Western Alliance Bancorp on Tuesday posted profits that surpassed estimates and said its deposits stabilized after the March banking crisis, news that sent its shares soaring 15% in after-hours trading and also lifted shares of other U.S. regional banks.
A screen displays the logo and trading info for Western Alliance Bancorporation on the floor of the New York Stock Exchange in New York City, U.S., March 14, 2023. REUTERS/Brendan McDermidon Tuesday posted profits that surpassed estimates and said its deposits stabilized after the March banking crisis, news that sent its shares soaring 15% in after-hours trading and also lifted shares of other U.S. regional banks.
The lender said its total deposits fell 11.3% to $47.6 billion in the first quarter from the previous three months, but deposits steadied late in the quarter, growing $2 billion from March 31 to April 14. "While we experienced elevated net deposit outflows immediately following the closure of other banks, deposit balances quickly stabilized," said CEO Kenneth Vecchione in a statement.
The company said some 73% of its deposits were insured and immediately available liquidity exceeds uninsured deposits, it said. Its proportion of insured deposits was well above industry norms among the 50 largest U.S. banks. Western Alliance and other regional lenders came under pressure recently, with consumers moving money into bigger banks after the
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