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Western Alliance Bancorporation (WAL) filed its Q2 2019 10-Q quarterly report on Aug 1, 2019 for the quarter ended Jun 30, 2019.
Western Alliance Bancorporation Q2 2019 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Net operating revenue $267.3M, up 12.2% YoY from $238.2M
- Net interest margin 4.59% vs 4.71% YoY, pressured by higher deposit and funding costs
- Best segment: Technology & Innovation pre-tax income $18.0M vs $16.0M; worst: Corporate & Other loss $9.3M vs $4.7M
- Operating cash flow $330.3M for six months vs $247.4M; loans increased $1.46B and deposits $2.26B
- Headwinds: CRE concentration 48% of loans, nonperforming loans $104.0M, increased deposit costs and interest-rate competition
Risk Factors
- No material risk-factor changes disclosed relative to the December 31, 2018 Form 10-K
- Credit concentration risk: real-estate-secured loans depend heavily on Arizona, Nevada, and California property values
- Regulatory compliance risk: ASU 2016-13 CECL adoption scheduled for January 1, 2020, requiring expected-loss modeling and enhanced controls
- Operational risk: unfunded credit commitments increased to $8.53 billion from $7.56 billion
- Financial risk: $150.0 million subordinated debt matures July 15, 2025 and converts to LIBOR-based variable pricing after June 30, 2020
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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