Western Alliance Bancorp. on Tuesday said that consumer deposits were recovering, after the collapse of Silicon Valley Bank prompted more consumers to pull...
Western Alliance Bancorp. WAL on Tuesday said that consumer deposits were recovering, after the collapse of Silicon Valley Bank prompted more consumers to pull money from regional financial institutions, and the company reported a year-over-year gain in net-interest income in its first quarter. “While we experienced elevated net deposit outflows immediately following the closure of other banks, deposit balances quickly stabilized with end-of-quarter deposits of $47.
That figure was still down from the prior quarter and the prior-year period. But the company said deposits had increased more recently: “Since March 31, deposits have increased an additional $2.0 billion through April 14, with total insured deposits representing 73% of total deposits, which is well above industry norms compared to the 50 largest U.S. banks.” Shares rallied 13.7% after hours.
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