Company: WAL-PA
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001212545-25-000141
Chunk: 208

Company: WESTERN ALLIANCE BANCORPORATION
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 8
Chunk 208
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 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. 

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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 March 31,Unrealized holding gains (losses) on AFS securitiesUnrealized holding 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 $— $(533.7)Other comprehensive income before reclassifications55.7 — 1.1 — 56.8 Amounts reclassified from AOCI(1.6)— — — (1.6)Net current-period other comprehensive income54.1 — 1.1 — 55.2 Balance, March 31, 2025$(480.6)$(0.4)$2.5 $— $(478.5)Balance, December 31, 2023$(516.6)$(0.3)$2.8 $1.2 $(512.9)Other comprehensive loss before reclassifications(44.9)— (0.5)— (