Company: WAL-PA
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001212545-25-000090
Chunk: 98

Company: WESTERN ALLIANCE BANCORPORATION
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 98
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 securitiesResidential MBS issued by GSEs and GNMA$5,831 $1,972 $3,859 U.S. Treasury securities4,383 4,853 (470)Tax-exempt2,195 2,101 94 Private label residential MBS1,123 1,303 (180)CLO570 1,399 (829)Commercial MBS issued by GSEs and GNMA437 530 (93)Corporate debt securities386 367 19 Other69 69 — Total debt securities$14,994 $12,594 $2,400 Equity securitiesPreferred stock$91 $100 $(9)CRA investments26 26 — Total equity securities$117 $126 $(9)

The carrying value of debt securities increased $2.4 billion, or 19.1%, from December 31, 2023. The increase in investment securities is largely attributable to purchases of Residential MBS issued by GSEs and GNMA, partially offset by sales of CLOs. These actions were part of the Company's efforts to shift its investment portfolio mix toward high quality liquid assets.

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The weighted average yield on investment securities is calculated by dividing income within each maturity range by the outstanding amount of the related investment. For purposes of calculating the weighted average yield, AFS securities are carried at amortized cost in the table below and tax-exempt obligations have not been tax-effected. The maturity distribution and weighted average yield of the Company's investment security portfolios at December 31, 2024 are summarized in the table below: 

Due Under 1 YearDue 1-5 YearsDue 5-10 YearsDue Over 10 YearsTotalAmountYieldAmountYieldAmountYieldAmountYieldAmountYield(dollars in millions)Held-to-maturityTax-exempt bonds$35 6.65 %$9 6.71 %$117 4.27 %$1,189 4.69 %$1,350 4.72 %Private label residential MBS (1)— — — — — — 176 2.21 176 2.21 Total HTM securities$35 6.65 %$9 6.71 %$117 4.27 %$1,365 4.37 %$1