Company: WAL-PA
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001628280-25-047883
Chunk: 103

Company: WESTERN ALLIANCE BANCORPORATION
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 103
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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 nine months ended September 30, 2025, dividends of $7.1 million and $14.5 million, respectively, were declared and paid to Series B preferred stockholders. These dividend payments are 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 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 September 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, June 30, 2025$(479.7)$(0.3)$(1.6)$— $(481.6)Other comprehensive income (loss) before reclassifications80.7 0.1 (1.7)— 79.1 Amounts reclassified from AOCI(6.4)— — — (6.4)Net current-period other comprehensive income (loss)74.3 0.1 (1.7)— 72.7 Balance, September 30, 2025$(405.4