Company: WAL-PA
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001628280-25-047883
Chunk: 120

Company: WESTERN ALLIANCE BANCORPORATION
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 120
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 Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)Fair ValueDecember 31, 2024(in millions)Assets:Available-for-sale debt securitiesResidential 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 securitiesPreferred 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 DebtThree Months Ended September 30,Nine Months Ended September 30,2025202420252024(in