Parent Company (Notes)

12 Months Ended

Dec. 31, 2021

23. 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,
	2021		2020
	(in millions)
ASSETS:
Cash and cash equivalents	$	79.0	$	55.5

Investment securities - AFS	0.5		5.1
Investment securities - equity	41.5		49.8
Investment in bank subsidiaries	5,433.6		3,493.5
Investment in non-bank subsidiaries	66.6		49.9


Other assets	22.5		18.0
Total assets	$	5,643.7	$	3,671.8
LIABILITIES AND STOCKHOLDERS' EQUITY:

Qualifying debt	$	673.0	$	251.5
Accrued interest and other liabilities	8.0		6.8
Total liabilities	681.0		258.3
Total stockholders’ equity	4,962.7		3,413.5
Total liabilities and stockholders’ equity	$	5,643.7	$	3,671.8

WESTERN ALLIANCE BANCORPORATION

Condensed Income Statements


	Year Ended December 31,
	2021		2020		2019
	(in millions)
Income:
Dividends from subsidiaries	$	50.0	$	160.0	$	134.0
Interest income	3.2		3.1		2.8
Non-interest income	13.4		4.7		5.1
Total income	66.6		167.8		141.9
Expense:
Interest expense	19.5		10.6		14.6
Non-interest expense	31.9		19.7		19.5
Total expense	51.4		30.3		34.1
Income before income taxes and equity in undistributed earnings of subsidiaries	15.2		137.5		107.8
Income tax benefit	7.4		4.5		5.7
Income before equity in undistributed earnings of subsidiaries	22.6		142.0		113.5
Equity in undistributed earnings of subsidiaries	876.6		364.6		385.7
Net income	899.2		506.6		499.2
Dividends on preferred stock	3.5		—		—
Net income available to common stockholders	$	895.7	$	506.6	$	499.2

Western Alliance Bancorporation

Condensed Statements of Cash Flows


	Year Ended December 31,
	2021		2020		2019
	(in millions)
Cash flows from operating activities:
Net income	$	899.2	$	506.6	$	499.2
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net undistributed earnings of subsidiaries	(876.6)		(364.6)		(385.7)

Junior subordinated debt change in fair value	(0.1)		—		—
Loss on extinguishment of debt	5.9		—		—
Other operating activities, net	(1.4)		8.0		9.9
Net cash provided by operating activities	27.0		150.0		123.4
Cash flows from investing activities:
Purchases of securities	(16.0)		(6.9)		(10.8)
Principal pay downs, calls, maturities, and sales proceeds of securities	28.6		7.7		19.0



Capital contributions to subsidiaries	(1,139.3)		—		—
Other investing activities, net	—		1.2		—



Net cash (used in) provided by investing activities	(1,126.7)		2.0		8.2
Cash flows from financing activities:
Net proceeds from issuance of subordinated debt	591.9		—		—

Common stock repurchases	—		(71.6)		(120.2)


Redemption of subordinated debt	(176.0)		—		—
Proceeds from issuance of common stock in offerings, net	540.3		—		—
Cash dividends paid on common and preferred stock	(127.6)		(101.3)		(51.3)
Proceeds from issuance of preferred stock, net	294.5		—		—


Other financing activities, net	0.1		0.5		0.1

Net cash provided by (used in) financing activities	1,123.2		(172.4)		(171.4)
Net increase (decrease) in cash and cash equivalents	23.5		(20.4)		(39.8)
Cash and cash equivalents at beginning of year	55.5		75.9		115.7
Cash and cash equivalents at end of year	$	79.0	$	55.5	$	75.9