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Western Alliance Bancorp (WAL)

With more than $30 billion in assets, Western Alliance Bancorporation is one of the country's top-performing banking companies. The company has ranked in the top 10 on the Forbes 'Best Banks in America' list for five consecutive years, 2016-2020, and was named #1 best-performing of the 50 largest public U.S. banks for 2019 by S&P Global Market Intelligence. Its primary subsidiary, Western Alliance Bank, Member FDIC, helps business clients realize their ambitions with local teams of experienced bankers who deliver superior service and a full spectrum of customized loan, deposit and treasury management capabilities. Business clients also benefit from a powerful array of specialized financial services that provide strong expertise and tailored solutions for a wide variety of industries and sectors. A national presence with a regional footprint, Western Alliance Bank operates individually branded, full-service banking divisions and has offices in key markets nationwide.

Company profile

Ticker
WAL, WAL-PA
Exchange
CEO
Kenneth Vecchione
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Subsidiaries
Western Alliance Corporate Finance • Western Alliance Public Finance • Western Alliance Resort Finance • CS Insurance Co. • Helios Prime, Inc. • WA PWI, LLC • Western One, LLC • Western Finance Company • Western Alliance Mortgage Holding Company, LLC • AmeriHome Mortgage Company, LLC ...

WAL stock data

Calendar

29 Jul 22
28 Sep 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 1.89B 1.89B 1.89B 1.89B 1.89B 1.89B
Cash burn (monthly) 238.83M 125.83M (no burn) (no burn) 112.37M 207.54M
Cash used (since last report) 705.13M 371.51M n/a n/a 331.75M 612.75M
Cash remaining 1.18B 1.51B n/a n/a 1.55B 1.27B
Runway (months of cash) 4.9 12.0 n/a n/a 13.8 6.1

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
20 Sep 22 Patricia L. Arvielo Common Stock Grant Acquire A No No 0 2,142 0 2,142
12 Sep 22 Snyder Donald D Common Stock Sell Dispose S No No 78.36 4,500 352.62K 94,359
30 Aug 22 Timothy W Boothe Common Stock Payment of exercise Dispose F No No 78.3 1,014 79.4K 50,046
30 Aug 22 J. Kelly Jr. Ardrey Common Stock Payment of exercise Dispose F No No 78.3 271 21.22K 7,819
28 Jul 22 Bruce D Beach Common Stock Grant Acquire A No No 0 1,051 0 3,347
4.9% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 380 394 -3.6%
Opened positions 46 51 -9.8%
Closed positions 60 76 -21.1%
Increased positions 134 162 -17.3%
Reduced positions 147 133 +10.5%
13F shares Current Prev Q Change
Total value 19.54B 25.15B -22.3%
Total shares 93.45M 93.57M -0.1%
Total puts 73.1K 176K -58.5%
Total calls 179.8K 241.8K -25.6%
Total put/call ratio 0.4 0.7 -44.1%
Largest owners Shares Value Change
TROW T. Rowe Price 14.48M $1.02B +5.9%
Vanguard 9.88M $697.29M +5.5%
Capital International Investors 7.26M $512.36M +25.7%
Wellington Management 4.9M $345.76M -1.5%
BLK Blackrock 4.48M $316.15M +0.3%
Clearbridge Advisors 3.21M $226.42M +18.8%
William Blair Investment Management 2.69M $189.61M -3.2%
MCQEF Macquarie 2.61M $184.29M +4.2%
STT State Street 2.56M $180.63M -10.5%
Thrivent Financial For Lutherans 2.55M $180.15M -0.3%
Largest transactions Shares Bought/sold Change
Capital International Investors 7.26M +1.48M +25.7%
TROW T. Rowe Price 14.48M +808.69K +5.9%
Lord, Abbett & Co. 20.47K -776.09K -97.4%
Balyasny Asset Management 520.69K +520.69K NEW
Vanguard 9.88M +515.57K +5.5%
Clearbridge Advisors 3.21M +506.71K +18.8%
American Century Companies 498.73K +482.86K +3042.6%
Segall Bryant & Hamill 150.03K -457.14K -75.3%
Capital International 414.07K +414.07K NEW
Ardevora Asset Management 582.39K -407K -41.1%

Financial report summary

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Risks
  • The COVID-19 pandemic and resulting adverse economic conditions have adversely impacted our business and results and could have a more material adverse impact on our business, financial condition and results of operations.
  • Our financial performance may be adversely affected by conditions in the financial markets and economic conditions generally.
  • Changes in interest rates and increased rate competition could adversely affect our profitability, business, and prospects.
  • Our financial instruments expose us to certain market risks and may increase the volatility of earnings and AOCI.
  • Due to the inherent risk associated with accounting estimates, our allowance for credit losses may be insufficient, which could require us to raise additional capital or otherwise adversely affect our financial condition and results of operations.
  • The markets in which we operate are subject to the risk of both natural and man-made disasters.
  • Climate change or societal responses to climate change could adversely affect our business and performance, including indirectly through impacts on our customers and vendors.
  • We are highly dependent on real estate and events that negatively impact the real estate market will hurt our business and earnings.
  • Our loan portfolio contains concentrations in certain business lines or product types that have unique risk characteristics and may expose us to increased lending risks.
  • Our credit linked notes do not ensure full protection against credit losses, and as such we could still incur significant credit losses on loans for which risk of loss has been transferred pursuant to these transactions.
  • We are exposed to risk of environmental liabilities with respect to properties to which we obtain title.
  • Our future success depends on our ability to compete effectively in a highly competitive and rapidly evolving market.
  • Our expansion strategy may not prove to be successful and our market value and profitability may suffer.
  • There are substantial risks and uncertainties associated with the introduction or expansion of lines of business or new products and services within existing lines of business.
  • We are pursuing digital payments initiatives which are subject to significant uncertainty and could adversely affect our business, reputation, or financial results.
  • We could be harmed if our succession planning is inadequate to mitigate the loss of key members of our senior management team.
  • If we lose a significant portion of our core deposits or a significant deposit relationship, or our cost of funding deposits increases significantly, our liquidity and/or profitability would be adversely impacted.
  • We may be required to repurchase mortgage loans or indemnify investors under certain circumstances.
  • We utilize borrowings from the FHLB and the FRB, and there can be no assurance these programs will be available as needed.
  • A change in our creditworthiness could increase our cost of funding or adversely affect our liquidity.
  • A failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors and other service providers, including as a result of cyber-attacks, could disrupt our businesses, result in the disclosure or misuse of confidential or proprietary information, damage our reputation, increase our costs, and cause losses.
  • We rely on third parties to provide key components of our business infrastructure.
  • Our business may be adversely affected by fraud.
  • Our controls and processes, our reporting systems and procedures, and our operational infrastructure may not be able to keep pace with our growth, which could cause us to experience compliance and operational problems or lose customers, or incur additional expenditures beyond current projections, any one of which could adversely affect our financial results.
  • The replacement of LIBOR may adversely affect our business.
  • Our risk management practices may prove to be inadequate or not fully effective.
  • Our internal controls and procedures may fail or be circumvented and the accuracy of our judgments and estimates about financial and accounting matters may impact operating results and financial condition.
  • If we are unable to understand and adapt to technological change and implement new technology-driven products and services, our business could be adversely affected.
  • We operate in a highly regulated environment and the laws and regulations that govern our operations, corporate governance, executive compensation, and accounting principles, or changes in them, or our failure to comply with them, may adversely affect us.
  • State and federal banking agencies periodically conduct examinations of our business, including compliance with laws and regulations, and our failure to comply with any supervisory actions to which we are or become subject as a result of such examinations may adversely affect us.
  • Current and proposed regulations addressing consumer privacy and data use and security could increase our costs and impact our reputation.
  • We could be subject to adverse changes or interpretations of tax laws, tax audits, or challenges to our tax positions.
  • The price of our common stock may fluctuate significantly in the future.
  • There may be future sales or other dilution of our equity, which may adversely affect the market price of our common stock or preferred stock.
  • There can be no assurance that we will continue to declare cash dividends or repurchase stock as we have in the past.
  • Offerings of debt, which would be senior to our common stock upon liquidation, and/or preferred equity securities that may be senior to our common stock for purposes of dividend distributions or upon liquidation, may adversely affect the market price of our common stock.
  • Anti-takeover provisions could negatively impact our stockholders.
Management Discussion
  • (1) See Non-GAAP Financial Measures section beginning on page 78.
  • (1) See Non-GAAP Financial Measures section beginning on page 78.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Bad
New words: channel, emerging, mark, nonpayment, paragraph, recession, resource, unrelated
Removed: automatically, categorize, collateralizing, criticism, encourage, expired, fed, forbearance, integration, originator, prudent, publication, supervisory, suspend