Company: WAL-PA
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001212545-25-000214
Chunk: 100

Company: WESTERN ALLIANCE BANCORPORATION
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 100
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.23 per share, respectively. Noncontrolling InterestBW Series B Preferred Stock IssuanceOn March 24, 2025, the Company, WAB, and BW entered into a purchase agreement pursuant to which BW issued and sold an aggregate of 300,000 shares of 9.500% Fixed-Rate Reset Non-Cumulative Exchangeable Perpetual Series B Preferred Stock, no par value per share, with a liquidation preference of $1,000 per share. Gross offering proceeds totaled $300 million, or $293 million net of issuance costs. The dividend rate resets every five years beginning on March 30, 2030 to the five-year treasury rate as of the most recent reset dividend determination date plus 5.402%. The Series B preferred stock is redeemable at BW's option on or after March 30, 2030, on any dividend payment date at the redemption price of $1,000 per share and only participates in the undistributed earnings of BW if a dividend is declared. The shares are conditionally exchangeable into 9.500% Fixed-Rate Reset Non-Cumulative Perpetual Series A Preferred Stock of WAB upon receipt of a directive from an appropriate federal regulatory authority upon the occurrence of certain specified exchange events. 

During the three and six months ended June 30, 2025, a total dividend payment to Series B preferred stockholders of $7.4 million was paid on June 30, 2025. This dividend payment is classified as Net income attributable to noncontrolling interest in the Consolidated Income Statement and as Dividends paid to noncontrolling interest in the Consolidated Statement of Stockholders' Equity. 

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11. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes the changes in accumulated other comprehensive income (loss) by component, net of tax, for the periods indicated: Three Months Ended June 30,Unrealized holding gains (losses) on AFS securitiesUnrealized holding gains (losses) on SERPUnrealized holding gains (losses) on junior subordinated debtImpairment loss on securitiesTotal(in millions)Balance, March 31, 2025$(480.6)$(0.4)$2.5 $— $(478.5)Other comprehensive income (loss) before reclassifications9.7 0.1 (4.1)— 5.7 Amounts reclassified from