Western Alliance says unrealized losses narrowed since end of 2022
April 4 (Reuters) - Western Alliance Bancorp said on Tuesday that unrealized losses on securities and held-for-investment (HFI) loans for the first quarter have narrowed since the end of 2022.
Announcing preliminary figures for the quarter ended March 31, the regional U.S. lender said unrealized losses on HFI loans came in at $2.9 billion, compared with $4.2 billion at 2022-end.
The company also said it has no borrowings outstanding from the Federal Reserve's discount window after balance sheet repositioning. The Fed's discount window is a facility that helps out commercial banks with very short-term loans.
The recent failures of two regional U.S. banks had pummeled the country's banking industry, prompting the Biden administration to tighten rules and ask midsized banks to boost their liquidity.
Western Alliance, which plans to release its first-quarter earnings on April 18, said its available liquidity for the quarter was more than its uninsured deposits.
Total insured deposits, including collateralized and pass-through insured deposits, represent 68% of total deposits, significantly higher than year-end, the company said.
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shilpi Majumdar)
