Company: WAL-PA
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001212545-25-000090
Chunk: 111

Company: WESTERN ALLIANCE BANCORPORATION
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 111
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2023.

The following is a summary of acquired intangible assets:

December 31, 2024December 31, 2023Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount(in millions)Subject to amortizationCore deposits$14 $13 $1 $14 $12 $2 Correspondent customer relationships76 14 62 76 10 66 Customer relationships18 9 9 18 6 12 Developed technology4 2 2 4 2 2 Operating licenses56 6 50 56 4 52 Trade names10 2 8 10 2 8 $178 $46 $132 $178 $36 $142 

Deferred Tax Assets

As of December 31, 2024, the net DTA balance totaled $281 million, a decrease from $287 million as of December 31, 2023. The Company had no deferred tax valuation allowance as of December 31, 2024 and 2023. 

Bank Owned Life Insurance

The carrying value of BOLI totaled $1.0 billion as of December 31, 2024, an increase of $825 million from $186 million as of December 31, 2023. BOLI is used as a tax efficient method to help offset employee benefit costs. The increase in BOLI from December 31, 2023 is attributable to the purchase of a new BOLI policy during the year. The earnings from the new BOLI policy are linked to the performance of a pool of highly rated (AA or better) CLO securities, secured by a stable value wrap that provides a level of stability to the investment performance of the underlying CLO portfolio.

Deposits

Deposits are the primary source for funding the Company's asset growth. Total deposits increased to $66.3 billion at December 31, 2024 from $55.3 billion at December 31, 2023, an increase of $11.0 billion, or 19.9%. By deposit type, the increase in deposits is attributable to increases in savings and money market accounts of $6.4 billion and non-interest-bearing demand deposits of $4.3 billion.

WAB is a participant in the IntraFi Network, a network that offers deposit placement services such as