Current Report Filing (8-k)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 27, 2015

WESTERN ALLIANCE BANCORPORATION

(Exact name of registrant as specified in its charter)



Delaware	001-32550	88-0365922
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

One E. Washington Street, Phoenix, Arizona 85004

(Address of principal executive offices) (Zip Code)

(602) 389-3500

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On July 27, 2015, Western Alliance Bancorporation (the “Company”) issued a press release reporting results for the fiscal quarter ended June 30, 2015 and posted on its website its second quarter 2015 Earnings Conference Call Presentation, which contains certain additional historical and forward-looking information relating to the Company. Copies of the press release and presentation slides are attached hereto as Exhibits 99.1 and 99.2, respectively.

The information in this report (including Exhibits 99.1 and 99.2 hereto) is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.

99.1 Press Release dated July 27, 2015.

99.2 Second Quarter 2015 Earnings Conference Call dated July 27, 2015.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



	WESTERN ALLIANCE BANCORPORATION
	(Registrant)


	/s/ Dale Gibbons

	Dale Gibbons
	Executive Vice President and
	Chief Financial Officer



Date:	July 27, 2015

Western Alliance Reports Second Quarter 2015 Financial Performance

PHOENIX--(BUSINESS WIRE)--July 27, 2015--Western Alliance Bancorporation (NYSE:WAL) (the "Company") announced today its financial results for the second quarter 2015.


•	Net income of $34.7 million and earnings per share of $0.39


•	Operating net income of $43.5 million and earnings per share of $0.49, excluding merger charges, debt valuation adjustments, gains on other real estate¹, and operating performance of Bridge Capital Holdings ("Bridge")


•	Bridge merger, completed on June 30, 2015, increased total assets, gross loans, and deposits by $2.20 billion, $1.45 billion, and $1.74 billion, respectively

Second Quarter 2015 Highlights:


•	Pre-tax, pre-provision operating earnings of $59.9 million, up from $54.5 million in the first quarter 2015, and up 26.3% from $47.4 million in the second quarter 2014¹


•	Net operating revenue of $114.4 million, constituting year-over-year growth of 15.1%, or $15.0 million, compared to an increase in operating expenses of 4.9%, or $2.6 million¹


•	Net interest margin of 4.41%, compared to 4.35% in the first quarter 2015, and 4.39% in the second quarter 2014


•	Efficiency ratio of 44.6%, compared to 46.7% in the first quarter 2015, and 49.3% in the second quarter 2014¹


•	Total loans of $10.36 billion, including $1.45 billion acquired from Bridge and loans held for sale of $39 million, with organic loan growth for the quarter of $95 million and $515 million for the first six months of 2015


•	Total deposits of $11.41 billion, including $1.74 billion acquired from Bridge, and organic deposit growth flat during the second quarter and $734 million for the first six months of 2015


•	Nonperforming assets (nonaccrual loans and repossessed assets) decreased to 0.88% of total assets, from 1.11% at March 31, 2015, and from 1.23% at June 30, 2014


•	Net loan recoveries (annualized) to average loans outstanding of 0.13%, compared to 0.06% in the first quarter 2015, and 0.09% in the second quarter 2014


•	Qualifying debt of $208 million, an increase of $168 million from March 31, 2015 due to the issuance of $150 million in subordinated debt and $11 million in junior subordinated debt assumed in the Bridge merger


•	Common Equity Tier 1 ratio of 9.1% and Total Capital ratio of 12.2%, compared to 9.0% and 11.3%, respectively, at March 31, 2015 under Basel III federal regulatory standards, which became effective on January 1, 2015


•	Stockholders' equity of $1.51 billion, an increase of $463 million from March 31, 2015, including $431 million related to the Bridge acquisition, and an increase of $557 million from June 30, 2014


•	Tangible book value per share, net of tax, of $11.25, an increase of 4.9% from $10.72 at March 31, 2015, and an increase of 24.7% from $9.02 at June 30, 2014¹

Financial Performance

“Once again, Western Alliance delivered strong performance with key metrics driving record operating earnings and efficiency in the second quarter,” commented Robert Sarver, Chief Executive Officer and Chairman of Western Alliance Bancorporation. “Our earnings power, as measured by pre-tax, pre-provision income was up $12.5 million, or 26.3%, from a year ago. Our operating efficiency, at under 45%, is among the best in the industry. We also experienced our sixth consecutive quarter of net loan recoveries."

Sarver continued, “We are very pleased to welcome our new colleagues from Bridge Bank. Bridge provides Western Alliance with a strong Northern California presence and impressive lending capabilities, particularly in the technology space, as well as new fee revenue and low-cost deposit generation opportunities. Combining these new opportunities with our existing performance momentum, we are confident that our combined company will continue to deliver superior results for our shareholders.”

Acquisition of Bridge Capital Holdings

Results include the acquisition of Bridge on June 30, 2015, which increased total assets, gross loans, and deposits by $2.20 billion, $1.45 billion, and $1.74 billion, respectively. However, the acquisition had no effect on the Company's results of operations, except for merger charges incurred related to the acquisition. Pursuant to accounting guidance, acquired net assets are recorded at estimated fair value as of the acquisition date. The estimated fair value of certain net assets are preliminary and are subject to measurement period adjustments. The results of operations from Bridge will be included in the Company's results beginning on July 1, 2015.

Income Statement

Net interest income was $108.7 million in the second quarter 2015, an increase of $5.6 million from $103.1 million in the first quarter 2015, and an increase of $14.8 million, or 15.8%, compared to the second quarter 2014. The Company’s net interest margin increased in the second quarter 2015 to 4.41%, compared to 4.35% in the first quarter 2015, and 4.39% in the second quarter 2014.

Operating non-interest income was $5.7 million for both the second and first quarters of 2015, compared to $5.5 million for the second quarter 2014.¹

Net operating revenue was $114.4 million for the second quarter 2015, compared to $108.8 million for the first quarter 2015, and an increase of $15.0 million compared to $99.4 million for the second quarter 2014.¹

Operating non-interest expense was $54.6 million for the second quarter 2015, compared to $54.2 million for the first quarter 2015, and $52.0 million for the second quarter 2014.¹ The Company’s operating efficiency ratio¹ on a tax equivalent basis was 44.6% for the second quarter 2015, an improvement from 46.7% for the first quarter 2015, and from 49.3% for the second quarter 2014.

The Company views its pre-tax, pre-provision operating earnings as a key metric for assessing the Company’s earnings power, which it defines as net operating revenue less operating non-interest expense. For the second quarter 2015, the Company’s pre-tax, pre-provision operating earnings were $59.9 million, up from $54.5 million in the first quarter 2015, and up 26.3% from $47.4 million in the second quarter 2014.¹

On June 29, 2015, Western Alliance Bank ("WAB"), the operating subsidiary of the Company, issued $150.0 million of subordinated debt at a fixed rate of 5.00% until July 15, 2020. After July 15, 2020 and through maturity or early redemption of the subordinated notes, the notes will bear interest at a floating rate of 3.20% above 90 day LIBOR. The subordinated debt is due July 15, 2025 and was recorded net of related issuance costs of $1.6 million. Given the pricing of 90 day LIBOR plus 3.20%, the Company reviewed the methodology for calculating the estimated fair value of its outstanding junior subordinated debt, which was priced at 30 day LIBOR plus 5.96% as of March 31, 2015 under fair value option accounting. Considering the significantly lower spread of WAB’s newly issued subordinated debt, that the Company’s debt is junior in subordination, and that the debt was issued by the parent company rather than the insured depository, the Company adjusted the spread for valuation purposes to 30 day LIBOR plus 4.69%, which is between the 90 day LIBOR plus 3.20% rate achieved on the WAB subordinated debt and 30 day LIBOR plus 5.96% rate that was previously used. This spread reduction resulted in a non-cash, non-recurring debt valuation loss of $7.7 million. This charge had no effect on regulatory capital.

The other significant non-operating items for the second quarter 2015 consisted of merger / restructure expense of $7.8 million incurred in connection with the acquisition of Bridge and a net gain on sales and valuations of repossessed and other assets of $1.2 million.

The Company had 1,411 full-time equivalent employees and 48 offices at June 30, 2015, compared to 1,112 employees and 39 offices at June 30, 2014.

Balance Sheet

Gross loans totaled $10.36 billion at June 30, 2015, including $1.45 billion acquired from Bridge and loans held for sale of $39 million, and organic loan growth of $515 million from December 31, 2014. At June 30, 2015, the allowance for credit losses was 1.11% of total loans, compared to 1.27% at March 31, 2015, and 1.40% at June 30, 2014, reflecting an improvement in the Company’s asset quality profile and historical losses. Consistent with GAAP, the allowance for credit losses on acquired loans is not carried over in an acquisition as acquired loans are recorded at fair value, which discounts the loans based on expected future cash flows. The allowance for credit losses as a percent of total loans, adjusted to include credit discounts on acquired loans, was 1.35% at June 30, 2015, compared to 1.45% at December 31, 2014.¹

The acquisition of Bridge added $260 million of goodwill and $15 million of core deposit intangible assets, which are preliminary amounts that are subject to measurement period adjustments over the next year. Goodwill was allocated to the Northern California and Central Business Lines segments based on the balances of loans and deposits as of June 30, 2015 and core deposit intangible assets were allocated to these segments based on core deposit balances. Total goodwill and core deposit intangible assets allocated to the Northern California and Central Business Lines segments were $155 million and $119 million, respectively, as of June 30, 2015.

Deposits totaled $11.41 billion at June 30, 2015, including $1.74 billion acquired from Bridge, and organic deposit growth of $734 million from December 31, 2014. Non-interest bearing deposits were $3.92 billion at June 30, 2015, compared to $2.66 billion at March 31, 2015, and $2.28 billion at June 30, 2014. Non-interest bearing deposits comprised 34.4% of total deposits at June 30, 2015, compared to 27.5% at March 31, 2015, and 26.9% at June 30, 2014. The increase in the proportion of the Company's non-interest bearing deposits was due to the Bridge acquisition as 68.3% of Bridge's deposits were non-interest bearing. The proportion of savings and money market accounts decreased to 41.5% from 42.6% at March 31, 2015, and from 42.9% at June 30, 2014. Certificates of deposit as a percentage of total deposits were 15.3% at June 30, 2015, compared to 20.2% at March 31, 2015, and 20.8% at June 30, 2014. The Company’s ratio of loans to deposits was 90.8% at June 30, 2015, compared to 91.3% at March 31, 2015, and 89.1% at June 30, 2014.

Borrowings totaled $70 million at June 30, 2015, a decrease of $206 million from $275 million at March 31, 2015, and a decrease of $268 million from $338 million at June 30, 2014. The decrease from the prior quarter is due to the payoff of FHLB advances, resulting in a loss on extinguishment of debt of $0.1 million. Qualifying debt increased to $208 million at June 30, 2015, from $41 million at March 31, 2015, primarily due to the issuance of $150 million of subordinated debt and $11 million in junior subordinated debt assumed from Bridge.

Stockholders’ equity at June 30, 2015 was $1.51 billion, compared to $1.05 billion at March 31, 2015, and $958 million at June 30, 2014. The merger with Bridge increased stockholders' equity by $431 million, primarily due to the issuance of 12.5 million shares of the Company's common stock.

At June 30, 2015, tangible common equity, net of tax, was 8.7% of tangible assets¹ and total capital under Basel III federal regulatory standards was 12.2% of risk-weighted assets. The Company’s tangible book value per share¹ was $11.25 at June 30, 2015, up 24.7% from June 30, 2014.

Total assets increased 19.7% to $13.47 billion at June 30, 2015, from $11.25 billion at March 31, 2015, and increased 34.4% from $10.02 billion at June 30, 2014. The increase in total assets was primarily related to the merger with Bridge, which increased total assets by $2.20 billion.

Asset Quality

There was no provision for credit losses for the second quarter 2015, compared to $0.7 million in the first quarter 2015, and $0.5 million for the second quarter 2014. Net loan recoveries in the second quarter 2015 were $3.0 million, or 0.13% of average loans (annualized), compared to $1.2 million, or 0.06%, in the first quarter 2015, respectively, and $1.5 million, or 0.09%, for the second quarter 2014, respectively.

Nonaccrual loans decreased $1.3 million to $59.4 million during the quarter, including Bridge. Loans past due 90 days and still accruing interest totaled $8.3 million at June 30, 2015, compared to $3.7 million at March 31, 2015, and $3.0 million at June 30, 2014. Loans past due 30-89 days and still accruing interest totaled $4.0 million at quarter end, a decrease from $14.1 million at March 31, 2015, and a decrease from $5.1 million at June 30, 2014.

As the Company’s asset quality improved and its capital increased, the ratio of classified assets to Tier I capital plus the allowance for credit losses, a common regulatory measure of asset quality, improved to 18.5% at June 30, 2015, from 20.3% at March 31, 2015, and from 24.5% at June 30, 2014.¹

Segment Highlights

The Company's reportable segments are aggregated primarily based on geographic location, services offered, and markets served. As a result of the acquisition of Bridge on June 30, 2015, former Bridge activities were allocated between the newly formed Northern California segment and the Central Business Lines ("CBL") segment. As a substantial portion of Bridge's balance sheet is generated from nationally-focused business lines, the Technology and Energy Infrastructure lines of Bridge's business are included in the CBL segment. Substantially all of the remaining assets and liabilities are included in the Northern California segment. The Southern California segment represents legacy Western Alliance operations in California, excluding two branches located in northern California, which are now included in the Northern California segment.

The Arizona, Nevada, Southern California, and Northern California segments provide full service banking and related services to their respective markets. The Company's CBL segment provides specialized banking services to niche markets and, as of June 30, 2015, includes the Technology and Energy Infrastructure operations of Bridge. These CBLs are managed centrally and are broader in geographic scope compared to our other segments, though still predominately located within our core market areas. The Corporate & Other segment consists of corporate-related items, income and expense items not allocated to our other reportable segments, and inter-segment eliminations.

Key management metrics for evaluating the performance of the Company's Arizona, Nevada, Southern California, Northern California, and CBL segments include loan and deposit growth, asset quality, and pre-tax income.

Arizona reported a gross loan balance of $2.43 billion at June 30, 2015, an increase of $91 million during the last six months, and an increase of $302 million during the last 12 months. Deposits were $2.37 billion at June 30, 2015, an increase of $192 million during the last six months, and an increase of $255 million during the last 12 months. Pre-tax income was $17.8 million and $17.3 million for the three months ended June 30, 2015 and 2014, respectively, and $33.6 million and $29.9 million for the six months ended June 30, 2015 and 2014, respectively.

Nevada reported a gross loan balance of $1.76 billion at June 30, 2015, an increase of $93 million during the last six months, and an increase of $79 million during the last 12 months. Deposits were $3.32 billion at June 30, 2015, an increase of $86 million during the last six months, and an increase of $129 million during the last 12 months. Pre-tax income was $20.5 million and $17.7 million for the three months ended June 30, 2015 and 2014, respectively, and $37.2 million and $34.2 million for the six months ended June 30, 2015 and 2014, respectively.

Southern California reported a gross loan balance of $1.66 billion at June 30, 2015, an increase of $107 million during the last six months, and an increase of $145 million during the last 12 months. Deposits were $1.95 billion at June 30, 2015, an increase of $202 million during the last six months, and an increase of $281 million during the last 12 months. Pre-tax income was $12.5 million and $12.6 million for the three months ended June 30, 2015 and 2014, respectively, and $24.4 million and $21.9 million for the six months ended June 30, 2015 and 2014, respectively.

Northern California reported a gross loan balance of $1.08 billion at June 30, 2015, an increase of $879 million during the last six months, and an increase of $898 million during the last 12 months. Deposits were $1.55 billion at June 30, 2015, an increase of $966 million during the last six months, and an increase of $1.16 billion during the last 12 months. Results of operations for Northern California includes the Company's two previously existing northern California branch operations and does not include the results of operations of Bridge. Pre-tax income was $2.8 million and $1.4 million for the three months ended June 30, 2015 and 2014, respectively, and $5.3 million and $2.5 million for the six months ended June 30, 2015 and 2014, respectively.

CBL, which includes the Technology and Energy Infrastructure operations of Bridge, reported a gross loan balance of $3.39 billion at June 30, 2015, an increase of $798 million during the last six months, and an increase of $1.44 billion during the last 12 months. Deposits were $1.95 billion at June 30, 2015, an increase of $999 million during the last six months, and an increase of $1.06 billion during the last 12 months. Pre-tax income was $14.0 million and $6.8 million for the three months ended June 30, 2015 and 2014, respectively, and $27.3 million and $12.1 million for the six months ended June 30, 2015 and 2014, respectively.

Attached to this press release is summarized financial information for the quarter ended June 30, 2015.

Conference Call and Webcast

Western Alliance Bancorporation will host a conference call and live webcast to discuss its second quarter 2015 financial results at 12:00 p.m. ET on Monday, July 27, 2015. Participants may access the call by dialing 1-888-317-6003 and using passcode 7737999 or via live audio webcast using the website link http://services.choruscall.com/links/wal150724.html. The webcast is also available via the Company’s website at www.westernalliancebancorp.com. Participants should log in at least 15 minutes early to receive instructions. The call will be recorded and made available for replay after 2:00 p.m. ET July 27th through 9:00 a.m. ET August 27th by dialing 1-877-344-7529 passcode: 10068074.

Reclassifications

Certain amounts in the Consolidated Income Statements for the prior periods have been reclassified to conform to the current presentation. The reclassifications have no effect on net income or stockholders’ equity as previously reported.

Use of Non-GAAP Financial Information

This press release contains both financial measures based on accounting principles generally accepted in the United States (“GAAP”) and non-GAAP based financial measures, which are used where management believes it to be helpful in understanding the Company’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements that relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Examples of forward-looking statements include, among others, statements we make regarding our acquisition of Bridge Capital Holdings, the performance of the combined company, and any guidance, outlook or expectations relating to our business, financial and operating results, and future economic performance. The forward-looking statements contained herein reflect our current views about future events and financial performance and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from historical results and those expressed in any forward-looking statement. Some factors that could cause actual results to differ materially from historical or expected results include, among others: the risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 as filed with the Securities and Exchange Commission; changes in general economic conditions, either nationally or locally in the areas in which we conduct or will conduct our business; inflation, interest rate, market and monetary fluctuations; increases in competitive pressures among financial institutions and businesses offering similar products and services; higher defaults on our loan portfolio than we expect; changes in management’s estimate of the adequacy of the allowance for credit losses; legislative or regulatory changes or changes in accounting principles, policies or guidelines; supervisory actions by regulatory agencies which may limit our ability to pursue certain growth opportunities, including expansion through acquisitions; management’s estimates and projections of interest rates and interest rate policy; the execution of our business plan; and other factors affecting the financial services industry generally or the banking industry in particular.

Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We do not intend and disclaim any duty or obligation to update or revise any industry information or forward-looking statements, whether written or oral, that may be made from time to time, set forth in this press release to reflect new information, future events or otherwise.

About Western Alliance Bancorporation

With more than $10 billion in assets, top-performing Western Alliance Bancorporation (NYSE:WAL) is one of the fastest growing bank holding companies in the U.S. Its primary subsidiary, Western Alliance Bank, is the go-to bank for business and succeeds with local teams of experienced bankers who deliver superior, personalized services and a full spectrum of deposit, lending, treasury management and online banking products and services. Western Alliance Bank operates five full-service banking divisions: Alliance Bank of Arizona, Bank of Nevada, Bridge Bank, First Independent Bank and Torrey Pines Bank. The Company also serves business customers through a robust national platform of specialized financial services including Corporate Finance, Equipment Finance, Public Finance, Resort Finance, Technology Finance, Energy Infrastructure Group, Mortgage Warehouse Lending and Alliance Association Bank. For more information visit westernalliancebancorp.com.

¹ See Reconciliation of Non-GAAP Financial Measures beginning on page 18.



Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited


Selected Balance Sheet Data:
	June 30, 2015			June 30, 2014			Change %
	(in millions)
Total assets	$	13,470.1		$	10,023.6		34.4	%
Total loans, net of deferred fees	10,360.7			7,544.5			37.3
Securities and money market investments	1,531.9			1,606.7			(4.7	)
Total deposits	11,406.7			8,469.5			34.7
Borrowings	69.5			337.5			(79.4	)
Qualifying debt	208.4			42.7			388.1
Stockholders' equity	1,514.7			957.7			58.2
Tangible common equity, net of tax (1)	1,150.8			791.3			45.4

Selected Income Statement Data:
	For the Three Months Ended June 30,								For the Six Months Ended June 30,
	2015			2014			Change %		2015		2014			Change %
	(in thousands)								(in thousands)
Interest income	$	116,618		$	101,973		14.4	%	$	227,580	$	200,674		13.4	%
Interest expense	7,900			8,075			(2.2	)	15,754		15,999			(1.5	)
Net interest income	108,718			93,898			15.8		211,826		184,675			14.7
Provision for credit losses	—			507			(100.0	)	700		4,007			(82.5	)
Net interest income after provision for credit losses	108,718			93,391			16.4		211,126		180,668			16.9
Non-interest income	(2,191		)	5,598			(139.1	)	3,742		10,171			(63.2	)
Non-interest expense	61,209			52,241			17.2		115,242		101,728			13.3
Income from continuing operations before income taxes	45,318			46,748			(3.1	)	99,626		89,111			11.8
Income tax expense	10,599			10,706			(1.0	)	24,717		21,330			15.9
Income from continuing operations	34,719			36,042			(3.7	)	74,909		67,781			10.5
Loss on discontinued operations, net of tax	—			(504		)	(100.0	)	—		(1,158		)	(100.0	)
Net income	$	34,719		$	35,538		(2.3	)	$	74,909	$	66,623		12.4
Diluted earnings per share from continuing operations	$	0.39		$	0.41		(4.9	)	$	0.84	$	0.77		9.1
Diluted loss per share from discontinued operations	—			(0.01		)			—		(0.01		)
Diluted earnings per share available to common stockholders	$	0.39		$	0.40		(2.5	)	$	0.84	$	0.76		10.5

Common Share Data:
	At or for the Three Months Ended June 30,								At or for the Six Months Ended June 30,
	2015			2014			Change %		2015		2014			Change %
Diluted earnings per share available to common stockholders	$	0.39		$	0.40		(2.5	)%	$	0.84	$	0.76		10.5	%
Book value per common share	14.12			9.30			51.8
Tangible book value per share, net of tax (1)	11.25			9.02			24.7
Average shares outstanding (in thousands):
Basic	88,177			86,501			1.9		88,059		86,379			1.9	%
Diluted	88,682			87,333			1.5		88,567		87,229			1.5
Common shares outstanding	102,291			87,774			16.5

(1) See Reconciliation of Non-GAAP Financial Measures.



Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited


	At or for the Three Months Ended June 30,						At or for the Six Months Ended June 30,
	2015		2014		Change %		2015		2014		Change %
Selected Performance Ratios:
Return on average assets (1)	1.24	%	1.46	%	(15.1	)%	1.37	%	1.39	%	(1.4	)%
Return on average tangible common equity (2)	14.10		18.62		(24.3	)	15.61		17.98		(13.2	)
Net interest margin (1)	4.41		4.39		0.5		4.38		4.40		(0.5	)
Net interest spread	4.28		4.26		0.5		4.25		4.27		(0.5	)
Efficiency ratio - tax equivalent basis (2)	44.63		49.34		(9.5	)	45.63		50.10		(8.9	)
Loan to deposit ratio	90.83		89.08		2.0

Asset Quality Ratios:
Net (recoveries) charge-offs to average loans outstanding (1)	(0.13	)%	(0.09	)%	44.4	%	(0.10	)%	(0.05	)%	100.0	%
Nonaccrual loans to gross loans	0.58		0.85		(31.8	)
Nonaccrual loans and repossessed assets to total assets	0.88		1.23		(28.5	)
Loans past due 90 days and still accruing to total loans	0.08		0.04		100.0
Allowance for credit losses to gross loans	1.11		1.40		(20.7	)
Allowance for credit losses to nonaccrual loans	193.62		164.64		17.6



Capital Ratios (2):
	Basel III				Basel I
	June 30, 2015		March 31, 2015		June 30, 2014
Tangible common equity	8.7	%	8.5	%	7.9	%
Common Equity Tier 1 (3)	9.1		9.0		9.0
Tier 1 Leverage ratio (3)	10.0		9.8		10.0
Tier 1 Capital (3)	10.2		10.2		11.2
Total Capital (3)	12.2		11.3		12.5



(1)	Annualized for the three and six month periods ended June 30, 2015 and 2014.
(2)	See Reconciliation of Non-GAAP Financial Measures.
(3)	Basel III capital ratios are preliminary until the Call Report is filed.



Western Alliance Bancorporation and Subsidiaries
Condensed Consolidated Income Statements
Unaudited
	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(dollars in thousands)
Interest income:
Loans	$	105,468		$	90,583		$	205,859		$	177,387
Investment securities	9,276			10,894			19,064			22,219
Other	1,874			496			2,657			1,068
Total interest income	116,618			101,973			227,580			200,674
Interest expense:
Deposits	5,362			4,930			10,508			9,595
Borrowings	2,087			2,702			4,354			5,540
Junior subordinated debt	451			443			892			864
Total interest expense	7,900			8,075			15,754			15,999
Net interest income	108,718			93,898			211,826			184,675
Provision for credit losses	—			507			700			4,007
Net interest income after provision for credit losses	108,718			93,391			211,126			180,668
Non-interest income:
Service charges	3,128			2,758			6,017			5,319
Bank owned life insurance	772			959			1,749			1,908
Gains (losses) on sales of investment securities, net	55			(163		)	644			203
Unrealized (losses) gains on assets and liabilities measured at fair value, net	(7,885		)	235			(8,194		)	(1,041		)
Loss on extinguishment of debt	(81		)	—			(81		)	—
Other	1,820			1,809			3,607			3,782
Total non-interest income	(2,191		)	5,598			3,742			10,171
Non-interest expenses:
Salaries and employee benefits	32,406			31,751			64,947			61,306
Occupancy	4,949			4,293			9,762			8,979
Legal, professional and directors' fees	4,611			4,192			8,606			7,831
Data Processing	2,683			2,580			5,809			5,309
Insurance	2,274			2,087			4,364			4,480
Loan and repossessed asset expenses	1,284			889			2,374			2,036
Card expense	613			530			1,087			1,130
Marketing	463			506			840			1,065
Intangible amortization	281			302			562			899
Net (gain) loss on sales and valuations of repossessed and other assets	(1,218		)	184			(1,569		)	(2,363		)
Merger / restructure expense	7,842			26			8,001			183
Other	5,021			4,901			10,459			10,873
Total non-interest expense	61,209			52,241			115,242			101,728
Income from continuing operations before income taxes	45,318			46,748			99,626			89,111
Income tax expense	10,599			10,706			24,717			21,330
Income from continuing operations	$	34,719		$	36,042		$	74,909		$	67,781
Loss from discontinued operations, net of tax	—			(504		)	—			(1,158		)
Net income	$	34,719		$	35,538		$	74,909		$	66,623
Preferred stock dividends	247			352			423			705
Net income available to common stockholders	$	34,472		$	35,186		$	74,486		$	65,918
Diluted net income per share	$	0.39		$	0.40		$	0.84		$	0.76



Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Income Statements
Unaudited
	Three Months Ended
	Jun 30, 2015			Mar 31, 2015			Dec 31, 2014			Sep 30, 2014			Jun 30, 2014
	(in thousands, except per share data)
Interest income:
Loans	$	105,468		$	100,391		$	99,099		$	94,436		$	90,583
Investment securities	9,276			9,788			10,455			10,535			10,894
Other	1,874			783			597			583			496
Total interest income	116,618			110,962			110,151			105,554			101,973
Interest expense:
Deposits	5,362			5,146			5,245			5,172			4,930
Borrowings	2,087			2,267			2,314			1,866			2,702
Junior subordinated debt	451			441			447			443			443
Total interest expense	7,900			7,854			8,006			7,481			8,075
Net interest income	108,718			103,108			102,145			98,073			93,898
Provision for credit losses	—			700			300			419			507
Net interest income after provision for credit losses	108,718			102,408			101,845			97,654			93,391
Non-interest income:
Service charges	3,128			2,889			2,791			2,457			2,758
Bank owned life insurance	772			977			1,464			1,136			959
Gains (losses) on sales of investment securities, net	55			589			373			181			(163		)
Unrealized (losses) gains on assets and liabilities measured at fair value, net	(7,885		)	(309		)	1,357			896			235
Loss on extinguishment of debt	(81		)	—			—			(502		)	—
Other	1,820			1,787			2,432			1,824			1,809
Total non-interest income	(2,191		)	5,933			8,417			5,992			5,598
Non-interest expenses:
Salaries and employee benefits	32,406			32,541			33,094			32,230			31,751
Occupancy	4,949			4,813			4,698			4,479			4,293
Legal, professional, and directors' fees	4,611			3,995			3,425			3,022			4,192
Data Processing	2,683			3,126			2,345			2,404			2,580
Insurance	2,274			2,090			2,386			1,996			2,087
Loan and repossessed asset expenses	1,284			1,090			1,486			901			889
Card expense	613			474			678			609			530
Marketing	463			377			857			378			506
Intangible amortization	281			281			281			281			302
Net (gain) loss on sales and valuations of repossessed and other assets	(1,218		)	(351		)	(1,102		)	(1,956		)	184
Merger / restructure expense	7,842			159			—			15			26
Other	5,021			5,438			7,594			5,419			4,901
Total non-interest expense	61,209			54,033			55,742			49,778			52,241
Income from continuing operations before income taxes	45,318			54,308			54,520			53,868			46,748
Income tax expense	10,599			14,118			14,111			12,949			10,706
Income from continuing operations	$	34,719		$	40,190		$	40,409		$	40,919		$	36,042
Loss from discontinued operations, net of tax	—			—			—			—			(504		)
Net income	$	34,719		$	40,190		$	40,409		$	40,919		$	35,538
Preferred stock dividends	247			176			329			353			352
Net Income available to common stockholders	$	34,472		$	40,014		$	40,080		$	40,566		$	35,186
Diluted net income per share	$	0.39		$	0.45		$	0.46		$	0.46		$	0.40



Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Balance Sheets
Unaudited
	Jun 30, 2015			Mar 31, 2015			Dec 31, 2014			Sep 30, 2014			Jun 30, 2014
	(in millions)
Assets:
Cash and due from banks	$	700.2		$	492.4		$	164.4		$	258.8		$	379.3
Securities purchased under agreement to resell	58.1			—			—			—			—
Cash and cash equivalents	758.3			492.4			164.4			258.8			379.3
Securities and money market investments	1,531.9			1,453.7			1,547.8			1,597.3			1,606.7
Loans held for sale	39.4			—			—			—			—
Loans held for investment:
Commercial	4,759.7			3,725.2			3,532.3			3,293.2			3,028.0
Commercial real estate - non-owner occupied	2,195.0			2,113.8			2,052.6			1,993.3			1,934.0
Commercial real estate - owner occupied	2,019.3			1,818.0			1,732.9			1,620.3			1,603.4
Construction and land development	1,002.7			842.9			748.1			671.8			609.1
Residential real estate	320.6			292.2			299.4			317.5			328.6
Consumer	24.0			26.5			33.0			33.4			41.4
Gross loans and deferred fees, net	10,321.3			8,818.6			8,398.3			7,929.5			7,544.5
Allowance for credit losses	(115.1		)	(112.1		)	(110.2		)	(109.2		)	(105.9		)
Loans, net	10,206.2			8,706.5			8,288.1			7,820.3			7,438.6
Premises and equipment, net	116.0			114.3			113.8			112.1			109.6
Other assets acquired through foreclosure, net	59.3			63.8			57.1			51.8			59.3
Bank owned life insurance	161.1			142.9			142.0			143.2			142.5
Goodwill and other intangibles, net	300.0			25.6			25.9			26.2			26.5
Other assets	297.9			252.7			261.4			279.1			261.1
Total assets	$	13,470.1		$	11,251.9		$	10,600.5		$	10,288.8		$	10,023.6
Liabilities and Stockholders' Equity:
Liabilities:
Deposits
Non-interest bearing demand deposits	$	3,924.4		$	2,657.4		$	2,288.0		$	2,246.7		$	2,278.8
Interest bearing:
Demand	1,001.3			936.5			854.9			809.4			794.8
Savings and money market	4,733.9			4,121.0			3,869.7			3,685.0			3,637.4
Time certificates	1,747.1			1,947.4			1,918.4			1,956.5			1,758.5
Total deposits	11,406.7			9,662.3			8,931.0			8,697.6			8,469.5
Customer repurchase agreements	42.2			47.2			54.9			53.0			53.7
Total customer funds	11,448.9			9,709.5			8,985.9			8,750.6			8,523.2
Securities sold short	57.6			—			—			—			—
Borrowings	69.5			275.2			390.3			330.8			337.5
Qualifying debt	208.4			40.7			40.4			41.8			42.7
Accrued interest payable and other liabilities	171.0			175.2			183.0			162.5			162.5
Total liabilities	11,955.4			10,200.6			9,599.6			9,285.7			9,065.9
Stockholders' Equity:
Preferred stock	70.5			70.5			70.5			141.0			141.0
Common stock and additional paid-in capital	1,269.0			831.9			828.3			807.2			803.4
Retained earnings	159.9			125.5			85.5			45.4			4.8
Accumulated other comprehensive income	15.3			23.4			16.6			9.5			8.5
Total stockholders' equity	1,514.7			1,051.3			1,000.9			1,003.1			957.7
Total liabilities and stockholders' equity	$	13,470.1		$	11,251.9		$	10,600.5		$	10,288.8		$	10,023.6



Western Alliance Bancorporation and Subsidiaries
Changes in the Allowance For Credit Losses
Unaudited
	Three Months Ended
	Jun 30, 2015			Mar 31, 2015			Dec 31, 2014				Sep 30, 2014				Jun 30, 2014
	(in thousands)
Balance, beginning of period	$	112,098		$	110,216		$	109,161			$	105,937			$	103,899
Provision for credit losses	—			700			300				419				507
Recoveries of loans previously charged-off:
Commercial and industrial	681			916			1,499				1,053				1,254
Commercial real estate - non-owner occupied	335			277			229				1,226				1,052
Commercial real estate - owner occupied	1,403			106			43				553				196
Construction and land development	1,373			157			1,268				182				498
Residential real estate	1,184			533			261				768				314
Consumer	24			40			64				34				191
Total recoveries	5,000			2,029			3,364				3,816				3,505
Loans charged-off:
Commercial and industrial	1,771			393			1,743				110				1,039
Commercial real estate - non-owner occupied	—			—			—				158				99
Commercial real estate - owner occupied	—			—			270				35				230
Construction and land development	—			—			8			—				78
Residential real estate	218			400			377				423				523
Consumer	53			54			211				285				5
Total loans charged-off	2,042			847			2,609				1,011				1,974
Net loan recoveries	(2,958		)	(1,182		)	(755		)		(2,805		)		(1,531		)
Balance, end of period	$	115,056		$	112,098		$	110,216			$	109,161			$	105,937

Net recoveries to average loans outstanding - annualized	(0.13		)%	(0.06		)%	(0.04		)%		(0.15		)%		(0.09		)%
Allowance for credit losses to gross loans	1.11			1.27			1.31				1.38				1.40
Nonaccrual loans	$	59,425		$	60,742		$	67,659			$	75,092			$	64,345
Repossessed assets	59,335			63,759			57,150				51,787				59,292
Loans past due 90 days, still accruing	8,284			3,730			5,132				3,558				3,001
Loans past due 30 to 89 days, still accruing	4,006			14,137			9,804				16,500				5,123
Classified loans on accrual	101,165			76,090			90,393				107,776				133,220
Special mention loans	132,313			100,345			97,504				98,265				90,534



Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
	Three Months Ended June 30,
	2015							2014
	Average Balance			Interest		Average Yield / Cost		Average Balance			Interest		Average Yield / Cost
	($ in millions)			($ in thousands)				($ in millions)			($ in thousands)
Interest earning assets
Loans (1)	$	8,837.7		$	105,468	5.06	%	$	7,178.3		$	90,583	5.29	%
Securities (1)	1,423.6			9,276		3.06		1,629.9			10,894		3.08
Other	309.4			1,874		2.42		292.4			496		0.68
Total interest earning assets	10,570.7			116,618		4.71		9,100.6			101,973		4.75
Non-interest earning assets
Cash and due from banks	118.6							138.7
Allowance for credit losses	(114.9		)					(105.0		)
Bank owned life insurance	143.2							141.8
Other assets	459.1							462.0
Total assets	$	11,176.7						$	9,738.1
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing transaction accounts	$	971.6		$	414	0.17	%	$	791.5		$	385	0.19	%
Savings and money market	4,213.0			2,975		0.28		3,583.5			2,691		0.30
Time certificates of deposit	1,834.4			1,973		0.43		1,700.4			1,854		0.44
Total interest-bearing deposits	7,019.0			5,362		0.31		6,075.4			4,930		0.32
Short-term borrowings	177.8			1,774		3.99		236.2			216		0.37
Long-term debt	111.0			313		1.13		280.4			2,486		3.55
Junior subordinated debt	40.8			451		4.42		42.8			443		4.14
Total interest-bearing liabilities	7,348.6			7,900		0.43		6,634.8			8,075		0.49
Non-interest-bearing liabilities
Non-interest-bearing demand deposits	2,593.5							2,045.5
Other liabilities	148.4							126.7
Stockholders’ equity	1,086.2							931.1
Total liabilities and stockholders' equity	$	11,176.7						$	9,738.1
Net interest income and margin				$	108,718	4.41	%				$	93,898	4.39	%
Net interest spread						4.28	%						4.26	%

(1) Yields on loans and securities have been adjusted to a tax equivalent basis. The taxable-equivalent adjustment was $7,878 and $6,029 for the three months ended June 30, 2015 and 2014, respectively.



Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
	Six Months Ended June 30,
	2015							2014
	Average Balance			Interest		Average Yield / Cost		Average Balance			Interest		Average Yield / Cost
	($ in millions)			($ in thousands)				($ in millions)			($ in thousands)
Interest earning assets
Loans (1)	$	8,693.1		$	205,859	5.01	%	$	7,036.5		$	177,387	5.28	%
Securities (1)	1,451.3			19,064		3.07		1,640.7			22,219		3.11
Other	223.3			2,657		2.38		251.6			1,068		0.85
Total interest earnings assets	10,367.7			227,580		4.68		8,928.8			200,674		4.76
Non-interest earning assets
Cash and due from banks	118.3							138.1
Allowance for credit losses	(113.0		)					(103.1		)
Bank owned life insurance	142.8							141.4
Other assets	454.6							447.6
Total assets	$	10,970.4						$	9,552.8
Interest-bearing liabilities
Interest-bearing deposits:
Interest bearing transaction accounts	$	945.9		$	808	0.17	%	$	778.3		$	768	0.20	%
Savings and money market	4,062.1			5,751		0.28		3,518.3			5,254		0.30
Time certificates of deposits	1,884.6			3,949		0.42		1,660.2			3,573		0.43
Total interest-bearing deposits	6,892.6			10,508		0.30		5,956.8			9,595		0.32
Short-term borrowings	177.6			3,525		3.97		201.8			345		0.34
Long-term debt	156.2			829		1.06		291.0			5,195		3.57
Junior subordinated debt	40.6			892		4.39		42.4			864		4.08
Total interest-bearing liabilities	7,267.0			15,754		0.43		6,492.0			15,999		0.49
Non-interest-bearing liabilities
Non-interest-bearing demand deposits	2,482.3							2,049.8
Other liabilities	162.7							102.2
Stockholders’ equity	1,058.4							908.8
Total liabilities and stockholders' equity	$	10,970.4						$	9,552.8
Net interest income and margin				$	211,826	4.38	%				$	184,675	4.40	%
Net interest spread						4.25	%						4.27	%

(1) Yields on loans and securities have been adjusted to a tax equivalent basis. The taxable-equivalent adjustment was $15,267 and $11,734 for the six months ended June 30, 2015 and 2014, respectively.



Western Alliance Bancorporation and Subsidiaries
Operating Segment Results
Unaudited

Balance Sheets:
	Arizona			Nevada			Southern California			Northern California			Central Business Lines			Corporate & Other			Consolidated Company
At June 30, 2015	(dollars in millions)
Assets:
Cash, cash equivalents, and investment securities	$	2.3		$	10.2		$	2.6		$	2.1		$	—		$	2,273.0		$	2,290.2
Loans, net of deferred loan fees and costs	2,432.8			1,761.9			1,659.9			1,077.5			3,388.0			40.6			10,360.7
Less: allowance for credit losses	(31.7		)	(23.0		)	(21.7		)	(3.2		)	(34.9		)	(0.6		)	(115.1		)
Total loans	2,401.1			1,738.9			1,638.2			1,074.3			3,353.1			40.0			10,245.6
Other assets acquired through foreclosure, net	18.6			23.4			—			1.6			—			15.7			59.3
Goodwill and other intangible assets, net	—			25.4			—			155.2			119.4			—			300.0
Other assets	43.7			63.0			13.8			15.7			27.9			410.9			575.0
Total assets	$	2,465.7		$	1,860.9		$	1,654.6		$	1,248.9		$	3,500.4		$	2,739.6		$	13,470.1
Liabilities:
Deposits	$	2,369.9		$	3,316.9		$	1,946.8		$	1,550.2		$	1,945.1		$	277.8		$	11,406.7
Borrowings and qualifying debt	—			—			—			—			—			277.9			277.9
Other liabilities	20.3			29.2			3.5			8.4			77.6			131.8			270.8
Total liabilities	2,390.2			3,346.1			1,950.3			1,558.6			2,022.7			687.5			11,955.4
Allocated equity:	268.2			221.7			182.1			180.7			339.5			322.5			1,514.7
Total liabilities and stockholders' equity	$	2,658.4		$	3,567.8		$	2,132.4		$	1,739.3		$	2,362.2		$	1,010.0		$	13,470.1
Excess funds provided (used)	(192.7		)	(1,706.9		)	(477.8		)	(490.4		)	1,138.2			1,729.6			—

No. of offices	11			18			9			3			7			—			48
No. of full-time equivalent employees	219			280			196			199			138			379			1,411

At December 31, 2014
Assets:
Cash, cash equivalents, and investment securities	$	2.3		$	5.0		$	2.2		$	0.3		$	—		$	1,702.4		$	1,712.2
Loans, net of deferred loan fees and costs	2,341.9			1,668.7			1,553.1			198.6			2,590.0			46.0			8,398.3
Less: allowance for credit losses	(30.7		)	(21.9		)	(17.9		)	(5.1		)	(34.0		)	(0.6		)	(110.2		)
Total loans	2,311.2			1,646.8			1,535.2			193.5			2,556.0			45.4			8,288.1
Other assets acquired through foreclosure, net	15.5			21.0			—			—			—			20.6			57.1
Goodwill and other intangible assets, net	—			25.9			—			—			—			—			25.9
Other assets	34.8			64.2			6.2			15.3			22.9			373.8			517.2
Total assets	$	2,363.8		$	1,762.9		$	1,543.6		$	209.1		$	2,578.9		$	2,142.2		$	10,600.5
Liabilities:
Deposits	$	2,178.0		$	3,230.6		$	1,744.5		$	584.0		$	946.6		$	247.3		$	8,931.0
Other borrowings	—			—			—			—			—			390.3			390.3
Other liabilities	17.4			40.8			8.9			0.2			72.4			138.6			278.3
Total liabilities	2,195.4			3,271.4			1,753.4			584.2			1,019.0			776.2			9,599.6
Allocated equity:	250.8			209.0			70.9			126.8			232.9			110.5			1,000.9
Total liabilities and stockholders' equity	$	2,446.2		$	3,480.4		$	1,824.3		$	711.0		$	1,251.9		$	886.7		$	10,600.5
Excess funds provided (used)	82.4			1,717.5			280.7			501.9			(1,327.0		)	(1,255.5		)	—

No. of offices	11			18			9			2			—			—			40
No. of full-time equivalent employees	215			295			198			29			99			295			1,131



Western Alliance Bancorporation and Subsidiaries
Operating Segment Results
Unaudited

	Arizona			Nevada			Southern California			Northern California			Central Business Lines			Corporate & Other			Consolidated Company
	(dollars in millions)
At June 30, 2014
Assets:
Cash, cash equivalents, and investment securities	$	3.0		$	7.0		$	2.2		$	0.2		$	—		$	1,973.6		$	1,986.0
Loans, net of deferred loan fees and costs	2,131.0			1,682.6			1,515.3			179.5			1,951.5			84.6			7,544.5
Less: allowance for credit losses	(29.9		)	(23.6		)	(18.7		)	(5.1		)	(27.4		)	(1.2		)	(105.9		)
Total loans	2,101.1			1,659.0			1,496.6			174.4			1,924.1			83.4			7,438.6
Other assets acquired through foreclosure, net	13.1			24.1			—			—			—			22.1			59.3
Goodwill and other intangible assets, net	—			26.5			—			—			—			—			26.5
Other assets	42.2			62.7			10.8			15.4			21.1			361.0			513.2
Total assets	$	2,159.4		$	1,779.3		$	1,509.6		$	190.0		$	1,945.2		$	2,440.1		$	10,023.6
Liabilities:
Deposits	$	2,115.4		$	3,187.8		$	1,666.2		$	394.9		$	886.3		$	218.9		$	8,469.5
Other borrowings	—			—			—			—			—			337.5			337.5
Other liabilities	20.9			46.8			4.7			0.1			24.7			161.7			258.9
Total liabilities	2,136.3			3,234.6			1,670.9			395.0			911.0			718.1			9,065.9
Allocated equity:	233.7			212.5			83.1			105.6			152.3			170.5			957.7
Total liabilities and stockholders' equity	$	2,370.0		$	3,447.1		$	1,754.0		$	500.6		$	1,063.3		$	888.6		$	10,023.6
Excess funds provided (used)	210.6			1,667.8			244.4			310.6			(881.9		)	(1,551.5		)	—

No. of offices	10			18			9			2			—			—			39
No. of full-time equivalent employees	212			305			197			21			92			285			1,112



Western Alliance Bancorporation and Subsidiaries
Operating Segment Results
Unaudited

Income Statements:
	Arizona			Nevada			Southern California			Northern California			Central Business Lines			Corporate & Other			Consolidated Company
	(in thousands)
Three Months Ended June 30, 2015:
Net interest income (expense)	$	32,091		$	29,946		$	24,070		$	5,216		$	24,432		$	(7,037	)	$	108,718
Provision for credit losses	826			(3,148		)	634			513			1,251			(76		)	—
Net interest income (expense) after provision for credit losses	31,265			33,094			23,436			4,703			23,181			(6,961		)	108,718
Non-interest income	1,008			2,370			850			271			321			(7,011		)	(2,191		)
Non-interest expense	(14,507		)	(14,918		)	(11,777		)	(2,142		)	(9,548		)	(8,317		)	(61,209		)
Income (loss) from continuing operations before income taxes	17,766			20,546			12,509			2,832			13,954			(22,289		)	45,318
Income tax expense (benefit)	6,970			7,191			5,261			1,191			5,233			(15,247		)	10,599
Net income	$	10,796		$	13,355		$	7,248		$	1,641		$	8,721		$	(7,042	)	$	34,719

Six Months Ended June 30, 2015:
Net interest income (expense)	$	61,076		$	59,155		$	46,560		$	9,669		$	47,742		$	(12,376	)	$	211,826
Provision for (recovery of) credit losses	158			(2,799		)	266			486			2,660			(71		)	700
Net interest income (expense) after provision for credit losses	60,918			61,954			46,294			9,183			45,082			(12,305		)	211,126
Non-interest income	1,947			4,653			1,515			322			1,037			(5,732		)	3,742
Non-interest expense	(29,268		)	(29,392		)	(23,398		)	(4,159		)	(18,826		)	(10,199		)	(115,242		)
Income (loss) from continuing operations before income taxes	33,597			37,215			24,411			5,346			27,293			(28,236		)	99,626
Income tax expense (benefit)	13,180			13,025			10,265			2,248			10,235			(24,236		)	24,717
Net income	$	20,417		$	24,190		$	14,146		$	3,098		$	17,058		$	(4,000	)	$	74,909



Western Alliance Bancorporation and Subsidiaries
Operating Segment Results
Unaudited

Income Statements:
	Arizona			Nevada			Southern California			Northern California			Central Business Lines			Corporate & Other			Consolidated Company
	(in thousands)
Three Months Ended June 30, 2014:
Net interest income (expense)	$	29,211		$	29,359		$	22,502		$	2,200		$	16,226		$	(5,600	)	$	93,898
Provision for credit losses	3			(2,011		)	(1,672		)	—			3,467			720			507
Net interest income (expense) after provision for credit losses	29,208			31,370			24,174			2,200			12,759			(6,320		)	93,391
Non-interest income	934			2,248			865			34			643			874			5,598
Non-interest expense	(12,793		)	(15,922		)	(12,410		)	(861		)	(6,640		)	(3,615		)	(52,241		)
Income (loss) from continuing operations before income taxes	17,349			17,696			12,629			1,373			6,762			(9,061		)	46,748
Income tax expense (benefit)	6,805			6,194			5,310			577			2,536			(10,716		)	10,706
Income from continuing operations	10,544			11,502			7,319			796			4,226			1,655			36,042
Loss from discontinued operations, net	—			—			—			—			—			(504		)	(504		)
Net income	$	10,544		$	11,502		$	7,319		$	796		$	4,226		$	1,151		$	35,538

Six Months Ended June 30, 2014:
Net interest income (expense)	$	55,819		$	57,954		$	43,181		$	4,313		$	30,190		$	(6,782	)	$	184,675
Provision for credit losses	1,561			(2,895		)	(1,017		)	—			5,637			721			4,007
Net interest income (expense) after provision for credit losses	54,258			60,849			44,198			4,313			24,553			(7,503		)	180,668
Non-interest income	1,710			4,384			2,015			65			725			1,268			10,167
Non-interest expense	(26,053		)	(31,005		)	(24,358		)	(1,887		)	(13,148		)	(5,273		)	(101,724		)
Income (loss) from continuing operations before income taxes	29,915			34,228			21,855			2,491			12,130			(11,508		)	89,111
Income tax expense (benefit)	11,734			11,981			9,190			1,047			4,549			(17,171		)	21,330
Income from continuing operations	18,181			22,247			12,665			1,444			7,581			5,663			67,781
Loss from discontinued operations, net	—			—			—			—			—			(1,158		)	(1,158		)
Net income	$	18,181		$	22,247		$	12,665		$	1,444		$	7,581		$	4,505		$	66,623



Western Alliance Bancorporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Unaudited

Pre-Tax, Pre-Provision Operating Earnings by Quarter:
	Three Months Ended
	Jun 30, 2015			Mar 31, 2015			Dec 31, 2014			Sep 30, 2014			Jun 30, 2014
	(in thousands)
Total non-interest income	$	(2,191	)	$	5,933		$	8,417		$	5,992		$	5,598
Less:
Gains (losses) on sales of investment securities, net	55			589			373			181			(163		)
Unrealized (losses) gains on assets and liabilities measured at fair value, net	(7,885		)	(309		)	1,357			896			235
Loss on extinguishment of debt	(81		)	—			—			(502		)	—
Total operating non-interest income	5,720			5,653			6,687			5,417			5,526
Plus: net interest income	108,718			103,108			102,145			98,073			93,898
Net operating revenue (1)	$	114,438		$	108,761		$	108,832		$	103,490		$	99,424

Total non-interest expense	$	61,209		$	54,033		$	55,742		$	49,778		$	52,241
Less:
Net (gain) loss on sales and valuations of repossessed and other assets	(1,218		)	(351		)	(1,102		)	(1,956		)	184
Merger / restructure expense	7,842			159			—			15			26
Total operating non-interest expense (1)	$	54,585		$	54,225		$	56,844		$	51,719		$	52,031

Pre-tax, pre-provision operating earnings (2)	$	59,853		$	54,536		$	51,988		$	51,771		$	47,393

Tangible Common Equity:
	Jun 30, 2015			Mar 31, 2015			Dec 31, 2014			Sep 30, 2014			Jun 30, 2014
	(dollars and shares in thousands)
Total stockholders' equity	$	1,514,744		$	1,051,330		$	1,000,928		$	1,003,122		$	957,664
Less: goodwill and intangible assets	299,975			25,632			25,913			26,194			26,475
Total tangible stockholders' equity	1,214,769			1,025,698			975,015			976,928			931,189
Less: preferred stock	70,500			70,500			70,500			141,000			141,000
Total tangible common equity	1,144,269			955,198			904,515			835,928			790,189
Plus: deferred tax - attributed to intangible assets	6,515			903			1,006			1,138			1,138
Total tangible common equity, net of tax	$	1,150,784		$	956,101		$	905,521		$	837,066		$	791,327
Total assets	$	13,470,103		$	11,251,943		$	10,600,498		$	10,288,824		$	10,023,587
Less: goodwill and intangible assets, net	299,975			25,632			25,913			26,194			26,475
Tangible assets	13,170,128			11,226,311			10,574,585			10,262,630			9,997,112
Plus: deferred tax - attributed to intangible assets	6,515			903			1,006			1,138			1,138
Total tangible assets, net of tax	$	13,176,643		$	11,227,214		$	10,575,591		$	10,263,768		$	9,998,250
Tangible common equity ratio (3)	8.7		%	8.5		%	8.6		%	8.2		%	7.9		%
Common shares outstanding	102,291			89,180			88,691			87,849			87,774
Tangible book value per share, net of tax (4)	$	11.25		$	10.72		$	10.21		$	9.53		$	9.02



Western Alliance Bancorporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Unaudited

Efficiency Ratio by Quarter:
	Three Months Ended
	Jun 30, 2015			Mar 31, 2015			Dec 31, 2014			Sep 30, 2014			Jun 30, 2014
	(in thousands)
Total operating non-interest expense	$	54,585		$	54,225		$	56,844		$	51,719		$	52,031
Divided by:
Total net interest income	108,718			103,108			102,145			98,073			93,898
Plus:
Tax equivalent interest adjustment	7,878			7,389			6,489			6,348			6,029
Operating non-interest income	5,720			5,653			6,687			5,417			5,526
	$	122,316		$	116,150		$	115,321		$	109,838		$	105,453
Efficiency ratio - tax equivalent basis (5)	44.6		%	46.7		%	49.3		%	47.1		%	49.3		%



Allowance for Credit Losses, Adjusted for Acquisition Accounting:
	Jun 30, 2015			Dec 31, 2014
Allowance for credit losses	$	115,056		$	110,216
Plus: remaining credit marks
Acquired performing loans	16,197			2,041
Purchased credit impaired loans	8,643			9,279
Adjusted allowance for credit losses	139,896			121,536

Gross loans held for investment and deferred fees, net	10,321,221			8,398,265
Plus: remaining credit marks
Acquired performing loans	16,197			2,041
Purchased credit impaired loans	8,643			9,279
Adjusted loans, net of deferred fees and costs	10,346,061			8,409,585

Allowance for credit losses to gross loans	1.11		%	1.31		%
Allowance for credit losses to gross loans, adjusted for acquisition accounting (6)	1.35			1.45

Western Alliance Bancorporation and Subsidiaries

Reconciliation of Non-GAAP Financial Measures

Unaudited

Regulatory Capital:



	Basel III
	June 30, 2015
	(in thousands)
Common Equity Tier 1:
Common equity	$	1,444,244
Less:
Accumulated other comprehensive income	15,348
Non-qualifying goodwill and intangibles	289,217
Disallowed deferred tax asset	3,093
Unrealized gain on trust preferred securities	5,965
Common equity Tier 1 (regulatory) (7) (10)	1,130,621
Plus:
Trust preferred securities	81,500
Preferred stock	70,500
Less:
Disallowed deferred tax asset	4,640
Unrealized gain on trust preferred securities	8,948
Tier 1 capital (8) (10)	$	1,269,033
Divided by: estimated risk-weighted assets (regulatory (8) (10)	$	12,439,928
Common equity Tier 1 ratio (8) (10)	9.1		%

Total Capital:
Tier 1 capital (regulatory) (7) (10)	$	1,269,033
Plus:
Subordinated debt	136,778
Qualifying allowance for credit losses	115,056
Other	2,124
Less: Tier 2 qualifying capital deductions	—
Tier 2 capital	$	253,958
Total capital	1,522,991

Tier 1 Capital:
Classified assets	$	230,959
Divided by:
Common equity Tier 1 (regulatory) (7) (10)	1,130,621
Plus: Allowance for credit losses	115,056
Total Common equity Tier 1 plus allowance for credit losses	$	1,245,677
Classified assets to common equity Tier 1 plus allowance (9) (10)	19		%



(1)	We believe these non-GAAP measurements provide a useful indication of the cash generating capacity of the Company.
(2)	We believe this non-GAAP measurement is a key indicator of the earnings power of the Company.
(3)	We believe these non-GAAP ratios provide an important metric with which to analyze and evaluate financial condition and capital strength.
(4)	We believe this non-GAAP ratio improves the comparability to other institutions that have not engaged in acquisitions that resulted in recorded goodwill and other intangibles.
(5)	We believe this non-GAAP ratio provides a useful metric to measure the operating efficiency of the Company.
(6)	We believe this non-GAAP ratio is a useful metric in understanding the Company's total allowance for credit losses, adjusted for acquisition accounting, as under U.S. GAAP, a company's allowance for credit losses is not carried over in an acquisition, rather these loans are shown as being purchased at a discount that factors in expected future credit losses.
(7)	Under the current guidelines of the Federal Reserve and the Federal Deposit Insurance Corporation, common equity Tier 1 capital consists of common stock, retained earnings, and minority interests in certain subsidiaries, less most other intangible assets.
(8)	Common equity Tier 1 is often expressed as a percentage of risk-weighted assets. Under the risk-based capital framework, a bank's balance sheet assets and credit equivalent amounts of off-balance sheet items are assigned to one of the risk categories defined under new capital guidelines. The aggregated dollar amount in each category is then multiplied by the risk weighting assigned to that category. The resulting weighted values from each category are added together and this sum is the risk-weighted assets total that, as adjusted, comprises the denominator (risk-weighted assets) to determine the common equity Tier 1 ratio. Common equity Tier 1 is divided by the risk-weighted assets to determine the common equity Tier 1 ratio. We believe this non-GAAP ratio provides an important metric with which to analyze and evaluate financial condition and capital strength.
(9)	We believe this non-GAAP ratio provides an important regulatory metric to analyze asset quality.
(10)	Current quarter is preliminary until Call Reports are filed.

CONTACT:

Western Alliance Bancorporation

Dale Gibbons, 602-952-5476

(NYSE: WAL) July 27, 2015 Western Alliance Bancorporation 2nd Quarter Earnings Call

2 Financial Highlights Q2 2015 Highlights q Completed acquisition of Bridge Capital Holdings on June 30, 2015, increasing total assets, gross loans and total deposits by $2.20 billion, $1.45 billion and $1.74 billion, respectively q Q2 2015 net income of $34.7 million and EPS of $0.39 q Operating earnings of $43.5 million and operating earnings per share of $0.49, excluding the effects of debt valuation adjustments, merger expenses and OREO gains q Net operating revenue of $114.4 million, constituting year-over-year growth of 15.1%, or $15.0 million, compared to an increase in operating expenses of 4.9%, or $2.6 million q Efficiency ratio of 44.6%, compared to 46.7% in the first quarter 2015, and 49.3% in the second quarter 2014 q Loans of $10.36 billion, including acquired Bridge loans of $1.45 billion and organic loan growth for the quarter of $95 million and $515 million for the first six months of 2015 q Deposits of $11.41 billion, including acquired Bridge deposits of $1.74 billion and organic deposit growth flat for the quarter and $734 million for the first six months of 2015 q Tangible book value per share during the quarter grew $0.53 from $10.72 to $11.25 q Nonperforming assets (nonaccrual loans and repossessed assets) to total assets was 0.88%. Net loan recoveries to average loans outstanding was 0.13% (annualized) q Tangible Common Equity ratio of 8.7% and Common Equity Tier 1 ratio of 9.1% q ROA of 1.24% and ROTCE of 14.10%, compared to operating ROA of 1.56% and operating ROTCE of 17.66%

3 Quarterly Consolidated Financial Results Q2 2015 Highlights q Net Interest Income rose $5.6 million compared to prior quarter driven by loan growth and one more day in the quarter. Net Interest Income rose $14.8 million from Q2-14 primarily due to loan growth q Operating Non-Interest Expense increased $0.4 million compared to Q1-15 and $2.6 million compared to Q2-14 q Debt Valuation and Other FMV Adjustments primarily relates to the $7.7 million non-cash charge for the valuation of Trust Preferreds q Other includes $7.8 million of Bridge merger related and other expenses $ in millions, except EPS Q2-15 Q1-15 Q2-14 Net Interest Income $ 108.7 $ 103.1 $ 93.9 Operating Non-Interest Income 5.7 5.7 5.5 Net Operating Revenue $ 114.4 $ 108.8 $ 99.4 Operating Non-Interest Expense (54.6) (54.2) (52.0) Pre-Tax, Pre-Provision Income $ 59.8 $ 54.6 $ 47.4 Provision for Credit Losses — (0.7) (0.5) Gains on OREO and Other Assets 1.2 0.4 (0.2) Debt Valuation and Other Fair Market Value Adjustments (7.9) (0.3) 0.2 Merger and Other (7.8) 0.3 (0.2) Pre-tax Income $ 45.3 $ 54.3 $ 46.7 Income Tax (10.6) (14.1) (10.7) Discontinued Operations — — (0.5) Net Income $ 34.7 $ 40.2 $ 35.5 Preferred Dividend (0.2) (0.2) (0.4) Net Income Available to Common $ 34.5 $ 40.0 $ 35.1 Average Diluted Shares Outstanding 88.7 88.5 87.3 Earnings Per Share $ 0.39 $ 0.45 $ 0.40 Operating Earnings Per Share $ 0.49 $ 0.45 $ 0.40

4 Cash and Due from Banks Net Interest Drivers Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 $379 $259 $164 $492 $700 $ in billions, unless otherwise indicated Loans and Yield * Total Investments and Yield Interest Bearing Deposits and Cost of Funds * $ in millions Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 3.08% 3.11% 3.07% 3.09% 3.06% $1.6 $1.6 $1.5 $1.5 $1.5 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 0.32% 0.33% 0.32% 0.30% 0.31% $6.2 $6.5 $6.6 $7.0 $7.5 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 5.29% 5.18% 5.20% 4.97% 5.06% $7.5 $7.9 $8.4 $8.8 $10.4 Q2 2015 Highlights q Total Investment balances essentially flat. Yields decreased by 3 basis point from prior quarter and 2 basis points from prior year q Loan yields increased 9 basis points from prior quarter primarily due to one additional day q Cost of funds increased 1 basis point * Loan balance and interest bearing deposits as of June 30, 2015 include $1.45 billion of loans and $1.74 billion of deposits acquired in the acquisition of Bridge. However, loan yield and interest bearing deposit costs of funds exclude Bridge results. For the three months ended June 30, 2015, the Bridge loan yield was 6.12% and interest bearing deposit cost of funds was 0.21%.

5 Net Interest Income and Accretion $ in millions Note: Disposition Accretion is the recognition of incremental credit and interest rate marks upon sale, disposition or transfer to OREO of a PCI loan; Normal Accretion includes the scheduled amortization of interest rate marks of PCI loans over the estimated remaining life of the loan pool. Q2 2015 Highlights q Increase in Net Interest Income commensurate with increase in average loan balances from Q1-15 q NIM increased primarily as a result of one additional day in the quarter as well as higher disposition accretion q Adjusted NIM for disposition accretion was 4.33% for the quarter, compared to reported NIM of 4.41% Net Interest Income and NIM Purchased Credit Impaired Loan Accretion Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 4.39% 4.43% 4.44% 4.35% 4.41% Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 4.26% 4.33% 4.39% 4.31% 4.33% Disposition Accretion Normal Accretion Adjusted Net Interest Margin, excluding disposition accretion • $93.9 $98.1 $102.1 $103.1 $108.7 $3.1 $2.5 $1.2 $1.0 $2.1 $1.8 $1.6 $1.4 $1.1 $1.0

6 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 $6.4 $6.5 $7.1 $6.9 $7.2 $6.8 $5.4 $5.8 $7.1 $7.3 $7.0 $7.6 $10.8 $7.7 $7.7 Operating Expenses and Efficiency $ in millions Q2 2015 Highlights q Efficiency ratio improved to a record 44.6% due to a 15.1% increase in operating revenue versus a 4.9% increase in operating expenses compared to a year ago q Operating Non-Interest Expense increased $0.4 million during the quarter and increased $2.6 million from Q2-14 q Compensation costs were essentially flat compared to prior quarter and increased 1.9% from Q2-14 primarily due to increased staffing and performance awards. Other expenses are rising year over year primarily due to growth Operating Expenses and Efficiency Ratio * Breakdown of Operating Expenses Other Professional Fees + Data Processing Occupancy + Insurance Compensation Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 49.3% 47.1% 49.3% 46.7% 44.6% $52.0 $51.7 $56.8 $54.2 $54.6 $32.4 $31.8 $32.2 $33.1 $32.5 * Operating expenses and operating non-interest revenue of Bridge for the three months ended June 30, 2015 were $16.1 million and $4.0 million, respectively, which are excluded from the Company's operating expenses presented above.

7 Pre-Tax, Pre-Provision Operating Income, Net Income, and ROA $ in millions Pre-Tax, Pre-Provision Operating Income and ROA Net Income and ROA Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 $47.4 $51.8 $52.0 $54.5 $59.9 1.95% 2.06% 2.00% 2.03% 2.14% Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 $35.5 $40.9 $40.4 $40.2 $34.7 1.46% 1.63% 1.56% 1.49% 1.24% Both Pre-Provision, Pre-Tax ROA and Net Income ROA metrics exclude the Bridge balances that were acquired on June 30, 2015. Decrease in ROA is due to the effects of the debt valuation charge and the Bridge-related merger expenses.

8 Consolidated Balance Sheet $ in millions q Total loans includes Bridge loans of $1.45 billion, recorded net of credit and interest rate discounts of $25 million, with an average life of 4.25 years q Other assets includes $260 million of goodwill and a $15 million core deposit intangible asset (10-year average life), which were both a result of the Bridge merger q Shareholders' Equity increased $557 million, or 58%, to $1.52 billion in Q2-15 from $958 million in Q2-14, $431 million of which is related to the Bridge acquisition q TBV increased $0.53 a share to $11.25 (4.9%) from the prior quarter and $2.23 (24.7%) from a year ago Q2 2015 HighlightsQ2-15 Q1-15 Q2-14 Investments & Cash $ 2,290 $ 1,946 $ 1,986 Total Loans 10,361 8,819 7,545 Allowance for Credit Losses (115) (112) (106) Other Assets 934 599 599 Total Assets $ 13,470 $ 11,252 $ 10,024 Deposits $ 11,407 $ 9,662 $ 8,470 Borrowings 378 363 434 Other Liabilities 170 176 162 Total Liabilities $ 11,955 $ 10,201 $ 9,066 Shareholders' Equity 1,515 1,051 958 Total Liabilities and Equity $ 13,470 $ 11,252 $ 10,024 Tangible Book Value Per Share $ 11.25 $ 10.72 $ 9.02

9 Loan Growth and Portfolio Composition $ in millions Commercial & Industrial CRE, Non- Owner Occupied CRE, Owner Occupied Residential and Consumer Construction & Land Q2 2015 Highlights q Bridge additions are as follows: - Residential & Consumer: $26 million, - Construction & Land: $99 million, - CRE Non-Owner Occ: $73 million, - CRE Owner Occ: $158 million, - C&I: $1.09 billion $2.82 Billion Year Over Year Growth Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 $3,028 $3,294 $3,532 $3,725 $4,760 $1,603 $1,620 $1,733 $1,818 $2,019$1,934 $1,993 $2,053 $2,114 $2,234 $609 $672 $748 $843 $1,003 $7,545 $7,930 $8,398 $8,819 $10,361 Growth: +385 +468 +420 +1,542 4.9% 21.2% 25.7% 40.1% 8.1% 3.3% 19.5% 21.6% 45.9% 9.7% $370 $351 $332 $319 $345 3.6% 42.2% 20.6% 24.0% 9.6%

10 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 $2,279 $2,247 $2,288 $2,657 $3,925 $795 $809 $855 $937 $1,001 $3,637 $3,685 $3,870 $4,121 $4,734$1,759 $1,957 $1,918 $1,947 $1,747 Deposit Growth and Composition $ in millions NOW CDs Non-Int Bearing DDA $8,470 $8,698 $8,931 $9,662 $11,407 Growth: +228 +233 +731 +1,745 Q2 2015 Highlights q Bridge additions are as follows: - CDs: $24 million, - Savings and MMDA: $513 million, - NOW: $15 million, - Non-Int Bearing DDA: $1.19 billion 9.4% 20.8% 26.9% 42.9% 8.8% 15.3% 34.4% 41.5% $2.94 Billion Year Over Year Growth Savings and MMDA 20.2% 42.6% 9.7% 27.5%

11 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 $51 $43 $46 $53 $50 $64 $75 $68 $61 $59 $101 $86 $72 $60 $63 $72 $78 $78 $84 $83 Adversely Graded Loans and Non-Performing Assets Organic Acquired * NPA’s Adversely Graded Loans $258 $96 Accruing TDRs total $80 million as of 6/30/2015 $288 $282 $264 $43 $255 $ in millions Special Mention Loans Classified Accruing Loans Non-Performing Loans OREO $48 $51 $60 * Net of total credit and interest rate discounts from acquisitions of $26 million as of 6/30/2015

12 Charge-Offs, Recoveries, and Provision Q2 2015 HighlightsGross Charge Offs and Recoveries Net Recoveries and Rate Provision for Credit Losses and ALLL q Recoveries of $5.0 million exceeded gross charge-offs of $2.0 million, resulting in net recoveries of $3.0 million q Annualized net recovery rate in Q2-15 was 0.13%, compared to a net recovery rate of 0.06% for Q1-15 q No provision for credit losses required as a result of net recoveries and credit quality $ in millions Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 1.40% 1.38% 1.31% 1.27% 1.11% Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 (0.09)% (0.15)% (0.04)% (0.06)% (0.13)% $2.0 $1.0 $2.6 $0.8 $2.0 $(3.5) $(3.8) $(3.4) $(2.0) $(5.0) $0.4 $0.3 $0.7 $0.0 $(1.5) $(2.8) $(0.8) $(1.2) $(3.0) • • Provision for Credit Losses ALLL/Total LoansNet Recoveries $Net Recoveries % Gross Charge Offs Recoveries $0.5

13 Adjusted for Effect of No Reserve for Acquired Loans Reported Less: Acquired Loans* Adjusted Allowance for Credit Losses $ 115 $ 115 Total Loans 10,321 1,723 8,598 Ratio 1.11% 1.34% Adjusted for Effect of Acquired Loans Booked at Discount Reported Plus: Credit Discount* Adjusted Allowance for Credit Losses $ 115 $ 25 $ 140 Total Loans 10,321 25 10,346 Ratio 1.11% 1.35% * Western Liberty, Centennial and Bridge acquisitions Allowance for Credit Losses at 6/30/2015

14 Capital Ratios Q2 2015 Highlights q Tangible common equity improved 82 basis points year-over-year to 8.7%, even though total assets increased 34.4% q During Q2 2015, Western Alliance Bank issued $150 million of subordinated debt, significantly improving its total capital ratio 13% 12% 11% 10% 9% 8% 7% Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 7.9% 8.2% 8.6% 8.5% 8.7% 9.0% 9.0% 9.3% 9.0% 9.1% 10.0% 10.1% 9.7% 9.8% 10.0% 12.5% 12.2% 11.7% 11.3% 12.2% Capital Ratios Total Capital Tier 1 Leverage Ratio Common Equity Tier 1 Tangible Common Equity Basel I Basel III

15 Outlook 3rd Quarter 2015 q Bridge Merger q Loan and Deposit Growth q Interest Margin q Operating Efficiency q Asset Quality

16 Forward-Looking Statements This presentation contains forward-looking statements that relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Examples of forward-looking statements include, among others, statements we make regarding our acquisition of Bridge Capital Holdings, the performance of the combined company, and any guidance, outlook, or expectations relating to loan and deposit growth, interest margin, operating efficiency, and asset quality. The forward-looking statements contained herein reflect our current views about future events and financial performance and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from historical results and those expressed in any forward-looking statement. Some factors that could cause actual results to differ materially from historical or expected results include, among others: the risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 as filed with the Securities and Exchange Commission; changes in general economic conditions, either nationally or locally in the areas in which we conduct or will conduct our business; inflation, interest rate, market and monetary fluctuations; increases in competitive pressures among financial institutions and businesses offering similar products and services; higher defaults on our loan portfolio than we expect; changes in management’s estimate of the adequacy of the allowance for credit losses; legislative or regulatory changes or changes in accounting principles, policies or guidelines; supervisory actions by regulatory agencies which may limit our ability to pursue certain growth opportunities, including expansion through acquisitions; management’s estimates and projections of interest rates and interest rate policy; the execution of our business plan; and other factors affecting the financial services industry generally or the banking industry in particular. Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. We do not intend and disclaim any duty or obligation to update or revise any industry information or forward-looking statements, whether written or oral, that may be made from time to time, set forth in this presentation to reflect new information, future events or otherwise.

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