WAL - Western Alliance deposits rise by $1.8B so far in Q2

2023-05-11 08:50:32 ET

• Western Alliance Bancorporation ( NYSE: WAL ) said Thursday its deposits increased by $1.8B since the end of Q1.
• As of May 9, 2023, total deposits were ~$49.4B, up from $47.6B at March 31. Since May 2, its deposits rose by ~$600M.
• Western Alliance ( WAL ) stock had been among the worst hit after the collapses of Silicon Valley Bank and Signature Bank, as investors feared that customers would rush to withdraw deposits. Year-to-date, WAL stock sank 54%.
• Insured deposits were ~79% of total deposits as of May 9,  up from 68% as of March 31, the Phoenix-based bank said. Readily available liquidity is about double the amount of ininsured deposits as of May 9.
• "The increase in deposits amidst heightened market volatility and challenges at competitors exemplifies the strength and resilience of the Bank and its customer relationships," the bank said.
• Its $2B Q/Q deposit growth rate guidance remains unchanged.
• Western Alliance ( WAL ) stock slipped 1.4% in Thursday premarket trading.

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