Company: WAL-PA
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001628280-25-047883
Chunk: 301

Company: WESTERN ALLIANCE BANCORPORATION
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 301
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 Company's investment securities portfolio may be utilized as collateral for borrowings, required collateral for public deposits and repurchase agreements, and to manage liquidity, capital, and interest rate risk. 

The following table summarizes the carrying value of the Company's investment securities portfolio: 

September 30, 2025December 31, 2024Increase (Decrease)(in millions)Debt securitiesResidential MBS issued by GSEs and GNMA$7,065 $5,831 $1,234 U.S. Treasury securities5,388 4,383 1,005 Tax-exempt2,168 2,195 (27)CLO1,888 570 1,318 Private label residential MBS1,213 1,123 90 Commercial MBS issued by GSEs and GNMA622 437 185 Corporate debt securities350 386 (36)Other68 69 (1)Total debt securities$18,762 $14,994 $3,768 Equity securitiesPreferred stock$64 $91 $(27)CRA investments27 26 1 Total equity securities$91 $117 $(26)

The increase in total debt securities of $3.8 billion from December 31, 2024 was primarily driven by increases in CLOs, U.S. Treasury securities, and Residential MBS issued by GSEs and GNMA. Investments in CLOs increased $1.3 billion from December 31, 2024 as the Company shifted its investment mix towards higher yielding securities amid favorable market conditions. Growth in U.S. Treasury securities and Residential MBS issued by GSEs and GNMA from December 31, 2024 reflects the Company's continued efforts to expand holdings of high-quality liquid assets.

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Loans HFS

The Company purchases and originates residential mortgage loans that are held for sale or securitization through its AmeriHome mortgage banking business channel. As of September 30, 2025, loans HFS totaled $3.5 billion, compared to $2.3 billion at December 31, 2024, an increase of $1.2 billion primarily related to an increase in non-EBO loans.

Loans HFI

The table below summarizes the distribution of the Company’s held for investment loan portfolio: 

September 30, 2025December 31, 2024Increase(Decrease)(in millions