The regional banking crisis of mid-March seems long in the past, but it is easy to forget that some of these midsized banks were slammed particularly hard. As years of super-low interest rates came to an end, some banks experienced losses. Western Alliance (NYSE: WAL) was no exception, though it recovered quickly as it took aggressive steps to trim its sails to the new environment. The company just reported second-quarter earnings that beat expectations and showed that it has put the regional banking crisis behind it. 

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In March, the regional banks went through a crisis when Silicon Valley Bank failed. Silicon Valley Bank had invested in Treasuries and mortgage-backed securities during the years when the Federal Reserve held interest rates at 0% in order to support the economy in the aftermath of the COVID-19 pandemic. Silicon Valley Bank had characterized its investments in Treasuries and mortgage-backed securities as "held for investment," which meant the company could carry them at par or 100 cents on the dollar.

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Source Fool.com