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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)



☒						Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2025


☐						Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from__________ to __________

Commission file number: 001-32550

WESTERN ALLIANCE BANCORPORATION

(Exact name of registrant as specified in its charter)


Delaware						88-0365922
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

One E. Washington Street, Suite 1400

Phoenix

Arizona

85004

(Address of principal executive offices)

(Zip Code)

(602) 389-3500

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
Symbol(s)

Name of each exchange
on which registered

Common Stock, $0.0001 Par Value

WAL

New York Stock Exchange

Depositary Shares, Each Representing a 1/400th Interest in a Share of

4.250% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A

WAL PrA

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 28, 2025, Western Alliance Bancorporation had 110,053,667 shares of common stock outstanding.

Table of Contents

INDEX


		Page

Glossary of Entities and Terms		3

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)
	Consolidated Balance Sheets	4
	Consolidated Income Statements	5
	Consolidated Statements of Comprehensive Income	6
	Consolidated Statements of Stockholders’ Equity	7
	Consolidated Statements of Cash Flows	9
	Notes to Unaudited Consolidated Financial Statements	11
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	59
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	86
Item 4.	Controls and Procedures	88

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	88
Item 1A.	Risk Factors	89
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	89
Item 5.	Other Information	89
Item 6.	Exhibits	90

SIGNATURES		91

Table of Contents

GLOSSARY OF ENTITIES AND TERMS

The acronyms and abbreviations identified below are used in various sections of this Form 10-Q, including the Consolidated Financial Statements and the Notes to Unaudited Consolidated Financial Statements in Item 1 and "Management's Discussion and Analysis of Financial Condition and Results of Operations," in Item 2 of this Form 10-Q.


ENTITIES / DIVISIONS:
ABA	Alliance Bank of Arizona	FIB	First Independent Bank
AmeriHome	AmeriHome Mortgage Company, LLC	LVSP	Las Vegas Sunset Properties
BON	Bank of Nevada	TPB	Torrey Pines Bank
Bridge	Bridge Bank	WA PWI	Western Alliance Public Welfare Investments, LLC
BW or REIT	BW Real Estate Inc. or Real Estate Investment Trust	WAB or Bank	Western Alliance Bank
Company	Western Alliance Bancorporation and subsidiaries	WABT	Western Alliance Business Trust
CSI	CS Insurance Company	WAL or Parent	Western Alliance Bancorporation
DST	Digital Settlement Technologies LLC	WATC	Western Alliance Trust Company, N.A.
TERMS:
ACL	Allowance for Credit Losses	FOMC	Federal Open Market Committee
AFS	Available-for-Sale	FRB	Federal Reserve Bank
ALCO	Asset and Liability Management Committee	FVO	Fair Value Option
AOCI	Accumulated Other Comprehensive Income	GAAP	U.S. Generally Accepted Accounting Principles
ASC	Accounting Standards Codification	GNMA	Government National Mortgage Association
ASU	Accounting Standards Update	GSE	Government-Sponsored Enterprise
Basel III	Banking Supervision's December 2010 Final Capital Framework	HFI	Held-for-Investment
BOD	Board of Directors	HFS	Held-for-Sale
Capital Rules	The FRB, the OCC, and the FDIC 2013 Approved Final Rules	HTM	Held-to-Maturity
CDARS	Certificate Deposit Account Registry Service	HUD	U.S. Department of Housing and Urban Development
CECL	Current Expected Credit Losses	ICS	Insured Cash Sweep Service
CEO	Chief Executive Officer	IRLC	Interest Rate Lock Commitment
CET1	Common Equity Tier 1	ISDA	International Swaps and Derivatives Association
CFO	Chief Financial Officer	LIHTC	Low-Income Housing Tax Credit
CLO	Collateralized Loan Obligation	MBS	Mortgage-Backed Securities
CRA	Community Reinvestment Act	MSR	Mortgage Servicing Right
CRE	Commercial Real Estate	NDFI	Non-Depository Financial Institution
DTA	Deferred Tax Asset	NPV	Net Present Value
DTL	Deferred Tax Liability	OCI	Other Comprehensive Income
EaR	Earnings-at-Risk	PPNR	Pre-Provision Net Revenue
EBO	Early Buyout	SEC	Securities and Exchange Commission
ECR	Earnings Credit Rates	SERP	Supplemental Executive Retirement Plan
EPS	Earnings per Share	SOFR	Secured Overnight Financing Rate
EVE	Economic Value of Equity	TEB	Tax Equivalent Basis
Exchange Act	Securities Exchange Act of 1934, as Amended	TSR	Total Shareholder Return
FASB	Financial Accounting Standards Board	UPB	Unpaid Principal Balance
FDIC	Federal Deposit Insurance Corporation	USDA	United States Department of Agriculture
FHA	Federal Housing Administration	VA	Veterans Affairs
FHLB	Federal Home Loan Bank	VIE	Variable Interest Entity
FHLMC	Federal Home Loan Mortgage Corporation	XBRL	eXtensible Business Reporting Language
FNMA	Federal National Mortgage Association

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1.Financial Statements

WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS


	(Unaudited)
	September 30, 2025		December 31, 2024

	(in millions, except shares and per share amounts)
Assets:
Cash and due from banks	$	463	$	320

Interest bearing deposits in other financial institutions	5,293		3,776

Cash and cash equivalents	5,756		4,096


Investment securities - AFS, at fair value; amortized cost of $17,703 at September 30, 2025 and $14,178 at December 31, 2024 (ACL of $— and $0.4 at September 30, 2025 and December 31, 2024, respectively)	17,230		13,468
Investment securities - HTM, at amortized cost and net of ACL of $12.0 and $16.4 (fair value of $1,367 and $1,309) at September 30, 2025 and December 31, 2024, respectively	1,520		1,510


Investment securities - equity	91		117
Investments in restricted stock, at cost	189		232
Loans HFS	3,502		2,286
Loans HFI, net of deferred fees and costs	56,646		53,676
Less: allowance for credit losses	(440)		(374)
Net loans held for investment	56,206		53,302
Mortgage servicing rights	1,213		1,127
Premises and equipment, net	416		361
Operating lease right of use asset	134		128
Bank owned life insurance	1,045		1,011
Goodwill and intangible assets, net	651		659
Deferred tax assets, net	341		281
Investments in LIHTC and renewable energy	571		606

Other assets	2,105		1,750
Total assets	$	90,970	$	80,934
Liabilities:
Deposits:
Non-interest bearing	$	26,628	$	18,846
Interest bearing	50,619		47,495
Total deposits	77,247		66,341


Other borrowings	3,862		5,573
Qualifying debt	681		899
Operating lease liability	164		159
Other liabilities	1,326		1,255
Total liabilities	83,280		74,227
Commitments and contingencies (Note 15)
Equity:
Preferred stock (par value $0.0001; 20,000,000 authorized; 30,000 shares (12,000,000 depositary shares) issued and outstanding and liquidation value per depositary share of $25 at September 30, 2025 and December 31, 2024)	295		295
Common stock (par value $0.0001; 200,000,000 authorized; 113,212,117 shares issued at September 30, 2025 and 112,897,807 at December 31, 2024) and additional paid in capital	2,277		2,245
Treasury stock, at cost (2,980,632 shares at September 30, 2025 and 2,845,201 shares at December 31, 2024)	(137)		(125)
Accumulated other comprehensive loss	(409)		(534)
Retained earnings	5,371		4,826
Total Western Alliance stockholders’ equity	7,397		6,707
Noncontrolling interest in subsidiary	293		—
Total equity	7,690		6,707
Total liabilities and equity	$	90,970	$	80,934

See accompanying Notes to Unaudited Consolidated Financial Statements.

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WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES

CONSOLIDATED INCOME STATEMENTS


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in millions, except per share amounts)
Interest income:
Loans, including fees	$	948.3	$	945.3	$	2,743.6	$	2,713.9
Investment securities	230.0		195.4		595.5		526.2
Dividends and other	47.2		59.3		136.4		162.4
Total interest income	1,225.5		1,200.0		3,475.5		3,402.5
Interest expense:
Deposits	398.2		422.1		1,154.3		1,213.0
Qualifying debt	6.3		9.5		23.8		28.6
Other borrowings	70.6		71.5		198.8		208.5
Total interest expense	475.1		503.1		1,376.9		1,450.1
Net interest income	750.4		696.9		2,098.6		1,952.4
Provision for credit losses	80.0		33.6		151.1		85.9
Net interest income after provision for credit losses	670.4		663.3		1,947.5		1,866.5
Non-interest income:
Service charges and loan fees	35.4		30.1		109.5		64.3
Net gain on mortgage loan origination and sale activities	75.5		46.3		164.4		138.4
Net loan servicing revenue	19.1		12.3		79.2		96.8
Income from bank owned life insurance	11.8		13.0		34.2		15.7
Gain on sales of investment securities	8.5		8.8		22.0		10.2
Fair value gain adjustments, net	8.3		4.1		9.4		5.1
Income from equity investments	7.8		5.8		5.9		27.1
Other income	21.4		5.8		38.9		13.7
Total non-interest income	187.8		126.2		463.5		371.3
Non-interest expense:
Salaries and employee benefits	193.5		157.8		555.8		465.7
Deposit costs	175.1		208.0		459.3		518.7
Data processing	48.1		38.7		138.3		110.4
Legal, professional, and directors' fees	28.1		24.8		82.3		80.7
Insurance	24.5		35.4		99.8		128.1
Occupancy	16.8		17.6		50.9		53.5
Loan servicing expenses	15.0		18.7		51.5		50.3
Loan acquisition and origination expenses	7.3		5.9		18.3		15.8
Business development and marketing	5.6		9.7		17.6		21.6




Other expense	30.4		20.8		85.7		61.2
Total non-interest expense	544.4		537.4		1,559.5		1,506.0
Income before provision for income taxes	313.8		252.1		851.5		731.8
Income tax expense	53.3		52.3		154.1		161.0
Net income	260.5		199.8		697.4		570.8
Net income attributable to noncontrolling interest	7.1		—		14.5		—
Net income attributable to Western Alliance	253.4		199.8		682.9		570.8
Dividends on preferred stock	3.2		3.2		9.6		9.6
Net income available to common stockholders	$	250.2	$	196.6	$	673.3	$	561.2

Earnings per share:
Basic	$	2.30	$	1.81	$	6.18	$	5.17
Diluted	2.28		1.80		6.14		5.14
Weighted average number of common shares outstanding:
Basic	109.0		108.7		108.9		108.6
Diluted	109.8		109.5		109.6		109.2
Dividends declared per common share	$	0.38	$	0.37	$	1.14	$	1.11

See accompanying Notes to Unaudited Consolidated Financial Statements.

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WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in millions)
Net income	$	260.5	$	199.8	$	697.4	$	570.8
Other comprehensive income, net:
Unrealized gain on AFS securities, net of tax effect of $(26.2), $(60.4), $(51.5), and $(46.1), respectively	80.7		183.7		146.1		140.5
Unrealized gain (loss) on SERP, net of tax effect of $0.0, $0.0, $(0.1), and $0.0, respectively	0.1		(0.1)		0.2		(0.1)
Unrealized loss on junior subordinated debt, net of tax effect of $0.6, $0.1, $1.5, and $0.5, respectively	(1.7)		(0.3)		(4.7)		(1.3)
Realized gain on sale of AFS securities included in income, net of tax effect of $2.1, $2.2, $5.6, and $2.6, respectively	(6.4)		(6.6)		(16.8)		(7.7)

Net other comprehensive income	72.7		176.7		124.8		131.4
Comprehensive income attributable to noncontrolling interest	7.1		—		14.5		—
Comprehensive income attributable to Western Alliance	$	326.1	$	376.5	$	807.7	$	702.2

See accompanying Notes to Unaudited Consolidated Financial Statements.

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WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY


	Three Months Ended September 30,
	Preferred Stock			Common Stock			Additional Paid in Capital		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Noncontrolling Interest in Subsidiary		Total Equity
	Shares	Amount		Shares	Amount
	(in millions)
Balance, June 30, 2024	12.0	$	294.5	110.2	$	—	$	2,224.7	$	(124.9)	$	(558.2)	$	4,498.1	$	—	$	6,334.2
Net income	—	—		—	—		—		—		—		199.8		—		199.8
Restricted stock, performance stock units, and other grants, net	—	—		(0.1)	—		11.4		—		—		—		—		11.4
Restricted stock surrendered (1)	—	—		—	—		(1.0)		(0.1)		—		—		—		(1.1)





Dividends paid to preferred stockholders	—	—		—	—		—		—		—		(3.2)		—		(3.2)
Dividends paid to common stockholders	—	—		—	—		—		—		—		(40.7)		—		(40.7)
Other comprehensive income, net	—	—		—	—		—		—		176.7		—		—		176.7
Balance, September 30, 2024	12.0	$	294.5	110.1	$	—	$	2,235.1	$	(125.0)	$	(381.5)	$	4,654.0	$	—	$	6,677.1

Balance, June 30, 2025	12.0	$	294.5	110.4	$	—	$	2,272.5	$	(136.7)	$	(481.6)	$	5,165.0	$	293.1	$	7,406.8
Net income	—	—		—	—		—		—		—		253.4		7.1		260.5
Restricted stock, performance stock units, and other grants, net	—	—		(0.1)	—		12.8		—		—		—		—		12.8
Restricted stock surrendered (1)	—	—		—	—		—		(0.1)		—		—		—		(0.1)



Stock repurchase	—	—		(0.1)	—		(8.7)		—		—		(1.9)		—		(10.6)
Dividends paid to preferred stockholders	—	—		—	—		—		—		—		(3.2)		—		(3.2)
Dividends paid to noncontrolling interest	—	—		—	—		—		—		—		—		(7.1)		(7.1)
Dividends paid to common stockholders	—	—		—	—		—		—		—		(42.0)		—		(42.0)
Other comprehensive income, net	—	—		—	—		—		—		72.7		—		—		72.7
Balance, September 30, 2025	12.0	$	294.5	110.2	$	—	$	2,276.6	$	(136.8)	$	(408.9)	$	5,371.3	$	293.1	$	7,689.8

(1)Share amounts represent Treasury Shares.

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WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY


	Nine Months Ended September 30,
	Preferred Stock			Common Stock			Additional Paid in Capital		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Noncontrolling Interest in Subsidiary		Total Equity
	Shares	Amount		Shares	Amount
	(in millions)
Balance, December 31, 2023	12.0	$	294.5	109.4	$	—	$	2,198.1	$	(116.3)	$	(512.9)	$	4,215.0	$	—	$	6,078.4
Net income	—	—		—	—		—		—		—		570.8		—		570.8
Restricted stock, performance stock units, and other grants, net	—	—		0.8	—		37.0		—		—		—		—		37.0
Restricted stock surrendered (1)	—	—		(0.1)	—		—		(8.7)		—		—		—		(8.7)



Dividends paid to preferred stockholders	—	—		—	—		—		—		—		(9.6)		—		(9.6)
Dividends paid to common stockholders	—	—		—	—		—		—		—		(122.2)		—		(122.2)
Other comprehensive income, net	—	—		—	—		—		—		131.4		—		—		131.4
Balance, September 30, 2024	12.0	$	294.5	110.1	$	—	$	2,235.1	$	(125.0)	$	(381.5)	$	4,654.0	$	—	$	6,677.1

Balance, December 31, 2024	12.0	$	294.5	110.0	$	—	$	2,245.8	$	(125.0)	$	(533.7)	$	4,825.9	$	—	$	6,707.5
Net income	—	—		—	—		—		—		—		682.9		14.5		697.4
Restricted stock, performance stock units, and other grants, net	—	—		0.4	—		39.3		—		—		—		—		39.3
Restricted stock surrendered (1)	—	—		(0.1)	—		—		(11.8)		—		—		—		(11.8)


Equity issued by subsidiary	—	—		—	—		—		—		—		—		293.1		293.1
Stock repurchase	—	—		(0.1)	—		(8.7)		—		—		(1.9)		—		(10.6)
Dividends paid to preferred stockholders	—	—		—	—		—		—		—		(9.6)		—		(9.6)
Dividends paid to noncontrolling interest	—	—		—	—		—		—		—		—		(14.5)		(14.5)
Dividends paid to common stockholders	—	—		—	—		0.2		—		—		(126.0)		—		(125.8)
Other comprehensive income, net	—	—		—	—		—		—		124.8		—		—		124.8
Balance, September 30, 2025	12.0	$	294.5	110.2	$	—	$	2,276.6	$	(136.8)	$	(408.9)	$	5,371.3	$	293.1	$	7,689.8

(1)Share amounts represent Treasury Shares.

See accompanying Notes to Unaudited Consolidated Financial Statements.

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WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS


	Nine Months Ended September 30,
	2025		2024
	(in millions)
Cash flows from operating activities:
Net income	$	697.4	$	570.8
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses	151.1		85.9
Depreciation and amortization	79.1		64.6
Stock-based compensation	39.3		37.0
Deferred income taxes	(99.6)		(10.0)
Amortization of net discounts for investment securities	(38.8)		(170.6)
Amortization of tax credit investments	55.3		55.3
Amortization of operating lease right of use asset	17.7		18.0
Amortization of net deferred loan fees and net purchase premiums	(58.7)		(66.8)
Purchases and originations of loans HFS	(42,473.8)		(35,134.2)

Proceeds from sales and payments on loans HFS and related securitization activities	40,026.4		32,872.9
Mortgage servicing rights capitalized upon sale of mortgage loans	(863.4)		(625.9)
Net losses (gains) on:
Change in fair value of trading securities, loans HFS, mortgage servicing rights, and related derivatives	165.1		83.0
Fair value adjustments	3.2		(11.5)
Sale of investment securities	(22.0)		(10.2)

Other	(18.3)		(16.6)
Other assets and liabilities, net	(269.1)		138.0
Net cash used in operating activities	$	(2,609.1)	$	(2,120.3)
Cash flows from investing activities:
Investment securities - AFS
Purchases	$	(13,524.8)	$	(14,325.2)
Principal pay downs and maturities	5,230.0		7,219.5
Proceeds from sales	4,855.1		4,020.7
Investment securities - HTM
Purchases	(78.3)		(121.5)
Principal pay downs and maturities	73.9		26.0
Equity securities carried at fair value
Purchases	(0.6)		(0.6)
Redemptions	5.0		15.0
Proceeds from sales	34.3		—
Proceeds from sale of mortgage servicing rights and related holdbacks, net	631.1		653.8
(Purchase of) proceeds from other investments, net	(183.4)		33.9
Proceeds from bank owned life insurance, net	0.6		—

Net increase in loans HFI	(3,145.1)		(3,218.7)
Purchase of premises, equipment, and other assets, net	(65.9)		(57.1)

Purchase of bank owned life insurance	—		(800.0)

Proceeds from sale of other repossessed assets	17.2		—
Net cash used in investing activities	$	(6,150.9)	$	(6,554.2)

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	Nine Months Ended September 30,
	2025		2024
	(in millions)

Cash flows from financing activities:
Net increase in deposits	$	10,901.3	$	12,707.3
Net proceeds from issuance of long-term debt	6,200.0		1,000.0
Payments on long-term debt	(5,944.5)		(19.1)
Net decrease in short-term borrowings	(856.8)		(3,857.2)
Net proceeds from issuance of equity by a subsidiary	293.1		—



Cash paid for tax withholding on vested restricted stock and other	(11.8)		(8.7)
Common stock repurchases	(10.6)		—
Cash dividends paid on common and preferred stock	(135.4)		(131.8)


Cash dividends paid to noncontrolling interest	(14.5)		—
Net cash provided by financing activities	$	10,420.8	$	9,690.5
Net increase in cash and cash equivalents	1,660.8		1,016.0
Cash, cash equivalents, and restricted cash at beginning of period	4,095.6		1,576.1
Cash, cash equivalents, and restricted cash at end of period	$	5,756.4	$	2,592.1

Supplemental disclosure:
Cash paid (received) during the period for:
Interest	$	1,389.5	$	1,435.7
Income taxes, net	33.9		(27.5)
Non-cash activities:

Transfers of mortgage-backed securities in settlement of secured borrowings	1,350.0		1,369.3


Transfers of securitized loans HFS to AFS securities	—		123.0
Transfers of loans HFI to HFS, net of fair value loss adjustment (1)	172.1		207.8

Transfers of loans HFI to other assets acquired through foreclosure	177.3		—

Transfers of OREO properties to premises and equipment, net	47.6		—
Financed sale of OREO	28.5		—

(1)Activity for the nine months ended September 30, 2025 and 2024 excludes $337.6 million and $333.3 million, respectively, of loans transferred with an original designation of HFS, which sales activity was classified as operating cash flows.

See accompanying Notes to Unaudited Consolidated Financial Statements.

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WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of operations

WAL is a bank holding company headquartered in Phoenix, Arizona, incorporated under the laws of the state of Delaware. WAL provides a full spectrum of customized loan, deposit, and treasury management capabilities, including funds transfer and other digital payment offerings through its wholly-owned banking subsidiary, WAB. Effective as of October 4, 2025, the Company completed its brand unity initiative, consolidating its legacy division bank brands, ABA, BON, FIB, Bridge, and TPB, under a single unified name, Western Alliance Bank.

The Company also serves business customers through a national platform of specialized financial services, including mortgage banking services through AmeriHome and digital payment services for the class action legal industry. In addition, the Company has the following non-bank subsidiaries: CSI, a captive insurance company formed and licensed under the laws of the state of Arizona and established as part of the Company's overall enterprise risk management strategy, and WATC, which provides corporate trust services and levered loan administration solutions.

Basis of presentation

The accompanying Unaudited Consolidated Financial Statements as of September 30, 2025 and for the three and nine months ended September 30, 2025 and 2024 have been prepared in accordance with GAAP for interim financial information and Article 10 of Regulation S-X and, therefore, do not include all of the information and footnotes required by GAAP for complete financial statements. Accordingly, these statements should be read in conjunction with the Company's audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. The accounts of the Company and its consolidated subsidiaries are included in the Consolidated Financial Statements.

The information furnished in these interim statements reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for each respective period presented. Such adjustments are of a normal, recurring nature. The results of operations in the interim statements are not necessarily indicative of the results that may be expected for any other quarter or for the full year.

Recent accounting pronouncements

Targeted Improvements to the Accounting for Internal-Use Software

In September 2025, the FASB issued guidance within ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40). The amendments in this update are intended to modernize and improve the accounting for internal-use software costs. The changes aim to make the recognition and capitalization of software costs more consistent across different development methodologies and eliminates the requirement to assess software development costs based on predefined project stages (e.g., preliminary, application development, post-implementation). The update requires entities to start capitalizing software costs when management has authorized and committed to funding the software project and it is probable that the project will be completed and the software will be used to perform the function intended.

The amendments in this update are effective for fiscal years beginning after December 15, 2027 and interim periods within fiscal years beginning after December 15, 2028. Early adoption is permitted in an interim or annual reporting period in which financial statements have not yet been issued and shall be adopted as of the beginning of an annual reporting period. The guidance may be applied prospectively, retrospectively, or via a modified transition approach. The Company is currently evaluating the impact these amendments will have on its Consolidated Financial Statements.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued guidance within ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Topic 220). The amendments in this update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses. Entities will be required to disclose the amounts of employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. The update also requires entities to include certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements, disclose a qualitative description of the amounts remaining in relevant

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expense captions that are not separately disaggregated quantitatively, and disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.

The amendments in this update are effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027 and may be applied on a prospective or retrospective basis. The Company is currently evaluating the impact these amendments will have on its Consolidated Financial Statements.

Improvements to Income Tax Disclosures

In December 2023, the FASB issued guidance within ASU 2023-09, Income Taxes (Topic 740). The amendments in this update are intended to increase visibility into various income tax components that affect the reconciliation of the effective tax rate to the statutory rate, as well as the qualitative and quantitative aspects of those components. Public business entities will be required to disclose on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet or exceed a five percent threshold (computed by multiplying pretax income by the applicable statutory income tax rate) and include disclosure of state and local jurisdictions that make up the majority of the state and local income tax category in the rate reconciliation. Additional disclosure items include disaggregation of income taxes paid to and income tax expense from federal, state, and foreign jurisdictions as well as disaggregation of income taxes paid to individual jurisdictions in which income taxes paid are equal to or greater than five percent of total income taxes paid.

The amendments in this update are effective for fiscal years beginning after December 15, 2024 and interim periods within fiscal years beginning after December 15, 2025 and may be applied on a prospective or retrospective basis. As the amendments in this update relate entirely to enhanced disclosure requirements, adoption of this guidance will not have an impact on the Company's financial position or results of operations. Upon adoption, the Company expects to provide these enhanced income tax disclosures.

Recently adopted accounting guidance

Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued guidance within ASU 2023-07, Segment Reporting (Topic 280). The amendments in this update are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures related to significant segment expenses. The amendments did not change how an entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments, and all existing segment disclosure requirements in ASC 280 and other Codification topics remain unchanged. The amendments in this update are incremental and require public entities that report segment information to disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss as well as other segment items. Annual disclosure of the title and position of the chief operating decision maker and how the reported measures of segment profit or loss are used to assess performance and allocation of resources is also required.

The Company adopted this guidance beginning with the annual period ending December 31, 2024 and applied these updates on a retrospective basis. Upon adoption, the Company provided additional expense detail within its segment disclosures and there was no impact on the Company's financial position or results of operations.

Accounting for and Disclosure of Crypto Assets

In December 2023, the FASB issued guidance within ASU 2023-08, Intangibles — Goodwill and Other — Crypto Assets (Topic 350). The amendments in this update require entities that hold certain crypto assets to measure such assets at fair value and recognize any changes in fair value in net income in each reporting period. Entities will also be required to present crypto assets measured at fair value separately from other intangible assets on the balance sheet and changes from the remeasurement of crypto assets separately from changes in the carrying amounts of other intangible assets in the income statement. Other disclosure items include the name, cost basis, fair value, and number of units for each significant crypto asset holding and the aggregate fair values and cost bases of crypto asset holdings that are not individually significant along with a rollforward of activity in the reporting period and disclosure of the method for determining the cost basis of the crypto assets.

The Company adopted this accounting guidance on January 1, 2025. Although the Company has digital payment offerings, it does not currently hold crypto assets meeting the criteria outlined in the update. Accordingly, the adoption of this guidance did not have an impact on the Company's Consolidated Financial Statements.

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Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management's estimates and judgments are ongoing and are based on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities, as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. Actual results may differ from those estimates and assumptions used in the Consolidated Financial Statements and related notes. Material estimates susceptible to significant changes in the near term, relate to: 1) the determination of the ACL; 2) certain assets and liabilities carried at fair value; and 3) accounting for income taxes.

Principles of consolidation

As of September 30, 2025, WAL has the following significant wholly-owned subsidiaries: WAB and eight unconsolidated subsidiaries used as business trusts in connection with the issuance of trust-preferred securities.

WAB has the following significant subsidiaries: 1) WABT, which holds certain investment securities, municipal and nonprofit loans, and leases; 2) WA PWI, which holds interests in certain limited partnerships invested primarily in low income housing tax credits and small business investment corporations; 3) Helios Prime, which holds interests in certain limited partnerships invested in renewable energy projects; 4) BW, which operates as a real estate investment trust and holds certain of WAB's real estate loans and related securities; and 5) Western Finance Company, which purchases and originates equipment finance leases and provides mortgage banking services through its wholly-owned subsidiary, AmeriHome.

The Company does not have any other significant entities that should be consolidated. All significant intercompany balances and transactions have been eliminated in consolidation.

Reclassifications

Certain amounts in the Consolidated Income Statements for the prior periods have been reclassified to conform to the current presentation. The reclassifications had no effect on net income or equity as previously reported.

In order to better categorize loans based on their underlying risk characteristics, note finance loans previously classified within the Company's warehouse lending loan portfolio segment at December 31, 2024, were reclassified to the other commercial and industrial loan portfolio segment during the third quarter of 2025. In addition, the warehouse lending loan portfolio segment was renamed mortgage finance, consisting of mortgage warehouse lines and MSR financing facilities. The prior period disclosures presented in "Note 4. Loans, Leases and Allowance for Credit Losses" of these Notes to Unaudited Consolidated Financial Statements and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Item 2 of this Form 10-Q were recast to reflect this change in loan portfolio segments.

Common stock repurchases

On September 12, 2025, the BOD adopted a common stock repurchase program, pursuant to which the Company is authorized to repurchase up to $300.0 million of the Company’s shares of common stock. All shares repurchased under the plan are retired upon settlement. The Company has elected to allocate the excess of the repurchase price over the par value of its common stock between additional paid in capital and retained earnings. The portion allocated to additional paid in capital is limited to the amount of additional paid in capital that was recorded at the time the shares were initially issued, which was calculated on a last-in, first-out basis.

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2. INVESTMENT SECURITIES

The carrying amounts and fair values of investment securities are summarized as follows:


	September 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
	(in millions)
Held-to-maturity
Tax-exempt	$	1,363	$	2	$	(136)	$	1,229
Private label residential MBS	169		—		(31)		138
Total HTM securities	$	1,532	$	2	$	(167)	$	1,367

Available-for-sale debt securities
Residential MBS issued by GSEs and GNMA	$	7,347	$	43	$	(325)	$	7,065
U.S. Treasury securities	5,313		75		—		5,388
CLO	1,883		6		(1)		1,888
Private label residential MBS	1,203		1		(160)		1,044
Tax-exempt	895		—		(90)		805
Commercial MBS issued by GSEs and GNMA	625		5		(8)		622
Corporate debt securities	362		—		(12)		350


Other	75		1		(8)		68
Total AFS debt securities	$	17,703	$	131	$	(604)	$	17,230


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
	(in millions)
Held-to-maturity
Tax-exempt	$	1,350	$	1	$	(180)	$	1,171
Private label residential MBS	176		—		(38)		138
Total HTM securities	$	1,526	$	1	$	(218)	$	1,309

Available-for-sale debt securities
Residential MBS issued by GSEs and GNMA	$	6,225	$	16	$	(410)	$	5,831
U.S. Treasury securities	4,385		1		(3)		4,383
Private label residential MBS	1,148		—		(201)		947
Tax-exempt	921		—		(76)		845
CLO	570		—		—		570
Commercial MBS issued by GSEs and GNMA	447		1		(11)		437
Corporate debt securities	407		—		(21)		386


Other	75		1		(7)		69
Total AFS debt securities	$	14,178	$	19	$	(729)	$	13,468

In addition, the Company held equity securities, which primarily consisted of preferred stock and CRA investments, with a fair value of $91 million and $117 million at September 30, 2025 and December 31, 2024, respectively. Unrealized gains of $0.8 million and $3.2 million on equity securities for the three months ended September 30, 2025 and 2024, respectively, and unrealized gains of $0.7 million and $5.9 million for the nine months ended September 30, 2025 and 2024, respectively, were recognized in earnings as a component of Fair value gain adjustments, net.

Securities with carrying amounts of approximately $4.6 billion and $4.0 billion at September 30, 2025 and December 31, 2024, respectively, were pledged for various purposes as required or permitted by law.

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The following tables summarize the Company's AFS debt securities in an unrealized loss position, aggregated by major security type and length of time in a continuous unrealized loss position:


	September 30, 2025
	Less Than Twelve Months				More Than Twelve Months				Total
	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
	(in millions)




Available-for-sale debt securities
Residential MBS issued by GSEs and GNMA	$	2	$	614	$	323	$	1,462	$	325	$	2,076
Private label residential MBS	—		—		160		885		160		885
Tax-exempt	—		—		90		742		90		742
CLO	1		379		—		—		1		379

Corporate debt securities	—		—		12		301		12		301

Commercial MBS issued by GSEs and GNMA	1		106		7		71		8		177
Other	1		12		7		44		8		56
Total AFS securities	$	5	$	1,111	$	599	$	3,505	$	604	$	4,616


	December 31, 2024
	Less Than Twelve Months				More Than Twelve Months				Total
	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
	(in millions)




Available-for-sale debt securities
Residential MBS issued by GSEs and GNMA	$	18	$	1,793	$	392	$	1,482	$	410	$	3,275
U.S. Treasury securities	3		2,185		—		—		3		2,185
Private label residential MBS	—		—		201		939		201		939

Tax-exempt	1		32		75		813		76		845
Corporate debt securities (1)	—		—		21		362		21		362
Commercial MBS issued by GSEs and GNMA	10		220		1		16		11		236
Other	2		32		5		25		7		57

Total AFS securities	$	34	$	4,262	$	695	$	3,637	$	729	$	7,899

(1)Includes securities with an ACL that have a fair value of $8 million and unrealized losses of $1 million.

The total number of AFS debt securities in an unrealized loss position at September 30, 2025 was 637, compared to 796 at December 31, 2024.

On a quarterly basis, the Company performs an impairment analysis on its AFS debt securities in an unrealized loss position at the end of the period to determine whether credit losses should be recognized on these securities.

Qualitative considerations made by the Company in its impairment analysis are further discussed below.

Government Issued Securities

U.S. Treasury securities and commercial and residential MBS are issued by either government agencies or GSEs. These securities are either explicitly or implicitly guaranteed by the U.S. government, and are highly rated by major rating agencies. Further, principal and interest payments on these securities continue to be made on a timely basis.

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Non-Government Issued Securities

Qualitative factors used in the Company's credit loss assessment of its securities that are not issued and guaranteed by the U.S. government include consideration of any adverse conditions related to a specific security, industry, or geographic region of its securities, any credit ratings below investment grade, the payment structure of the security and the likelihood of the issuer to be able to make payments that increase in the future, and failure of the issuer to make any scheduled principal or interest payments.

For the Company's corporate debt and tax-exempt securities, the Company also considers various metrics of the issuer including days of cash on hand, the ratio of long-term debt to total assets, the net change in cash between reporting periods, and consideration of any breach in covenant requirements. The Company's corporate debt securities are primarily investment grade, issuers continue to make timely principal and interest payments, and the unrealized losses on these security portfolios primarily relate to changes in interest rates and other market conditions not considered to be credit-related issues. The Company continues to receive timely principal and interest payments on its tax-exempt securities and the majority of these issuers have revenues pledged for payment of debt service prior to payment of other types of expenses.

For the Company's private label residential MBS, which consist of non-agency collateralized mortgage obligations secured by pools of residential mortgage loans, the Company also considers metrics such as securitization risk weight factor, current credit support, whether there were any mortgage principal losses resulting from defaults in payments on the underlying mortgage collateral, and the credit default rate over the last twelve months. These securities primarily carry investment grade credit ratings, principal and interest payments on these securities continue to be made on a timely basis, and credit support for these securities is considered adequate.

The Company's CLO portfolio consists of highly rated securitization tranches, containing pools of medium- to large-sized corporate, high-yield loans. These are variable rate securities that have an investment grade rating of Single-A or better. Unrealized losses on these securities are primarily a function of the differential from the offer price and the valuation mid-market price as well as changes in interest rates.

Unrealized losses on the Company's other securities portfolio primarily relate to taxable municipal and trust preferred securities. The Company is continuing to receive timely principal and interest payments on its taxable municipal securities, these securities continue to be highly rated and the number of days of cash on hand is strong. The Company's trust preferred securities are investment grade and the issuers continue to make timely principal and interest payments.

The following table presents a rollforward of the ACL based on the Company's impairment analysis of AFS debt securities:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in millions)
Balance, beginning of period	$	0.3	$	0.8	$	0.4	$	1.4
Recovery of credit losses	(0.3)		(0.4)		(0.4)		(1.0)
Charge-offs	—		—		—		—
Recoveries	—		—		—		—
Balance, end of period	$	—	$	0.4	$	—	$	0.4

The credit loss model under ASC 326-20, applicable to HTM debt securities, requires recognition of lifetime expected credit losses through an allowance account at the time the security is purchased.

The following table presents a rollforward of the ACL on the Company's HTM tax-exempt debt securities:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in millions)
Balance, beginning of period	$	11.6	$	8.7	$	16.4	$	7.8
Provision for (recovery of) credit losses	0.4		0.9		(4.4)		1.8
Charge-offs	—		—		—		—
Recoveries	—		—		—		—
Balance, end of period	$	12.0	$	9.6	$	12.0	$	9.6

No allowance has been recognized on the Company's HTM private label residential MBS as losses are not expected due to the Company holding a senior position in these securities.

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Accrued interest receivable on HTM debt securities totaled $5 million at September 30, 2025 and December 31, 2024 and is excluded from the estimate of expected credit losses.

The following tables summarize the carrying amount of the Company’s investment ratings position, which are updated quarterly and used to monitor the credit quality of the Company's securities:


	September 30, 2025
	AAA		Split-rated AAA/AA+		AA+ to AA-		A+ to A-		BBB+ to BBB-		BB+ and below		Unrated		Totals
	(in millions)
Held-to-maturity
Tax-exempt	$	—	$	—	$	—	$	—	$	—	$	—	$	1,363	$	1,363
Private label residential MBS	—		—		—		—		—		—		169		169
Total HTM securities (1)	$	—	$	—	$	—	$	—	$	—	$	—	$	1,532	$	1,532

Available-for-sale debt securities
Residential MBS issued by GSEs and GNMA	$	—	$	—	$	7,065	$	—	$	—	$	—	$	—	$	7,065
U.S. Treasury securities	—		—		5,388		—		—		—		—		5,388
CLO	195		—		1,452		241		—		—		—		1,888
Private label residential MBS	1,016		—		28		—		—		—		—		1,044
Tax-exempt	23		—		337		363		—		—		82		805
Commercial MBS issued by GSEs and GNMA	1		—		621		—		—		—		—		622
Corporate debt securities	—		—		—		79		191		80		—		350

Other	—		—		11		2		38		1		16		68
Total AFS securities (1)	$	1,235	$	—	$	14,902	$	685	$	229	$	81	$	98	$	17,230





Equity securities
Preferred stock	$	—	$	—	$	—	$	—	$	34	$	30	$	—	$	64

CRA investments	—		—		27		—		—		—		—		27
Total equity securities (1)	$	—	$	—	$	27	$	—	$	34	$	30	$	—	$	91

(1)For rated securities, if ratings differ, the Company uses an average of the available ratings by major credit agencies.


	December 31, 2024
	AAA		Split-rated AAA/AA+		AA+ to AA-		A+ to A-		BBB+ to BBB-		BB+ and below		Unrated		Totals
	(in millions)
Held-to-maturity
Tax-exempt	$	—	$	—	$	—	$	—	$	—	$	—	$	1,350	$	1,350
Private label residential MBS	—		—		—		—		—		—		176		176
Total HTM securities (1)	$	—	$	—	$	—	$	—	$	—	$	—	$	1,526	$	1,526

Available-for-sale debt securities
Residential MBS issued by GSEs and GNMA	$	—	$	5,831	$	—	$	—	$	—	$	—	$	—	$	5,831
U.S. Treasury securities	—		4,383		—		—		—		—		—		4,383
Private label residential MBS	921		—		26		—		—		—		—		947
Tax-exempt	9		19		348		375		—		—		94		845
CLO	50		—		465		55		—		—		—		570
Commercial MBS issued by GSEs and GNMA	—		437		—		—		—		—		—		437
Corporate debt securities	—		—		—		78		226		82		—		386

Other	—		1		8		2		40		1		17		69
Total AFS securities (1)	$	980	$	10,671	$	847	$	510	$	266	$	83	$	111	$	13,468

Equity securities

Preferred stock	$	—	$	—	$	—	$	—	$	50	$	29	$	12	$	91
CRA investments	—		26		—		—		—		—		—		26
Total equity securities (1)	$	—	$	26	$	—	$	—	$	50	$	29	$	12	$	117

(1)For rated securities, if ratings differ, the Company uses an average of the available ratings by major credit agencies.

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A security is considered to be past due once it is 30 days contractually past due under the terms of the agreement. As of September 30, 2025, the Company did not have a significant amount of investment securities that were past due or on nonaccrual status.

The amortized cost and fair value of the Company's debt securities as of September 30, 2025, by contractual maturities are shown below. MBS are shown separately as individual MBS are comprised of pools of loans with varying maturities.


	September 30, 2025
	Amortized Cost		Estimated Fair Value
	(in millions)
Held-to-maturity
Due in one year or less	$	15	$	15
After one year through five years	20		21
After five years through ten years	190		179
After ten years	1,138		1,014
Mortgage-backed securities	169		138
Total HTM securities	$	1,532	$	1,367

Available-for-sale
Due in one year or less	$	1,393	$	1,395
After one year through five years	2,118		2,118
After five years through ten years	683		674
After ten years	4,334		4,312
Mortgage-backed securities	9,175		8,731
Total AFS securities	$	17,703	$	17,230

The following table presents gross gains and losses on sales of investment securities:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in millions)
Available-for-sale securities
Gross gains	$	8.6	$	8.8	$	22.5	$	12.4
Gross losses	(0.1)		—		(0.1)		(2.2)
Net gain on AFS securities	$	8.5	$	8.8	$	22.4	$	10.2

Equity securities
Gross gains	$	—	$	—	$	0.2	$	—
Gross losses	—		—		(0.6)		—
Net loss on equity securities	$	—	$	—	$	(0.4)	$	—

During the three and nine months ended September 30, 2025, the Company sold AFS securities with a carrying value of $2.2 billion and $4.8 billion, respectively, and recognized a net gain of $8.5 million and $22.4 million, respectively. U.S. Treasury securities and MBS were sold to secure gains, including hedged U.S. Treasury securities sold as part of interest rate swap terminations that resulted in a $16.2 million gain. See "Note 12. Derivatives and Hedging Activities" for further discussion of the interest rate swap. During the three and nine months ended September 30, 2024, the Company sold securities with a carrying value of $2.3 billion and $4.0 billion, respectively, and recognized a net gain of $8.8 million and $10.2 million, respectively. U.S. Treasury securities and MBS were sold to secure gains, while CLOs were sold as part of the Company's efforts to shift the investment portfolio mix toward high quality liquid assets.

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3. LOANS HELD FOR SALE

The Company purchases and originates residential mortgage loans that are held for sale or securitization primarily through its AmeriHome mortgage banking business channel.

The following is a summary of loans HFS by type:


	September 30, 2025		December 31, 2024
	(in millions)
Government-insured or guaranteed:
EBO (1)	$	102	$	—
Non-EBO	1,627		764
Total government-insured or guaranteed	1,729		764
Agency-conforming	1,696		1,502
Non-agency	77		20









Total loans HFS	$	3,502	$	2,286

(1) EBO loans are delinquent FHA, VA, or USDA loans purchased from GNMA pools under the terms of the GNMA MBS program that can be repooled when loans are brought current either through the borrower's reperformance or through completion of a loan modification.

The following is a summary of the net gain on loan purchase, origination, and sale activities on residential mortgage loans to be sold or securitized:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in millions)
Mortgage servicing rights capitalized upon sale of loans	$	318.7	$	222.5	$	863.4	$	625.9
Net proceeds from sale of loans (1)	(185.9)		(116.4)		(663.6)		(467.7)
Provision for and change in estimate of liability for losses under representations and warranties, net	0.6		—		1.7		4.2
Change in fair value of loans HFS and trading securities	(0.6)		4.0		32.5		(1.3)

Change in fair value of derivatives:
Unrealized gain (loss) on derivatives	17.1		(2.9)		(56.1)		14.2
Realized loss on derivatives	(92.7)		(76.3)		(60.9)		(79.7)
Total change in fair value of derivatives	(75.6)		(79.2)		(117.0)		(65.5)
Net gain on residential mortgage loans HFS	$	57.2	$	30.9	$	117.0	$	95.6
Loan acquisition and origination fees	18.3		15.4		47.4		42.8
Net gain on mortgage loan origination and sale activities	$	75.5	$	46.3	$	164.4	$	138.4

(1) Represents the difference between cash proceeds received upon settlement and loan basis.

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4. LOANS, LEASES AND ALLOWANCE FOR CREDIT LOSSES

The composition of the Company's HFI loan portfolio is as follows:


	September 30, 2025		December 31, 2024
	(in millions)
Mortgage finance	$	6,574	$	6,151
Municipal & nonprofit	1,559		1,620
Tech & innovation	3,818		3,383
Equity fund resources	993		884
Other commercial and industrial	12,935		11,231
CRE - owner occupied	1,531		1,675
Hotel franchise finance	4,006		3,815
Other CRE - non-owner occupied	6,923		6,342
Residential	13,158		12,961
Residential - EBO	956		972
Construction and land development	4,047		4,468
Other	146		174
Total loans HFI	56,646		53,676
Allowance for credit losses	(440)		(374)
Total loans HFI, net of allowance	$	56,206	$	53,302

Loans classified as HFI are stated at the amount of unpaid principal, adjusted for net deferred fees and costs, premiums and discounts on acquired and purchased loans, and an ACL. Net deferred fees of $127 million and $106 million reduced the carrying value of loans as of September 30, 2025 and December 31, 2024, respectively. Net unamortized purchase premiums on acquired and purchased loans of $178 million and $175 million increased the carrying value of loans as of September 30, 2025 and December 31, 2024, respectively.

Nonaccrual and Past Due Loans

Loans are placed on nonaccrual status when management determines that the full repayment of principal and collection of interest according to contractual terms is no longer likely, generally when the loan becomes 90 days or more past due.

The following tables present nonperforming loan balances by loan portfolio segment:


	September 30, 2025
	Nonaccrual with No Allowance for Credit Loss		Nonaccrual with an Allowance for Credit Loss		Total Nonaccrual		Loans Past Due 90 Days or More and Still Accruing
	(in millions)

Municipal & nonprofit	$	—	5		$	5	$	—
Tech & innovation	5		38		43		—
Equity fund resources	—		1		1		—
Other commercial and industrial	12		122		134		—
CRE - owner occupied	3		—		3		—

Other CRE - non-owner occupied	91		96		187		—
Residential	—		11		11		49
Residential - EBO	—		—		—		282
Construction and land development	136		—		136		—
Other	2		—		2		—
Total	$	249	$	273	$	522	$	331

Loans contractually delinquent by 90 days or more and still accruing totaled $331 million at September 30, 2025 and consisted of government guaranteed EBO and certain other residential loans.

Additionally, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process totaled $116 million and $99 million at September 30, 2025 and December 31, 2024, respectively.

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	December 31, 2024
	Nonaccrual with No Allowance for Credit Loss		Nonaccrual with an Allowance for Credit Loss		Total Nonaccrual		Loans Past Due 90 Days or More and Still Accruing
	(in millions)

Municipal & nonprofit	$	—	$	5	$	5	$	—
Tech & innovation	3		57		60		—
Equity fund resources	—		1		1		—
Other commercial and industrial	11		6		17		—
CRE - owner occupied	5		—		5		—

Other CRE - non-owner occupied	172		71		243		—
Residential	—		88		88		—
Residential - EBO	—		—		—		326
Construction and land development	55		1		56		—
Other	1		—		1		—
Total	$	247	$	229	$	476	$	326

Loans contractually delinquent by 90 days or more and still accruing totaled $326 million at December 31, 2024 and consisted of government guaranteed EBO residential loans.

The reduction in interest income associated with loans on nonaccrual status was approximately $10.4 million and $6.6 million for the three months ended September 30, 2025 and 2024, respectively, and $26.4 million and $18.4 million for the nine months ended September 30, 2025 and 2024, respectively.

The following table presents an aging analysis of past due loans by loan portfolio segment:


	September 30, 2025
	Current		30-59 Days Past Due		60-89 Days Past Due		Over 90 days Past Due		Total Past Due		Total Nonaccrual		Total
	(in millions)
Mortgage finance	$	6,574	$	—	$	—	$	—	$	—	$	—	$	6,574
Municipal & nonprofit	1,511		—		43		—		43		5		1,559
Tech & innovation	3,771		4		—		—		4		43		3,818
Equity fund resources	992		—		—		—		—		1		993
Other commercial and industrial	12,796		2		3		—		5		134		12,935
CRE - owner occupied	1,522		6		—		—		6		3		1,531
Hotel franchise finance	4,006		—		—		—		—		—		4,006
Other CRE - non-owner occupied	6,669		67		—		—		67		187		6,923
Residential	13,028		43		27		49		119		11		13,158
Residential - EBO	525		102		47		282		431		—		956
Construction and land development	3,911		—		—		—		—		136		4,047
Other	143		1		—		—		1		2		146
Total loans	$	55,448	$	225	$	120	$	331	$	676	$	522	$	56,646

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	December 31, 2024
	Current		30-59 Days Past Due		60-89 Days Past Due		Over 90 days Past Due		Total Past Due		Total Nonaccrual		Total
	(in millions)
Mortgage finance	$	6,151	$	—	$	—	$	—	$	—	$	—	$	6,151
Municipal & nonprofit	1,615		—		—		—		—		5		1,620
Tech & innovation	3,320		3		—		—		3		60		3,383
Equity fund resources	883		—		—		—		—		1		884
Other commercial and industrial	11,213		1		—		—		1		17		11,231
CRE - owner occupied	1,670		—		—		—		—		5		1,675
Hotel franchise finance	3,785		—		30		—		30		—		3,815
Other CRE - non-owner occupied	6,097		—		2		—		2		243		6,342
Residential	12,818		45		10		—		55		88		12,961
Residential - EBO	463		107		76		326		509		—		972
Construction and land development	4,412		—		—		—		—		56

WESTERN ALLIANCE BANCORPORATION 10-Q