Western Alliance Bancorporation (NYSE:WAL) Q3 2024 Earnings Conference Call October 18, 2024 12:00 PM ET

Company Participants

Miles Pondelik - Director of IR & Corporate Development
Kenneth Vecchione - President & CEO
Dale Gibbons - CFO

Conference Call Participants

Ebrahim Poonawala - Bank of America
Christopher McGratty - KBW
Jared Shaw - Barclays
Matthew Clark - Piper Sandler
Bernard Von Gizycki - Deutsche Bank
Timur Braziler - Wells Fargo
Anthony Elian - JPMorgan
Gary Tenner - D.A. Davidson
Samuel Varga - UBS
Jon Arfstrom - RBC
Brandon King - Truist Securities

Operator

Hello, everyone, and a warm welcome to the Western Alliance Bancorporation Q3 2024 Earnings Call. My name is Emily, and I'll be coordinating your call today. After the presentation, there will be the opportunity for you to ask any questions. [Operator Instructions]

I will now turn the call over to our host, Miles Pondelik, Head of Investor Relations. Please go ahead, Miles.

Miles Pondelik

Thank you, and welcome to Western Alliance Bank's third quarter 2024 conference call. Our speakers today are Ken Vecchione, President and Chief Executive Officer; and Dale Gibbons, Chief Financial Officer; and Tim Bruckner, our Chief Banking Officer for Regional Bank, who will join for Q&A.

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.

Kenneth Vecchione

Good morning. As always, I'll make some brief comments about our third quarter earnings before turning the call over to Dale, who will review our financial results in more detail. After I discuss our outlook for the remainder of 2024, Tim Bruckner will join us for Q&A.

Western Alliance delivered solid third quarter results and earned $1.80 per share. These results demonstrated the bank's ability to sustain diversified loan and deposit momentum as well as grow earnings during a changing rate environment. We produced healthy deposit growth of $1.8 billion or 11% annualized and HFI loan growth of $916 million, or 7% annualized, despite sluggish demand overall for credit – overall credit in the economy.