Company: WAL-PA
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001628280-25-047883
Chunk: 314

Company: WESTERN ALLIANCE BANCORPORATION
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 314
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 borrowings consist of long-term FHLB borrowings and credit linked notes, inclusive of issuance costs. Total long-term borrowings increased $478 million to $2.9 billion at September 30, 2025, from $2.4 billion at December 31, 2024, driven primarily by an increase in long-term FHLB advances.

Qualifying Debt

Qualifying debt consists of subordinated debt and junior subordinated debt, inclusive of issuance costs and fair market value adjustments. At September 30, 2025, the carrying value of qualifying debt decreased $218 million to $681 million from $899 million at December 31, 2024, driven primarily by the redemption of $225 million of subordinated debt during the nine months ended September 30, 2025.

Equity

Total equity of $7.7 billion at September 30, 2025 increased $983 million, or 14.7%, from December 31, 2024. This change was primarily attributable to net income of $697.4 million for the nine months ended September 30, 2025, the issuance of preferred stock from the Company's REIT subsidiary, and unrealized fair value gains on AFS securities, recorded net of tax in OCI. Proceeds from the REIT preferred stock issuance totaled $293 million, net of issuance costs, and was recognized as a noncontrolling interest in subsidiary. These increases were partially offset by quarterly dividends to common and preferred stockholders as well as REIT preferred stockholders and share repurchases.

During the three and nine months ended September 30, 2025, the Company's BOD approved a common stock repurchase program pursuant to which the Company is authorized to repurchase up to $300 million of its outstanding common stock through open market purchases, privately negotiated transactions, or other means. The program reflects the Company's commitment to returning capital to shareholders, while maintaining flexibility to invest in strategic growth initiatives. The Company repurchased 119,588 shares of its common stock for a total payment of $10.6 million, at an average price of $88.50 per share, during the three and nine months ended September 30, 2025. As of September 30, 2025, the Company had approximately $289 million remaining under its repurchase authorization.

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Capital Resources

The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements could trigger certain mandatory or