株探米国株
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エドガーで原本を確認する
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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
 
☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2025
or
☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from__________ to __________

Commission file number: 001-32550 
WESTERN ALLIANCE BANCORPORATION
(Exact name of registrant as specified in its charter)
 
Delaware   88-0365922
(State or other jurisdiction of
incorporation or organization)		   (I.R.S. Employer
Identification No.)
One E. Washington Street, Suite 1400 Phoenix Arizona   85004
(Address of principal executive offices)   (Zip Code)
(602) 389-3500
(Registrant’s telephone number, including area code) 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading
Symbol(s)		 Name of each exchange
on which registered
Common Stock, $0.0001 Par Value WAL New York Stock Exchange
Depositary Shares, Each Representing a 1/400th Interest in a Share of
4.250% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A
 WAL PrA New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ Accelerated filer ☐
Non accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
As of July 28, 2025, Western Alliance Bancorporation had 110,368,816 shares of common stock outstanding.

Table of Contents
INDEX
 
    Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.


2
Table of Contents
GLOSSARY OF ENTITIES AND TERMS
The acronyms and abbreviations identified below are used in various sections of this Form 10-Q, including the Consolidated Financial Statements and the Notes to Unaudited Consolidated Financial Statements in Item 1 and "Management's Discussion and Analysis of Financial Condition and Results of Operations," in Item 2 of this Form 10-Q.
ENTITIES / DIVISIONS:
ABA Alliance Bank of Arizona FIB First Independent Bank
AmeriHome AmeriHome Mortgage Company, LLC LVSP Las Vegas Sunset Properties
BON Bank of Nevada TPB Torrey Pines Bank
Bridge Bridge Bank WA PWI Western Alliance Public Welfare Investments, LLC
BW or REIT BW Real Estate Inc. or Real Estate Investment Trust WAB or Bank Western Alliance Bank
Company Western Alliance Bancorporation and subsidiaries WABT Western Alliance Business Trust
CSI CS Insurance Company WAL or Parent Western Alliance Bancorporation
DST Digital Settlement Technologies LLC WATC Western Alliance Trust Company, N.A.
TERMS:
ACL Allowance for Credit Losses FOMC Federal Open Market Committee
AFS Available-for-Sale FRB Federal Reserve Bank
ALCO Asset and Liability Management Committee FVO Fair Value Option
AOCI Accumulated Other Comprehensive Income GAAP U.S. Generally Accepted Accounting Principles
ASC Accounting Standards Codification GNMA Government National Mortgage Association
ASU Accounting Standards Update GSE Government-Sponsored Enterprise
Basel III Banking Supervision's December 2010 Final Capital Framework HFI Held for Investment
BOD Board of Directors HFS Held for Sale
Capital Rules The FRB, the OCC, and the FDIC 2013 Approved Final Rules HTM Held-to-Maturity
CDARS Certificate Deposit Account Registry Service HUD U.S. Department of Housing and Urban Development
CECL Current Expected Credit Losses ICS Insured Cash Sweep Service
CEO Chief Executive Officer IRLC Interest Rate Lock Commitment
CET1 Common Equity Tier 1 ISDA International Swaps and Derivatives Association
CFO Chief Financial Officer LIHTC Low-Income Housing Tax Credit
CLO Collateralized Loan Obligation MBS Mortgage-Backed Securities
CRA Community Reinvestment Act MSR Mortgage Servicing Right
CRE Commercial Real Estate NPV Net Present Value
DTA Deferred Tax Asset OBBBA One Big Beautiful Bill Act
DTL Deferred Tax Liability OCI Other Comprehensive Income
EaR Earnings-at-Risk PPNR Pre-Provision Net Revenue
EBO Early Buyout SEC Securities and Exchange Commission
ECR Earnings Credit Rates SERP Supplemental Executive Retirement Plan
EPS Earnings per Share SOFR Secured Overnight Financing Rate
EVE Economic Value of Equity TEB Tax Equivalent Basis
Exchange Act Securities Exchange Act of 1934, as Amended TSR Total Shareholder Return
FASB Financial Accounting Standards Board UPB Unpaid Principal Balance
FDIC Federal Deposit Insurance Corporation USDA United States Department of Agriculture
FHA Federal Housing Administration VA Veterans Affairs
FHLB Federal Home Loan Bank VIE Variable Interest Entity
FHLMC Federal Home Loan Mortgage Corporation XBRL eXtensible Business Reporting Language
FNMA Federal National Mortgage Association

3
Table of Contents
PART I. FINANCIAL INFORMATION
Item 1.Financial Statements
WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30, 2025 December 31, 2024
(in millions,
except shares and per share amounts)
Assets:
Cash and due from banks $ 439  $ 320 
Interest bearing deposits in other financial institutions 2,328  3,776 
Cash and cash equivalents 2,767  4,096 
Investment securities - Trading, at fair value 53  — 
Investment securities - AFS, at fair value; amortized cost of $17,494 at June 30, 2025 and $14,178 at December 31, 2024 (ACL of $0.3 and $0.4 at June 30, 2025 and December 31, 2024)
 16,898  13,468 
Investment securities - HTM, at amortized cost and net of ACL of $11.6 and $16.4 (fair value of $1,368 and $1,309) at June 30, 2025 and December 31, 2024, respectively
 1,528  1,510 
Investment securities - equity 122  117 
Investments in restricted stock, at cost 269  232 
Loans HFS 3,022  2,286 
Loans HFI, net of deferred fees and costs 55,939  53,676 
Less: allowance for credit losses (395) (374)
Net loans held for investment 55,544  53,302 
Mortgage servicing rights 1,044  1,127 
Premises and equipment, net 365  361 
Operating lease right of use asset 130  128 
Bank owned life insurance 1,033  1,011 
Goodwill and intangible assets, net 653  659 
Deferred tax assets, net 313  281 
Investments in LIHTC and renewable energy 588  606 
Other assets 2,396  1,750 
Total assets $ 86,725  $ 80,934 
Liabilities:
Deposits:
Non-interest bearing $ 22,997  $ 18,846 
Interest bearing 48,110  47,495 
Total deposits 71,107  66,341 
Other borrowings 6,052  5,573 
Qualifying debt 678  899 
Operating lease liability 160  159 
Other liabilities 1,321  1,255 
Total liabilities 79,318  74,227 
Commitments and contingencies (Note 15)
Equity:
Preferred stock (par value $0.0001; 20,000,000 authorized; 30,000 shares (12,000,000 depositary shares) issued and outstanding and liquidation value per depositary share of $25 at June 30, 2025 and December 31, 2024)
 295  295 
Common stock (par value $0.0001; 200,000,000 authorized; 113,359,870 shares issued at June 30, 2025 and 112,897,807 at December 31, 2024) and additional paid in capital
 2,273  2,245 
Treasury stock, at cost (2,979,168 shares at June 30, 2025 and 2,845,201 shares at December 31, 2024)
 (137) (125)
Accumulated other comprehensive loss (482) (534)
Retained earnings 5,165  4,826 
Total Western Alliance stockholders’ equity 7,114  6,707 
Noncontrolling interest in subsidiary 293  — 
Total equity 7,407  6,707 
Total liabilities and equity $ 86,725  $ 80,934 
See accompanying Notes to Unaudited Consolidated Financial Statements.
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WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
(in millions, except per share amounts)
Interest income:
Loans, including fees $ 914.3  $ 896.7  $ 1,795.3  $ 1,768.6 
Investment securities 199.7  188.4  365.5  330.8 
Dividends and other 40.4  62.4  89.2  103.1 
Total interest income 1,154.4  1,147.5  2,250.0  2,202.5 
Interest expense:
Deposits 377.8  410.3  756.1  790.9 
Qualifying debt 8.2  9.6  17.5  19.1 
Other borrowings 70.8  71.0  128.2  137.0 
Total interest expense 456.8  490.9  901.8  947.0 
Net interest income 697.6  656.6  1,348.2  1,255.5 
Provision for credit losses 39.9  37.1  71.1  52.3 
Net interest income after provision for credit losses 657.7  619.5  1,277.1  1,203.2 
Non-interest income:
Service charges and loan fees 36.9  17.8  74.1  34.2 
Net gain on loan origination and sale activities 39.4  46.8  88.9  92.1 
Net loan servicing revenue 38.3  38.1  60.1  84.5 
Income from bank owned life insurance 11.0  1.7  22.4  2.7 
Gain on sales of investment securities 11.4  2.3  13.5  1.4 
Fair value gain adjustments, net 0.1  0.7  1.1  1.0 
Income (loss) from equity investments 2.9  4.2  (1.9) 21.3 
Other income 8.3  3.6  17.5  7.9 
Total non-interest income 148.3  115.2  275.7  245.1 
Non-interest expense:
Salaries and employee benefits 179.9  153.0  362.3  307.9 
Deposit costs 147.4  173.7  284.2  310.7 
Data processing 45.0  35.7  90.2  71.7 
Insurance 37.4  33.8  75.3  92.7 
Legal, professional, and directors' fees 25.3  25.8  54.2  55.9 
Loan servicing expenses 20.1  16.6  36.5  31.6 
Occupancy 16.9  18.4  34.1  35.9 
Business development and marketing 6.1  6.4  12.0  11.9 
Loan acquisition and origination expenses 5.8  5.1  11.0  9.9 
Other expense 30.8  18.3  55.3  40.4 
Total non-interest expense 514.7  486.8  1,015.1  968.6 
Income before provision for income taxes 291.3  247.9  537.7  479.7 
Income tax expense 53.5  54.3  100.8  108.7 
Net income 237.8  193.6  436.9  371.0 
Net income attributable to noncontrolling interest 7.4  —  7.4  — 
Net income attributable to Western Alliance 230.4  193.6  429.5  371.0 
Dividends on preferred stock 3.2  3.2  6.4  6.4 
Net income available to common stockholders $ 227.2  $ 190.4  $ 423.1  $ 364.6 
Earnings per share:
Basic $ 2.08  $ 1.75  $ 3.89  $ 3.36 
Diluted 2.07  1.75  3.86  3.34 
Weighted average number of common shares outstanding:
Basic 109.0  108.6  108.9  108.6 
Diluted 109.6  109.1  109.6  109.1 
Dividends declared per common share $ 0.38  $ 0.37  $ 0.76  $ 0.74 
See accompanying Notes to Unaudited Consolidated Financial Statements.
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WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
(in millions)
Net income $ 237.8  $ 193.6  $ 436.9  $ 371.0 
Other comprehensive income (loss), net:
Unrealized gain (loss) on AFS securities, net of tax effect of $(6.0), $(0.5), $(25.3), and $14.3, respectively
 9.7  1.7  65.4  (43.2)
Unrealized gain on SERP, net of tax effect of $0 for each period presented
 0.1  —  0.1  — 
Unrealized (loss) on junior subordinated debt, net of tax effect of $1.3, $0.2, $0.9, and $0.4, respectively
 (4.1) (0.5) (3.0) (1.0)
Realized (gain) on sale of AFS securities included in income, net of tax effect of $2.9, $0.6, $3.5, and $0.3, respectively
 (8.8) (1.8) (10.4) (1.1)
Net other comprehensive (loss) income (3.1) (0.6) 52.1  (45.3)
Comprehensive income attributable to noncontrolling interest 7.4  —  7.4  — 
Comprehensive income attributable to Western Alliance $ 227.3  $ 193.0  $ 481.6  $ 325.7 
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 June 30,
Preferred Stock Common Stock Additional Paid in Capital Treasury Stock Accumulated Other Comprehensive Income (Loss) Retained Earnings Noncontrolling Interest in Subsidiary Total Equity
Shares Amount Shares Amount
(in millions)
Balance, March 31, 2024 12.0  $ 294.5  110.2  $ —  $ 2,211.0  $ (123.9) $ (557.6) $ 4,348.5  $ —  $ 6,172.5 
Net income —  —  —  —  —  —  —  193.6  —  193.6 
Restricted stock, performance stock units, and other grants, net —  —  —  —  12.5  —  —  —  —  12.5 
Restricted stock surrendered (1) —  —  —  —  1.2  (1.0) —  —  —  0.2 
Dividends paid to preferred stockholders —  —  —  —  —  —  —  (3.2) —  (3.2)
Dividends paid to common stockholders —  —  —  —  —  —  —  (40.8) —  (40.8)
Other comprehensive loss, net —  —  —  —  —  —  (0.6) —  —  (0.6)
Balance, June 30, 2024 12.0  $ 294.5  110.2  $ —  $ 2,224.7  $ (124.9) $ (558.2) $ 4,498.1  $ —  $ 6,334.2 
Balance, March 31, 2025 12.0  $ 294.5  110.4  $ —  $ 2,261.2  $ (135.8) $ (478.5) $ 4,980.0  $ 293.1  $ 7,214.5 
Net income —  —  —  —  —  —  —  230.4  7.4  237.8 
Restricted stock, performance stock units, and other grants, net —  —  —  —  11.1  —  —  —  —  11.1 
Restricted stock surrendered (1) —  —  —  —  —  (0.9) —  —  —  (0.9)
Dividends paid to preferred stockholders —  —  —  —  —  —  —  (3.2) —  (3.2)
Dividends paid to noncontrolling interest —  —  —  —  —  —  —  —  (7.4) (7.4)
Dividends paid to common stockholders —  —  —  —  0.2  —  (42.2) —  (42.0)
Other comprehensive loss, net —  —  —  —  —  —  (3.1) —  —  (3.1)
Balance, June 30, 2025 12.0  $ 294.5  110.4  $ —  $ 2,272.5  $ (136.7) $ (481.6) $ 5,165.0  $ 293.1  $ 7,406.8 
(1)Share amounts represent Treasury Shares.


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WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Six Months Ended June 30,
Preferred Stock Common Stock Additional Paid in Capital Treasury Stock Accumulated Other Comprehensive Income (Loss) Retained Earnings Noncontrolling Interest Total Stockholders’ Equity
Shares Amount Shares Amount
(in millions)
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 —  —  —  —  —  —  —  371.0  —  371.0 
Restricted stock, performance stock units, and other grants, net —  —  0.9  —  25.6  —  —  —  —  25.6 
Restricted stock surrendered (1) —  —  (0.1) —  1.0  (8.6) —  —  —  (7.6)
Dividends paid to preferred stockholders —  —  —  —  —  —  —  (6.4) —  (6.4)
Dividends paid to common stockholders —  —  —  —  —  —  —  (81.5) —  (81.5)
Other comprehensive loss, net —  —  —  —  —  —  (45.3) —  —  (45.3)
Balance, June 30, 2024 12.0  $ 294.5  110.2  $ —  $ 2,224.7  $ (124.9) $ (558.2) $ 4,498.1  $ —  $ 6,334.2 
Balance, December 31, 2024 12.0  $ 294.5  110.0  $ —  $ 2,245.8  $ (125.0) $ (533.7) $ 4,825.9  $ —  $ 6,707.5 
Net income —  —  —  —  —  —  —  429.5  7.4  436.9 
Restricted stock, performance stock units, and other grants, net —  —  0.5  —  26.5  —  —  —  —  26.5 
Restricted stock surrendered (1) —  —  (0.1) —  —  (11.7) —  —  —  (11.7)
Equity issued by subsidiary —  —  —  —  —  —  —  —  293.1  293.1 
Dividends paid to preferred stockholders —  —  —  —  —  —  —  (6.4) —  (6.4)
Dividends paid to noncontrolling interest —  —  —  —  —  —  —  —  (7.4) (7.4)
Dividends paid to common stockholders —  —  —  —  0.2  —  —  (84.0) —  (83.8)
Other comprehensive income, net —  —  —  —  —  —  52.1  —  —  52.1 
Balance, June 30, 2025 12.0  $ 294.5  110.4  $ —  $ 2,272.5  $ (136.7) $ (481.6) $ 5,165.0  $ 293.1  $ 7,406.8 
See accompanying Notes to Unaudited Consolidated Financial Statements.
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WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended June 30,
2025 2024
(in millions)
Cash flows from operating activities:
Net income $ 436.9  $ 371.0 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses 71.1  52.3 
Depreciation and amortization 51.4  42.2 
Stock-based compensation 26.5  25.6 
Deferred income taxes (46.9) 23.8 
Amortization of net discounts for investment securities (32.5) (117.9)
Amortization of tax credit investments 34.1  35.7 
Amortization of operating lease right of use asset 11.9  12.0 
Amortization of net deferred loan fees and net purchase premiums (38.7) (46.5)
Purchases and originations of loans HFS (26,746.0) (21,308.5)
Proceeds from sales and payments on loans HFS and related securitization activities 25,009.0  20,129.4 
Mortgage servicing rights capitalized upon sale of mortgage loans (544.8) (403.4)
Net losses (gains) on:
Change in fair value of trading securities, loans HFS, mortgage servicing rights, and related derivatives 114.8  (17.0)
Fair value adjustments 4.6  (12.2)
Sale of investment securities (13.5) (1.4)
Other 0.7  0.5 
Other assets and liabilities, net (350.3) 162.1 
Net cash used in operating activities $ (2,011.7) $ (1,052.3)
Cash flows from investing activities:
Investment securities - AFS
Purchases $ (9,634.7) $ (10,815.0)
Principal pay downs and maturities 3,567.6  4,761.5 
Proceeds from sales 2,606.0  1,735.0 
Investment securities - HTM
Purchases (51.2) (61.0)
Principal pay downs and maturities 39.2  8.5 
Equity securities carried at fair value
Purchases (0.4) (0.4)
Redemptions 5.0  15.0 
Proceeds from sales 22.0  — 
Proceeds from sale of mortgage servicing rights and related holdbacks, net 518.8  400.8 
Proceeds from sale and purchase of other investments, net (143.5) 22.8 
Proceeds from bank owned life insurance, net 0.6  — 
Net increase in loans HFI (2,446.9) (2,191.5)
Purchase of premises, equipment, and other assets, net (37.7) (35.0)
Net cash used in investing activities $ (5,555.2) $ (6,159.3)
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Six Months Ended June 30,
2025 2024
(in millions)
Cash flows from financing activities:
Net increase in deposits $ 4,762.2  $ 10,910.7 
Net proceeds from issuance of long-term debt 3,700.0  — 
Payments on long-term debt (3,437.4) (12.5)
Net increase (decrease) in short-term borrowings 1,029.6  (1,089.7)
Net proceeds from issuance of equity by a subsidiary 293.1  — 
Cash paid for tax withholding on vested restricted stock and other (11.7) (7.6)
Cash dividends paid on common and preferred stock (90.4) (87.9)
Cash dividends paid to noncontrolling interest (7.4) — 
Net cash provided by financing activities $ 6,238.0  $ 9,713.0 
Net (decrease) increase in cash and cash equivalents (1,328.9) 2,501.4 
Cash, cash equivalents, and restricted cash at beginning of period 4,095.6  1,576.1 
Cash, cash equivalents, and restricted cash at end of period $ 2,766.7  $ 4,077.5 
Supplemental disclosure:
Cash paid during the period for:
Interest $ 921.0  $ 934.8 
Income taxes, net 28.7  (47.5)
Non-cash activities:
Transfers of mortgage-backed securities in settlement of secured borrowings 1,052.2  551.2 
Transfers of securitized loans HFS to AFS securities —  122.8 
Transfers of loans HFI to HFS, net of fair value loss adjustment (1) 130.7  160.0 
Unsettled sales of AFS securities 198.6  — 
Transfers of loans HFI to other assets acquired through foreclosure 176.1  — 
(1)Activity for the six months ended June 30, 2025 and 2024 excludes $244.1 million and $220.3 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, together with its 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 June 30, 2025 and for the three and six months ended June 30, 2025 and 2024 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, 2024. 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
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued guidance within ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Topic 220). The amendments in this update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses. Entities will be required to disclose the amounts of employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. The update also requires entities to include certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements, disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.
The amendments in this update are effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027 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.
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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. 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 provide these enhanced income tax disclosures.
Recently adopted accounting guidance
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 did 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 Company adopted this guidance beginning with the annual period ending December 31, 2024 and applied these updates on a retrospective basis. Upon adoption, the Company provided additional expense detail within its segment disclosures and there was no impact on the Company's financial position or results of operations.
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.
The Company adopted this accounting guidance on January 1, 2025. Although the Company has digital payment offerings, it does not currently hold crypto assets meeting the criteria outlined in the update. Accordingly, the adoption of this guidance did not have an impact on the Company's Consolidated Financial Statements.
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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 that management believes are reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities, as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. Actual results may differ from those estimates and assumptions used in the Consolidated Financial Statements and related notes. Material estimates susceptible to significant changes in the near term, relate to: 1) the determination of the ACL; 2) certain assets and liabilities carried at fair value; and 3) accounting for income taxes.
Principles of consolidation
As of June 30, 2025, 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 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, which operates as a real estate investment trust and holds certain of WAB's real estate loans and related securities; and 5) Western Finance Company, which purchases and originates equipment finance leases and provides mortgage banking services through its wholly-owned subsidiary, AmeriHome.
The Company does not have any other significant entities that should be consolidated. All significant intercompany balances and transactions have been eliminated in consolidation.
Reclassifications
Certain amounts in the Consolidated Income Statements for the prior periods have been reclassified to conform to the current presentation. The reclassifications had no effect on net income or stockholders’ equity as previously reported.

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2. INVESTMENT SECURITIES
The carrying amounts and fair values of investment securities are summarized as follows:
June 30, 2025
Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value
(in millions)
Held-to-maturity
Tax-exempt $ 1,369  $ 2  $ (141) $ 1,230 
Private label residential MBS 171  —  (33) 138 
Total HTM securities $ 1,540  $ 2  $ (174) $ 1,368 
Available-for-sale debt securities
Residential MBS issued by GSEs and GNMA $ 6,986  $ 35  $ (355) $ 6,666 
U.S. Treasury securities 5,470  38  (4) 5,504 
CLO 1,895  6  —  1,901 
Private label residential MBS 1,164  1  (175) 990 
Tax-exempt 909  —  (113) 796 
Commercial MBS issued by GSEs and GNMA 604  4  (9) 599 
Corporate debt securities 391  —  (17) 374 
Other 75  1  (8) 68 
Total AFS debt securities $ 17,494  $ 85  $ (681) $ 16,898 
December 31, 2024
Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value
(in millions)
Held-to-maturity
Tax-exempt $ 1,350  $ 1  $ (180) $ 1,171 
Private label residential MBS 176  —  (38) 138 
Total HTM securities $ 1,526  $ 1  $ (218) $ 1,309 
Available-for-sale debt securities
Residential MBS issued by GSEs and GNMA $ 6,225  $ 16  $ (410) $ 5,831 
U.S. Treasury securities 4,385  1  (3) 4,383 
Private label residential MBS 1,148  —  (201) 947 
Tax-exempt 921  —  (76) 845 
CLO 570  —  —  570 
Commercial MBS issued by GSEs and GNMA 447  1  (11) 437 
Corporate debt securities 407  —  (21) 386 
Other 75  1  (7) 69 
Total AFS debt securities $ 14,178  $ 19  $ (729) $ 13,468 
In addition, the Company held equity securities, which primarily consisted of preferred stock, CRA investments, and common stock, with a fair value of $122 million and $117 million at June 30, 2025 and December 31, 2024, respectively. Unrealized losses of $1.3 million and $1.2 million on equity securities for the three months ended June 30, 2025 and 2024, respectively, and unrealized losses of less than $0.1 million and unrealized gains of $2.7 million for the six months ended June 30, 2025 and 2024, respectively, were recognized in earnings as a component of Fair value gain adjustments, net.
Securities with carrying amounts of approximately $4.9 billion and $4.0 billion at June 30, 2025 and December 31, 2024, 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: 
June 30, 2025
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 and GNMA $ 3  $ 1,061  $ 352  $ 1,471  $ 355  $ 2,532 
U.S. Treasury securities 4  1,948  —  —  4  1,948 
Private label residential MBS —  —  175  893  175  893 
Tax-exempt —  —  113  723  113  723 
Corporate debt securities (1) —  —  17  339  17  339 
Commercial MBS issued by GSEs and GNMA 1  170  8  66  9  236 
Other 4  31  4  16  8  47 
Total AFS securities $ 12  $ 3,210  $ 669  $ 3,508  $ 681  $ 6,718 
(1)Includes securities with an ACL that have a fair value of $8 million and unrealized losses of $1 million.
December 31, 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 and GNMA $ 18  $ 1,793  $ 392  $ 1,482  $ 410  $ 3,275 
U.S. Treasury securities 3  2,185  —  —  3  2,185 
Private label residential MBS —  —  201  939  201  939 
Tax-exempt 1  32  75  813  76  845 
Corporate debt securities (1) —  —  21  362  21  362 
Commercial MBS issued by GSEs and GNMA 10  220  1  16  11  236 
Other 2  32  5  25  7  57 
Total AFS securities $ 34  $ 4,262  $ 695  $ 3,637  $ 729  $ 7,899 
(1)Includes securities with an ACL that have a fair value of $8 million and unrealized losses of $1 million.
The total number of AFS debt securities in an unrealized loss position at June 30, 2025 was 680, compared to 796 at December 31, 2024.
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.
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 Company's impairment analysis on its AFS debt securities resulted in recognition of an ACL on certain securities within its Corporate debt portfolio. The following table presents a rollforward of the ACL on these AFS debt securities:
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
(in millions)
Balance, beginning of period $ 0.2  $ 1.3  $ 0.4  $ 1.4 
Provision for (recovery of) credit losses 0.1  (0.5) (0.1) (0.6)
Charge-offs —  —  —  — 
Recoveries —  —  —  — 
Balance, end of period $ 0.3  $ 0.8  $ 0.3  $ 0.8 
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 of the ACL on the Company's HTM tax-exempt debt securities:
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
(in millions)
Balance, beginning of period $ 11.6  $ 8.2  $ 16.4  $ 7.8 
Provision for (recovery of) credit losses —  0.5  (4.8) 0.9 
Charge-offs —  —  —  — 
Recoveries —  —  —  — 
Balance, end of period $ 11.6  $ 8.7  $ 11.6  $ 8.7 
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.
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Accrued interest receivable on HTM debt securities totaled $5 million at both June 30, 2025 and December 31, 2024 and is excluded from the estimate of expected credit losses.
The following tables summarize the carrying amount of the Company’s investment ratings position, which are updated quarterly and used to monitor the credit quality of the Company's securities: 
June 30, 2025
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 $ —  $ —  $ —  $ —  $ —  $ —  $ 1,369  $ 1,369 
Private label residential MBS —  —  —  —  —  —  171  171 
Total HTM securities (1) $ —  $ —  $ —  $ —  $ —  $ —  $ 1,540  $ 1,540 
Available-for-sale debt securities
Residential MBS issued by GSEs and GNMA $ —  $ —  $ 6,666  $ —  $ —  $ —  $ —  $ 6,666 
U.S. Treasury securities —  —  5,504  —  —  —  —  5,504 
CLO 190  —  1,475  236  —  —  —  1,901 
Private label residential MBS 963  —  27  —  —  —  —  990 
Tax-exempt 22  —  327  354  —  —  93  796 
Commercial MBS issued by GSEs and GNMA —  —  599  —  —  —  —  599 
Corporate debt securities —  —  —  79  217  78  —  374 
Other —  —  11  2  38  1  16  68 
Total AFS securities (1) $ 1,175  $ —  $ 14,609  $ 671  $ 255  $ 79  $ 109  $ 16,898 
Trading securities
Residential MBS issued by GSEs and GNMA $ —  $ —  $ 53  $ —  $ —  $ —  $ —  $ 53 
Total trading securities (1) $ —  $ —  $ 53  $ —  $ —  $ —  $ —  $ 53 
Equity securities
Preferred stock $ —  $ —  $ —  $ —  $ 33  $ 30  $ —  $ 63 
Common stock —  —  —  —  —  —  32  32 
CRA investments —  27  —  —  —  —  —  27 
Total equity securities (1) $ —  $ 27  $ —  $ —  $ 33  $ 30  $ 32  $ 122 
(1)For rated securities, if ratings differ, the Company uses an average of the available ratings by major credit agencies.
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December 31, 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 $ —  $ —  $ —  $ —  $ —  $ —  $ 1,350  $ 1,350 
Private label residential MBS —  —  —  —  —  —  176  176 
Total HTM securities (1) $ —  $ —  $ —  $ —  $ —  $ —  $ 1,526  $ 1,526 
Available-for-sale debt securities
Residential MBS issued by GSEs and GNMA $ —  $ 5,831  $ —  $ —  $ —  $ —  $ —  $ 5,831 
U.S. Treasury securities —  4,383  —  —  —  —  —  4,383 
Private label residential MBS 921  —  26  —  —  —  —  947 
Tax-exempt 9  19  348  375  —  —  94  845 
CLO 50  —  465  55  —  —  —  570 
Commercial MBS issued by GSEs and GNMA —  437  —  —  —  —  —  437 
Corporate debt securities —  —  —  78  226  82  —  386 
Other —  1  8  2  40  1  17  69 
Total AFS securities (1) $ 980  $ 10,671  $ 847  $ 510  $ 266  $ 83  $ 111  $ 13,468 
Equity securities
Preferred stock $ —  $ —  $ —  $ —  $ 50  $ 29  $ 12  $ 91 
CRA investments —  26  —  —  —  —  —  26 
Total equity securities (1) $ —  $ 26  $ —  $ —  $ 50  $ 29  $ 12  $ 117 
(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 June 30, 2025, the Company did not have a significant amount of investment securities that were past due or on nonaccrual status.
The amortized cost and fair value of the Company's debt securities as of June 30, 2025, by contractual maturities are shown below. MBS are shown separately as individual MBS are comprised of pools of loans with varying maturities.
June 30, 2025
Amortized Cost Estimated Fair Value
(in millions)
Held-to-maturity
Due in one year or less $ 24  $ 24 
After one year through five years 18  18 
After five years through ten years 173  162 
After ten years 1,154  1,026 
Mortgage-backed securities 171  138 
Total HTM securities $ 1,540  $ 1,368 
Available-for-sale
Due in one year or less $ 1,632  $ 1,630 
After one year through five years 1,912  1,909 
After five years through ten years 840  828 
After ten years 4,356  4,276 
Mortgage-backed securities 8,754  8,255 
Total AFS securities $ 17,494  $ 16,898 
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The following table presents gross gains and losses on sales of investment securities:
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
(in millions)
Available-for-sale securities
Gross gains $ 11.8  $ 2.7  $ 13.9  $ 3.6 
Gross losses —  (0.4) —  (2.2)
Net gain on AFS securities $ 11.8  $ 2.3  $ 13.9  $ 1.4 
Equity securities
Gross gains $ 0.2  $ —  $ 0.2  $ — 
Gross losses (0.6) —  (0.6) — 
Net loss on equity securities $ (0.4) $ —  $ (0.4) $ — 
During the three and six months ended June 30, 2025, the Company sold AFS securities with a carrying value of $2.4 billion and $2.8 billion, respectively, and recognized a net gain of $11.8 million and $13.9 million, respectively. U.S. Treasury securities and MBS were sold to secure gains, including hedged U.S. Treasury securities sold as part of an interest rate swap termination that resulted in a $7.7 million gain. See "Note 12. Derivatives and Hedging Activities" for further discussion of the interest rate swap. During the three and six months ended June 30, 2024, the Company sold securities with a carrying value of $329 million and $1.7 billion, respectively, and recognized a net gain of $2.3 million and $1.4 million, respectively. CLOs were sold as part of the Company's efforts to shift the investment portfolio mix toward high quality liquid assets.

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3. LOANS HELD FOR SALE
The Company purchases and originates residential mortgage loans that are held for sale or securitization primarily through its AmeriHome mortgage banking business channel.
The following is a summary of loans HFS by type:
June 30, 2025 December 31, 2024
(in millions)
Government-insured or guaranteed:
EBO (1) $ 74  $ — 
Non-EBO 1,296  764 
Total government-insured or guaranteed 1,370  764 
Agency-conforming 1,627  1,502 
Non-agency 25  20 
Total loans HFS $ 3,022  $ 2,286 
(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 June 30, Six Months Ended June 30,
2025 2024 2025 2024
(in millions)
Mortgage servicing rights capitalized upon sale of loans $ 284.4  $ 214.7  $ 544.8  $ 403.4 
Net proceeds from sale of loans (1) (262.8) (190.6) (477.7) (351.3)
Provision for and change in estimate of liability for losses under representations and warranties, net 0.6  1.0  1.1  4.2 
Change in fair value of loans HFS and trading securities 5.9  1.4  33.1  (5.3)
Change in fair value of derivatives:
Unrealized (loss) gain on derivatives (13.2) 1.8  (73.2) 17.1 
Realized gain (loss) on derivatives 8.7  4.7  31.7  (3.4)
Total change in fair value of derivatives (4.5) 6.5  (41.5) 13.7 
Net gain on residential mortgage loans HFS $ 23.6  $ 33.0  $ 59.8  $ 64.7 
Loan acquisition and origination fees 15.8  13.8  29.1  27.4 
Net gain on loan origination and sale activities $ 39.4  $ 46.8  $ 88.9  $ 92.1 
(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:
June 30, 2025 December 31, 2024
(in millions)
Warehouse lending $ 8,574  $ 8,207 
Municipal & nonprofit 1,634  1,620 
Tech & innovation 3,609  3,383 
Equity fund resources 857  884 
Other commercial and industrial 10,474  9,175 
CRE - owner occupied 1,598  1,675 
Hotel franchise finance 3,929  3,815 
Other CRE - non-owner occupied 6,552  6,342 
Residential 13,166  12,961 
Residential - EBO 929  972 
Construction and land development 4,478  4,468 
Other 139  174 
Total loans HFI 55,939  53,676 
Allowance for credit losses (395) (374)
Total loans HFI, net of allowance $ 55,544  $ 53,302 
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 $117 million and $106 million reduced the carrying value of loans as of June 30, 2025 and December 31, 2024, respectively. Net unamortized purchase premiums on acquired and purchased loans of $178 million and $175 million increased the carrying value of loans as of June 30, 2025 and December 31, 2024.
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:
June 30, 2025
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 $ —  $ 5  $ 5  $ — 
Tech & innovation —  34  34  — 
Equity fund resources —  1  1  — 
Other commercial and industrial 13  29  42  — 
CRE - owner occupied 3  —  3  — 
Other CRE - non-owner occupied 1  180  181  — 
Residential —  17  17  51 
Residential - EBO —  —  —  326 
Construction and land development 73  69  142  — 
Other 2  —  2  — 
Total $ 92  $ 335  $ 427  $ 377 
Loans contractually delinquent by 90 days or more and still accruing totaled $377 million at June 30, 2025 and consisted of government guaranteed EBO and certain other 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 $104 million and $99 million at June 30, 2025 and December 31, 2024, respectively.

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December 31, 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 $ —  $ 5  $ 5  $ — 
Tech & innovation 3  57  60  — 
Equity fund resources —  1  1  — 
Other commercial and industrial 11  6  17  — 
CRE - owner occupied 5  —  5  — 
Other CRE - non-owner occupied 172  71  243  — 
Residential —  88  88  — 
Residential - EBO —  —  —  326 
Construction and land development 55  1  56  — 
Other 1  —  1  — 
Total $ 247  $ 229  $ 476  $ 326 
Loans contractually delinquent by 90 days or more and still accruing totaled $326 million at December 31, 2024 and consisted of government guaranteed EBO residential loans.
The reduction in interest income associated with loans on nonaccrual status was approximately $8.0 million and $6.9 million for the three months ended June 30, 2025 and 2024, respectively, and $16.0 million and $11.8 million for the six months ended June 30, 2025 and 2024, respectively.
The following table presents an aging analysis of past due loans by loan portfolio segment:
June 30, 2025
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 $ 8,574  $ —  $ —  $ —  $ —  $ —  $ 8,574 
Municipal & nonprofit 1,629  —  —  —  —  5  1,634 
Tech & innovation 3,571  4  —  —  4  34  3,609 
Equity fund resources 856  —  —  —  —  1  857 
Other commercial and industrial 10,430  2  —  —  2  42  10,474 
CRE - owner occupied 1,593  2  —  —  2  3  1,598 
Hotel franchise finance 3,929  —  —  —  —  —  3,929 
Other CRE - non-owner occupied 6,286  85  —  —  85  181  6,552 
Residential 13,017  59  22  51  132  17  13,166 
Residential - EBO 435  107  61  326  494  —  929 
Construction and land development 4,336  —  —  —  —  142  4,478 
Other 136  1  —  —  1  2  139 
Total loans $ 54,792  $ 260  $ 83  $ 377  $ 720  $ 427  $ 55,939 
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December 31, 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 $ 8,207  $ —  $ —  $ —  $ —  $ —  $ 8,207 
Municipal & nonprofit 1,615  —  —  —  —  5  1,620 
Tech & innovation 3,320  3  —  —  3  60  3,383 
Equity fund resources 883  —  —  —  —  1  884 
Other commercial and industrial 9,157  1  —  —  1  17  9,175 
CRE - owner occupied 1,670  —  —  —  —  5  1,675 
Hotel franchise finance 3,785  —  30  —  30  —  3,815 
Other CRE - non-owner occupied 6,097  —  2  —  2  243  6,342 
Residential 12,818  45  10  —  55  88  12,961 
Residential - EBO 463  107  76  326  509  —  972 
Construction and land development 4,412  —  —  —  —  56  4,468 
Other 172  1  —  —  1  1  174 
Total loans $ 52,599  $ 157  $ 118  $ 326  $ 601  $ 476  $ 53,676 
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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. 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 six months ended June 30, 2025 2025 2024 2023 2022 2021 Prior
(in millions)
Warehouse lending
Pass $ 71  $ 128  $ 522  $ 284  $ —  $ 228  $ 7,341  $ 8,574 
Special mention —  —  —  —  —  —  —  — 
Classified —  —  —  —  —  —  —  — 
Total $ 71  $ 128  $ 522  $ 284  $ —  $ 228  $ 7,341  $ 8,574 
Current period gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Municipal & nonprofit
Pass $ 26  $ 194  $ 97  $ 202  $ 138  $ 972  $ —  $ 1,629 
Special mention —  —  —  —  —  —  —  — 
Classified —  —  —  —  —  5  —  5 
Total $ 26  $ 194  $ 97  $ 202  $ 138  $ 977  $ —  $ 1,634 
Current period gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Tech & innovation
Pass $ 642  $ 1,128  $ 334  $ 194  $ 95  $ 51  $ 1,047  $ 3,491 
Special mention 7  4  23  11  —  —  1  46 
Classified 2  21  13  34  —  —  2  72 
Total $ 651  $ 1,153  $ 370  $ 239  $ 95  $ 51  $ 1,050  $ 3,609 
Current period gross charge-offs $ 1.5  $ 6.5  $ 2.4  $ 11.2  $ 0.2  $ —  $ —  $ 21.8 
Equity fund resources
Pass $ 70  $ 4  $ 2  $ —  $ 3  $ 5  $ 772  $ 856 
Special mention —  —  —  —  —  —  —  — 
Classified —  1  —  —  —  —  —  1 
Total $ 70  $ 5  $ 2  $ —  $ 3  $ 5  $ 772  $ 857 
Current period gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Other commercial and industrial
Pass $ 1,119  $ 1,803  $ 782  $ 525  $ 218  $ 203  $ 5,443  $ 10,093 
Special mention —  8  1  6  1  1  82  99 
Classified 1  12  198  50  18  2  1  282 
Total $ 1,120  $ 1,823  $ 981  $ 581  $ 237  $ 206  $ 5,526  $ 10,474 
Current period gross charge-offs $ —  $ —  $ 0.7  $ 6.1  $ —  $ 0.3  $ 0.5  $ 7.6 
CRE - owner occupied
Pass $ 144  $ 219  $ 159  $ 310  $ 278  $ 433  $ 27  $ 1,570 
Special mention —  —  —  —  —  7  —  7 
Classified —  2  —  13  3  3  —  21 
Total $ 144  $ 221  $ 159  $ 323  $ 281  $ 443  $ 27  $ 1,598 
Current period gross charge-offs $ —  $ —  $ —  $ 0.3  $ —  $ 0.2  $ —  $ 0.5 
Hotel franchise finance
Pass $ 543  $ 1,053  $ 478  $ 992  $ 278  $ 287  $ 128  $ 3,759 
Special mention —  —  —  —  80  —  —  80 
Classified —  45  —  45  —  —  —  90 
Total $ 543  $ 1,098  $ 478  $ 1,037  $ 358  $ 287  $ 128  $ 3,929 
Current period gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
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Term Loan Amortized Cost Basis by Origination Year Revolving Loans Amortized Cost Basis Total
As of and for the six months ended June 30, 2025 2025 2024 2023 2022 2021 Prior
(in millions)
Other CRE - non-owner occupied
Pass $ 595  $ 956  $ 1,138  $ 1,838  $ 531  $ 423  $ 529  $ 6,010 
Special mention 12  64  98  —  —  —  —  174 
Classified 18  42  68  209  28  3  —  368 
Total $ 625  $ 1,062  $ 1,304  $ 2,047  $ 559  $ 426  $ 529  $ 6,552 
Current period gross charge-offs $ —  $ —  $ 20.2  $ 10.5  $ 0.5  $ 0.8  $ —  $ 32.0 
Residential
Pass $ 472  $ 712  $ 211  $ 3,249  $ 7,287  $ 1,153  $ 31  $ 13,115 
Special mention —  —  —  —  —  —  —  — 
Classified —  —  3  26  18  —  —  47 
Cumulative fair value hedging adjustment —  —  —  —  —  —  —  4 
Total $ 472  $ 712  $ 214  $ 3,275  $ 7,305  $ 1,153  $ 31  $ 13,166 
Current period gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Residential - EBO
Pass $ —  $ 47  $ 27  $ 13  $ 182  $ 660  $ —  $ 929 
Special mention —  —  —  —  —  —  —  — 
Classified —  —  —  —  —  —  —  — 
Total $ —  $ 47  $ 27  $ 13  $ 182  $ 660  $ —  $ 929 
Current period gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Construction and land development
Pass $ 654  $ 742  $ 502  $ 798  $ 35  $ 1  $ 1,555  $ 4,287 
Special mention 10  —  —  27  —  —  —  37 
Classified —  —  39  114  1  —  —  154 
Total $ 664  $ 742  $ 541  $ 939  $ 36  $ 1  $ 1,555  $ 4,478 
Current period gross charge-offs $ —  $ —  $ 0.3  $ —  $ —  $ —  $ —  $ 0.3 
Other
Pass $ 5  $ 15  $ —  $ 7  $ 2  $ 83  $ 24  $ 136 
Special mention —  —  —  —  —  1  —  1 
Classified —  —  —  —  —  2  —  2 
Total $ 5  $ 15  $ —  $ 7  $ 2  $ 86  $ 24  $ 139 
Current period gross charge-offs $ —  $ —  $ —  $ 0.1  $ —  $ 0.4  $ 0.1  $ 0.6 
Total by Risk Category
Pass $ 4,341  $ 7,001  $ 4,252  $ 8,412  $ 9,047  $ 4,499  $ 16,897  $ 54,449 
Special mention 29  76  122  44  81  9  83  444 
Classified 21  123  321  491  68  15  3  1,042 
Cumulative fair value hedging adjustment —  —  —  —  —  —  —  4 
Total $ 4,391  $ 7,200  $ 4,695  $ 8,947  $ 9,196  $ 4,523  $ 16,983  $ 55,939 
Current period gross charge-offs $ 1.5  $ 6.5  $ 23.6  $ 28.2  $ 0.7  $ 1.7  $ 0.6  $ 62.8 







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Term Loan Amortized Cost Basis by Origination Year Revolving Loans Amortized Cost Basis Total
As of December 31, 2024 and gross charge-offs for the six months ended June 30, 2024 2024 2023 2022 2021 2020 Prior
(in millions)
Warehouse lending
Pass $ 205  $ 545  $ 264  $ —  $ 278  $ —  $ 6,915  $ 8,207 
Special mention —  —  —  —  —  —  —  — 
Classified —  —  —  —  —  —  —  — 
Total $ 205  $ 545  $ 264  $ —  $ 278  $ —  $ 6,915  $ 8,207 
Current period gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Municipal & nonprofit
Pass $ 175  $ 89  $ 195  $ 144  $ 160  $ 833  $ 1  $ 1,597 
Special mention —  —  7  —  11  —  —  18 
Classified —  —  —  —  —  5  —  5 
Total $ 175  $ 89  $ 202  $ 144  $ 171  $ 838  $ 1  $ 1,620 
Current period gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Tech & innovation
Pass $ 1,378  $ 475  $ 301  $ 89  $ —  $ 61  $ 903  $ 3,207 
Special mention 26  15  16  11  —  —  7  75 
Classified 30  7  45  3  —  —  16  101 
Total $ 1,434  $ 497  $ 362  $ 103  $ —  $ 61  $ 926  $ 3,383 
Current period gross charge-offs $ —  $ 1.5  $ —  $ —  $ —  $ —  $ —  $ 1.5 
Equity fund resources
Pass $ 6  $ 78  $ 24  $ 32  $ 2  $ —  $ 741  $ 883 
Special mention —  —  —  —  —  —  —  — 
Classified 1  —  —  —  —  —  —  1 
Total $ 7  $ 78  $ 24  $ 32  $ 2  $ —  $ 741  $ 884 
Current period gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Other commercial and industrial
Pass $ 2,217  $ 973  $ 801  $ 324  $ 75  $ 155  $ 4,456  $ 9,001 
Special mention 1  —  38  1  —  —  3  43 
Classified 11  86  10  18  2  4  —  131 
Total $ 2,229  $ 1,059  $ 849  $ 343  $ 77  $ 159  $ 4,459  $ 9,175 
Current period gross charge-offs $ —  $ 0.1  $ 0.6  $ 4.5  $ —  $ 0.2  $ 0.6  $ 6.0 
CRE - owner occupied
Pass $ 231  $ 159  $ 323  $ 298  $ 146  $ 465  $ 29  $ 1,651 
Special mention 2  —  1  1  —  1  —  5 
Classified —  —  12  3  —  4  —  19 
Total $ 233  $ 159  $ 336  $ 302  $ 146  $ 470  $ 29  $ 1,675 
Current period gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Hotel franchise finance
Pass $ 1,036  $ 522  $ 1,204  $ 405  $ 33  $ 342  $ 132  $ 3,674 
Special mention 98  —  14  —  —  —  —  112 
Classified —  —  29  —  —  —  —  29 
Total $ 1,134  $ 522  $ 1,247  $ 405  $ 33  $ 342  $ 132  $ 3,815 
Current period gross charge-offs $ —  $ —  $ —  $ 1.4  $ —  $ 1.5  $ —  $ 2.9 
Other CRE - non-owner occupied
Pass $ 1,056  $ 1,388  $ 1,589  $ 557  $ 250  $ 264  $ 588  $ 5,692 
Special mention 75  —  59  —  2  2  —  138 
Classified 34  244  173  48  12  1  —  512 
Total $ 1,165  $ 1,632  $ 1,821  $ 605  $ 264  $ 267  $ 588  $ 6,342 
Current period gross charge-offs $ —  $ —  $ —  $ 22.6  $ —  $ —  $ —  $ 22.6 
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Term Loan Amortized Cost Basis by Origination Year Revolving Loans Amortized Cost Basis Total
As of December 31, 2024 and gross charge-offs for the six months ended June 30, 2024 2024 2023 2022 2021 2020 Prior
(in millions)
Residential
Pass $ 659  $ 231  $ 3,331  $ 7,519  $ 762  $ 421  $ 28  $ 12,951 
Special mention —  —  —  —  —  —  —  — 
Classified —  2  41  33  4  8  —  88 
Cumulative fair value hedging adjustment —  —  —  —  —  —  —  (78)
Total $ 659  $ 233  $ 3,372  $ 7,552  $ 766  $ 429  $ 28  $ 12,961 
Current period gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Residential - EBO
Pass $ 1  $ 15  $ 12  $ 200  $ 447  $ 297  $ —  $ 972 
Special mention —  —  —  —  —  —  —  — 
Classified —  —  —  —  —  —  —  — 
Total $ 1  $ 15  $ 12  $ 200  $ 447  $ 297  $ —  $ 972 
Current period gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Construction and land development
Pass $ 798  $ 525  $ 1,526  $ 62  $ 2  $ —  $ 1,487  $ 4,400 
Special mention —  —  —  —  —  —  —  — 
Classified —  38  30  —  —  —  —  68 
Total $ 798  $ 563  $ 1,556  $ 62  $ 2  $ —  $ 1,487  $ 4,468 
Current period gross charge-offs $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Other
Pass $ 24  $ —  $ 8  $ 2  $ 13  $ 72  $ 52  $ 171 
Special mention —  —  —  —  —  1  —  1 
Classified 1  —  —  —  —  1  —  2 
Total $ 25  $ —  $ 8  $ 2  $ 13  $ 74  $ 52  $ 174 
Current period gross charge-offs $ —  $ —  $ —  $ —  $ —  $ 0.1  $ —  $ 0.1 
Total by Risk Category
Pass $ 7,786  $ 5,000  $ 9,578  $ 9,632  $ 2,168  $ 2,910  $ 15,332  $ 52,406 
Special mention 202  15  135  13  13  4  10  392 
Classified 77  377  340  105  18  23  16  956 
Cumulative fair value hedging adjustment —  —  —  —  —  —  —  (78)
Total $ 8,065  $ 5,392  $ 10,053  $ 9,750  $ 2,199  $ 2,937  $ 15,358  $ 53,676 
Current period gross charge-offs $ —  $ 1.6  $ 0.6  $ 28.5  $ —  $ 1.8  $ 0.6  $ 33.1 

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Restructurings for Borrowers Experiencing Financial Difficulty
The following tables present the amortized cost basis of loans HFI that were modified during the period by loan portfolio segment:
Amortized Cost Basis at June 30, 2025
Term Extension Interest Rate Reduction Payment Delay Total % of Total Class of Financing Receivable
Three Months Ended (dollars in millions)
Other commercial and industrial $ —  $ —  $ 1  $ 1  0.0  %
Total $ —  $ —  $ 1  $ 1  0.0  %
Amortized Cost Basis at June 30, 2025
Term Extension Interest Rate Reduction Payment Delay Total % of Total Class of Financing Receivable
Six Months Ended (dollars in millions)
Tech & innovation $ 5  $ 1  $ 18  $ 24  0.7  %
Other commercial and industrial —  —  84  84  0.8 
Other CRE - non-owner occupied 35  —  56  91  1.4 
Construction and land development —  —  39  39  0.9 
Total $ 40  $ 1  $ 197  $ 238  0.4  %
Amortized Cost Basis at June 30, 2024
Term Extension Interest Rate Reduction Payment Delay Total % of Total Class of Financing Receivable
Three Months Ended (dollars in millions)
Other CRE - non-owner occupied $ —  $ —  $ 70  $ 70  1.1  %
Total $ —  $ —  $ 70  $ 70  0.1  %
Amortized Cost Basis at June 30, 2024
Term Extension Interest Rate Reduction Payment Delay Total % of Total Class of Financing Receivable
Six Months Ended (dollars in millions)
Tech & innovation $ —  $ —  $ 29  $ 29  0.9  %
Other commercial and industrial 8  —  —  8  0.1 
CRE - owner occupied 31  —  —  31  1.8 
Other CRE - non-owner occupied —  —  70  70  1.1 
Construction and land development 39  —  —  39  0.8 
Total $ 78  $ —  $ 99  $ 177  0.3  %
The performance of these modified loans is monitored for 12 months following the modification. As of June 30, 2025, modified loans of $135 million were current with contractual payments and $103 million were on nonaccrual status. As of December 31, 2024, modified loans of $128 million were current with contractual payments and $169 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 six months ended June 30, 2025, the Company completed modifications of EBO loans with an amortized cost of $142 million and $287 million, respectively. During the three and six months ended June 30, 2024, the Company completed modifications of EBO loans with an amortized cost of $103 million and $190 million, respectively. These modifications consisted of term extensions, payment delays, and interest rate reductions. 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 June 30, 2025, modified EBO loans consisted of $35 million in loans that were current to 89 days delinquent and $19 million in loans 90 days or more delinquent. As of December 31, 2024, modified EBO loans consisted of $29 million in loans that were current to 89 days delinquent and $11 million in loans 90 days or more delinquent.
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Collateral-Dependent Loans
The following table presents the amortized cost basis of collateral-dependent loans by loan portfolio segment:
June 30, 2025 December 31, 2024
Real Estate Collateral Other Collateral Total Real Estate Collateral Other Collateral Total
(in millions)
Municipal & nonprofit $ —  $ —  $ —  $ —  $ 5  $ 5 
Tech & innovation —  4  4  —  5  5 
Other commercial and industrial —  10  10  —  11  11 
CRE - owner occupied 3  —  3  16  —  16 
Hotel franchise finance —  —  —  29  —  29 
Other CRE - non-owner occupied 181  —  181  474  —  474 
Construction and land development 142  —  142  67  —  67 
Total $ 326  $ 14  $ 340  $ 586  $ 21  $ 607 
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 June 30, 2025.
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 June 30, 2025.
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 June 30, 2025
Balance,
March 31, 2025		 Provision for (Recovery of) Credit Losses Charge-offs Recoveries Balance,
June 30, 2025
(in millions)
Warehouse lending $ 6.3  $ (0.4) $ —  $ —  $ 5.9 
Municipal & nonprofit 14.8  (3.5) —  —  11.3 
Tech & innovation 44.9  10.4  9.7  (0.1) 45.7 
Equity fund resources 1.4  0.8  —  —  2.2 
Other commercial and industrial 91.7  23.7  6.7  (0.5) 109.2 
CRE - owner occupied 3.7  0.7  0.5  —  3.9 
Hotel franchise finance 33.2  2.8  —  —  36.0 
Other CRE - non-owner occupied 138.1  (0.7) 17.5  (5.1) 125.0 
Residential 19.7  0.2  —  —  19.9 
Residential - EBO —  —  —  —  — 
Construction and land development 32.0  1.9  0.3  —  33.6 
Other 2.8  (0.2) 0.6  —  2.0 
Total $ 388.6  $ 35.7  $ 35.3  $ (5.7) $ 394.7 
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Six Months Ended June 30, 2025
Balance,
December 31, 2024		 Provision for (Recovery of) Credit Losses Charge-offs Recoveries Balance,
June 30, 2025
(in millions)
Warehouse lending $ 6.4  $ (0.5) $ —  $ —  $ 5.9 
Municipal & nonprofit 14.7  (3.4) —  —  11.3 
Tech & innovation 55.9  10.6  21.8  (1.0) 45.7 
Equity fund resources 1.6  0.6  —  —  2.2 
Other commercial and industrial 77.8  38.4  7.6  (0.6) 109.2 
CRE - owner occupied 3.4  0.9  0.5  (0.1) 3.9 
Hotel franchise finance 35.3  0.1  —  (0.6) 36.0 
Other CRE - non-owner occupied 134.4  17.5  32.0  (5.1) 125.0 
Residential 19.7  0.2  —  —  19.9 
Residential - EBO —  —  —  —  — 
Construction and land development 21.3  12.6  0.3  —  33.6 
Other 3.3  (0.7) 0.6  —  2.0 
Total $ 373.8  $ 76.3  $ 62.8  $ (7.4) $ 394.7 
Three Months Ended June 30, 2024
Balance,
March 31, 2024		 Provision for (Recovery of) Credit Losses Charge-offs Recoveries Balance,
June 30, 2024
(in millions)
Warehouse lending $ 7.3  $ (0.8) $ —  $ —  $ 6.5 
Municipal & nonprofit 13.9  0.1  —  —  14.0 
Tech & innovation 48.0  (1.5) 1.5  —  45.0 
Equity fund resources 1.2  0.5  —  —  1.7 
Other commercial and industrial 67.1  20.8  3.7  (0.1) 84.3 
CRE - owner occupied 6.2  (1.2) —  —  5.0 
Hotel franchise finance 35.8  3.8  —  —  39.6 
Other CRE - non-owner occupied 104.7  17.4  17.6  —  104.5 
Residential 22.1  (3.3) —  —  18.8 
Residential - EBO —  —  —  —  — 
Construction and land development 31.9  (2.0) —  —  29.9 
Other 2.1  0.5  0.1  —  2.5 
Total $ 340.3  $ 34.3  $ 22.9  $ (0.1) $ 351.8 
Six Months Ended June 30, 2024
Balance,
December 31, 2023		 Provision for (Recovery of) Credit Losses Charge-offs Recoveries Balance,
June 30, 2024
(in millions)
Warehouse lending $ 5.8  $ 0.7  $ —  $ —  $ 6.5 
Municipal & nonprofit 14.7  (0.7) —  —  14.0 
Tech & innovation 42.1  4.4  1.5  —  45.0 
Equity fund resources 1.3  0.4  —  —  1.7 
Other commercial and industrial 81.4  8.4  6.0  (0.5) 84.3 
CRE - owner occupied 6.0  (1.0) —  —  5.0 
Hotel franchise finance 33.4  9.1  2.9  —  39.6 
Other CRE - non-owner occupied 96.0  31.1  22.6  —  104.5 
Residential 23.1  (4.3) —  —  18.8 
Residential - EBO —  —  —  —  — 
Construction and land development 30.4  (0.5) —  —  29.9 
Other 2.5  0.1  0.1  —  2.5 
Total $ 336.7  $ 47.7  $ 33.1  $ (0.5) $ 351.8 
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Accrued interest receivable of $274 million and $272 million at June 30, 2025 and December 31, 2024, respectively, was excluded from the estimate of credit losses. However, 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 $1.4 million and $1.5 million as of June 30, 2025 and December 31, 2024, 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 June 30, Six Months Ended June 30,
2025 2024 2025 2024
(in millions)
Balance, beginning of period $ 35.1  $ 33.1  $ 39.5  $ 31.6 
 (Recovery of) provision for credit losses 4.1  2.8  (0.3) 4.3 
Balance, end of period $ 39.2  $ 35.9  $ 39.2  $ 35.9 
The following tables disaggregate the Company's ACL on funded loans HFI and loan balances by measurement methodology:
June 30, 2025
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 $ 8,574  $ —  $ 8,574  $ 5.9  $ —  $ 5.9 
Municipal & nonprofit 1,629  5  1,634  10.8  0.5  11.3 
Tech & innovation 3,576  33  3,609  40.0  5.7  45.7 
Equity fund resources 857  —  857  2.2  —  2.2 
Other commercial and industrial 10,433  41  10,474  101.2  8.0  109.2 
CRE - owner occupied 1,595  3  1,598  3.9  —  3.9 
Hotel franchise finance 3,929  —  3,929  36.0  —  36.0 
Other CRE - non-owner occupied 6,371  181  6,552  93.1  31.9  125.0 
Residential 13,166  —  13,166  19.9  —  19.9 
Residential EBO 929  —  929  —  —  — 
Construction and land development 4,335  143  4,478  29.0  4.6  33.6 
Other 137  2  139  2.0  —  2.0 
Total $ 55,531  $ 408  $ 55,939  $ 344.0  $ 50.7  $ 394.7 
December 31, 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 $ 8,207  $ —  $ 8,207  $ 6.4  $ —  $ 6.4 
Municipal & nonprofit 1,615  5  1,620  14.1  0.6  14.7 
Tech & innovation 3,283  100  3,383  33.6  22.3  55.9 
Equity fund resources 884  —  884  1.6  —  1.6 
Other commercial and industrial 9,047  128  9,175  75.5  2.3  77.8 
CRE - owner occupied 1,658  17  1,675  3.4  —  3.4 
Hotel franchise finance 3,786  29  3,815  35.3  —  35.3 
Other CRE - non-owner occupied 5,830  512  6,342  90.3  44.1  134.4 
Residential 12,961  —  12,961  19.7  —  19.7 
Residential EBO 972  —  972  —  —  — 
Construction and land development 4,401  67  4,468  21.3  —  21.3 
Other 173  1  174  3.3  —  3.3 
Total $ 52,817  $ 859  $ 53,676  $ 304.5  $ 69.3  $ 373.8 
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Loan Purchases and Sales
Loan purchases during the three and six months ended June 30, 2025 totaled $755 million and $1.1 billion, respectively, which primarily consisted of residential and commercial and industrial loan purchases. Loan purchases during the three and six months ended June 30, 2024 totaled $126 million and $515 million, respectively, which primarily consisted of commercial and industrial loans. There were no loans purchased with more-than-insignificant deterioration in credit quality during the three and six months ended June 30, 2025 and 2024.
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 $175 million and $302 million of such EBO loans during the three and six months ended June 30, 2025, respectively. The Company repurchased $104 million and $182 million of such EBO loans during the three and six months ended June 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 six months ended June 30, 2025, the Company sold loans with a carrying value of approximately $161 million and $379 million, respectively, and recognized a net loss of $0.2 million and $2.8 million, respectively, and net charge-offs of $1.7 million for both the three and six months ended June 30, 2025. During the three and six months ended June 30, 2024, the Company sold loans with a carrying value of approximately $151 million and $388 million, respectively. The Company recognized a charge-off of $1.6 million and a net loss of $0.7 million on these loan sales during the three months ended June 30, 2024. During the six months ended June 30, 2024, the Company recognized a charge-off of $3.0 million and a net loss of $5.8 million on these loan sales.
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 June 30, Six Months Ended June 30,
2025 2024 2025 2024
(in millions)
Balance, beginning of period $ 1,241  $ 1,178  $ 1,127  $ 1,124 
Additions from loans sold with servicing rights retained 284  214  545  403 
Carrying value of MSRs sold (452) (241) (535) (397)
Change in fair value 23  32  3  92 
Realization of cash flows (52) (38) (96) (77)
Balance, end of period $ 1,044  $ 1,145  $ 1,044  $ 1,145 
June 30, 2025 December 31, 2024
(in millions)
Unpaid principal balance of mortgage loans serviced for others $ 59,441  $ 61,089 
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 six months ended June 30, 2025, the Company recognized a net gain of $6.6 million and $6.3 million on MSR sales, respectively. The UPB of loans underlying these sales totaled $22.5 billion and $31.2 billion for the three and six months ended June 30, 2025, respectively. During the three and six months ended June 30, 2024, the Company recognized a net gain of $0.8 million and $3.5 million on MSR sales, respectively. The UPB of loans underlying these sales totaled $16.4 billion and $27.2 billion for the three and six months ended June 30, 2024, respectively. As of June 30, 2025 and December 31, 2024, the Company had a remaining receivable balance of $53 million and $37 million, respectively, 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 $66.8 million and $125.8 million for the three and six months ended June 30, 2025, respectively, compared to $70.1 million and $137.1 million for the respective periods in 2024. Early payoff fee income totaled $6.1 million and $10.5 million for the three and six months ended June 30, 2025, respectively, compared to $4.1 million and $8.8 million for the respective periods in 2024.
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These amounts 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 June 30, 2025 and December 31, 2024, net servicing advances totaled $51 million and $84 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 the below inputs that are used to determine fair value:
June 30, 2025
(in millions)
Fair value of mortgage servicing rights $ 1,044 
Increase (decrease) in fair value resulting from:
Interest rate change of 50 basis points
Adverse change (92)
Favorable change 76 
Option adjusted spread change of 50 basis points
Increase (23)
Decrease 24 
Conditional prepayment rate change of 1%
Increase (34)
Decrease 38 
Cost to service change of 10%
Increase (9)
Decrease 10 
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.
6. OTHER ASSETS ACQUIRED THROUGH FORECLOSURE
Other assets acquired through foreclosure consist primarily of properties acquired as a result of, or in-lieu-of, foreclosure. At June 30, 2025 and December 31, 2024, the Company had a repossessed asset balance of $218 million and $52 million, respectively, net of a valuation allowance of $6 million and $5 million, respectively.
The Company held eleven properties at June 30, 2025 compared to five at December 31, 2024. The majority of the repossessed asset balance at June 30, 2025 and December 31, 2024 related to office properties.

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7. DEPOSITS
The table below summarizes deposits by type:
June 30, 2025 December 31, 2024
(in millions)
Non-interest bearing deposits $ 22,997  $ 18,846 
Interest bearing:
Demand accounts 15,674  15,878 
Savings and money market accounts 22,231  21,208 
Time certificates of deposit ($250,000 or more) 1,892  1,640 
Other time deposits (1) 8,313  8,769 
Total deposits $ 71,107  $ 66,341 
(1)    Retail brokered time deposits over $250,000 of $5.0 billion and $5.6 billion as of June 30, 2025 and December 31, 2024, 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 June 30, 2025 is as follows: 
(in millions)
2025 $ 7,282 
2026 2,878 
2027 37 
2028 5 
2029 2 
Thereafter 1 
Total $ 10,205 
Brokered deposits provide an additional source of deposits and are placed with the Bank through third-party brokers. At June 30, 2025 and December 31, 2024, the Company held wholesale brokered deposits of $5.9 billion and $6.9 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 June 30, 2025, the Company had $12.9 billion of reciprocal deposits, compared to $14.0 billion at December 31, 2024.
In addition, deposits for which the Company provides account holders with earnings credits or referral fees totaled $25.0 billion and $20.7 billion at June 30, 2025 and December 31, 2024, respectively. Costs related to these deposits are primarily reported as Deposit costs in non-interest expense. Deposit costs included $142.8 million and $167.4 million in deposit related costs on these deposits for the three months ended June 30, 2025 and 2024, respectively, and $272.7 million and $298.6 million, respectively, for the six months ended June 30, 2025 and 2024.

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8. OTHER BORROWINGS
The following table summarizes the Company’s other borrowings by type: 
June 30, 2025 December 31, 2024
(in millions)
Short-Term:
FHLB advances $ 3,100  $ 3,100 
Repurchase agreements —  14 
Secured borrowings 44  37 
Total short-term borrowings $ 3,144  $ 3,151 
Long-Term:
FHLB advances $ 2,500  $ 2,000 
Credit linked notes, net 408  422 
Total long-term borrowings $ 2,908  $ 2,422 
Total other borrowings $ 6,052  $ 5,573 
Short-Term Borrowings
Federal Funds Lines of Credit
The Company maintains uncommitted overnight federal fund lines of credit, which have rates comparable to the federal funds effective rate plus 0.10% to 0.20%. There were no outstanding borrowings on federal fund lines of credit as of June 30, 2025 and December 31, 2024.
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 at the time of the borrowing, generally consisting of investment securities and loans. As of June 30, 2025 and December 31, 2024, the Company had additional available credit with the FHLB of approximately $8.1 billion and $8.7 billion respectively. The weighted average rate on short-term FHLB advances was 4.64% and 4.77% as of June 30, 2025 and December 31, 2024, respectively.
Total available credit with the FRB was $16.8 billion and $12.4 billion as of June 30, 2025 and December 31, 2024, respectively, of which no amounts were drawn.
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 June 30, 2025 and December 31, 2024, the Company had access to approximately $2.1 billion and $2.3 billion in uncommitted warehouse funding, respectively, of which no amounts were drawn.
Other repurchase facilities include overnight customer repurchase agreements. The total carrying value of these repurchase agreements was zero and $14 million as of June 30, 2025 and December 31, 2024, 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 6.57% and 6.30% as of June 30, 2025 and December 31, 2024, respectively.
Long-Term Borrowings
FHLB Advances
The Company also enters into long-term advances with the FHLB. The Company's borrowing capacity is determined based on the collateral pledged at the time of the borrowing, consisting of the same pools of investment securities and loans pledged for the short-term FHLB advances.
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The interest rates on these advances are based on daily SOFR plus a fixed spread. The Company may redeem the advances at par plus accrued and unpaid interest plus 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 advance. After three months from the inception date of the advances, prepayments are no longer subject to the make-whole provision. The weighted average rate on these long-term FHLB advances was 4.85% as of both June 30, 2025 and December 31, 2024.
The Company's outstanding long-term FHLB advances are detailed in the tables below:
June 30, 2025
Description Issuance Date Maturity Date Interest Rate Principal
(in millions)
FHLB advance April 30, 2025 July 30, 2026
SOFR + 0.40%
 $ 2,500 
Total $ 2,500 
December 31, 2024
Description Issuance Date Maturity Date Interest Rate Principal
(in millions)
FHLB advance November 22, 2024 February 24, 2026
SOFR + 0.35%
 $ 500 
FHLB advance December 5, 2024 March 5, 2026
SOFR + 0.35%
 1,000 
FHLB advance December 19, 2024 March 19, 2026
SOFR + 0.38%
 500 
Total $ 2,000 
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. Monthly principal payments on the notes are based on the principal payments of the underlying mortgages.
The Company's outstanding credit linked note issuances are detailed in the tables below:
June 30, 2025
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%
 $ 83  $ 2 
Residential mortgage loans (2) June 30, 2022 April 25, 2052
SOFR + 6.00%
 165  3 
Residential mortgage loans (3) December 29, 2021 July 25, 2059
SOFR + 4.67%
 174  2 
Total $ 422  $ 7 
December 31, 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%
 $ 84  $ 2 
Residential mortgage loans (2) June 30, 2022 April 25, 2052
SOFR + 6.00%
 170  3 
Residential mortgage loans (3) December 29, 2021 July 25, 2059
SOFR + 4.67%
 180  2 
Total $ 434  $ 7 
(1)    There are multiple classes of these notes, each with an interest rate of one-month 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 $1.6 billion and $1.7 billion as of June 30, 2025 and December 31, 2024, respectively.
(2)    There are multiple classes of these notes, each with an interest rate of one-month 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 $3.3 billion and $3.4 billion as of June 30, 2025 and December 31, 2024, respectively.
(3)    There are six classes of these notes, each with an interest rate of one-month 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 $3.4 billion and $3.5 billion as of June 30, 2025 and December 31, 2024, respectively.
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9. QUALIFYING DEBT
Subordinated Debt
The Company's subordinated debt issuances are detailed in the tables below:
June 30, 2025
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 
Total $ 600  $ 5 
December 31, 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 
(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.
During the three months ended June 30, 2025, the Company fully redeemed its WAB fixed-to-variable-rate subordinated debt at its $225 million principal amount plus accrued and unpaid interest. The carrying value of all subordinated debt issuances totaled $595 million and $820 million at June 30, 2025 and December 31, 2024, 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 $83 million and $79 million as of June 30, 2025 and December 31, 2024, respectively, with maturity dates ranging from 2033 through 2037. The weighted average interest rate of all junior subordinated debt as of June 30, 2025 and December 31, 2024 was 6.89% and 6.90%, 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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10. STOCKHOLDERS' EQUITY
Stock-Based Compensation
Restricted Stock Awards
Restricted stock awards granted to employees generally vest over a three-year period and stock grants made to non-employee WAL directors generally vest 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 six months ended June 30, 2025 was $0.8 million and $48.8 million, respectively, compared to $1.8 million and $46.6 million for the respective periods in 2024. 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 six months ended June 30, 2025, the Company recognized stock-based compensation expense related to employee and WAL director stock grants of $8.1 million and $20.1 million, respectively, compared to $11.4 million and $23.5 million for the respective periods in 2024.
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 2025 and 2024 awards, 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 award, 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 six months ended June 30, 2025, the Company recognized stock-based compensation expense related to these performance stock units of $1.8 million and $3.4 million, respectively, compared to $0.6 million and $1.6 million for the respective periods in 2024.
The three-year performance period for the 2022 grant ended on December 31, 2024. The Company did not meet the cumulative EPS and TSR performance measure for the performance period. As a result, no shares became fully vested.
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.
Cash Settled Restricted Stock Units
The Company grants 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 six months ended June 30, 2025, the Company recognized compensation expense related to these awards of $0.6 million and $0.9 million, respectively, compared to $0.3 million and $0.4 million for the respective periods in 2024.
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 supplemental executive 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 six months ended June 30, 2025 less than $0.1 million and $1.6 million, respectively, compared to $5.6 million for both the three and six months ended June 30, 2024. 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 six months ended June 30, 2025, the Company recognized stock-based compensation expense related to these stock grants of $1.3 million and $3.0 million, respectively, compared to $0.5 million for both the three and six months ended June 30, 2024.
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Preferred Stock
The Company issued and has outstanding 12,000,000 depositary shares, each representing a 1/400th ownership interest in a share of the Company’s 4.250% Series A Fixed-Rate Reset Non-Cumulative Perpetual Preferred Shares, 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). The dividend rate resets every five years beginning on September 30, 2026 to the five-year treasury rate as of the most recent reset dividend determination date plus 3.452%. The Series A preferred stock is redeemable at the Company's option on or after September 30, 2026, on any dividend payment date at a redemption price of $10,000 per share and only participates in the undistributed earnings of the Company if a dividend is declared. During the three and six months ended June 30, 2025 and 2024, 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 $6.4 million, respectively.
Cash Dividend on Common Shares
During the three and six months ended June 30, 2025, the Company declared and paid a quarterly cash dividend of $0.38 per share, for a total dividend payment to stockholders of $42.2 million and $84.0 million, respectively. During the three and six months ended June 30, 2024, the Company declared and paid a quarterly cash dividend of $0.37 per share for a total dividend payment to stockholders of $40.8 million and $81.5 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 six months ended June 30, 2025, the Company purchased treasury shares of 12,482 and 133,967, respectively, at a weighted average price of $71.07 and $87.34 per share, respectively. During the three and six months ended June 30, 2024, the Company purchased treasury shares of 17,886 and 140,483, respectively, at a weighted average price of $59.07 and $61.23 per share, respectively.
Noncontrolling Interest
BW Series B Preferred Stock Issuance
On March 24, 2025, the Company, WAB, and BW entered into a purchase agreement pursuant to which BW issued and sold an aggregate of 300,000 shares of 9.500% Fixed-Rate Reset Non-Cumulative Exchangeable Perpetual Series B Preferred Stock, no par value per share, with a liquidation preference of $1,000 per share. Gross offering proceeds totaled $300 million, or $293 million net of issuance costs. The dividend rate resets every five years beginning on March 30, 2030 to the five-year treasury rate as of the most recent reset dividend determination date plus 5.402%. The Series B preferred stock is redeemable at BW's option on or after March 30, 2030, on any dividend payment date at the redemption price of $1,000 per share and only participates in the undistributed earnings of BW if a dividend is declared. The shares are conditionally exchangeable into 9.500% Fixed-Rate Reset Non-Cumulative Perpetual Series A Preferred Stock of WAB upon receipt of a directive from an appropriate federal regulatory authority upon the occurrence of certain specified exchange events.
During the three and six months ended June 30, 2025, a total dividend payment to Series B preferred stockholders of $7.4 million was paid on June 30, 2025. This dividend payment is classified as Net income attributable to noncontrolling interest in the Consolidated Income Statement and as Dividends paid to noncontrolling interest in the Consolidated Statement of Stockholders' Equity.
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11. 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 June 30,
Unrealized holding gains (losses) on AFS securities Unrealized holding gains (losses) on SERP Unrealized holding gains (losses) on junior subordinated debt Impairment loss on securities Total
(in millions)
Balance, March 31, 2025 $ (480.6) $ (0.4) $ 2.5  $ —  $ (478.5)
Other comprehensive income (loss) before reclassifications 9.7  0.1  (4.1) —  5.7 
Amounts reclassified from AOCI (8.8) —  —  —  (8.8)
Net current-period other comprehensive income (loss) 0.9  0.1  (4.1) —  (3.1)
Balance, June 30, 2025 $ (479.7) $ (0.3) $ (1.6) $ —  $ (481.6)
Balance, March 31, 2024 $ (560.8) $ (0.3) $ 2.3  $ 1.2  $ (557.6)
Other comprehensive income (loss) before reclassifications 1.7  —  (0.5) —  1.2 
Amounts reclassified from AOCI (1.8) —  —  —  (1.8)
Net current-period other comprehensive loss (0.1) —  (0.5) —  (0.6)
Balance, June 30, 2024 $ (560.9) $ (0.3) $ 1.8  $ 1.2  $ (558.2)
Six Months Ended June 30,
Unrealized holding gains (losses) on AFS securities Unrealized holding gains (losses) on SERP Unrealized holding gains (losses) on junior subordinated debt Impairment loss on securities Total
(in millions)
Balance, December 31, 2024 $ (534.7) $ (0.4) $ 1.4  $ —  $ (533.7)
Other comprehensive income (loss) before reclassifications 65.4  0.1  (3.0) —  62.5 
Amounts reclassified from AOCI (10.4) —  —  —  (10.4)
Net current-period other comprehensive income (loss) 55.0  0.1  (3.0) —  52.1 
Balance, June 30, 2025 $ (479.7) $ (0.3) $ (1.6) $ —  $ (481.6)
Balance, December 31, 2023 $ (516.6) $ (0.3) $ 2.8  $ 1.2  $ (512.9)
Other comprehensive loss before reclassifications (43.2) —  (1.0) —  (44.2)
Amounts reclassified from AOCI (1.1) —  —  —  (1.1)
Net current-period other comprehensive loss (44.3) —  (1.0) —  (45.3)
Balance, June 30, 2024 $ (560.9) $ (0.3) $ 1.8  $ 1.2  $ (558.2)

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12. 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.
As of June 30, 2025 and December 31, 2024, the Company did not have any outstanding cash flow hedges.
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 and AFS debt securities. 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 are based on SOFR plus a spread adjustment. During the three months ended June 30, 2025, the Company terminated an interest rate swap on hedged AFS U.S. Treasury securities. The terminated hedge had a notional value of $1.0 billion and a cumulative basis adjustment of $11 million at the time of termination. As the hedged securities were sold in the same period as the termination of the swap, both the basis adjustment and the related loss on sale of the hedged securities were recognized in earnings as a component of Gain on sales of investment securities, resulting in a net gain of $7.7 million, as described in "Note 2. Investment Securities."
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 receives a variable rate and pays a fixed rate on the outstanding notional amount. During the year ended December 31, 2024, the Company terminated a portion of its portfolio layer method swaps. The terminated hedge had a notional value of $500 million and a cumulative loan basis adjustment of $4 million at the time of termination. During the three months ended June 30, 2025, the Company terminated an additional portion of its portfolio layer method swaps. The terminated hedge had a notional value of $500 million and a cumulative loan basis adjustment of $1 million at the time of termination. For both terminations, the cumulative loan basis adjustment was allocated to the individual loans remaining within the closed pool and will be amortized over the remaining life of these loans through interest income.
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 was being amortized over the remaining term. The terminated last-of-layer hedge basis adjustment was fully amortized as of December 31, 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. Risk participation agreements are entered into with lead banks in certain loan syndication deals 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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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.
Fair Value Hedges
As of June 30, 2025 and December 31, 2024, the following amounts are reflected on the Consolidated Balance Sheet related to cumulative basis adjustments for outstanding fair value hedges:
June 30, 2025 December 31, 2024
Carrying Value of Hedged Assets (1) Cumulative Fair Value Hedging Adjustment (2) Carrying Value of Hedged Assets (1) Cumulative Fair Value Hedging Adjustment (2)
(in millions)
Loans HFI, net of deferred loan fees and costs (3) $ 3,818  $ (5) $ 4,320  $ (96)
Investment securities - AFS 2,130  40  —  — 
(1)Represents the amortized cost basis of the hedged assets.
(2)Included in the carrying value of the hedged assets.
(3)Included portfolio layer method derivative instruments with $3.5 billion and $4.0 billion designated as the hedged amount (from a closed portfolio of prepayable fixed rate loans with a carrying value of $7.4 billion and $8.7 billion) as of June 30, 2025 and December 31, 2024, respectively. The cumulative basis adjustment included in the carrying value of these hedged items totaled $4 million and $78 million as of June 30, 2025 and December 31, 2024, 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 and AFS debt securities, the gain or loss on the hedged item is included in interest income, as shown in the table below.
Three Months Ended June 30,
2025 2024
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 on loans, including fees $ (31.6) $ 31.6  $ 11.2  $ (11.4)
Interest income on investment securities (38.4) 40.2  —  — 
Six Months Ended June 30,
2025 2024
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 on loans, including fees $ (95.4) $ 95.5  $ 83.2  $ (83.8)
Interest income on investment securities (38.4) 40.2  —  — 
In addition to the gains and losses on the Company's outstanding fair value hedges presented in the above table, the Company recognized $0.1 million in interest income related to the amortization of the cumulative basis adjustment on its discontinued portfolio layer method hedges during the three and six months ended June 30, 2025, and $2.9 million and $5.9 million related to its discontinued last-of-layer hedges during the three and six months ended June 30, 2024, respectively.
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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 June 30, 2025, December 31, 2024, and June 30, 2024. The change in the notional amounts of these derivatives from June 30, 2024 to June 30, 2025 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.
  June 30, 2025 December 31, 2024 June 30, 2024
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 $ 6,033  $ 23  $ 56  $ 4,344  $ 97  $ —  $ 3,866  $ 78  $ — 
Total $ 6,033  $ 23  $ 56  $ 4,344  $ 97  $ —  $ 3,866  $ 78  $ — 
Derivatives not designated as hedging instruments:
Foreign currency contracts $ 109  $ 1  $ 2  $ 69  $ 1  $ 1  $ 93  $ —  $ — 
Forward contracts 24,687  63  111  21,731  81  48  14,514  13  24 
Futures contracts (1) 15,690  —  —  13,200  —  —  8,544  —  — 
Interest rate lock commitments 2,947  24  —  2,396  5  7  2,781  10  2 
Interest rate contracts 7,984  32  34  6,336  19  20  4,487  21  22 
Risk participation agreements 226  —  —  99  —  —  74  —  — 
Equity warrants 63  33  —  59  30  —  59  22  — 
Total $ 51,706  $ 153  $ 147  $ 43,890  $ 136  $ 76  $ 30,552  $ 66  $ 48 
Margin —  347  (41) —  72  3  —  121  1 
Total, including margin $ 51,706  $ 500  $ 106  $ 43,890  $ 208  $ 79  $ 30,552  $ 187  $ 49 
(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:
June 30, 2025 December 31, 2024 June 30, 2024
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 63  —  63  81  —  81  13  —  13 
Interest rate contracts 25  —  25  106  —  106  94  —  94 
Margin 347  —  347  72  —  72  121  —  121 
Netting —  (134) (134) —  (52) (52) —  (21) (21)
$ 435  $ (134) $ 301  $ 260  $ (52) $ 208  $ 228  $ (21) $ 207 
Liabilities
Foreign currency contracts $ (2) $ —  $ (2) $ —  $ —  $ —  $ —  $ —  $ — 
Forward contracts (108) —  (108) (47) —  (47) (22) —  (22)
Interest rate contracts (78) —  (78) (6) —  (6) (4) —  (4)
Margin 41  —  41  (3) —  (3) (1) —  (1)
Netting —  134  134  —  52  52  —  21  21 
$ (147) $ 134  $ (13) $ (56) $ 52  $ (4) $ (27) $ 21  $ (6)
Derivatives not subject to master netting arrangements:
Assets
Foreign currency contracts $ 1  $ —  $ 1  $ —  $ —  $ —  $ —  $ —  $ — 
Interest rate lock commitments 24  —  24  5  —  5  10  —  10 
Interest rate contracts 30  —  30  10  —  10  5  —  5 
Equity warrants 33  —  33  30  —  30  22  —  22 
$ 88  $ —  $ 88  $ 45  $ —  $ 45  $ 37  $ —  $ 37 
Liabilities
Foreign currency contracts $ —  $ —  $ —  $ (1) $ —  $ (1) $ —  $ —  $ — 
Forward contracts (3) —  (3) (1) —  (1) (2) —  (2)
Interest rate lock commitments —  —  —  (7) —  (7) (2) —  (2)
Interest rate contracts (12) —  (12) (14) —  (14) (18) —  (18)
$ (15) $ —  $ (15) $ (23) $ —  $ (23) $ (22) $ —  $ (22)
Total derivatives and margin
Assets $ 523  $ (134) $ 389  $ 305  $ (52) $ 253  $ 265  $ (21) $ 244 
Liabilities (162) 134  (28) (79) 52  (27) (49) 21  (28)

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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 June 30, Six Months Ended June 30,
2025 2024 2025 2024
(in millions)
Net gain (loss) on loan origination and sale activities:
Interest rate lock commitments $ 10.8  $ (2.3) $ 25.8  $ (10.3)
Forward contracts (17.5) 9.3  (73.0) 26.0 
Interest rate contracts 2.3  (0.7) 2.3  (2.9)
Other contracts (0.1) 0.2  3.4  0.9 
Net (loss) gain on derivatives $ (4.5) $ 6.5  $ (41.5) $ 13.7 
Net loan servicing revenue:
Forward contracts $ (9.3) $ (11.2) $ (1.9) $ (27.5)
Futures contracts (0.6) 3.7  (6.4) 14.4 
Interest rate contracts 16.5  (16.7) 42.8  (53.0)
Net gain (loss) on derivatives $ 6.6  $ (24.2) $ 34.5  $ (66.1)
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 June 30, 2025, December 31, 2024, and June 30, 2024 collateral pledged by the Company to counterparties for its derivatives totaled $399 million, $117 million, and $130 million, respectively.
13. 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 June 30, Six Months Ended June 30,
  2025 2024 2025 2024
  (in millions, except per share amounts)
Weighted average shares - basic 109.0  108.6  108.9  108.6 
Dilutive effect of stock awards 0.6  0.5  0.7  0.5 
Weighted average shares - diluted 109.6  109.1  109.6  109.1 
Net income available to common stockholders $ 227.2  $ 190.4  $ 423.1  $ 364.6 
Earnings per Common Share:
Basic $ 2.08  $ 1.75  $ 3.89  $ 3.36 
Diluted 2.07  1.75  3.86  3.34 


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14. INCOME TAXES
The Company's effective tax rate was 18.4% and 21.9% for the three months ended June 30, 2025 and 2024, respectively, and 18.8% and 22.7% for the six months ended June 30, 2025 and 2024, respectively. The decrease in the effective tax rate for the three and six month periods ended June 30, 2025 compared to the same periods in 2024 was primarily due to an increase in investment tax credit benefits and decreases in the state blended tax rate and nondeductible insurance premiums.
As of June 30, 2025, the net DTA balance totaled $313 million, an increase of $32 million from $281 million at December 31, 2024. The overall increase in the net DTA was primarily the result of an increase in credit carryovers, partially offset by increases in the MSR DTL and the fair market value of AFS securities.
Although realization is not assured, the Company believes realization of the recognized net DTA of $313 million at June 30, 2025 is more-likely-than-not based on expectations regarding future taxable income and based on available tax planning strategies that could be implemented if necessary to prevent a carryover from expiring.
At June 30, 2025 and December 31, 2024, 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 $588 million and $606 million as of June 30, 2025 and December 31, 2024, respectively. Unfunded LIHTC and renewable energy obligations are included in Other liabilities on the Consolidated Balance Sheet and totaled $266 million and $320 million as of June 30, 2025 and December 31, 2024, respectively.
The Company recognized tax credits related to LIHTC investments of $22.1 million and $21.2 million during the three months ended June 30, 2025 and 2024, respectively, and $39.7 million and $40.9 million during the six months ended June 30, 2025 and 2024, respectively. For the three months ended June 30, 2025 and 2024, amortization related to LIHTC investments of $19.0 million and $17.1 million, respectively, was recognized as a component of income tax expense, compared to $34.1 million and $35.7 million for the six months ended June 30, 2025 and 2024, respectively.
15. 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.
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A summary of the contractual amounts for unfunded commitments and letters of credit are as follows: 
  June 30, 2025 December 31, 2024
  (in millions)
Commitments to extend credit, including unsecured loan commitments of $1,063 at June 30, 2025 and $860 at December 31, 2024
 $ 13,612  $ 13,546 
Credit card commitments and financial guarantees 702  585 
Letters of credit, including unsecured letters of credit of $2 at June 30, 2025 and December 31, 2024
 512  437 
Total $ 14,826  $ 14,568 
Commitments to extend credit are agreements to lend to a customer provided 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. As commitments may expire without being fully drawn upon, 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 $39.2 million and $39.5 million as of June 30, 2025 and December 31, 2024, 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 14. Income Taxes" of these Notes to Unaudited Consolidated Financial Statements, subject to the underlying project meeting certain milestones. There were no conditional commitments as of June 30, 2025, compared to $6 million as of December 31, 2024.
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 45% and 43% of the Company's HFI loan portfolio as of June 30, 2025 and December 31, 2024, respectively. The Company's loan portfolio includes significant credit exposure to the CRE market. As of June 30, 2025 and December 31, 2024, CRE related loans accounted for approximately 30% of total loans. Approximately 15% and 16% of CRE loans, excluding construction and land loans, were owner-occupied as of June 30, 2025 and December 31, 2024, respectively. No borrower relationships at both the commitment and funded loan level exceeded 5% of total loans HFI as of June 30, 2025 and December 31, 2024.
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.
16. 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).
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The three levels of the fair value hierarchy under ASC 825 are described in "Note 1. Summary of Significant Accounting Policies" of these Notes to Consolidated Financial Statements.
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 June 30, Six Months Ended June 30,
2025 2024 2025 2024
(in millions)
Unrealized losses $ (5.4) $ (0.7) $ (3.9) $ (1.4)
Changes included in OCI, net of tax (4.1) (0.5) (3.0) (1.0)
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, common 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.
Trading securities and loans HFS: Certain government-insured or guaranteed and agency-conforming 1-4 family residential loans HFS and trading securities are salable into active markets. Accordingly, the fair value of these loans and securities 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. The Company's loans HFS classified as Level 3 in the fair value hierarchy are measured using a weighted average blend of loan values assuming redelivery into GNMA securities and liquidation, each adjusted by the lifetime liquidation probability.
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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
June 30, 2025 (in millions)
Assets:
Available-for-sale debt securities
Residential MBS issued by GSEs and GNMA $ —  $ 6,666  $ —  $ 6,666 
U.S. Treasury securities 5,504  —  —  5,504 
CLO —  1,901  —  1,901 
Private label residential MBS —  990  —  990 
Tax-exempt —  796  —  796 
Commercial MBS issued by GSEs and GNMA —  599  —  599 
Corporate debt securities —  374  —  374 
Other 28  40  —  68 
Total AFS debt securities $ 5,532  $ 11,366  $ —  $ 16,898 
Trading securities
Residential MBS issued by GSEs and GNMA $ —  $ 53  $ —  $ 53 
Total trading securities $ —  $ 53  $ —  $ 53 
Equity securities
Preferred stock $ 63  $ —  $ —  $ 63 
Common stock 32  —  —  32 
CRA investments 27  —  —  27 
Total equity securities $ 122  $ —  $ —  $ 122 
Loans HFS (2) $ —  $ 2,896  $ 84  $ 2,980 
Mortgage servicing rights —  —  1,044  1,044 
Derivative assets (1) —  119  57  176 
Liabilities:
Junior subordinated debt (3) $ —  $ —  $ 69  $ 69 
Derivative liabilities (1) —  203  —  203 
(1)See "Note 12. Derivatives and Hedging Activities." In addition, the carrying value of loans is decreased by $5 million as of June 30, 2025 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 $347 million and $(41) 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, 2024 (in millions)
Assets:
Available-for-sale debt securities
Residential MBS issued by GSEs and GNMA $ —  $ 5,831  $ —  $ 5,831 
U.S. Treasury securities 4,383  —  —  4,383 
Private label residential MBS —  947  —  947 
Tax-exempt —  845  —  845 
CLO —  570  —  570 
Commercial MBS issued by GSEs and GNMA —  437  —  437 
Corporate debt securities —  386  —  386 
Other 2  67  —  69 
Total AFS debt securities $ 4,385  $ 9,083  $ —  $ 13,468 
Equity securities
Preferred stock $ 91  $ —  $ —  $ 91 
CRA investments 26  —  —  26 
Total equity securities $ 117  $ —  $ —  $ 117 
Loans - HFS (2) $ —  $ 2,240  $ 4  $ 2,244 
Mortgage servicing rights —  —  1,127  1,127 
Derivative assets (1) —  198  35  233 
Liabilities:
Junior subordinated debt (3) $ —  $ —  $ 65  $ 65 
Derivative liabilities (1) —  69  7  76 
(1)See "Note 12. Derivatives and Hedging Activities." In addition, the carrying value of loans is decreased by $96 million as of December 31, 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 $72 million and $3 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 June 30, Six Months Ended June 30,
2025 2024 2025 2024
(in millions)
Beginning balance $ (63.2) $ (63.5) $ (64.7) $ (62.8)
Change in fair value (1) (5.4) (0.7) (3.9) (1.4)
Ending balance $ (68.6) $ (64.2) $ (68.6) $ (64.2)
(1)Unrealized gains (losses) attributable to changes in the fair value of junior subordinated debt are recorded in OCI, net of tax, and totaled $(4.1) million and $(0.5) million for three months ended June 30, 2025 and 2024, respectively, and $(3.0) million and $(1.0) million for the six months ended June 30, 2025 and 2024, respectively.
The significant unobservable inputs used in the fair value measurements of these Level 3 liabilities were as follows:
June 30, 2025 Valuation Technique Significant Unobservable Inputs Input Value
(in millions)
Junior subordinated debt $ 69  Discounted cash flow Implied credit rating of the Company 6.30  %
 
December 31, 2024 Valuation Technique Significant Unobservable Inputs Input Value
(in millions)
Junior subordinated debt $ 65  Discounted cash flow Implied credit rating of the Company 7.43  %
The significant unobservable inputs used in the fair value measurement of the Company’s junior subordinated debt as of June 30, 2025 and December 31, 2024 was the implied credit risk for the Company. The implied credit risk spread as of June 30, 2025 and December 31, 2024 was calculated as the difference between the average of the 10 and 15-year 'BB' rated financial indexes over the corresponding swap indexes.
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As of June 30, 2025, the Company estimates the discount rate at 6.30%, which represents an implied credit spread of 2.01% plus three-month SOFR (4.29%). As of December 31, 2024, the Company estimated the discount rate at 7.43%, which was a 3.12% credit spread plus three-month SOFR (4.31%).
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 June 30, 2025 Six Months Ended June 30, 2025
Loans HFS MSRs IRLCs (1) Loans HFS MSRs IRLCs (1)
(in millions)
Balance, beginning of period $ 63  $ 1,241  $ 13  $ 3  $ 1,127  $ (2)
Purchases and additions 90  284  5,490  154  545  11,232 
Sales and payments (71) (452) —  (80) (535) — 
Transfers from Level 2 to Level 3 2  —  —  4  —  — 
Settlement of IRLCs upon acquisition or origination of loans HFS —  —  (5,481) —  —  (11,213)
Change in fair value —  23  2  3  3  7 
Realization of cash flows —  (52) —  —  (96) — 
Balance, end of period $ 84  $ 1,044  $ 24  $ 84  $ 1,044  $ 24 
Changes in unrealized gains for the period (2) $ 2  $ 3  $ 24  $ 3  $ (6) $ 24 

Three Months Ended June 30, 2024 Six Months Ended June 30, 2024
MSRs IRLCs (1) MSRs IRLCs (1)
(in millions)
Balance, beginning of period $ 1,178  $ 10  $ 1,124  $ 18 
Purchases and additions 214  4,577  403  8,637 
Sales and payments (241) —  (397) — 
Settlement of IRLCs upon acquisition or origination of loans HFS —  (4,580) —  (8,647)
Change in fair value 32  1  92  — 
Realization of cash flows (38) —  (77) — 
Balance, end of period $ 1,145  $ 8  $ 1,145  $ 8 
Changes in unrealized gains for the period (2) $ 31  $ 7  $ 69  $ 7 
(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:
June 30, 2025
Asset/liability Key inputs Range Weighted average
MSRs: Option adjusted spread (in basis points)
141 - 233
 212 
Conditional prepayment rate (1)
9.9% - 20.9%
 16.0  %
Recapture rate
20.0% - 20.0%
 20.0  %
Servicing fee rate (in basis points)
25.0 - 56.5
 35.3 
Cost to service
$77 - $83
 $ 80 
Loans HFS: Lifetime liquidation probability
1.2% to 10.7%
 5.0  %
IRLCs: Servicing fee multiple
4.2 - 6.2
 5.2 
Pull-through rate
75% - 100%
 89  %
December 31, 2024
Asset/liability Key inputs Range Weighted average
MSRs: Option adjusted spread (in basis points)
21 - 315
 237 
Conditional prepayment rate (1)
8.4% - 19.0%
 14.0  %
Recapture rate
20.0% - 20.0%
 20.0  %
Servicing fee rate (in basis points)
25.0 - 56.5
 36.4 
Cost to service
$75 - $95
 $ 82 
IRLCs: Servicing fee multiple
4.3 - 6.4
 5.3 
Pull-through rate
76% - 100%
 92  %
(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:
June 30, 2025 December 31, 2024
Fair value UPB Difference Fair value UPB Difference
(in millions)
Loans HFS:
Current through 89 days delinquent $ 2,963  $ 2,854  $ 109  $ 2,244  $ 2,195  $ 49 
90 days or more delinquent 17  16  1  —  —  — 
Total $ 2,980  $ 2,870  $ 110  $ 2,244  $ 2,195  $ 49 
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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 June 30, 2025:
Loans HFI $ 300  $ —  $ —  $ 300 
Other assets acquired through foreclosure 218  —  —  218 
As of December 31, 2024:
Loans HFI $ 561  $ —  $ —  $ 561 
Other assets acquired through foreclosure 52  —  —  52 
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:
June 30, 2025 Valuation Technique(s) Significant Unobservable Inputs Range
(in millions)
Loans HFI $ 300  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 218  Collateral method Third party appraisal Costs to sell
1.0% to 6.0%
December 31, 2024 Valuation Technique(s) Significant Unobservable Inputs Range
(in millions)
Loans HFI $ 561  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 52  Collateral method Third party appraisal Costs to sell
1.0% to 6.0%
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 $300 million and $561 million at June 30, 2025 and December 31, 2024, respectively, net of a specific ACL of $40 million and $46 million at June 30, 2025 and December 31, 2024, 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 $218 million and $52 million of such assets at June 30, 2025 and December 31, 2024, respectively.
Fair Value of Financial Instruments
The estimated fair value of the Company’s financial instruments is as follows:
June 30, 2025
Carrying Amount Fair Value
Level 1 Level 2 Level 3 Total
(in millions)
Financial assets:
Investment securities:
HTM $ 1,540  $ —  $ 1,368  $ —  $ 1,368 
AFS 16,898  5,532  11,366  —  16,898 
Trading 53  —  53  —  53 
Equity 122  122  —  —  122 
Derivative assets (1) 176  —  119  57  176 
Loans HFS 3,022  —  2,913  109  3,022 
Loans HFI, net 55,544  —  —  55,443  55,443 
Mortgage servicing rights 1,044  —  —  1,044  1,044 
Accrued interest receivable 426  —  426  —  426 
Financial liabilities:
Deposits $ 71,107  $ —  $ 71,143  $ —  $ 71,143 
Other borrowings 6,052  —  6,032  —  6,032 
Qualifying debt 678  —  556  85  641 
Derivative liabilities (1) 203  —  203  —  203 
Accrued interest payable 132  —  132  —  132 
(1)    Derivative assets and liabilities exclude margin of $347 million and $(41) million, respectively.

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December 31, 2024
Carrying Amount Fair Value
Level 1 Level 2 Level 3 Total
(in millions)
Financial assets:
Investment securities:
HTM $ 1,526  $ —  $ 1,309  $ —  $ 1,309 
AFS 13,468  4,385  9,083  —  13,468 
Equity securities 117  117  —  —  117 
Derivative assets (1) 233  —  198  35  233 
Loans HFS 2,286  —  2,259  27  2,286 
Loans HFI, net 53,302  —  —  53,070  53,070 
Mortgage servicing rights 1,127  —  —  1,127  1,127 
Accrued interest receivable 362  —  362  —  362 
Financial liabilities:
Deposits $ 66,341  $ —  $ 66,393  $ —  $ 66,393 
Other borrowings 5,573  —  5,545  —  5,545 
Qualifying debt 899  —  789  78  867 
Derivative liabilities (1) 76  —  69  7  76 
Accrued interest payable 138  —  138  —  138 
(1)    Derivative assets and liabilities exclude margin of $72 million and $3 million, respectively.
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 June 30, 2025 and December 31, 2024 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 June 30, 2025 and December 31, 2024.
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17. SEGMENTS
Beginning with the annual period ending December 31, 2024, the Company adopted the guidance within ASU 2023-07, Segment Reporting (Topic 280), which expanded disclosure requirements for significant segment expenses and other segment items. In connection with the adoption of this guidance, the components that comprise net interest income, which include interest income, interest expense, and funds transfer pricing adjustments, are presented in separate line items in the reportable segment income statement tables below. Salaries and employee benefits are also presented separately as these expenses were previously included within total non-interest expense. Income statement information for prior periods was recast to conform to the current presentation.
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 25% 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 June 30, 2025: (in millions)
Assets:
Cash, cash equivalents, and investment securities $ 21,368  $ 16  $ 53  $ 21,299 
Loans HFS 3,022  —  3,022  — 
Loans HFI, net of deferred fees and costs 55,939  33,207  22,732  — 
Less: allowance for credit losses (395) (332) (63) — 
Net loans HFI 55,544  32,875  22,669  — 
Goodwill and other intangible assets, net 653  290  363  — 
Other assets 6,138  318  1,978  3,842 
Total assets $ 86,725  $ 33,499  $ 28,085  $ 25,141 
Liabilities:
Deposits $ 71,107  $ 26,307  $ 38,546  $ 6,254 
Borrowings and qualifying debt 6,730  —  44  6,686 
Other liabilities 1,481  76  564  841 
Total liabilities 79,318  26,383  39,154  13,781 
Allocated equity: 7,407  3,503  2,352  1,552 
Total liabilities and equity $ 86,725  $ 29,886  $ 41,506  $ 15,333 
Excess funds provided (used) $ —  $ (3,613) $ 13,421  $ (9,808)
Income Statement:
Three Months Ended June 30, 2025: (in millions)
Interest income $ 1,154.4  $ 612.9  $ 303.3  $ 238.2 
Interest expense 456.8  153.5  156.9  146.4 
Funds transfer pricing —  (138.3) 286.0  (147.7)
Net interest income (expense) 697.6  321.1  432.4  (55.9)
Provision for credit losses 39.9  35.0  4.8  0.1 
Net interest income (expense) after provision for credit losses 657.7  286.1  427.6  (56.0)
Non-interest income 148.3  38.3  86.0  24.0 
Salaries and employee benefits 179.9  35.4  39.1  105.4 
Other non-interest expense (1) 334.8  134.4  291.2  (90.8)
Income (loss) before provision for income taxes 291.3  154.6  183.3  (46.6)
Income tax expense (benefit) 53.5  28.1  34.3  (8.9)
Net income (loss) $ 237.8  $ 126.5  $ 149.0  $ (37.7)
Six Months Ended June 30, 2025: (in millions)
Interest income $ 2,250.0  $ 1,204.4  $ 588.5  $ 457.1 
Interest expense 901.8  303.4  312.9  285.5 
Funds transfer pricing —  (270.1) 556.2  (286.1)
Net interest income (expense) 1,348.2  630.9  831.8  (114.5)
Provision for (recovery of) credit losses 71.1  66.2  9.9  (5.0)
Net interest income (expense) after provision for credit losses 1,277.1  564.7  821.9  (109.5)
Non-interest income 275.7  75.2  165.5  35.0 
Salaries and employee benefits 362.3  79.6  82.1  200.6 
Other non-interest expense (1) 652.8  259.2  557.9  (164.3)
Income (loss) before provision for income taxes 537.7  301.1  347.4  (110.8)
Income tax expense (benefit) 100.8  50.5  59.5  (9.2)
Net income (loss) $ 436.9  $ 250.6  $ 287.9  $ (101.6)
(1)    The composition of other non-interest expense is consistent with Non-interest expense as presented in the Consolidated Income Statement.
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Balance Sheet: Consolidated Company Commercial Consumer Related Corporate & Other
At December 31, 2024: (in millions)
Assets:
Cash, cash equivalents, and investment securities $ 19,191  $ 14  $ —  $ 19,177 
Loans HFS 2,286  —  2,286  — 
Loans HFI, net of deferred fees and costs 53,676  31,544  22,132  — 
Less: allowance for credit losses (374) (320) (54) — 
Net loans HFI 53,302  31,224  22,078  — 
Goodwill and other intangible assets, net 659  291  368  — 
Other assets 5,496  367  1,923  3,206 
Total assets $ 80,934  $ 31,896  $ 26,655  $ 22,383 
Liabilities:
Deposits $ 66,341  $ 25,487  $ 33,767  $ 7,087 
Borrowings and qualifying debt 6,472  15  37  6,420 
Other liabilities 1,414  72  476  866 
Total liabilities 74,227  25,574  34,280  14,373 
Allocated equity: 6,707  2,727  1,899  2,081 
Total liabilities and equity $ 80,934  $ 28,301  $ 36,179  $ 16,454 
Excess funds provided (used) $ —  $ (3,595) $ 9,524  $ (5,929)
Income Statement:
Three Months Ended June 30, 2024: (in millions)
Interest income $ 1,147.5  $ 625.5  $ 258.5  $ 263.5 
Interest expense 490.9  174.8  155.3  160.8 
Funds transfer pricing —  (158.6) 236.0  (77.4)
Net interest income 656.6  292.1  339.2  25.3 
Provision for credit losses 37.1  36.1  1.0  — 
Net interest income after provision for credit losses 619.5  256.0  338.2  25.3 
Non-interest income 115.2  23.1  90.0  2.1 
Salaries and employee benefits 153.0  39.8  31.5  81.7 
Other non-interest expense (1) 333.8  110.4  299.9  (76.5)
Income before provision for income taxes 247.9  128.9  96.8  22.2 
Income tax expense 54.3  28.1  21.5  4.7 
Net income $ 193.6  $ 100.8  $ 75.3  $ 17.5 
Six Months Ended June 30, 2024:
Interest income $ 2,202.5  $ 1,232.7  $ 510.9  $ 458.9 
Interest expense 947.0  343.1  289.4  314.5 
Funds transfer pricing —  (308.9) 410.7  (101.8)
Net interest income 1,255.5  580.7  632.2  42.6 
Provision for credit losses 52.3  51.4  0.6  0.3 
Net interest income after provision for credit losses 1,203.2  529.3  631.6  42.3 
Non-interest income 245.1  49.1  185.7  10.3 
Salaries and employee benefits 307.9  74.6  69.0  164.3 
Other non-interest expense (1) 660.7  231.0  558.6  (128.9)
Income before provision for income taxes 479.7  272.8  189.7  17.2 
Income tax expense 108.7  61.9  43.3  3.5 
Net income $ 371.0  $ 210.9  $ 146.4  $ 13.7 
(1)    The composition of other non-interest expense is consistent with Non-interest expense as presented in the Consolidated Income Statement.
18. 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, and legal settlement service fees. These revenues totaled $23.5 million and $16.9 million for the three months ended June 30, 2025 and 2024, respectively, and $46.5 million and $30.7 million for the six months ended June 30, 2025 and 2024, respectively. The Company had no material unsatisfied performance obligations as of June 30, 2025 or December 31, 2024.
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19. SUBSEQUENT EVENTS
Tax Legislation
On July 4, 2025, the OBBBA was enacted into law. The OBBBA extends or makes permanent various tax provisions that were originally enacted in the 2017 Tax Cuts and Jobs Act and were set to expire at the end of 2025. The OBBBA contains a number of tax provisions including, but not limited to, immediate expensing of domestic research and experimental expenditures, modifications to the limitation on business interest and bonus depreciation modifications. The Company is currently evaluating the impact of the OBBBA on its consolidated financial statements.

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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, 2024 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 June 30, 2025 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 inflation and any recession in the United States, adverse developments in the financial services industry generally, U.S. and global trade policies and tensions, including changes in, or the imposition of, tariffs and/or trade barriers, 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) the discontinuation of or substantial changes to interest rate benchmarks utilized in our lending, borrowing and hedging activities; 4) exposure of financial instruments to certain market risks that may increase the volatility of earnings and AOCI; 5) the inherent risk associated with accounting estimates, including the impact to the allowance, provision for credit losses, and capital levels; 6) exposure to natural and man-made disasters in markets where we operate and the impact of climate change and sustainability practices on us and our customers; 7) the potential adverse effects of unusual and infrequently occurring events, such as weather-related disasters, terrorist acts, geopolitical conflicts or public health events, and of governmental and societal responses thereto; 8) higher defaults on our loan portfolio than we expect; 9) increased foreclosures and ownership of real property; 10) changes in management's estimate of the adequacy of the allowance for credit losses; 11) dependency on real estate and events that negatively impact the real estate market; 12) concentrations in certain business lines or product types within our loan portfolio; 13) residual risk retained by us on reference pools covered by credit linked notes; 14) exposures related to the properties to which we acquire title; 15) ability to compete in a highly competitive market; 16) 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; 17) uncertainty associated with digital payment initiatives; 18) ability to recruit and retain qualified employees and implement adequate succession planning to mitigate the loss of key members of our senior management team; 19) ability to meet capital adequacy and liquidity requirements and the sufficiency of liquidity; 20) dependence on low-cost deposits; 21) risks related to representations and warranties made on third-party loan sales; 22) ability to borrow from the FHLB or the FRB; 23) a change in our creditworthiness; 24) information security breaches; 25) reliance on third parties to provide key components of our infrastructure; 26) perpetration of fraud; 27) ability to implement and improve our controls and processes to keep pace with growth; 28) risk of operating in a highly regulated industry and our ability to remain in compliance; 29) ability to adapt to technological change; 30) failure to comply with state and federal banking agency laws and regulations; 31) results of any tax audit findings, challenges to our tax positions, or adverse changes or interpretations of tax laws; 32) risks related to ownership and price of our preferred and common stock; 33) ability to continue to declare quarterly dividends; 34) additional regulatory requirements resulting from our continued growth; 35) management's estimates and projections of interest rates and interest rate policies; and 36) 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, 2024, “Risk Factors” in Part II, Item 1A of this Form 10-Q, and related disclosures in other filings with the SEC. All forward-looking statements that are made or attributable to us are expressly qualified in their entirety by this cautionary notice.
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The forward-looking statements included herein are only 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
CRE Exposure
The Company's loan portfolio includes significant credit exposure to the CRE market, with CRE related loans comprising approximately 30% of total loans at June 30, 2025 and December 31, 2024. Approximately 15% and 16% of CRE loans, excluding construction and land loans, were owner occupied at June 30, 2025 and December 31, 2024, respectively, and less than 5% were non-owner occupied office loans at June 30, 2025 and December 31, 2024. Due to changing conditions in the CRE market, the Company has implemented enhanced measures to monitor and manage credit risk related to this portfolio segment, 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, 2024. During the three and six months ended June 30, 2025, the Company recognized gross charge-offs on CRE non-owner occupied loans totaling $17.5 million and $32.0 million, respectively, which primarily related to office properties. As the Company is focused on moving nonperforming loans through its standard credit resolution process, the Company took possession of five CRE office properties during the three and six months ended June 30, 2025, which drove the net $166 million increase in other assets acquired through foreclosure from December 31, 2024. While the Company believes its reserve levels are adequate, CRE market conditions may worsen, which could result in further deterioration of asset quality in this portfolio.
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, together with its banking divisions: ABA, BON, FIB, Bridge, and TPB.
The Company also provides an array of specialized financial services across the country, including mortgage banking services through AmeriHome, treasury management services to the homeowner's association sector, and digital payment services for the class action legal industry.
Financial Results Highlights for the Second Quarter of 2025
•Net income available to common stockholders of $227.2 million and diluted earnings per share of $2.07, compared to $190.4 million and $1.75 per share, respectively, for the second quarter 2024
•Net revenue of $845.9 million, compared to $771.8 million for the second quarter 2024, with non-interest expense of $514.7 million, compared to $486.8 million for the second quarter 2024
•PPNR of $331.2 million, up 16.2% from $285.0 million in the second quarter 20241
•Total loans HFI of $55.9 billion, up $2.3 billion, or 4.2%, from December 31, 2024
•Total deposits of $71.1 billion, up $4.8 billion, or 7.2%, from December 31, 2024
•Total equity of $7.4 billion, an increase of $700 million, or 10.4%, from December 31, 2024
•Nonperforming loans to funded HFI loans decreased to 0.76%, compared to 0.89% at December 31, 2024
•Nonperforming assets (nonaccrual loans and repossessed assets) increased to 0.74% of total assets, compared to 0.65% at December 31, 2024
•Annualized net loan charge-offs to average loans outstanding of 0.22%, compared to 0.18% for the second quarter 2024
•Net interest margin of 3.53%, decreased from 3.63% in the second quarter 2024
•Tangible common equity ratio of 7.2%, flat from December 31, 20241
•Book value per common share of $61.77, an increase of 6.1% from $58.24 at December 31, 2024
•Tangible book value per share, net of tax, of $55.87, an increase of $3.60, or 6.9%, from $52.27 at December 31, 20241
•Efficiency ratio of 60.1% in the second quarter 2025, compared to 62.3% in the second quarter 20241
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 six months ended June 30, 2025.
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 June 30, Six Months Ended June 30,
2025 2024 2025 2024
(in millions, except per share amounts)
Net income $ 237.8  $ 193.6  $ 436.9  $ 371.0 
Net income available to common stockholders 227.2  190.4  423.1  364.6 
Earnings per share - basic 2.08  1.75  3.89  3.36 
Earnings per share - diluted 2.07  1.75  3.86  3.34 
Return on average assets 1.10  % 0.99  % 1.04  % 0.99  %
Return on average equity 13.0  12.3  12.4  11.9 
Return on average tangible common equity (1) 14.9  14.3  14.2  13.8 
Net interest margin 3.53  3.63  3.50  3.61 
(1) See Non-GAAP Financial Measures section beginning on page 64.
June 30, 2025 December 31, 2024
(in millions)
Total assets $ 86,725  $ 80,934 
Loans HFS 3,022  2,286 
Loans HFI, net of deferred fees and costs 55,939  53,676 
Investment securities, net of allowance for credit losses 18,601  15,095 
Total deposits 71,107  66,341 
Other borrowings 6,052  5,573 
Qualifying debt 678  899 
Total equity 7,407  6,707 
Tangible common equity, net of tax (1) 6,168  5,755 
(1) See Non-GAAP Financial Measures section beginning on page 64.
Asset Quality
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: 
June 30, 2025 December 31, 2024
(dollars in millions)
Nonaccrual loans $ 427  $ 476 
Repossessed assets 218  52 
Non-performing assets 831  656 
Nonaccrual loans to funded loans 0.76  % 0.89  %
Nonaccrual and repossessed assets to total assets 0.74  0.65 
Allowance for loan losses to funded loans 0.71  0.70 
Allowance for credit losses to funded loans 0.78  0.77 
Allowance for loan losses to nonaccrual loans 92  79 
Allowance for credit losses to nonaccrual loans 102  87 
Net charge-offs to average loans outstanding (1) 0.22  0.18 
(1)Annualized on an actual/actual basis for the three months ended June 30, 2025. Actual year-to-date for the year ended December 31, 2024.
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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 $86.7 billion at June 30, 2025 from $80.9 billion at December 31, 2024. The increase in total assets of $5.8 billion, or 7.2%, was supported by an increase in deposits, which contributed to an increase in investment securities of $3.5 billion and funded HFI and HFS loan growth of $2.3 billion and $736 million, respectively, which was partially offset by a decrease in cash of $1.3 billion.
Loans HFI increased $2.3 billion, or 4.2%, to $55.9 billion as of June 30, 2025, compared to $53.7 billion as of December 31, 2024. By loan type, commercial and industrial, commercial real estate, and residential loans increased $1.8 billion, $311 million, and $139 million, respectively, from December 31, 2024. In addition, loans HFS increased $736 million from $2.3 billion as of December 31, 2024 primarily due to an increase in non-EBO and agency-conforming loans.
Total deposits increased $4.8 billion, or 7.2%, to $71.1 billion as of June 30, 2025 from $66.3 billion as of December 31, 2024. By type, the increase in deposits from December 31, 2024 was driven by increases of $4.2 billion and $1.0 billion in non-interest bearing deposits and savings and money market accounts, respectively, partially offset by a decrease of $204 million in both interest bearing demand deposits and certificates of deposit.
RESULTS OF OPERATIONS
The following table sets forth a summary financial overview:
Three Months Ended June 30, Increase (Decrease) Six Months Ended June 30, Increase (Decrease)
2025 2024 2025 2024
(in millions, except per share amounts)
Consolidated Income Statement Data:
Interest income $ 1,154.4  $ 1,147.5  $ 6.9  $ 2,250.0  $ 2,202.5  $ 47.5 
Interest expense 456.8  490.9  (34.1) 901.8  947.0  (45.2)
Net interest income 697.6  656.6  41.0  1,348.2  1,255.5  92.7 
Provision for credit losses 39.9  37.1  2.8  71.1  52.3  18.8 
Net interest income after provision for credit losses 657.7  619.5  38.2  1,277.1  1,203.2  73.9 
Non-interest income 148.3  115.2  33.1  275.7  245.1  30.6 
Non-interest expense 514.7  486.8  27.9  1,015.1  968.6  46.5 
Income before provision for income taxes 291.3  247.9  43.4  537.7  479.7  58.0 
Income tax expense 53.5  54.3  (0.8) 100.8  108.7  (7.9)
Net income 237.8  193.6  44.2  436.9  371.0  65.9 
Net income attributable to noncontrolling interest 7.4  —  7.4  7.4  —  7.4 
Net income attributable to Western Alliance 230.4  193.6  36.8  429.5  371.0  58.5 
Dividends on preferred stock 3.2  3.2  —  6.4  6.4  — 
Net income available to common stockholders $ 227.2  $ 190.4  $ 36.8  $ 423.1  $ 364.6  $ 58.5 
Earnings per share:
Basic $ 2.08  $ 1.75  $ 0.33  $ 3.89  $ 3.36  $ 0.53 
Diluted 2.07  1.75  0.32  3.86  3.34  0.52 

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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 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 June 30, Six Months Ended June 30,
2025 2024 2025 2024
(in millions)
Net interest income $ 697.6  $ 656.6  $ 1,348.2  $ 1,255.5 
Total non-interest income 148.3  115.2  275.7  245.1 
Net revenue $ 845.9  $ 771.8  $ 1,623.9  $ 1,500.6 
Total non-interest expense 514.7  486.8  1,015.1  968.6 
Pre-provision net revenue $ 331.2  $ 285.0  $ 608.8  $ 532.0 
Less:
Provision for credit losses 39.9  37.1  71.1  52.3 
Income tax expense 53.5  54.3  100.8  108.7 
Net income $ 237.8  $ 193.6  $ 436.9  $ 371.0 
Efficiency Ratio
The following table shows the components used in the calculation of the efficiency ratio, which measures non-interest expense as a ratio of net revenue on a tax equivalent basis. Management uses this ratio as a metric for assessing cost efficiency:
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
(dollars in millions)
Total non-interest expense $ 514.7  $ 486.8  $ 1,015.1  $ 968.6 
Less: Deposit costs 147.4  173.7  284.2  310.7 
Total non-interest expense, excluding deposit costs 367.3  313.1  730.9  657.9 
Divided by:
Total net interest income 697.6  656.6  1,348.2  1,255.5 
Plus:
Tax equivalent interest adjustment 10.2  9.9  20.3  19.5 
Total non-interest income 148.3  115.2  275.7  245.1 
Less: Deposit costs 147.4  173.7  284.2  310.7 
$ 708.7  $ 608.0  $ 1,360.0  $ 1,209.4 
Efficiency ratio - tax equivalent basis 60.1  % 62.3  % 61.7  % 63.7  %
Efficiency ratio - tax equivalent basis, adjusted for deposit costs 51.8  51.5  53.7  54.4 
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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 tangible common equity financial measures are useful in evaluating the Company's capital strength, financial condition, and ability to manage potential losses.
June 30, 2025 December 31, 2024
(dollars and shares in millions)
Total stockholders' equity $ 7,407  $ 6,707 
Less:
Preferred stock 295  295 
Noncontrolling interest in subsidiary 293  — 
Total common stockholders' equity 6,819  6,412 
Less: goodwill and intangible assets, net 653  659 
Total tangible common stockholders' equity 6,166  5,753 
Plus: deferred tax - attributed to intangible assets 2  2 
Total tangible common equity, net of tax $ 6,168  $ 5,755 
Total assets $ 86,725  $ 80,934 
Less: goodwill and intangible assets, net 653  659 
Tangible assets 86,072  80,275 
Plus: deferred tax - attributed to intangible assets 2  2 
Total tangible assets, net of tax $ 86,074  $ 80,277 
Tangible common equity ratio 7.2  % 7.2  %
Common shares outstanding 110.4  110.1 
Book value per common share $ 61.77  $ 58.24 
Tangible book value per common share, net of tax 55.87  52.27 
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
(dollars in millions)
Net income available to common stockholders $ 227.2  $ 190.4  $ 423.1  $ 364.6 
Divided by:
Average stockholders' equity $ 7,355  $ 6,330  $ 7,128  $ 6,257 
Less:
Average goodwill and intangible assets 655  666  656  667 
Average preferred stock 295  295  295  295 
Average noncontrolling interest in subsidiary 293  —  155  — 
Average tangible common equity $ 6,112  $ 5,369  $ 6,022  $ 5,295 
Return on average tangible common equity 14.9  % 14.3  % 14.2  % 13.8  %

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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 CET1, tier 1 capital, and total capital ratios take 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 that ended December 31, 2024. Accordingly, capital ratios and amounts for 2024 included a 25% capital benefit that resulted from the increased ACL related to the adoption of ASC 326. This capital benefit was fully phased out beginning in 2025.
June 30, 2025 December 31, 2024
(dollars in millions)
Common equity tier 1:
Common equity $ 6,819  $ 6,425 
Less:
Non-qualifying goodwill and intangibles 637  644 
Disallowed deferred tax asset 96  4 
AOCI related adjustments (480) (535)
Unrealized gain on changes in fair value liabilities (2) 1 
Common equity tier 1 $ 6,568  $ 6,311 
Divided by: Risk-weighted assets $ 58,655  $ 56,019 
Common equity tier 1 ratio 11.2  % 11.3  %
Common equity tier 1 $ 6,568  $ 6,311 
Plus: Preferred stock, trust preferred securities, and noncontrolling interest 669  376 
Tier 1 capital $ 7,237  $ 6,687 
Divided by: Tangible average assets $ 86,368  $ 82,691 
Tier 1 leverage ratio 8.4  % 8.1  %
Total capital:
Tier 1 capital $ 7,237  $ 6,687 
Plus:
Subordinated debt 595  819 
Adjusted allowances for credit losses 445  416 
Tier 2 capital $ 1,040  $ 1,235 
Total capital $ 8,277  $ 7,922 
Total capital ratio 14.1  % 14.1  %
Classified assets to tier 1 capital plus allowance:
Classified assets $ 1,261  $ 1,009 
Divided by: Tier 1 capital 7,237  6,687 
Plus: Adjusted allowances for credit losses 445  416 
Total Tier 1 capital plus adjusted allowances for credit losses $ 7,682  $ 7,103 
Classified assets to tier 1 capital plus allowance 16.4  % 14.2  %

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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 June 30,
2025 2024
Average
Balance		 Interest Average
Yield / Cost		 Average
Balance		 Interest Average
Yield / Cost
(dollars in millions)
Interest earning assets
Loans HFS $ 4,859  $ 74.0  6.11  % $ 2,860  $ 43.0  6.05  %
Loans HFI:
Commercial and industrial 24,094  392.1  6.58  19,913  370.1  7.54 
CRE - non-owner occupied 10,253  181.9  7.12  9,680  185.0  7.69 
CRE - owner occupied 1,788  26.7  6.11  1,865  28.5  6.24 
Construction and land development 4,290  88.7  8.29  4,740  112.3  9.53 
Residential real estate 14,399  150.3  4.19  14,531  157.0  4.35 
Consumer 32  0.6  7.07  48  0.8  6.94 
Total loans HFI (1), (2), (3) 54,856  840.3  6.17  50,777  853.7  6.79 
Investment securities:
Taxable 15,099  177.4  4.71  14,029  166.5  4.77 
Tax-exempt 2,215  24.1  5.46  2,221  24.0  5.45 
Total investment securities (1) 17,314  201.5  4.81  16,250  190.5  4.87 
Cash and other 3,496  38.6  4.43  3,983  60.3  6.09 
Total interest earning assets 80,525  1,154.4  5.80  73,870  1,147.5  6.30 
Non-interest earning assets
Cash and due from banks 346  294 
Allowance for credit losses (403) (350)
Bank owned life insurance 1,026  187 
Other assets 4,905  4,554 
Total assets $ 86,399  $ 78,555 
Interest bearing liabilities
Interest bearing deposits:
Interest bearing demand accounts $ 15,707  $ 97.2  2.48  % $ 17,276  $ 131.2  3.05  %
Savings and money market accounts 21,736  170.6  3.15  16,579  146.2  3.55 
Certificates of deposit 10,084  110.0  4.38  10,427  132.9  5.12 
Total interest bearing deposits 47,527  377.8  3.19  44,282  410.3  3.73 
Short-term borrowings 3,048  35.7  4.69  4,165  58.9  5.69 
Long-term debt 2,498  35.1  5.64  437  12.1  11.19 
Qualifying debt 826  8.2  4.01  896  9.6  4.28 
Total interest bearing liabilities 53,899  456.8  3.40  49,780  490.9  3.97 
Interest cost of funding earning assets 2.28  2.67 
Non-interest bearing liabilities
Non-interest bearing deposits 23,569  20,996 
Other liabilities 1,576  1,449 
Equity 7,355  6,330 
Total liabilities and equity $ 86,399  $ 78,555 
Net interest income and margin (4) $ 697.6  3.53  % $ 656.6  3.63  %
(1)Yields on loans and securities have been adjusted to a TEB. The taxable-equivalent adjustment was $10.2 million and $9.9 million for the three months ended June 30, 2025 and 2024, respectively.
(2)Included in the yield computation are net loan fees of $25.5 million and $32.1 million for the three months ended June 30, 2025 and 2024, 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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Six Months Ended June 30,
2025 2024
Average
Balance		 Interest Average
Yield / Cost		 Average
Balance		 Interest Average
Yield / Cost
(dollars in millions)
Interest earning assets
Loans HFS $ 4,581  $ 140.5  6.19  % $ 2,638  $ 82.1  6.26  %
Loans HFI:
Commercial and industrial 23,466  758.0  6.57  19,329  715.8  7.51 
CRE - non-owner occupied 10,133  357.1  7.11  9,574  370.1  7.78 
CRE - owner occupied 1,833  55.4  6.20  1,836  55.3  6.15 
Construction and land development 4,348  180.5  8.37  4,831  229.4  9.55 
Residential real estate 14,373  302.5  4.24  14,626  314.0  4.32 
Consumer 39  1.3  6.85  55  1.9  7.13 
Total loans HFI (1), (2), (3) 54,192  1,654.8  6.19  50,251  1,686.5  6.78 
Investment securities:
Taxable 14,065  320.9  4.60  12,373  287.6  4.67 
Tax-exempt 2,235  48.6  5.49  2,213  46.9  5.34 
Total investment securities (1) 16,300  369.5  4.72  14,586  334.5  4.78 
Cash and other 3,788  85.2  4.54  3,468  99.4  5.77 
Total interest earning assets 78,861  2,250.0  5.81  70,943  2,202.5  6.30 
Non-interest earning assets
Cash and due from banks 339  289 
Allowance for credit losses (400) (349)
Bank owned life insurance 1,020  187 
Other assets 4,813  4,548 
Total assets $ 84,633  $ 75,618 
Interest bearing liabilities
Interest bearing deposits:
Interest bearing demand accounts $ 15,788  $ 197.1  2.52  % $ 16,812  $ 253.2  3.03  %
Savings and money market accounts 21,473  335.4  3.15  15,913  276.1  3.49 
Certificates of deposit 10,051  223.6  4.49  10,278  261.6  5.12 
Total interest bearing deposits 47,312  756.1  3.22  43,003  790.9  3.70 
Short-term borrowings 2,389  56.4  4.76  3,940  112.6  5.75 
Long-term debt 2,575  71.8  5.62  441  24.4  11.13 
Qualifying debt 862  17.5  4.10  895  19.1  4.28 
Total interest bearing liabilities 53,138  901.8  3.42  48,279  947.0  3.94 
Interest cost of funding earning assets 2.31  2.69 
Non-interest bearing liabilities
Non-interest bearing deposits 22,837  19,589 
Other liabilities 1,530  1,493 
Equity 7,128  6,257 
Total liabilities and equity $ 84,633  $ 75,618 
Net interest income and margin (4) $ 1,348.2  3.50  % $ 1,255.5  3.61  %
(1)Yields on loans and securities have been adjusted to a TEB. The taxable-equivalent adjustment was $20.3 million and $19.5 million for the six months ended June 30, 2025 and 2024, respectively.
(2)Included in the yield computation are net loan fees of $49.3 million and $65.2 million for the six months ended June 30, 2025 and 2024, 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 June 30, Six Months Ended June 30,
2025 versus 2024 2025 versus 2024
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 $ 30.4  $ 0.6  $ 31.0  $ 59.6  $ (1.2) $ 58.4 
Loans HFI:
Commercial and industrial 68.0  (46.0) 22.0  133.6  (91.4) 42.2 
CRE - non-owner occupied 10.2  (13.3) (3.1) 19.7  (32.7) (13.0)
CRE - owner-occupied (1.1) (0.7) (1.8) (0.1) 0.2  0.1 
Construction and land development (9.3) (14.3) (23.6) (20.1) (28.8) (48.9)
Residential real estate (1.4) (5.3) (6.7) (5.3) (6.2) (11.5)
Consumer (0.3) 0.1  (0.2) (0.5) (0.1) (0.6)
Total loans HFI 66.1  (79.5) (13.4) 127.3  (159.0) (31.7)
Investment securities:
Taxable 12.6  (1.7) 10.9  38.6  (5.3) 33.3 
Tax-exempt (0.1) 0.2  0.1  0.5  1.2  1.7 
Total investment securities 12.5  (1.5) 11.0  39.1  (4.1) 35.0 
Cash and other (5.4) (16.3) (21.7) 7.2  (21.4) (14.2)
Total interest income 103.6  (96.7) 6.9  233.2  (185.7) 47.5 
Interest expense:
Interest bearing demand accounts (9.7) (24.3) (34.0) (12.8) (43.3) (56.1)
Savings and money market accounts 40.5  (16.1) 24.4  86.8  (27.5) 59.3 
Certificates of deposit (3.7) (19.2) (22.9) (5.0) (33.0) (38.0)
Total deposits 27.1  (59.6) (32.5) 69.0  (103.8) (34.8)
Short-term borrowings (13.1) (10.1) (23.2) (36.6) (19.6) (56.2)
Long-term debt 29.0  (6.0) 23.0  59.5  (12.1) 47.4 
Qualifying debt (0.7) (0.7) (1.4) (0.7) (0.9) (1.6)
Total interest expense 42.3  (76.4) (34.1) 91.2  (136.4) (45.2)
Net change $ 61.3  $ (20.3) $ 41.0  $ 142.0  $ (49.3) $ 92.7 
(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 June 30, 2025, interest income totaled $1.2 billion, an increase of $6.9 million, or 0.6%, compared to $1.1 billion for the three months ended June 30, 2024. This increase was primarily the result of increases in interest income from loans HFS and investment securities of $31.0 million and $11.0 million, respectively, resulting from increases in the average balances of these assets of $2.0 billion and $1.1 billion, respectively. These increases were partially offset by a decrease in interest income from loans HFI of $13.4 million as lower loan yields outweighed the increase in the average balance of $4.1 billion.
For the six months ended June 30, 2025, interest income was $2.3 billion, an increase of $47.5 million, or 2.2%, compared to $2.2 billion for the six months ended June 30, 2024. This increase was primarily the result of an increase in interest income from loans HFS of $58.4 million driven by a higher average balance of $1.9 billion and a $35.0 million increase in interest income from investment securities primarily due to an increase in the average investment balance of $1.7 billion. These increases were partially offset by a $31.7 million decrease in interest income from loans HFI driven by lower yields net of a $3.9 billion increase in the average balance.
For the three months ended June 30, 2025, interest expense totaled $456.8 million, a decrease of $34.1 million, or 4.8%, compared to $490.9 million for the three months ended June 30, 2024. The decrease in interest expense related to decreases in interest expense on deposits of $32.5 million due to lower rates and short-term borrowings of $23.2 million due to lower rates and a lower average balance of $1.1 billion. These decreases were partially offset by increases of $3.2 billion and $2.1 billion in average interest bearing deposits and long-term debt, respectively.
For the six months ended June 30, 2025, interest expense was $901.8 million, a decrease of $45.2 million, or 4.8%, compared to $947.0 million for the six months ended June 30, 2024. Interest expense on short-term borrowings decreased $56.2 million due to a decrease in the average balance of $1.6 billion in conjunction with lower rates, while interest expense on deposits decreased $34.8 million for the same period driven by lower rates net of a $4.3 billion increase in average interest bearing deposits.
69

These decreases were partially offset by a $47.4 million increase in interest expense on long-term debt resulting from an increase in average balances of $2.1 billion.
For the three months ended June 30, 2025, net interest income totaled $697.6 million, an increase of $41.0 million, or 6.2%, compared to $656.6 million for the three months ended June 30, 2024. The increase in net interest income was driven by an increase in average interest earning assets of $6.7 billion and lower rates on deposits, partially offset by lower yields on interest earning assets. The decrease in net interest margin of 10 basis points to 3.53% is largely the result of the impact of lower rates on interest earning asset yields, partially offset by an increase in average interest earning assets.
For the six months ended June 30, 2025, net interest income was $1.3 billion, an increase of $92.7 million, or 7.4%, compared to the six months ended June 30, 2024. The increase in net interest income reflects a $7.9 billion increase in average interest-earning assets, partially offset by an increase of $4.9 billion in average interest bearing liabilities. The decrease in net interest margin of 11 basis points to 3.50% is the result of a lower rate environment.
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 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 six months ended June 30, 2025, the Company recorded a provision for credit losses of $39.9 million and $71.1 million, respectively, compared to $37.1 million and $52.3 million for the three and six months ended June 30, 2024, respectively. The provision for credit losses for the three and six months ended June 30, 2025 is primarily reflective of net loan charge-offs of $29.6 million and $55.4 million, respectively, and loan growth.
Non-interest Income
The following table presents a summary of non-interest income: 
Three Months Ended June 30, Increase (Decrease) Six Months Ended June 30, Increase (Decrease)
2025 2024 2025 2024
(in millions)
Service charges and loan fees $ 36.9  $ 17.8  $ 19.1  $ 74.1  $ 34.2  $ 39.9 
Net gain on loan origination and sale activities 39.4  46.8  (7.4) 88.9  92.1  (3.2)
Net loan servicing revenue 38.3  38.1  0.2  60.1  84.5  (24.4)
Income from bank owned life insurance 11.0  1.7  9.3  22.4  2.7  19.7 
Gain on sales of investment securities 11.4  2.3  9.1  13.5  1.4  12.1 
Fair value gain adjustments, net 0.1  0.7  (0.6) 1.1  1.0  0.1 
Income (loss) from equity investments 2.9  4.2  (1.3) (1.9) 21.3  (23.2)
Other income 8.3  3.6  4.7  17.5  7.9  9.6 
Total non-interest income $ 148.3  $ 115.2  $ 33.1  $ 275.7  $ 245.1  $ 30.6 
Total non-interest income for the three months ended June 30, 2025 increased $33.1 million compared to the same period in 2024 primarily driven by increases in service charges and loan fees, income from bank owned life insurance, and gain on sales of investment securities. The increase in service charges and loan fees of $19.1 million was primarily driven by service charges on insured deposit products. Income from bank owned life insurance increased $9.3 million due to a new policy entered into in the second quarter of 2024. The increase in gain on sales of investment securities of $9.1 million was largely due to the termination of an interest rate swap on U.S. Treasury securities and corresponding sale of the hedged securities. These increases were partially offset by a decrease in net gain on loan origination and sale activities of $7.4 million primarily related to mortgage banking hedging activities.
Total non-interest income for the six months ended June 30, 2025 increased $30.6 million compared to the same period in 2024 driven primarily by increases in service charges and loan fees, income from bank owned life insurance, and gain on sales of investment securities as discussed in the above paragraph. These increases were partially offset by decreases in net loan servicing revenue and income from equity investments. The decrease in net loan servicing revenue of $24.4 million resulted from fair value losses on MSRs and lower servicing income. The decrease in income from equity investments of $23.2 million was primarily due to timing of income recognition on an equity investment that is expected to be recovered over time.
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Non-interest Expense
The following table presents a summary of non-interest expense:
Three Months Ended June 30, Increase (Decrease) Six Months Ended June 30, Increase (Decrease)
2025 2024 2025 2024
(in millions)
Salaries and employee benefits $ 179.9  $ 153.0  $ 26.9  $ 362.3  $ 307.9  $ 54.4 
Deposit costs 147.4  173.7  (26.3) 284.2  310.7  (26.5)
Data processing 45.0  35.7  9.3  90.2  71.7  18.5 
Insurance 37.4  33.8  3.6  75.3  92.7  (17.4)
Legal, professional, and directors' fees 25.3  25.8  (0.5) 54.2  55.9  (1.7)
Loan servicing expenses 20.1  16.6  3.5  36.5  31.6  4.9 
Occupancy 16.9  18.4  (1.5) 34.1  35.9  (1.8)
Business development and marketing 6.1  6.4  (0.3) 12.0  11.9  0.1 
Loan acquisition and origination expenses 5.8  5.1  0.7  11.0  9.9  1.1 
Other expense 30.8  18.3  12.5  55.3  40.4  14.9 
Total non-interest expense $ 514.7  $ 486.8  $ 27.9  $ 1,015.1  $ 968.6  $ 46.5 
Total non-interest expense for the three months ended June 30, 2025 increased $27.9 million compared to the same period in 2024 primarily driven by increases in salaries and employee benefits as well as data processing expenses, partially offset by a decrease in deposit costs. Salaries and employee benefits increased $26.9 million due to increases in average salary and headcount. Data processing expenses increased $9.3 million due to higher software fees and an increase in software depreciation. These increases were partially offset by a decrease in deposit costs of $26.3 million as a result of lower ECR rates.
Total non-interest expense for the six months ended June 30, 2025 increased $46.5 million compared to the same period in 2024 primarily driven by an increase in salaries and employee benefits and data processing expenses as noted in the above paragraph. These increases were partially offset by decreases in deposit costs and insurance expense. Lower ECR rates drove the decrease in deposit costs, while the decrease in insurance costs was due to a reduction to insured and brokered deposit levels in the current year and a net FDIC special assessment charge of $11.6 million recognized during the six months ended June 30, 2024.
Income Taxes
The Company's effective tax rate was 18.4% and 21.9% for the three months ended June 30, 2025 and 2024, respectively, and 18.8% and 22.7% for the six months ended June 30, 2025 and 2024, respectively. The decrease in the effective tax rate for the three and six month periods ended June 30, 2025 compared to the same periods in 2024 was primarily due to an increase in investment tax credit benefits and decreases in the state blended tax rate and nondeductible insurance premiums.

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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 June 30, 2025: (in millions)
Loans HFI, net of deferred fees and costs $ 55,939  $ 33,207  $ 22,732  $ — 
Deposits 71,107  26,307  38,546  6,254 
At December 31, 2024:
Loans HFI, net of deferred fees and costs $ 53,676  $ 31,544  $ 22,132  $ — 
Deposits 66,341  25,487  33,767  7,087 
Three Months Ended June 30, 2025: (in millions)
Income (loss) before provision for income taxes $ 291.3  $ 154.6  $ 183.3  $ (46.6)
Six Months Ended June 30, 2025:
Income (loss) before provision for income taxes $ 537.7  $ 301.1  $ 347.4  $ (110.8)
Three Months Ended June 30, 2024:
Income before provision for income taxes $ 247.9  $ 128.9  $ 96.8  $ 22.2 
Six Months Ended June 30, 2024:
Income before provision for income taxes $ 479.7  $ 272.8  $ 189.7  $ 17.2 

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BALANCE SHEET ANALYSIS
Total assets increased $5.8 billion, or 7.2%, to $86.7 billion at June 30, 2025, compared to $80.9 billion at December 31, 2024, supported by an increase in deposits, which drove HFI and HFS loan growth and contributed to an increase in investment securities of $3.5 billion. Loans HFI increased $2.3 billion, or 4.2%, to $55.9 billion as of June 30, 2025, compared to $53.7 billion as of December 31, 2024 driven by increases in commercial and industrial, commercial real estate, and residential loans of $1.8 billion, $311 million, and $139 million, respectively. Loans HFS increased $736 million from $2.3 billion as of December 31, 2024 due to an increase in non-EBO and agency-conforming loans.
Total liabilities increased $5.1 billion to $79.3 billion at June 30, 2025, compared to $74.2 billion at December 31, 2024 primarily due to an increase in total deposits of $4.8 billion, or 7.2%, to $71.1 billion. By type, the increase in deposits from December 31, 2024 was driven by increases of $4.2 billion in non-interest bearing deposits and $1.0 billion in savings and money market accounts, partially offset by decreases in both interest bearing demand deposits and certificates of deposit of $204 million. Other borrowings increased $479 million from December 31, 2024 primarily due to an increase in long-term FHLB advances.
Total equity of $7.4 billion at June 30, 2025 increased $700 million, or 10.4%, from December 31, 2024 primarily due to net income of $436.9 million, the issuance of preferred stock from the Company's REIT subsidiary, and unrealized fair value gains on AFS securities, recorded net of tax in OCI. Proceeds from the REIT preferred stock issuance totaled $293 million, net of issuance costs, and was recognized as a noncontrolling interest in subsidiary. These increases were partially offset by quarterly dividends to common and preferred stockholders as well as REIT 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 carried at fair value with unrealized gains or losses on these securities recorded in AOCI in stockholders’ equity, net of tax. 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 may be 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: 
June 30, 2025 December 31, 2024 Increase
(Decrease)
(in millions)
Debt securities
Residential MBS issued by GSEs and GNMA $ 6,719  $ 5,831  $ 888 
U.S. Treasury securities 5,504  4,383  1,121 
Tax-exempt 2,165  2,195  (30)
CLO 1,901  570  1,331 
Private label residential MBS 1,161  1,123  38 
Commercial MBS issued by GSEs and GNMA 599  437  162 
Corporate debt securities 374  386  (12)
Other 68  69  (1)
Total debt securities $ 18,491  $ 14,994  $ 3,497 
Equity securities
Preferred stock $ 63  $ 91  $ (28)
Common stock 32  —  32 
CRA investments 27  26  1 
Total equity securities $ 122  $ 117  $ 5 
The increase in total debt securities of $3.5 billion from December 31, 2024 was primarily driven by increases in CLOs, U.S. Treasury securities, and Residential MBS issued by GSEs and GNMA. Investments in CLOs increased $1.3 billion from December 31, 2024 as the Company shifted its investment mix towards higher yielding securities amid favorable market conditions. Growth in U.S. Treasury securities and Residential MBS issued by GSEs and GNMA from December 31, 2024 reflects the Company's continued efforts to boost holdings of high-quality liquid assets.
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Loans HFS
The Company purchases and originates residential mortgage loans that are held for sale or securitization through its AmeriHome mortgage banking business channel. As of June 30, 2025, loans HFS totaled $3.0 billion, compared to $2.3 billion at December 31, 2024, an increase of $736 million primarily related to an increase in non-EBO and agency-conforming loans.
Loans HFI
The table below summarizes the distribution of the Company’s held for investment loan portfolio: 
June 30, 2025 December 31, 2024 Increase
(Decrease)
(in millions)
Warehouse lending $ 8,574  $ 8,207  $ 367 
Municipal & nonprofit 1,634  1,620  14 
Tech & innovation 3,609  3,383  226 
Equity fund resources 857  884  (27)
Other commercial and industrial 10,474  9,175  1,299 
CRE - owner occupied 1,598  1,675  (77)
Hotel franchise finance 3,929  3,815  114 
Other CRE - non-owner occupied 6,552  6,342  210 
Residential 13,166  12,961  205 
Residential - EBO 929  972  (43)
Construction and land development 4,478  4,468  10 
Other 139  174  (35)
Total loans HFI 55,939  53,676  2,263 
Allowance for credit losses (395) (374) (21)
Total loans HFI, net of allowance $ 55,544  $ 53,302  $ 2,242 
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 $117 million and $106 million reduced the carrying value of loans as of June 30, 2025 and December 31, 2024, respectively. Net unamortized purchase premiums on acquired and purchased loans of $178 million and $175 million increased the carrying value of loans as of June 30, 2025 and December 31, 2024, respectively.
Concentrations of Lending Activities
The Company monitors concentrations of lending activities at the product and borrower relationship level. As of June 30, 2025 and December 31, 2024, no borrower relationships at both the commitment and funded loan level exceeded 5% of total loans HFI.
Commercial and industrial loans made up 45% and 43% of total loans HFI as of June 30, 2025 and December 31, 2024, respectively.
In addition, the Company's loan portfolio includes significant credit exposure to the CRE market as CRE related loans accounted for approximately 30% of total loans at June 30, 2025 and December 31, 2024. Non-owner occupied CRE loans are loans where 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 where the primary source of repayment 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:
June 30, 2025
Amount Percent of CRE-Non OO Percent of Total HFI Loans Weighted Average LTV (1)
(dollars in millions)
Hotel $ 4,290  41.8  % 7.7  % 51.2  %
Office 2,117  20.6  3.8  58.7 
Retail 831  8.1  1.5  51.5 
Industrial 692  6.8  1.2  44.9 
Multifamily 683  6.7  1.2  39.1 
Time share 466  4.6  0.8  37.6 
Data Center 152  1.5  0.3  18.1 
Medical 145  1.4  0.2  63.2 
Senior care 96  0.9  0.2  41.1 
Storage 94  0.9  0.2  44.6 
Other 689  6.7  1.2  48.6 
Total CRE - non-owner occupied $ 10,255  100.0  % 18.3  % 50.3  %
(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, 2024
Amount Percent of CRE-Non OO Percent of Total HFI Loans Weighted Average LTV (1)
(dollars in millions)
Hotel $ 4,167  42.3  % 7.8  % 46.7  %
Office 2,337  23.7  4.4  69.0 
Retail 783  7.9  1.4  55.7 
Multifamily 632  6.4  1.2  40.7 
Industrial 580  5.9  1.1  38.9 
Time share 467  4.7  0.9  33.6 
Medical 145  1.5  0.3  61.5 
Senior care 142  1.4  0.2  41.2 
Data Center 111  1.1  0.2  25.0 
Storage 89  1.0  0.2  46.2 
Other 415  4.1  0.7  57.8 
Total CRE - non-owner occupied $ 9,868  100.0  % 18.4  % 51.6  %
(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 June 30, 2025:
Origination Year
2025 2024 2023 2022 2021 Prior Total
(in millions)
CRE - non-owner occupied $ 518  $ 958  $ 986  $ 3,670  $ 1,646  $ 2,477  $ 10,255 
The following table presents the scheduled maturities of the Company’s CRE non-owner occupied loans as of June 30, 2025:
(in millions)
2025 $ 1,717 
2026 2,835 
2027 2,486 
2028 1,471 
2029 804 
Thereafter 942 
Total $ 10,255 
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Approximately $2.1 billion, or 3.8%, of total loans HFI consisted of CRE non-owner occupied office loans as of June 30, 2025, compared to $2.3 billion, or 4.4%, as of December 31, 2024. Of the non-owner occupied office loan balance as of June 30, 2025, $842 million is scheduled to mature in the remainder of 2025. 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 less than 1% and 11% of office loans as of June 30, 2025, 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 June 30, 2025 and December 31, 2024, 15% and 16% of the Company's CRE loans, excluding construction and land loans, were owner occupied, respectively, 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 $9 million to $613 million at June 30, 2025, from $604 million at December 31, 2024.
June 30, 2025 December 31, 2024
(dollars in millions)
Total nonaccrual loans (1) $ 427  $ 476 
Loans past due 90 days or more on accrual status (2) 51  — 
Accruing restructured loans 135  128 
Total nonperforming loans $ 613  $ 604 
Other assets acquired through foreclosure, net $ 218  $ 52 
Nonaccrual HFI loans to funded HFI loans 0.76  % 0.89  %
Loans past due 90 days or more on accrual status to funded loans HFI (2) 0.09  — 
(1)Includes loan modifications to borrowers experiencing financial difficulty of $103 million and $169 million at June 30, 2025 and December 31, 2024, respectively.
(2)Excludes government guaranteed residential mortgage loans of $326 million at June 30, 2025 and December 31, 2024.
Interest income that would have been recorded under the original terms of nonaccrual loans was $8.0 million and $6.9 million for the three months ended June 30, 2025 and 2024, respectively, and $16.0 million and $11.8 million for the six months ended June 30, 2025 and 2024, respectively.

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The composition of nonaccrual loans HFI by loan portfolio segment were as follows: 
June 30, 2025
Nonaccrual
Balance		 Percent of Nonaccrual Balance Percent of
Total Loans HFI
(dollars in millions)
Municipal & nonprofit $ 5  1.2  % 0.01  %
Tech & innovation 34  8.0  0.06 
Equity fund resources 1  0.1  0.00 
Other commercial and industrial 42  9.8  0.08 
CRE - owner occupied 3  0.7  0.01 
Other CRE - non-owner occupied 181  42.4  0.32 
Residential 17  4.0  0.03 
Construction and land development 142  33.3  0.25 
Other 2  0.5  0.00 
Total non-accrual loans $ 427  100.0  % 0.76  %
December 31, 2024
Nonaccrual
Balance		 Percent of Nonaccrual Balance Percent of
Total Loans HFI
(dollars in millions)
Municipal & nonprofit $ 5  1.0  % 0.01  %
Tech & innovation 60  12.6  0.11 
Equity fund resources 1  0.2  0.00 
Other commercial and industrial 17  3.6  0.03 
CRE - owner occupied 5  1.0  0.01 
Other CRE - non-owner occupied 243  51.1  0.45 
Residential 88  18.5  0.17 
Construction and land development 56  11.8  0.11 
Other 1  0.2  0.00 
Total non-accrual loans $ 476  100.0  % 0.89  %
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Restructurings for Borrowers Experiencing Financial Difficulty
The following tables present the amortized cost basis of loans HFI that were modified during the period by loan portfolio segment:
Amortized Cost Basis at June 30, 2025
Term Extension Interest Rate Reduction Payment Delay Total % of Total Class of Financing Receivable
Three Months Ended (dollars in millions)
Other commercial and industrial $ —  $ —  $ 1  $ 1  0.0  %
Total $ —  $ —  $ 1  $ 1  0.0  %
Amortized Cost Basis at June 30, 2025
Term Extension Interest Rate Reduction Payment Delay Total % of Total Class of Financing Receivable
Six Months Ended (dollars in millions)
Tech & innovation $ 5  $ 1  $ 18  $ 24  0.7  %
Other commercial and industrial —  —  84  84  0.8 
Other CRE - non-owner occupied 35  —  56  91  1.4 
Construction and land development —  —  39  39  0.9 
Total $ 40  $ 1  $ 197  $ 238  0.4  %
Amortized Cost Basis at June 30, 2024
Term Extension Interest Rate Reduction Payment Delay Total % of Total Class of Financing Receivable
Three Months Ended (dollars in millions)
Other CRE - non-owner occupied $ —  $ —  $ 70  $ 70  1.1  %
Total $ —  $ —  $ 70  $ 70  0.1  %
Amortized Cost Basis at June 30, 2024
Term Extension Interest Rate Reduction Payment Delay Total % of Total Class of Financing Receivable
Six Months Ended (dollars in millions)
Tech & innovation $ —  $ —  $ 29  $ 29  0.9  %
Other commercial and industrial 8  —  —  8  0.1 
CRE - owner occupied 31  —  —  31  1.8 
Other CRE - non-owner occupied —  —  70  70  1.1 
Construction and land development 39  —  —  39  0.8 
Total $ 78  $ —  $ 99  $ 177  0.3  %
The performance of these modified loans is monitored for 12 months following the modification. As of June 30, 2025, modified loans of $135 million were current with contractual payments and $103 million were on nonaccrual status. As of December 31, 2024, modified loans of $128 million were current with contractual payments and $169 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 six months ended June 30, 2025, the Company completed modifications of EBO loans with an amortized cost of $142 million and $287 million, respectively. During the three and six months ended June 30, 2024, the Company completed modifications of EBO loans with an amortized cost of $103 million and $190 million, respectively. These modifications consisted of term extensions, payment delays, and interest rate reductions. 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 June 30, 2025, modified EBO loans consisted of $35 million in loans that were current to 89 days delinquent and $19 million in loans 90 days or more delinquent. As of December 31, 2024, modified EBO loans consisted of $29 million in loans that were current to 89 days delinquent and $11 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:
June 30, 2025 December 31, 2024
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  1.5  % 15.3  % $ 6.4  1.7  % 15.3  %
Municipal & nonprofit 11.3  2.9  2.9  14.7  3.9  3.0 
Tech & innovation 45.7  11.6  6.6  55.9  15.0  6.3 
Equity fund resources 2.2  0.6  1.5  1.6  0.4  1.7 
Other commercial and industrial 109.2  27.6  18.7  77.8  20.8  17.1 
CRE - owner occupied 3.9  1.0  2.9  3.4  0.9  3.1 
Hotel franchise finance 36.0  9.1  7.0  35.3  9.4  7.1 
Other CRE - non-owner occupied 125.0  31.7  11.7  134.4  36.0  11.8 
Residential 19.9  5.0  23.5  19.7  5.3  24.1 
Residential - EBO —  —  1.7  —  —  1.8 
Construction and land development 33.6  8.5  8.0  21.3  5.7  8.4 
Other 2.0  0.5  0.2  3.3  0.9  0.3 
Total $ 394.7  100.0  % 100.0  % $ 373.8  100.0  % 100.0  %
During the three months ended June 30, 2025 and 2024, annualized net loan charge-offs to average loans outstanding were 0.22% and 0.18%, 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 $39.2 million and $39.5 million at June 30, 2025 and December 31, 2024, 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: 
June 30, 2025
Number of Loans Problem Loan Balance Percent of Problem Loan Balance Percent of Total Loans HFI
(dollars in millions)
Other commercial and industrial 102  $ 345  31.9  % 0.62  %
CRE - owner occupied 15  26  2.4  0.05 
Hotel franchise finance 4  169  15.6  0.30 
Other CRE - non-owner occupied 16  360  33.2  0.64 
Residential 86  53  4.9  0.10 
Construction and land development 5  128  11.8  0.23 
Other 32  2  0.2  0.00 
Total 260  $ 1,083  100.0  % 1.94  %
December 31, 2024
Number of Loans Problem Loan Balance Percent of Problem Loan Balance Percent of Total Loans HFI
(dollars in millions)
Municipal & nonprofit 2  $ 18  3.7  % 0.03  %
Other commercial and industrial 89  121  24.8  0.23 
CRE - owner occupied 9  7  1.4  0.01 
Hotel franchise finance 8  112  22.9  0.21 
Other CRE - non-owner occupied 9  136  27.8  0.25 
Residential 169  92  18.8  0.17 
Other 33  3  0.6  0.01 
Total 319  $ 489  100.0  % 0.91  %
The increase in the problem loan balance from December 31, 2024 was largely attributable to a reduction in nonperforming collateral-dependent loans, which are now classified as performing loans.

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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 June 30, 2025 and December 31, 2024, respectively.
The following is a summary of the UPB of loans underlying the Company's MSR portfolio by type:
June 30, 2025 December 31, 2024
(in millions)
FNMA and FHLMC $ 41,215  $ 42,908 
GNMA 14,499  14,980 
Non-agency 3,727  3,201 
Total unpaid principal balance of loans $ 59,441  $ 61,089 
Other Assets Acquired through Foreclosure
Other assets acquired through foreclosure consist primarily of properties acquired as a result of, or in-lieu-of, foreclosure and at June 30, 2025 and December 31, 2024, totaled $218 million and $52 million, respectively, net of a valuation allowance of $6 million and $5 million, as of each respective date. The increase in other assets acquired through foreclosure from December 31, 2024 was mainly due to the addition of five CRE office properties during the period as the Company advances nonperforming loans through its standard credit resolution process, with the goal of stabilizing leasing and occupancy, improving rental rates, and funding improvements from the net operating income generated by these properties prior to sale.
The Company held 11 properties at June 30, 2025 compared to five at December 31, 2024. The majority of the repossessed asset balance at June 30, 2025 and December 31, 2024 related to office properties. Refer to “Recent Market and Banking Industry Developments” in Part I, Item 2 of this Form 10-Q for additional discussion of other assets acquired through foreclosure.
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 $653 million and $659 million at June 30, 2025 and December 31, 2024, 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 the carrying value may not be recoverable. During the three and six months ended June 30, 2025 and 2024, there were no events or circumstances that indicated an interim impairment test of goodwill or other intangible assets was necessary.
Deferred Tax Assets
As of June 30, 2025, the net DTA balance totaled $313 million, an increase of $32 million from $281 million at December 31, 2024. The overall increase in the net DTA was primarily the result of an increase in credit carryovers, partially offset by increases in the MSR DTL and the fair market value of AFS securities.
The Company had no deferred tax valuation allowance as of June 30, 2025 and December 31, 2024.
Bank Owned Life Insurance
The carrying value of BOLI totaled $1.0 billion as of June 30, 2025, an increase of $22 million, from December 31, 2024. BOLI is used as a tax efficient method to help offset employee benefit costs.
Deposits
Deposits are the primary source for funding the Company's asset growth. Total deposits increased to $71.1 billion at June 30, 2025, from $66.3 billion at December 31, 2024, an increase of $4.8 billion, or 7.2%. By deposit type, the increase in deposits is attributable to increases of $4.2 billion in non-interest bearing deposits and $1.0 billion in savings and money market accounts, partially offset by decreases of $204 million in both interest bearing demand deposits and 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 June 30, 2025, the Company had $12.9 billion of these reciprocal deposits, compared to $14.0 billion at December 31, 2024.
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At June 30, 2025 and December 31, 2024, the Company also had wholesale brokered deposits of $5.9 billion and $6.9 billion, respectively.
In addition, deposits for which the Company provides account holders with earnings credits or referral fees totaled $25.0 billion and $20.7 billion at June 30, 2025 and December 31, 2024, respectively. Costs related to these deposits are primarily reported as Deposit costs in non-interest expense. Deposit costs included $142.8 million and $167.4 million in deposit related costs on these deposits for the three months ended June 30, 2025 and 2024, respectively. During the six months ended June 30, 2025 and 2024, the Company incurred $272.7 million and $298.6 million, respectively, in deposit related costs on these deposits. The decrease in these costs from the same periods in the prior year was due to a decrease in average ECR related deposits and rates.
The average balances and weighted average rates paid on deposits are presented below:
Three Months Ended June 30,
2025 2024
Average Balance Rate Average Balance Rate
(dollars in millions)
Interest bearing demand accounts $ 15,707  2.48  % $ 17,276  3.05  %
Savings and money market accounts 21,736  3.15  16,579  3.55 
Certificates of deposit 10,084  4.38  10,427  5.12 
Total interest bearing deposits 47,527  3.19  44,282  3.73 
Non-interest bearing deposits 23,569  —  20,996  — 
Total deposits $ 71,096  2.13  % $ 65,278  2.53  %
Six Months Ended June 30,
2025 2024
Average Balance Rate Average Balance Rate
(dollars in millions)
Interest-bearing demand accounts $ 15,788  2.52  % $ 16,812  3.03  %
Savings and money market accounts 21,473  3.15  15,913  3.49 
Certificates of deposit 10,051  4.49  10,278  5.12 
Total interest-bearing deposits 47,312  3.22  43,003  3.70 
Non-interest-bearing deposits 22,837  —  19,589  — 
Total deposits $ 70,149  2.17  % $ 62,592  2.54  %
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 or loans sold under agreements to repurchase, 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 $7 million to $3.1 billion at June 30, 2025, from $3.2 billion at December 31, 2024.
Long-Term Borrowings
The Company's long-term borrowings consist of long-term FHLB borrowings and credit linked notes, inclusive of issuance costs. Total long-term borrowings increased $486 million to $2.9 billion at June 30, 2025, from $2.4 billion at December 31, 2024, driven primarily by an increase in long-term FHLB advances.
Qualifying Debt
Qualifying debt consists of subordinated debt and junior subordinated debt, inclusive of issuance costs and fair market value adjustments. At June 30, 2025, the carrying value of qualifying debt decreased $221 million to $678 million from $899 million at December 31, 2024, driven primarily by the redemption of $225 million of subordinated debt during the six months ended June 30, 2025.
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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 15. 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 that ended December 31, 2024. Accordingly, capital ratios and amounts in 2024 included a 25% capital benefit that resulted from the increased ACL related to the adoption of ASC 326. This capital benefit was fully phased out beginning in 2025.
As of June 30, 2025 and December 31, 2024, 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)
June 30, 2025
WAL $ 8,277  $ 7,237  $ 58,655  $ 86,368  14.1  % 12.3  % 8.4  % 11.2  %
WAB 7,885  7,440  58,574  86,258  13.5  12.7  8.6  12.2 
Well-capitalized ratios 10.0  8.0  5.0  6.5 
Minimum capital ratios 8.0  6.0  4.0  4.5 
December 31, 2024
WAL $ 7,922  $ 6,687  $ 56,019  $ 82,691  14.1  % 11.9  % 8.1  % 11.3  %
WAB 7,444  6,803  55,983  82,562  13.3  12.2  8.2  12.2 
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 June 30, 2025.


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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, 2024, 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, 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 Company has borrowing capacity with the FHLB and FRB from pledged loans and securities and uncommitted funds under warehouse borrowing repurchase agreements. The borrowing capacity, outstanding borrowings, and available credit as of June 30, 2025 are presented in the following table:
June 30, 2025
(in millions)
FHLB:
Borrowing capacity $ 15,000 
Outstanding borrowings 5,600 
Letters of credit 1,257 
Total available credit $ 8,143 
FRB:
Borrowing capacity $ 16,793 
Outstanding borrowings — 
Total available credit $ 16,793 
Warehouse borrowings:
Borrowing capacity $ 2,050 
Outstanding borrowings — 
Total available credit $ 2,050 
In addition to the funding sources above, the Company may utilize securities repurchase agreements and unsecured federal funds lines to meet its liquidity requirements. The following table presents the outstanding balance on the Company's unsecured federal funds lines of credit as of June 30, 2025:
Outstanding Balance
(in millions)
Unsecured fed funds credit lines at correspondent banks $ — 
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 June 30, 2025, there were $17.9 billion in liquid assets, comprised of $1.7 billion in cash on deposit at the FRB and $16.1 billion in securities not currently used as collateral for borrowings or other purposes. At December 31, 2024, the Company maintained $15.9 billion in liquid assets, comprised of $3.3 billion in cash on deposit at the FRB and $12.6 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 June 30, 2025, 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 from 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 six months ended June 30, 2025 and 2024, net cash used in operating activities totaled $2.0 billion and $1.1 billion, 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 six months ended June 30, 2025 and 2024, the Company's cash balance decreased by $2.4 billion and $2.2 billion, respectively, as a result of a net increase in loans. A net increase in investment securities drove a cash outflow of $3.4 billion and $4.4 billion for the six months ended June 30, 2025 and 2024, respectively, which contributed to the decrease in the Company's cash balance during these periods.
Net cash provided by financing activities was impacted significantly by deposit levels. During the six months ended June 30, 2025, net deposits increased $4.8 billion, compared to an increase of $10.9 billion during the six months ended June 30, 2024.
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 partially mitigate uninsured deposit risk, the Company participates in reciprocal deposit programs, such as CDARS and ICS, which allow an individual customer to invest up to $50 million and $265 million, respectively, through one participating financial institution or, a combined total of $315 million per individual customer, with the entire amount being covered by FDIC insurance. As of June 30, 2025, the Company has $1.8 billion of CDARS and $9.3 billion of ICS deposits.
As of June 30, 2025, the Company has $5.9 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 six months ended June 30, 2025, WAB and CSI paid dividends to the Parent totaling $70 million and $130 million, respectively. Subsequent to June 30, 2025, WAB paid dividends to the Parent of $70 million.
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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 six months ended June 30, 2025, there have been no changes to the Company's exposure limits.
Net Interest Income Simulation. To measure interest rate risk at June 30, 2025, 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 interest 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 reset 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 44% to 91%, 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.
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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.
Sensitivity of Net Interest Income
Down 200 Down 100 Up 100 Up 200
(change in basis points from Base)
Parallel Shock Scenario (11.4) % (5.7) % 6.0  % 12.0  %
Gradual Ramp Scenario (6.1) % (2.8) % 3.5  % 6.5  %
Earnings-at-Risk. 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 June 30, 2025, deposits eligible for ECRs re-price with a beta assumption of 75% to underlying market rate changes, and total non-maturity deposits, inclusive of ECRs, re-price with a weighted average beta assumption of 63%. 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 June 30, 2025, 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 limits.
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 June 30, 2025:
Economic Value of Equity 
Interest Rate Scenario
Down 200 Down 100 Up 100 Up 200
(change in basis points from Base)
% Change 0.0  % 1.5  % (2.4) % (4.7) %
At June 30, 2025, the Company's EVE exposure related to these hypothetical changes in market interest rates was within the Company's current limits.
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 12. 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 June 30, 2025, 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.
The following risk factor, which was included in Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, has been revised and supersedes the version included therein. There have not been any other 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, 2024.
Offerings of debt, which would be senior to our common stock upon liquidation, and/or preferred equity securities that may be senior to our common stock for purposes of dividend distributions or upon liquidation, may adversely affect the market price of our common stock.
We may from time to time issue debt securities, borrow money through other means, or issue preferred stock. We may also borrow money from the FRB, the FHLB, other financial institutions, and other lenders. At December 31, 2024, we had outstanding subordinated debt, senior secured and unsecured debt, and short-term borrowings. We also have outstanding depositary shares representing Series A preferred stock, which is senior to our common stock. BW has outstanding preferred stock as well, which is pari passu with our Series A preferred stock and is conditionally exchangeable into preferred stock of WAB upon receipt of a directive from an appropriate federal regulatory authority upon the occurrence of certain specified exchange events. All of these securities or borrowings have priority over our common stock in a liquidation, which could affect the market price of our stock.
Our BOD is authorized to issue one or more classes or series of preferred stock from time to time without any action on the part of the stockholders, Our BOD also has the power, without stockholder approval, to set the terms of any such classes or series of preferred stock that may be issued, including voting rights, dividend rights, and preferences over our common stock with respect to dividends or upon our dissolution, winding-up, and liquidation and other terms. If we or any of our subsidiaries issue additional preferred stock in the future that has a preference over our common stock, with respect to the payment of dividends or upon liquidation, dissolution, or winding up, or if we issue preferred stock with voting rights that dilute the voting power of our common stock and/or the rights of holders of our common stock, the market price of our common stock could be adversely affected.
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
April 1-30, 2025 10,617  $ 69.73  —  $ — 
May 1-31, 2025 232  72.83  —  — 
June 1-30, 2025 1,633  79.55  —  — 
Total 12,482  $ 71.07  —  $ — 
(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 June 30, 2025, 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
3.2
3.3
3.4
3.5
3.6
4.1
31.1*
31.2*
32**
101*
Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024, (ii) the Consolidated Income Statements for the three months ended June 30, 2025 and 2024 and six months ended June 30, 2025 and 2024 , (iii) the Consolidated Statements of Comprehensive Income for the three months ended June 30, 2025 and 2024 and six months ended June 30, 2025 and 2024, (iv) the Consolidated Statements of Stockholders’ Equity for the three months ended June 30, 2025 and 2024 and the six months ended June 30, 2025 and 2024, (v) the Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024, 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 June 30, 2025, 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
August 1, 2025   By:   /s/ Kenneth A. Vecchione
    Kenneth A. Vecchione
    President and Chief Executive Officer
August 1, 2025 By:   /s/ Dale Gibbons
  Dale Gibbons
  Vice Chairman and Chief Financial Officer
August 1, 2025 By:   /s/ Ben Mucha
  Ben Mucha
  Chief Accounting Officer


91
EX-31.1 2 walex3116302025.htm EX-31.1 Document

Exhibit 31.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Kenneth A. Vecchione, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Western Alliance Bancorporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
/s/ Kenneth A. Vecchione
  Kenneth A. Vecchione
  President and Chief Executive Officer
Date: August 1, 2025   Western Alliance Bancorporation


EX-31.2 3 walex3126302025.htm EX-31.2 Document

Exhibit 31.2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Dale Gibbons, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Western Alliance Bancorporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
    /s/ Dale Gibbons
    Dale Gibbons
    Vice Chairman and Chief Financial Officer
Date: August 1, 2025   Western Alliance Bancorporation

EX-32 4 walex326302025.htm EX-32 Document

Exhibit 32
CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
This certification is given by the undersigned Chief Executive Officer and Chief Financial Officer of Western Alliance Bancorporation (the “Registrant”) pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Each of the undersigned hereby certifies, with respect to the Registrant's quarterly report on Form 10-Q for the quarter ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), that, to each of their knowledge:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 
Date: August 1, 2025   /s/ Kenneth A. Vecchione
     President and Chief Executive Officer
    Western Alliance Bancorporation
Date: August 1, 2025   /s/ Dale Gibbons
    Vice Chairman and Chief Financial Officer
    Western Alliance Bancorporation