Western Alliance provides quarter-end financial update

Western Alliance Bank on Tuesday provided unaudited financial information as of March 31, 2023: Total insured deposits, including collateralized and pass-through insured deposits, represent approximately 68% of total deposits, significantly higher than year-end. As of quarter-end, immediately available liquidity exceeded uninsured deposits, with a coverage ratio greater than 140%. As of quarter-end, the Bank had no borrowings outstanding from the Federal Reserve’s discount window after balance sheet repositioning. Western Alliance expects its CET1 ratio to be materially consistent with year-end 2022. Unrealized losses on Securities and Held for Investment loans have improved since year-end primarily due to lower interest rates, as well as other factors. Kenneth A. Vecchione, President and CEO of Western Alliance Bank, concluded, "Western Alliance’s uniquely flexible, diversified business model positioned us to weather the liquidity tightness that enveloped the industry over the past month. Put simply, Western Alliance Bank is different; this diversification continues to distinguish us from monoline or sector-concentrated peer banks. This also demonstrates the value of Western Alliance’s scalable national funding channels and allows us to continue to serve clients across sectors, geographies, or macro trends."