Company: WAL-PA
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001212545-25-000090
Chunk: 86

Company: WESTERN ALLIANCE BANCORPORATION
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 86
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 and construction and land development loans of $452 million and $410 million, respectively. 

Total deposits increased $11.0 billion, or 19.9%, to $66.3 billion as of December 31, 2024 from $55.3 billion as of December 31, 2023. By type, the increase in deposits from December 31, 2023 was driven by increases of $6.4 billion in savings and money market accounts and $4.3 billion in non-interest bearing deposits.

RESULTS OF OPERATIONS

The following table sets forth a summary financial overview:

Year Ended December 31,Increase (Decrease)20242023(in millions, except per share amounts)Consolidated Income Statement Data:Interest income$4,541.1 $4,035.3 $505.8 Interest expense1,922.2 1,696.4 225.8 Net interest income2,618.9 2,338.9 280.0 Provision for credit losses145.9 62.6 83.3 Net interest income after provision for credit losses2,473.0 2,276.3 196.7 Non-interest income543.2 280.7 262.5 Non-interest expense2,025.0 1,623.4 401.6 Income before provision for income taxes991.2 933.6 57.6 Income tax expense203.5 211.2 (7.7)Net income787.7 722.4 65.3 Dividends on preferred stock12.8 12.8 — Net income available to common stockholders$774.9 $709.6 $65.3 Earnings per share:Basic$7.14 $6.55 $0.59 Diluted$7.09 $6.54 $0.55 

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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