Western Alliance Bancorporation (NYSE:WAL) Q2 2023 Earnings Conference Call July 19, 2023 12:00 PM ET

Company Participants

Miles Pondelik - Director, Investor Relations and Corporate Development

Ken Vecchione - President and CEO

Dale Gibbons - Chief Financial Officer

Tim Bruckner - Chief Credit Officer

Conference Call Participants

Ben Gerlinger - Hovde Group

Casey Haire - Jefferies

Bernard von-Gizycki - Deutsche Bank

Steven Alexopoulos - JPMorgan

Chris McGratty - KBW

David Chiaverini - Wedbush

Timur Braziler - Wells Fargo

Gary Tenner - D.A. Davidson

Ebrahim Poonawala - Bank of America

Jon Arfstrom - RBC

Brody Preston - UBS

David Smith - Autonomous Research

Operator

Good day, everyone. Welcome to the Western Alliance Bancorporation’s Second Quarter 2023 Earnings Call. You may also view the presentation today via webcast or the company’s website at www.westernalliancebancorporation.com.

I would now like to turn the call over to Miles Pondelik, Director of Investor Relations and Corporate Development. Please go ahead.

Miles Pondelik

Thank you. And welcome to Western Alliance Bank’s second quarter 2023 conference call. Our speakers today are Ken Vecchione, President and Chief Executive Officer; and Dale Gibbons, Chief Financial Officer; and Tim Bruckner, Chief Credit Officer.

Before I hand the call over to Ken, please note that today’s presentation contains forward-looking statements, which are subject to risks, uncertainties and assumptions. Except as required by law, the company does not undertake any obligation to update any forward-looking statements.

For a more complete discussion of the risks and uncertainties that could cause actual results to differ materially from any forward-looking statements, please refer to the company’s SEC filings, including the Form 8-K filed yesterday, which are available on the company’s website.

Now for opening remarks, I’d like to turn the call over to Ken Vecchione.

Ken Vecchione

Thanks, Miles, and good morning, everyone. As usual, I will make some brief comments about our financial results and action items, and then I will turn the call over to Dale who will review the quarterly results in more detail before opening the call for Q&A. Our Chief Credit Officer, Tim Bruckner, as Mile said, is here with us as well.

In many ways, this quarter represented a transitional period for Western Alliance following the events of mid-launch as our firm and our clients increasingly return to a sense of normalcy. We continue to successfully execute on the balance sheet repositioning strategy we laid out last quarter, we exceeded our liquidity guidance by growing deposits by $3.5 billion and repaying over $6 billion in short-term borrowings.