Western Alliance Bancorp (WAL)
Market Price (6/24/2026): $80.665 | Market Cap: $8.7 BilSector: Financials | Industry: Regional Banks
Western Alliance Bancorp (WAL)
Market Price (6/24/2026): $80.665Market Cap: $8.7 BilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.7% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -134% Low stock price volatilityVol 12M is 38% Megatrend and thematic driversMegatrends include Digital & Alternative Assets, and Fintech & Digital Payments. Themes include Private Credit, and Online Banking & Lending. | Moderate capital ratioTier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 9.3% | Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -41%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -45% Key risksWAL key risks include [1] legal challenges from a lawsuit over alleged borrower fraud and accusations of accounting malpractice, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.7% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -134% |
| Low stock price volatilityVol 12M is 38% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets, and Fintech & Digital Payments. Themes include Private Credit, and Online Banking & Lending. |
| Moderate capital ratioTier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 9.3% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -41%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -45% |
| Key risksWAL key risks include [1] legal challenges from a lawsuit over alleged borrower fraud and accusations of accounting malpractice, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Western Alliance Bancorp (WAL) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Significant Credit Loss Provisions in Fiscal Q1 2026.
Western Alliance Bancorporation reported a substantial increase in its provision for credit losses and gross loan charge-offs in fiscal Q1 2026 (ended March 31, 2026). The provision for credit losses surged to $213.2 million, a significant rise from $31.2 million in fiscal Q1 2025, primarily due to issues with two fraud-related credits. Similarly, gross loan charge-offs escalated to $209.1 million from $27.5 million in the prior year. This negative impact on credit quality, highlighted during the Q1 earnings release around April 21, 2026, exerted downward pressure on the stock, contributing to its decline from its 52-week high of $97.23 on February 10, 2026, to a 52-week low of $65.81 by March 19, 2026.
2. Robust Underlying Business Performance and Q1 2026 Earnings Beat.
Despite the credit challenges, Western Alliance demonstrated strong operational performance in fiscal Q1 2026, which helped stabilize the stock and support its recovery. The company reported adjusted earnings per share (EPS) of $2.22, significantly exceeding analyst estimates of $1.60. Revenue also surpassed expectations, reaching $1.029 billion against an estimated $957.86 million. Key positive drivers included robust deposit growth of $5.6 billion in the quarter, positioning the company ahead of its $8 billion target for 2026, and an expansion of the net interest margin to 3.54%, a 3-basis point increase, driven by declining interest-bearing deposit costs. These strong underlying metrics provided a counterbalance to the credit losses, preventing a further significant decline and contributing to the stock's subsequent stabilization around the $78-$79 range by June 2026.
Show more
Western Alliance Bancorp (WAL) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Significant Credit Loss Provisions in Fiscal Q1 2026.
Western Alliance Bancorporation reported a substantial increase in its provision for credit losses and gross loan charge-offs in fiscal Q1 2026 (ended March 31, 2026). The provision for credit losses surged to $213.2 million, a significant rise from $31.2 million in fiscal Q1 2025, primarily due to issues with two fraud-related credits. Similarly, gross loan charge-offs escalated to $209.1 million from $27.5 million in the prior year. This negative impact on credit quality, highlighted during the Q1 earnings release around April 21, 2026, exerted downward pressure on the stock, contributing to its decline from its 52-week high of $97.23 on February 10, 2026, to a 52-week low of $65.81 by March 19, 2026.
2. Robust Underlying Business Performance and Q1 2026 Earnings Beat.
Despite the credit challenges, Western Alliance demonstrated strong operational performance in fiscal Q1 2026, which helped stabilize the stock and support its recovery. The company reported adjusted earnings per share (EPS) of $2.22, significantly exceeding analyst estimates of $1.60. Revenue also surpassed expectations, reaching $1.029 billion against an estimated $957.86 million. Key positive drivers included robust deposit growth of $5.6 billion in the quarter, positioning the company ahead of its $8 billion target for 2026, and an expansion of the net interest margin to 3.54%, a 3-basis point increase, driven by declining interest-bearing deposit costs. These strong underlying metrics provided a counterbalance to the credit losses, preventing a further significant decline and contributing to the stock's subsequent stabilization around the $78-$79 range by June 2026.
3. Positive Analyst Sentiment and Perceived Undervaluation.
Throughout the period, Western Alliance Bancorporation maintained largely positive sentiment from analysts. Many analysts issued "Buy" or "Overweight" ratings on the stock, with a consensus average 12-month price target of $88.00 (as of late May 2026) to $90.14 (overall consensus). This suggested that despite the temporary impact of credit issues, the stock was considered undervalued, with analysts expecting future growth driven by robust loan and deposit expansion in its core markets. This positive outlook and perceived undervaluation provided a floor for the stock price, contributing to its rebound from March lows and keeping it largely range-bound rather than experiencing further prolonged declines.
Show less
Stock Movement Drivers
Fundamental Drivers
The 1.0% change in WAL stock from 2/28/2026 to 6/23/2026 was primarily driven by a 6.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 6232026 | Change |
|---|---|---|---|
| Stock Price ($) | 79.87 | 80.68 | 1.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,474 | 3,714 | 6.9% |
| Net Income Margin (%) | 27.9% | 25.6% | -8.1% |
| P/E Multiple | 8.9 | 9.2 | 2.5% |
| Shares Outstanding (Mil) | 108 | 108 | 0.3% |
| Cumulative Contribution | 1.0% |
Market Drivers
2/28/2026 to 6/23/2026| Return | Correlation | |
|---|---|---|
| WAL | 1.0% | |
| Market (SPY) | 7.2% | 50.8% |
| Sector (XLF) | 5.3% | 66.6% |
Fundamental Drivers
The 0.0% change in WAL stock from 11/30/2025 to 6/23/2026 was primarily driven by a -6.2% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 6232026 | Change |
|---|---|---|---|
| Stock Price ($) | 80.70 | 80.68 | 0.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,331 | 3,714 | 11.5% |
| Net Income Margin (%) | 27.0% | 25.6% | -5.1% |
| P/E Multiple | 9.8 | 9.2 | -6.2% |
| Shares Outstanding (Mil) | 109 | 108 | 0.7% |
| Cumulative Contribution | 0.0% |
Market Drivers
11/30/2025 to 6/23/2026| Return | Correlation | |
|---|---|---|
| WAL | -0.0% | |
| Market (SPY) | 8.0% | 48.5% |
| Sector (XLF) | 1.9% | 66.3% |
Fundamental Drivers
The 13.7% change in WAL stock from 5/31/2025 to 6/23/2026 was primarily driven by a 18.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312025 | 6232026 | Change |
|---|---|---|---|
| Stock Price ($) | 70.98 | 80.68 | 13.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,142 | 3,714 | 18.2% |
| Net Income Margin (%) | 25.8% | 25.6% | -0.5% |
| P/E Multiple | 9.5 | 9.2 | -3.9% |
| Shares Outstanding (Mil) | 109 | 108 | 0.6% |
| Cumulative Contribution | 13.7% |
Market Drivers
5/31/2025 to 6/23/2026| Return | Correlation | |
|---|---|---|
| WAL | 13.7% | |
| Market (SPY) | 25.9% | 48.4% |
| Sector (XLF) | 7.4% | 68.0% |
Fundamental Drivers
The 153.9% change in WAL stock from 5/31/2023 to 6/23/2026 was primarily driven by a 156.1% change in the company's P/E Multiple.| (LTM values as of) | 5312023 | 6232026 | Change |
|---|---|---|---|
| Stock Price ($) | 31.78 | 80.68 | 153.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,478 | 3,714 | 49.9% |
| Net Income Margin (%) | 38.7% | 25.6% | -33.8% |
| P/E Multiple | 3.6 | 9.2 | 156.1% |
| Shares Outstanding (Mil) | 108 | 108 | -0.1% |
| Cumulative Contribution | 153.9% |
Market Drivers
5/31/2023 to 6/23/2026| Return | Correlation | |
|---|---|---|
| WAL | 153.9% | |
| Market (SPY) | 82.4% | 52.3% |
| Sector (XLF) | 78.1% | 67.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WAL Return | 82% | -44% | 14% | 30% | 3% | -5% | 47% |
| Peers Return | 33% | -18% | 16% | 36% | 38% | 7% | 156% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 99% |
Monthly Win Rates [3] | |||||||
| WAL Win Rate | 58% | 42% | 50% | 50% | 50% | 33% | |
| Peers Win Rate | 60% | 42% | 53% | 62% | 65% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| WAL Max Drawdown | -19% | -53% | -77% | -21% | -35% | -30% | |
| Peers Max Drawdown | -16% | -38% | -27% | -15% | -27% | -17% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: JPM, BAC, WFC, C, USB. See WAL Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/23/2026 (YTD)
How Low Can It Go
| Event | WAL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -34.4% | -18.8% |
| % Gain to Breakeven | 52.5% | 23.1% |
| Time to Breakeven | 302 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -14.4% | -9.5% |
| % Gain to Breakeven | 16.9% | 10.5% |
| Time to Breakeven | 7 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -75.8% | -6.7% |
| % Gain to Breakeven | 313.0% | 7.1% |
| Time to Breakeven | 439 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -61.5% | -33.7% |
| % Gain to Breakeven | 159.5% | 50.9% |
| Time to Breakeven | 266 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -34.6% | -19.2% |
| % Gain to Breakeven | 53.0% | 23.8% |
| Time to Breakeven | 358 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -16.5% | -12.2% |
| % Gain to Breakeven | 19.8% | 13.9% |
| Time to Breakeven | 48 days | 62 days |
In The Past
Western Alliance Bancorp's stock fell -34.4% during the 2025 US Tariff Shock. Such a loss loss requires a 52.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | WAL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -34.4% | -18.8% |
| % Gain to Breakeven | 52.5% | 23.1% |
| Time to Breakeven | 302 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -75.8% | -6.7% |
| % Gain to Breakeven | 313.0% | 7.1% |
| Time to Breakeven | 439 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -61.5% | -33.7% |
| % Gain to Breakeven | 159.5% | 50.9% |
| Time to Breakeven | 266 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -34.6% | -19.2% |
| % Gain to Breakeven | 53.0% | 23.8% |
| Time to Breakeven | 358 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -36.3% | -17.9% |
| % Gain to Breakeven | 57.0% | 21.8% |
| Time to Breakeven | 111 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -24.0% | -15.4% |
| % Gain to Breakeven | 31.6% | 18.2% |
| Time to Breakeven | 601 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -78.2% | -53.4% |
| % Gain to Breakeven | 358.8% | 114.4% |
| Time to Breakeven | 1682 days | 1085 days |
In The Past
Western Alliance Bancorp's stock fell -34.4% during the 2025 US Tariff Shock. Such a loss loss requires a 52.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Western Alliance Bancorp (WAL)
Western Alliance Bancorp (WAL) operates as a bank holding company, primarily through its subsidiary Western Alliance Bank. The company delivers a comprehensive suite of banking products and related services to both businesses and individuals. Its primary geographic focus is within the western United States, specifically Arizona, California, and Nevada, where it maintains a network of branch locations and loan production offices.
The company's core offerings include a variety of deposit products such as checking, savings, money market, and certificate of deposit accounts. On the lending front, Western Alliance Bancorp specializes in commercial and industrial loans, including financing for technology companies, working capital lines, and equipment loans. It is also a significant provider of commercial real estate loans, construction and land development loans for diverse property types, as well as residential mortgages and other consumer loan products.
Beyond traditional banking, WAL provides essential treasury and cash management services, internet banking, and other financial tools to support its commercial clientele. The company further diversifies its activities through strategic investments, holding various securities, municipal and non-profit loans, and engaging in initiatives like low-income housing tax credits, which contribute to both its financial stability and community involvement.
AI Analysis | Feedback
Here are 1-3 brief analogies for Western Alliance Bancorp (WAL):
- It's like a regional, business-focused version of Wells Fargo for the Southwest (Arizona, California, and Nevada).
- Think of it as a U.S. Bank or PNC, but operating specifically as a full-service regional bank for Arizona, California, and Nevada.
AI Analysis | Feedback
- Deposit Accounts: Offers various accounts including checking, savings, money market, and certificates of deposit.
- Commercial & Industrial Loans: Provides financing for working capital, technology companies, inventory, accounts receivable, mortgage warehouses, and equipment.
- Commercial Real Estate Loans: Offers loans secured by diverse commercial properties such as multi-family, office, industrial, retail, and hospitality.
- Construction & Land Development Loans: Funds projects ranging from residential developments to various commercial properties.
- Residential Mortgage Products: Provides products and services related to residential mortgages.
- Consumer Loans: Offers loans directly to consumers.
- Treasury Management Services: Delivers services to help businesses manage their cash flow and financial operations.
- Digital Banking & Payment Services: Provides internet banking, electronic bill payment, wire transfers, and other online financial tools.
- Cash Management & Lockbox Services: Offers services like lockbox, courier, and other cash management solutions.
- Investment & Related Activities: Holds various investment securities, municipal and non-profit loans, leases, and invests in tax credits and small business investment corporations.
AI Analysis | Feedback
AI Analysis | Feedback
AI Analysis | Feedback
Kenneth A. Vecchione
President and Chief Executive Officer
Kenneth A. Vecchione serves as the President and Chief Executive Officer of Western Alliance Bancorporation. He initially joined Western Alliance's Board of Directors in 2007 and held the roles of President and Chief Operating Officer from 2010 to 2013. He rejoined the company as President in July 2017 and was appointed CEO in early 2018. Prior to his current tenure at Western Alliance, Mr. Vecchione was President, Chief Executive Officer, and Director at Encore Capital Group from 2013 to 2017, where he also served as Chairman of Cabot Credit Management, Encore Capital Group's largest majority-owned international subsidiary. His extensive career includes senior leadership positions at major financial services companies, such as Chief Financial Officer at Apollo Global Management, LLC from 2007 to 2010. He also held various roles at MBNA Corporation between 1998 and 2006, including three years as Vice Chairman and Chief Financial Officer. Before that, he was Chief Financial Officer at AT&T Universal Card Services and Chief Financial Officer of Citigroup credit card services. Mr. Vecchione began his career as an auditor at Chemical Bank and gained experience in accounting before joining Citibank's merchant credit card services unit. He also served as CFO of the merchant payments group at First Data Corp, where he led acquisitions of independent sales organizations.
Vishal Idnani
Chief Financial Officer
Vishal Idnani is the Chief Financial Officer of Western Alliance Bancorporation, a role he assumed effective January 2, 2026, after joining the company in October 2025. Before joining Western Alliance, Mr. Idnani spent two decades at J.P. Morgan, where he most recently served as a Managing Director in the Financial Institutions Group. In this capacity, he acted as a trusted advisor to over 50 regional banking organizations, including Western Alliance, providing guidance on strategic and financial matters, capital management, regulatory considerations, and transaction execution.
Dale Gibbons
Vice Chairman and Chief Banking Officer, Deposit Initiatives & Innovation
Dale Gibbons serves as Vice Chairman and Chief Banking Officer, Deposit Initiatives & Innovation for Western Alliance Bancorporation. He previously held the position of Chief Financial Officer and Executive Vice President of Western Alliance Bancorporation from May 2003 until his transition to his current role, effective January 2, 2026. Mr. Gibbons brings over 30 years of experience in commercial banking, including his tenure as CFO and Secretary of the Board for Zions Bancorporation from 1996 to 2001. Earlier in his career, from 1979 to 1996, he held various retail banking and financial management positions at First Interstate Bancorp. He is a summa cum laude graduate of Arizona State University and a CPA.
James Haught
Executive Vice President and Chief Operating Officer
James Haught is the Executive Vice President and Chief Operating Officer of Western Alliance Bancorporation.
Barbara Kennedy
CHRO, EVP
Barbara Kennedy serves as the CHRO, EVP of Western Alliance Bancorporation.
AI Analysis | Feedback
The key risks to Western Alliance Bancorp (WAL) are:
-
Credit Risk and Asset Quality: Western Alliance Bancorp faces significant exposure to credit risk, particularly within its Commercial Real Estate (CRE) loan portfolio, which constituted approximately 30% of its total loan portfolio as of December 31, 2024. Recent credit events have led to substantial loan charge-offs, including a notable $126.4 million charge-off in March 2026 related to a trade finance loan and the bankruptcy of auto-parts supplier First Brands Group. This event, and a lawsuit against Jefferies Financial Group, has raised concerns among analysts about the bank's underwriting standards and potential concentration risks within its loan book. The company has also seen an increase in its provision for credit losses, indicating an anticipation of deteriorating loan portfolio health.
-
Funding Base Stability and Interest Rate Sensitivity: The bank's funding structure is characterized by a lower proportion of noninterest-bearing deposits compared to traditional banks, making its funding costs more susceptible to fluctuations in interest rates. This vulnerability was significantly highlighted during the 2023 banking crisis, which led to considerable deposit outflows and a decrease in investor confidence. A less stable funding base, compared to peers, exposes WAL to market shifts. Changes in interest rates can negatively impact the company's net interest income and the valuation of its assets and liabilities. For instance, the net interest margin compressed in the fourth quarter of 2024 due to higher deposit rates.
-
Regulatory Scrutiny and Operational Risks: As Western Alliance Bancorp approaches the $100 billion asset threshold, it anticipates stricter regulatory standards, requiring significant investments in risk and treasury management capabilities to prepare for becoming a "Category IV bank" or Large Financial Institution (LFI). Operational risks are also pertinent, stemming from the company's reliance on technology and third-party service providers. Cybersecurity threats, as evidenced by a late 2024 data breach that highlighted third-party vendor risks, are a critical concern. Furthermore, broader regulatory changes impacting the banking industry could lead to increased compliance costs, potentially affecting the bank's earnings.
AI Analysis | Feedback
Fintech companies and neobanks operating with digital-first models pose an emerging threat by offering banking services such as deposits, payments, and various loan products with lower overhead and often more seamless user experiences compared to traditional brick-and-mortar banks like Western Alliance. Additionally, major technology companies like Apple, Google, and Amazon are increasingly entering the financial services space, leveraging their vast user bases and technological capabilities to offer payment solutions, lending partnerships, and other financial tools, potentially disrupting traditional banking relationships.
AI Analysis | Feedback
Western Alliance Bancorp (WAL) operates primarily in Arizona, California, and Nevada, offering a range of banking products and services, including various deposit accounts, commercial and industrial loans, commercial real estate loans, construction and land development loans, and consumer loans.
Addressable Market Sizes for Main Products or Services:
Deposit Products
As of June 30, 2025, the total deposits in Nevada banks amounted to approximately $38.93 billion. Data from June 30, 2025, for Orange County, California, showed combined deposits of $161 billion, down from $174.7 billion in 2023. Specific total deposit figures for Arizona banks were approximately $5.245 billion as of June 30, 2025.
Commercial and Industrial Loan Products
The overall U.S. commercial banking market size was estimated at $765.53 billion in 2026 and is projected to reach $954.48 billion by 2031. Commercial lending was the leading product segment, accounting for 43.78% of the U.S. commercial banking market share in 2025. Specific addressable market sizes for commercial and industrial loans at the state level for Arizona, California, and Nevada are not readily available in the provided information. However, the commercial lending segment is a significant component of the broader U.S. commercial banking market.
Commercial Real Estate Loans
Total commercial real estate lending in the U.S. was estimated at $429 billion in 2023, representing a 47% decline from 2022. In 2024, total commercial real estate borrowing and lending increased by 16%, with an estimated $326 billion in multifamily properties lending. State-specific market sizes for commercial real estate loans in Arizona, California, and Nevada are not readily available in the provided information; however, these states are active markets with various financing options for commercial properties.
Construction and Land Development Loans
Specific market sizes for construction and land development loans in Arizona, California, and Nevada are not readily available. However, various lenders offer these types of loans for residential and commercial projects across these states. This segment falls under the broader commercial real estate lending market mentioned above for the U.S.
Consumer Loans
The total U.S. consumer debt was $16.99 trillion as of April 2023, with non-mortgage debt totaling $4.66 trillion. In California, the total principal amount of consumer loans (excluding loans secured by real estate and "buy now, pay later" loans) made in 2023 was $17.3 billion. The annual total principal amount of small-dollar loans (between $300 and $7,499) made in California in 2023 was $59 million. The U.S. digital lending market, which includes consumer lending, was valued at $303.51 billion in 2025 and is projected to reach $592.87 billion by 2031. Specific overall addressable market sizes for consumer loans in Arizona and Nevada are not readily available.
AI Analysis | Feedback
Western Alliance Bancorp (WAL) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Robust Core Banking Growth (Loans and Deposits): The company anticipates continued strong organic growth in both loans and deposits. Management projects significant loan growth, particularly in Commercial & Industrial (C&I) loans and across its regional banking and specialized C&I verticals. Additionally, robust deposit expansion, including inflows from specialty escrow businesses and National Business Lines, is expected to contribute to revenue.
- Expansion of Non-Interest Income: Western Alliance Bancorp is focusing on increasing its non-interest income by building momentum in commercial banking fees, cross-selling treasury management and other commercial products, and expanding digital escrow disbursement services. This segment is projected to show growth in the coming years.
- Net Interest Margin (NIM) Stability and Optimization of Funding Costs: The company expects to maintain a stable to modestly expanding net interest margin. This is anticipated to be achieved through ongoing loan growth, higher average earning assets, and a favorable shift in its deposit mix, which aims to lower funding costs.
- Strategic Market Expansion and Brand Unification: Western Alliance Bancorp is undergoing a brand unification initiative to consolidate its various brands under a single 'Western Alliance Bank' identity, aiming to enhance national recognition and operational efficiency. Furthermore, the company is solidifying its position as a leader in affordable housing finance and maintaining its focus on serving the innovation economy.
AI Analysis | Feedback
Capital Allocation Decisions for Western Alliance Bancorp (WAL)
1. Share Repurchases
- Western Alliance Bancorporation's Board of Directors authorized a new share repurchase program of up to $300 million of its common stock, with no expiration date, announced on September 12, 2025.
- Between October 1, 2025, and January 16, 2026, the company repurchased 680,412 shares for $57.62 million, completing a buyback program of 800,000 shares for $68.2 million that was authorized on September 12, 2025.
2. Share Issuance
- Around September 22, 2021, Western Alliance Bancorporation issued 12,000,000 Depositary Shares, representing preferred stock, Series A, at a public offer price of $25 per Depositary Share, totaling $300 million.
- The company's 2025 Form 10-K reported that it issued preferred stock through its REIT subsidiary, generating net proceeds of $293 million.
3. Inbound Investments
- Dimensional Fund Advisors LP significantly increased its holdings in Western Alliance Bancorporation by 1.6% in the third quarter (of a recent year, likely 2025), holding 3,674,518 shares valued at $318,655,000.
- Norges Bank acquired a new position in Western Alliance Bancorporation shares valued at approximately $137,289,000 in the second quarter (of a recent year, likely 2025).
- Bank of Montreal Can increased its stake in Western Alliance Bancorporation by 35.8% in the third quarter (of a recent year, likely 2025), owning 1,179,518 shares worth $102,288,000.
4. Outbound Investments
- Western Alliance Bank acquired Digital Disbursements, a provider of digital settlement solutions for businesses, in January 2022.
- Western Alliance Bancorporation's acquisitions and divestments activity (Change in Acquisitions & Divestments) amounted to $340.9 million in 2021 and $92.4 million in 2022.
5. Capital Expenditures
- Western Alliance Bancorporation's capital expenditures were -$114.3 million in fiscal year 2025, -$83.8 million in fiscal year 2024, and -$114.3 million in fiscal year 2023.
- The company's capital expenditures were -$141 million in fiscal year 2022 and -$69.4 million in fiscal year 2021.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 82.41 |
| Mkt Cap | 255.5 |
| Rev LTM | 86,416 |
| Op Inc LTM | - |
| FCF LTM | -238 |
| FCF 3Y Avg | 3,201 |
| CFO LTM | -177 |
| CFO 3Y Avg | 3,252 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.6% |
| Rev Chg 3Y Avg | 5.5% |
| Rev Chg Q | 8.6% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | -16.8% |
| CFO/Rev 3Y Avg | -20.9% |
| FCF/Rev LTM | -20.4% |
| FCF/Rev 3Y Avg | -20.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Consumer Related | 2,192 | 1,820 | 1,186 | 1,101 | 921 |
| Commercial | 1,529 | 1,288 | 1,364 | 1,606 | 1,247 |
| Corporate & Other | -178 | 53 | 70 | -166 | -215 |
| Total | 3,543 | 3,162 | 2,620 | 2,541 | 1,953 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Nevada | 79 | 74 | |||
| Central Business Lines | 79 | 34 | |||
| Arizona | 71 | 59 | |||
| Southern California | 50 | ||||
| Northern California | 29 | ||||
| Corporate & Other | -48 | -22 | |||
| California | 52 | ||||
| Bank of Nevada | 69 | 166 | 9 | ||
| Intersegment Eliminations | 0 | ||||
| Other | -33 | 56 | -23 | ||
| Torrey Pines Bank | 35 | 127 | 33 | ||
| Western Alliance Bank | 70 | 151 | 31 | ||
| Intersegment eliminations | -24 | ||||
| Total | 259 | 197 | 141 | 477 | 50 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Consumer Related | 660 | 366 | 199 | 343 | 376 |
| Commercial | 514 | 421 | 570 | 835 | 655 |
| Corporate & Other | -184 | 0 | -47 | -120 | -132 |
| Total | 991 | 788 | 722 | 1,057 | 899 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Commercial | 35,119 | 31,896 | 29,555 | 31,903 | 25,440 |
| Consumer Related | 29,849 | 26,655 | 24,838 | 24,151 | 21,292 |
| Corporate & Other | 27,806 | 22,383 | 16,469 | 11,680 | 9,251 |
| Total | 92,774 | 80,934 | 70,862 | 67,734 | 55,983 |
Price Behavior
| Market Price | $80.68 | |
| Market Cap ($ Bil) | 8.7 | |
| First Trading Date | 07/01/2005 | |
| Distance from 52W High | -15.2% | |
| 50 Days | 200 Days | |
| DMA Price | $79.16 | $81.11 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 1.9% | -0.5% |
| 3M | 1YR | |
| Volatility | 32.4% | 37.7% |
| Downside Capture | 83.10 | 163.12 |
| Upside Capture | 102.31 | 134.80 |
| Correlation (SPY) | 51.0% | 48.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.21 | 1.47 | 1.53 | 1.59 | 1.63 | 1.54 |
| Up Beta | 2.76 | 2.11 | 1.74 | 1.88 | 2.09 | 1.55 |
| Down Beta | 2.13 | 1.76 | 1.69 | 1.23 | 1.39 | 1.41 |
| Up Capture | 13% | 88% | 111% | 150% | 164% | 532% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 11 | 24 | 33 | 69 | 138 | 381 |
| Down Capture | 102% | 113% | 165% | 165% | 146% | 110% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 9 | 17 | 30 | 55 | 112 | 367 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WAL | |
|---|---|---|---|---|
| WAL | 12.2% | 37.7% | 0.38 | - |
| Sector ETF (XLF) | 8.7% | 14.6% | 0.35 | 67.5% |
| Equity (SPY) | 24.6% | 12.5% | 1.48 | 47.6% |
| Gold (GLD) | 21.8% | 27.6% | 0.70 | 7.6% |
| Commodities (DBC) | 16.7% | 18.8% | 0.69 | -16.3% |
| Real Estate (VNQ) | 12.3% | 13.8% | 0.60 | 45.0% |
| Bitcoin (BTCUSD) | -38.0% | 42.5% | -1.01 | 25.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WAL | |
|---|---|---|---|---|
| WAL | -1.4% | 60.2% | 0.23 | - |
| Sector ETF (XLF) | 9.6% | 18.6% | 0.39 | 60.2% |
| Equity (SPY) | 13.1% | 17.1% | 0.59 | 46.6% |
| Gold (GLD) | 16.8% | 18.3% | 0.74 | -4.8% |
| Commodities (DBC) | 7.3% | 19.4% | 0.28 | 9.4% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.03 | 39.5% |
| Bitcoin (BTCUSD) | 9.7% | 54.1% | 0.38 | 11.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WAL | |
|---|---|---|---|---|
| WAL | 10.3% | 52.3% | 0.40 | - |
| Sector ETF (XLF) | 13.3% | 22.2% | 0.55 | 67.0% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 51.3% |
| Gold (GLD) | 11.9% | 16.1% | 0.61 | -9.5% |
| Commodities (DBC) | 5.9% | 18.0% | 0.25 | 18.1% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 43.0% |
| Bitcoin (BTCUSD) | 57.0% | 66.5% | 0.97 | 11.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/21/2026 | 0.7% | 3.4% | -0.5% |
| 1/27/2026 | 1.2% | 1.4% | 1.0% |
| 10/21/2025 | 3.2% | 3.3% | -0.4% |
| 7/17/2025 | -4.0% | -1.7% | -2.0% |
| 4/21/2025 | 0.7% | 8.5% | 17.1% |
| 1/27/2025 | -5.1% | -10.2% | -7.9% |
| 10/17/2024 | -8.9% | -10.7% | -3.4% |
| 7/18/2024 | 7.9% | 12.4% | 11.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 13 | 15 |
| # Negative | 8 | 11 | 9 |
| Median Positive | 3.1% | 8.0% | 11.1% |
| Median Negative | -4.9% | -3.1% | -3.4% |
| Max Positive | 24.1% | 16.1% | 33.3% |
| Max Negative | -11.1% | -10.7% | -12.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/21/2026 | 0.7% | 3.4% | -0.5% |
| 1/27/2026 | 1.2% | 1.4% | 1.0% |
| 10/21/2025 | 3.2% | 3.3% | -0.4% |
| 7/17/2025 | -4.0% | -1.7% | -2.0% |
| 4/21/2025 | 0.7% | 8.5% | 17.1% |
| 1/27/2025 | -5.1% | -10.2% | -7.9% |
| 10/17/2024 | -8.9% | -10.7% | -3.4% |
| 7/18/2024 | 7.9% | 12.4% | 11.1% |
| 4/18/2024 | 3.0% | 5.2% | 17.2% |
| 1/25/2024 | 2.5% | -10.0% | -11.5% |
| 10/19/2023 | -8.4% | -10.0% | 7.9% |
| 7/18/2023 | 7.8% | 9.6% | 12.1% |
| 4/18/2023 | 24.1% | 16.1% | 8.5% |
| 1/24/2023 | 4.9% | 12.0% | 9.7% |
| 10/20/2022 | 5.0% | 10.6% | 15.9% |
| 7/21/2022 | -4.6% | -2.1% | 7.1% |
| 4/21/2022 | 2.4% | 3.3% | -1.8% |
| 1/27/2022 | -11.1% | -10.2% | -12.1% |
| 10/21/2021 | 2.3% | -2.6% | -3.8% |
| 7/15/2021 | -3.3% | -3.1% | 2.7% |
| 4/15/2021 | 7.9% | 8.0% | 12.7% |
| 1/21/2021 | 2.6% | -0.3% | 33.3% |
| 10/22/2020 | 4.2% | -0.1% | 32.7% |
| 7/16/2020 | -0.9% | 4.9% | 5.9% |
| SUMMARY STATS | |||
| # Positive | 16 | 13 | 15 |
| # Negative | 8 | 11 | 9 |
| Median Positive | 3.1% | 8.0% | 11.1% |
| Median Negative | -4.9% | -3.1% | -3.4% |
| Max Positive | 24.1% | 16.1% | 33.3% |
| Max Negative | -11.1% | -10.7% | -12.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 02/23/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 02/23/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 04/30/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 10/31/2019 | 10-Q |
| 06/30/2019 | 08/01/2019 | 10-Q |
Insider Activity
Updated 6/17/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gibbons, Dale | Vice Chair and CBO, Deposits | Direct | Sell | 6102026 | 82.39 | 40,000 | 3,295,577 | 22,005,642 | Form |
| 2 | Mucha, Ben | Chief Accounting Officer | Direct | Sell | 6102026 | 81.00 | 5,946 | 481,626 | 282,285 | Form |
| 3 | Mucha, Ben | Chief Accounting Officer | Direct | Sell | 2182026 | 95.62 | 641 | 61,292 | 1,121,336 | Form |
| 4 | Johnson, Marianne Boyd | William R. Boyd Subtrust of The Boyd 2005 Irrevocable Trust dated April 15, 2005 | Sell | 12162025 | 86.75 | 7,714 | Form | |||
| 5 | Johnson, Marianne Boyd | Samuel J. Boyd Subtrust of the Boyd 2005 Irrevocable Trust dated April 14, 2005 | Sell | 12162025 | 86.79 | 7,714 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gibbons, Dale | Vice Chair and CBO, Deposits | Direct | Sell | 6102026 | 82.39 | 40,000 | 3,295,577 | 22,005,642 | Form |
| 2 | Mucha, Ben | Chief Accounting Officer | Direct | Sell | 6102026 | 81.00 | 5,946 | 481,626 | 282,285 | Form |
| 3 | Mucha, Ben | Chief Accounting Officer | Direct | Sell | 2182026 | 95.62 | 641 | 61,292 | 1,121,336 | Form |
| 4 | Johnson, Marianne Boyd | William R. Boyd Subtrust of The Boyd 2005 Irrevocable Trust dated April 15, 2005 | Sell | 12162025 | 86.75 | 7,714 | Form | |||
| 5 | Johnson, Marianne Boyd | Samuel J. Boyd Subtrust of the Boyd 2005 Irrevocable Trust dated April 14, 2005 | Sell | 12162025 | 86.79 | 7,714 | Form | |||
| 6 | Johnson, Marianne Boyd | Marianne Boyd Johnson Subtrust of the Boyd 2005 Irrevocable Trust dated April 14, 2005 | Sell | 12162025 | 87.60 | 7,714 | Form | |||
| 7 | Gibbons, Dale | Vice Chairman and CFO | Direct | Buy | 10302025 | 77.00 | 4,000 | 308,000 | 23,127,566 | Form |
| 8 | Bruckner, Tim R | CBO for Regional Banking | Direct | Sell | 7252025 | 83.91 | 2,500 | 209,775 | 2,077,528 | Form |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Regional Banks Resources |
| Bank Director |
| Independent Banker |
| S&P Global Market Intelligence |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.