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  4. [10-Q] WESTERN ALLIANCE BANCORPORATION Quarterly Earnings Report

[10-Q] WESTERN ALLIANCE BANCORPORATION Quarterly Earnings Report

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
10-Q
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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
 
☒Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 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 1400PhoenixArizona 85004
(Address of principal executive offices) (Zip Code)
(602) 389-3500
(Registrant’s telephone number, including area code) 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)		Name of each exchange
on which registered
Common Stock, $0.0001 Par ValueWALNew York Stock Exchange
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 PrANew 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 October 28, 2025, Western Alliance Bancorporation had 110,053,667 shares of common stock outstanding.

Table of Contents
INDEX
 
  Page
Glossary of Entities and Terms
3
PART I. FINANCIAL INFORMATION
Item 1.
Financial Statements (Unaudited)
Consolidated Balance Sheets
4
Consolidated Income Statements
5
Consolidated Statements of Comprehensive Income
6
Consolidated Statements of Stockholders’ Equity
7
Consolidated Statements of Cash Flows
9
Notes to Unaudited Consolidated Financial Statements
11
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
59
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
86
Item 4.
Controls and Procedures
88
PART II. OTHER INFORMATION
Item 1.
Legal Proceedings
88
Item 1A.
Risk Factors
89
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
89
Item 5.
Other Information
89
Item 6.
Exhibits
90
SIGNATURES
91


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:
ABAAlliance Bank of ArizonaFIBFirst Independent Bank
AmeriHomeAmeriHome Mortgage Company, LLCLVSPLas Vegas Sunset Properties
BONBank of NevadaTPBTorrey Pines Bank
BridgeBridge BankWA PWIWestern Alliance Public Welfare Investments, LLC
BW or REITBW Real Estate Inc. or Real Estate Investment TrustWAB or BankWestern Alliance Bank
CompanyWestern Alliance Bancorporation and subsidiariesWABTWestern Alliance Business Trust
CSICS Insurance CompanyWAL or ParentWestern Alliance Bancorporation
DSTDigital Settlement Technologies LLCWATCWestern Alliance Trust Company, N.A.
TERMS:
ACLAllowance for Credit LossesFOMCFederal Open Market Committee
AFSAvailable-for-SaleFRBFederal Reserve Bank
ALCOAsset and Liability Management CommitteeFVOFair Value Option
AOCIAccumulated Other Comprehensive IncomeGAAPU.S. Generally Accepted Accounting Principles
ASCAccounting Standards CodificationGNMAGovernment National Mortgage Association
ASUAccounting Standards UpdateGSEGovernment-Sponsored Enterprise
Basel IIIBanking Supervision's December 2010 Final Capital FrameworkHFIHeld-for-Investment
BODBoard of DirectorsHFSHeld-for-Sale
Capital RulesThe FRB, the OCC, and the FDIC 2013 Approved Final RulesHTMHeld-to-Maturity
CDARSCertificate Deposit Account Registry ServiceHUDU.S. Department of Housing and Urban Development
CECLCurrent Expected Credit LossesICSInsured Cash Sweep Service
CEOChief Executive OfficerIRLCInterest Rate Lock Commitment
CET1Common Equity Tier 1ISDAInternational Swaps and Derivatives Association
CFOChief Financial OfficerLIHTCLow-Income Housing Tax Credit
CLOCollateralized Loan ObligationMBSMortgage-Backed Securities
CRACommunity Reinvestment ActMSRMortgage Servicing Right
CRECommercial Real EstateNDFINon-Depository Financial Institution
DTADeferred Tax AssetNPVNet Present Value
DTLDeferred Tax LiabilityOCIOther Comprehensive Income
EaREarnings-at-RiskPPNRPre-Provision Net Revenue
EBOEarly BuyoutSECSecurities and Exchange Commission
ECREarnings Credit RatesSERPSupplemental Executive Retirement Plan
EPSEarnings per ShareSOFRSecured Overnight Financing Rate
EVEEconomic Value of EquityTEBTax Equivalent Basis
Exchange ActSecurities Exchange Act of 1934, as AmendedTSRTotal Shareholder Return
FASBFinancial Accounting Standards BoardUPBUnpaid Principal Balance
FDICFederal Deposit Insurance CorporationUSDAUnited States Department of Agriculture
FHAFederal Housing AdministrationVAVeterans Affairs
FHLBFederal Home Loan BankVIEVariable Interest Entity
FHLMCFederal Home Loan Mortgage CorporationXBRLeXtensible Business Reporting Language
FNMAFederal National Mortgage Association

3
Table of Contents
PART I. FINANCIAL INFORMATION
Item 1.Financial Statements
WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, 2025December 31, 2024
(in millions,
except shares and per share amounts)
Assets:
Cash and due from banks$463 $320 
Interest bearing deposits in other financial institutions5,293 3,776 
Cash and cash equivalents5,756 4,096 
Investment securities - AFS, at fair value; amortized cost of $17,703 at September 30, 2025 and $14,178 at December 31, 2024 (ACL of $— and $0.4 at September 30, 2025 and December 31, 2024, respectively)
17,230 13,468 
Investment securities - HTM, at amortized cost and net of ACL of $12.0 and $16.4 (fair value of $1,367 and $1,309) at September 30, 2025 and December 31, 2024, respectively
1,520 1,510 
Investment securities - equity91 117 
Investments in restricted stock, at cost189 232 
Loans HFS3,502 2,286 
Loans HFI, net of deferred fees and costs56,646 53,676 
Less: allowance for credit losses(440)(374)
Net loans held for investment56,206 53,302 
Mortgage servicing rights1,213 1,127 
Premises and equipment, net416 361 
Operating lease right of use asset134 128 
Bank owned life insurance1,045 1,011 
Goodwill and intangible assets, net651 659 
Deferred tax assets, net341 281 
Investments in LIHTC and renewable energy571 606 
Other assets2,105 1,750 
Total assets$90,970 $80,934 
Liabilities:
Deposits:
Non-interest bearing$26,628 $18,846 
Interest bearing50,619 47,495 
Total deposits77,247 66,341 
Other borrowings3,862 5,573 
Qualifying debt681 899 
Operating lease liability164 159 
Other liabilities1,326 1,255 
Total liabilities83,280 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 September 30, 2025 and December 31, 2024)
295 295 
Common stock (par value $0.0001; 200,000,000 authorized; 113,212,117 shares issued at September 30, 2025 and 112,897,807 at December 31, 2024) and additional paid in capital
2,277 2,245 
Treasury stock, at cost (2,980,632 shares at September 30, 2025 and 2,845,201 shares at December 31, 2024)
(137)(125)
Accumulated other comprehensive loss(409)(534)
Retained earnings5,371 4,826 
Total Western Alliance stockholders’ equity7,397 6,707 
Noncontrolling interest in subsidiary293 — 
Total equity7,690 6,707 
Total liabilities and equity$90,970 $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 September 30,Nine Months Ended September 30,
2025202420252024
(in millions, except per share amounts)
Interest income:
Loans, including fees$948.3 $945.3 $2,743.6 $2,713.9 
Investment securities230.0 195.4 595.5 526.2 
Dividends and other47.2 59.3 136.4 162.4 
Total interest income1,225.5 1,200.0 3,475.5 3,402.5 
Interest expense:
Deposits398.2 422.1 1,154.3 1,213.0 
Qualifying debt6.3 9.5 23.8 28.6 
Other borrowings70.6 71.5 198.8 208.5 
Total interest expense475.1 503.1 1,376.9 1,450.1 
Net interest income750.4 696.9 2,098.6 1,952.4 
Provision for credit losses80.0 33.6 151.1 85.9 
Net interest income after provision for credit losses670.4 663.3 1,947.5 1,866.5 
Non-interest income:
Service charges and loan fees35.4 30.1 109.5 64.3 
Net gain on mortgage loan origination and sale activities75.5 46.3 164.4 138.4 
Net loan servicing revenue19.1 12.3 79.2 96.8 
Income from bank owned life insurance11.8 13.0 34.2 15.7 
Gain on sales of investment securities8.5 8.8 22.0 10.2 
Fair value gain adjustments, net8.3 4.1 9.4 5.1 
Income from equity investments7.8 5.8 5.9 27.1 
Other income21.4 5.8 38.9 13.7 
Total non-interest income187.8 126.2 463.5 371.3 
Non-interest expense:
Salaries and employee benefits193.5 157.8 555.8 465.7 
Deposit costs175.1 208.0 459.3 518.7 
Data processing48.1 38.7 138.3 110.4 
Legal, professional, and directors' fees28.1 24.8 82.3 80.7 
Insurance24.5 35.4 99.8 128.1 
Occupancy16.8 17.6 50.9 53.5 
Loan servicing expenses15.0 18.7 51.5 50.3 
Loan acquisition and origination expenses7.3 5.9 18.3 15.8 
Business development and marketing5.6 9.7 17.6 21.6 
Other expense30.4 20.8 85.7 61.2 
Total non-interest expense544.4 537.4 1,559.5 1,506.0 
Income before provision for income taxes313.8 252.1 851.5 731.8 
Income tax expense53.3 52.3 154.1 161.0 
Net income260.5 199.8 697.4 570.8 
Net income attributable to noncontrolling interest7.1 — 14.5 — 
Net income attributable to Western Alliance253.4 199.8 682.9 570.8 
Dividends on preferred stock3.2 3.2 9.6 9.6 
Net income available to common stockholders$250.2 $196.6 $673.3 $561.2 
Earnings per share:
Basic$2.30 $1.81 $6.18 $5.17 
Diluted2.28 1.80 6.14 5.14 
Weighted average number of common shares outstanding:
Basic109.0 108.7 108.9 108.6 
Diluted109.8 109.5 109.6 109.2 
Dividends declared per common share$0.38 $0.37 $1.14 $1.11 
See accompanying Notes to Unaudited Consolidated Financial Statements.
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WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Net income$260.5 $199.8 $697.4 $570.8 
Other comprehensive income, net:
Unrealized gain on AFS securities, net of tax effect of $(26.2), $(60.4), $(51.5), and $(46.1), respectively
80.7 183.7 146.1 140.5 
Unrealized gain (loss) on SERP, net of tax effect of $0.0, $0.0, $(0.1), and $0.0, respectively
0.1 (0.1)0.2 (0.1)
Unrealized loss on junior subordinated debt, net of tax effect of $0.6, $0.1, $1.5, and $0.5, respectively
(1.7)(0.3)(4.7)(1.3)
Realized gain on sale of AFS securities included in income, net of tax effect of $2.1, $2.2, $5.6, and $2.6, respectively
(6.4)(6.6)(16.8)(7.7)
Net other comprehensive income72.7 176.7 124.8 131.4 
Comprehensive income attributable to noncontrolling interest7.1 — 14.5 — 
Comprehensive income attributable to Western Alliance$326.1 $376.5 $807.7 $702.2 
See accompanying Notes to Unaudited Consolidated Financial Statements.
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WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
Three Months Ended September 30,
Preferred StockCommon StockAdditional Paid in CapitalTreasury StockAccumulated Other Comprehensive Income (Loss)Retained EarningsNoncontrolling Interest in SubsidiaryTotal Equity
SharesAmountSharesAmount
(in millions)
Balance, June 30, 202412.0 $294.5 110.2 $— $2,224.7 $(124.9)$(558.2)$4,498.1 $— $6,334.2 
Net income— — — — — — — 199.8 — 199.8 
Restricted stock, performance stock units, and other grants, net— — (0.1)— 11.4 — — — — 11.4 
Restricted stock surrendered (1)— — — — (1.0)(0.1)— — — (1.1)
Dividends paid to preferred stockholders— — — — — — — (3.2)— (3.2)
Dividends paid to common stockholders— — — — — — — (40.7)— (40.7)
Other comprehensive income, net— — — — — — 176.7 — — 176.7 
Balance, September 30, 202412.0 $294.5 110.1 $— $2,235.1 $(125.0)$(381.5)$4,654.0 $— $6,677.1 
Balance, June 30, 202512.0 $294.5 110.4 $— $2,272.5 $(136.7)$(481.6)$5,165.0 $293.1 $7,406.8 
Net income— — — — — — — 253.4 7.1 260.5 
Restricted stock, performance stock units, and other grants, net— — (0.1)— 12.8 — — — — 12.8 
Restricted stock surrendered (1)— — — — — (0.1)— — — (0.1)
Stock repurchase— — (0.1)— (8.7)— — (1.9)— (10.6)
Dividends paid to preferred stockholders— — — — — — — (3.2)— (3.2)
Dividends paid to noncontrolling interest— — — — — — — — (7.1)(7.1)
Dividends paid to common stockholders— — — — — — — (42.0)— (42.0)
Other comprehensive income, net— — — — — — 72.7 — — 72.7 
Balance, September 30, 202512.0 $294.5 110.2 $— $2,276.6 $(136.8)$(408.9)$5,371.3 $293.1 $7,689.8 
(1)Share amounts represent Treasury Shares.


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WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
Nine Months Ended September 30,
Preferred StockCommon StockAdditional Paid in CapitalTreasury StockAccumulated Other Comprehensive Income (Loss)Retained EarningsNoncontrolling Interest in SubsidiaryTotal Equity
SharesAmountSharesAmount
(in millions)
Balance, December 31, 202312.0 $294.5 109.4 $— $2,198.1 $(116.3)$(512.9)$4,215.0 $— $6,078.4 
Net income— — — — — — — 570.8 — 570.8 
Restricted stock, performance stock units, and other grants, net— — 0.8 — 37.0 — — — — 37.0 
Restricted stock surrendered (1)— — (0.1)— — (8.7)— — — (8.7)
Dividends paid to preferred stockholders— — — — — — — (9.6)— (9.6)
Dividends paid to common stockholders— — — — — — — (122.2)— (122.2)
Other comprehensive income, net— — — — — — 131.4 — — 131.4 
Balance, September 30, 202412.0 $294.5 110.1 $— $2,235.1 $(125.0)$(381.5)$4,654.0 $— $6,677.1 
Balance, December 31, 202412.0 $294.5 110.0 $— $2,245.8 $(125.0)$(533.7)$4,825.9 $— $6,707.5 
Net income— — — — — — — 682.9 14.5 697.4 
Restricted stock, performance stock units, and other grants, net— — 0.4 — 39.3 — — — — 39.3 
Restricted stock surrendered (1)— — (0.1)— — (11.8)— — — (11.8)
Equity issued by subsidiary— — — — — — — — 293.1 293.1 
Stock repurchase— — (0.1)— (8.7)— — (1.9)— (10.6)
Dividends paid to preferred stockholders— — — — — — — (9.6)— (9.6)
Dividends paid to noncontrolling interest— — — — — — — — (14.5)(14.5)
Dividends paid to common stockholders— — — — 0.2 — — (126.0)— (125.8)
Other comprehensive income, net— — — — — — 124.8 — — 124.8 
Balance, September 30, 202512.0 $294.5 110.2 $— $2,276.6 $(136.8)$(408.9)$5,371.3 $293.1 $7,689.8 
(1)Share amounts represent Treasury Shares.
See accompanying Notes to Unaudited Consolidated Financial Statements.
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WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended September 30,
20252024
(in millions)
Cash flows from operating activities:
Net income$697.4 $570.8 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses151.1 85.9 
Depreciation and amortization79.1 64.6 
Stock-based compensation39.3 37.0 
Deferred income taxes(99.6)(10.0)
Amortization of net discounts for investment securities(38.8)(170.6)
Amortization of tax credit investments55.3 55.3 
Amortization of operating lease right of use asset17.7 18.0 
Amortization of net deferred loan fees and net purchase premiums(58.7)(66.8)
Purchases and originations of loans HFS(42,473.8)(35,134.2)
Proceeds from sales and payments on loans HFS and related securitization activities40,026.4 32,872.9 
Mortgage servicing rights capitalized upon sale of mortgage loans(863.4)(625.9)
Net losses (gains) on:
Change in fair value of trading securities, loans HFS, mortgage servicing rights, and related derivatives165.1 83.0 
Fair value adjustments3.2 (11.5)
Sale of investment securities(22.0)(10.2)
Other(18.3)(16.6)
Other assets and liabilities, net(269.1)138.0 
Net cash used in operating activities$(2,609.1)$(2,120.3)
Cash flows from investing activities:
Investment securities - AFS
Purchases$(13,524.8)$(14,325.2)
Principal pay downs and maturities5,230.0 7,219.5 
Proceeds from sales4,855.1 4,020.7 
Investment securities - HTM
Purchases(78.3)(121.5)
Principal pay downs and maturities73.9 26.0 
Equity securities carried at fair value
Purchases(0.6)(0.6)
Redemptions5.0 15.0 
Proceeds from sales34.3 — 
Proceeds from sale of mortgage servicing rights and related holdbacks, net631.1 653.8 
(Purchase of) proceeds from other investments, net(183.4)33.9 
Proceeds from bank owned life insurance, net0.6 — 
Net increase in loans HFI(3,145.1)(3,218.7)
Purchase of premises, equipment, and other assets, net(65.9)(57.1)
Purchase of bank owned life insurance— (800.0)
Proceeds from sale of other repossessed assets17.2 — 
Net cash used in investing activities$(6,150.9)$(6,554.2)
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Nine Months Ended September 30,
20252024
(in millions)
Cash flows from financing activities:
Net increase in deposits$10,901.3 $12,707.3 
Net proceeds from issuance of long-term debt6,200.0 1,000.0 
Payments on long-term debt(5,944.5)(19.1)
Net decrease in short-term borrowings(856.8)(3,857.2)
Net proceeds from issuance of equity by a subsidiary293.1 — 
Cash paid for tax withholding on vested restricted stock and other(11.8)(8.7)
Common stock repurchases(10.6)— 
Cash dividends paid on common and preferred stock(135.4)(131.8)
Cash dividends paid to noncontrolling interest(14.5)— 
Net cash provided by financing activities$10,420.8 $9,690.5 
Net increase in cash and cash equivalents1,660.8 1,016.0 
Cash, cash equivalents, and restricted cash at beginning of period4,095.6 1,576.1 
Cash, cash equivalents, and restricted cash at end of period$5,756.4 $2,592.1 
Supplemental disclosure:
Cash paid (received) during the period for:
Interest$1,389.5 $1,435.7 
Income taxes, net33.9 (27.5)
Non-cash activities:
Transfers of mortgage-backed securities in settlement of secured borrowings1,350.0 1,369.3 
Transfers of securitized loans HFS to AFS securities— 123.0 
Transfers of loans HFI to HFS, net of fair value loss adjustment (1)172.1 207.8 
Transfers of loans HFI to other assets acquired through foreclosure177.3 — 
Transfers of OREO properties to premises and equipment, net47.6 — 
Financed sale of OREO28.5 — 
(1)Activity for the nine months ended September 30, 2025 and 2024 excludes $337.6 million and $333.3 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. Effective as of October 4, 2025, the Company completed its brand unity initiative, consolidating its legacy division bank brands, ABA, BON, FIB, Bridge, and TPB, under a single unified name, Western Alliance Bank.
The Company also serves business customers through a national platform of specialized financial services, including mortgage banking services through AmeriHome and digital payment services for the class action legal industry. In addition, the Company has the following non-bank subsidiaries: CSI, a captive insurance company formed and licensed under the laws of the state of Arizona and established as part of the Company's overall enterprise risk management strategy, and WATC, which provides corporate trust services and levered loan administration solutions.
Basis of presentation    
The accompanying Unaudited Consolidated Financial Statements as of September 30, 2025 and for the three and nine months ended September 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
Targeted Improvements to the Accounting for Internal-Use Software
In September 2025, the FASB issued guidance within ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40). The amendments in this update are intended to modernize and improve the accounting for internal-use software costs. The changes aim to make the recognition and capitalization of software costs more consistent across different development methodologies and eliminates the requirement to assess software development costs based on predefined project stages (e.g., preliminary, application development, post-implementation). The update requires entities to start capitalizing software costs when management has authorized and committed to funding the software project and it is probable that the project will be completed and the software will be used to perform the function intended.
The amendments in this update are effective for fiscal years beginning after December 15, 2027 and interim periods within fiscal years beginning after December 15, 2028. Early adoption is permitted in an interim or annual reporting period in which financial statements have not yet been issued and shall be adopted as of the beginning of an annual reporting period. The guidance may be applied prospectively, retrospectively, or via a modified transition approach. The Company is currently evaluating the impact these amendments will have on its Consolidated Financial Statements.
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
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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.
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 September 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 equity as previously reported.
In order to better categorize loans based on their underlying risk characteristics, note finance loans previously classified within the Company's warehouse lending loan portfolio segment at December 31, 2024, were reclassified to the other commercial and industrial loan portfolio segment during the third quarter of 2025. In addition, the warehouse lending loan portfolio segment was renamed mortgage finance, consisting of mortgage warehouse lines and MSR financing facilities. The prior period disclosures presented in "Note 4. Loans, Leases and Allowance for Credit Losses" of these Notes to Unaudited Consolidated Financial Statements and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Item 2 of this Form 10-Q were recast to reflect this change in loan portfolio segments.
Common stock repurchases
On September 12, 2025, the BOD adopted a common stock repurchase program, pursuant to which the Company is authorized to repurchase up to $300.0 million of the Company’s shares of common stock. All shares repurchased under the plan are retired upon settlement. The Company has elected to allocate the excess of the repurchase price over the par value of its common stock between additional paid in capital and retained earnings. The portion allocated to additional paid in capital is limited to the amount of additional paid in capital that was recorded at the time the shares were initially issued, which was calculated on a last-in, first-out basis.
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2. INVESTMENT SECURITIES
The carrying amounts and fair values of investment securities are summarized as follows:
September 30, 2025
Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair Value
(in millions)
Held-to-maturity
Tax-exempt$1,363 $2 $(136)$1,229 
Private label residential MBS169 — (31)138 
Total HTM securities$1,532 $2 $(167)$1,367 
Available-for-sale debt securities
Residential MBS issued by GSEs and GNMA$7,347 $43 $(325)$7,065 
U.S. Treasury securities5,313 75 — 5,388 
CLO1,883 6 (1)1,888 
Private label residential MBS1,203 1 (160)1,044 
Tax-exempt895 — (90)805 
Commercial MBS issued by GSEs and GNMA625 5 (8)622 
Corporate debt securities362 — (12)350 
Other75 1 (8)68 
Total AFS debt securities$17,703 $131 $(604)$17,230 
December 31, 2024
Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair Value
(in millions)
Held-to-maturity
Tax-exempt$1,350 $1 $(180)$1,171 
Private label residential MBS176 — (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 securities4,385 1 (3)4,383 
Private label residential MBS1,148 — (201)947 
Tax-exempt921 — (76)845 
CLO570 — — 570 
Commercial MBS issued by GSEs and GNMA447 1 (11)437 
Corporate debt securities407 — (21)386 
Other75 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 and CRA investments, with a fair value of $91 million and $117 million at September 30, 2025 and December 31, 2024, respectively. Unrealized gains of $0.8 million and $3.2 million on equity securities for the three months ended September 30, 2025 and 2024, respectively, and unrealized gains of $0.7 million and $5.9 million for the nine months ended September 30, 2025 and 2024, respectively, were recognized in earnings as a component of Fair value gain adjustments, net.
Securities with carrying amounts of approximately $4.6 billion and $4.0 billion at September 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: 
September 30, 2025
Less Than Twelve MonthsMore Than Twelve MonthsTotal
Gross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair Value
(in millions)
Available-for-sale debt securities
Residential MBS issued by GSEs and GNMA$2 $614 $323 $1,462 $325 $2,076 
Private label residential MBS— — 160 885 160 885 
Tax-exempt— — 90 742 90 742 
CLO1 379 — — 1 379 
Corporate debt securities— — 12 301 12 301 
Commercial MBS issued by GSEs and GNMA1 106 7 71 8 177 
Other1 12 7 44 8 56 
Total AFS securities$5 $1,111 $599 $3,505 $604 $4,616 
December 31, 2024
Less Than Twelve MonthsMore Than Twelve MonthsTotal
Gross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair 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 securities3 2,185 — — 3 2,185 
Private label residential MBS— — 201 939 201 939 
Tax-exempt1 32 75 813 76 845 
Corporate debt securities (1)— — 21 362 21 362 
Commercial MBS issued by GSEs and GNMA10 220 1 16 11 236 
Other2 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 September 30, 2025 was 637, 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 primarily relate to taxable municipal and trust preferred securities. The Company is continuing to receive timely principal and interest payments on its taxable municipal securities, these securities continue to be highly rated and the number of days of cash on hand is strong. The Company's trust preferred securities are investment grade and the issuers continue to make timely principal and interest payments.
The following table presents a rollforward of the ACL based on the Company's impairment analysis of AFS debt securities:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Balance, beginning of period$0.3 $0.8 $0.4 $1.4 
Recovery of credit losses(0.3)(0.4)(0.4)(1.0)
Charge-offs— — — — 
Recoveries— — — — 
Balance, end of period$— $0.4 $— $0.4 
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 September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Balance, beginning of period$11.6 $8.7 $16.4 $7.8 
Provision for (recovery of) credit losses0.4 0.9 (4.4)1.8 
Charge-offs— — — — 
Recoveries— — — — 
Balance, end of period$12.0 $9.6 $12.0 $9.6 
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 $5 million at September 30, 2025 and December 31, 2024 and is excluded from the estimate of expected credit losses.
The following tables summarize the carrying amount of the Company’s investment ratings position, which are updated quarterly and used to monitor the credit quality of the Company's securities: 
September 30, 2025
AAASplit-rated AAA/AA+AA+ to AA-A+ to A-BBB+ to BBB-BB+ and belowUnratedTotals
(in millions)
Held-to-maturity
Tax-exempt$— $— $— $— $— $— $1,363 $1,363 
Private label residential MBS— — — — — — 169 169 
Total HTM securities (1)$— $— $— $— $— $— $1,532 $1,532 
Available-for-sale debt securities
Residential MBS issued by GSEs and GNMA$— $— $7,065 $— $— $— $— $7,065 
U.S. Treasury securities— — 5,388 — — — — 5,388 
CLO195 — 1,452 241 — — — 1,888 
Private label residential MBS1,016 — 28 — — — — 1,044 
Tax-exempt23 — 337 363 — — 82 805 
Commercial MBS issued by GSEs and GNMA1 — 621 — — — — 622 
Corporate debt securities— — — 79 191 80 — 350 
Other— — 11 2 38 1 16 68 
Total AFS securities (1)$1,235 $— $14,902 $685 $229 $81 $98 $17,230 
Equity securities
Preferred stock$— $— $— $— $34 $30 $— $64 
CRA investments— — 27 — — — — 27 
Total equity securities (1)$— $— $27 $— $34 $30 $— $91 
(1)For rated securities, if ratings differ, the Company uses an average of the available ratings by major credit agencies.
December 31, 2024
AAASplit-rated AAA/AA+AA+ to AA-A+ to A-BBB+ to BBB-BB+ and belowUnratedTotals
(in millions)
Held-to-maturity
Tax-exempt$— $— $— $— $— $— $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 MBS921 — 26 — — — — 947 
Tax-exempt9 19 348 375 — — 94 845 
CLO50 — 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.
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A security is considered to be past due once it is 30 days contractually past due under the terms of the agreement. As of September 30, 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 September 30, 2025, by contractual maturities are shown below. MBS are shown separately as individual MBS are comprised of pools of loans with varying maturities.
September 30, 2025
Amortized CostEstimated Fair Value
(in millions)
Held-to-maturity
Due in one year or less$15 $15 
After one year through five years20 21 
After five years through ten years190 179 
After ten years1,138 1,014 
Mortgage-backed securities169 138 
Total HTM securities$1,532 $1,367 
Available-for-sale
Due in one year or less$1,393 $1,395 
After one year through five years2,118 2,118 
After five years through ten years683 674 
After ten years4,334 4,312 
Mortgage-backed securities9,175 8,731 
Total AFS securities$17,703 $17,230 
The following table presents gross gains and losses on sales of investment securities:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Available-for-sale securities
Gross gains$8.6 $8.8 $22.5 $12.4 
Gross losses(0.1)— (0.1)(2.2)
Net gain on AFS securities$8.5 $8.8 $22.4 $10.2 
Equity securities
Gross gains $— $— $0.2 $— 
Gross losses— — (0.6)— 
Net loss on equity securities$— $— $(0.4)$— 
During the three and nine months ended September 30, 2025, the Company sold AFS securities with a carrying value of $2.2 billion and $4.8 billion, respectively, and recognized a net gain of $8.5 million and $22.4 million, respectively. U.S. Treasury securities and MBS were sold to secure gains, including hedged U.S. Treasury securities sold as part of interest rate swap terminations that resulted in a $16.2 million gain. See "Note 12. Derivatives and Hedging Activities" for further discussion of the interest rate swap. During the three and nine months ended September 30, 2024, the Company sold securities with a carrying value of $2.3 billion and $4.0 billion, respectively, and recognized a net gain of $8.8 million and $10.2 million, respectively. U.S. Treasury securities and MBS were sold to secure gains, while CLOs were sold as part of the Company's efforts to shift the investment portfolio mix toward high quality liquid assets.

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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:
September 30, 2025December 31, 2024
(in millions)
Government-insured or guaranteed:
EBO (1)$102 $— 
Non-EBO1,627 764 
Total government-insured or guaranteed1,729 764 
Agency-conforming1,696 1,502 
Non-agency77 20 
Total loans HFS$3,502 $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 September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Mortgage servicing rights capitalized upon sale of loans$318.7 $222.5 $863.4 $625.9 
Net proceeds from sale of loans (1)(185.9)(116.4)(663.6)(467.7)
Provision for and change in estimate of liability for losses under representations and warranties, net0.6 — 1.7 4.2 
Change in fair value of loans HFS and trading securities(0.6)4.0 32.5 (1.3)
Change in fair value of derivatives:
Unrealized gain (loss) on derivatives17.1 (2.9)(56.1)14.2 
Realized loss on derivatives(92.7)(76.3)(60.9)(79.7)
Total change in fair value of derivatives(75.6)(79.2)(117.0)(65.5)
Net gain on residential mortgage loans HFS$57.2 $30.9 $117.0 $95.6 
Loan acquisition and origination fees18.3 15.4 47.4 42.8 
Net gain on mortgage loan origination and sale activities$75.5 $46.3 $164.4 $138.4 
(1)     Represents the difference between cash proceeds received upon settlement and loan basis.

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4. LOANS, LEASES AND ALLOWANCE FOR CREDIT LOSSES
The composition of the Company's HFI loan portfolio is as follows:
September 30, 2025December 31, 2024
(in millions)
Mortgage finance$6,574 $6,151 
Municipal & nonprofit1,559 1,620 
Tech & innovation3,818 3,383 
Equity fund resources993 884 
Other commercial and industrial12,935 11,231 
CRE - owner occupied1,531 1,675 
Hotel franchise finance4,006 3,815 
Other CRE - non-owner occupied6,923 6,342 
Residential13,158 12,961 
Residential - EBO956 972 
Construction and land development4,047 4,468 
Other146 174 
Total loans HFI56,646 53,676 
Allowance for credit losses(440)(374)
Total loans HFI, net of allowance$56,206 $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 $127 million and $106 million reduced the carrying value of loans as of September 30, 2025 and December 31, 2024, respectively. Net unamortized purchase premiums on acquired and purchased loans of $178 million and $175 million increased the carrying value of loans as of September 30, 2025 and December 31, 2024, respectively.
Nonaccrual and Past Due Loans
Loans are placed on nonaccrual status when management determines that the full repayment of principal and collection of interest according to contractual terms is no longer likely, generally when the loan becomes 90 days or more past due.
The following tables present nonperforming loan balances by loan portfolio segment:
September 30, 2025
Nonaccrual with No Allowance for Credit LossNonaccrual with an Allowance for Credit LossTotal NonaccrualLoans Past Due 90 Days or More and Still Accruing
(in millions)
Municipal & nonprofit$— 5 $5 $— 
Tech & innovation5 38 43 — 
Equity fund resources— 1 1 — 
Other commercial and industrial12 122 134 — 
CRE - owner occupied3 — 3 — 
Other CRE - non-owner occupied91 96 187 — 
Residential— 11 11 49 
Residential - EBO— — — 282 
Construction and land development136 — 136 — 
Other2 — 2 — 
Total$249 $273 $522 $331 
Loans contractually delinquent by 90 days or more and still accruing totaled $331 million at September 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 $116 million and $99 million at September 30, 2025 and December 31, 2024, respectively.

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December 31, 2024
Nonaccrual with No Allowance for Credit LossNonaccrual with an Allowance for Credit LossTotal NonaccrualLoans Past Due 90 Days or More and Still Accruing
(in millions)
Municipal & nonprofit$— $5 $5 $— 
Tech & innovation3 57 60 — 
Equity fund resources— 1 1 — 
Other commercial and industrial11 6 17 — 
CRE - owner occupied5 — 5 — 
Other CRE - non-owner occupied172 71 243 — 
Residential— 88 88 — 
Residential - EBO— — — 326 
Construction and land development55 1 56 — 
Other1 — 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 $10.4 million and $6.6 million for the three months ended September 30, 2025 and 2024, respectively, and $26.4 million and $18.4 million for the nine months ended September 30, 2025 and 2024, respectively.
The following table presents an aging analysis of past due loans by loan portfolio segment:
September 30, 2025
Current30-59 Days
Past Due		60-89 Days
Past Due		Over 90 days
Past Due		Total
Past Due		Total NonaccrualTotal
(in millions)
Mortgage finance$6,574 $— $— $— $— $— $6,574 
Municipal & nonprofit1,511 — 43 — 43 5 1,559 
Tech & innovation3,771 4 — — 4 43 3,818 
Equity fund resources992 — — — — 1 993 
Other commercial and industrial12,796 2 3 — 5 134 12,935 
CRE - owner occupied1,522 6 — — 6 3 1,531 
Hotel franchise finance4,006 — — — — — 4,006 
Other CRE - non-owner occupied6,669 67 — — 67 187 6,923 
Residential13,028 43 27 49 119 11 13,158 
Residential - EBO525 102 47 282 431 — 956 
Construction and land development3,911 — — — — 136 4,047 
Other143 1 — — 1 2 146 
Total loans$55,448 $225 $120 $331 $676 $522 $56,646 
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December 31, 2024
Current30-59 Days
Past Due		60-89 Days
Past Due		Over 90 days
Past Due		Total
Past Due		Total NonaccrualTotal
(in millions)
Mortgage finance$6,151 $— $— $— $— $— $6,151 
Municipal & nonprofit1,615 — — — — 5 1,620 
Tech & innovation3,320 3 — — 3 60 3,383 
Equity fund resources883 — — — — 1 884 
Other commercial and industrial11,213 1 — — 1 17 11,231 
CRE - owner occupied1,670 — — — — 5 1,675 
Hotel franchise finance3,785 — 30 — 30 — 3,815 
Other CRE - non-owner occupied6,097 — 2 — 2 243 6,342 
Residential12,818 45 10 — 55 88 12,961 
Residential - EBO463 107 76 326 509 — 972 
Construction and land development4,412 — — — — 56 4,468 
Other172 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 YearRevolving Loans Amortized Cost BasisTotal
As of and for the nine months ended September 30, 202520252024202320222021Prior
(in millions)
Mortgage finance
Pass$11 $— $420 $270 $— $245 $5,628 $6,574 
Special mention— — — — — — — — 
Classified— — — — — — — — 
Total$11 $— $420 $270 $— $245 $5,628 $6,574 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Municipal & nonprofit
Pass$66 $205 $99 $116 $137 $931 $— $1,554 
Special mention— — — — — — — — 
Classified— — — — — 5 — 5 
Total$66 $205 $99 $116 $137 $936 $— $1,559 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Tech & innovation
Pass$1,018 $1,029 $244 $182 $86 $63 $1,034 $3,656 
Special mention6 34 16 10 — — 16 82 
Classified2 23 14 35 — — 6 80 
Total$1,026 $1,086 $274 $227 $86 $63 $1,056 $3,818 
Current period gross charge-offs$1.5 $6.8 $5.9 $11.2 $0.1 $— $— $25.5 
Equity fund resources
Pass$56 $4 $— $— $— $4 $928 $992 
Special mention— — — — — — — — 
Classified— 1 — — — — — 1 
Total$56 $5 $— $— $— $4 $928 $993 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Other commercial and industrial
Pass$1,614 $1,420 $618 $382 $205 $184 $8,176 $12,599 
Special mention— 3 — 14 1 1 17 36 
Classified— 104 141 33 17 4 1 300 
Total$1,614 $1,527 $759 $429 $223 $189 $8,194 $12,935 
Current period gross charge-offs$0.1 $7.5 $0.7 $6.4 $0.1 $0.2 $1.0 $16.0 
CRE - owner occupied
Pass$221 $158 $158 $302 $241 $400 $30 $1,510 
Special mention— — — — — 3 — 3 
Classified1 — — 11 2 4 — 18 
Total$222 $158 $158 $313 $243 $407 $30 $1,531 
Current period gross charge-offs$— $— $— $0.3 $— $0.2 $— $0.5 
Hotel franchise finance
Pass$950 $907 $480 $927 $262 $262 $128 $3,916 
Special mention— — — — — — — — 
Classified— 45 — 45 — — — 90 
Total$950 $952 $480 $972 $262 $262 $128 $4,006 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
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Term Loan Amortized Cost Basis by Origination YearRevolving Loans Amortized Cost BasisTotal
As of and for the nine months ended September 30, 202520252024202320222021Prior
(in millions)
Other CRE - non-owner occupied
Pass$948 $889 $1,161 $2,061 $456 $398 $547 $6,460 
Special mention12 35 102 — 1 — — 150 
Classified— 40 37 210 25 1 — 313 
Total$960 $964 $1,300 $2,271 $482 $399 $547 $6,923 
Current period gross charge-offs$— $1.2 $31.8 $10.5 $0.5 $0.9 $— $44.9 
Residential
Pass$734 $682 $203 $3,191 $7,148 $1,117 $33 $13,108 
Special mention— — — — — — — — 
Classified— — 5 20 14 2 — 41 
Cumulative fair value hedging adjustment— — — — — — — 9 
Total$734 $682 $208 $3,211 $7,162 $1,119 $33 $13,158 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Residential - EBO
Pass$1 $58 $58 $21 $174 $644 $— $956 
Special mention— — — — — — — — 
Classified— — — — — — — — 
Total$1 $58 $58 $21 $174 $644 $— $956 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Construction and land development
Pass$706 $702 $396 $313 $27 $— $1,735 $3,879 
Special mention10 — — 10 — — — 20 
Classified— — 34 113 1 — — 148 
Total$716 $702 $430 $436 $28 $— $1,735 $4,047 
Current period gross charge-offs$— $— $5.1 $1.5 $— $— $— $6.6 
Other
Pass$16 $10 $1 $7 $1 $82 $26 $143 
Special mention— — — — — 1 — 1 
Classified— — — — — 2 — 2 
Total$16 $10 $1 $7 $1 $85 $26 $146 
Current period gross charge-offs$— $— $— $0.1 $— $0.9 $0.1 $1.1 
Total by Risk Category
Pass$6,341 $6,064 $3,838 $7,772 $8,737 $4,330 $18,265 $55,347 
Special mention28 72 118 34 2 5 33 292 
Classified3 213 231 467 59 18 7 998 
Cumulative fair value hedging adjustment— — — — — — — 9 
Total$6,372 $6,349 $4,187 $8,273 $8,798 $4,353 $18,305 $56,646 
Current period gross charge-offs$1.6 $15.5 $43.5 $30.0 $0.7 $2.2 $1.1 $94.6 







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Term Loan Amortized Cost Basis by Origination YearRevolving Loans Amortized Cost BasisTotal
As of December 31, 2024 and gross charge-offs for the nine months ended September 30, 202420242023202220212020Prior
(in millions)
Mortgage finance
Pass$2 $486 $251 $— $278 $— $5,134 $6,151 
Special mention— — — — — — — — 
Classified— — — — — — — — 
Total$2 $486 $251 $— $278 $— $5,134 $6,151 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
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 mention26 15 16 11 — — 7 75 
Classified30 7 45 3 — — 16 101 
Total$1,434 $497 $362 $103 $— $61 $926 $3,383 
Current period gross charge-offs$— $1.5 $— $— $3.5 $— $— $5.0 
Equity fund resources
Pass$6 $78 $24 $32 $2 $— $741 $883 
Special mention— — — — — — — — 
Classified1 — — — — — — 1 
Total$7 $78 $24 $32 $2 $— $741 $884 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Other commercial and industrial
Pass$2,420 $1,032 $814 $324 $75 $155 $6,237 $11,057 
Special mention1 — 38 1 — — 3 43 
Classified11 86 10 18 2 4 — 131 
Total$2,432 $1,118 $862 $343 $77 $159 $6,240 $11,231 
Current period gross charge-offs$— $0.2 $0.8 $4.6 $— $0.3 $0.8 $6.7 
CRE - owner occupied
Pass$231 $159 $323 $298 $146 $465 $29 $1,651 
Special mention2 — 1 1 — 1 — 5 
Classified— — 12 3 — 4 — 19 
Total$233 $159 $336 $302 $146 $470 $29 $1,675 
Current period gross charge-offs$0.1 $— $— $— $— $0.2 $— $0.3 
Hotel franchise finance
Pass$1,036 $522 $1,204 $405 $33 $342 $132 $3,674 
Special mention98 — 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 mention75 — 59 — 2 2 — 138 
Classified34 244 173 48 12 1 — 512 
Total$1,165 $1,632 $1,821 $605 $264 $267 $588 $6,342 
Current period gross charge-offs$— $17.1 $4.5 $22.7 $— $— $— $44.3 
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Term Loan Amortized Cost Basis by Origination YearRevolving Loans Amortized Cost BasisTotal
As of December 31, 2024 and gross charge-offs for the nine months ended September 30, 202420242023202220212020Prior
(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 $4,468 
Current period gross charge-offs$— $— $1.5 $— $— $— $— $1.5 
Other
Pass$24 $— $8 $2 $13 $72 $52 $171 
Special mention— — — — — 1 — 1 
Classified1 — — — — 1 — 2 
Total$25 $— $8 $2 $13 $74 $52 $174 
Current period gross charge-offs$— $— $— $— $— $0.2 $— $0.2 
Total by Risk Category
Pass$7,786 $5,000 $9,578 $9,632 $2,168 $2,910 $15,332 $52,406 
Special mention202 15 135 13 13 4 10 392 
Classified77 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$0.1 $18.8 $6.8 $28.7 $3.5 $2.2 $0.8 $60.9 

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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 September 30, 2025
Term ExtensionInterest Rate ReductionPayment DelayTotal% of Total Class of Financing Receivable
Three Months Ended (dollars in millions)
Other commercial and industrial$— $— $57 $57 0.4 %
Other CRE - non-owner occupied— — 50 50 0.7 
Total$— $— $107 $107 0.2 %
Amortized Cost Basis at September 30, 2025
Term ExtensionInterest Rate ReductionPayment DelayTotal% of Total Class of Financing Receivable
Nine Months Ended (dollars in millions)
Tech & innovation$— $— $18 $18 0.5 %
Other commercial and industrial— — 58 58 0.4 
Other CRE - non-owner occupied— — 50 50 0.7 
Construction and land development— — 34 34 0.8 
Total$— $— $160 $160 0.3 %
Amortized Cost Basis at September 30, 2024
Term ExtensionInterest Rate ReductionPayment DelayTotal% of Total Class of Financing Receivable
Three Months Ended (dollars in millions)
Tech & innovation$— $2 $— $2 0.1 %
Other commercial and industrial— — 87 87 1.0 
Total$— $2 $87 $89 0.2 %
Amortized Cost Basis at September 30, 2024
Term ExtensionInterest Rate ReductionPayment DelayTotal% of Total Class of Financing Receivable
Nine Months Ended (dollars in millions)
Tech & innovation$— $2 $29 $31 1.0 %
Other commercial and industrial8 — 87 95 1.0 
Other CRE - non-owner occupied— — 56 56 0.9 
Construction and land development41 — — 41 0.9 
Total$49 $2 $172 $223 0.4 %
The performance of these modified loans is monitored for 12 months following the modification. As of September 30, 2025, modified loans of $108 million were current to 89 days delinquent and $149 million were on nonaccrual status. As of December 31, 2024, modified loans of $128 million were current to 89 days delinquent 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 through successful completion of a loss mitigation retention solution. During the three and nine months ended September 30, 2025, the Company completed modifications of EBO loans with an amortized cost of $173 million and $442 million, respectively. During the three and nine months ended September 30, 2024, the Company completed modifications of EBO loans with an amortized cost of $106 million and $285 million, respectively. 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 September 30, 2025, modified EBO loans consisted of $94 million in loans that were current to 89 days delinquent and $33 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 $11 million in loans 90 days or more delinquent.
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Collateral-Dependent Loans
The following table presents the amortized cost basis of collateral-dependent loans by loan portfolio segment:
September 30, 2025December 31, 2024
Real Estate CollateralOther CollateralTotalReal Estate CollateralOther CollateralTotal
(in millions)
Municipal & nonprofit$— $— $— $— $5 $5 
Tech & innovation— 5 5 — 5 5 
Other commercial and industrial— 109 109 — 11 11 
CRE - owner occupied3 — 3 16 — 16 
Hotel franchise finance— — — 29 — 29 
Other CRE - non-owner occupied187 — 187 474 — 474 
Construction and land development137 — 137 67 — 67 
Total$327 $114 $441 $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 September 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 September 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 September 30, 2025
Balance,
June 30, 2025		Provision for (Recovery of) Credit LossesCharge-offsRecoveriesBalance,
September 30, 2025
(in millions)
Mortgage finance$4.4 $0.6 $— $— $5.0 
Municipal & nonprofit11.3 0.8 — — 12.1 
Tech & innovation45.7 10.7 3.7 (0.4)53.1 
Equity fund resources2.2 0.4 — — 2.6 
Other commercial and industrial110.7 43.5 8.4 (0.2)146.0 
CRE - owner occupied3.9 (0.6)— — 3.3 
Hotel franchise finance36.0 2.1 — — 38.1 
Other CRE - non-owner occupied125.0 19.6 12.9 — 131.7 
Residential19.9 2.2 — — 22.1 
Construction and land development33.6 (3.3)6.3 — 24.0 
Other2.0 0.8 0.5 (0.1)2.4 
Total$394.7 $76.8 $31.8 $(0.7)$440.4 
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Nine Months Ended September 30, 2025
Balance,
December 31, 2024		Provision for (Recovery of) Credit LossesCharge-offsRecoveriesBalance,
September 30, 2025
(in millions)
Mortgage finance$4.8 $0.2 $— $— $5.0 
Municipal & nonprofit14.7 (2.6)— — 12.1 
Tech & innovation55.9 21.3 25.5 (1.4)53.1 
Equity fund resources1.6 1.0 — — 2.6 
Other commercial and industrial79.4 81.8 16.0 (0.8)146.0 
CRE - owner occupied3.4 0.3 0.5 (0.1)3.3 
Hotel franchise finance35.3 2.2 — (0.6)38.1 
Other CRE - non-owner occupied134.4 37.1 44.9 (5.1)131.7 
Residential19.7 2.4 — — 22.1 
Construction and land development21.3 9.3 6.6 — 24.0 
Other3.3 0.1 1.1 (0.1)2.4 
Total$373.8 $153.1 $94.6 $(8.1)$440.4 
Three Months Ended September 30, 2024
Balance,
June 30, 2024		Provision for (Recovery of) Credit LossesCharge-offsRecoveriesBalance,
September 30, 2024
(in millions)
Mortgage finance$4.9 $— $— $— $4.9 
Municipal & nonprofit14.0 (0.3)— — 13.7 
Tech & innovation45.0 21.2 3.5 — 62.7 
Equity fund resources1.7 0.2 — — 1.9 
Other commercial and industrial85.9 1.3 0.7 (0.4)86.9 
CRE - owner occupied5.0 0.1 0.3 — 4.8 
Hotel franchise finance39.6 (1.2)— (0.7)39.1 
Other CRE - non-owner occupied104.5 10.7 21.7 — 93.5 
Residential18.8 0.4 — — 19.2 
Construction and land development29.9 (1.3)1.5 — 27.1 
Other2.5 0.3 0.1 (0.1)2.8 
Total$351.8 $31.4 $27.8 $(1.2)$356.6 
Nine Months Ended September 30, 2024
Balance,
December 31, 2023		Provision for (Recovery of) Credit LossesCharge-offsRecoveriesBalance,
September 30, 2024
(in millions)
Mortgage finance$4.2 $0.7 $— $— $4.9 
Municipal & nonprofit14.7 (1.0)— — 13.7 
Tech & innovation42.1 25.6 5.0 — 62.7 
Equity fund resources1.3 0.6 — — 1.9 
Other commercial and industrial83.0 9.7 6.7 (0.9)86.9 
CRE - owner occupied6.0 (0.9)0.3 — 4.8 
Hotel franchise finance33.4 7.9 2.9 (0.7)39.1 
Other CRE - non-owner occupied96.0 41.8 44.3 — 93.5 
Residential23.1 (3.9)— — 19.2 
Construction and land development30.4 (1.8)1.5 — 27.1 
Other2.5 0.4 0.2 (0.1)2.8 
Total$336.7 $79.1 $60.9 $(1.7)$356.6 
Accrued interest receivable of $279 million and $272 million at September 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 million as of September 30,
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2025 and December 31, 2024. Accrued interest receivable, net of any allowance, is included in Other assets on the Consolidated Balance Sheet.
In addition to the ACL on funded loans HFI, the Company maintains a separate ACL related to off-balance sheet credit exposures, including unfunded loan commitments. This allowance is included in Other liabilities on the Consolidated Balance Sheet.
The below table reflects the activity in the ACL on unfunded loan commitments:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Balance, beginning of period$39.2 $35.9 $39.5 $31.6 
Provision for credit losses 3.1 1.7 2.8 6.0 
Balance, end of period $42.3 $37.6 $42.3 $37.6 
The following tables disaggregate the Company's ACL on funded loans HFI and loan balances by measurement methodology:
September 30, 2025
LoansAllowance
Collectively Evaluated for Credit LossIndividually Evaluated for Credit LossTotalCollectively Evaluated for Credit LossIndividually Evaluated for Credit LossTotal
(in millions)
Mortgage finance$6,574 $— $6,574 $5.0 $— $5.0 
Municipal & nonprofit1,554 5 1,559 11.7 0.4 12.1 
Tech & innovation3,775 43 3,818 42.8 10.3 53.1 
Equity fund resources993 — 993 2.6 — 2.6 
Other commercial and industrial12,803 132 12,935 107.1 38.9 146.0 
CRE - owner occupied1,528 3 1,531 3.3 — 3.3 
Hotel franchise finance4,006 — 4,006 38.1 — 38.1 
Other CRE - non-owner occupied6,736 187 6,923 102.0 29.7 131.7 
Residential13,158 — 13,158 22.1 — 22.1 
Residential EBO956 — 956 — — — 
Construction and land development3,910 137 4,047 24.0 — 24.0 
Other144 2 146 2.4 — 2.4 
Total$56,137 $509 $56,646 $361.1 $79.3 $440.4 
December 31, 2024
LoansAllowance
Collectively Evaluated for Credit LossIndividually Evaluated for Credit LossTotalCollectively Evaluated for Credit LossIndividually Evaluated for Credit LossTotal
(in millions)
Mortgage finance$6,151 $— $6,151 $4.8 $— $4.8 
Municipal & nonprofit1,615 5 1,620 14.1 0.6 14.7 
Tech & innovation3,283 100 3,383 33.6 22.3 55.9 
Equity fund resources884 — 884 1.6 — 1.6 
Other commercial and industrial11,103 128 11,231 77.1 2.3 79.4 
CRE - owner occupied1,658 17 1,675 3.4 — 3.4 
Hotel franchise finance3,786 29 3,815 35.3 — 35.3 
Other CRE - non-owner occupied5,830 512 6,342 90.3 44.1 134.4 
Residential12,961 — 12,961 19.7 — 19.7 
Residential EBO972 — 972 — — — 
Construction and land development4,401 67 4,468 21.3 — 21.3 
Other173 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 nine months ended September 30, 2025 totaled $680 million and $1.8 billion, respectively, which primarily consisted of residential and commercial and industrial loan purchases. Loan purchases during the three and nine months ended September 30, 2024 totaled $360 million and $875 million, respectively, which primarily consisted of commercial and industrial and residential loans. There were no loans purchased with more-than-insignificant deterioration in credit quality during the three and nine months ended September 30, 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 successful completion of a loss mitigation retention solution. The Company repurchased $153 million and $454 million of such EBO loans during the three and nine months ended September 30, 2025, respectively. The Company repurchased $109 million and $291 million of such EBO loans during the three and nine months ended September 30, 2024, respectively. Prior to repurchase, these loans are classified as loans eligible for repurchase, which is included as a component of Other assets on the Consolidated Balance Sheet.
During the three and nine months ended September 30, 2025, the Company sold loans with a carrying value of approximately $135 million and $514 million, respectively. The Company recognized a net gain of $2.0 million on these loan sales during the three months ended September 30, 2025. During the nine months ended September 30, 2025, the Company recognized net charge-offs totaling $1.7 million and a net loss of $0.8 million. During the three and nine months ended September 30, 2024, the Company sold loans with a carrying value of approximately $161 million and $550 million, respectively. The Company recognized net charge-offs totaling $0.4 million and a net loss of $0.1 million on these loan sales during the three months ended September 30, 2024. During the nine months ended September 30, 2024, the Company recognized net charge-offs totaling $1.8 million and a net loss of $5.7 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 September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Balance, beginning of period$1,044 $1,145 $1,127 $1,124 
Additions from loans sold with servicing rights retained318 223 863 626 
Carrying value of MSRs sold(94)(258)(629)(655)
Change in fair value(9)(62)(6)30 
Realization of cash flows(46)(37)(142)(114)
Balance, end of period$1,213 $1,011 $1,213 $1,011 
September 30, 2025December 31, 2024
(in millions)
Unpaid principal balance of mortgage loans serviced for others$66,052 $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 nine months ended September 30, 2025, the Company recognized a net gain of $1.5 million and $8.1 million on MSR sales, respectively. The UPB of loans underlying these sales totaled $6.0 billion and $37.2 billion for the three and nine months ended September 30, 2025, respectively. During the three and nine months ended September 30, 2024, the Company recognized a net gain of $1.5 million and $5.0 million on MSR sales, respectively. The UPB of loans underlying these sales totaled $15.5 billion and $42.8 billion for the three and nine months ended September 30, 2024, respectively. As of September 30, 2025 and December 31, 2024, the Company had a remaining receivable balance of $35 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 $55.0 million and $180.8 million for the three and nine months ended September 30, 2025, respectively, compared to $59.8 million and
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$196.9 million for the respective periods in 2024. Early payoff fee income totaled $6.5 million and $17.0 million for the three and nine months ended September 30, 2025, respectively, compared to $4.5 million and $13.3 million for the respective periods in 2024. 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 September 30, 2025 and December 31, 2024, net servicing advances totaled $64 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:
September 30, 2025
(in millions)
Fair value of mortgage servicing rights$1,213 
Increase (decrease) in fair value resulting from:
Interest rate change of 50 basis points
Adverse change(114)
Favorable change91 
Option adjusted spread change of 50 basis points
Increase(30)
Decrease31 
Conditional prepayment rate change of 1%
Increase(35)
Decrease38 
Cost to service change of 10%
Increase(12)
Decrease13 
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. The Company held fourteen properties at September 30, 2025 compared to five at December 31, 2024. At September 30, 2025 and December 31, 2024, the Company had a repossessed asset balance of $130 million and $52 million, respectively, net of a valuation allowance of $14 million and $5 million, respectively, recognized as a component of Other assets in the Consolidated Balance Sheet. The majority of the repossessed asset balance at September 30, 2025 and December 31, 2024 related to office properties.
During the three months and nine months ended September 30, 2025, the Company sold one property with a carrying value of $34 million for a gain of $6.3 million and four properties with a combined carrying value of $40 million for a net gain of $5.7 million, respectively. The Company recognized a net valuation loss of $8.0 million and $12.8 million during the three and nine months ended September 30, 2025, respectively. In addition, during the three and nine months ended September 30, 2025, one property with a carrying value of $48 million was transferred from OREO into Premises and equipment, net due to a change in management intent. During the three and nine months ended September 30, 2024, the Company recognized a net valuation loss of $1.2 million.

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7. DEPOSITS
The table below summarizes deposits by type:
September 30, 2025December 31, 2024
(in millions)
Non-interest bearing deposits$26,628 $18,846 
Interest bearing:
Demand accounts16,422 15,878 
Savings and money market accounts24,627 21,208 
Time certificates of deposit ($250,000 or more)1,916 1,640 
Other time deposits (1)7,654 8,769 
Total deposits$77,247 $66,341 
(1)    Retail brokered time deposits over $250,000 of $4.4 billion and $5.6 billion as of September 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 September 30, 2025 is as follows: 
(in millions)
2025$4,307 
20264,944 
2027310 
20286 
20292 
Thereafter1 
Total$9,570 
Brokered deposits provide an additional source of deposits and are placed with the Bank through third-party brokers. At September 30, 2025 and December 31, 2024, the Company held wholesale brokered deposits of $5.4 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 September 30, 2025, the Company had $13.1 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 $28.0 billion and $20.7 billion at September 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 $169.2 million and $201.7 million in deposit related costs on these deposits for the three months ended September 30, 2025 and 2024, respectively, and $441.8 million and $500.4 million, respectively, for the nine months ended September 30, 2025 and 2024.

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8. OTHER BORROWINGS
The following table summarizes the Company’s other borrowings by type: 
September 30, 2025December 31, 2024
(in millions)
Short-Term:
FHLB advances$900 $3,100 
Repurchase agreements— 14 
Secured borrowings62 37 
Total short-term borrowings$962 $3,151 
Long-Term:
FHLB advances$2,500 $2,000 
Credit linked notes, net400 422 
Total long-term borrowings$2,900 $2,422 
Total other borrowings$3,862 $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 September 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 September 30, 2025 and December 31, 2024, the Company had additional available credit with the FHLB of $10.3 billion and $8.7 billion respectively. The weighted average rate on short-term FHLB advances was 4.49% and 4.77% as of September 30, 2025 and December 31, 2024, respectively.
Total available credit with the FRB was $17.1 billion and $12.4 billion as of September 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 September 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 September 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 6.56% and 6.30% as of September 30, 2025 and December 31, 2024, respectively.

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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. 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 4.63% and 4.85% as of September 30, 2025 and December 31, 2024, respectively.
The Company's outstanding long-term FHLB advances are detailed in the tables below:
September 30, 2025
DescriptionIssuance DateMaturity DateInterest RatePrincipal
(in millions)
FHLB advanceJuly 30, 2025October 30, 2026
SOFR + 0.39%
$2,500 
Total$2,500 
December 31, 2024
DescriptionIssuance DateMaturity DateInterest RatePrincipal
(in millions)
FHLB advanceNovember 22, 2024February 24, 2026
SOFR + 0.35%
$500 
FHLB advanceDecember 5, 2024March 5, 2026
SOFR + 0.35%
1,000 
FHLB advanceDecember 19, 2024March 19, 2026
SOFR + 0.38%
500 
Total$2,000 

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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:
September 30, 2025
DescriptionIssuance DateMaturity DateInterest RatePrincipalUnamortized Debt Issuance Costs
(in millions)
Residential mortgage loans (1)December 12, 2022October 25, 2052
SOFR + 7.80%
$82 $2 
Residential mortgage loans (2)June 30, 2022April 25, 2052
SOFR + 6.00%
163 3 
Residential mortgage loans (3)December 29, 2021July 25, 2059
SOFR + 4.67%
170 2 
Total$415 $7 
December 31, 2024
DescriptionIssuance DateMaturity DateInterest RatePrincipalUnamortized Debt Issuance Costs
(in millions)
Residential mortgage loans (1)December 12, 2022October 25, 2052
SOFR + 7.80%
$84 $2 
Residential mortgage loans (2)June 30, 2022April 25, 2052
SOFR + 6.00%
170 3 
Residential mortgage loans (3)December 29, 2021July 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 September 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 $3.2 billion and $3.4 billion as of September 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 $3.3 billion and $3.5 billion as of September 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:
September 30, 2025
DescriptionIssuance DateMaturity DateInterest RatePrincipalUnamortized Debt Issuance Costs
(in millions)
WAL fixed-to-variable-rate (1)June 2021June 15, 20313.00 %$600 $5 
Total$600 $5 
December 31, 2024
DescriptionIssuance DateMaturity DateInterest RatePrincipalUnamortized Debt Issuance Costs
(in millions)
WAL fixed-to-variable-rate (1)June 2021June 15, 20313.00 %$600 $5 
WAB fixed-to-variable-rate (2)May 2020June 1, 20305.25 %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 nine months ended September 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 September 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 $86 million and $79 million as of September 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 September 30, 2025 and December 31, 2024 was 6.58% 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. 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 nine months ended September 30, 2025 was $0.7 million and $49.5 million, respectively, compared to $0.3 million and $46.9 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 nine months ended September 30, 2025, the Company recognized stock-based compensation expense related to employee and WAL director stock grants of $9.5 million and $29.7 million, respectively, compared to $9.1 million and $32.6 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 nine months ended September 30, 2025, the Company recognized stock-based compensation expense related to these performance stock units of $2.9 million and $6.3 million, respectively, compared to $0.9 million and $2.5 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 in 2025.
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 nine months ended September 30, 2025, the Company recognized compensation expense related to these awards of $0.9 million and $1.8 million, respectively, compared to $0.4 million and $0.8 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 nine months ended September 30, 2025 less than $0.1 million and $1.6 million, respectively, compared to $0.1 million and $5.7 million for the three and nine months ended September 30, 2024, respectively. Stock compensation expense related to these deferred stock units is included in Salaries and employee benefits in the Consolidated Income Statement. For the three and nine months ended September 30, 2025, the Company recognized stock-based compensation expense related to these stock grants of $0.4 million and $3.4 million, respectively, compared to $1.4 million and $1.9 million for the three and nine months ended September 30, 2024, respectively.
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Common Stock Repurchase
During the three and nine months ended September 30, 2025, the Company's BOD approved a common stock repurchase program pursuant to which the Company is authorized to repurchase up to $300 million of its shares common stock. During the three and nine months ended September 30, 2025, the Company repurchased 119,588 shares of its common stock. The shares were repurchased at a weighted average price of $88.50, for a total payment of $10.6 million. There were no share repurchases during the comparable periods in 2024. As of September 30, 2025, the aggregate remaining approved amount under the stock repurchase program is approximately $289 million.
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 nine months ended September 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 $9.6 million, respectively.
Cash Dividend on Common Shares
During the three and nine months ended September 30, 2025, the Company declared and paid a quarterly cash dividend of $0.38 per share, for a total dividend payment to stockholders of $42.0 million and $126.0 million, respectively. During the three and nine months ended September 30, 2024, the Company declared and paid a quarterly cash dividend of $0.37 per share for a total dividend payment to stockholders of $40.7 million and $122.2 million, respectively.
Treasury Shares
Treasury share purchases represent shares surrendered to the Company equal in value to the statutory payroll tax withholding obligations arising from the vesting of employee restricted stock awards. During the three and nine months ended September 30, 2025, the Company purchased treasury shares of 1,464 and 135,431, respectively, at a weighted average price of $85.30 and $87.32 per share, respectively. During the three and nine months ended September 30, 2024, the Company purchased treasury shares of 1,042 and 141,525, respectively, at a weighted average price of $75.27 and $61.34 per share, respectively.
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 nine months ended September 30, 2025, dividends of $7.1 million and $14.5 million, respectively, were declared and paid to Series B preferred stockholders. These dividend payments are classified as Net income attributable to noncontrolling interest in the Consolidated Income Statement and as Dividends paid to noncontrolling interest in the Consolidated Statement of Equity.
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11. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table summarizes the changes in accumulated other comprehensive income (loss) by component, net of tax, for the periods indicated: 
Three Months Ended September 30,
Unrealized holding gains (losses) on AFS securitiesUnrealized holding gains (losses) on SERPUnrealized holding gains (losses) on junior subordinated debtImpairment loss on securitiesTotal
(in millions)
Balance, June 30, 2025$(479.7)$(0.3)$(1.6)$— $(481.6)
Other comprehensive income (loss) before reclassifications80.7 0.1 (1.7)— 79.1 
Amounts reclassified from AOCI(6.4)— — — (6.4)
Net current-period other comprehensive income (loss)74.3 0.1 (1.7)— 72.7 
Balance, September 30, 2025$(405.4)$(0.2)$(3.3)$— $(408.9)
Balance, June 30, 2024$(560.9)$(0.3)$1.8 $1.2 $(558.2)
Other comprehensive income (loss) before reclassifications183.7 (0.1)(0.3)— 183.3 
Amounts reclassified from AOCI(6.6)— — — (6.6)
Net current-period other comprehensive income (loss)177.1 (0.1)(0.3)— 176.7 
Balance, September 30, 2024$(383.8)$(0.4)$1.5 $1.2 $(381.5)
Nine Months Ended September 30,
Unrealized holding gains (losses) on AFS securitiesUnrealized holding gains (losses) on SERPUnrealized holding gains (losses) on junior subordinated debtImpairment loss on securitiesTotal
(in millions)
Balance, December 31, 2024$(534.7)$(0.4)$1.4 $— $(533.7)
Other comprehensive income (loss) before reclassifications146.1 0.2 (4.7)— 141.6 
Amounts reclassified from AOCI(16.8)— — — (16.8)
Net current-period other comprehensive income (loss)129.3 0.2 (4.7)— 124.8 
Balance, September 30, 2025$(405.4)$(0.2)$(3.3)$— $(408.9)
Balance, December 31, 2023$(516.6)$(0.3)$2.8 $1.2 $(512.9)
Other comprehensive income (loss) income before reclassifications140.5 (0.1)(1.3)— 139.1 
Amounts reclassified from AOCI(7.7)— — — (7.7)
Net current-period other comprehensive income (loss)132.8 (0.1)(1.3)— 131.4 
Balance, September 30, 2024$(383.8)$(0.4)$1.5 $1.2 $(381.5)

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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.
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 and nine months ended September 30, 2025, the Company terminated interest rate swaps on hedged AFS U.S. Treasury securities. The terminated hedges had notional values of $1.8 billion and $2.8 billion and cumulative basis adjustments of $15 million and $25 million at the time of termination, respectively. 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 $8.4 million and $16.2 million during the three and nine months ended September 30, 2025, respectively, 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 nine months ended September 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
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connection with negotiating credit facilities and certain other services to private, venture-backed companies in the technology industry.
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 September 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:
September 30, 2025December 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)$3,814 $1 $4,320 $(96)
Investment securities - AFS1,986 65 — — 
(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 $7.3 billion and $8.7 billion) as of September 30, 2025 and December 31, 2024, respectively. The cumulative basis adjustment included in the carrying value of these hedged items totaled $9 million and $78 million as of September 30, 2025 and December 31, 2024, respectively.
For the Company's derivative instruments that are designated and qualify as fair value hedges, the gain or loss on the derivative instrument as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current period earnings. The loss or gain on the hedged item is recognized in the same line item as the offsetting loss or gain on the related interest rate swaps. For loans and AFS debt securities, the gain or loss on the hedged item is included in interest income, as shown in the table below.
Three Months Ended September 30,
20252024
Income Statement ClassificationGain/(Loss) on SwapsGain/(Loss) on Hedged ItemGain/(Loss) on SwapsGain/(Loss) on Hedged Item
(in millions)
Interest income on loans, including fees$(5.9)$5.8 $(31.4)$31.2 
Interest income on investment securities(25.7)24.4 — — 
Nine Months Ended September 30,
20252024
Income Statement ClassificationGain/(Loss) on SwapsGain/(Loss) on Hedged ItemGain/(Loss) on SwapsGain/(Loss) on Hedged Item
(in millions)
Interest income on loans, including fees$(101.4)$100.1 $(114.6)$115.1 
Interest income on investment securities(64.1)64.7 — — 
In addition to the gains and losses on the Company's outstanding fair value hedges presented in the above table, the Company recognized $0.2 million and $0.3 million in interest income related to the amortization of the cumulative basis adjustment on its discontinued portfolio layer method hedges during the three and nine months ended September 30, 2025, respectively, and $3.0 million and $8.9 million related to its discontinued last-of-layer hedges for the respective periods in 2024.
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Fair Values, Volume of Activity, and Gain/Loss Information Related to Derivative Instruments
The following table summarizes the fair value of the Company's derivative instruments on a gross basis as of September 30, 2025, December 31, 2024, and September 30, 2024. The change in the notional amounts of these derivatives from September 30, 2024 to September 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.
 September 30, 2025December 31, 2024September 30, 2024
Fair ValueFair ValueFair Value
Notional
Amount		Derivative AssetsDerivative LiabilitiesNotional
Amount		Derivative AssetsDerivative LiabilitiesNotional
Amount		Derivative AssetsDerivative Liabilities
(in millions)
Derivatives designated as hedging instruments:
Fair value hedges
Interest rate contracts$5,868 $17 $81 $4,344 $97 $— $4,852 $14 $51 
Total$5,868 $17 $81 $4,344 $97 $— $4,852 $14 $51 
Derivatives not designated as hedging instruments:
Foreign currency contracts$493 $6 $3 $69 $1 $1 $101 $1 $— 
Forward contracts28,101 27 59 21,731 81 48 17,889 20 38 
Futures contracts (1)20,330 — — 13,200 — — 7,400 — — 
Interest rate lock commitments2,699 14 1 2,396 5 7 2,843 13 2 
Interest rate contracts9,590 36 38 6,336 19 20 5,317 28 29 
Risk participation agreements239 — — 99 — — 96 — — 
Equity warrants59 34 — 59 30 — 56 21 — 
Total$61,511 $117 $101 $43,890 $136 $76 $33,702 $83 $69 
Margin— 378 (43)— 72 3 — 280 (4)
Total, including margin$61,511 $495 $58 $43,890 $208 $79 $33,702 $363 $65 
(1)The Company enters into futures purchase and sales contracts that are subject to daily remargining and almost all of which are based on three-month SOFR to hedge against its MSR valuation exposure. The notional amount on these contracts is substantial as these contracts have a short duration and are intended to cover the longer duration of MSR hedges.
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The fair value of derivative contracts, after taking into account the effects of master netting agreements, is included in Other assets or Other liabilities on the Consolidated Balance Sheet, as summarized in the table below:
September 30, 2025December 31, 2024September 30, 2024
Gross amount of recognized assets (liabilities)Gross offsetNet assets (liabilities)Gross amount of recognized assets (liabilities)Gross offsetNet assets (liabilities)Gross amount of recognized assets (liabilities)Gross offsetNet assets (liabilities)
(in millions)
Derivatives subject to master netting arrangements:
Assets
Foreign currency contracts$1 $— $1 $1 $— $1 $1 $— $1 
Forward contracts27 — 27 81 — 81 20 — 20 
Interest rate contracts18 — 18 106 — 106 18 — 18 
Margin378 — 378 72 — 72 280 — 280 
Netting— (115)(115)— (52)(52)— (94)(94)
$424 $(115)$309 $260 $(52)$208 $319 $(94)$225 
Liabilities
Foreign currency contracts$(3)$— $(3)$— $— $— $— $— $— 
Forward contracts(56)— (56)(47)— (47)(37)— (37)
Interest rate contracts(107)— (107)(6)— (6)(70)(70)
Margin43 — 43 (3)— (3)4 — 4 
Netting— 115 115 — 52 52 — 94 94 
$(123)$115 $(8)$(56)$52 $(4)$(103)$94 $(9)
Derivatives not subject to master netting arrangements:
Assets
Foreign currency contracts$5 $— $5 $— $— $— $— $— $— 
Interest rate lock commitments14 — 14 5 — 5 13 — 13 
Interest rate contracts35 — 35 10 — 10 24 — 24 
Equity warrants34 — 34 30 — 30 21 — 21 
$88 $— $88 $45 $— $45 $58 $— $58 
Liabilities
Foreign currency contracts$— $— $— $(1)$— $(1)$— $— $— 
Forward contracts(3)— (3)(1)— (1)(1)— (1)
Interest rate lock commitments(1)— (1)(7)— (7)(2)— (2)
Interest rate contracts(12)— (12)(14)— (14)(10)— (10)
$(16)$— $(16)$(23)$— $(23)$(13)$— $(13)
Total derivatives and margin
Assets$512 $(115)$397 $305 $(52)$253 $377 $(94)$283 
Liabilities(139)115 (24)(79)52 (27)(116)94 (22)

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The following table summarizes the net gain (loss) on derivatives included in the non-interest income line items below:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Net gain (loss) on loan origination and sale activities:
Interest rate lock commitments$(10.5)$2.6 $15.3 $(7.8)
Forward contracts(64.7)(87.3)(137.7)(61.3)
Interest rate contracts(0.4)6.7 1.9 3.8 
Other contracts— (1.1)3.5 (0.2)
Net loss on derivatives$(75.6)$(79.1)$(117.0)$(65.5)
Net loan servicing revenue:
Forward contracts$8.6 $17.9 $6.6 $(9.6)
Futures contracts9.1 (7.0)2.7 7.4 
Interest rate contracts(2.5)42.2 40.3 (10.8)
Net gain (loss) on derivatives$15.2 $53.1 $49.6 $(13.0)
Counterparty Credit Risk
Like other financial instruments, derivatives contain an element of credit risk. This risk is measured as the expected replacement value of the contracts. Management enters into bilateral collateral and master netting agreements that provide for the net settlement of all contracts with the same counterparty. Additionally, management monitors counterparty credit risk exposure on each contract to determine appropriate limits on the Company's total credit exposure across all product types, which may require the Company to post collateral to counterparties when these contracts are in a net liability position and conversely, for counterparties to post collateral to the Company when these contracts are in a net asset position. Management reviews the Company's collateral positions on a daily basis and exchanges collateral with counterparties in accordance with standard ISDA documentation and other related agreements. The Company generally posts or holds collateral in the form of cash deposits or highly rated securities issued by the U.S. Treasury or government-sponsored enterprises (FNMA and FHLMC), or guaranteed by GNMA. At September 30, 2025, December 31, 2024, and September 30, 2024 collateral pledged by the Company to counterparties for its derivatives totaled $432 million, $117 million, and $292 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 September 30,Nine Months Ended September 30,
 2025202420252024
 (in millions, except per share amounts)
Weighted average shares - basic109.0 108.7 108.9 108.6 
Dilutive effect of stock awards0.8 0.8 0.7 0.6 
Weighted average shares - diluted109.8 109.5 109.6 109.2 
Net income available to common stockholders$250.2 $196.6 $673.3 $561.2 
Earnings per Common Share:
Basic$2.30 $1.81 $6.18 $5.17 
Diluted2.28 1.80 6.14 5.14 


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14. INCOME TAXES
The Company's effective tax rate was 17.0% and 20.7% for the three months ended September 30, 2025 and 2024, respectively, and 18.1% and 22.0% for the nine months ended September 30, 2025 and 2024, respectively. The decrease in the effective tax rate for the three and nine month periods ended September 30, 2025 compared to the same periods in 2024 was primarily due to an increase in investment tax credit benefits and a decrease in state taxes.
As of September 30, 2025, the net DTA balance totaled $341 million, an increase of $60 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 an increase in the MSR DTL. Although realization is not assured, the Company believes realization of the recognized net DTA of $341 million at September 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 September 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 $571 million and $606 million as of September 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 $242 million and $320 million as of September 30, 2025 and December 31, 2024, respectively.
The Company recognized tax credits related to LIHTC investments of $24.7 million and $21.0 million during the three months ended September 30, 2025 and 2024, respectively, and $64.4 million and $59.7 million during the nine months ended September 30, 2025 and 2024, respectively. For the three months ended September 30, 2025 and 2024, amortization related to LIHTC investments of $21.2 million and $19.6 million, respectively, was recognized as a component of income tax expense, compared to $55.3 million for the nine months ended September 30, 2025 and 2024.
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 a diminished ability to pay compared to 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.
A summary of the contractual amounts for unfunded commitments and letters of credit are as follows: 
 September 30, 2025December 31, 2024
 (in millions)
Commitments to extend credit, including unsecured loan commitments of $1,062 at September 30, 2025 and $860 at December 31, 2024
$14,385 $13,546 
Credit card commitments and financial guarantees754 585 
Letters of credit, including unsecured letters of credit of $2 at September 30, 2025 and December 31, 2024
543 437 
Total$15,682 $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
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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. The loss contingency for unfunded loan commitments and letters of credit was $42.3 million and $39.5 million as of September 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 September 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 September 30, 2025 and December 31, 2024, respectively. The Company's loan portfolio includes significant credit exposure to the CRE market. As of September 30, 2025 and December 31, 2024, CRE related loans accounted for approximately 29% and 30% of total loans, respectively. Approximately 14% and 16% of CRE loans, excluding construction and land loans, were owner-occupied as of September 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 September 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). 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
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different estimate of fair value at the reporting date. A more detailed description of the valuation methodologies used for assets and liabilities measured at fair value is set forth below.
Under ASC 825, the Company elected the FVO treatment for junior subordinated debt issued by WAL. This election is irrevocable and results in the recognition of unrealized gains and losses on the debt at each reporting date. These unrealized gains and losses are recognized in OCI rather than earnings. The Company did not elect FVO treatment for the junior subordinated debt assumed in the Bridge Capital Holdings acquisition.
The following table presents unrealized gains and losses from fair value changes on junior subordinated debt:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Unrealized losses$(2.3)$(0.4)$(6.2)$(1.8)
Changes included in OCI, net of tax(1.7)(0.3)(4.7)(1.3)
Fair value on a recurring basis
Financial assets and financial liabilities measured at fair value on a recurring basis include the following:
AFS debt securities: Securities classified as AFS are reported at fair value utilizing Level 1 and Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include quoted prices in active markets, dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the bond’s terms and conditions, among other things.
Equity securities: Preferred stock and CRA investments are reported at fair value utilizing Level 1 inputs.
Independent pricing service: The Company's independent pricing service provides pricing information on the majority of the Company's Level 1 and Level 2 AFS debt securities. For a small subset of securities, other pricing sources are used, including observed prices on publicly-traded securities and dealer quotes. Management independently evaluates the fair value measurements received from the Company's third-party pricing service through multiple review steps. First, management reviews what has transpired in the marketplace with respect to interest rates, credit spreads, volatility, and mortgage rates, among other things, and develops an expectation of changes to the securities' valuations from the previous quarter. Then, management selects a sample of investment securities and compares the values provided by its primary third-party pricing service to the market values obtained from secondary sources, including other pricing services and safekeeping statements, and evaluates those with notable variances. In instances where there are discrepancies in pricing from various sources and management expectations, management may manually price securities using currently observed market data to determine whether they can develop similar prices or may utilize bid information from broker dealers. Any remaining discrepancies between management’s review and the prices provided by the vendor are discussed with the vendor and/or the Company’s other valuation advisors.
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.
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
48

unobservable inputs based on historical experience. Equity warrants are measured using a Black-Scholes option pricing model based on contractual strike price, expected term, the risk-free interest rate, and volatility, which may be adjusted for a lack of marketability. The volatility input is considered Level 3 as the underlying equity is not publicly traded and is determined using comparable publicly traded companies.
Junior subordinated debt: The Company estimates the fair value of its junior subordinated debt using a discounted cash flow model which incorporates the effect of the Company’s own credit risk in the fair value of the liabilities (Level 3). The Company’s cash flow assumptions are based on contractual cash flows as the Company anticipates it will pay the debt according to its contractual terms.
The fair value of assets and liabilities measured at fair value on a recurring basis was determined using the following inputs: 
Fair Value Measurements at the End of the Reporting Period Using:
Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Fair Value
September 30, 2025(in millions)
Assets:
Available-for-sale debt securities
Residential MBS issued by GSEs and GNMA$— $7,065 $— $7,065 
U.S. Treasury securities5,388 — — 5,388 
CLO— 1,888 — 1,888 
Private label residential MBS— 1,044 — 1,044 
Tax-exempt— 805 — 805 
Commercial MBS issued by GSEs and GNMA— 622 — 622 
Corporate debt securities— 350 — 350 
Other28 40 — 68 
Total AFS debt securities$5,416 $11,814 $— $17,230 
Equity securities
Preferred stock$64 $— $— $64 
CRA investments27 — — 27 
Total equity securities$91 $— $— $91 
Loans HFS (2)$— $3,295 $168 $3,463 
Mortgage servicing rights— — 1,213 1,213 
Derivative assets (1)— 86 48 134 
Liabilities:
Junior subordinated debt (3)$— $— $71 $71 
Derivative liabilities (1)— 181 1 182 
(1)See "Note 12. Derivatives and Hedging Activities." In addition, the carrying value of loans is increased by $1 million as of September 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 $378 million and $(43) million, respectively.
(2)Includes only the portion of loans HFS that is recorded at fair value at each reporting period pursuant to the election of FVO treatment.
(3)Includes only the portion of junior subordinated debt that is recorded at fair value at each reporting period pursuant to the election of FVO treatment.
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 Fair Value Measurements at the End of the Reporting Period Using:
Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Fair Value
December 31, 2024(in millions)
Assets:
Available-for-sale debt securities
Residential MBS issued by GSEs and GNMA$— $5,831 $— $5,831 
U.S. Treasury securities4,383 — — 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 
Other2 67 — 69 
Total AFS debt securities$4,385 $9,083 $— $13,468 
Equity securities
Preferred stock$91 $— $— $91 
CRA investments26 — — 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 $3 million, respectively.
(2)Includes only the portion of loans HFS that is recorded at fair value at each reporting period pursuant to the election of FVO treatment.
(3)Includes only the portion of junior subordinated debt that is recorded at fair value at each reporting period pursuant to the election of FVO treatment.
The change in Level 3 liabilities measured at fair value on a recurring basis included in OCI was as follows:
Junior Subordinated Debt
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Beginning balance$(68.6)$(64.2)$(64.7)$(62.8)
Change in fair value (1)(2.3)(0.4)(6.2)(1.8)
Ending balance$(70.9)$(64.6)$(70.9)$(64.6)
(1)Unrealized gains (losses) attributable to changes in the fair value of junior subordinated debt are recorded in OCI, net of tax, and totaled $(1.7) million and $(0.3) million for three months ended September 30, 2025 and 2024, respectively, and $(4.7) million and $(1.3) million for the nine months ended September 30, 2025 and 2024, respectively.
The significant unobservable inputs used in the fair value measurements of these Level 3 liabilities were as follows:
September 30, 2025Valuation TechniqueSignificant Unobservable InputsInput Value
(in millions)
Junior subordinated debt$71 Discounted cash flowImplied credit rating of the Company5.80 %
 
December 31, 2024Valuation TechniqueSignificant Unobservable InputsInput Value
(in millions)
Junior subordinated debt$65 Discounted cash flowImplied credit rating of the Company7.43 %
The significant unobservable inputs used in the fair value measurement of the Company’s junior subordinated debt as of September 30, 2025 and December 31, 2024 was the implied credit risk for the Company. The implied credit risk spread as of
50

September 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.
As of September 30, 2025, the Company estimates the discount rate at 5.80%, which represents an implied credit spread of 1.83% plus three-month SOFR (3.98%). 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 September 30, 2025Nine Months Ended September 30, 2025
Loans HFSMSRsIRLCs (1)Loans HFSMSRsIRLCs (1)
(in millions)
Balance, beginning of period$84 $1,044 $24 $3 $1,127 $(2)
Purchases and additions117 318 6,847 272 863 18,079 
Sales and payments(36)(94)— (116)(629)— 
Transfers from Level 2 to Level 31 — — 4 — — 
Settlement of IRLCs upon acquisition or origination of loans HFS— — (6,863)— — (18,076)
Change in fair value2 (9)5 5 (6)12 
Realization of cash flows— (46)— — (142)— 
Balance, end of period$168 $1,213 $13 $168 $1,213 $13 
Changes in unrealized gains for the period (2)$1 $(8)$13 $2 $(14)$13 

Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
MSRsIRLCs (1)MSRsIRLCs (1)
(in millions)
Balance, beginning of period$1,145 $8 $1,124 $18 
Purchases and additions223 5,387 626 14,024 
Sales and payments(258)— (655)— 
Settlement of IRLCs upon acquisition or origination of loans HFS— (5,395)— (14,042)
Change in fair value(62)10 30 10 
Realization of cash flows(37)— (114)— 
Balance, end of period$1,011 $10 $1,011 $10 
Changes in unrealized gains for the period (2)$(61)$10 $(25)$10 
(1)     IRLC asset and liability positions are presented net.
(2)    Amounts recognized as part of non-interest income.

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The significant unobservable inputs used in the fair value measurements of these Level 3 assets and liabilities were as follows:
September 30, 2025
Asset/liabilityKey inputsRangeWeighted average
MSRs:Option adjusted spread (in basis points)
264 - 306
303 
Conditional prepayment rate (1)
6.3% - 15.4%
11.9 %
Recapture rate
0.0% - 55.0%
25.8 %
Servicing fee rate (in basis points)
25.0 - 56.5
37.5 
Cost to service
$77 - $83
$79 
Loans HFS:Lifetime liquidation probability
1.6% to 8.0%
3.4 %
IRLCs:Servicing fee multiple
4.4 - 6.3
5.2 
Pull-through rate
73% - 100%
89 %
December 31, 2024
Asset/liabilityKey inputsRangeWeighted 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:
September 30, 2025December 31, 2024
Fair valueUPBDifferenceFair valueUPBDifference
(in millions)
Loans HFS:
Current through 89 days delinquent$3,437 $3,298 $139 $2,244 $2,195 $49 
90 days or more delinquent26 25 1 — — — 
Total$3,463 $3,323 $140 $2,244 $2,195 $49 
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
 TotalQuoted Prices in Active Markets for Identical Assets
(Level 1)		Active Markets for Similar Assets
(Level 2)		Unobservable Inputs
(Level 3)
 (in millions)
As of September 30, 2025:
Loans HFI$376 $— $— $376 
Other assets acquired through foreclosure130 — — 130 
As of December 31, 2024:
Loans HFI$561 $— $— $561 
Other assets acquired through foreclosure52 — — 52 
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For Level 3 assets measured at fair value on a nonrecurring basis as of period end, the significant unobservable inputs used in the fair value measurements were as follows:
September 30, 2025Valuation Technique(s)Significant Unobservable InputsRange
(in millions)
Loans HFI$376 Collateral methodThird party appraisalCosts to sell
6.0% to 10.0%
Discounted cash flow methodDiscount rateContractual loan rate
3.0% to 8.0%
Scheduled cash collectionsProbability of default
0% to 20.0%
Proceeds from non-real estate collateralLoss given default
0% to 70.0%
Other assets acquired through foreclosure130 Collateral methodThird party appraisalCosts to sell
1.0% to 6.0%
December 31, 2024Valuation Technique(s)Significant Unobservable InputsRange
(in millions)
Loans HFI$561 Collateral methodThird party appraisalCosts to sell
6.0% to 10.0%
Discounted cash flow methodDiscount rateContractual loan rate
3.0% to 8.0%
Scheduled cash collectionsProbability of default
0% to 20.0%
Proceeds from non-real estate collateralLoss given default
0% to 70.0%
Other assets acquired through foreclosure52 Collateral methodThird party appraisalCosts 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 $376 million and $561 million at September 30, 2025 and December 31, 2024, respectively, net of a specific ACL of $65 million and $46 million at September 30, 2025 and December 31, 2024, respectively.
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 typically 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 $130 million and $52 million of such assets at September 30, 2025 and December 31, 2024, respectively.
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Fair Value of Financial Instruments
The estimated fair value of the Company’s financial instruments is as follows:
September 30, 2025
Carrying AmountFair Value
Level 1Level 2Level 3Total
(in millions)
Financial assets:
Investment securities:
HTM$1,532 $— $1,367 $— $1,367 
AFS17,230 5,416 11,814 — 17,230 
Equity91 91 — — 91 
Derivative assets (1)134 — 86 48 134 
Loans HFS3,502 — 3,308 194 3,502 
Loans HFI, net56,206 — — 56,440 56,440 
Mortgage servicing rights1,213 — — 1,213 1,213 
Accrued interest receivable434 — 434 — 434 
Financial liabilities:
Deposits$77,247 $— $77,287 $— $77,287 
Other borrowings3,862 — 3,864 — 3,864 
Qualifying debt681 — 584 86 670 
Derivative liabilities (1)182 — 181 1 182 
Accrued interest payable139 — 139 — 139 
(1)    Derivative assets and liabilities exclude margin of $378 million and $(43) million, respectively.

December 31, 2024
Carrying AmountFair Value
Level 1Level 2Level 3Total
(in millions)
Financial assets:
Investment securities:
HTM$1,526 $— $1,309 $— $1,309 
AFS13,468 4,385 9,083 — 13,468 
Equity securities117 117 — — 117 
Derivative assets (1)233 — 198 35 233 
Loans HFS2,286 — 2,259 27 2,286 
Loans HFI, net53,302 — — 53,070 53,070 
Mortgage servicing rights1,127 — — 1,127 1,127 
Accrued interest receivable362 — 362 — 362 
Financial liabilities:
Deposits$66,341 $— $66,393 $— $66,393 
Other borrowings5,573 — 5,545 — 5,545 
Qualifying debt899 — 789 78 867 
Derivative liabilities (1)76 — 69 7 76 
Accrued interest payable138 — 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
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from hypothetical interest rate changes are not within the limits established by the BOD, the BOD may direct management to adjust the asset and liability mix to bring interest rate risk within BOD-approved limits.
WAB has an ALCO charged with managing interest rate risk within the BOD-approved limits. Limits are structured to preclude an interest rate risk profile which does not conform to both management and BOD risk tolerances without BOD and ALCO approval. Interest rate risk is also evaluated at the Parent level, which is reported to the BOD and its Finance and Investment Committee.
Fair value of commitments
The estimated fair value of letters of credit outstanding at September 30, 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 September 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 operating 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 CompanyCommercialConsumer RelatedCorporate & Other
At September 30, 2025:(in millions)
Assets:
Cash, cash equivalents, and investment securities$24,597 $13 $— $24,584 
Loans HFS3,502 — 3,502 — 
Loans HFI, net of deferred fees and costs56,646 33,830 22,816 — 
Less: allowance for credit losses(440)(379)(61)— 
Net loans HFI56,206 33,451 22,755 — 
Goodwill and other intangible assets, net651 290 361 — 
Other assets6,014 326 2,123 3,565 
Total assets$90,970 $34,080 $28,741 $28,149 
Liabilities:
Deposits$77,247 $28,584 $42,725 $5,938 
Borrowings and qualifying debt4,543 — 62 4,481 
Other liabilities1,490 88 577 825 
Total liabilities83,280 28,672 43,364 11,244 
Allocated equity:7,690 3,296 2,423 1,971 
Total liabilities and equity$90,970 $31,968 $45,787 $13,215 
Excess funds provided (used)$— $(2,112)$17,046 $(14,934)
Income Statement:
Three Months Ended September 30, 2025:(in millions)
Interest income$1,225.5 $637.1 $314.8 $273.6 
Interest expense475.1 168.9 164.4 141.8 
Funds transfer pricing— (121.9)326.5 (204.6)
Net interest income (expense)750.4 346.3 476.9 (72.8)
Provision for (recovery of) credit losses80.0 80.6 (0.7)0.1 
Net interest income (expense) after provision for credit losses670.4 265.7 477.6 (72.9)
Non-interest income187.8 45.7 106.8 35.3 
Salaries and employee benefits193.5 37.1 41.0 115.4 
Other non-interest expense (1)350.9 140.9 316.2 (106.2)
Income (loss) before provision for income taxes313.8 133.4 227.2 (46.8)
Income tax expense (benefit)53.3 23.4 39.5 (9.6)
Net income (loss)$260.5 $110.0 $187.7 $(37.2)
Nine Months Ended September 30, 2025:(in millions)
Interest income$3,475.5 $1,841.6 $903.3 $730.6 
Interest expense1,376.9 472.3 477.3 427.3 
Funds transfer pricing— (392.0)882.7 (490.7)
Net interest income (expense)2,098.6 977.3 1,308.7 (187.4)
Provision for (recovery of) credit losses151.1 146.9 9.1 (4.9)
Net interest income (expense) after provision for credit losses1,947.5 830.4 1,299.6 (182.5)
Non-interest income463.5 120.9 272.3 70.3 
Salaries and employee benefits555.8 116.6 123.2 316.0 
Other non-interest expense (1)1,003.7 400.1 874.1 (270.5)
Income (loss) before provision for income taxes851.5 434.6 574.6 (157.7)
Income tax expense (benefit)154.1 73.9 99.1 (18.9)
Net income (loss)$697.4 $360.7 $475.5 $(138.8)
(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 CompanyCommercialConsumer RelatedCorporate & Other
At December 31, 2024:(in millions)
Assets:
Cash, cash equivalents, and investment securities$19,191 $14 $— $19,177 
Loans HFS2,286 — 2,286 — 
Loans HFI, net of deferred fees and costs53,676 31,544 22,132 — 
Less: allowance for credit losses(374)(320)(54)— 
Net loans HFI53,302 31,224 22,078 — 
Goodwill and other intangible assets, net659 291 368 — 
Other assets5,496 367 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 debt6,472 15 37 6,420 
Other liabilities1,414 72 476 866 
Total liabilities74,227 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 September 30, 2024:(in millions)
Interest income$1,200.0 $647.9 $284.1 $268.0 
Interest expense503.1 177.9 166.7 158.5 
Funds transfer pricing— (184.4)316.6 (132.2)
Net interest income696.9 285.6 434.0 (22.7)
Provision for credit losses33.6 27.7 5.4 0.5 
Net interest income after provision for credit losses663.3 257.9 428.6 (23.2)
Non-interest income126.2 31.2 64.1 30.9 
Salaries and employee benefits157.8 30.9 33.2 93.7 
Other non-interest expense (1)379.6 120.0 345.8 (86.2)
Income before provision for income taxes252.1 138.2 113.7 0.2 
Income tax expense52.3 28.5 19.1 4.7 
Net income$199.8 $109.7 $94.6 $(4.5)
Nine Months Ended September 30, 2024:
Interest income$3,402.5 $1,880.6 $795.0 $726.9 
Interest expense1,450.1 521.0 456.2 472.9 
Funds transfer pricing— (493.3)727.4 (234.1)
Net interest income1,952.4 866.3 1,066.2 19.9 
Provision for credit losses85.9 79.1 6.0 0.8 
Net interest income after provision for credit losses1,866.5 787.2 1,060.2 19.1 
Non-interest income371.3 80.3 249.8 41.2 
Salaries and employee benefits465.7 105.4 102.2 258.1 
Other non-interest expense (1)1,040.3 351.0 904.4 (215.1)
Income before provision for income taxes731.8 411.1 303.4 17.3 
Income tax expense161.0 90.4 62.4 8.2 
Net income$570.8 $320.7 $241.0 $9.1 
(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 $24.5 million and $15.2 million for the three months ended September 30, 2025 and 2024, respectively, and $71.0 million and $45.9 million for the nine months ended September 30, 2025 and 2024, respectively. The Company had no material unsatisfied performance obligations as of September 30, 2025 or December 31, 2024.
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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 September 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 are subject to 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 historical or expected results: 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 geopolitical conflicts such as the 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; 36) the execution of our business plan; 37) any adverse determination by a court regarding the Cantor Group V loan and any adverse economic or other events impacting the collateral, borrower or guarantors with respect to such loan.
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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. The forward-looking statements included herein are based only on information currently available to us and speak only 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. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this Form 10-Q might not occur, and you should not put undue reliance on any forward-looking statements.
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 29% and 30% of total loans at September 30, 2025 and December 31, 2024, respectively. Approximately 14% and 16% of CRE loans, excluding construction and land loans, were owner occupied at September 30, 2025 and December 31, 2024, respectively, and less than 5% were non-owner occupied office loans at September 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 nine months ended September 30, 2025, the Company recognized gross charge-offs on CRE non-owner occupied loans totaling $12.9 million and $44.9 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 nine months ended September 30, 2025 which drove the net 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.
Legal Dispute Related to Credit Facility
In August 2025, the Bank initiated a lawsuit in connection with its note finance revolving credit facility to Cantor Group V, LLC, citing allegations of fraud by the borrower for failing to provide collateral loans in first position, among other claims. Management has evaluated the existing collateral based on most recent “as-is” appraisals and believes it covers the obligation. In addition, under certain circumstances such as fraud, the Bank holds both a limited guaranty and full guaranty from two ultra-high net worth individuals. Despite the collateral coverage and guaranties, the Bank moved the $98.5 million facility to nonaccrual status and established a specific allowance of $29.6 million for this loan as of September 30, 2025.

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Financial Overview and Highlights
WAL is a bank holding company headquartered in Phoenix, Arizona, incorporated under the laws of the state of Delaware. WAL provides a full spectrum of customized loan, deposit and treasury management capabilities, including funds transfer and other digital payment offerings, through its wholly-owned banking subsidiary, WAB. Effective as of October 4, 2025, the Company completed its brand unity initiative, consolidating its legacy division bank brands, ABA, BON, FIB, Bridge, and TPB, under a single unified name, Western Alliance Bank.
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 Third Quarter of 2025
•Net income available to common stockholders of $250.2 million and diluted earnings per share of $2.28, compared to $196.6 million and $1.80 per share, respectively, for the third quarter 2024
•Net revenue of $938.2 million, compared to $823.1 million for the third quarter 2024, with non-interest expense of $544.4 million, compared to $537.4 million for the third quarter 2024
•PPNR of $393.8 million, up 37.8% from $285.7 million in the third quarter 20241
•Total loans HFI of $56.6 billion, up $3.0 billion, or 5.5%, from December 31, 2024
•Total deposits of $77.2 billion, up $10.9 billion, or 16.4%, from December 31, 2024
•Total equity of $7.7 billion, an increase of $983 million, or 14.7%, from December 31, 2024
•Nonperforming loans to funded HFI loans increased to 0.92%, compared to 0.89% at December 31, 2024
•Nonperforming assets (nonaccrual loans and repossessed assets) increased to 0.72% 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 0.20% for the third quarter 2024
•Net interest margin of 3.53%, decreased from 3.61% in the third quarter 2024
•Tangible common equity ratio of 7.1%, compared to 7.2% at December 31, 20241
•Book value per common share of $64.45, an increase of 10.7% from $58.24 at December 31, 2024
•Tangible book value per share, net of tax, of $58.56, an increase of $6.29, or 12.0%, from $52.27 at December 31, 20241
•Efficiency ratio of 57.4% in the third quarter 2025, compared to 64.5% in the third 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 nine months ended September 30, 2025.
1 See Non-GAAP Financial Measures section beginning on page 64.

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Results of Operations and Financial Condition
As a bank holding company, management focuses on key ratios in evaluating the Company's financial condition and results of operations.
A summary of the Company's results of operations, financial condition, and selected metrics are included in the following tables: 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions, except per share amounts)
Net income$260.5 $199.8 $697.4 $570.8 
Net income available to common stockholders250.2 196.6 673.3 561.2 
Earnings per share - basic2.30 1.81 6.18 5.17 
Earnings per share - diluted2.28 1.80 6.14 5.14 
Return on average assets1.13 %0.96 %1.07 %0.98 %
Return on average equity13.6 12.0 12.8 11.9 
Return on average tangible common equity (1)15.6 13.8 14.7 13.8 
Net interest margin3.53 3.61 3.51 3.61 
(1) See Non-GAAP Financial Measures section beginning on page 64.
September 30, 2025December 31, 2024
(in millions)
Total assets$90,970 $80,934 
Loans HFS3,502 2,286 
Loans HFI, net of deferred fees and costs56,646 53,676 
Investment securities, net of allowance for credit losses18,841 15,095 
Total deposits77,247 66,341 
Other borrowings3,862 5,573 
Qualifying debt681 899 
Total equity7,690 6,707 
Tangible common equity, net of tax (1)6,453 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: 
September 30, 2025December 31, 2024
(dollars in millions)
Nonaccrual loans$522 $476 
Repossessed assets130 52 
Non-performing assets809 656 
Nonaccrual loans to funded loans0.92 %0.89 %
Nonaccrual and repossessed assets to total assets0.72 0.65 
Allowance for loan losses to funded loans0.78 0.70 
Allowance for credit losses to funded loans0.85 0.77 
Allowance for loan losses to nonaccrual loans84 79 
Allowance for credit losses to nonaccrual loans92 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 September 30, 2025. Actual year-to-date for the year ended December 31, 2024.
62

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 $91.0 billion at September 30, 2025, an increase of $10.0 billion, or 12.4%, from $80.9 billion at December 31, 2024. Higher deposit levels supported increases in investment securities and cash of $3.7 billion and $1.7 billion, respectively, and also funded HFI and HFS loan growth of $3.0 billion and $1.2 billion, respectively.
Loans HFI increased $3.0 billion, or 5.5%, to $56.6 billion as of September 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 $2.6 billion, $476 million, and $325 million, respectively, from December 31, 2024. In addition, loans HFS increased $1.2 billion from $2.3 billion as of December 31, 2024 primarily due to an increase in non-EBO loans.
Total deposits increased $10.9 billion, or 16.4%, to $77.2 billion as of September 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 $7.8 billion, $3.4 billion, and $544 million in non-interest bearing deposits, savings and money market accounts, and interest bearing demand deposits, respectively, partially offset by a decrease of $839 million in certificates of deposit.
RESULTS OF OPERATIONS
The following table sets forth a summary financial overview:
Three Months Ended September 30,Increase (Decrease)Nine Months Ended September 30,Increase (Decrease)
2025202420252024
(in millions, except per share amounts)
Consolidated Income Statement Data:
Interest income$1,225.5 $1,200.0 $25.5 $3,475.5 $3,402.5 $73.0 
Interest expense475.1 503.1 (28.0)1,376.9 1,450.1 (73.2)
Net interest income750.4 696.9 53.5 2,098.6 1,952.4 146.2 
Provision for credit losses80.0 33.6 46.4 151.1 85.9 65.2 
Net interest income after provision for credit losses670.4 663.3 7.1 1,947.5 1,866.5 81.0 
Non-interest income187.8 126.2 61.6 463.5 371.3 92.2 
Non-interest expense544.4 537.4 7.0 1,559.5 1,506.0 53.5 
Income before provision for income taxes313.8 252.1 61.7 851.5 731.8 119.7 
Income tax expense53.3 52.3 1.0 154.1 161.0 (6.9)
Net income260.5 199.8 60.7 697.4 570.8 126.6 
Net income attributable to noncontrolling interest7.1 — 7.1 14.5 — 14.5 
Net income attributable to Western Alliance253.4 199.8 53.6 682.9 570.8 112.1 
Dividends on preferred stock3.2 3.2 — 9.6 9.6 — 
Net income available to common stockholders$250.2 $196.6 $53.6 $673.3 $561.2 $112.1 
Earnings per share:
Basic$2.30 $1.81 $0.49 $6.18 $5.17 $1.01 
Diluted2.28 1.80 0.48 6.14 5.14 1.00 

63

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, enables investors and others to assess the Company's ability to generate capital to cover credit losses through the credit cycle, and provides consistent reporting with a key metric used by bank regulatory agencies.
The following table shows the components used in the calculation of PPNR:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Net interest income$750.4 $696.9 $2,098.6 $1,952.4 
Total non-interest income187.8 126.2 463.5 371.3 
Net revenue$938.2 $823.1 $2,562.1 $2,323.7 
Total non-interest expense544.4 537.4 1,559.5 1,506.0 
Pre-provision net revenue$393.8 $285.7 $1,002.6 $817.7 
Less:
Provision for credit losses80.0 33.6 151.1 85.9 
Income tax expense53.3 52.3 154.1 161.0 
Net income$260.5 $199.8 $697.4 $570.8 
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 September 30,Nine Months Ended September 30,
2025202420252024
(dollars in millions)
Total non-interest expense$544.4 $537.4 $1,559.5 $1,506.0 
Less: Deposit costs175.1 208.0 459.3 518.7 
Total non-interest expense, excluding deposit costs369.3 329.4 1,100.2 987.3 
Divided by:
Total net interest income750.4 696.9 2,098.6 1,952.4 
Plus:
Tax equivalent interest adjustment9.7 10.0 30.1 29.5 
Total non-interest income187.8 126.2 463.5 371.3 
Less: Deposit costs175.1 208.0 459.3 518.7 
$772.8 $625.1 $2,132.9 $1,834.5 
Efficiency ratio - tax equivalent basis
57.4 %64.5 %60.2 %64.0 %
Efficiency ratio - tax equivalent basis, adjusted for deposit costs47.8 52.7 51.6 53.8 
64

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 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.
September 30, 2025December 31, 2024
(dollars and shares in millions)
Total equity$7,690 $6,707 
Less:
Preferred stock295 295 
Noncontrolling interest in subsidiary293 — 
Total common stockholders' equity7,102 6,412 
Less: goodwill and intangible assets, net651 659 
Total tangible common stockholders' equity6,451 5,753 
Plus: deferred tax - attributed to intangible assets2 2 
Total tangible common equity, net of tax$6,453 $5,755 
Total assets$90,970 $80,934 
Less: goodwill and intangible assets, net651 659 
Tangible assets90,319 80,275 
Plus: deferred tax - attributed to intangible assets2 2 
Total tangible assets, net of tax$90,321 $80,277 
Tangible common equity ratio7.1 %7.2 %
Common shares outstanding110.2 110.1 
Book value per common share$64.45 $58.24 
Tangible book value per common share, net of tax58.56 52.27 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(dollars in millions)
Net income available to common stockholders$250.2 $196.6 $673.3 $561.2 
Divided by:
Average equity$7,607 $6,632 $7,289 $6,384 
Less:
Average goodwill and intangible assets652 663 655 665 
Average preferred stock295 295 295 295 
Average noncontrolling interest in subsidiary293 — 202 — 
Average tangible common equity$6,367 $5,674 $6,137 $5,424 
Return on average tangible common equity15.6 %13.8 %14.7 %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.
September 30, 2025December 31, 2024
(dollars in millions)
Common equity tier 1:
Common equity$7,102 $6,425 
Less:
Non-qualifying goodwill and intangibles633 644 
Disallowed deferred tax asset142 4 
AOCI related adjustments(406)(535)
Unrealized gain on changes in fair value liabilities(3)1 
Common equity tier 1$6,736 $6,311 
Divided by: Risk-weighted assets$59,637 $56,019 
Common equity tier 1 ratio11.3 %11.3 %
Common equity tier 1$6,736 $6,311 
Plus: Preferred stock, trust preferred securities, and noncontrolling interest669 376 
Tier 1 capital$7,405 $6,687 
Divided by: Tangible average assets$91,131 $82,691 
Tier 1 leverage ratio8.1 %8.1 %
Total capital:
Tier 1 capital$7,405 $6,687 
Plus:
Subordinated debt595 819 
Adjusted allowances for credit losses495 416 
Tier 2 capital$1,090 $1,235 
Total capital$8,495 $7,922 
Total capital ratio14.2 %14.1 %
Classified assets to tier 1 capital plus allowance:
Classified assets$1,129 $1,009 
Divided by: Tier 1 capital7,405 6,687 
Plus: Adjusted allowances for credit losses495 416 
Total Tier 1 capital plus adjusted allowances for credit losses$7,900 $7,103 
Classified assets to tier 1 capital plus allowance14.3 %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 September 30,
20252024
Average
Balance		InterestAverage
Yield / Cost		Average
Balance		InterestAverage
Yield / Cost
(dollars in millions)
Interest earning assets
Loans HFS$5,009 $77.1 6.11 %$4,288 $66.9 6.21 %
Loans HFI:
Commercial and industrial25,216 410.9 6.51 21,982 392.0 7.15 
CRE - non-owner occupied10,473 190.8 7.23 9,689 190.4 7.83 
CRE - owner occupied1,688 25.2 6.05 1,833 28.2 6.23 
Construction and land development4,233 88.8 8.32 4,757 110.7 9.26 
Residential real estate14,557 155.1 4.23 14,441 156.1 4.30 
Consumer24 0.4 7.43 53 1.0 7.15 
Total loans HFI (1), (2), (3)56,191 871.2 6.18 52,755 878.4 6.65 
Investment securities:
Taxable17,794 208.2 4.64 14,321 173.4 4.82 
Tax-exempt2,193 23.5 5.32 2,225 23.7 5.33 
Total investment securities (1)19,987 231.7 4.72 16,546 197.1 4.89 
Cash and other4,147 45.5 4.35 4,206 57.6 5.44 
Total interest earning assets85,334 1,225.5 5.74 77,795 1,200.0 6.19 
Non-interest earning assets
Cash and due from banks397 278 
Allowance for credit losses(414)(366)
Bank owned life insurance1,038 973 
Other assets4,957 4,409 
Total assets$91,312 $83,089 
Interest bearing liabilities
Interest bearing deposits:
Interest bearing demand accounts$16,071 $101.4 2.50 %$16,456 $126.2 3.05 %
Savings and money market accounts23,373 189.4 3.21 18,092 166.3 3.66 
Certificates of deposit10,124 107.4 4.21 10,134 129.6 5.09 
Total interest bearing deposits49,568 398.2 3.19 44,682 422.1 3.76 
Short-term borrowings2,577 30.2 4.66 4,214 57.8 5.46 
Long-term debt2,905 40.4 5.52 569 13.7 9.57 
Qualifying debt678 6.3 3.63 897 9.5 4.23 
Total interest bearing liabilities55,728 475.1 3.38 50,362 503.1 3.97 
Interest cost of funding earning assets2.21 2.58 
Non-interest bearing liabilities
Non-interest bearing deposits26,438 24,638 
Other liabilities1,539 1,457 
Equity7,607 6,632 
Total liabilities and equity$91,312 $83,089 
Net interest income and margin (4)$750.4 3.53 %$696.9 3.61 %
(1)Yields on loans and securities have been adjusted to a TEB. The taxable-equivalent adjustment was $9.7 million and $10.0 million for the three months ended September 30, 2025 and 2024, respectively.
(2)Included in the yield computation are net loan fees of $28.1 million and $21.7 million for the three months ended September 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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Nine Months Ended September 30,
20252024
Average
Balance		InterestAverage
Yield / Cost		Average
Balance		InterestAverage
Yield / Cost
(dollars in millions)
Interest earning assets
Loans HFS$4,725 $217.7 6.16 %$3,192 $149.1 6.24 %
Loans HFI:
Commercial and industrial24,056 1,168.9 6.55 20,220 1,107.8 7.38 
CRE - non-owner occupied10,247 547.8 7.15 9,613 560.6 7.80 
CRE - owner occupied1,785 80.7 6.15 1,835 83.5 6.18 
Construction and land development4,309 269.2 8.36 4,806 340.0 9.45 
Residential real estate14,435 457.5 4.24 14,565 470.0 4.31 
Consumer34 1.8 6.99 54 2.9 7.14 
Total loans HFI (1), (2), (3)54,866 2,525.9 6.18 51,093 2,564.8 6.74 
Investment securities:
Taxable15,322 529.2 4.62 13,027 461.0 4.73 
Tax-exempt2,221 72.0 5.44 2,217 70.6 5.34 
Total investment securities (1)17,543 601.2 4.72 15,244 531.6 4.82 
Cash and other3,909 130.7 4.47 3,716 157.0 5.64 
Total interest earning assets81,043 3,475.5 5.78 73,245 3,402.5 6.26 
Non-interest earning assets
Cash and due from banks358 285 
Allowance for credit losses(405)(355)
Bank owned life insurance1,026 451 
Other assets4,862 4,501 
Total assets$86,884 $78,127 
Interest bearing liabilities
Interest bearing deposits:
Interest bearing demand accounts$15,883 $298.5 2.51 %$16,693 $379.4 3.04 %
Savings and money market accounts22,113 524.7 3.17 16,644 442.4 3.55 
Certificates of deposit10,076 331.1 4.39 10,230 391.2 5.11 
Total interest bearing deposits48,072 1,154.3 3.21 43,567 1,213.0 3.72 
Short-term borrowings2,452 86.7 4.72 4,032 170.4 5.65 
Long-term debt2,686 112.1 5.58 483 38.1 10.51 
Qualifying debt800 23.8 3.97 896 28.6 4.26 
Total interest bearing liabilities54,010 1,376.9 3.41 48,978 1,450.1 3.95 
Interest cost of funding earning assets2.27 2.65 
Non-interest bearing liabilities
Non-interest bearing deposits24,051 21,284 
Other liabilities1,534 1,481 
Equity7,289 6,384 
Total liabilities and equity$86,884 $78,127 
Net interest income and margin (4)$2,098.6 3.51 %$1,952.4 3.61 %
(1)Yields on loans and securities have been adjusted to a TEB. The taxable-equivalent adjustment was $30.1 million and $29.5 million for the nine months ended September 30, 2025 and 2024, respectively.
(2)Included in the yield computation are net loan fees of $77.4 million and $86.9 million for the nine months ended September 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 September 30,Nine Months Ended September 30,
2025 versus 20242025 versus 2024
Increase (Decrease) Due to Changes in (1)Increase (Decrease) Due to Changes in (1)
VolumeRateTotalVolumeRateTotal
(in millions)
Interest income:
Loans HFS$11.1 $(0.9)$10.2 $70.6 $(2.0)$68.6 
Loans HFI:
Commercial and industrial52.7 (33.8)18.9 186.4 (125.3)61.1 
CRE - non-owner occupied14.3 (13.9)0.4 33.9 (46.7)(12.8)
CRE - owner-occupied(2.2)(0.8)(3.0)(2.3)(0.5)(2.8)
Construction and land development(11.0)(10.9)(21.9)(31.0)(39.8)(70.8)
Residential real estate1.2 (2.2)(1.0)(4.1)(8.4)(12.5)
Consumer(0.5)(0.1)(0.6)(1.1)— (1.1)
Total loans HFI54.5 (61.7)(7.2)181.8 (220.7)(38.9)
Investment securities:
Taxable40.6 (5.8)34.8 79.3 (11.1)68.2 
Tax-exempt(0.3)0.1 (0.2)0.1 1.3 1.4 
Total investment securities40.3 (5.7)34.6 79.4 (9.8)69.6 
Cash and other(0.6)(11.5)(12.1)6.5 (32.8)(26.3)
Total interest income105.3 (79.8)25.5 338.3 (265.3)73.0 
Interest expense:
Interest bearing demand accounts(2.4)(22.4)(24.8)(15.2)(65.7)(80.9)
Savings and money market accounts42.8 (19.7)23.1 129.8 (47.5)82.3 
Certificates of deposit(0.1)(22.1)(22.2)(5.1)(55.0)(60.1)
Total deposits40.3 (64.2)(23.9)109.5 (168.2)(58.7)
Short-term borrowings(19.2)(8.4)(27.6)(55.9)(27.8)(83.7)
Long-term debt32.5 (5.8)26.7 91.9 (17.9)74.0 
Qualifying debt(2.0)(1.2)(3.2)(2.9)(1.9)(4.8)
Total interest expense51.6 (79.6)(28.0)142.6 (215.8)(73.2)
Net change$53.7 $(0.2)$53.5 $195.7 $(49.5)$146.2 
(1)    Changes attributable to both volume and rate are designated as volume changes.
Comparison of interest income, interest expense and net interest margin
The Company's primary source of revenue is interest income. For the three months ended September 30, 2025, interest income totaled $1.2 billion, an increase of $25.5 million, or 2.1%, compared to the three months ended September 30, 2024. This increase was primarily the result of increases in interest income from investment securities and loans HFS of $34.6 million and $10.2 million, respectively, resulting from increases in the average balances of these assets of $3.4 billion and $721 million, respectively. These increases were partially offset by a decrease in interest income from loans HFI of $7.2 million as lower loan yields outweighed the increase in the average balance of $3.4 billion.
For the nine months ended September 30, 2025, interest income was $3.5 billion, an increase of $73.0 million, or 2.1%, compared to $3.4 billion for the nine months ended September 30, 2024. This increase was primarily the result of an increase of $69.6 million in interest income from investment securities primarily due to an increase in the average investment balance of $2.3 billion and interest income from loans HFS of $68.6 million driven by a higher average balance of $1.5 billion. These increases were partially offset by a $38.9 million decrease in interest income from loans HFI driven by lower yields net of a $3.8 billion increase in the average balance.
For the three months ended September 30, 2025, interest expense totaled $475.1 million, a decrease of $28.0 million, or 5.6%, compared to $503.1 million for the three months ended September 30, 2024. The decrease in interest expense related to decreases in interest expense on deposits of $23.9 million due to lower rates and short-term borrowings of $27.6 million due to lower rates and a lower average balance of $1.6 billion. These decreases were partially offset by increases of $4.9 billion and $2.3 billion in average interest bearing deposits and long-term debt, respectively.
For the nine months ended September 30, 2025, interest expense was $1.4 billion, a decrease of $73.2 million, or 5.0%, compared to $1.5 billion for the nine months ended September 30, 2024. Interest expense on short-term borrowings decreased
69

$83.7 million due to a decrease in the average balance of $1.6 billion in conjunction with lower rates, while interest expense on deposits decreased $58.7 million for the same period driven by lower rates net of a $4.5 billion increase in average interest bearing deposits. These decreases were partially offset by a $74.0 million increase in interest expense on long-term debt resulting from an increase in average balances of $2.2 billion.
For the three months ended September 30, 2025, net interest income totaled $750.4 million, an increase of $53.5 million, or 7.7%, compared to $696.9 million for the three months ended September 30, 2024. The increase in net interest income was driven by an increase in average interest earning assets of $7.5 billion and lower rates on deposits, partially offset by lower yields on interest earning assets. The decrease in net interest margin of 8 basis points to 3.53% is largely the result of the impact of a lower rate environment on interest earning asset yields, partially offset by lower rates on interest bearing liabilities.
For the nine months ended September 30, 2025, net interest income was $2.1 billion, an increase of $146.2 million, or 7.5%, compared to $2.0 billion for the nine months ended September 30, 2024. The increase in net interest income reflects a $7.8 billion increase in average interest-earning assets, partially offset by an increase of $5.0 billion in average interest bearing liabilities. The decrease in net interest margin of 10 basis points to 3.51% is primarily 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 nine months ended September 30, 2025, the Company recorded a provision for credit losses of $80.0 million and $151.1 million, respectively, compared to $33.6 million and $85.9 million for the respective periods in 2024. The provision for credit losses for the three and nine months ended September 30, 2025 is primarily reflective of net loan charge-offs of $31.1 million and $86.5 million, respectively, establishment of a $29.6 million reserve related to the Cantor Group V loan, and qualitative overlays.
Non-interest Income
The following table presents a summary of non-interest income: 
Three Months Ended September 30,Increase (Decrease)Nine Months Ended September 30,Increase (Decrease)
2025202420252024
(in millions)
Service charges and loan fees$35.4 $30.1 $5.3 $109.5 $64.3 $45.2 
Net gain on mortgage loan origination and sale activities75.5 46.3 29.2 164.4 138.4 26.0 
Net loan servicing revenue19.1 12.3 6.8 79.2 96.8 (17.6)
Income from bank owned life insurance11.8 13.0 (1.2)34.2 15.7 18.5 
Gain on sales of investment securities8.5 8.8 (0.3)22.0 10.2 11.8 
Fair value gain adjustments, net8.3 4.1 4.2 9.4 5.1 4.3 
Income from equity investments7.8 5.8 2.0 5.9 27.1 (21.2)
Other income21.4 5.8 15.6 38.9 13.7 25.2 
Total non-interest income$187.8 $126.2 $61.6 $463.5 $371.3 $92.2 
Total non-interest income for the three months ended September 30, 2025 increased by $61.6 million compared to the same period in 2024, with changes primarily attributable to mortgage banking revenue and other non-interest income. Net gain on mortgage loan origination and sale activities rose by $29.2 million, reflecting increased loan production revenue and improved gain on sale margins. In addition, net loan servicing revenue grew by $6.8 million as MSR valuations, net of hedging, strengthened. Other non-interest income increased $15.6 million largely from an increase in rental income associated with commercial OREO properties.
Total non-interest income for the nine months ended September 30, 2025 increased by $92.2 million compared to the same period in 2024. This growth was primarily attributable to higher service charges and loan fees, net gain on mortgage loan origination and sale activities, other non-interest income, and income from bank owned life insurance. The increases in net gain on mortgage loan origination and sale activities, as well as other non-interest income are discussed in the preceding paragraph. The increase in service charges and loan fees of $45.2 million was driven by service charges on insured deposit products. Income from bank owned life insurance rose by $18.5 million, reflecting income from a new policy entered into during the third
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quarter of 2024. Partially offsetting these increases were declines in income from equity investments and net loan servicing revenue. The $21.2 million decrease in income from equity investments was primarily due to the timing of income recognition on an equity investment, while the $17.6 million reduction in net loan servicing revenue resulted from fair value losses on MSRs and lower servicing income.
Non-interest Expense
The following table presents a summary of non-interest expense:
Three Months Ended September 30,Increase (Decrease)Nine Months Ended September 30,Increase (Decrease)
2025202420252024
(in millions)
Salaries and employee benefits$193.5 $157.8 $35.7 $555.8 $465.7 $90.1 
Deposit costs175.1 208.0 (32.9)459.3 518.7 (59.4)
Data processing48.1 38.7 9.4 138.3 110.4 27.9 
Legal, professional, and directors' fees28.1 24.8 3.3 82.3 80.7 1.6 
Insurance24.5 35.4 (10.9)99.8 128.1 (28.3)
Occupancy16.8 17.6 (0.8)50.9 53.5 (2.6)
Loan servicing expenses15.0 18.7 (3.7)51.5 50.3 1.2 
Loan acquisition and origination expenses7.3 5.9 1.4 18.3 15.8 2.5 
Business development and marketing5.6 9.7 (4.1)17.6 21.6 (4.0)
Other expense30.4 20.8 9.6 85.7 61.2 24.5 
Total non-interest expense$544.4 $537.4 $7.0 $1,559.5 $1,506.0 $53.5 
Total non-interest expense for the three months ended September 30, 2025 increased by $7.0 million compared to the same period in 2024, primarily due to higher salaries and employee benefits, other non-interest expense, and data processing costs. Salaries and employee benefits rose by $35.7 million, reflecting increases in average salary and headcount. Other non-interest expense grew by $9.6 million, largely driven by increased costs from operating OREO properties. Data processing costs were up $9.4 million attributable to higher software licensing fees and associated depreciation. These increases were partially offset by a reduction in deposit costs of $32.9 million resulting from lower ECR rates as well as a decrease in insurance expense of $10.9 million, due to lower FDIC assessment fees following a decline in brokered deposit levels.
Total non-interest expense for the nine months ended September 30, 2025 increased by $53.5 million compared to the same period in 2024, mainly due to higher salaries and employee benefits, data processing costs, and other non-interest expense, as discussed in the preceding paragraph. These increases were partially offset by decreases in deposit costs and insurance expense. Lower ECR rates drove the $59.4 million decrease in deposit costs, while insurance costs decreased $28.3 million due to a reduction in brokered deposit levels and an adjustment to the FDIC special assessment loss estimate that resulted in a charge of $9.4 million recognized during the nine months ended September 30, 2024.
Income Taxes
The Company's effective tax rate was 17.0% and 20.7% for the three months ended September 30, 2025 and 2024, respectively, and 18.1% and 22.0% for the nine months ended September 30, 2025 and 2024, respectively. The decrease in the effective tax rate for the three and nine month periods ended September 30, 2025 compared to the same periods in 2024 was primarily due to an increase in investment tax credit benefits and a decrease in state taxes.

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Business Segment Results
The Company's operating 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 CompanyCommercialConsumer RelatedCorporate & Other
At September 30, 2025:(in millions)
Loans HFI, net of deferred fees and costs$56,646 $33,830 $22,816 $— 
Deposits77,247 28,584 42,725 5,938 
At December 31, 2024:
Loans HFI, net of deferred fees and costs$53,676 $31,544 $22,132 $— 
Deposits66,341 25,487 33,767 7,087 
Three Months Ended September 30, 2025:(in millions)
Income (loss) before provision for income taxes$313.8 $133.4 $227.2 $(46.8)
Nine Months Ended September 30, 2025:
Income (loss) before provision for income taxes$851.5 $434.6 $574.6 $(157.7)
Three Months Ended September 30, 2024:
Income before provision for income taxes$252.1 $138.2 $113.7 $0.2 
Nine Months Ended September 30, 2024:
Income before provision for income taxes$731.8 $411.1 $303.4 $17.3 

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BALANCE SHEET ANALYSIS
Total assets increased $10.0 billion, or 12.4%, to $91.0 billion at September 30, 2025, compared to $80.9 billion at December 31, 2024. Higher deposit levels supported increases in investment securities and cash of $3.7 billion and $1.7 billion, respectively, and also funded HFI and HFS loan growth. Loans HFI increased $3.0 billion, or 5.5%, to $56.6 billion as of September 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 $2.6 billion, $476 million, and $325 million, respectively, from December 31, 2024. Loans HFS increased $1.2 billion from $2.3 billion as of December 31, 2024 primarily due to an increase in non-EBO loans.
Total liabilities increased $9.1 billion to $83.3 billion at September 30, 2025, compared to $74.2 billion at December 31, 2024 as total deposits increased $10.9 billion, or 16.4%, to $77.2 billion. By type, the increase in deposits from December 31, 2024 was driven by increases of $7.8 billion in non-interest bearing deposits, $3.4 billion in savings and money market accounts, and $544 million in interest bearing demand deposits, partially offset by a decrease in certificates of deposit of $839 million. Other borrowings decreased $1.7 billion from December 31, 2024 as deposit growth facilitated a reduction in overnight borrowings.
Total equity of $7.7 billion at September 30, 2025 increased $983 million, or 14.7%, from December 31, 2024. This change was primarily attributable to net income of $697.4 million for the nine months ended September 30, 2025, 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 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: 
September 30, 2025December 31, 2024Increase
(Decrease)
(in millions)
Debt securities
Residential MBS issued by GSEs and GNMA$7,065 $5,831 $1,234 
U.S. Treasury securities5,388 4,383 1,005 
Tax-exempt2,168 2,195 (27)
CLO1,888 570 1,318 
Private label residential MBS1,213 1,123 90 
Commercial MBS issued by GSEs and GNMA622 437 185 
Corporate debt securities350 386 (36)
Other68 69 (1)
Total debt securities$18,762 $14,994 $3,768 
Equity securities
Preferred stock$64 $91 $(27)
CRA investments27 26 1 
Total equity securities$91 $117 $(26)
The increase in total debt securities of $3.8 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 expand 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 September 30, 2025, loans HFS totaled $3.5 billion, compared to $2.3 billion at December 31, 2024, an increase of $1.2 billion primarily related to an increase in non-EBO loans.
Loans HFI
The table below summarizes the distribution of the Company’s held for investment loan portfolio: 
September 30, 2025December 31, 2024Increase
(Decrease)
(in millions)
Mortgage finance$6,574 $6,151 $423 
Municipal & nonprofit1,559 1,620 (61)
Tech & innovation3,818 3,383 435 
Equity fund resources993 884 109 
Other commercial and industrial12,935 11,231 1,704 
CRE - owner occupied1,531 1,675 (144)
Hotel franchise finance4,006 3,815 191 
Other CRE - non-owner occupied6,923 6,342 581 
Residential13,158 12,961 197 
Residential - EBO956 972 (16)
Construction and land development4,047 4,468 (421)
Other146 174 (28)
Total loans HFI56,646 53,676 2,970 
Allowance for credit losses(440)(374)(66)
Total loans HFI, net of allowance$56,206 $53,302 $2,904 
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 $127 million and $106 million reduced the carrying value of loans as of September 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 September 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 September 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 September 30, 2025 and December 31, 2024, respectively. A subset of commercial and industrial loans consist of loans to NDFIs, which, as defined by regulatory guidance, are entities that provide services similar to traditional banks but do not accept deposits from the general public and are not regulated by Federal banking agencies.
The following table presents the balance of loans to NDFIs:
September 30, 2025
AmountPercent of Loans to NDFIsPercent of Total HFI Loans
(dollars in millions)
Mortgage credit intermediaries$9,256 68.2 %16.3 %
Business credit intermediaries3,329 24.5 5.9 
Private equity funds992 7.3 1.8 
Total loans to NDFIs$13,577 100.0 %24.0 %
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In addition, the Company's loan portfolio includes significant credit exposure to the CRE market as CRE related loans accounted for approximately 29% and 30% of total loans at September 30, 2025 and December 31, 2024, respectively. 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.
The following tables present the composition by property type and weighted average LTV of the Company’s CRE non-owner occupied loans:
September 30, 2025
AmountPercent of CRE-Non OOPercent of Total HFI LoansWeighted Average LTV (1)
(dollars in millions)
Hotel$4,377 41.7 %7.7 %52.0 %
Office2,238 21.3 3.9 61.0 
Multifamily899 8.6 1.6 50.0 
Retail752 7.2 1.3 52.0 
Industrial597 5.7 1.1 44.0 
Time share439 4.2 0.8 46.0 
Data Center159 1.5 0.3 29.0 
Medical131 1.3 0.2 58.0 
Senior care108 1.0 0.2 42.0 
Storage90 0.9 0.2 36.0 
Other697 6.6 1.2 53.0 
Total CRE - non-owner occupied$10,487 100.0 %18.5 %52.6 %
(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
AmountPercent of CRE-Non OOPercent of Total HFI LoansWeighted Average LTV (1)
(dollars in millions)
Hotel$4,167 42.3 %7.8 %46.7 %
Office2,337 23.7 4.4 69.0 
Retail783 7.9 1.4 55.7 
Multifamily632 6.4 1.2 40.7 
Industrial580 5.9 1.1 38.9 
Time share467 4.7 0.9 33.6 
Medical145 1.5 0.3 61.5 
Senior care142 1.4 0.2 41.2 
Data Center111 1.1 0.2 25.0 
Storage89 0.9 0.2 46.2 
Other415 4.2 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 September 30, 2025:
Origination Year
20252024202320222021PriorTotal
(in millions)
CRE - non-owner occupied$902 $897 $1,169 $3,753 $1,446 $2,320 $10,487 
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The following table presents the scheduled maturities of the Company’s CRE non-owner occupied loans as of September 30, 2025:
(in millions)
2025$1,093 
20263,087 
20272,552 
20281,464 
2029968 
Thereafter1,323 
Total$10,487 
Approximately $2.2 billion, or 3.9%, of total loans HFI consisted of CRE non-owner occupied office loans as of September 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 September 30, 2025, $535 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 10% of office loans as of September 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 September 30, 2025 and December 31, 2024, 14% 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 $75 million to $679 million at September 30, 2025, from $604 million at December 31, 2024.
September 30, 2025December 31, 2024
(dollars in millions)
Total nonaccrual loans (1)$522 $476 
Loans past due 90 days or more on accrual status (2)49 — 
Accruing restructured loans108 128 
Total nonperforming loans$679 $604 
Other assets acquired through foreclosure, net$130 $52 
Nonaccrual HFI loans to funded HFI loans0.92 %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 $149 million and $169 million at September 30, 2025 and December 31, 2024, respectively.
(2)Excludes government guaranteed residential mortgage loans of $282 million and $326 million at September 30, 2025 and December 31, 2024, respectively.
Interest income that would have been recorded under the original terms of nonaccrual loans was $10.4 million and $6.6 million for the three months ended September 30, 2025 and 2024, respectively, and $26.4 million and $18.4 million for the nine months ended September 30, 2025 and 2024, respectively.

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The composition of nonaccrual loans HFI by loan portfolio segment were as follows: 
September 30, 2025
Nonaccrual
Balance		Percent of Nonaccrual BalancePercent of
Total Loans HFI
(dollars in millions)
Municipal & nonprofit$5 1.0 %0.01 %
Tech & innovation43 8.2 0.08 
Equity fund resources1 0.2 0.00 
Other commercial and industrial134 25.6 0.24 
CRE - owner occupied3 0.6 0.00 
Other CRE - non-owner occupied187 35.8 0.33 
Residential11 2.1 0.02 
Construction and land development136 26.1 0.24 
Other2 0.4 0.00 
Total non-accrual loans$522 100.0 %0.92 %
December 31, 2024
Nonaccrual
Balance		Percent of Nonaccrual BalancePercent of
Total Loans HFI
(dollars in millions)
Municipal & nonprofit$5 1.0 %0.01 %
Tech & innovation60 12.6 0.11 
Equity fund resources1 0.2 0.00 
Other commercial and industrial17 3.6 0.03 
CRE - owner occupied5 1.0 0.01 
Other CRE - non-owner occupied243 51.1 0.45 
Residential88 18.5 0.17 
Construction and land development56 11.8 0.11 
Other1 0.2 0.00 
Total non-accrual loans$476 100.0 %0.89 %
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Restructurings for Borrowers Experiencing Financial Difficulty
The following tables present the amortized cost basis of loans HFI that were modified during the period by loan portfolio segment:
Amortized Cost Basis at September 30, 2025
Term ExtensionInterest Rate ReductionPayment DelayTotal% of Total Class of Financing Receivable
Three Months Ended (dollars in millions)
Other commercial and industrial$— $— $57 $57 0.4 %
Other CRE - non-owner occupied— — 50 50 0.7 
Total$— $— $107 $107 0.2 %
Amortized Cost Basis at September 30, 2025
Term ExtensionInterest Rate ReductionPayment DelayTotal% of Total Class of Financing Receivable
Nine Months Ended (dollars in millions)
Tech & innovation$— $— $18 $18 0.5 %
Other commercial and industrial— — 58 58 0.4 
Other CRE - non-owner occupied— — 50 50 0.7 
Construction and land development— — 34 34 0.8 
Total$— $— $160 $160 0.3 %
Amortized Cost Basis at September 30, 2024
Term ExtensionInterest Rate ReductionPayment DelayTotal% of Total Class of Financing Receivable
Three Months Ended (dollars in millions)
Tech & innovation$— $2 $— $2 0.1 %
Other commercial and industrial— — 87 87 1.0 
Total$— $2 $87 $89 0.2 %
Amortized Cost Basis at September 30, 2024
Term ExtensionInterest Rate ReductionPayment DelayTotal% of Total Class of Financing Receivable
Nine Months Ended (dollars in millions)
Tech & innovation$— $2 $29 $31 1.0 %
Other commercial and industrial8 — 87 95 1.0 
Other CRE - non-owner occupied— — 56 56 0.9 
Construction and land development41 — — 41 0.9 
Total$49 $2 $172 $223 0.4 %
The performance of these modified loans is monitored for 12 months following the modification. As of September 30, 2025, modified loans of $108 million were current to 89 days delinquent and $149 million were on nonaccrual status. As of December 31, 2024, modified loans of $128 million were current to 89 days delinquent 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 through successful completion of a loss mitigation retention solution. During the three and nine months ended September 30, 2025, the Company completed modifications of EBO loans with an amortized cost of $173 million and $442 million, respectively. During the three and nine months ended September 30, 2024, the Company completed modifications of EBO loans with an amortized cost of $106 million and $285 million, respectively. 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 September 30, 2025, modified EBO loans consisted of $94 million in loans that were current to 89 days delinquent and $33 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.
78

Allowance for Credit Losses on Loans HFI
The ACL consists of an ACL on loans and on unfunded loan commitments. The ACL on AFS and HTM securities is estimated separately from loans and is discussed within the Investment Securities section.
The following table summarizes the allocation of the ACL on loans HFI by loan portfolio segment:
September 30, 2025December 31, 2024
Allowance for credit lossesPercent of total allowance for credit lossesPercent of loan type to total loans HFIAllowance for credit lossesPercent of total allowance for credit lossesPercent of loan type to total loans HFI
(dollars in millions)
Mortgage finance$5.0 1.1 %11.6 %$4.8 1.3 %11.5 %
Municipal & nonprofit12.1 2.8 2.8 14.7 3.9 3.0 
Tech & innovation53.1 12.1 6.7 55.9 15.0 6.3 
Equity fund resources2.6 0.6 1.8 1.6 0.4 1.7 
Other commercial and industrial146.0 33.2 22.8 79.4 21.2 20.9 
CRE - owner occupied3.3 0.7 2.7 3.4 0.9 3.1 
Hotel franchise finance38.1 8.7 7.1 35.3 9.4 7.1 
Other CRE - non-owner occupied131.7 29.9 12.2 134.4 36.0 11.8 
Residential22.1 5.0 23.2 19.7 5.3 24.1 
Residential - EBO— — 1.7 — — 1.8 
Construction and land development24.0 5.4 7.1 21.3 5.7 8.4 
Other2.4 0.5 0.3 3.3 0.9 0.3 
Total$440.4 100.0 %100.0 %$373.8 100.0 %100.0 %
During the three months ended September 30, 2025 and 2024, annualized net loan charge-offs to average loans outstanding were 0.22% and 0.20%, 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 $42.3 million and $39.5 million at September 30, 2025 and December 31, 2024, respectively, and is included in Other liabilities on the Consolidated Balance Sheet.
Problem Loans
The Company classifies loans consistent with federal banking regulations using a nine category grading system. The following table presents information regarding potential and actual problem loans, consisting of loans graded as Special Mention, Substandard, Doubtful, and Loss, but which are still performing: 
September 30, 2025
Number of LoansProblem Loan BalancePercent of Problem Loan BalancePercent of Total Loans HFI
(dollars in millions)
Other commercial and industrial126 $321 40.8 %0.57 %
CRE - owner occupied16 18 2.3 0.03 
Hotel franchise finance2 90 11.4 0.16 
Other CRE - non-owner occupied13 276 35.1 0.49 
Residential74 47 6.0 0.08 
Construction and land development3 32 4.1 0.06 
Other31 2 0.3 0.00 
Total265 $786 100.0 %1.39 %
79

December 31, 2024
Number of LoansProblem Loan BalancePercent of Problem Loan BalancePercent of Total Loans HFI
(dollars in millions)
Municipal & nonprofit2 $18 3.7 %0.03 %
Other commercial and industrial89 121 24.8 0.23 
CRE - owner occupied9 7 1.4 0.01 
Hotel franchise finance8 112 22.9 0.21 
Other CRE - non-owner occupied9 136 27.8 0.25 
Residential169 92 18.8 0.17 
Other33 3 0.6 0.01 
Total319 $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.
Mortgage Servicing Rights
The fair value of the Company's MSRs related to residential mortgage loans totaled $1.2 billion and $1.1 billion as of September 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:
September 30, 2025December 31, 2024
(in millions)
FNMA and FHLMC$41,611 $42,908 
GNMA20,426 14,980 
Non-agency4,015 3,201 
Total unpaid principal balance of loans$66,052 $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. At September 30, 2025 and December 31, 2024, these assets totaled $130 million and $52 million, respectively, net of a valuation allowance of $14 million and $5 million, as of each respective date. The Company held 14 properties at September 30, 2025 compared to five at December 31, 2024, which consisted primarily of office properties. 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 nine months ended September 30, 2025 as the Company advanced 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. This increase was partially offset by the sale of one CRE office property and the transfer of another property to Premises and equipment due to a change in management intent during the three and nine months ended September 30, 2025.
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 $651 million and $659 million at September 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 nine months ended September 30, 2025 and 2024, there were no events or circumstances that indicated an interim impairment test of goodwill or other intangible assets was necessary.
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Deferred Tax Assets
As of September 30, 2025, the net DTA balance totaled $341 million, an increase of $60 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 an increase in the MSR DTL.
The Company had no deferred tax valuation allowance as of September 30, 2025 and December 31, 2024.
Bank Owned Life Insurance
The carrying value of BOLI totaled $1.0 billion as of September 30, 2025, an increase of $34 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 $77.2 billion at September 30, 2025, from $66.3 billion at December 31, 2024, an increase of $10.9 billion, or 16.4%. By deposit type, the increase in deposits is attributable to increases of $7.8 billion in non-interest bearing deposits, $3.4 billion in savings and money market accounts, and $544 million in interest bearing demand deposits, partially offset by a decrease of $839 million in certificates of deposit.
WAB is a participant in the IntraFi Network, a network that offers deposit placement services such as CDARS and ICS, which offer products that qualify large deposits for FDIC insurance. At September 30, 2025, the Company had $13.1 billion of these reciprocal deposits, compared to $14.0 billion at December 31, 2024. At September 30, 2025 and December 31, 2024, the Company also had wholesale brokered deposits of $5.4 billion and $6.9 billion, respectively.
In addition, deposits for which the Company provides account holders with earnings credits or referral fees totaled $28.0 billion and $20.7 billion at September 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 $169.2 million and $201.7 million in deposit related costs on these deposits for the three months ended September 30, 2025 and 2024, respectively. During the nine months ended September 30, 2025 and 2024, the Company incurred $441.8 million and $500.4 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 September 30,
20252024
Average BalanceRateAverage BalanceRate
(dollars in millions)
Interest bearing demand accounts$16,071 2.50 %$16,456 3.05 %
Savings and money market accounts23,373 3.21 18,092 3.66 
Certificates of deposit10,124 4.21 10,134 5.09 
Total interest bearing deposits49,568 3.19 44,682 3.76 
Non-interest bearing deposits26,438 — 24,638 — 
Total deposits$76,006 2.08 %$69,320 2.42 %
Nine Months Ended September 30,
20252024
Average BalanceRateAverage BalanceRate
(dollars in millions)
Interest-bearing demand accounts$15,883 2.51 %$16,693 3.04 %
Savings and money market accounts22,113 3.17 16,644 3.55 
Certificates of deposit10,076 4.39 10,230 5.11 
Total interest-bearing deposits48,072 3.21 43,567 3.72 
Non-interest-bearing deposits24,051 — 21,284 — 
Total deposits$72,123 2.14 %$64,851 2.50 %
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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 $2.2 billion to $1.0 billion at September 30, 2025, from $3.2 billion at December 31, 2024 as deposit growth facilitated a reduction in overnight borrowings.
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 $478 million to $2.9 billion at September 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 September 30, 2025, the carrying value of qualifying debt decreased $218 million to $681 million from $899 million at December 31, 2024, driven primarily by the redemption of $225 million of subordinated debt during the nine months ended September 30, 2025.
Equity
Total equity of $7.7 billion at September 30, 2025 increased $983 million, or 14.7%, from December 31, 2024. This change was primarily attributable to net income of $697.4 million for the nine months ended September 30, 2025, 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 and share repurchases.
During the three and nine months ended September 30, 2025, the Company's BOD approved a common stock repurchase program pursuant to which the Company is authorized to repurchase up to $300 million of its outstanding common stock through open market purchases, privately negotiated transactions, or other means. The program reflects the Company's commitment to returning capital to shareholders, while maintaining flexibility to invest in strategic growth initiatives. The Company repurchased 119,588 shares of its common stock for a total payment of $10.6 million, at an average price of $88.50 per share, during the three and nine months ended September 30, 2025. As of September 30, 2025, the Company had approximately $289 million remaining under its repurchase authorization.
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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 September 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 CapitalTier 1 CapitalRisk-Weighted AssetsTangible Average AssetsTotal Capital RatioTier 1 Capital RatioTier 1 Leverage RatioCommon Equity
Tier 1
(dollars in millions)
September 30, 2025
WAL$8,495 $7,405 $59,637 $91,131 14.2 %12.4 %8.1 %11.3 %
WAB8,107 7,612 59,518 91,042 13.6 12.8 8.4 12.3 
Well-capitalized ratios10.0 8.0 5.0 6.5 
Minimum capital ratios8.0 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 %
WAB7,444 6,803 55,983 82,562 13.3 12.2 8.2 12.2 
Well-capitalized ratios10.0 8.0 5.0 6.5 
Minimum capital ratios8.0 6.0 4.0 4.5 
The Company and the Bank are also subject to liquidity and other regulatory requirements as administered by the federal banking agencies. These agencies have broad powers and at their discretion, could limit or prohibit the Company's payment of dividends, payment of certain debt service and issuance of capital stock and debt as they deem appropriate and as such, actions by the agencies could have a direct material effect on the Company’s business and financial statements.
The Company is also required to maintain specified levels of capital to remain in good standing with certain federal government agencies, including FNMA, FHLMC, GNMA, and HUD. These capital requirements are generally tied to the unpaid balances of loans included in the Company's servicing portfolio or loan production volume. Noncompliance with these capital requirements can result in various remedial actions up to, and including, removing the Company's ability to sell loans to and service loans on behalf of the respective agency. The Company believes that it is in compliance with these requirements as of September 30, 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 September 30, 2025 are presented in the following table:
September 30, 2025
(in millions)
FHLB:
Borrowing capacity$14,961 
Outstanding borrowings3,400 
Letters of credit1,273 
Total available credit$10,288 
FRB:
Borrowing capacity$17,136 
Outstanding borrowings— 
Total available credit$17,136 
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. There were no outstanding borrowings on the Company's unsecured federal funds lines of credit as of September 30, 2025.
The Company has a formal liquidity policy and, in the opinion of management, its liquid assets are considered adequate to meet financial obligations and support client activity during normal and stressed operating conditions. At September 30, 2025, there were $21.2 billion in liquid assets, comprised of $4.8 billion in cash on deposit at the FRB and $16.4 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.
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
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operations and repayment of contractual principal and interest payments owed by the Parent and affiliated companies. Under this scenario, the amount of time the Parent and its non-bank subsidiary can operate and meet all obligations before the current liquid assets are exhausted is considered as part of the Parent liquidity analysis. Management believes the Parent maintains adequate liquidity capacity to operate without additional funding from new sources for over twelve months.
WAB maintains sufficient funding capacity to address large increases in funding requirements, such as deposit outflows. This capacity is comprised of liquidity derived from a reduction in asset levels and various secured funding sources. On a long-term basis, the Company’s liquidity will be met by changing the relative distribution of its asset portfolios (for example, by reducing investment or loan volumes, or selling or encumbering assets). Further, the Company can increase liquidity by soliciting higher levels of deposit accounts through promotional activities and/or borrowing from correspondent banks, the FHLB of San Francisco, and the FRB. At September 30, 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 nine months ended September 30, 2025 and 2024, net cash used in operating activities totaled $2.6 billion and $2.1 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 primarily been influenced by its loan and securities activities. A net increase in investment securities drove a cash outflow of $3.4 billion and $3.2 billion for the nine months ended September 30, 2025 and 2024, respectively. During each of the nine months ended September 30, 2025 and 2024, the Company's cash balance decreased by $3.1 billion as a result of a net increase in loans, 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 nine months ended September 30, 2025, net deposits increased $10.9 billion, compared to an increase of $12.7 billion during the nine months ended September 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 September 30, 2025, the Company has $1.8 billion of CDARS and $9.7 billion of ICS deposits.
As of September 30, 2025, the Company has $5.4 billion of wholesale brokered deposits outstanding. Brokered deposits are generally considered to be deposits that have been received from a third party who is engaged in the business of placing deposits on behalf of others. A traditional deposit broker will direct deposits to the banking institution offering the highest interest rate available. Federal banking laws and regulations place restrictions on depository institutions regarding brokered deposits because of the general concern these deposits are not relationship based and are at a greater risk of being withdrawn and placed on deposit at another institution offering a higher interest rate, thus posing liquidity risk for institutions that gather brokered deposits in significant amounts.
Federal and state banking regulations place certain restrictions on dividends paid. The total amount of dividends which may be paid at any date is generally limited to the retained earnings of the bank. Dividends paid by WAB to the Parent would be prohibited if the effect thereof would cause the Bank’s capital to be reduced below applicable minimum capital requirements. During the three and nine months ended September 30, 2025, WAB and CSI paid dividends to the Parent totaling $70 million and $200 million, respectively.
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Item 3.Quantitative and Qualitative Disclosures about Market Risk.
Market risk is the risk of loss in a financial instrument arising from adverse changes in market prices and rates, foreign currency exchange rates, commodity prices, and equity prices. The Company's market risk arises primarily from interest rate risk inherent in its lending, investing, and deposit taking activities. To that end, management actively monitors and manages the Company's interest rate risk exposure.
Management uses various 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 based on impacts to net interest income and EVE, which are reflected in the model results discussed below.
Interest rate risk is addressed by ALCO, which includes members of executive management, finance, and operations. ALCO monitors interest rate risk by analyzing the potential impact on EVE and earnings from potential changes in interest rates and considers the impact of alternative strategies or changes in balance sheet structure. The Company manages its balance sheet in part to keep the potential impact on EVE and earnings within acceptable ranges despite changes in interest rates.
The Company's exposure to interest rate risk is reviewed at least quarterly by ALCO. Interest rate risk exposure is measured using interest rate sensitivity analysis to determine its change in both EVE and earnings in the event of hypothetical changes in interest rates. If potential changes to EVE and earnings resulting from hypothetical interest rate changes are not within the limits established by the BOD or ALCO determines that interest rate exposures should be reduced, ALCO will either take hedging actions or adjust the asset and liability mix to bring interest rate risk within BOD-approved limits or in line with ALCO's proposed reduction. ALCO may also decide the best course of action for a limit breach is to accept the breach and present justification to the BOD. If the BOD does not agree to accept the limit breach, it will direct ALCO to remediate the breach. The Company's EaR and EVE exposure limits are approved by the BOD on an annual basis, or more often if market conditions warrant. During the nine months ended September 30, 2025, there have been no changes to the Company's exposure limits.
Net Interest Income Simulation. To measure interest rate risk at September 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 deposits reprice to underlying market rate changes based on product and line of business level model assumptions. Current non-term deposit repricing assumptions result in a product-level beta range of 48% to 92%, depending on product, with an average beta of 60%.
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. 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
Interest Rate Scenario
Down 200Down 100Up 100Up 200
(change in basis points from Base)
Parallel Shock Scenario(9.1)%(4.2)%5.6 %10.8 %
Gradual Ramp Scenario(5.5)%(2.2)%3.4 %6.1 %
Earnings-at-Risk. The Company’s EaR simulation model expands on its net interest income simulation, as described above, by adding certain rate-sensitive non-interest income and expense items 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 changes in interest rates. In the Company’s EaR simulation model as of September 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 65%. As a result of the higher deposit betas on deposits eligible for ECRs, in the down simulation scenarios, the Company will benefit from lower deposit costs. In a shock down 100 basis points scenario, ECR related deposit costs would decrease 25% from the baseline forecast over the next twelve months. At September 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, account attrition, and pricing sensitivity derived from the Company's data and other internally-developed analysis and models. These assumptions are reviewed at least annually and are adjusted periodically to reflect changes in market conditions and the Company's balance sheet composition. As simulated model results are based on a number of assumptions outlined above, including forecasted market conditions, actual amounts may differ significantly from the projections set forth below should market conditions vary from the underlying assumptions.
This simulation model assesses the changes in the market value of interest rate sensitive financial instruments that would occur in response to an instantaneous and sustained increase or decrease (shock) in market interest rates. The Company continues to evaluate the scenarios that are presented as interest rates change and will update these scenario disclosures as appropriate.
The following table shows the Company's projected change in EVE for this set of rate shocks at September 30, 2025:
Economic Value of Equity 
Interest Rate Scenario
Down 200Down 100Up 100Up 200
(change in basis points from Base)
% Change(1.3)%0.8 %(1.8)%(3.9)%
At September 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 disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) are effective to ensure information required to be disclosed by the Company in reports 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 information required to be disclosed by the Company in the reports it files or is subject to under the Exchange Act is accumulated and communicated to the Company's management, including the CEO and CFO, to allow timely decisions regarding required disclosures.
Changes in Internal Control over Financial Reporting
There have not been any changes in the Company's internal control over financial reporting during the quarter ended September 30, 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:
PeriodTotal Number of Shares Purchased (1)(2)Average Price Paid Per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)Approximate Dollar Value of Shares That May Yet be Purchased Under the Plans or Programs
July 1-31, 2025811 $80.72 — $— 
August 1-31, 2025— — — — 
September 1-30, 2025120,241 88.52 119,588 — 
Total121,052 $88.46 119,588 $— 
(1)    Shares purchased during the period outside of the publicly announced repurchase program 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)    On September 12, 2025, the Company announced it had adopted a common stock repurchase program, pursuant to which the Company is authorized to repurchase up to $300 million of its shares of common stock. There is no expiration date for the share repurchase program. Pursuant to the stock repurchase program, shares may be purchased through open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the SEC. Any open market repurchases will be conducted in accordance with the limitations set forth in Rule 10b-18. The timing and price of repurchases as well as the actual number of shares repurchased under the program will be at the discretion of the Company and will depend on a variety of factors, including general market conditions, the stock price, regulatory requirements and limitations, corporate liquidity requirements and priorities, and other factors. The Company may, in the sole discretion of the BOD, terminate the repurchase program at any time while it is in effect.

Item 5.Other Information
Insider Adoption or Termination of Trading Arrangements
During the quarter ended September 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
Amended and Restated Certificate of Incorporation, effective as of May 19, 2015 (incorporated by reference to Exhibit 3.1 of Western Alliance's Form 10-K filed with the SEC on March 1, 2019).
3.2
Certificate of Amendment designating the 4.250% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, effective September 22, 2021 (incorporated by reference to Exhibit 3.1 of Western Alliance's Form 8-K filed with the SEC on September 22, 2021).
3.3
Amended and Restated Bylaws of Western Alliance, effective as of June 14, 2022 (incorporated by reference to Exhibit 3.1 of Western Alliance's Form 8-K filed with the SEC on June 16, 2022).
3.4
Articles of Conversion, as filed with the Nevada Secretary of State on May 29, 2014 (incorporated by reference to Exhibit 3.1 of Western Alliance’s Form 8-K filed with the SEC on June 3, 2014).
3.5
Certificate of Conversion, as filed with the Delaware Secretary of State on May 29, 2014 (incorporated by reference to Exhibit 3.2 of Western Alliance’s Form 8-K filed with the SEC on June 3, 2014).
3.6
Certificate of Designation of Non-Cumulative Perpetual Preferred Stock, Series B, as filed with the Delaware Secretary of State on May 29, 2014 (incorporated by reference to Exhibit 3.4 of Western Alliance's Form 8-K filed with the SEC on June 3, 2014).
4.1
Certificate of Amendment to the BW Real Estate, Inc. Articles of Incorporation establishing the Certificate of Designation of the BW Real Estate, Inc. 9.500% Fixed-Rate Reset Non-Cumulative Exchangeable Perpetual Series B Preferred Stock, dated March 25, 2025 (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed March 27, 2025).
10.1 *
Western Alliance Director Deferral Plan, effective September 19, 2025.
10.2 *
Employment Letter Agreement, dated July 14, 2025, by and between Vishal Idnani and Western Alliance.
31.1*
CEO Certification Pursuant Rule 13a-14(a)/15d-14(a).
31.2*
CFO Certification Pursuant Rule 13a-14(a)/15d-14(a).
32**
CEO and CFO Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes Oxley Act of 2002.
101*
Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024, (ii) the Consolidated Income Statements for the three months ended September 30, 2025 and 2024 and nine months ended September 30, 2025 and 2024 , (iii) the Consolidated Statements of Comprehensive Income for the three months ended September 30, 2025 and 2024 and nine months ended September 30, 2025 and 2024, (iv) the Consolidated Statements of Equity for the three months ended September 30, 2025 and 2024 and the nine months ended September 30, 2025 and 2024, (v) the Consolidated Statements of Cash Flows for the nine months ended September 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 September 30, 2025, formatted in Inline XBRL (contained in Exhibit 101).
*    Filed herewith.
**     Furnished herewith.
90

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 WESTERN ALLIANCE BANCORPORATION
October 31, 2025 By: /s/ Kenneth A. Vecchione
  Kenneth A. Vecchione
  President and Chief Executive Officer
October 31, 2025By: /s/ Dale Gibbons
 Dale Gibbons
 Vice Chairman and Chief Financial Officer
October 31, 2025By: /s/ Ben Mucha
 Ben Mucha
 Chief Accounting Officer


91

Source: View Original Filing on SEC EDGAR

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Western Alliance

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WAL Rankings

#1006 Ranked by Market Cap
#1417 Ranked by Dividends

WAL Latest News

Oct 24, 2025
Western Alliance Bank Finances Nearly 200 New Affordable Apartments in North Las Vegas
Oct 21, 2025
Western Alliance Bancorporation Reports Third Quarter 2025 Financial Results
Oct 17, 2025
Western Alliance Bank Enters Strategic Alliance with Clover Lending Group to Expand Financing Access for Active Adult Communities
Oct 10, 2025
Western Alliance Bank Launches Private Client Group for High-Net-Worth Individuals and Their Advisors
Oct 2, 2025
Western Alliance Bancorporation Announces Third Quarter 2025 Earnings Release Date, Conference Call and Webcast

WAL Latest SEC Filings

Oct 31, 2025
[8-K] WESTERN ALLIANCE BANCORPORATION Reports Material Event
Oct 30, 2025
[Form 4] WESTERN ALLIANCE BANCORPORATION Insider Trading Activity
Oct 21, 2025
[Form 3] WESTERN ALLIANCE BANCORPORATION Initial Statement of Beneficial Ownership
Oct 21, 2025
[Form 4] WESTERN ALLIANCE BANCORPORATION Insider Trading Activity
Oct 21, 2025
[8-K] WESTERN ALLIANCE BANCORPORATION Reports Material Event

WAL Stock Data

8.64B
107.21M
2.64%
90.51%
4.59%
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