Western Alliance's Deposits Surge, Stock Soars.

Western Alliance's stock surged over 17% in after-hours trading after the bank announced that its deposits had increased by $2 billion since the end of Q1, and its percentage of deposits insured by the FDIC had risen to 73%. The bank's Q1 earnings showed a decline in profits, revenue, loans, and deposits compared to Q4 2022, but loans were up compared to the year-earlier period. Western Alliance is one of many mid-sized banks that came under scrutiny following the seizures of Silicon Valley Bank and Signature Bank. The bank is also bracing for more loan losses and added a $19.4 billion provision for credit losses in Q1.