Company: WAL-PA
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001212545-25-000141
Chunk: 228

Company: WESTERN ALLIANCE BANCORPORATION
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 8
Chunk 228
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 and there is no observable market price, the resulting fair value measurement has been categorized as a Level 3 measurement. The Company had $51 million and $52 million of such assets at March 31, 2025 and December 31, 2024, respectively. Fair Value of Financial InstrumentsThe estimated fair value of the Company’s financial instruments is as follows:March 31, 2025Carrying AmountFair ValueLevel 1Level 2Level 3Total(in millions)Financial assets:Investment securities:HTM$1,536 $— $1,359 $— $1,359 AFS14,231 4,046 10,185 — 14,231 Equity113 113 — — 113 Derivative assets (1)129 — 84 45 129 Loans HFS3,238 — 3,213 25 3,238 Loans HFI, net54,372 — — 54,134 54,134 Mortgage servicing rights1,241 — — 1,241 1,241 Accrued interest receivable379 — 379 — 379 Financial liabilities:Deposits$69,322 $— $69,364 $— $69,364 Other borrowings4,151 — 4,126 — 4,126 Qualifying debt898 — 789 76 865 Derivative liabilities (1)88 — 87 1 88 Accrued interest payable143 — 143 — 143 (1)    Derivative assets and liabilities exclude margin of $156 million and $(31) million, respectively.

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December 31, 2024Carrying AmountFair ValueLevel 1Level 2Level 3Total(in millions)Financial assets:Investment securities:HTM$1,526 $— $1,309 $— $1,309 AFS13,468 4,385 9,083 — 13,468 Equity securities117 117 — — 117 Derivative assets (1)233 — 198 35 233 Loans HFS2,286 — 2,259 27 2,286 Loans HFI, net53,302 — — 53,