

Treasury share purchases represent shares surrendered to the Company equal in value to the statutory payroll tax withholding obligations arising from the vesting of employee restricted stock awards. During the three and nine months ended September 30, 2024, the Company purchased treasury shares of 1,042 and 141,525, respectively, at a weighted average price of $75.27 and $61.34 per share, respectively. During the three and nine months ended September 30, 2023, the Company purchased treasury shares of 139 and 151,358, respectively, at a weighted average price of $48.56 and $72.47 per share, respectively.

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10. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table summarizes the changes in accumulated other comprehensive income (loss) by component, net of tax, for the periods indicated: 

						Three Months Ended September 30,
						Unrealized holding gains (losses) on AFS securities						Unrealized holding losses on SERP						Unrealized holding gains (losses) on junior subordinated debt						Impairment loss on securities						Total
						(in millions)
Balance, June 30, 2024						$	(560.9)					$	(0.3)					$	1.8					$	1.2					$	(558.2)
Other comprehensive income (loss) before reclassifications						183.7						(0.1)						(0.3)						—						183.3
Amounts reclassified from AOCI						(6.6)						—						—						—						(6.6)
Net current-period other comprehensive income (loss)						177.1						(0.1)						(0.3)						—						176.7
Balance, September 30, 2024						$	(383.8)					$	(0.4)					$	1.5					$	1.2					$	(381.5)
Balance, June 30, 2023						$	(618.3)					$	(0.3)					$	6.9					$	1.2					$	(610.5)
Other comprehensive loss before reclassifications						(120.2)						—						(1.2)						—						(121.4)
Amounts reclassified from AOCI						(0.4)						—						—						—						(0.4)
Net current-period other comprehensive loss						(120.6)						—						(1.2)						—						(121.8)
Balance, September 30, 2023						$	(738.9)					$	(0.3)					$	5.7					$	1.2					$	(732.3)
						Nine Months Ended September 30,
						Unrealized holding gains (losses) on AFS securities						Unrealized holding losses on SERP						Unrealized holding gains (losses) on junior subordinated debt						Impairment loss on securities						Total
						(in millions)
Balance, December 31, 2023						$	(516.6)					$	(0.3)					$	2.8					$	1.2					$	(512.9)
Other comprehensive income (loss) before reclassifications						140.5						(0.1)						(1.3)						—						139.1
Amounts reclassified from AOCI						(7.7)						—						—						—						(7.7)
Net current-period other comprehensive income (loss)						132.8						(0.1)						(1.3)						—						131.4
Balance, September 30, 2024						$	(383.8)					$	(0.4)					$	1.5					$	1.2					$	(381.5)
Balance, December 31, 2022						$	(663.7)					$	(0.3)					$	3.0					$	—					$	(661.0)
Other comprehensive (loss) income before reclassifications						(94.3)						—						2.7						1.2						(90.4)
Amounts reclassified from AOCI						19.1						—						—						—						19.1
Net current-period other comprehensive (loss) income						(75.2)						—						2.7						1.2						(71.3)
Balance, September 30, 2023						$	(738.9)					$	(0.3)					$	5.7					$	1.2					$	(732.3)

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11. DERIVATIVES AND HEDGING ACTIVITIES

The Company is a party to various derivative instruments. The primary types of derivatives the Company uses are interest rate contracts, forward purchase and sale commitments, and interest rate futures. Generally, these instruments are used to help manage the Company's exposure to interest rate risk related to IRLCs and its inventory of loans HFS and MSRs and also to meet client financing and hedging needs.

Derivatives are recorded at fair value on the Consolidated Balance Sheet, after taking into account the effects of bilateral collateral and master netting agreements. These agreements allow the Company to settle all derivative contracts held with the same counterparty on a net basis, and to offset net derivative positions with related cash collateral, where applicable.

Derivatives Designated in Hedge Relationships

The Company utilizes derivatives that have been designated as part of a hedge relationship in accordance with the applicable accounting guidance to minimize the exposure to changes in benchmark interest rates, which reduces asset sensitivity and volatility due to interest rate fluctuations, such that interest rate risk falls within Board approved limits. The primary derivative instruments used to manage interest rate risk are interest rate swaps, which convert the contractual interest rate index of agreed-upon amounts of assets and liabilities (i.e., notional amounts) from either a fixed rate to a variable rate, or from a variable rate to a fixed rate.

The Company has pay fixed/receive variable interest rate swaps designated as fair value hedges of certain fixed rate loans. As a result, the Company receives variable-rate interest payments in exchange for making fixed-rate payments over the lives of the contracts without exchanging the notional amounts. The variable-rate interest payments were based on LIBOR and were converted to SOFR plus a spread adjustment upon the discontinuation of LIBOR in June 2023.

The Company also has pay fixed/receive variable interest rate swaps, designated as fair value hedges using the portfolio layer method to manage the exposure to changes in fair value associated with pools of fixed rate loans, resulting from changes in the designated benchmark interest rate (federal funds rate). These portfolio layer hedges provide the Company the ability to execute a fair value hedge of the interest rate risk associated with a portfolio of similar prepayable assets, whereby the last dollar amount estimated to remain in the portfolio of assets was identified as the hedged item. Under these interest rate swap contracts, the Company received a variable rate and paid a fixed rate on the outstanding notional amount.

The Company also had pay fixed/receive variable interest rate swaps, designated as fair value hedges using the last-of-layer method. Upon termination of these last-of-layer hedges in 2022, the cumulative basis adjustment on these hedges was allocated across the remaining loan pool and is being amortized over the remaining term. The terminated last-of-layer hedge basis adjustment was fully amortized as of September 30, 2024.

Derivatives Not Designated in Hedge Relationships

Management enters into certain contracts and agreements, including foreign exchange derivative contracts, back-to-back interest rate contracts, risk participation agreements and equity warrants, which are not designated as accounting hedges. Foreign exchange derivative contracts include spot, forward, forward window, and swap contracts. The purpose of these derivative contracts is to mitigate foreign currency risk on transactions entered into, or on behalf of customers. The Company's back-to-back interest rate contracts are used to allow customers to manage long-term interest rate risk. Contracts with customers, along with the related derivative trades the Company places, are both remeasured at fair value, and are referred to as economic hedges since they economically offset the Company's exposure.

The Company also uses derivative financial instruments to manage exposure to interest rate risk within its mortgage banking business related to IRLCs and its inventory of loans HFS and MSRs. The Company economically hedges the changes in fair value associated with changes in interest rates generally by utilizing forward purchase and sale commitments, interest rate futures and interest rate contracts.

Risk participation agreements are entered into with lead banks in certain loan syndications to share in the risk of default on interest rate swaps on participated loans. Equity warrants represent the right to buy shares in a company at a specified price and are acquired by the Company primarily in connection with negotiating credit facilities and certain other services to private, venture-backed companies in the technology industry.

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Fair Value Hedges

As of September 30, 2024 and December 31, 2023, the following amounts are reflected on the Consolidated Balance Sheet related to cumulative basis adjustments for outstanding fair value hedges:

						September 30, 2024												December 31, 2023
						Carrying Value of Hedged Assets						Cumulative Fair Value Hedging Adjustment (1)						Carrying Value of Hedged Assets						Cumulative Fair Value Hedging Adjustment (1)
						(in millions)
Loans HFI, net of deferred loan fees and costs (2)						$	4,836					$	38					$	3,875					$	(6)

(1)Included in the carrying value of the hedged assets.

(2)Included portfolio layer method derivative instruments with $4.5 billion and $3.5 billion designated as the hedged amount (from a closed portfolio of prepayable fixed rate loans with a carrying value of $9.4 billion and $6.7 billion) as of September 30, 2024 and December 31, 2023, respectively. The cumulative basis adjustment included in the carrying value of these hedged items totaled $44.4 million and $19.0 million as of September 30, 2024 and December 31, 2023, respectively.

For the Company's derivative instruments that are designated and qualify as fair value hedges, the gain or loss on the derivative instrument as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current period earnings. The loss or gain on the hedged item is recognized in the same line item as the offsetting loss or gain on the related interest rate swaps. For loans, the gain or loss on the hedged item is included in interest income, as shown in the table below.

						Three Months Ended September 30,
						2024												2023
Income Statement Classification						Gain/(Loss) on Swaps						Gain/(Loss) on Hedged Item						Gain/(Loss) on Swaps						Gain/(Loss) on Hedged Item
						(in millions)
Interest income						$	(31.4)					$	31.2					$	76.5					$	(76.0)
						Nine Months Ended September 30,
						2024												2023
Income Statement Classification						Gain/(Loss) on Swaps						Gain/(Loss) on Hedged Item						Gain/(Loss) on Swaps						Gain/(Loss) on Hedged Item
						(in millions)
Interest income						$	(114.6)					$	115.1					$	111.2					$	(110.7)

In addition to the gains and losses on the Company's outstanding fair value hedges presented in the above table, the Company recognized $3.0 million and $8.9 million, respectively, in interest income related to the amortization of the cumulative basis adjustment on its discontinued last-of-layer hedges during the three and nine months ended September 30, 2024 and 2023.

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Fair Values, Volume of Activity, and Gain/Loss Information Related to Derivative Instruments

The following table summarizes the fair value of the Company's derivative instruments on a gross basis as of September 30, 2024, December 31, 2023, and September 30, 2023. The change in the notional amounts of these derivatives from September 30, 2023 to September 30, 2024 indicates the volume of the Company's derivative transaction activity during these periods. The derivative asset and liability balances are presented on a gross basis, prior to the application of bilateral collateral and master netting agreements. Total derivative assets and liabilities are adjusted to take into account the impact of legally enforceable master netting agreements that allow the Company to settle all derivative contracts with the same counterparty on a net basis and to offset the net derivative position with the related cash collateral. Where master netting agreements are not in effect or are not enforceable under bankruptcy laws, the Company does not adjust those derivative amounts with counterparties.

			September 30, 2024																		December 31, 2023																		September 30, 2023
									Fair Value																		Fair Value																		Fair Value
			Notional Amount						Derivative Assets						Derivative Liabilities						Notional Amount						Derivative Assets						Derivative Liabilities						Notional Amount						Derivative Assets						Derivative Liabilities
			(in millions)
Derivatives designated as hedging instruments:
Fair value hedges
Interest rate contracts			$	4,852					$	14					$	51					$	3,895					$	19					$	24					$	3,899					$	128					$	—
Total			$	4,852					$	14					$	51					$	3,895					$	19					$	24					$	3,899					$	128					$	—
Derivatives not designated as hedging instruments:
Foreign currency contracts			$	101					$	1					$	—					$	135					$	1					$	1					$	74					$	1					$	—
Forward contracts			17,889						20						38						13,170						27						55						9,653						43						21
Futures contracts (1)			7,400						—						—						11,030						—						—						13,845						—						—
Interest rate lock commitments			2,843						13						2						1,822						18						—						1,761						3						6
Interest rate contracts			5,317						28						29						3,628						19						20						3,187						20						20
Risk participation agreements			96						—						—						72						—						—						44						—						—
Equity warrants			56						21						—						55						4						—						40						4						—
Total			$	33,702					$	83					$	69					$	29,912					$	69					$	76					$	28,604					$	71					$	47
Margin			—						280						(4)						—						202						(9)						—						66						25
Total, including margin			$	33,702					$	363					$	65					$	29,912					$	271					$	67					$	28,604					$	137					$	72

(1)The Company enters into futures purchase and sales contracts that are subject to daily remargining and almost all of which are based on three-month SOFR to hedge against its MSR valuation exposure. The notional amount on these contracts is substantial as these contracts have a short duration and are intended to cover the longer duration of MSR hedges.

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The fair value of derivative contracts, after taking into account the effects of master netting agreements, is included in Other assets or Other liabilities on the Consolidated Balance Sheet, as summarized in the table below:

			September 30, 2024																		December 31, 2023																		September 30, 2023
			Gross amount of recognized assets (liabilities)						Gross offset						Net assets (liabilities)						Gross amount of recognized assets (liabilities)						Gross offset						Net assets (liabilities)						Gross amount of recognized assets (liabilities)						Gross offset						Net assets (liabilities)
			(in millions)
Derivatives subject to master netting arrangements:
Assets
Foreign currency contracts			$	1					$	—					$	1					$	—					$	—					$	—					$	—					$	—					$	—
Forward contracts			20						—						20						27						—						27						43						—						43
Interest rate contracts			18						—						18						31						—						31						148						—						148
Margin			280						—						280						202						—						202						66						—						66
Netting			—						(94)						(94)						—						(67)						(67)						—						(43)						(43)
			$	319					$	(94)					$	225					$	260					$	(67)					$	193					$	257					$	(43)					$	214
Liabilities
Foreign currency contracts			$	—					$	—					$	—					$	(1)					$	—					$	(1)					$	—					$	—					$	—
Forward contracts			(37)						—						(37)						(55)						—						(55)						(21)						—						(21)
Interest rate contracts			(70)						—						(70)						(31)						—						(31)						—						—						—
Margin			4						—						4						9						—						9						(25)						—						(25)
Netting			—						94						94						—						67						67						—						43						43
			$	(103)					$	94					$	(9)					$	(78)					$	67					$	(11)					$	(46)					$	43					$	(3)
Derivatives not subject to master netting arrangements:
Assets
Foreign currency contracts			$	—					$	—					$	—					$	1					$	—					$	1					$	1					$	—					$	1
Interest rate lock commitments			13						—						13						18						—						18						3						—						3
Interest rate contracts			24						—						24						7						—						7						—						—						—
Equity warrants			21						—						21						4						—						4						4						—						4
			$	58					$	—					$	58					$	30					$	—					$	30					$	8					$	—					$	8
Liabilities
Forward contracts			$	(1)					$	—					$	(1)					$	—					$	—					$	—					$	—					$	—					$	—
Interest rate lock commitments			(2)						—						(2)						—						—						—						(6)						—						(6)
Interest rate contracts			(10)						—						(10)						(13)						—						(13)						(20)						—						(20)
			$	(13)					$	—					$	(13)					$	(13)					$	—					$	(13)					$	(26)					$	—					$	(26)
Total derivatives and margin
Assets			$	377					$	(94)					$	283					$	290					$	(67)					$	223					$	265					$	(43)					$	222
Liabilities			$	(116)					$	94					$	(22)					$	(91)					$	67					$	(24)					$	(72)					$	43					$	(29)

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The following table summarizes the net gain (loss) on derivatives included in the non-interest income line items below:

						Three Months Ended September 30,												Nine Months Ended September 30,
						2024						2023						2024						2023
						(in millions)
Net gain (loss) on loan origination and sale activities:
Interest rate lock commitments						$	2.6					$	(5.2)					$	(7.8)					$	(4.9)
Forward contracts						(87.3)						68.7						(61.3)						87.5
Interest rate contracts						6.7						(8.4)						3.8						(11.8)
Other contracts						(1.1)						(0.3)						(0.2)						1.5
Net (loss) gain on derivatives						$	(79.1)					$	54.8					$	(65.5)					$	72.3
Net loan servicing revenue:
Forward contracts						$	17.9					$	(19.2)					$	(9.6)					$	(34.0)
Futures contracts						(7.0)						(2.4)						7.4						12.3
Interest rate contracts						42.2						(82.4)						(10.8)						(100.0)
Net gain (loss) on derivatives						$	53.1					$	(104.0)					$	(13.0)					$	(121.7)

Counterparty Credit Risk

Like other financial instruments, derivatives contain an element of credit risk. This risk is measured as the expected replacement value of the contracts. Management enters into bilateral collateral and master netting agreements that provide for the net settlement of all contracts with the same counterparty. Additionally, management monitors counterparty credit risk exposure on each contract to determine appropriate limits on the Company's total credit exposure across all product types, which may require the Company to post collateral to counterparties when these contracts are in a net liability position and conversely, for counterparties to post collateral to the Company when these contracts are in a net asset position. Management reviews the Company's collateral positions on a daily basis and exchanges collateral with counterparties in accordance with standard ISDA documentation and other related agreements. The Company generally posts or holds collateral in the form of cash deposits or highly rated securities issued by the U.S. Treasury or government-sponsored enterprises (FNMA and FHLMC), or guaranteed by GNMA. At September 30, 2024, December 31, 2023, and September 30, 2023 collateral pledged by the Company to counterparties for its derivatives totaled $292 million, $216 million, and $72 million, respectively.

12. EARNINGS PER SHARE

Diluted EPS is calculated using the weighted average outstanding common shares during the period, including common stock equivalents. Basic EPS is calculated using the weighted average outstanding common shares during the period.

The following table presents the calculation of basic and diluted EPS: 

						Three Months Ended September 30,												Nine Months Ended September 30,
						2024						2023						2024						2023
						(in millions, except per share amounts)
Weighted average shares - basic						108.7						108.3						108.6						108.3
Dilutive effect of stock awards						0.8						0.2						0.6						0.1
Weighted average shares - diluted						109.5						108.5						109.2						108.4
Net income available to common stockholders						$	196.6					$	213.4					$	561.2					$	564.9
Earnings per Common Share:
Basic						$	1.81					$	1.97					$	5.17					$	5.22
Diluted						1.80						1.97						5.14						5.21
Antidilutive restricted stock outstanding						—						—						—						0.1

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13. INCOME TAXES

The Company's effective tax rate was 20.7% and 22.1% for the three months ended September 30, 2024 and 2023, respectively, and 22.0% and 20.5% for the nine months ended September 30, 2024 and 2023, respectively. The decrease in the effective tax rate for the three months ended September 30, 2024 compared to the same period in 2023 was primarily due to a decrease in pre-tax book income. The increase in the effective tax rate for the nine months ended September 30, 2024 compared to the same period in 2023 was primarily due to a decrease in expected investment tax credit benefits, an increase in nondeductible insurance premiums, and shortfalls from stock compensation expense during 2024.

As of September 30, 2024, the net DTA balance totaled $254 million, a decrease of $33 million from $287 million at December 31, 2023. This overall decrease in the net DTA was primarily the result of an increase in the fair market value of AFS securities, partially offset by an increase in credit carryovers and state net operating losses.

Although realization is not assured, the Company believes that the realization of the recognized deferred tax asset of $254 million at September 30, 2024 is more-likely-than-not based on expectations as to future taxable income and based on available tax planning strategies that could be implemented if necessary to prevent a carryover from expiring.

At September 30, 2024 and December 31, 2023, the Company had no deferred tax valuation allowance.

LIHTC and renewable energy projects

The Company holds ownership interests in limited partnerships and limited liability companies that invest in affordable housing and renewable energy projects. These investments are designed to generate a return primarily through the realization of federal tax credits and deductions.

Investments in LIHTC and renewable energy totaled $560 million and $573 million as of September 30, 2024 and December 31, 2023, respectively. Unfunded LIHTC and renewable energy obligations are included in Other liabilities on the Consolidated Balance Sheet and totaled $305 million and $322 million as of September 30, 2024 and December 31, 2023, respectively.

During the three months ended September 30, 2024 and 2023, the Company recognized $21.0 million and $25.6 million, respectively, of tax credits related to LIHTC investments and $59.7 million and $65.9 million during the nine months ended September 30, 2024 and 2023, respectively. For the three months ended September 30, 2024 and 2023, amortization related to LIHTC investments of $19.6 million and $27.9 million, respectively, was recognized as a component of income tax expense. For the nine months ended September 30, 2024 and 2023, amortization related to LIHTC investments of $55.3 million and $66.9 million, respectively, was recognized as a component of income tax expense.

14. COMMITMENTS AND CONTINGENCIES

Unfunded Commitments and Letters of Credit

The Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and letters of credit. They involve, to varying degrees, elements of credit risk in excess of amounts recognized on the Consolidated Balance Sheet.

Lines of credit are obligations to lend money to a borrower. Credit risk arises when the borrower's current financial condition may indicate less ability to pay than when the commitment was originally made. In the case of letters of credit, the risk arises from the potential failure of the customer to perform according to the terms of a contract. In such a situation, the third party might draw on the letter of credit to pay for completion of the contract and the Company would look to its customer to repay these funds with interest. To minimize the risk, the Company uses the same credit policies in making commitments and conditional obligations as it would for a loan to that customer.

Letters of credit and financial guarantees are commitments issued by the Company to guarantee the performance of a customer to a third party in borrowing arrangements. The Company generally has recourse to recover from the customer any amounts paid under the guarantees. Typically, letters of credit issued have expiration dates within one year.

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A summary of the contractual amounts for unfunded commitments and letters of credit are as follows: 

						September 30, 2024						December 31, 2023
						(in millions)
Commitments to extend credit, including unsecured loan commitments of $916 at September 30, 2024 and $989 at December 31, 2023						$	13,299					$	13,291
Credit card commitments and financial guarantees						495						418
Letters of credit, including unsecured letters of credit of $2 at September 30, 2024 and $4 at December 31, 2023						289						222
Total						$	14,083					$	13,931

Commitments to extend credit are agreements to lend to a customer provided that there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company enters into credit arrangements that generally provide for the termination of advances in the event of a covenant violation or other event of default. Since many of the commitments are expected to expire without being fully drawn, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the party. The commitments are collateralized by the same types of assets used as loan collateral.

The Company has exposure to credit losses from unfunded commitments and letters of credit. As funds have not been disbursed on these commitments, they are not reported as loans outstanding. Credit losses related to these commitments are included in Other liabilities as a separate loss contingency and are not included in the ACL reported in "Note 4. Loans, Leases and Allowance for Credit Losses" of these Notes to Unaudited Consolidated Financial Statements. This loss contingency for unfunded loan commitments and letters of credit was $38 million and $32 million as of September 30, 2024 and December 31, 2023, respectively. Changes to this liability are adjusted through the provision for credit losses in the Consolidated Income Statement.

Commitments to Invest in Renewable Energy Projects

The Company has off-balance sheet commitments to invest in renewable energy projects, as described in "Note 13. Income Taxes" of these Notes to Unaudited Consolidated Financial Statements, subject to the underlying project meeting certain milestones. These conditional commitments totaled $20 million as of September 30, 2024 and $32 million as of December 31, 2023.

Concentrations of Lending Activities

The Company does not have a single external customer from which it derives 10% or more of its revenues. The Company monitors concentrations of lending activities at the product and borrower relationship level. Commercial and industrial loans made up 42% and 38% of the Company's HFI loan portfolio as of September 30, 2024 and December 31, 2023, respectively. The Company's loan portfolio includes significant credit exposure to the CRE market. As of September 30, 2024 and December 31, 2023, CRE related loans accounted for approximately 31% and 33% of total loans, respectively. Approximately 16% of CRE loans, excluding construction and land loans, were owner-occupied as of September 30, 2024 and December 31, 2023. No borrower relationships at both the commitment and funded loan level exceeded 5% of total loans HFI as of September 30, 2024 and December 31, 2023.

Contingencies

The Company is involved in various lawsuits of a routine nature that are being handled and defended in the ordinary course of the Company’s business. Expenses are being incurred in connection with these lawsuits, but in the opinion of management, based in part on consultation with outside legal counsel, the resolution of these lawsuits and associated defense costs will not have a material impact on the Company’s financial position, results of operations, or cash flows.

Lease Commitments

The Company has operating leases under which it leases its branch offices, corporate headquarters, and other offices. During the three and nine months ended September 30, 2024, operating lease costs totaled $7.1 million and $21.2 million, respectively, compared to $7.0 million and $21.5 million, respectively, for the three and nine months ended September 30, 2023. Other lease costs, which include common area maintenance, parking, and taxes, and were included as occupancy expense, totaled $1.7 million and $4.8 million, respectively, during the three and nine months ended September 30, 2024, compared to $1.5 million and $4.0 million, respectively, for the three and nine months ended September 30, 2023.

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15. FAIR VALUE ACCOUNTING

The fair value of an asset or liability is the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. In estimating fair value, the Company utilizes valuation techniques that are consistent with the market approach, the income approach, and/or the cost approach. Such valuation techniques are consistently applied. Inputs to valuation techniques include the assumptions market participants would use in pricing an asset or liability. ASC 825 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally-developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Company’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. A more detailed description of the valuation methodologies used for assets and liabilities measured at fair value is set forth below.

Under ASC 825, the Company elected the FVO treatment for junior subordinated debt issued by WAL. This election is irrevocable and results in the recognition of unrealized gains and losses on the debt at each reporting date. These unrealized gains and losses are recognized in OCI rather than earnings. The Company did not elect FVO treatment for the junior subordinated debt assumed in the Bridge Capital Holdings acquisition.

The following table presents unrealized gains and losses from fair value changes on junior subordinated debt:

						Three Months Ended September 30,												Nine Months Ended September 30,
						2024						2023						2024						2023
						(in millions)
Unrealized (losses) gains						$	(0.4)					$	(1.6)					$	(1.8)					$	3.6
Changes included in OCI, net of tax						(0.3)						(1.2)						(1.3)						2.7

Fair value on a recurring basis

Financial assets and financial liabilities measured at fair value on a recurring basis include the following:

AFS debt securities: Securities classified as AFS are reported at fair value utilizing Level 1 and Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include quoted prices in active markets, dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the bond’s terms and conditions, among other things.

Equity securities: Preferred stock and CRA investments are reported at fair value utilizing Level 1 inputs.

Independent pricing service: The Company's independent pricing service provides pricing information on the majority of the Company's Level 1 and Level 2 AFS debt securities. For a small subset of securities, other pricing sources are used, including observed prices on publicly-traded securities and dealer quotes. Management independently evaluates the fair value measurements received from the Company's third-party pricing service through multiple review steps. First, management reviews what has transpired in the marketplace with respect to interest rates, credit spreads, volatility, and mortgage rates, among other things, and develops an expectation of changes to the securities' valuations from the previous quarter. Then, management selects a sample of investment securities and compares the values provided by its primary third-party pricing service to the market values obtained from secondary sources, including other pricing services and safekeeping statements, and evaluates those with notable variances. In instances where there are discrepancies in pricing from various sources and management expectations, management may manually price securities using currently observed market data to determine whether they can develop similar prices or may utilize bid information from broker dealers. Any remaining discrepancies between management’s review and the prices provided by the vendor are discussed with the vendor and/or the Company’s other valuation advisors.

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Loans HFS: Government-insured or guaranteed and agency-conforming 1-4 family residential loans HFS are salable into active markets. Accordingly, the fair value of these loans is based primarily on quoted market or contracted selling prices or a market price equivalent, which are categorized as Level 2 in the fair value hierarchy.

Mortgage servicing rights: MSRs are measured based on valuation techniques using Level 3 inputs. The Company uses a discounted cash flow model that incorporates assumptions market participants would use in estimating the fair value of servicing rights, including, but not limited to, option adjusted spread, conditional prepayment rate, servicing fee rate, recapture rate, and cost to service.

Derivative financial instruments: Forward contracts are measured based on valuation techniques using Level 2 inputs, such as quoted market prices, contracted selling prices, or a market price equivalent. Interest rate and foreign currency contracts are reported at fair value utilizing Level 2 inputs. The Company obtains dealer quotations to value its interest rate contracts. IRLCs are measured based on valuation techniques that consider loan type, underlying loan amount, maturity date, note rate, loan program, and expected settlement date, with Level 3 inputs for the servicing release premium and pull-through rate. These measurements are adjusted at the loan level to consider the servicing release premium and loan pricing adjustment specific to each loan. The base value is then adjusted for estimated pull-through rates. The pull-through rate and servicing fee multiple are unobservable inputs based on historical experience. Equity warrants are measured using a Black-Scholes option pricing model based on contractual strike price, expected term, the risk-free interest rate, and volatility, which may be adjusted for a lack of marketability. The volatility input is considered Level 3 as the underlying equity is not publicly traded and is determined using comparable publicly traded companies.

Junior subordinated debt: The Company estimates the fair value of its junior subordinated debt using a discounted cash flow model which incorporates the effect of the Company’s own credit risk in the fair value of the liabilities (Level 3). The Company’s cash flow assumptions are based on contractual cash flows as the Company anticipates it will pay the debt according to its contractual terms.

The fair value of assets and liabilities measured at fair value on a recurring basis was determined using the following inputs: 

						Fair Value Measurements at the End of the Reporting Period Using:
						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Fair Value
September 30, 2024						(in millions)
Assets:
Available-for-sale debt securities
Residential MBS issued by GSEs						$	—					$	5,629					$	—					$	5,629
U.S. Treasury securities						5,600						—						—						5,600
Private label residential MBS						—						1,042						—						1,042
Tax-exempt						—						870						—						870
Commercial MBS issued by GSEs						—						653						—						653
CLO						—						508						—						508
Corporate debt securities						—						379						—						379
Other						2						67						—						69
Total AFS debt securities						$	5,602					$	9,148					$	—					$	14,750
Equity securities
Preferred stock						$	91					$	—					$	—					$	91
CRA investments						26						—						—						26
Total equity securities						$	117					$	—					$	—					$	117
Loans HFS (2)						$	—					$	2,290					$	2					$	2,292
Mortgage servicing rights						—						—						1,011						1,011
Derivative assets (1)						—						63						34						97
Liabilities:
Junior subordinated debt (3)						$	—					$	—					$	65					$	65
Derivative liabilities (1)						—						118						2						120

(1)See "Note 11. Derivatives and Hedging Activities." In addition, the carrying value of loans is increased by $38 million as of September 30, 2024 for the effective portion of the hedge, which relates to the fair value of the hedges put in place to mitigate against fluctuations in interest rates. Derivative assets and liabilities exclude margin of $280 million and $(4) million, respectively.

(2)Includes only the portion of loans HFS that is recorded at fair value at each reporting period pursuant to the election of FVO treatment.

(3)Includes only the portion of junior subordinated debt that is recorded at fair value at each reporting period pursuant to the election of FVO treatment.

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						Fair Value Measurements at the End of the Reporting Period Using:
						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Fair Value
December 31, 2023						(in millions)
Assets:
Available-for-sale debt securities
U.S. Treasury securities						$	4,853					$	—					$	—					$	4,853
Residential MBS issued by GSEs						—						1,972						—						1,972
CLO						—						1,399						—						1,399
Private label residential MBS						—						1,117						—						1,117
Tax-exempt						—						858						—						858
Commercial MBS issued by GSEs						—						530						—						530
Corporate debt securities						—						367						—						367
Other						28						41						—						69
Total AFS debt securities						$	4,881					$	6,284					$	—					$	11,165
Equity securities
Preferred stock						$	100					$	—					$	—					$	100
CRA investments						26						—						—						26
Total equity securities						$	126					$	—					$	—					$	126
Loans - HFS (2)						$	—					$	1,377					$	3					$	1,380
Mortgage servicing rights						—						—						1,124						1,124
Derivative assets (1)						—						66						22						88
Liabilities:
Junior subordinated debt (3)						$	—					$	—					$	63					$	63
Derivative liabilities (1)						—						100						—						100

(1)See "Note 11. Derivatives and Hedging Activities." In addition, the carrying value of loans is decreased by $6 million as of December 31, 2023 for the effective portion of the hedge, which relates to the fair value of the hedges put in place to mitigate against fluctuations in interest rates. Derivative assets and liabilities exclude margin of $202 million and $(9) million, respectively.

(2)Includes only the portion of loans HFS that is recorded at fair value at each reporting period pursuant to the election of FVO treatment.

(3)Includes only the portion of junior subordinated debt that is recorded at fair value at each reporting period pursuant to the election of FVO treatment.

The change in Level 3 liabilities measured at fair value on a recurring basis included in OCI was as follows:

						Junior Subordinated Debt
						Three Months Ended September 30,												Nine Months Ended September 30,
						2024						2023						2024						2023
						(in millions)
Beginning balance						$	(64.2)					$	(57.3)					$	(62.8)					$	(62.5)
Change in fair value (1)						(0.4)						(1.6)						(1.8)						3.6
Ending balance						$	(64.6)					$	(58.9)					$	(64.6)					$	(58.9)

(1)Unrealized (losses) gains attributable to changes in the fair value of junior subordinated debt are recorded in OCI, net of tax, and totaled $(0.3) million and $(1.2) million for three months ended September 30, 2024 and 2023, respectively, and $(1.3) million and $2.7 million for the nine months ended September 30, 2024 and 2023, respectively.

The significant unobservable inputs used in the fair value measurements of these Level 3 liabilities were as follows:

September 30, 2024

Valuation Technique

Significant Unobservable Inputs

Input Value

(in millions)

Junior subordinated debt

$

65

Discounted cash flow

Implied credit rating of the Company

7.75

%

 

December 31, 2023

Valuation Technique

Significant Unobservable Inputs

Input Value

(in millions)

Junior subordinated debt

$

63

Discounted cash flow

Implied credit rating of the Company

8.92

%

The significant unobservable inputs used in the fair value measurement of the Company’s junior subordinated debt as of September 30, 2024 and December 31, 2023 was the implied credit risk for the Company. As of September 30, 2024 and

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December 31, 2023, the implied credit risk spread was calculated as the difference between the average of the 10 and 15-year 'BB' rated financial indexes over the corresponding swap indexes.

As of September 30, 2024, the Company estimates the discount rate at 7.75%, which represents an implied credit spread of 3.16% plus three-month SOFR (4.59%). As of December 31, 2023, the Company estimated the discount rate at 8.92%, which was a 3.59% credit spread plus three-month SOFR (5.33%).

The change in Level 3 assets and liabilities measured at fair value on a recurring basis included in income was as follows:

												Three Months Ended September 30, 2024																		Nine Months Ended September 30, 2024
												MSRs						IRLCs (1)												MSRs						IRLCs (1)
												(in millions)
Balance, beginning of period												$	1,145					$	8											$	1,124					$	18
Purchases and additions												223						5,387												626						14,024
Sales and payments												(258)						—												(655)						—
Settlement of IRLCs upon acquisition or origination of loans HFS												—						(5,395)												—						(14,042)
Change in fair value												(62)						10												30						10
Realization of cash flows												(37)						—												(114)						—
Balance, end of period												$	1,011					$	10											$	1,011					$	10
Changes in unrealized gains for the period (2)												$	(61)					$	10											$	(25)					$	10

												Three Months Ended September 30, 2023																		Nine Months Ended September 30, 2023
												MSRs						IRLCs (1)												MSRs						IRLCs (1)
												(in millions)
Balance, beginning of period												$	1,007					$	2											$	1,148					$	2
Purchases and additions												266						4,616												653						11,772
Sales and payments												(112)						—												(611)						—
Settlement of IRLCs upon acquisition or origination of loans HFS												—						(4,619)												—						(11,773)
Change in fair value												98						(2)												114						(4)
Mark to market adjustments												—						—												4						—
Realization of cash flows												(26)						—												(75)						—
Balance, end of period												$	1,233					$	(3)											$	1,233					$	(3)
Changes in unrealized gains for the period (2)												$	97					$	(3)											$	128					$	(3)

(1)     IRLC asset and liability positions are presented net.

(2)    Amounts recognized as part of non-interest income.

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The significant unobservable inputs used in the fair value measurements of these Level 3 assets and liabilities were as follows:

												September 30, 2024
Asset/liability						Key inputs						Range						Weighted average
MSRs:						Option adjusted spread (in basis points)						37 - 337						267
						Conditional prepayment rate (1)						9.1% - 24.7%						18.1		%
						Recapture rate						20.0% - 20.0%						20.0		%
						Servicing fee rate (in basis points)						25.0 - 56.5						36.2
						Cost to service						$75 - $95						$	83
IRLCs:						Servicing fee multiple						2.8 - 6.6						4.2
						Pull-through rate						69% - 100%						83		%

												December 31, 2023
Asset/liability						Key inputs						Range						Weighted average
MSRs:						Option adjusted spread (in basis points)						29 - 253						213
						Conditional prepayment rate (1)						9.5% - 23.9%						17.4		%
						Recapture rate						20.0% - 20.0%						20.0		%
						Servicing fee rate (in basis points)						25.0 - 56.5						35.6
						Cost to service						$93 - $100						$	95
IRLCs:						Servicing fee multiple						3.2 - 5.4						4.3
						Pull-through rate						68% - 100%						89		%

(1)    Lifetime total prepayment speed annualized.

The following is a summary of the difference between the aggregate fair value and the aggregate UPB of loans HFS for which the FVO has been elected:

						September 30, 2024																		December 31, 2023
						Fair value						UPB						Difference						Fair value						UPB						Difference
						(in millions)
Loans HFS:
Current through 89 days delinquent						$	2,292					$	2,210					$	82					$	1,379					$	1,319					$	60
90 days or more delinquent						—						—						—						1						2						(1)
Total						$	2,292					$	2,210					$	82					$	1,380					$	1,321					$	59

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Fair value on a nonrecurring basis

Certain assets are measured at fair value on a nonrecurring basis. That is, the assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of credit deterioration). The following table presents such assets carried on the Consolidated Balance Sheet by caption and by level within the ASC 825 hierarchy:

						Fair Value Measurements at the End of the Reporting Period Using
						Total						Quoted Prices in Active Markets for Identical Assets (Level 1)						Active Markets for Similar Assets (Level 2)						Unobservable Inputs (Level 3)
						(in millions)
As of September 30, 2024:
Loans HFI						$	481					$	—					$	—					$	481
Other assets acquired through foreclosure						8						—						—						8
As of December 31, 2023:
Loans HFI						$	379					$	—					$	—					$	379
Other assets acquired through foreclosure						8						—						—						8

For Level 3 assets measured at fair value on a nonrecurring basis as of period end, the significant unobservable inputs used in the fair value measurements were as follows:

September 30, 2024

Valuation Technique(s)

Significant Unobservable Inputs

Range

(in millions)

Loans HFI

$

481

Collateral method

Third party appraisal

Costs to sell

6.0% to 10.0%

Discounted cash flow method

Discount rate

Contractual loan rate

3.0% to 8.0%

Scheduled cash collections

Probability of default

0% to 20.0%

Proceeds from non-real estate collateral

Loss given default

0% to 70.0%

Other assets acquired through foreclosure

8

Collateral method

Third party appraisal

Costs to sell

4.0% to 10.0%

December 31, 2023

Valuation Technique(s)

Significant Unobservable Inputs

Range

(in millions)

Loans HFI

$

379

Collateral method

Third party appraisal

Costs to sell

6.0% to 10.0%

Discounted cash flow method

Discount rate

Contractual loan rate

3.0% to 8.0%

Scheduled cash collections

Probability of default

0% to 20.0%

Proceeds from non-real estate collateral

Loss given default

0% to 70.0%

Other assets acquired through foreclosure

8

Collateral method

Third party appraisal

Costs to sell

4.0% to 10.0%

Loans HFI: Loans measured at fair value on a nonrecurring basis include collateral dependent loans. The specific reserves for these loans are based on collateral value, net of estimated disposition costs and other identified quantitative inputs. Collateral value is determined based on independent third-party appraisals or internally-developed discounted cash flow analyses. Appraisals may utilize a single valuation approach or a combination of approaches, including comparable sales and the income approach. Fair value is determined, where possible, using market prices derived from an appraisal or evaluation, which are considered to be Level 2. However, certain assumptions and unobservable inputs are often used by the appraiser, therefore qualifying the assets as Level 3 in the fair value hierarchy. In addition, when adjustments are made to an appraised value to reflect various factors such as the age of the appraisal or known changes in the market or the collateral, such valuation inputs are considered unobservable and the fair value measurement is categorized as a Level 3 measurement. Internal discounted cash flow analyses are also utilized to estimate the fair value of these loans, which considers internally-developed, unobservable inputs such as discount rates, default rates, and loss severity.

Total Level 3 collateral dependent loans had an estimated fair value of $481 million and $379 million at September 30, 2024 and December 31, 2023, respectively, net of a specific ACL of $9 million and $10 million at September 30, 2024 and December 31, 2023, respectively.

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Other assets acquired through foreclosure: Other assets acquired through foreclosure consist of properties acquired as a result of, or in-lieu-of, foreclosure. These assets are initially reported at the fair value determined by independent appraisals using appraised value less estimated cost to sell. Such properties are generally re-appraised every 12 months. Costs relating to the development or improvement of the assets are capitalized and costs relating to holding the assets are charged to expense.

Fair value is determined, where possible, using market prices derived from an appraisal or evaluation, which are considered to be Level 2. However, certain assumptions and unobservable inputs are often used by the appraiser, therefore qualifying the assets as Level 3 in the fair value hierarchy. When significant adjustments are based on unobservable inputs, such as when a current appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the resulting fair value measurement has been categorized as a Level 3 measurement. The Company had $8 million of such assets at September 30, 2024 and December 31, 2023.

Fair Value of Financial Instruments

The estimated fair value of the Company’s financial instruments is as follows:

						September 30, 2024
						Carrying Amount						Fair Value
												Level 1						Level 2						Level 3						Total
						(in millions)
Financial assets:
Investment securities:
HTM						$	1,525					$	—					$	1,371					$	—					$	1,371
AFS						14,750						5,602						9,148						—						14,750
Equity						117						117						—						—						117
Derivative assets (1)						97						—						63						34						97
Loans HFS						2,327						—						2,303						23						2,326
Loans HFI, net						52,989						—						—						51,739						51,739
Mortgage servicing rights						1,011						—						—						1,011						1,011
Accrued interest receivable						367						—						367						—						367
Financial liabilities:
Deposits						$	68,040					$	—					$	68,099					$	—					$	68,099
Other borrowings						2,995						—						2,966						—						2,966
Qualifying debt						898						—						773						78						851
Derivative liabilities (1)						120						—						118						2						120
Accrued interest payable						167						—						167						—						167

(1)    Derivative assets and liabilities exclude margin of $280 million and $(4) million, respectively.

						December 31, 2023
						Carrying Amount						Fair Value
												Level 1						Level 2						Level 3						Total
						(in millions)
Financial assets:
Investment securities:
HTM						$	1,429					$	—					$	1,251					$	—					$	1,251
AFS						11,165						4,881						6,284						—						11,165
Equity securities						126						126						—						—						126
Derivative assets (1)						84						—						66						22						88
Loans HFS						1,402						—						1,379						23						1,402
Loans HFI, net						49,960						—						—						46,877						46,877
Mortgage servicing rights						1,124						—						—						1,124						1,124
Accrued interest receivable						370						—						370						—						370
Financial liabilities:
Deposits						$	55,333					$	—					$	55,379					$	—					$	55,379
Other borrowings						7,230						—						7,192						—						7,192
Qualifying debt						895						—						734						76						810
Derivative liabilities (1)						100						—						100						—						100
Accrued interest payable						151						—						151						—						151

(1)    Derivative assets and liabilities exclude margin of $202 million and $(9) million, respectively.

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Interest rate risk

The Company assumes interest rate risk (the risk to the Company’s earnings and capital from changes in interest rate levels) as a result of its normal operations. As a result, the fair values of the Company’s financial instruments, as well as its future net interest income, will change when interest rate levels change and that change may be either favorable or unfavorable to the Company.

Interest rate risk exposure is measured using interest rate sensitivity analysis to determine the Company's change in EVE and net interest income resulting from hypothetical changes in interest rates. If potential changes to EVE and earnings resulting from hypothetical interest rate changes are not within the limits established by the BOD, the BOD may direct management to adjust the asset and liability mix to bring interest rate risk within BOD-approved limits.

WAB has an ALCO charged with managing interest rate risk within the BOD-approved limits. Limits are structured to preclude an interest rate risk profile which does not conform to both management and BOD risk tolerances without BOD and ALCO approval. Interest rate risk is also evaluated at the Parent level, which is reported to the BOD and its Finance and Investment Committee.

Fair value of commitments

The estimated fair value of letters of credit outstanding at September 30, 2024 and December 31, 2023 approximates zero as there have been no significant changes in borrower creditworthiness. Loan commitments on which the committed interest rates are less than the current market rate are insignificant at September 30, 2024 and December 31, 2023.

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16. SEGMENTS

The Company's reportable segments are aggregated with a focus on products and services offered and consist of three reportable segments:

•Commercial: provides commercial banking and treasury management products and services to small and middle-market businesses, specialized banking services to sophisticated commercial institutions and investors within niche industries, as well as financial services to the real estate industry.

•Consumer Related: offers both commercial banking services to enterprises in consumer-related sectors and consumer banking services, such as residential mortgage banking.

•Corporate & Other: consists of the Company's investment portfolio, Corporate borrowings and other related items, income and expense items not allocated to other reportable segments, and inter-segment eliminations.

The Company's segment reporting process begins with the assignment of all loan and deposit accounts directly to the segments where these products are originated and/or serviced. Equity capital is assigned to each segment based on the risk profile of their assets and liabilities. With the exception of goodwill, which is assigned a 100% weighting, equity capital allocations ranged from 0% to 20% during the period. Any excess or deficient equity not allocated to segments based on risk is assigned to the Corporate & Other segment.

Net interest income, provision for credit losses, and non-interest expense amounts are recorded in their respective segments to the extent the amounts are directly attributable to those segments. Net interest income is recorded in each segment on a TEB with a corresponding increase in income tax expense, which is eliminated in the Corporate & Other segment.

Further, net interest income of a reportable segment includes a funds transfer pricing process that matches assets and liabilities with similar interest rate sensitivity and maturity characteristics. Using this funds transfer pricing methodology, liquidity is transferred between users and providers. A net user of funds has lending/investing in excess of deposits/borrowings and a net provider of funds has deposits/borrowings in excess of lending/investing. A segment that is a user of funds is charged for the use of funds, while a provider of funds is credited through funds transfer pricing, which is determined based on the average estimated life of the assets or liabilities in the portfolio. Residual funds transfer pricing mismatches are allocable to the Corporate & Other segment and presented in net interest income.

The net income amount for each reportable segment is further derived by the use of expense allocations. Certain expenses not directly attributable to a specific segment are allocated across all segments based on key metrics, such as number of employees, number of transactions processed for loans and deposits, and average loan and deposit balances. These types of expenses include information technology, operations, human resources, finance, risk management, credit administration, legal, and marketing.

Income taxes are applied to each segment based on estimated effective tax rates. Any difference in the corporate tax rate and the aggregate effective tax rates in the segments are adjusted in the Corporate & Other segment.

The assignment and allocation methodologies used in the segment reporting process discussed above change from time to time as systems are enhanced, methods for evaluating segment performance or product lines change or as business segments are realigned.

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The following is a summary of operating segment information for the periods indicated:

Balance Sheet:						Consolidated Company						Commercial						Consumer Related						Corporate & Other
At September 30, 2024:						(in millions)
Assets:
Cash, cash equivalents, and investment securities						$	18,974					$	15					$	—					$	18,959
Loans HFS						2,327						—						2,327						—
Loans HFI, net of deferred fees and costs						53,346						31,518						21,828						—
Less: allowance for credit losses						(357)						(298)						(59)						—
Net loans HFI						52,989						31,220						21,769						—
Goodwill and other intangible assets, net						661						291						370						—
Other assets						5,129						398						1,814						2,917
Total assets						$	80,080					$	31,924					$	26,280					$	21,876
Liabilities:
Deposits						$	68,040					$	24,335					$	37,183					$	6,522
Borrowings and qualifying debt						3,893						5						62						3,826
Other liabilities						1,470						87						525						858
Total liabilities						73,403						24,427						37,770						11,206
Allocated equity:						6,677						2,734						1,844						2,099
Total liabilities and stockholders' equity						$	80,080					$	27,161					$	39,614					$	13,305
Excess funds provided (used)						$	—					$	(4,763)					$	13,334					$	(8,571)
Income Statement:
Three Months Ended September 30, 2024:						(in millions)
Net interest income (expense)						$	696.9					$	286.2					$	433.6					$	(22.9)
Provision for credit losses						33.6						27.7						5.4						0.5
Net interest income (expense) after provision for credit losses						663.3						258.5						428.2						(23.4)
Non-interest income						126.2						31.3						64.0						30.9
Non-interest expense						537.4						150.5						378.7						8.2
Income (loss) before provision for income taxes						252.1						139.3						113.5						(0.7)
Income tax expense						52.3						28.8						19.0						4.5
Net income (loss)						$	199.8					$	110.5					$	94.5					$	(5.2)
Nine Months Ended September 30, 2024:						(in millions)
Net interest income						$	1,952.4					$	867.3					$	1,065.2					$	19.9
Provision for credit losses						85.9						79.1						6.0						0.8
Net interest income after provision for credit losses						1,866.5						788.2						1,059.2						19.1
Non-interest income						371.3						80.5						249.6						41.2
Non-interest expense						1,506.0						457.3						1,005.7						43.0
Income before provision for income taxes						731.8						411.4						303.1						17.3
Income tax expense						161.0						90.5						62.3						8.2
Net income						$	570.8					$	320.9					$	240.8					$	9.1

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Balance Sheet:						Consolidated Company						Commercial						Consumer Related						Corporate
At December 31, 2023:						(in millions)
Assets:
Cash, cash equivalents, and investment securities						$	14,288					$	13					$	125					$	14,150
Loans held for sale						1,402						—						1,402						—
Loans, net of deferred fees and costs						50,297						29,136						21,161						—
Less: allowance for credit losses						(337)						(284)						(53)						—
Total loans						49,960						28,852						21,108						—
Goodwill and other intangible assets, net						669						292						377						—
Other assets						4,543						398						1,826						2,319
Total assets						$	70,862					$	29,555					$	24,838					$	16,469
Liabilities:
Deposits						$	55,333					$	23,897					$	24,925					$	6,511
Borrowings and qualifying debt						8,125						7						402						7,716
Other liabilities						1,326						109						338						879
Total liabilities						64,784						24,013						25,665						15,106
Allocated equity:						6,078						2,555						1,790						1,733
Total liabilities and stockholders' equity						$	70,862					$	26,568					$	27,455					$	16,839
Excess funds provided (used)						$	—					$	(2,987)					$	2,617					$	370
Income Statements:
Three Months Ended September 30, 2023:						(in millions)
Net interest income						$	587.0					$	331.5					$	243.8					$	11.7
Provision for (recovery of) credit losses						12.1						14.1						(3.0)						1.0
Net interest income after provision for credit losses						574.9						317.4						246.8						10.7
Non-interest income						129.2						25.9						89.4						13.9
Non-interest expense						426.2						147.2						267.3						11.7
Income before provision for income taxes						277.9						196.1						68.9						12.9
Income tax expense (benefit)						61.3						64.9						28.8						(32.4)
Net income						$	216.6					$	131.2					$	40.1					$	45.3
Nine Months Ended September 30, 2023:						(in millions)
Net interest income						$	1,747.2					$	1,077.5					$	647.8					$	21.9
Provision for credit losses						53.3						29.7						0.4						23.2
Net interest income (expense) after provision for credit losses						1,693.9						1,047.8						647.4						(1.3)
Non-interest income						190.2						(40.1)						226.6						3.7
Non-interest expense						1,161.5						430.9						691.6						39.0
Income (loss) before provision for income taxes						722.6						576.8						182.4						(36.6)
Income tax expense (benefit)						148.1						125.1						39.4						(16.4)
Net income (loss)						$	574.5					$	451.7					$	143.0					$	(20.2)

17. REVENUE FROM CONTRACTS WITH CUSTOMERS

Revenue streams within the scope of ASC 606 include service charges and fees, interchange fees on credit and debit cards, success fees, and legal settlement service fees. These revenues totaled $15.2 million and $29.6 million for the three months ended September 30, 2024 and 2023, respectively, and $45.9 million and $67.9 million for the nine months ended September 30, 2024 and 2023, respectively. The Company had no material unsatisfied performance obligations as of September 30, 2024 or December 31, 2023.

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Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations.

This discussion is designed to provide insight into management's assessment of significant trends related to the Company's consolidated financial condition, results of operations, liquidity, capital resources, and interest rate sensitivity. This Quarterly Report on Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2023 and the interim Unaudited Consolidated Financial Statements and Notes to Unaudited Consolidated Financial Statements hereto and financial information appearing elsewhere in this report. Unless the context requires otherwise, the terms "Company," "we," and "our" refer to Western Alliance Bancorporation and its wholly-owned subsidiaries on a consolidated basis.

Forward-Looking Information

Certain statements contained in this Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including without limitation, statements regarding our expectations with respect to our business, financial and operating results, including our deposits, liquidity and funding, changes in economic conditions and the related impact on the Company's business, and statements that are related to or are dependent on estimates or assumptions relating to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts.

The forward-looking statements contained in this Form 10-Q reflect the Company's current views about future events and financial performance and involve certain risks, uncertainties, assumptions, and changes in circumstances that may cause the Company's actual results to differ significantly from historical results and those expressed in any forward-looking statement. Risks and uncertainties include those set forth in the Company's filings with the SEC and the following factors that could cause actual results to differ materially from those presented: 1) adverse financial market and economic conditions, including the effects of any recession in the United States, adverse developments in the financial services industry generally, such as the bank failures in 2023, and any related impact on depositor behavior, the potential impact on borrowers of supply chain disruptions and the economic and market impacts of the military conflicts in Ukraine and the Middle East; 2) changes in interest rates and increased rate competition; 3) exposure of financial instruments to certain market risks that may increase the volatility of earnings and AOCI; 4) the inherent risk associated with accounting estimates, including the impact to the allowance, provision for credit losses, and capital levels; 5) exposure to natural and man-made disasters in markets that we operate and the impact of climate change and ESG practices on us and our customers; 6) the potential adverse effects of unusual and infrequently occurring events, such as weather-related disasters, terrorist acts, geopolitical conflicts or public health events (such as the COVID-19 pandemic), and of governmental and societal responses thereto; 7) dependency on real estate and events that negatively impact the real estate market; 8) concentrations in certain business lines or product types within our loan portfolio; 9) residual risk retained by us on reference pools covered by credit linked notes; 10) exposure to environmental liabilities related to the properties to which we acquire title; 11) ability to compete in a highly competitive market; 12) expansion strategies through acquisitions or implementation of new lines of business or new products and services that may not be successful and supervisory actions by regulatory agencies which may limit our ability to pursue certain growth opportunities; 13) uncertainty associated with digital payment initiatives; 14) ability to recruit and retain qualified employees and implement adequate succession planning to mitigate the loss of key members of our senior management team; 15) ability to meet capital adequacy and liquidity requirements; 16) dependence on low-cost deposits; 17) risks related to representations and warranties made on third-party loan sales; 18) ability to borrow from the FHLB or the FRB; 19) a change in our creditworthiness; 20) information security breaches; 21) reliance on third parties to provide key components of our infrastructure; 22) perpetration of fraud; 23) ability to implement and improve our controls and processes to keep pace with growth; 24) the discontinuation of or substantial changes to interest rate benchmarks utilized in our lending, borrowing and hedging activities; 25) risk of operating in a highly regulated industry and our ability to remain in compliance; 26) ability to adapt to technological change; 27) failure to comply with state and federal banking agency laws and regulations; 28) results of any tax audit findings, challenges to our tax positions, or adverse changes or interpretations of tax laws; 29) risks related to ownership and price of our preferred and common stock; 30) ability to continue to declare quarterly dividends; 31) additional regulatory requirements resulting from our continued growth; 32) management's estimates and projections of interest rates and interest rate policies; and 33) the execution of our business plan.

For more information regarding risks that may cause the Company's actual results to differ materially from any forward-looking statements, see “Risk Factors” in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2023 and “Risk Factors” in Part II, Item 1A of this Form 10-Q. All forward-looking statements that are made or attributable to us are expressly qualified in their entirety by this cautionary notice. The forward-looking statements included herein are only

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made as of the date of this Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Recent Market and Banking Industry Developments

Market Developments

The Company's loan portfolio includes significant credit exposure to the CRE market, with CRE related loans comprising approximately 31% and 33% of total loans at September 30, 2024 and December 31, 2023, respectively. Approximately 16% of CRE loans, excluding construction and land loans, were owner occupied at September 30, 2024 and December 31, 2023, and approximately 5% were non-owner occupied office loans at September 30, 2024 and December 31, 2023. As elevated focus on the evolving industry dynamics facing the CRE market have emerged over the past year, the Company has been proactive in establishing enhanced monitoring policies and procedures as it relates to its CRE loans and has undertaken actions to limit growth of its CRE portfolio, as further discussed in “Item 1. Business, Lending Activities – Asset Quality” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. During the three and nine months ended September 30, 2024, the Company recognized gross charge-offs on CRE non-owner occupied loans totaling $21.7 million and $44.3 million, respectively, which primarily related to office properties. While the Company believes that its increased monitoring efforts to provide earlier identification of potential stressed loans and proactive engagement with borrowers has helped the Company assess its credit related exposure to this portfolio segment and establish adequate reserve levels, CRE market conditions may worsen, which could result in further deterioration of asset quality in this portfolio.

Banking Industry

In November 2023, the FDIC approved a final rule implementing a special assessment to recover losses to the Deposit Insurance Fund associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank. The assessment base is equal to an institution’s estimated uninsured deposits as of December 31, 2022, adjusted to exclude the first $5 billion of estimated uninsured deposits. The special assessment will be collected over an eight-quarter collection period, at a quarterly rate of 3.36 basis points, with the first quarterly assessment period beginning on January 1, 2024. The amount of the total special assessment is subject to adjustment and will not be finalized by the FDIC until after termination of the receiverships. The Company recognized a reduction to expense of $2.2 million during the three months ended September 30, 2024 and a net charge of $9.4 million during the nine months ended September 30, 2024 due to adjustments to the loss estimate.

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Financial Overview and Highlights

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 funds transfer and other digital payment offerings through its wholly-owned banking subsidiary, WAB.

WAB operates the following full-service banking divisions: ABA, BON and FIB, Bridge, and TPB. The Company also provides an array of specialized financial services across the country, including mortgage banking services through AmeriHome and digital payment services for the class action legal industry.

Financial Results Highlights for the Third Quarter of 2024

•Net income available to common stockholders of $196.6 million, compared to $213.4 million for the third quarter 2023

•Diluted earnings per share of $1.80, compared to $1.97 per share for the third quarter 2023

•Net revenue of $823.1 million, compared to $716.2 million for the third quarter 2023, with non-interest expense of $537.4 million, compared to $426.2 million for the third quarter 2023

•PPNR of $285.7 million, down 1.5% from $290.0 million in the third quarter 20231

•Total loans HFI of $53.3 billion, up $3.0 billion, or 6.1%, from December 31, 2023

•Total deposits of $68.0 billion, up $12.7 billion, or 23.0%, from December 31, 2023

•Stockholders' equity of $6.7 billion, an increase of $599 million from December 31, 2023

•Nonaccrual loans and repossessed assets increased to 0.45% of total assets compared to 0.40% at December 31, 2023

•Annualized net loan charge-offs to average loans outstanding of 0.20%, compared to 0.07% for the third quarter 2023

•Net interest margin of 3.61%, decreased from 3.67% in the third quarter 2023

•Tangible common equity ratio of 7.2%, a decrease compared to 7.3% at December 31, 20231

•Book value per common share of $57.97, an increase of 9.8% from $52.81 at December 31, 2023

•Tangible book value per share, net of tax, of $51.98, an increase of $5.26, or 11.3%, from $46.72 at December 31, 20231

•Efficiency ratio of 64.5% in the third quarter 2024, compared to 58.8% in the third quarter 20231

The impact to the Company from these items, and others of both a positive and negative nature, are discussed in more detail below as they pertain to the Company’s overall comparative performance for the three and nine months ended September 30, 2024.

1 See Non-GAAP Financial Measures section beginning on page 64.

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As a bank holding company, management focuses on key ratios in evaluating the Company's financial condition and results of operations.

Results of Operations and Financial Condition

A summary of the Company's results of operations, financial condition, and selected metrics are included in the following tables: 

						Three Months Ended September 30,												Nine Months Ended September 30,
						2024												2023						2024												2023
						(in millions, except per share amounts)
Net income						$	199.8											$	216.6					$	570.8											$	574.5
Net income available to common stockholders						196.6												213.4						561.2												564.9
Earnings per share - basic						1.81												1.97						5.17												5.22
Earnings per share - diluted						1.80												1.97						5.14												5.21
Return on average assets						0.96		%										1.24		%				0.98		%										1.09		%
Return on average equity						12.0												14.7						11.9												13.5
Return on average tangible common equity (1)						13.8												17.3						13.8												16.0
Net interest margin						3.61												3.67						3.61												3.62

(1) See Non-GAAP Financial Measures section beginning on page 64.

						September 30, 2024						December 31, 2023
						(in millions)
Total assets						$	80,080					$	70,862
Loans HFS						2,327						1,402
Loans HFI, net of deferred fees and costs						53,346						50,297
Investment securities, net of allowance for credit losses						16,382						12,712
Total deposits						68,040						55,333
Other borrowings						2,995						7,230
Qualifying debt						898						895
Stockholders' equity						6,677						6,078
Tangible common equity, net of tax (1)						5,723						5,116

(1) See Non-GAAP Financial Measures section beginning on page 64.

For all banks and bank holding companies, asset quality plays a significant role in the overall financial condition of the institution and results of operations. The Company measures asset quality in terms of nonaccrual loans as a percentage of gross loans and net charge-offs as a percentage of average loans. Net charge-offs are calculated as the difference between charged-off loans and recovery payments received on previously charged-off loans. The following table summarizes the Company's key asset quality metrics for loans HFI: 

						September 30, 2024						December 31, 2023
						(dollars in millions)
Nonaccrual loans						$	349					$	273
Repossessed assets						8						8
Non-performing assets						497						418
Nonaccrual loans to funded loans						0.65		%				0.54		%
Nonaccrual and repossessed assets to total assets						0.45						0.40
Allowance for loan losses to funded loans						0.67						0.67
Allowance for credit losses to funded loans						0.74						0.73
Net charge-offs to average loans outstanding (1)						0.20						0.06

(1)Annualized on an actual/actual basis for the three months ended September 30, 2024. Actual year-to-date for the year ended December 31, 2023.

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Asset and Deposit Growth

The Company’s assets and liabilities are comprised primarily of loans and deposits. Therefore, the ability to originate new loans and attract new deposits is fundamental to the Company’s growth.

Total assets increased to $80.1 billion at September 30, 2024 from $70.9 billion at December 31, 2023. The increase in total assets of $9.2 billion, or 13.0%, was primarily driven by an increase in deposits, which contributed to increases in investment securities and cash of $3.7 billion and $1.0 billion, respectively, and funded HFI loan growth of $3.0 billion. Loans HFI increased by $3.0 billion, or 6.1%, to $53.3 billion as of September 30, 2024, compared to $50.3 billion as of December 31, 2023. Commercial and industrial loans primarily drove the increase in loans HFI, increasing $3.4 billion from December 31, 2023, which was partially offset by decreases in residential real estate and construction and land development loans of $383 million and $162 million, respectively. In addition, loans HFS increased $925 million from $1.4 billion as of December 31, 2023 primarily due to an increase in agency-conforming and non-EBO loans.

Total deposits increased $12.7 billion, or 23.0%, to $68.0 billion as of September 30, 2024 from $55.3 billion as of December 31, 2023. By type, the increase in deposits from December 31, 2023 was driven by increases of $10.4 billion and $4.8 billion in non-interest bearing deposits and savings and money market accounts, respectively, partially offset by decreases of $2.1 billion and $452 million in interest bearing demand deposits and certificates of deposit, respectively.

RESULTS OF OPERATIONS

The following table sets forth a summary financial overview:

						Three Months Ended September 30,												Increase (Decrease)						Nine Months Ended September 30,												Increase (Decrease)
						2024						2023												2024						2023
						(in millions, except per share amounts)
Consolidated Income Statement Data:
Interest income						$	1,200.0					$	1,026.6					$	173.4					$	3,402.5					$	2,996.3					$	406.2
Interest expense						503.1						439.6						63.5						1,450.1						1,249.1						201.0
Net interest income						696.9						587.0						109.9						1,952.4						1,747.2						205.2
Provision for credit losses						33.6						12.1						21.5						85.9						53.3						32.6
Net interest income after provision for credit losses						663.3						574.9						88.4						1,866.5						1,693.9						172.6
Non-interest income						126.2						129.2						(3.0)						371.3						190.2						181.1
Non-interest expense						537.4						426.2						111.2						1,506.0						1,161.5						344.5
Income before provision for income taxes						252.1						277.9						(25.8)						731.8						722.6						9.2
Income tax expense						52.3						61.3						(9.0)						161.0						148.1						12.9
Net income						199.8						216.6						(16.8)						570.8						574.5						(3.7)
Dividends on preferred stock						3.2						3.2						—						9.6						9.6						—
Net income available to common stockholders						$	196.6					$	213.4					$	(16.8)					$	561.2					$	564.9					$	(3.7)
Earnings per share:
Basic						$	1.81					$	1.97					$	(0.16)					$	5.17					$	5.22					$	(0.05)
Diluted						1.80						1.97						(0.17)						5.14						5.21						(0.07)

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Non-GAAP Financial Measures

The following discussion and analysis contains financial information determined by methods other than those prescribed by GAAP. The Company's management uses these non-GAAP financial measures in their analysis of the Company's performance. Management believes presentation of these non-GAAP financial measures provides useful supplemental information that is essential to a complete understanding of the operating results of the Company. Since the presentation of these non-GAAP performance measures and their impact differ between companies, these non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Pre-Provision Net Revenue

Banking regulations define PPNR as the sum of net interest income and non-interest income less expenses before adjusting for loss provisions. Management believes that this is an important metric as it illustrates the underlying performance of the Company, it enables investors and others to assess the Company's ability to generate capital to cover credit losses through the credit cycle, and provides consistent reporting with a key metric used by bank regulatory agencies.

The following table shows the components used in the calculation of PPNR:

						Three Months Ended September 30,												Nine Months Ended September 30,
						2024						2023						2024						2023
						(in millions)
Net interest income						$	696.9					$	587.0					$	1,952.4					$	1,747.2
Total non-interest income						126.2						129.2						371.3						190.2
Net revenue						$	823.1					$	716.2					$	2,323.7					$	1,937.4
Total non-interest expense						537.4						426.2						1,506.0						1,161.5
Pre-provision net revenue						$	285.7					$	290.0					$	817.7					$	775.9
Less:
Provision for credit losses						33.6						12.1						85.9						53.3
Income tax expense						52.3						61.3						161.0						148.1
Net income						$	199.8					$	216.6					$	570.8					$	574.5

Pre-Provision Net Revenue, Excluding FDIC Special Assessment

The following table shows PPNR for the three and nine months ended September 30, 2024, adjusted to exclude the FDIC special assessment, which management believes is more comparable to historical earnings trends:

			Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
			(in millions)
Pre-provision net revenue			$	285.7					$	817.7
FDIC special assessment			(2.2)						9.4
Pre-provision net revenue, excluding FDIC special assessment			$	283.5					$	827.1
Less:
Provision for credit losses			33.6						85.9
Income tax expense			52.3						161.0
FDIC special assessment			(2.2)						9.4
Net income			$	199.8					$	570.8

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Efficiency Ratio

The following table shows the components used in the calculation of the efficiency ratio, which management uses as a metric for assessing cost efficiency:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(dollars in millions)
Total non-interest expense			$	537.4					$	426.2					$	1,506.0					$	1,161.5
Less: Deposit costs			208.0						127.8						518.7						305.7
Total non-interest expense, excluding deposit costs			329.4						298.4						987.3						855.8
Divided by:
Total net interest income			696.9						587.0						1,952.4						1,747.2
Plus:
Tax equivalent interest adjustment			10.0						8.9						29.5						26.4
Total non-interest income			126.2						129.2						371.3						190.2
Less: Deposit costs			208.0						127.8						518.7						305.7
			$	625.1					$	597.3					$	1,834.5					$	1,658.1
Efficiency ratio - tax equivalent basis			64.5		%				58.8		%				64.0		%				59.1		%
Efficiency ratio - tax equivalent basis, adjusted			52.7						50.0						53.8						51.6

Tangible Common Equity and Return on Average Tangible Common Equity

The following tables present financial measures related to tangible common equity. Tangible common equity represents total stockholders' equity reduced by goodwill and intangible assets and preferred stock. Management believes that tangible common equity financial measures are useful in evaluating the Company's capital strength, financial condition, and ability to manage potential losses.

			September 30, 2024						December 31, 2023
			(dollars and shares in millions)
Total stockholders' equity			$	6,677					$	6,078
Less:
Goodwill and intangible assets			661						669
Preferred stock			295						295
Total tangible common stockholders' equity			5,721						5,114
Plus: deferred tax - attributed to intangible assets			2						2
Total tangible common equity, net of tax			$	5,723					$	5,116
Total assets			$	80,080					$	70,862
Less: goodwill and intangible assets, net			661						669
Tangible assets			79,419						70,193
Plus: deferred tax - attributed to intangible assets			2						2
Total tangible assets, net of tax			$	79,421					$	70,195
Tangible common equity ratio			7.2		%				7.3		%
Common shares outstanding			110.1						109.5
Book value per common share			$	57.97					$	52.81
Tangible book value per common share, net of tax			51.98						46.72

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			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(dollars in millions)
Net income available to common stockholders			$	196.6					$	213.4					$	561.2					$	564.9
Divided by:
Average stockholders' equity			$	6,632					$	5,854					$	6,384					$	5,699
Less:
Average goodwill and intangible assets			663						673						665						676
Average preferred stock			295						295						295						295
Average tangible common equity			$	5,674					$	4,886					$	5,424					$	4,728
Return on average tangible common equity			13.8		%				17.3		%				13.8		%				16.0		%

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Regulatory Capital

The following table presents certain financial measures related to regulatory capital under Basel III, which includes CET1 and total capital. The FRB and other banking regulators use CET1 and total capital as a basis for assessing a bank's capital adequacy; therefore, management believes it is useful to assess financial condition and capital adequacy using this same basis. Specifically, the total capital ratio takes into consideration the risk levels of assets and off-balance sheet financial instruments. In addition, management believes that the classified assets to CET1 plus allowance measure is an important regulatory metric for assessing asset quality.

As permitted by the regulatory capital rules, the Company elected the CECL transition option that delayed the estimated impact on regulatory capital resulting from the adoption of CECL over a five-year transition period ending December 31, 2024. Accordingly, capital ratios and amounts for 2024 include a 25% capital benefit that resulted from the increased ACL related to the adoption of ASC 326, compared to a 50% capital benefit for 2023.

			September 30, 2024						December 31, 2023
			(dollars in millions)
Common equity tier 1:
Common equity			$	6,395					$	5,807
Less:
Non-qualifying goodwill and intangibles			647						658
Disallowed deferred tax asset			3						3
AOCI related adjustments			(382)						(516)
Unrealized gain on changes in fair value liabilities			1						3
Common equity tier 1			$	6,126					$	5,659
Divided by: Risk-weighted assets			$	54,785					$	52,517
Common equity tier 1 ratio			11.2		%				10.8		%
Common equity tier 1			$	6,126					$	5,659
Plus: Preferred stock and trust preferred securities			375						376
Tier 1 capital			$	6,501					$	6,035
Divided by: Tangible average assets			$	83,044					$	70,295
Tier 1 leverage ratio			7.8		%				8.6		%
Total capital:
Tier 1 capital			$	6,501					$	6,035
Plus:
Subordinated debt			819						818
Adjusted allowances for credit losses			390						348
Tier 2 capital			$	1,209					$	1,166
Total capital			$	7,710					$	7,201
Total capital ratio			14.1		%				13.7		%
Classified assets to tier 1 capital plus allowance:
Classified assets			$	838					$	673
Divided by: Tier 1 capital			6,501						6,035
Plus: Adjusted allowances for credit losses			390						348
Total Tier 1 capital plus adjusted allowances for credit losses			$	6,891					$	6,383
Classified assets to tier 1 capital plus allowance			12.2		%				10.5		%

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Net Interest Margin

The net interest margin is reported on a TEB. A tax equivalent adjustment is added to reflect interest earned on certain securities and loans that are exempt from federal and state income tax. The following tables set forth the average balances, interest income, interest expense, and average yield (on a fully TEB) for the periods indicated:

						Three Months Ended September 30,
						2024																		2023
						Average Balance						Interest						Average Yield / Cost						Average Balance						Interest						Average Yield / Cost
						(dollars in millions)
Interest earning assets
Loans HFS						$	4,288					$	66.9					6.21		%				$	3,069					$	47.3					6.11		%
Loans HFI:
Commercial and industrial						21,982						392.0						7.15						16,855						324.3						7.70
CRE - non-owner-occupied						9,689						190.4						7.83						9,950						196.1						7.83
CRE - owner-occupied						1,833						28.2						6.23						1,790						26.4						5.97
Construction and land development						4,757						110.7						9.26						4,545						110.3						9.63
Residential real estate						14,441						156.1						4.30						14,914						155.0						4.12
Consumer						53						1.0						7.15						73						1.4						7.43
Total loans HFI (1), (2), (3)						52,755						878.4						6.65						48,127						813.5						6.73
Investment securities:
Taxable						14,321						173.4						4.82						8,272						101.1						4.85
Tax-exempt						2,225						23.7						5.33						2,103						21.7						5.12
Total investment securities (1)						16,546						197.1						4.89						10,375						122.8						4.91
Cash and other						4,206						57.6						5.44						2,911						43.0						5.87
Total interest earning assets						77,795						1,200.0						6.19						64,482						1,026.6						6.37
Non-interest earning assets
Cash and due from banks						278																		279
Allowance for credit losses						(366)																		(334)
Bank owned life insurance						973																		184
Other assets						4,409																		4,513
Total assets						$	83,089																	$	69,124
Interest bearing liabilities
Interest bearing deposits:
Interest bearing demand accounts						$	16,456					$	126.2					3.05		%				$	12,947					$	98.9					3.03		%
Savings and money market accounts						18,092						166.3						3.66						13,832						106.3						3.05
Certificates of deposit						10,134						129.6						5.09						9,125						111.0						4.83
Total interest bearing deposits						44,682						422.1						3.76						35,904						316.2						3.49
Short-term borrowings						4,214						57.8						5.46						6,260						97.2						6.16
Long-term debt						569						13.7						9.57						764						16.7						8.68
Qualifying debt						897						9.5						4.23						888						9.5						4.26
Total interest bearing liabilities						50,362						503.1						3.97						43,816						439.6						3.98
Interest cost of funding earning assets																		2.58																		2.70
Non-interest bearing liabilities
Non-interest bearing deposits						24,638																		18,402
Other liabilities						1,457																		1,052
Stockholders’ equity						6,632																		5,854
Total liabilities and stockholders' equity						$	83,089																	$	69,124
Net interest income and margin (4)												$	696.9					3.61		%										$	587.0					3.67		%

(1)Yields on loans and securities have been adjusted to a TEB. The taxable-equivalent adjustment was $10.0 million and $8.9 million for the three months ended September 30, 2024 and 2023, respectively.

(2)Included in the yield computation are net loan fees of $21.7 million and $28.0 million for the three months ended September 30, 2024 and 2023, respectively.

(3)Includes non-accrual loans.

(4)Net interest margin is computed by dividing net interest income by total average earning assets, annualized on an actual/actual basis.

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						Nine Months Ended September 30,
						2024																		2023
						Average Balance						Interest						Average Yield / Cost						Average Balance						Interest						Average Yield / Cost
						(dollars in millions)
Interest earning assets
Loans HFS						$	3,192					$	149.1					6.24		%				$	3,858					$	183.8					6.37		%
Loans HFI:
Commercial and industrial						20,220						1,107.8						7.38						17,669						994.7						7.59
CRE - non-owner occupied						9,613						560.6						7.80						9,743						546.2						7.50
CRE - owner occupied						1,835						83.5						6.18						1,805						76.2						5.76
Construction and land development						4,806						340.0						9.45						4,399						307.1						9.34
Residential real estate						14,565						470.0						4.31						15,250						438.8						3.85
Consumer						54						2.9						7.14						73						3.9						7.14
Total loans HFI (1), (2), (3)						51,093						2,564.8						6.74						48,939						2,366.9						6.49
Investment securities:
Taxable						13,027						461.0						4.73						7,609						267.7						4.70
Tax-exempt						2,217						70.6						5.34						2,094						63.6						5.08
Total investment securities (1)						15,244						531.6						4.82						9,703						331.3						4.79
Cash and other						3,716						157.0						5.64						2,941						114.3						5.20
Total interest earning assets						73,245						3,402.5						6.26						65,441						2,996.3						6.18
Non-interest earning assets
Cash and due from banks						285																		268
Allowance for credit losses						(355)																		(321)
Bank owned life insurance						451																		183
Other assets						4,501																		4,600
Total assets						$	78,127																	$	70,171
Interest bearing liabilities
Interest bearing deposits:
Interest bearing demand accounts						$	16,693					$	379.4					3.04		%				$	11,800					$	247.4					2.80		%
Savings and money market accounts						16,644						442.4						3.55						15,006						308.9						2.75
Certificates of deposit						10,230						391.2						5.11						7,437						242.6						4.36
Total interest bearing deposits						43,567						1,213.0						3.72						34,243						798.9						3.12
Short-term borrowings						4,032						170.4						5.65						8,578						355.2						5.54
Long-term debt						483						38.1						10.51						953						66.7						9.36
Qualifying debt						896						28.6						4.26						892						28.3						4.24
Total interest bearing liabilities						48,978						1,450.1						3.95						44,666						1,249.1						3.74
Interest cost of funding earning assets																		2.65																		2.56
Non-interest bearing liabilities
Non-interest bearing deposits						21,284																		18,534
Other liabilities						1,481																		1,272
Stockholders’ equity						6,384																		5,699
Total liabilities and stockholders' equity						$	78,127																	$	70,171
Net interest income and margin (4)												$	1,952.4					3.61		%										$	1,747.2					3.62		%

(1)Yields on loans and securities have been adjusted to a TEB. The taxable-equivalent adjustment was $29.5 million and $26.4 million for the nine months ended September 30, 2024 and 2023, respectively.

(2)Included in the yield computation are net loan fees of $86.9 million and $100.4 million for the nine months ended September 30, 2024 and 2023, respectively.

(3)Includes non-accrual loans.

(4)Net interest margin is computed by dividing net interest income by total average earning assets, annualized on an actual/actual basis.

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						Three Months Ended September 30,																		Nine Months Ended September 30,
						2024 versus 2023																		2024 versus 2023
						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 HFS						$	19.0					$	0.6					$	19.6					$	(31.1)					$	(3.6)					$	(34.7)
Loans HFI:
Commercial and industrial						91.4						(23.7)						67.7						139.7						(26.6)						113.1
CRE - non-owner occupied						(5.1)						(0.6)						(5.7)						(7.6)						22.0						14.4
CRE - owner-occupied						0.7						1.1						1.8						1.4						5.9						7.3
Construction and land development						4.9						(4.5)						0.4						28.8						4.1						32.9
Residential real estate						(5.1)						6.2						1.1						(22.1)						53.3						31.2
Consumer						(0.4)						—						(0.4)						(1.0)						—						(1.0)
Total loans HFI						86.4						(21.5)						64.9						139.2						58.7						197.9
Investment securities:
Taxable						73.2						(0.9)						72.3						191.7						1.6						193.3
Tax-exempt						1.3						0.7						2.0						3.9						3.1						7.0
Total investment securities						74.5						(0.2)						74.3						195.6						4.7						200.3
Cash and other						17.7						(3.1)						14.6						32.7						10.0						42.7
Total interest income						197.6						(24.2)						173.4						336.4						69.8						406.2
Interest expense:
Interest bearing demand accounts						26.9						0.4						27.3						111.2						20.8						132.0
Savings and money market accounts						39.2						20.8						60.0						43.5						90.0						133.5
Certificates of deposit						12.9						5.7						18.6						106.8						41.8						148.6
Total deposits						79.0						26.9						105.9						261.5						152.6						414.1
Short-term borrowings						(28.1)						(11.3)						(39.4)						(192.1)						7.3						(184.8)
Long-term debt						(4.7)						1.7						(3.0)						(37.1)						8.5						(28.6)
Qualifying debt						0.1						(0.1)						—						0.1						0.2						0.3
Total interest expense						46.3						17.2						63.5						32.4						168.6						201.0
Net change						$	151.3					$	(41.4)					$	109.9					$	304.0					$	(98.8)					$	205.2

(1)    Changes attributable to both volume and rate are designated as volume changes.

Comparison of interest income, interest expense and net interest margin

The Company's primary source of revenue is interest income. For the three months ended September 30, 2024, interest income was $1.2 billion, an increase of $173.4 million, or 16.9%, compared to $1.0 billion for the three months ended September 30, 2023. This increase was primarily the result of a $74.3 million increase in interest income from investment securities resulting from an increase in the average investment balance of $6.2 billion and a $64.9 million increase in interest income from loans HFI that was driven by higher average HFI loan balances of $4.6 billion. Higher average balances for loans HFS and cash and other also contributed $19.6 million and $14.6 million, respectively, to the increase in interest income.

For the nine months ended September 30, 2024, interest income was $3.4 billion, an increase of $406.2 million, or 13.6%, compared to $3.0 billion for the nine months ended September 30, 2023. This increase was primarily the result of a $200.3 million increase in investment income from investment securities due primarily to an increase in the average investment balance of $5.5 billion and a $197.9 million increase in interest income from loans HFI driven by a $2.2 billion increase in the average HFI loan balance coupled with higher yields. These increases were offset in part by a decrease in interest income from loans HFS of $34.7 million driven by a lower average HFS loan balance of $665.5 million.

For the three months ended September 30, 2024, interest expense was $503.1 million, an increase of $63.5 million, or 14.4%, compared to $439.6 million for the three months ended September 30, 2023. The increase in interest expense was due to an increase in interest expense on deposits of $105.9 million driven by an $8.8 billion increase in the average interest bearing deposit balance and increased interest rates, partially offset by a $42.4 million decrease in interest expense on total borrowings resulting from a decrease in average borrowing balances of $2.2 billion.

For the nine months ended September 30, 2024, interest expense was $1.5 billion, an increase of $201.0 million, or 16.1%, compared to $1.2 billion for the nine months ended September 30, 2023. Interest expense on deposits increased $414.1 million

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for the same period driven by a $9.3 billion increase in average interest bearing deposits and increased interest rates, partially offset by a $213.4 million decrease in interest expense on total borrowings resulting from a decrease in average borrowing balances of $5.0 billion.

For the three months ended September 30, 2024, net interest income totaled $696.9 million, an increase of $109.9 million, or 18.7%, compared to $587.0 million for the three months ended September 30, 2023. The increase in net interest income was driven by a $13.3 billion increase in average interest-earning assets, partially offset by an increase in funding costs driven by the higher rate environment. The decrease in net interest margin of 6 basis points to 3.61% is largely the result of an increase in both the average balances and rates of deposits, partially offset by an increase in average loans HFI and investment securities balances and yields compared to the same period in 2023.

For the nine months ended September 30, 2024, net interest income was $2.0 billion, an increase of $205.2 million, or 11.7%, compared to $1.7 billion for the nine months ended September 30, 2023. The increase in net interest income reflects a $7.8 billion increase in average interest-earning assets and related yields, partially offset by an increase of $4.3 billion in average interest bearing liabilities. The decrease in net interest margin of 1 basis point to 3.61% is the result of a higher rate environment as explained in the above paragraphs.

Provision for Credit Losses

The provision for credit losses in each period is reflected as a reduction in earnings for that period and includes amounts related to funded loans, unfunded loan commitments, and investment securities. The provision is equal to the amount required to maintain the ACL at a level that is adequate to absorb estimated lifetime credit losses inherent in the loan and investment securities portfolios based on remaining contractual maturity, adjusted for estimated prepayments as of each period end. The Company's CECL models incorporate historical experience, current conditions, and reasonable and supportable forecasts in measuring expected credit losses. For the three and nine months ended September 30, 2024, the Company recorded a provision for credit losses of $33.6 million and $85.9 million, respectively, compared to $12.1 million and $53.3 million for the three and nine months ended September 30, 2023, respectively. The provision for credit losses for the three and nine months ended September 30, 2024 is primarily reflective of net charge-offs of $26.6 million and $59.2 million, respectively, and loan growth.

Non-interest Income

The following table presents a summary of non-interest income: 

						Three Months Ended September 30,												Increase (Decrease)						Nine Months Ended September 30,												Increase (Decrease)
						2024						2023												2024						2023
						(in millions)
Net gain on loan origination and sale activities						$	46.3					$	52.0					$	(5.7)					$	138.4					$	145.7					$	(7.3)
Service charges and loan fees						30.1						29.7						0.4						64.3						72.3						(8.0)
Net loan servicing revenue						12.3						27.2						(14.9)						96.8						93.2						3.6
Income from equity investments						5.8						0.5						5.3						27.1						2.6						24.5
Gain (loss) on sales of investment securities						8.8						0.1						8.7						10.2						(26.0)						36.2
Fair value gain (loss) adjustments, net						4.1						17.8						(13.7)						5.1						(117.3)						122.4
Gain (loss) on recovery from credit guarantees						0.2						(4.0)						4.2						(2.8)						0.5						(3.3)
Other income						18.6						5.9						12.7						32.2						19.2						13.0
Total non-interest income						$	126.2					$	129.2					$	(3.0)					$	371.3					$	190.2					$	181.1

Total non-interest income for the three months ended September 30, 2024 compared to the same period in 2023 decreased $3.0 million. The decrease in non-interest income from the three months ended September 30, 2023 was primarily driven by decreases in net loan servicing revenue of $14.9 million and fair value gain adjustments, net of $13.7 million, partially offset by an increase in other income of $12.7 million from new bank owned life insurance policies and an increase in gain on sales of investment securities of $8.7 million.

Total non-interest income for the nine months ended September 30, 2024 increased $181.1 million compared to the same period in 2023. Non-interest income for the nine months ended September 30, 2023 was impacted by the Company's balance sheet repositioning actions, which were largely completed by the end of 2023. These actions resulted in losses of $117.3 million related to fair value adjustments from transferring loans from HFI to HFS and losses on sales of investment securities of $26.0 million during the nine months ended September 30, 2023, which did not reoccur in the current period.

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Non-interest Expense

The following table presents a summary of non-interest expense:

			Three Months Ended September 30,												Increase (Decrease)						Nine Months Ended September 30,												Increase (Decrease)
			2024						2023												2024						2023
			(in millions)
Deposit costs			$	208.0					$	127.8					$	80.2					$	518.7					$	305.7					$	213.0
Salaries and employee benefits			157.8						137.2						20.6						465.7						431.7						34.0
Data processing			38.7						33.9						4.8						110.4						88.9						21.5
Insurance			35.4						33.1						2.3						128.1						81.8						46.3
Legal, professional, and directors' fees			24.8						28.3						(3.5)						80.7						77.8						2.9
Loan servicing expenses			18.7						11.9						6.8						50.3						44.1						6.2
Occupancy			17.6						16.8						0.8						53.5						48.7						4.8
Business development and marketing			9.7						4.9						4.8						21.6						15.1						6.5
Loan acquisition and origination expenses			5.9						5.6						0.3						15.8						15.6						0.2
Gain on extinguishment of debt			—						—						—						—						(13.4)						13.4
Other expense			20.8						26.7						(5.9)						61.2						65.5						(4.3)
Total non-interest expense			$	537.4					$	426.2					$	111.2					$	1,506.0					$	1,161.5					$	344.5

Total non-interest expense for the three months ended September 30, 2024 increased $111.2 million compared to the same period in 2023. The increase in non-interest expense was primarily driven by an increase in deposit costs related to higher ECR balances and rates. ECR balances increased $9.0 billion to $26.1 billion as of September 30, 2024 from $17.1 billion as of September 30, 2023.

Total non-interest expense for the nine months ended September 30, 2024 increased $344.5 million compared to the same period in 2023. The increase in non-interest expense for this period was primarily driven by an increase in deposit and insurance costs. Higher ECR balances and rates drove the increase in deposit costs. The increase in insurance costs is due to elevated insured and brokered deposit levels and a net FDIC special assessment charge of $9.4 million recognized during the nine months ended September 30, 2024.

Income Taxes

The Company's effective tax rate was 20.7% and 22.1% for the three months ended September 30, 2024 and 2023, respectively, and 22.0% and 20.5% for the nine months ended September 30, 2024 and 2023, respectively. The decrease in the effective tax rate for the three months ended September 30, 2024 compared to the same period in 2023 was primarily due to a decrease in pre-tax book income. The increase in the effective tax rate for the nine months ended September 30, 2024 compared to the same period in 2023 was primarily due to a decrease in expected investment tax credit benefits, an increase in nondeductible insurance premiums, and shortfalls from stock compensation expense during 2024.

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Business Segment Results

The Company's reportable segments are aggregated with a focus on products and services offered and consist of three reportable segments:

•Commercial: provides commercial banking and treasury management products and services to small and middle-market businesses, specialized banking services to sophisticated commercial institutions and investors within niche industries, as well as financial services to the real estate industry.

•Consumer Related: offers both commercial banking services to enterprises in consumer-related sectors and consumer banking services, such as residential mortgage banking.

•Corporate & Other: consists of the Company's investment portfolio, Corporate borrowings and other related items, income and expense items not allocated to other reportable segments, and inter-segment eliminations.

The following tables present selected reportable segment information:

						Consolidated Company						Commercial						Consumer Related						Corporate & Other
At September 30, 2024						(in millions)
Loans HFI, net of deferred fees and costs						$	53,346					$	31,518					$	21,828					$	—
Deposits						68,040						24,335						37,183						6,522
At December 31, 2023
Loans HFI, net of deferred fees and costs						$	50,297					$	29,136					$	21,161					$	—
Deposits						55,333						23,897						24,925						6,511

Three Months Ended September 30, 2024						(in millions)
Income (loss) before provision for income taxes						$	252.1					$	139.3					$	113.5					$	(0.7)
Nine Months Ended September 30, 2024
Income before provision for income taxes						$	731.8					$	411.4					$	303.1					$	17.3
Three Months Ended September 30, 2023
Income before provision for income taxes						$	277.9					$	196.1					$	68.9					$	12.9
Nine Months Ended September 30, 2023
Income (loss) before provision for income taxes						$	722.6					$	576.8					$	182.4					$	(36.6)

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BALANCE SHEET ANALYSIS

Total assets increased $9.2 billion to $80.1 billion at September 30, 2024, compared to $70.9 billion at December 31, 2023. The increase in total assets was primarily driven by an increase in deposits, which contributed to increases in investment securities and cash of $3.7 billion and $1.0 billion, respectively, and funded HFI loan growth of $3.0 billion. Loans HFI increased $3.0 billion, or 6.1%, to $53.3 billion as of September 30, 2024, compared to $50.3 billion as of December 31, 2023. The increase in loans HFI from December 31, 2023 was driven by a $3.4 billion increase in commercial and industrial loans from December 31, 2023, partially offset by decreases in residential real estate and construction and land development loans of $383 million and $162 million, respectively. Loans HFS increased $925 million from $1.4 billion as of December 31, 2023 due to an increase in agency-conforming and non-EBO loans.

Total liabilities increased $8.6 billion to $73.4 billion at September 30, 2024, compared to $64.8 billion at December 31, 2023. The increase in liabilities is due primarily to an increase in total deposits of $12.7 billion, or 23.0%, to $68.0 billion. By type, the increase in deposits from December 31, 2023 was driven by increases of $10.4 billion in non-interest bearing deposits and $4.8 billion in savings and money market accounts, partially offset by decreases in interest bearing demand deposits and certificates of deposit of $2.1 billion and $452 million, respectively. Other borrowings decreased $4.2 billion from December 31, 2023 primarily due to a decrease in short-term borrowings, partially offset by a $1.0 billion increase in long-term borrowings from FHLB advances.

Total stockholders’ equity of $6.7 billion at September 30, 2024 increased by $599 million, or 9.9%, from December 31, 2023. The increase in stockholders' equity is primarily a function of net income and unrealized fair value gains on AFS securities, recorded net of tax in other comprehensive income, offset by quarterly dividends to common and preferred stockholders.

Investment securities

Debt securities are classified at the time of acquisition as either HTM, AFS, or trading based upon various factors, including asset/liability management strategies, liquidity and profitability objectives, and regulatory requirements. HTM securities are carried at amortized cost, adjusted for amortization of premiums or accretion of discounts. AFS securities are debt securities that may be sold prior to maturity based upon asset/liability management decisions. Investment securities classified as AFS are carried at fair value with unrealized gains or losses on these securities recorded in AOCI in stockholders’ equity, net of tax. Amortization of premiums or accretion of discounts on MBS is periodically adjusted for estimated prepayments. Trading securities are reported at fair value, with unrealized gains and losses on these securities included in current period earnings.

The Company's investment securities portfolio is utilized as collateral for borrowings, required collateral for public deposits and repurchase agreements, and to manage liquidity, capital, and interest rate risk.

The following table summarizes the carrying value of the Company's investment securities portfolio: 

						September 30, 2024						December 31, 2023						Increase (Decrease)
						(in millions)
Debt securities
Residential MBS issued by GSEs						$	5,629					$	1,972					$	3,657
U.S. Treasury securities						5,600						4,853						747
Tax-exempt						2,216						2,101						115
Private label residential MBS						1,221						1,303						(82)
Commercial MBS issued by GSEs						653						530						123
CLO						508						1,399						(891)
Corporate debt securities						379						367						12
Other						69						69						—
Total debt securities						$	16,275					$	12,594					$	3,681
Equity securities
Preferred stock						$	91					$	100					$	(9)
CRA investments						26						26						—
Total equity securities						$	117					$	126					$	(9)

The increases in Residential MBS issued by GSEs and U.S. Treasury securities from December 31, 2023 are primarily due the Company's efforts to shift its investment portfolio mix toward high quality liquid assets, which also included the sale of CLOs.

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Loans HFS

The Company purchases and originates residential mortgage loans through its AmeriHome mortgage banking business channel that are held for sale or securitization. As of September 30, 2024, loans HFS totaled $2.3 billion, compared to $1.4 billion at December 31, 2023, an increase of $925 million primarily related to an increase in agency-conforming and non-EBO loans.

Loans HFI

The table below summarizes the distribution of the Company’s held for investment loan portfolio: 

						September 30, 2024						December 31, 2023						Increase (Decrease)
						(in millions)
Warehouse lending						$	7,873					$	6,618					$	1,255
Municipal & nonprofit						1,667						1,554						113
Tech & innovation						3,220						2,808						412
Equity fund resources						906						845						61
Other commercial and industrial						9,073						7,452						1,621
CRE - owner occupied						1,665						1,658						7
Hotel franchise finance						3,686						3,855						(169)
Other CRE - non-owner occupied						6,398						5,974						424
Residential						12,983						13,287						(304)
Residential - EBO						1,037						1,223						(186)
Construction and land development						4,665						4,862						(197)
Other						173						161						12
Total loans HFI						53,346						50,297						3,049
Allowance for credit losses						(357)						(337)						(20)
Total loans HFI, net of allowance						$	52,989					$	49,960					$	3,029

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 loan fees of $107 million and $108 million reduced the carrying value of loans as of September 30, 2024 and December 31, 2023, respectively. Net unamortized purchase premiums on acquired and purchased loans of $173 million and $177 million increased the carrying value of loans as of September 30, 2024 and December 31, 2023, respectively.

Concentrations of Lending Activities

The Company monitors concentrations of lending activities at the product and borrower relationship level. As of September 30, 2024 and December 31, 2023, no borrower relationships at both the commitment and funded loan level exceeded 5% of total loans HFI.

Commercial and industrial loans made up 42% and 38% of total loans HFI as of September 30, 2024 and December 31, 2023, respectively.

In addition, the Company's loan portfolio includes significant credit exposure to the CRE market as CRE related loans accounted for approximately 31% and 33% of total loans at September 30, 2024 and December 31, 2023 respectively. Non-owner occupied CRE loans are CRE loans for which the primary source of repayment is rental income generated from the collateral property. Owner occupied CRE loans are loans secured by owner occupied non-farm nonresidential properties for which the primary source of repayment (more than 50%) is the cash flow from the ongoing operations and activities conducted by the borrower who owns the property. These CRE loans are secured by multi-family residential properties, professional offices, industrial facilities, retail centers, hotels, and other commercial properties.

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The following tables present the composition by property type and weighted average LTV of the Company’s CRE non-owner occupied loans:

			September 30, 2024
			Amount						Percent of CRE-Non OO						Percent of Total HFI Loans						Weighted Average LTV (1)
			(dollars in millions)
Hotel			$	4,047					41.3		%				7.6		%				49.2		%
Office			2,421						24.7						4.5						64.2
Retail			806						8.2						1.5						57.0
Multifamily			575						5.9						1.1						43.9
Industrial			523						5.3						1.0						42.7
Time share			454						4.6						0.8						34.9
Medical			144						1.5						0.3						61.4
Senior care			142						1.4						0.3						42.1
Other			689						7.1						1.3						50.6
Total CRE - non-owner occupied			$	9,801					100.0		%				18.4		%				52.4		%

(1)    The weighted average LTVs in the above table are based on the most recent available information, if current appraisals are not available.

			December 31, 2023
			Amount						Percent of CRE-Non OO						Percent of Total HFI Loans						Weighted Average LTV (1)
			(dollars in millions)
Hotel			$	4,235					43.9		%				8.4		%				48.1		%
Office			2,358						24.4						4.7						58.8
Retail			753						7.8						1.5						61.0
Multifamily			566						5.9						1.1						49.7
Industrial			565						5.8						1.1						50.4
Time share			378						3.9						0.8						34.9
Senior care			160						1.7						0.3						41.8
Medical			124						1.3						0.2						51.2
Other			511						5.3						1.0						43.4
Total CRE - non-owner occupied			$	9,650					100.0		%				19.2		%				51.1		%

(1)    The weighted average LTVs in the above table are based on the most recent available information, if current appraisals are not available.

The following table presents the Company’s CRE non-owner occupied loans by origination year as of September 30, 2024:

			(in millions)
2024			$	654
2023			894
2022			3,497
2021			1,762
2020			682
Prior			2,312
Total			$	9,801

The following table presents the scheduled maturities of the Company’s CRE non-owner occupied loans as of September 30, 2024:

			(in millions)
2024			$	902
2025			1,959
2026			2,342
2027			2,337
2028			975
Thereafter			1,286
Total			$	9,801

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Approximately $2.4 billion, or 4.5%, of total loans HFI consisted of CRE non-owner occupied office loans as of September 30, 2024, compared to $2.4 billion, or 4.7%, as of December 31, 2023. Of the non-owner occupied office loan balance as of September 30, 2024, $166 million is scheduled to mature in the remainder of 2024. These office loans primarily consist of shorter-term bridge loans that enable borrowers to reposition or redevelop projects with more modern standards attractive to in-office employers in today’s environment, including enhanced on-site amenities. The vast majority of these projects are located in suburban locations in the Company's core footprint states (Arizona, California, and Nevada), with central business district and midtown exposure totaling approximately 2% and 10% of office loans as of September 30, 2024, respectively.

The office loan portfolio largely consists of value-add loans that require significant up-front cash equity contributions from institutional sponsors and large regional and national developers. The properties underlying these loans have stable business trends and low vacancy rates. To a large extent, the financing structures of these loans do not carry junior liens or mezzanine debt, which enables maximum flexibility when working with clients and sponsors. In addition to adhering to conservative underwriting standards, asset-specific credit risk is mitigated through continued sponsor support of projects by re-appraisal rights of the Company, re-margining requirements and ongoing debt service, and debt yield covenants.

As of September 30, 2024 and December 31, 2023, 16% of the Company's CRE loans, excluding construction and land loans, were owner occupied, with substantially all of these loans secured by first liens and had an initial loan-to-value ratio of generally not more than 75%.

Non-performing Assets

Total non-performing loans increased $79 million to $489 million at September 30, 2024, from $410 million at December 31, 2023.

						September 30, 2024						December 31, 2023
						(dollars in millions)
Total nonaccrual loans (1)						$	349					$	273
Loans past due 90 days or more on accrual status (2)						4						42
Accruing restructured loans						136						95
Total nonperforming loans						$	489					$	410
Other assets acquired through foreclosure, net						$	8					$	8
Nonaccrual loans to funded loans HFI						0.65		%				0.54		%
Loans past due 90 days or more on accrual status to funded loans HFI						0.01						0.08

(1)Includes loan modifications to borrowers experiencing financial difficulty of $136 million and $129 million at September 30, 2024 and December 31, 2023, respectively.

(2)Excludes government guaranteed residential mortgage loans of $313 million and $399 million at September 30, 2024 and December 31, 2023, respectively.

Interest income that would have been recorded under the original terms of nonaccrual loans was $6.6 million and $4.5 million for the three months ended September 30, 2024 and 2023, respectively, and $18.4 million and $8.1 million for the nine months ended September 30, 2024 and 2023, respectively.

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The composition of nonaccrual loans HFI by loan portfolio segment were as follows: 

						September 30, 2024
						Nonaccrual Balance						Percent of Nonaccrual Balance						Percent of Total Loans HFI
						(dollars in millions)
Municipal & nonprofit						$	6					1.7		%				0.01		%
Tech & innovation						64						18.3						0.12
Other commercial and industrial						12						3.4						0.02
CRE - owner occupied						6						1.7						0.01
Other CRE - non-owner occupied						163						46.7						0.31
Residential						79						22.6						0.15
Construction and land development						18						5.2						0.03
Other						1						0.4						0.00
Total non-accrual loans						$	349					100.0		%				0.65		%

						December 31, 2023
						Nonaccrual Balance						Percent of Nonaccrual Balance						Percent of Total Loans HFI
						(dollars in millions)
Municipal & nonprofit						$	6					2.2		%				0.01		%
Tech & innovation						33						12.1						0.06
Other commercial and industrial						53						19.4						0.11
CRE - owner occupied						9						3.3						0.02
Other CRE - non-owner occupied						83						30.4						0.16
Residential						70						25.6						0.14
Construction and land development						19						7.0						0.04
Total non-accrual loans						$	273					100.0		%				0.54		%

Restructurings for Borrowers Experiencing Financial Difficulty

The following tables present loan modifications during the period to borrowers experiencing financial difficulty:

						Amortized Cost Basis at September 30, 2024
						Payment Delay and Term Extension						Term Extension						Interest Rate Reduction						Payment Delay						Total						% of Total Class of Financing Receivable
Three Months Ended						(in millions)
Tech & innovation						$	—					$	—					$	2					$	—					$	2					0.1		%
Other commercial and industrial						—						—						—						87						87						1.0
Total						$	—					$	—					$	2					$	87					$	89					0.2		%

						Amortized Cost Basis at September 30, 2024
						Payment Delay and Term Extension						Term Extension						Interest Rate Reduction						Payment Delay						Total						% of Total Class of Financing Receivable
Nine Months Ended						(dollars in millions)
Tech & innovation						$	—					$	—					$	2					$	29					$	31					1.0		%
Other commercial and industrial						—						8						—						87						95						1.0
Other CRE - non-owner occupied						—						—						—						56						56						0.9
Construction and land development						—						41						—						—						41						0.9
Total						$	—					$	49					$	2					$	172					$	223					0.4		%

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						Amortized Cost Basis at September 30, 2023
						Payment Delay and Term Extension						Term Extension						Interest Rate Reduction						Payment Delay						Total						% of Total Class of Financing Receivable
Three Months Ended						(dollars in millions)
Tech & innovation						$	—					$	—					$	—					$	7					$	7					0.3		%
Other commercial and industrial						—						1						—						12						13						0.2
CRE - owner occupied						—						3						—						—						3						0.2
Hotel franchise finance						—						20						—						—						20						0.5
Other CRE - non-owner occupied						—						20						—						—						20						0.3
Total						$	—					$	44					$	—					$	19					$	63					0.1		%

						Amortized Cost Basis at September 30, 2023
						Payment Delay and Term Extension						Term Extension						Interest Rate Reduction						Payment Delay						Total						% of Total Class of Financing Receivable
Nine Months Ended						(dollars in millions)
Tech & innovation						$	2					$	—					$	—					$	7					$	9					0.4		%
Other commercial and industrial						—						24						—						12						36						0.6
CRE - owner occupied						—						3						—						—						3						0.2
Hotel franchise finance						—						46						—						—						46						1.1
Other CRE - non-owner occupied						—						48						—						—						48						0.8
Residential						—						—						—						1						1						0.0
Total						$	2					$	121					$	—					$	20					$	143					0.3		%

The performance of these modified loans is monitored for 12 months following the modification. As of September 30, 2024, modified loans of $136 million were current with contractual payments and $136 million were on nonaccrual status. As of December 31, 2023, modified loans of $95 million were current with contractual payments and $111 million were on nonaccrual status.

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 either through the borrower's reperformance or completion of a loan modification. During the three and nine months ended September 30, 2024, the Company completed modifications of EBO loans with an amortized cost of $106 million and $285 million, respectively. During the three and nine months ended September 30, 2023, the Company completed modifications of EBO loans with an amortized cost of $84 million and $176 million, respectively. These modifications were largely payment delays and term extensions. Certain of these loans were repooled or resold after modification and are no longer included in the pool of loan modifications being monitored for future performance. As of September 30, 2024, modified EBO loans consisted of $39 million in loans that were current to 89 days delinquent and $9 million in loans 90 days or more delinquent. As of December 31, 2023, modified EBO loans consisted of $38 million in loans that were current to 89 days delinquent and $12 million in loans 90 days or more delinquent.

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Allowance for Credit Losses on Loans HFI

The ACL consists of an ACL on loans and on unfunded loan commitments. The ACL on AFS and HTM securities is estimated separately from loans and is discussed within the Investment Securities section.

The following table summarizes the allocation of the ACL on loans HFI by loan portfolio segment:

						September 30, 2024																		December 31, 2023
						Allowance for credit losses						Percent of total allowance for credit losses						Percent of loan type to total loans HFI						Allowance for credit losses						Percent of total allowance for credit losses						Percent of loan type to total loans HFI
						(dollars in millions)
Warehouse lending						$	5.9					1.7		%				14.8		%				$	5.8					1.7		%				13.2		%
Municipal & nonprofit						13.7						3.8						3.1						14.7						4.4						3.1
Tech & innovation						62.7						17.6						6.0						42.1						12.5						5.6
Equity fund resources						1.9						0.5						1.7						1.3						0.4						1.7
Other commercial and industrial						85.9						24.1						17.0						81.4						24.2						14.8
CRE - owner occupied						4.8						1.3						3.1						6.0						1.8						3.3
Hotel franchise finance						39.1						11.0						6.9						33.4						9.9						7.6
Other CRE - non-owner occupied						93.5						26.2						12.0						96.0						28.5						11.9
Residential						19.2						5.4						24.3						23.1						6.9						26.4
Residential - EBO						—						—						2.0						—						—						2.4
Construction and land development						27.1						7.6						8.8						30.4						9.0						9.6
Other						2.8						0.8						0.3						2.5						0.7						0.4
Total						$	356.6					100.0		%				100.0		%				$	336.7					100.0		%				100.0		%

During the three months ended September 30, 2024 and 2023, annualized net loan charge-offs to average loans outstanding were 0.20% and 0.06%, 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 balance totaled $38 million and $32 million at September 30, 2024 and December 31, 2023, respectively, and is included in Other liabilities on the Consolidated Balance Sheet.

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Problem Loans

The Company classifies loans consistent with federal banking regulations using a nine category grading system. The following table presents information regarding potential and actual problem loans, consisting of loans graded as Special Mention, Substandard, Doubtful, and Loss, but which are still performing: 

						September 30, 2024
						Number of Loans						Problem Loan Balance						Percent of Problem Loan Balance						Percent of Total Loans HFI
						(dollars in millions)
Warehouse lending						1						$	10					1.7		%				0.02		%
Municipal & nonprofit						2						18						3.1						0.03
Other commercial and industrial						107						100						16.9						0.19
CRE - owner occupied						9						8						1.4						0.01
Hotel franchise finance						6						94						15.9						0.18
Other CRE - non-owner occupied						13						265						44.8						0.50
Residential						144						82						13.9						0.15
Construction and land development						2						12						2.0						0.02
Other						31						2						0.3						0.01
Total						315						$	591					100.0		%				1.11		%

						December 31, 2023
						Number of Loans						Problem Loan Balance						Percent of Problem Loan Balance						Percent of Total Loans HFI
						(dollars in millions)
Warehouse lending						1						$	26					3.6		%				0.05		%
Municipal & nonprofit						2						18						2.5						0.04
Tech & innovation						14						49						6.8						0.10
Other commercial and industrial						50						95						13.2						0.19
CRE - owner occupied						9						3						0.4						0.01
Hotel franchise finance						9						203						28.3						0.40
Other CRE - non-owner occupied						15						251						35.0						0.50
Residential						143						72						10.0						0.14
Construction and land development						1						1						0.1						0.00
Other						20						1						0.1						0.00
Total						264						$	719					100.0		%				1.43		%

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Mortgage Servicing Rights

The fair value of the Company's MSRs related to residential mortgage loans totaled $1.0 billion and $1.1 billion as of September 30, 2024 and December 31, 2023, respectively.

The following is a summary of the UPB of loans underlying the Company's MSR portfolio by type:

						September 30, 2024						December 31, 2023
						(in millions)
FNMA and FHLMC						$	43,119					$	46,840
GNMA						17,930						19,848
Non-agency						2,724						1,959
Total unpaid principal balance of loans						$	63,773					$	68,647

Goodwill and Other Intangible Assets

Goodwill represents the excess consideration paid for net assets acquired in a business combination over their fair value. Goodwill and other intangible assets acquired in a business combination that are determined to have an indefinite useful life are not subject to amortization, but are subsequently evaluated for impairment at least annually. The Company has goodwill and intangible assets totaling $661 million and $669 million at September 30, 2024 and December 31, 2023, respectively.

The Company performs its annual goodwill and intangible assets impairment tests as of October 1 each year, or more often if events or circumstances indicate that the carrying value may not be recoverable. During the three and nine months ended September 30, 2024, there were no events or circumstances that indicated an interim impairment test of goodwill or other intangible assets was necessary. For the three and nine months ended September 30, 2023, the Company evaluated whether the effects from the bank failures in 2023 gave 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. Based on this assessment, the Company determined that it was more likely than not the fair value of the Company and its reporting units exceeded their respective carrying values as of September 30, 2023.

Deferred Tax Assets

As of September 30, 2024, the net DTA balance totaled $254 million, a decrease of $33 million from $287 million at December 31, 2023. This overall decrease in the net DTA was primarily the result of an increase in the fair market value of AFS securities, partially offset by an increase in credit carryovers and state net operating losses.

Deposits

Deposits are the primary source for funding the Company's asset growth. Total deposits increased to $68.0 billion at September 30, 2024, from $55.3 billion at December 31, 2023, an increase of $12.7 billion, or 23.0%. By deposit type, the increase in deposits is attributable to increases of $10.4 billion in non-interest bearing deposits and $4.8 billion in savings and money market accounts, partially offset by decreases of $2.1 billion in interest bearing demand deposits and $452 million in certificates of deposit.

WAB is a participant in the IntraFi Network, a network that offers deposit placement services such as CDARS and ICS, which offer products that qualify large deposits for FDIC insurance. At September 30, 2024, the Company had $13.1 billion of these reciprocal deposits, compared to $13.3 billion at December 31, 2023. At September 30, 2024 and December 31, 2023, the Company also had wholesale brokered deposits of $6.0 billion and $6.6 billion, respectively.

In addition, deposits for which the Company provides account holders with earnings credits or referral fees totaled $26.1 billion and $17.8 billion at September 30, 2024 and December 31, 2023, respectively. Costs related to these deposits are primarily reported as Deposit costs in non-interest expense. Deposit costs include $201.7 million and $123.7 million in deposit related costs on these deposits for the three months ended September 30, 2024 and 2023, respectively, and $500.4 million and $297.1 million, respectively, for the nine months ended September 30, 2024 and 2023. The increase in these costs from the prior year is due to an increase in average deposit balances eligible for earnings credits or referral fees as well as an increase in earnings credit rates.

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The average balances and weighted average rates paid on deposits are presented below:

						Three Months Ended September 30,
						2024												2023
						Average Balance						Rate						Average Balance						Rate
						(dollars in millions)
Interest bearing demand accounts						$	16,456					3.05		%				$	12,947					3.03		%
Savings and money market accounts						18,092						3.66						13,832						3.05
Certificates of deposit						10,134						5.09						9,125						4.83
Total interest bearing deposits						44,682						3.76						35,904						3.49
Non-interest bearing deposits						24,638						—						18,402						—
Total deposits						$	69,320					2.42		%				$	54,306					2.31		%

						Nine Months Ended September 30,
						2024												2023
						Average Balance						Rate						Average Balance						Rate
						(dollars in millions)
Interest-bearing demand accounts						$	16,693					3.04		%				$	11,800					2.80		%
Savings and money market accounts						16,644						3.55						15,006						2.75
Certificates of deposit						10,230						5.11						7,437						4.36
Total interest bearing deposits						43,567						3.72						34,243						3.12
Non-interest bearing deposits						21,284						—						18,534						—
Total deposits						$	64,851					2.50		%				$	52,777					2.02		%

Other Borrowings

Short-Term Borrowings

The Company utilizes short-term borrowed funds to support short-term liquidity needs. The majority of these short-term borrowed funds consist of advances from the FHLB, repurchase agreements, and federal funds purchased from correspondent banks or the FHLB. The Company’s borrowing capacity with the FHLB is determined based on collateral pledged, generally consisting of securities and loans. In addition, the Company has repurchase facilities, collateralized by securities, including assets sold under agreements to repurchase, which are reflected at the amount of cash received in connection with the transaction, and may require additional collateral based on the fair value of the underlying assets. Total short-term borrowings decreased $5.2 billion to $1.6 billion at September 30, 2024 from $6.8 billion at December 31, 2023. The decrease was driven by decreases in FHLB advances of $4.7 billion, repurchase agreements of $377 million, and federal funds purchased of $175 million.

Long-Term Borrowings

The Company's long-term borrowings consist of long-term FHLB borrowings and credit linked notes, inclusive of issuance costs. At September 30, 2024, the carrying value of long-term borrowings was $1.4 billion, compared to $446 million at December 31, 2023. The increase in long-term borrowings of $982 million was driven by long-term advances with the FHLB entered into during the three months ended September 30, 2024.

Qualifying Debt

Qualifying debt consists of subordinated debt and junior subordinated debt, inclusive of issuance costs and fair market value adjustments. At September 30, 2024, the carrying value of qualifying debt was $898 million, compared to $895 million at December 31, 2023.

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Capital Resources

The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements could trigger certain mandatory or discretionary actions that, if undertaken, could have a direct material effect on the Company’s business and financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance sheet items (discussed in "Note 14. Commitments and Contingencies" to the Unaudited Consolidated Financial Statements) as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

As permitted by the regulatory capital rules, the Company elected the CECL transition option that delayed the estimated impact on regulatory capital resulting from the adoption of CECL over a five-year transition period ending December 31, 2024. Accordingly, capital ratios and amounts in 2024 include a 25% capital benefit that resulted from the increased ACL related to the adoption of ASC 326, compared to a 50% capital benefit for 2023.

As of September 30, 2024 and December 31, 2023, the Company and the Bank exceeded the capital levels necessary to be classified as well-capitalized, as defined by the various banking agencies. The actual capital amounts and ratios for the Company and the Bank are presented in the following tables:

						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, 2024
WAL						$	7,710					$	6,501					$	54,785					$	83,044					14.1		%				11.9		%				7.8		%				11.2		%
WAB						7,241						6,626						54,673						82,921						13.2						12.1						8.0						12.1
Well-capitalized ratios																														10.0						8.0						5.0						6.5
Minimum capital ratios																														8.0						6.0						4.0						4.5
December 31, 2023
WAL						$	7,201					$	6,035					$	52,517					$	70,295					13.7		%				11.5		%				8.6		%				10.8		%
WAB						6,802						6,229						52,508						70,347						13.0						11.9						8.9						11.9
Well-capitalized ratios																														10.0						8.0						5.0						6.5
Minimum capital ratios																														8.0						6.0						4.0						4.5

The Company and the Bank are also subject to liquidity and other regulatory requirements as administered by the federal banking agencies. These agencies have broad powers and at their discretion, could limit or prohibit the Company's payment of dividends, payment of certain debt service and issuance of capital stock and debt as they deem appropriate and as such, actions by the agencies could have a direct material effect on the Company’s business and financial statements.

The Company is also required to maintain specified levels of capital to remain in good standing with certain federal government agencies, including FNMA, FHLMC, GNMA, and HUD. These capital requirements are generally tied to the unpaid balances of loans included in the Company's servicing portfolio or loan production volume. Noncompliance with these capital requirements can result in various remedial actions up to, and including, removing the Company's ability to sell loans to and service loans on behalf of the respective agency. The Company believes that it is in compliance with these requirements as of September 30, 2024.

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Critical Accounting Estimates

Critical accounting estimates are defined as those that are reflective of significant judgments and uncertainties and could potentially result in materially different results under different assumptions and conditions. The critical accounting estimates upon which the Company's financial condition and results of operations depend, and which involve the most complex subjective decisions or assessments, are included in the discussion entitled "Critical Accounting Policies" in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations," in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and all amendments thereto, as filed with the SEC. There were no material changes to the critical accounting policies disclosed in the Annual Report on Form 10-K.

Liquidity

Liquidity is the ongoing ability to accommodate liability maturities and deposit withdrawals, fund asset growth and business operations, and meet contractual obligations through unconstrained access to funding at reasonable market rates. Liquidity management involves forecasting funding requirements and maintaining sufficient capacity to meet the needs and accommodate fluctuations in asset and liability levels due to changes in the Company's business operations or unanticipated events.

The ability to have readily available funds sufficient to repay fully maturing liabilities is of primary importance to depositors, creditors, and regulators. The Company's liquidity, represented by cash and amounts due from banks, federal funds sold, loans HFS, and non-pledged marketable securities, is a result of the Company's operating, investing, and financing activities and related cash flows. The Company actively monitors and manages liquidity, and no less than quarterly will estimate probable liquidity needs on a 12-month horizon. Liquidity needs can also be met through short-term borrowings or the disposition of short-term assets.

The following table presents the available and outstanding balances on the Company's lines of credit:

						September 30, 2024
						Available Balance						Outstanding Balance
						(in millions)
Unsecured fed funds credit lines at correspondent banks						$	1,353					$	—

In addition to lines of credit, the Company has borrowing capacity with the FHLB and FRB from pledged loans and securities and warehouse borrowing lines of credit. The borrowing capacity, outstanding borrowings, and available credit are presented in the following table:

						September 30, 2024
						(in millions)
FHLB:
Borrowing capacity						$	14,391
Outstanding borrowings						2,500
Letters of credit						169
Total available credit						$	11,722
FRB:
Borrowing capacity						$	10,455
Outstanding borrowings						—
Total available credit						$	10,455
Warehouse borrowings:
Borrowing capacity						$	2,250
Outstanding borrowings						—
Total available credit						$	2,250

The Company has a formal liquidity policy and, in the opinion of management, its liquid assets are considered adequate to meet financial obligations and support client activity during normal and stressed operating conditions. At September 30, 2024, there were $14.1 billion in liquid assets, comprised of $1.6 billion in cash on deposit at the FRB and $12.5 billion in securities not currently used as collateral for borrowings or other purposes. At December 31, 2023, the Company maintained $6.9 billion in liquid assets, comprised of $785 million in cash on deposit at the FRB and $6.1 billion in liquid securities not currently used as collateral for borrowings or other purposes.

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The Parent maintains liquidity that would be sufficient to fund its operations and certain non-bank affiliate operations for an extended period should funding from normal sources be disrupted. In the Company's analysis of Parent liquidity, it is assumed the Parent is unable to generate funds from additional debt or equity issuances, receives no dividend income from subsidiaries and does not pay dividends to stockholders, while continuing to make non-discretionary payments needed to maintain operations and repayment of contractual principal and interest payments owed by the Parent and affiliated companies. Under this scenario, the amount of time the Parent and its non-bank subsidiary can operate and meet all obligations before the current liquid assets are exhausted is considered as part of the Parent liquidity analysis. Management believes the Parent maintains adequate liquidity capacity to operate without additional funding from new sources for over twelve months.

WAB maintains sufficient funding capacity to address large increases in funding requirements, such as deposit outflows. This capacity is comprised of liquidity derived from a reduction in asset levels and various secured funding sources. On a long-term basis, the Company’s liquidity will be met by changing the relative distribution of its asset portfolios (for example, by reducing investment or loan volumes, or selling or encumbering assets). Further, the Company can increase liquidity by soliciting higher levels of deposit accounts through promotional activities and/or borrowing from correspondent banks, the FHLB of San Francisco, and the FRB. At September 30, 2024, the Company's long-term liquidity needs primarily relate to funds required to support loan originations, commitments, and deposit withdrawals, which can be met by cash flows from investment payments and maturities, and investment sales, if necessary.

The Company’s liquidity is comprised of three primary classifications: 1) cash flows provided by operating activities; 2) cash flows used in investing activities; and 3) cash flows provided by financing activities. Net cash provided by or used in operating activities consists primarily of net income, adjusted for changes in certain other asset and liability accounts and certain non-cash income and expense items, such as the provision for credit losses, investment and other amortization and depreciation. For the nine months ended September 30, 2024 and 2023, net cash used in operating activities was $2.1 billion and $669.8 million, respectively.

The Company's primary investing activities are the origination of real estate and commercial loans, the collection of repayments of these loans, and the purchase and sale of securities. The Company's net cash used in investing activities has been primarily influenced by its loan and securities activities. During the nine months ended September 30, 2024, the Company's cash balance decreased by $3.2 billion as a result of a net increase in loans, compared to an increase in cash of $1.9 billion during the nine months ended September 30, 2023 from a net decrease in loans. A net increase in investment securities of $3.2 billion for the nine months ended September 30, 2024 contributed to the decrease to the Company's cash balance during the nine months ended September 30, 2024, while a net increase in investment securities of $2.6 billion for the nine months ended September 30, 2023, partially offset the increase in cash.

Net cash provided by financing activities has been impacted significantly by deposit levels. During the nine months ended September 30, 2024, net deposits increased $12.7 billion, compared to an increase in net deposits of $642.9 million during the nine months ended September 30, 2023.

Fluctuations in core deposit levels may increase the Company's need for liquidity as certificates of deposit mature or are withdrawn before maturity, and as non-maturity deposits, such as checking and savings account balances, are withdrawn. Additionally, the Company is exposed to the risk that customers with large deposit balances will withdraw all or a portion of such deposits, due in part to the FDIC limitations on the amount of insurance coverage provided to depositors. To mitigate the uninsured deposit risk, the Company participates in the CDARS and ICS programs, which allow an individual customer to invest up to $50 million and $225 million, respectively, through one participating financial institution or, a combined total of $275 million per individual customer, with the entire amount being covered by FDIC insurance. As of September 30, 2024, the Company has $1.7 billion of CDARS and $9.9 billion of ICS deposits.

As of September 30, 2024, the Company has $6.0 billion of wholesale brokered deposits outstanding. Brokered deposits are generally considered to be deposits that have been received from a third party who is engaged in the business of placing deposits on behalf of others. A traditional deposit broker will direct deposits to the banking institution offering the highest interest rate available. Federal banking laws and regulations place restrictions on depository institutions regarding brokered deposits because of the general concern these deposits are not relationship based and are at a greater risk of being withdrawn and placed on deposit at another institution offering a higher interest rate, thus posing liquidity risk for institutions that gather brokered deposits in significant amounts.

Federal and state banking regulations place certain restrictions on dividends paid. The total amount of dividends which may be paid at any date is generally limited to the retained earnings of the bank. Dividends paid by WAB to the Parent would be prohibited if the effect thereof would cause the Bank’s capital to be reduced below applicable minimum capital requirements. During the three and nine months ended September 30, 2024, WAB paid dividends to the Parent of $60 million and $180 million, respectively.

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Item 3.Quantitative and Qualitative Disclosures about Market Risk.

Market risk is the risk of loss in a financial instrument arising from adverse changes in market prices and rates, foreign currency exchange rates, commodity prices, and equity prices. The Company's market risk arises primarily from interest rate risk inherent in its lending, investing, and deposit taking activities. To that end, management actively monitors and manages the Company's interest rate risk exposure.

Management uses various asset/liability strategies to manage the re-pricing characteristics of the Company's assets and liabilities, all of which are designed to ensure that exposure to interest rate fluctuations is within the Company's guidelines of acceptable levels of risk-taking. Hedging strategies, including the terms and pricing of loans and deposits and management of the deployment of its securities, are used to reduce mismatches in interest rate re-pricing opportunities of portfolio assets and their funding sources. Derivatives in a hedging relationship are also used to minimize the Company's exposure to changes in benchmark interest rates and volatility of net interest income and EVE to interest rate fluctuations, with their impact reflected in the model results discussed below.

Interest rate risk is addressed by ALCO, which includes members of executive management, finance, and operations. ALCO monitors interest rate risk by analyzing the potential impact on EVE and earnings from potential changes in interest rates and considers the impact of alternative strategies or changes in balance sheet structure. The Company manages its balance sheet in part to keep the potential impact on EVE and earnings within acceptable ranges despite changes in interest rates.

The Company's exposure to interest rate risk is reviewed at least quarterly by ALCO. Interest rate risk exposure is measured using interest rate sensitivity analysis to determine its change in both EVE and earnings in the event of hypothetical changes in interest rates. If potential changes to EVE and earnings resulting from hypothetical interest rate changes are not within the limits established by the BOD or, ALCO determines that interest rate exposures should be reduced, ALCO will either take hedging actions or adjust the asset and liability mix to bring interest rate risk within BOD-approved limits or in line with ALCO's proposed reduction. ALCO may also decide the best course of action for a limit breach is to accept the breach and present justification to the BOD. If the BOD does not agree to accept the limit breach, it will direct ALCO to remediate the breach. The Company's EaR and EVE exposure limits are approved by the BOD on an annual basis, or more often if market conditions warrant. During the nine months ended September 30, 2024, there have been no changes to the Company's exposure limits.

Net Interest Income Simulation. To measure interest rate risk at September 30, 2024, the Company used a simulation model to project changes in net interest income resulting from forecasted changes in interest rates. This analysis calculates the difference between a baseline net interest income forecast using forward yield curves, compared to forecasted net income results from an immediate, parallel shift in rates upward or downward, along with other scenarios directed by ALCO. The simulation model includes various assumptions regarding re-pricing relationships for each of the Company's products. Many of the Company's assets are variable rate loans, which are assumed to re-price at the next rate re-set period and, proportional to the change in market rates, depending on their contracted index, including the impact of caps or floors. The simulation model also incorporates prepayment assumptions for applicable loans and investments with such optionality. The Company's non-term deposit products re-price with a certain beta to underlying market rate changes. These betas are derived separately by deposit product and are based on both observed and projected market rate and balance trends. Current product-level deposit beta assumptions range between 47% to 94%, depending on product, with an average interest bearing deposit beta of 56%.

This analysis illustrates the impact of changes in net interest income for the given set of rate changes and assumptions. It does not account for all factors that could impact the Company's results, including changes by management to mitigate interest rate changes or secondary factors, such as changes to the Company's credit risk profile as interest rates change. The results will also be impacted by seasonality in the balance sheet. Furthermore, loan prepayment rate estimates and spread relationships change regularly. Interest rate changes impact actual loan prepayment speeds and these changes may result in differences in the market estimates incorporated in this analysis. These assumptions are inherently uncertain and as a result, actual results may differ from simulated results due to factors such as timing, magnitude and frequency of interest rate changes as well as changes in market conditions, customer behavior, management strategies, and changes that vary significantly from the modeled assumptions may have a significant effect on the Company's actual net interest income.

The table below presents the changes in net interest income that would occur in response to an instantaneous and sustained increase or decrease (shock) in market interest rates based on a dynamic balance sheet. In addition, the table provides results from additional scenarios in response to gradual, parallel changes (ramp) in market interest rates over twelve months. The Company continues to evaluate the scenarios that are presented as interest rates change and will update these scenario disclosures as appropriate.

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Sensitivity of Net Interest Income

						Down 200						Down 100												Up 100						Up 200
						(change in basis points from Base)
Parallel Shock Scenario						(7.5)		%				(4.3)		%										4.9		%				10.0		%
Gradual Ramp Scenario						(3.6)		%				(1.8)		%										2.0		%				4.1		%

In addition, certain rate-sensitive non-interest income and expense items are also subject to market risk, including mortgage banking and servicing income and ECR deposit costs. Mortgage originations and prepayments are sensitive to interest rates and therefore, mortgage banking and servicing income can be impacted by volatility in interest rates. The Company’s EaR simulation model expands on its net interest income simulation, as described above, by incorporating these non-interest income and expenses amounts to measure the impact of forecasted changes in interest rates on earnings (defined as net interest income plus rate-sensitive non-interest income and expense). In the Company’s EaR simulation model as of September 30, 2024, deposits eligible for ECRs re-price with a beta assumption of 81% to underlying market rate changes, and total non-maturity deposits, inclusive of ECRs, re-price with a weighted average beta assumption of 65%. As a result of the higher deposit betas on deposits eligible for ECRs, in the down simulation scenarios, the Company will benefit from lower deposit costs. In a shock down 100 basis points scenario, ECR related deposit costs would decrease 23% from the baseline forecast over the next twelve months. At September 30, 2024, the Company’s earnings exposure for the next twelve months related to these hypothetical changes in market interest rates was within the Company’s current guidelines.

Economic Value of Equity. The Company measures the impact of market interest rate changes on the NPV of estimated cash flows from its assets, liabilities, and off-balance sheet items, defined as EVE, using a simulation model. The Company's simulation model focuses on parallel interest rate shocks and takes into account assumptions related to loan prepayment trends that are sourced using a combination of third-party prepayment models and internal historical experience, terminal maturity for non-maturity deposits, decay attrition, and pricing sensitivity derived from the Company's data and other internally-developed analysis and models. These assumptions are reviewed at least annually and are adjusted periodically to reflect changes in market conditions and the Company's balance sheet composition. As simulated model results are based on a number of assumptions outlined above, including forecasted market conditions, actual amounts may differ significantly from the projections set forth below should market conditions vary from the underlying assumptions.

This simulation model assesses the changes in the market value of interest rate sensitive financial instruments that would occur in response to an instantaneous and sustained increase or decrease (shock) in market interest rates. The Company continues to evaluate the scenarios that are presented as interest rates change and will update these scenario disclosures as appropriate.

The following table shows the Company's projected change in EVE for this set of rate shocks at September 30, 2024:

Economic Value of Equity 

						Interest Rate Scenario
						Down 200						Down 100												Up 100						Up 200
												(change in basis points from Base)
% Change						5.3		%				4.3		%										(6.0)		%				(10.9)		%

At September 30, 2024, the Company's EVE exposure related to these hypothetical changes in market interest rates was within the Company's current guidelines.

Derivative Contracts. In the normal course of business, the Company uses derivative instruments to meet the needs of its customers and manage exposure to fluctuations in interest rates. For additional discussion on how derivatives in a hedging relationship (fair value hedges) are used to manage the Company's interest rate risk, see "Note 11. Derivatives and Hedging Activities" to the Unaudited Consolidated Financial Statements.

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Item 4.Controls and Procedures.

Evaluation of Disclosure Controls

Based on their evaluation as of the end of the period covered by this Quarterly Report on Form 10-Q, the CEO and CFO have concluded that the disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) are effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act, as amended, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Additionally, the Company's disclosure controls and procedures were also effective in ensuring that information required to be disclosed by the Company in the reports it files or is subject to under the Exchange Act is accumulated and communicated to the Company's management, including the CEO and CFO, to allow timely decisions regarding required disclosures.

Changes in Internal Control over Financial Reporting

There have not been any changes in the Company's internal control over financial reporting during the quarter ended September 30, 2024, which have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1.Legal Proceedings.

There are no material pending legal proceedings to which the Company is a party or to which any of its properties are subject. There are no material proceedings known to the Company to be contemplated by any governmental authority. From time to time, the Company is involved in a variety of litigation matters in the ordinary course of its business and anticipates that it will become involved in new litigation matters in the future.

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Item 1A.Risk Factors.

There have not been any material changes to the risk factors previously disclosed in Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.

Issuer Purchases of Equity Securities

The following table provides information about the Company's purchases of equity securities that are registered by the Company pursuant to Section 12 of the Exchange Act for the periods indicated:

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 1- 31, 2024						258						$	81.39					—						$	—
August 1-31, 2024						—						—						—						—
September 1-30, 2024						784						73.26						—						—
Total						1,042						$	75.27					—						$	—

(1)    Shares purchased during the period were transferred to the Company from employees in satisfaction of minimum tax withholding obligations associated with the vesting of restricted stock awards during the period.

(2)    The Company currently does not have a common stock repurchase program.

Item 5.Other Information

Insider Adoption or Termination of Trading Arrangements

During the quarter ended September 30, 2024, none of our directors or officers informed us of the adoption or termination of any “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408 of Regulation S-K.

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Item 6.Exhibits

EXHIBITS

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, 2024 and December 31, 2023, (ii) the Consolidated Income Statements for the three months ended September 30, 2024 and 2023 and nine months ended September 30, 2024 and 2023, (iii) the Consolidated Statements of Comprehensive Income for the three months ended September 30, 2024 and 2023 and nine months ended September 30, 2024 and 2023, (iv) the Consolidated Statements of Stockholders’ Equity for the three months ended September 30, 2024 and 2023 and the nine months ended September 30, 2024 and 2023, (v) the Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023, 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, 2024, formatted in Inline XBRL (contained in Exhibit 101).

*    Filed herewith.

**     Furnished herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

WESTERN ALLIANCE BANCORPORATION

October 31, 2024

By:

/s/ Kenneth A. Vecchione

Kenneth A. Vecchione

President and Chief Executive Officer

October 31, 2024

By:

/s/ Dale Gibbons

Dale Gibbons

Vice Chairman and Chief Financial Officer

October 31, 2024

By:

/s/ J. Kelly Ardrey Jr.

J. Kelly Ardrey Jr.

Chief Accounting Officer

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