Western Alliance Bancorp (NYSE:WAL) shares are trading lower Wednesday after the company provided a quarter end financial update.
What To Know: As of March 31, total insured deposits represented approximately 68% of total deposits, which is “significantly higher” than it was at the end of 2022.
Western Alliance said it estimates that gross unrealized losses in HTM securities totaled $139 million. The company expects $789 million in gross unrealized losses of available-for-sale securities and $2.9 billion in gross unrealized losses in HFI loans.
“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,” said Kenneth Vecchione, president and CEO of Western Alliance.
Western Alliance is scheduled to report first-quarter results on April 18. The bank is expected to report earnings of $2.38 per share on quarterly revenue of $699.42 million, according to Benzinga Pro.
WAL Price Action: Western Alliance has a 52-week high of $86.87 and a 52-week low of $7.46.
The stock was down 9.84% at $30.22 at time of publication, according to Benzinga Pro.
Photo: Klarinette71 from Pixabay.
