Company: WAL-PA
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001212545-25-000141
Chunk: 126

Company: WESTERN ALLIANCE BANCORPORATION
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 126
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 46.4 (24.6)Income from bank owned life insurance11.4 1.0 10.4 Gain (loss) on sales of investment securities2.1 (0.9)3.0 Fair value gain adjustments, net1.0 0.3 0.7 (Loss) income from equity investments(4.8)17.1 (21.9)Other income9.2 4.3 4.9 Total non-interest income$127.4 $129.9 $(2.5)

Total non-interest income for the three months ended March 31, 2025 compared to the same period in 2024 decreased $2.5 million. The decrease in non-interest income from the three months ended March 31, 2024 was primarily driven by a decrease in net loan servicing revenue and a loss from equity investments. The decrease in net loan servicing revenue of $24.6 million resulted from fair value losses on MSRs and lower servicing income. The decrease in income from equity investments of $21.9 million was primarily due to the timing of income recognition on an equity investment that is expected to be recovered over time. These decreases were partially offset by increases in service charges and loan fees and income from bank owned life insurance. Service charges and loan fees increased $20.8 million primarily from service charges related to insured deposit products. Income from bank owned life insurance increased $10.4 million due to a new policy that was entered into in the second quarter of 2024.

67

Non-interest Expense

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

Three Months Ended March 31,Increase (Decrease)20252024(in millions)Salaries and employee benefits$182.4 $154.9 $27.5 Deposit costs136.8 137.0 (0.2)Data processing45.2 36.0 9.2 Insurance37.9 58.9 (21.0)Legal, professional, and directors' fees28.9 30.1 (1.2)Occupancy17.2 17.5 (0.3)Loan servicing expenses16.4 15.0 1.4 Business development and marketing5.9 5.5 0.4 Loan acquisition and origination expenses5.2 4.8 0.4 Other expense24.5