21. PARENT COMPANY FINANCIAL INFORMATION

The condensed financial statements of the holding company are presented in the following tables:

WESTERN ALLIANCE BANCORPORATION

Condensed Balance Sheets



	December 31,
	2015		2014
	(in thousands)
ASSETS:
Cash and cash equivalents	$	7,627	$	11,855
Money market investments	122		451
Investment securities - AFS	50,507		51,335
Investment in bank subsidiaries	1,522,245		987,882
Investment in non-bank subsidiaries	2,424		9,827
Loans, net of deferred loan fees and costs and allowance for credit losses	35,635		39,221
Other assets acquired through foreclosure, net	14,471		16,318
Other assets	19,378		9,912
Total assets	$	1,652,409	$	1,126,801
LIABILITIES AND STOCKHOLDERS' EQUITY:
Other borrowings	$	—	$	83,182
Qualifying debt	58,370		40,437
Accrued interest and other liabilities	2,537		2,254
Total liabilities	60,907		125,873
Total stockholders’ equity	1,591,502		1,000,928
Total liabilities and stockholders’ equity	$	1,652,409	$	1,126,801

WESTERN ALLIANCE BANCORPORATION

Condensed Income Statements



	Year Ended December 31,
	2015		2014		2013
	(in thousands)
Income:
Dividends from subsidiaries	$	140,900	$	67,515	$	71,529
Interest income	4,593		4,381		2,847
Non-interest income	586		1,235		3,995
Total income	146,079		73,131		78,371
Expense:
Interest expense	6,671		8,776		10,833
Non-interest expense	11,397		10,348		32,001
Total expense	18,068		19,124		42,834
Income before income taxes and equity in undistributed earnings of subsidiaries	128,011		54,007		35,537
Income tax benefit	5,876		5,388		21,426
Income before equity in undistributed earnings of subsidiaries	133,887		59,395		56,963
Equity in undistributed earnings of subsidiaries	60,357		88,556		58,002
Net income	194,244		147,951		114,965
Dividends on preferred stock	750		1,387		1,410
Net income available to common stockholders	$	193,494	$	146,564	$	113,555

Western Alliance Bancorporation

Condensed Statements of Cash Flows



	Year Ended December 31,
	2015			2014			2013
	(in thousands)
Cash flows from operating activities:
Net income	$	194,244		$	147,951		$	114,965
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net undistributed earnings of subsidiaries	(60,357		)	(88,556		)	(58,002		)
Excess tax benefit of stock-based compensation	(1,945		)	(4,194		)	(1,552		)
Junior subordinated debt change in fair value	—			(1,421		)	5,640
Loss on extinguishment of debt	—			502			1,387
Other operating activities, net	(4,734		)	(20,040		)	(4,011		)
Net cash provided by operating activities	127,208			34,242			58,427
Cash flows from investing activities:
Purchases of securities	—			(23,431		)	(2,044		)
Principal pay downs, calls, maturities, and sales proceeds of securities, net	2,358			8,376			6,767
Proceeds from sale of other repossessed assets, net	4,138			9,610			9,844
Capital contributions to subsidiaries	—			—			(40,000		)
Loans purchases, fundings, and principal collections, net	3,704			3,286			(35,979		)
Sale (purchase) of money market investments, net	330			2,181			(1,968		)
Sale (purchase) of premises, equipment, and other assets, net	—			617			(481		)
Net cash and cash equivalents (used) in acquisition (1)	(19,440		)	—			—
Net cash provided by (used in) investing activities	(8,910		)	639			(63,861		)
Cash flows from financing activities:
Proceeds from other borrowings, net	—			22,000			3,000
Excess tax benefit of stock-based compensation	1,945			4,194			1,552
Repayments on other borrowings	(83,444		)	(6,501		)	(10,887		)
Proceeds from issuance of common stock	28,288			13,746			—
Proceeds from exercise of stock options	1,935			8,294			4,595
Redemption of preferred stock	(70,500		)	(70,500		)	—
Cash dividends paid on preferred stock	(750		)	(1,387		)	(1,410		)
Net cash used in financing activities	(122,526		)	(30,154		)	(3,150		)
Net increase (decrease) in cash and cash equivalents	(4,228		)	4,727			(8,584		)
Cash and cash equivalents at beginning of year	11,855			7,128			15,712
Cash and cash equivalents at end of year	$	7,627		$	11,855		$	7,128
Supplemental disclosure:
Cash paid during the year for:
Interest	$	4,235		$	9,067		$	11,091
Income taxes	54,590			32,238			19,105
Non-cash investing and financing activity:
Change in unrealized gain on AFS securities, net of tax	1,199			2,031			2,450
Change in unrealized (loss) on TRUPS securities, net of tax	(4,276		)	—			—
Loan contributions to subsidiaries	183			2,663			—


(1)	Cash acquired, less cash consideration paid of $36.5 million, resulted in a net $19.4 million use of cash and cash equivalents in the acquisition.