Western Alliance Bancorporation Announces First Quarter 2023 Earnings Release Date, Conference Call and Webcast, and provides Quarter End Financial Update

PHOENIX -- (BUSINESS WIRE) -- Western Alliance Bancorporation (NYSE: WAL) announced today that it plans to release its first quarter 2023 financial results after the market closes on Tuesday, April 18, 2023. Kenneth A. Vecchione, President and CEO and Dale Gibbons, Vice Chairman and CFO will host a conference call at 12:00 p.m. ET on Wednesday, April 19, 2023 to discuss the Company's performance.

Participants may access the call by dialing 1-833-470-1428 using the access code 192362 or via live audio webcast using the website link: https://events.q4inc.com/attendee/218206682.

The webcast is also available through the Company's website at www.westernalliancebancorporation.com. Participants should log in at least 15 minutes early to receive instructions. The call will be recorded and made available for replay April 19th after 3:00 p.m. ET until May 19th at 11:00 p.m. ET by dialing 1-866-813-9403 using the access code: 279348.

In addition, Western Alliance Bank (“Western Alliance” or the “Bank”), the primary subsidiary of Western Alliance Bancorporation, today provided the following unaudited financial information as of March 31, 2023:

• Total insured deposits, including collateralized and pass-through insured deposits, represent approximately 68% of total deposits, significantly higher than year-end.
• As of quarter-end, immediately available liquidity (on-balance sheet liquidity and unused borrowing capacity) exceeded uninsured deposits, with a coverage ratio greater than 140%.
• As of quarter-end, the Bank had no borrowings outstanding from the Federal Reserve’s discount window after balance sheet repositioning. Western Alliance expects its CET1 ratio to be materially consistent with year-end 2022.
• Unrealized losses on Securities and Held for Investment (HFI) loans have improved since year-end primarily due to lower interest rates, as well as other factors.
  • Estimated gross unrealized losses were:
    • HTM securities - $139 million ($107 million after-tax), down from $177 million at year-end.
    • Available-for-Sale securities - $789 million ($608 million after-tax), down from $881 million at year-end.
    • HFI loans - $2.9 billion ($2.2 billion after-tax), down from $4.2 billion at year-end.
    • Partially offset by unrealized gains on debt and other borrowings of $431 million ($332 million after-tax), up from $121 million as of year-end.
• Western Alliance maintains non-interest bearing deposits in excess of residential loans, which are the primary contributor to unrealized losses on HFI loans.

Kenneth A. Vecchione, President and CEO of Western Alliance Bank, concluded, “Western Alliance’s uniquely flexible, diversified business model positioned us to weather the liquidity tightness that enveloped the industry over the past month. Put simply, Western Alliance Bank is different; this diversification continues to distinguish us from monoline or sector-concentrated peer banks. This also demonstrates the value of Western Alliance’s scalable national funding channels and allows us to continue to serve clients across sectors, geographies, or macro trends.”