Western Alliance updates financial figures in wake of industry developments

Western Alliance Bank, in light of recent industry events, updates the following financial information: Deposits remain strong with the following balances, as of 3/9/2023: Total deposits of $61.5 billion, an increase of $7.8 billion since year end, led by our deposit verticals of Settlement Services, Home Owner Associations and Mortgage Warehouse. The company expects deposits to moderately decline from these levels by quarter end due to typical seasonal and monthly activity. Total technology-related deposits of $6.5 billion, which are down $201 million quarter to date, as of 3/9/2023. Total Equity Fund Resources & Life Sciences deposits of $1.5 billion, which are up $118 million quarter to date, as of 3/9/2023. Liquidity remains robust with available liquidity, as of 3/9/2023: Cash held on balance sheet of approximately $2.5 billion, as of 3/9/2023. Fully collateralized credit facility from the Federal Home Loan Bank of San Francisco of $13.1 billion with a $0 balance, as of 3/9/2023. Uncommitted credit lines from various financial institutions of $4.6 billion with a $198 million balance, as of 3/9/2023. Capital remains strong with CET1 of 9.32%, as of 12/31/2022. "We expect CET1 to continue to rise from year end levels to 9.5% or higher at first quarter end," Western Alliance said. "Asset quality remains excellent, and we have experienced no significant changes since year end, including classified assets, non-performing assets, and charge-offs Furthermore, Western Alliance affirms its full-year deposit growth guidance of 13% – 17%."