Company: WAL-PA
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001212545-25-000141
Chunk: 202

Company: WESTERN ALLIANCE BANCORPORATION
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 8
Chunk 202
---
 was 4.80% and 4.85% as of March 31, 2025 and December 31, 2024, respectively. During the three months ended March 31, 2025, the Company exercised its call option and redeemed $2.0 billion of these long-term FHLB advances.The Company's outstanding long-term FHLB advances are detailed in the tables below:March 31, 2025DescriptionIssuance DateMaturity DateInterest RatePrincipal(in millions)FHLB advanceJanuary 30, 2025April 30, 2026SOFR + 0.39%$500 FHLB advanceJanuary 31, 2025April 30, 2026SOFR + 0.39%700 Total$1,200 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: (i) realized losses incurred by the Company on a loan following a liquidation of the loan or certain other events, or (ii) a modification of the loan resulting in a reduction in payments. The aggregate losses, if any, for each payment date will be allocated to reduce the class principal amount and (for modifications) the current interest of the notes in reverse order of class priority. Losses on residential mortgages have not generally been significant. Monthly principal payments on the notes are based on the principal payments of the underlying mortgages.

34

The Company's outstanding credit linked note issuances are detailed in the tables below:March 31, 2025DescriptionIssuance DateMaturity DateInterest RatePrincipalDebt Issuance Costs(in millions)Residential mortgage loans