BID TerminalOpen complete report
Research library Banks

Back of Napkin

Western Alliance Bancorporation WAL

Three-pass checkedFresh as companies report

Western Alliance charged off $208.5M of loans in the March quarter, and two named credits were $152.5M of it.

One was a $126.4M loan to Leucadia Asset Management, the other a $26.1M residual on a Cantor Group facility, and both sit in the bank's legal proceedings.

WAL · price with moving averages

Daily · 6MWeekly · 3Y
$36$52$67$83$99 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

Western Alliance is an Arizona bank holding company that lends through national specialist teams rather than a branch network. Mortgage warehouse lending funds other people's mortgage originators. Hotel franchise finance lends against branded hotels. Technology and innovation lends to venture-backed companies. Around it sits ordinary commercial property and business lending.

That structure is the reason it grows faster than a regional bank and the reason its credit surprises arrive from places a regional bank never looks.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

Continue with WAL

Get the complete Back of Napkin free.

Choose this as your free complete report. No card required.

Read the complete report

More company research

View all research
PJT Partners Inc. PJTPJT Partners grew a record second quarter 20% with all three of its engines, strategic advisory, private capital, and restructuring, rising at once, a combination the model was explicitly designed to produce. Back of Napkin Piper Sandler Companies PIPRPiper Sandler just printed the best first half in its history, advisory revenue up 34% to a record, and the stock sits 22% below its February high anyway. Back of Napkin Houlihan Lokey, Inc. HLIWhile every other advisory bank was printing records this quarter, Houlihan Lokey's revenue fell 16%, and the stock has been cut 39% from its high for being the one name that zigged. Back of Napkin Stifel Financial Corp SFStifel just reported the best second quarter in its history, and it did so with 66% of segment revenue coming from wealth management, not the deal desk everyone watches. Back of Napkin