Company: WAL-PA
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001212545-25-000214
Chunk: 232

Company: WESTERN ALLIANCE BANCORPORATION
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 232
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ingsSecured borrowings consist of transfers of loans HFS not qualifying for sales accounting treatment. The weighted average interest rate on secured borrowings was 6.57% and 6.30% as of June 30, 2025 and December 31, 2024, respectively.Long-Term BorrowingsFHLB AdvancesThe Company also enters into long-term advances with the FHLB. The Company's borrowing capacity is determined based on the collateral pledged at the time of the borrowing, consisting of the same pools of investment securities and loans pledged for 

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the short-term FHLB advances. The interest rates on these advances are based on daily SOFR plus a fixed spread. The Company may redeem the advances at par plus accrued and unpaid interest plus a make-whole provision upon termination that is based on the interest rate difference between the then current advance interest rate and the interest rate on the terminated advance. After three months from the inception date of the advances, prepayments are no longer subject to the make-whole provision. The weighted average rate on these long-term FHLB advances was 4.85% as of both June 30, 2025 and December 31, 2024.The Company's outstanding long-term FHLB advances are detailed in the tables below:June 30, 2025DescriptionIssuance DateMaturity DateInterest RatePrincipal(in millions)FHLB advanceApril 30, 2025July 30, 2026SOFR + 0.40%$2,500 Total$2,500 December 31, 2024DescriptionIssuance DateMaturity DateInterest RatePrincipal(in millions)FHLB advanceNovember 22, 2024February 24, 2026SOFR + 0.35%$500 FHLB advanceDecember 5, 2024March 5, 2026SOFR + 0.35%1,000 FHLB advanceDecember 19, 2024March 19, 2026SOFR + 0.38%500 Total$2,000 Credit Linked NotesThe Company entered into credit linked note transactions that effectively transfer the risk of first losses on reference pools of the Company's loans purchased under its residential mortgage purchase program to the purchasers of the notes. The principal and interest payable on these notes may be reduced by a portion of the Company's loss on such loans if one of the following occurs with respect to a covered loan: (