Company: WAL-PA
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001212545-25-000141
Chunk: 27

Company: WESTERN ALLIANCE BANCORPORATION
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 2
Chunk 27
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 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 $656 million and $659 million at March 31, 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 months ended March 31, 2025 and 2024, there were no events or circumstances that indicated an interim impairment test of goodwill or other intangible assets was necessary.

Deferred Tax Assets

As of March 31, 2025, the net DTA balance totaled $272 million, a decrease of $9 million from $281 million at December 31, 2024. This overall decrease in the net DTA was primarily the result of increases in the MSR DTL and the fair market value of AFS securities, which were partially offset by an increase in credit carryovers.

The Company had no deferred tax valuation allowance as of March 31, 2025 and December 31, 2024. 

Bank Owned Life Insurance

The carrying value of BOLI totaled $1.0 billion as of March 31, 2025, an increase of $11 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 $69.3 billion at March 31, 2025, from $66.3 billion at December 31, 2024, an increase of $3.0 billion, or 4.5%. By deposit type, the increase in deposits is attributable to increases of $3.2 billion in non-interest bearing deposits and $520 million in savings and money market accounts, partially offset by decreases of $371 million in interest bearing demand deposits, and $331 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 March 31, 2025, the Company had $13.3 billion of these reciprocal deposits, compared to $14.0 billion at December 31, 2024. At March