Western Alliance Q1 deposits $47.6B, down $6B from Dec; stabilized and grew after mid-March outflows

WESTERN ALLIANCE BANCORPORATION

Total deposits $47.6B at March 31, 2023, vs $53.6B at Dec 31, 2022, a decline of $6.0B.
Elevated net outflows around SVB and Signature closures in mid-March, concentrated in Tech & Innovation and Settlement Services groups.
Deposits stabilized and grew ~$900M from March 20 to quarter end; additional $1.2B growth through April 4.
Insured deposits (including collateralized and pass-through) now ~68% of total deposits, significantly higher than year-end.
Reciprocal and collateralized deposits drove the increase in insured deposit proportion.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

WESTERN ALLIANCE BANCORPORATION reported preliminary financial results for first quarter 2023.

Period: first quarter 2023
Result: preliminary results

Exact text from the filing

Western Alliance Bancorporation issues updated financial information: On April 5, 2023, Western Alliance Bancorporation (the “Company”) provided additional disclosure regarding certain preliminary financial results for the first quarter 2023, which is attached as Exhibit 99.1 to this Current Report on Form 8-K.

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Source: SEC EDGAR

accession 0001212545-23-000113

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