Monitor upcoming quarters to see if credit losses normalize; the stock may react positively to the adjusted EPS beat and margin expansion, but the fraud-related charge-off warrants caution.
Price Chart
Executive Summary
Western Alliance reported Q1 2026 earnings with GAAP EPS of $1.65, missing consensus expectations, driven by a $126.4 million charge-off on a fraud-related loan. However, adjusted EPS of $2.22 beat expectations. Net interest margin expanded to 3.54%, and the company generated $444.5 million in pre-provision net revenue, up from the prior quarter.
Key Financial Metrics
Key Facts
- GAAP EPS of $1.65 missed consensus, but adjusted EPS of $2.22 beat expectations
- $126.4 million charge-off on Leucadia Asset Management loan drove the miss
- Net interest margin expanded 3 basis points to 3.54%
- Pre-provision net revenue increased to $444.5 million, up $15.8 million from Q4 2025
- Adjusted metrics exclude $126.4 million LAM loan charge-off and $50.5 million in security gains
Financial Impact
GAAP net income $189.2 million vs $251.3 million adjusted; $126.4 million charge-off on LAM loan
Risk Factors
- Credit risk exposure from the Leucadia Asset Management loan
- Potential for further losses on the Cantor Group V loan
- Dependence on non-recurring gains from security sales
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-026302 |
| Document: walq12026earningspresent.htm | 0001628280-26-026302 |
| Document: wal-20260421.htm | 0001628280-26-026302 |
| Document: 0001628280-26-026302-index-headers.html | 0001628280-26-026302 |
| Document: 0001628280-26-026302-index.html | 0001628280-26-026302 |
| Document: 0001628280-26-026302.txt | 0001628280-26-026302 |
| 8-K Data (Synthetic) | 0001628280-26-026302 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 11, 2026 16w ago | Institutional Cluster | $82.32 $80.95 | ▼ −1.66% | ▼ −6.06% | $76.38 (−7.22%) |
Jun 10, 2026 16w ago | Insider Cluster | $82.32 $80.95 | ▼ −1.66% | ▼ −6.06% | $76.38 (−7.22%) |
May 12, 2026 20w ago | 8-K | $23.85 $24.59 | ▲ +3.09% | ▼ −1.30% | $76.38 (+220.25%) |
Apr 30, 2026 22w ago | 8-K | $23.73 $24.17 | ▲ +1.84% | ▼ −1.26% | $76.38 (+221.87%) |
Apr 22, 2026 23w ago | DEFA14A | $23.40 $24.13 | ▲ +3.12% | ▼ −1.90% | $76.38 (+226.41%) |
Apr 21, 2026 23w ago | 8-K | $23.38 $24.16 | ▲ +3.34% | ▼ −1.44% | $76.38 (+226.69%) |
US Market Status
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