Western Alliance provided additional unaudited financial information and clarifies deposit levels as of March 31. End of quarter total deposits were $47.6B compared to $53.6B as of December 31, 2022; As noted previously, the bank said it experienced elevated net deposit outflows surrounding the announcements of the Silicon Valley Bank and Signature Bank closures in mid-March, concentrated primarily in its Technology and Innovation and Settlement Services groups, with net outflows falling sharply and returning to normalized levels by March 17; Since March 20, deposit balances stabilized and grew approximately $900M to quarter end; Since March 31, quarter-to-date deposit growth has continued this trajectory and increased an additional $1.2B as of April 4; Total insured deposits, including collateralized and pass-through insured deposits, represent approximately 68% of total deposits, “significantly higher than year-end,” Western Alliance said. “This increase in the proportion of insured deposits following the elevated outflows in mid-March was driven almost entirely by strong utilization and growth in reciprocal deposits and collateralized deposits for clients,” it added.
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