Form 8-K - Current report

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 18, 2024

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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.0001 Par Value

WAL

New York Stock Exchange

Depositary Shares, Each Representing a 1/400th Interest in a Share of

4.250% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A

WAL PrA

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On July 18, 2024, Western Alliance Bancorporation (the “Company”) issued a press release reporting results for the fiscal quarter ended June 30, 2024 and posted on its website its second quarter 2024 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 Jul y 18, 2024

99.2						Second Quarter 2024 Earnings Conference Call dated July 19, 2024

104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

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 18, 2024


Western Alliance Bancorporation
One East Washington Street
Phoenix, AZ 85004
www.westernalliancebancorporation.com

PHOENIX--(BUSINESS WIRE)--July 18, 2024

SECOND QUARTER 2024 FINANCIAL RESULTS

Quarter Highlights:

Net income

Earnings per share

PPNR1

Net interest margin

Efficiency ratio

Book value per
common share

$193.6 million

$1.75

$285.0 million

3.63%

62.3%

$54.80

51.5%1, adjusted for deposit costs

$48.791, excluding

goodwill and intangibles

CEO COMMENTARY:

“Western Alliance delivered strong second quarter results featuring robust net interest income growth, gathering loan momentum, and sustained deposit generation,” said Kenneth A. Vecchione, President and Chief Executive Officer. “With balance sheet repositioning actions completed, our focus is rededicated to generating safe, sound risk-adjusted growth supported by an enhanced liquidity profile and sturdy capital base. We achieved net income of $193.6 million and earnings per share of $1.75 for the second quarter 2024, which resulted in a return on tangible common equity1 of 14.3%. Capital generation continued to improve as pre-provision net revenue1 grew 22% linked quarter annualized excluding the impact of the FDIC special assessment. Tangible book value per share1 climbed 13.2% year-over-year to $48.79 with a CET1 ratio of 11.0%.”


LINKED-QUARTER BASIS			YEAR-OVER-YEAR



FINANCIAL HIGHLIGHTS:

▪Net income of $193.6 million and earnings per share of $1.75, up 9.1% and 9.4%, from $177.4 million and $1.60, respectively

▪Net revenue of $771.8 million, an increase of 5.9%, or $43.0 million, compared to an increase in non-interest expenses of 1.0%, or $5.0 million

▪Pre-provision net revenue1 of $285.0 million, up $38.0 million from $247.0 million

▪Effective tax rate of 21.9%, compared to 23.5%

▪Net income of $193.6 million and earnings per share of $1.75, down 10.2% and 10.7%, from $215.7 million and $1.96, respectively

▪Net revenue of $771.8 million, an increase of 15.3%, or $102.5 million, compared to an increase in non-interest expenses of 25.7%, or $99.4 million

▪Pre-provision net revenue1 of $285.0 million, up $3.1 million from $281.9 million

▪Effective tax rate of 21.9%, compared to 17.1%


FINANCIAL POSITION RESULTS:

▪HFI loans of $52.4 billion, up $1.7 billion, or 3.4%

▪Total deposits of $66.2 billion, up $4.0 billion, or 6.5%

▪HFI loan-to-deposit ratio of 79.1%, down from 81.5%

▪Stockholders' equity of $6.3 billion, up $162 million

▪Increase in HFI loans of $4.6 billion, or 9.5%

▪Increase in total deposits of $15.2 billion, or 29.8%

▪HFI loan-to-deposit ratio of 79.1%, down from 93.8%

▪Increase in stockholders' equity of $649 million


LOANS AND ASSET QUALITY:

▪Nonperforming assets (nonaccrual loans and repossessed assets) to total assets of 0.51%, compared to 0.53%

▪Annualized net loan charge-offs to average loans outstanding of 0.18%, compared to 0.08%

▪Nonperforming assets to total assets of 0.51%, compared to 0.39%

▪Annualized net loan charge-offs to average loans outstanding of 0.18%, compared to 0.06%


KEY PERFORMANCE METRICS:

▪Net interest margin of 3.63%, compared to 3.60%

▪Return on average assets and on tangible common equity1 of 0.99% and 14.3%, compared to 0.98% and 13.4%, respectively

▪Tangible common equity ratio1 of 6.7%, compared to 6.8%

▪CET 1 ratio of 11.0%, compared to 11.0%

▪Tangible book value per share1, net of tax, of $48.79, an increase of 3.2% from $47.30

▪Adjusted efficiency ratio1 of 51.5%, compared to 57.3%

▪Net interest margin of 3.63% increased from 3.42%

▪Return on average assets and on tangible common equity1 of 0.99% and 14.3%, compared to 1.23% and 18.2%, respectively

▪Tangible common equity ratio1 of 6.7% increased from 7.0%

▪CET 1 ratio of 11.0%, compared to 10.1%

▪Tangible book value per share1, net of tax, of $48.79, an increase of 13.2% from $43.09

▪Adjusted efficiency ratio1 of 51.5%, compared to 50.5%

1 See reconciliation of Non-GAAP Financial Measures starting on page 19.

Income Statement

Net interest income totaled $656.6 million in the second quarter 2024, an increase of $57.7 million, or 9.6%, from $598.9 million in the first quarter 2024, and an increase of $106.3 million, or 19.3%, compared to the second quarter 2023. The increase in net interest income from the first quarter 2024 is due to an increase in average securities and HFI loan balances, partially offset by an increase in deposit balances and rates. The increase in net interest income from the second quarter 2023 was driven by an increase in average securities balances and higher HFI loan balances and yields, coupled with a decrease in the average short-term borrowings balance. These increases were partially offset by higher balances and rates on deposits and a lower average HFS loan balance.

The Company recorded a provision for credit losses of $37.1 million in the second quarter 2024, an increase of $21.9 million from $15.2 million in the first quarter 2024, and an increase of $15.3 million from $21.8 million in the second quarter 2023. The provision for credit losses during the second quarter 2024 is primarily reflective of loan growth and net-charge offs of $22.8 million.

The Company’s net interest margin in the second quarter 2024 was 3.63%, an increase from 3.60% in the first quarter 2024, and an increase from 3.42% in the second quarter 2023. The increase in net interest margin from the first quarter 2024 was driven by growth in average earning asset balances outpacing interest-bearing deposits. The increase in net interest margin from the second quarter 2023 was driven by higher average HFI loan and securities balances and a decrease in average short-term borrowings, partially offset by higher average deposit balances.

Non-interest income was $115.2 million for the second quarter 2024, compared to $129.9 million for the first quarter 2024, and $119.0 million for the second quarter 2023. The $14.7 million decrease in non-interest income from the first quarter 2024 was primarily due to a decrease of $12.9 million in income from equity investments and $8.3 million in net loan servicing revenue due to lower fair value changes partially offset by higher servicing income. These changes were partially offset by gains on sales of investment securities which were $3.2 million higher than the previous quarter and a $1.5 million increase in net gain on loan origination and sale activities from higher volumes. The $3.8 million decrease in non-interest income from the second quarter 2023 was primarily driven by lower net gain on loan origination and sale activities and lower fair value gain adjustments, partially offset by gains on security sales in the second quarter 2024 compared to losses in the second quarter 2023 and higher net loan servicing revenue.

Net revenue totaled $771.8 million for the second quarter 2024, an increase of $43.0 million or 5.9%, compared to $728.8 million for the first quarter 2024, and an increase of $102.5 million or 15.3%, compared to $669.3 million for the second quarter 2023.

Non-interest expense was $486.8 million for the second quarter 2024, compared to $481.8 million for the first quarter 2024, and $387.4 million for the second quarter 2023. The Company’s efficiency ratio, adjusted for deposit costs1 was 51.5% for the second quarter 2024, compared to 57.3% in the first quarter 2024, and 50.5% for the second quarter 2023. The increase in non-interest expense from the first quarter 2024 is due primarily to an increase of $36.7 million in deposit costs, partially offset by a decrease in insurance cost of $25.1 million. The decrease in insurance cost is related to the FDIC special assessment as the Company recognized a $17.6 million charge during the first quarter 2024, compared to an expense reduction of $6.0 million during the second quarter 2024. The increase in non-interest expense from the second quarter 2023 is primarily attributable to an increase in deposit costs.

Income tax expense was $54.3 million for the second quarter 2024, compared to $54.4 million for the first quarter 2024, and $44.4 million for the second quarter 2023. The decrease in income tax expense from the first quarter 2024 is primarily related to the forecasted impact of bank owned life insurance purchased subsequent to quarter end. The increase in income tax expense from the second quarter 2023 is primarily related to a higher effective tax rate resulting from lower utilization of tax credits due to timing of projects being placed in service partially offset by lower pre-tax income.

Net income was $193.6 million for the second quarter 2024, an increase of $16.2 million from $177.4 million for the first quarter 2024, and a decrease of $22.1 million from $215.7 million for the second quarter 2023. Earnings per share totaled $1.75 for the second quarter 2024, compared to $1.60 for the first quarter 2024, and $1.96 for the second quarter 2023.

The Company views its pre-provision net revenue1 ("PPNR") as a key metric for assessing the Company’s earnings power, which it defines as net revenue less non-interest expense. For the second quarter 2024, the Company’s PPNR1 was $285.0 million, up $38.0 million from $247.0 million in the first quarter 2024, and up $3.1 million from $281.9 million in the second quarter 2023.

The Company had 3,310 full-time equivalent employees and 56 offices at June 30, 2024, compared to 3,312 full-time equivalent employees and 56 offices at March 31, 2024, and 3,336 full-time equivalent employees and 56 offices at June 30, 2023.

1 See reconciliation of Non-GAAP Financial Measures starting on page 19.

Balance Sheet

HFI loans, net of deferred fees totaled $52.4 billion at June 30, 2024, compared to $50.7 billion at March 31, 2024, and $47.9 billion at June 30, 2023. The increase in HFI loans of $1.7 billion from the prior quarter was primarily driven by an increase of $1.9 billion in commercial and industrial loans, partially offset by decreases of $179 million and $69 million in residential real estate and construction and land development loans, respectively. The increase in HFI loans of $4.6 billion from June 30, 2023 was primarily driven by increases of $5.0 billion and $284 million in commercial and industrial and construction and land development loans, respectively. This increase was partially offset by decreases of $555 million and $266 million in residential real estate and commercial real estate non-owner occupied loans, respectively. HFS loans totaled $2.0 billion at June 30, 2024, compared to $1.8 billion at March 31, 2024, and $3.2 billion at June 30, 2023. The balance of HFS loans at June 30, 2024 and March 31, 2024 primarily consisted of AmeriHome HFS loans. The increase of $166 million in HFS loans from the prior quarter is primarily related to an increase in agency conforming loans. The decrease of $1.1 billion in HFS loans from June 30, 2023 primarily related to the sale and disposition of loans during 2023 related to the Company's balance sheet repositioning strategy.

The Company's allowance for credit losses on HFI loans consists of an allowance for funded HFI loans and an allowance for unfunded loan commitments. The allowance for loan losses to funded HFI loans ratio was 0.67% at June 30, 2024, March 31, 2024, and June 30, 2023. The allowance for credit losses, which includes the allowance for unfunded loan commitments, to funded HFI loans ratio was 0.74% at June 30, 2024 and March 31, 2024 and 0.76% at June 30, 2023. The Company is a party to credit linked note transactions which effectively transfer a portion of the risk of losses on reference pools of loans to the purchasers of the notes. The Company is protected from first credit losses on reference pools of loans totaling $8.9 billion, $9.0 billion, and $9.4 billion as of June 30, 2024, March 31, 2024, and June 30, 2023, respectively, under these transactions. However, as these note transactions are considered to be free standing credit enhancements, the allowance for credit losses cannot be reduced by the expected credit losses that may be mitigated by these notes. Accordingly, the allowance for loan and credit losses ratios include an allowance related to these pools of loans of $11.7 million as of June 30, 2024, $14.2 million as of March 31, 2024, and $21.4 million as of June 30, 2023. The allowance for credit losses to funded HFI loans ratio, adjusted to reduce the HFI loan balance by the amount of loans in covered reference pools, was 0.89% at June 30, 2024, 0.90% at March 31, 2024, and 0.94% at June 30, 2023.

Deposits totaled $66.2 billion at June 30, 2024, an increase of $4.0 billion from $62.2 billion at March 31, 2024, and an increase of $15.2 billion from $51.0 billion at June 30, 2023. By deposit type, the increase from the prior quarter is attributable to increases of $3.1 billion from non-interest bearing deposits, $893 million from savings and money market deposits and $302 million from interest-bearing demand deposits, partially offset by a $302 million decrease in certificates of deposits. From June 30, 2023, non-interest bearing deposits increased $4.8 billion, interest-bearing demand deposits increased $4.6 billion, savings and money market deposits increased $4.0 billion, and certificates of deposit increased $1.8 billion. Non-interest bearing deposits were $21.5 billion at June 30, 2024, compared to $18.4 billion at March 31, 2024, and $16.7 billion at June 30, 2023.

The table below shows the Company's deposit types as a percentage of total deposits:


	Jun 30, 2024		Mar 31, 2024		Jun 30, 2023
Non-interest bearing	32.5	%	29.6	%	32.8	%
Interest-bearing demand	26.1		27.3		24.8
Savings and money market	25.8		26.0		25.6
Certificates of deposit	15.6		17.1		16.8

The Company’s ratio of HFI loans to deposits was 79.1% at June 30, 2024, compared to 81.5% at March 31, 2024, and 93.8% at June 30, 2023.

Borrowings were $5.6 billion at June 30, 2024, $6.2 billion at March 31, 2024, and $9.6 billion at June 30, 2023. Borrowings decreased $634 million from March 31, 2024 primarily due to a decrease in short-term borrowings. The decrease in borrowings from June 30, 2023 is primarily due to a decrease in short-term borrowings of $3.6 billion and payoff of the AmeriHome senior notes as part of the Company's balance sheet repositioning.

Qualifying debt totaled $897 million at June 30, 2024, compared to $896 million at March 31, 2024 and $888 million June 30, 2023.

Stockholders’ equity was $6.3 billion at June 30, 2024, compared to $6.2 billion at March 31, 2024 and $5.7 billion at June 30, 2023. The increase in stockholders’ equity from the prior quarter was due to net income, partially offset by dividends to shareholders. Cash dividends of $40.8 million ($0.37 per common share) and $3.2 million ($0.27 per depository share) were paid to stockholders during the second quarter 2024. The increase in stockholders' equity from June 30, 2023 is primarily a function of net income, partially offset by dividends to stockholders.

The Company's common equity tier 1 capital ratio was 11.0% at June 30, 2024 and March 31, 2024, compared to 10.1% at June 30, 2023. At June 30, 2024, tangible common equity, net of tax1, was 6.7% of tangible assets1 and total capital was 13.9% of risk-weighted assets. The Company’s tangible book value per share1 was $48.79 at June 30, 2024, an increase of 3.2% from $47.30 at March 31, 2024, and an increase of 13.2% from $43.09 at June 30, 2023. The increase in tangible book value per share from March 31, 2024 and June 30, 2023 is attributable to net income.

Total assets increased 4.7% to $80.6 billion at June 30, 2024 from $77.0 billion at March 31, 2024, and increased 18.2% from $68.2 billion at June 30, 2023. The increase in total assets from March 31, 2024 was primarily driven by an increase in HFI loans and investment securities. The increase in total assets from June 30, 2023 was primarily driven by an increase in investment securities and HFI loans, partially offset by a decrease in HFS loans.

1 See reconciliation of Non-GAAP Financial Measures starting on page 19.

Asset Quality

Provision for credit losses totaled $37.1 million for the second quarter 2024, compared to $15.2 million for the first quarter 2024, and $21.8 million for the second quarter 2023. Net loan charge-offs in the second quarter 2024 totaled $22.8 million, or 0.18% of average loans (annualized), compared to $9.8 million, or 0.08%, in the first quarter 2024, and $7.4 million, or 0.06%, in the second quarter 2023.

Nonaccrual loans increased $2 million to $401 million during the quarter and increased $145 million from June 30, 2023. Loans past due 90 days and still accruing interest totaled zero at June 30, 2024, $6 million at March 31, 2024, and zero at June 30, 2023 (excluding government guaranteed loans of $330 million, $349 million, and $481 million, respectively). Loans past due 30-89 days and still accruing interest totaled $83 million at June 30, 2024, a decrease from $117 million at March 31, 2024, and a decrease from $121 million at June 30, 2023 (excluding government guaranteed loans of $221 million, $224 million, and $289 million, respectively).

Repossessed assets totaled $8 million at June 30, 2024, flat from March 31, 2024, and a decrease of $3 million from June 30, 2023. Classified assets totaled $748 million at June 30, 2024, a decrease of $33 million from $781 million at March 31, 2024, and an increase of $144 million from $604 million at June 30, 2023.

The ratio of classified assets to Tier 1 capital plus the allowance for credit losses2, a common regulatory measure of asset quality, was 11.2% at June 30, 2024, compared to 12.0% at March 31, 2024, and 10.0% at June 30, 2023.

2 The allowance for credit losses used in this ratio is calculated in accordance with regulatory capital rules.

Segment Highlights

The Company's reportable segments are aggregated with a focus on products and services offered and consist of three reportable segments:

–Commercial segment: provides commercial banking and treasury management products and services to small and middle-market businesses, specialized banking services to sophisticated commercial institutions and investors within niche industries, as well as financial services to the real estate industry.

–Consumer Related segment: offers both commercial banking services to enterprises in consumer-related sectors and consumer banking services, such as residential mortgage banking.

–Corporate & Other segment: consists of the Company's investment portfolio, Corporate borrowings and other related items, income and expense items not allocated to other reportable segments, and inter-segment eliminations.

Key management metrics for evaluating the performance of the Company's Commercial and Consumer Related segments include loan and deposit growth, asset quality, and pre-tax income.

The Commercial segment reported an HFI loan balance of $31.0 billion at June 30, 2024, an increase of $1.4 billion during the quarter, and an increase of $2.9 billion during the last twelve months. Loans held for sale totaled zero at June 30, 2024 and March 31, 2024, compared to $1.0 billion as of June 30, 2023 as the Company executed its balance sheet repositioning strategy. Deposits for the Commercial segment totaled $25.3 billion at June 30, 2024, an increase of $180 million during the quarter, and an increase of $3.9 billion during the last twelve months.

Pre-tax income for the Commercial segment was $128.4 million for the three months ended June 30, 2024, a decrease of $15.2 million from the three months ended March 31, 2024, and a decrease of $93.0 million from the three months ended June 30, 2023. For the six months ended June 30, 2024, the Commercial segment reported total pre-tax income of $272.1 million, a decrease of $108.8 million compared to the six months ended June 30, 2023.

The Consumer Related segment reported an HFI loan balance of $21.4 billion at June 30, 2024, an increase of $328 million during the quarter, and an increase of $1.7 billion during the last twelve months. The Consumer Related segment also had loans held for sale of $2.0 billion at June 30, 2024, an increase of $166 million during the quarter, and a decrease of $100 million during the last twelve months. Deposits for the Consumer Related segment totaled $34.5 billion, an increase of $4.0 billion during the quarter, and an increase of $12.1 billion during the last twelve months.

Pre-tax income for the Consumer Related segment was $96.8 million for the three months ended June 30, 2024, an increase of $4.0 million from the three months ended March 31, 2024, and an increase of $40.1 million from the three months ended June 30, 2023. Pre-tax income for the Consumer Related segment for the six months ended June 30, 2024 totaled $189.6 million, an increase of $76.3 million compared to the six months ended June 30, 2023.

Conference Call and Webcast

Western Alliance Bancorporation will host a conference call and live webcast to discuss its second quarter 2024 financial results at 12:00 p.m. ET on Friday, July 19, 2024. Participants may access the call by dialing 1-833-470-1428 and using access code 465259 or via live audio webcast using the website link https://events.q4inc.com/attendee/904562028. The webcast is also available via the Company’s website at www.westernalliancebancorporation.com. Participants should log in at least 15 minutes early to receive instructions. The call will be recorded and made available for replay after 3:00 p.m. ET July 19th through 11:59 p.m. ET August 19th by dialing 1-866-813-9403, using access code 719075.

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 GAAP and non-GAAP based financial measures, which are used where management believes them 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 expectations with regard to our business, financial and operating results, future economic performance and dividends. 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, 2023 and the Company's subsequent Quarterly Reports on Form 10-Q, each as filed with the Securities and Exchange Commission; adverse developments in the financial services industry generally such as the bank failures in 2023 and any related impact on depositor behavior; risks related to the sufficiency of liquidity; the potential adverse effects of unusual and infrequently occurring events and any governmental or societal responses thereto; changes in general economic conditions, either nationally or locally in the areas in which we conduct or will conduct our business; the impact on financial markets from geopolitical conflicts such as the wars in Ukraine and the Middle East; 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; additional regulatory requirements resulting from our continued growth; 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 $80 billion in assets, Western Alliance Bancorporation (NYSE:WAL) is one of the country’s top-performing banking companies. Through its primary subsidiary, Western Alliance Bank, Member FDIC, clients benefit from a full spectrum of tailored commercial banking solutions and consumer products, all delivered with outstanding service by industry experts who put customers first. Major accolades include being ranked as a top U.S. bank in 2023 by American Banker and Bank Director and receiving #1 rankings on Institutional Investor's All-America Executive Team Midcap 2023-2024 for Best CEO, Best CFO, Best Company Board of Directors and Best Investor Relations Team. Serving clients across the country wherever business happens, Western Alliance Bank operates individual, full-service banking and financial brands with offices in key markets nationwide. For more information, visit westernalliancebank.com.

Contacts

Investors: Miles Pondelik, 602-346-7462

Email: MPondelik@westernalliancebank.com

Media: Stephanie Whitlow, 480-998-6547

Email: SWhitlow@westernalliancebank.com


Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited


Selected Balance Sheet Data:
							As of June 30,
							2024		2023		Change %
							(in millions)
Total assets							$	80,581	$	68,160	18.2	%
Loans held for sale							2,007		3,156		(36.4)
HFI loans, net of deferred fees							52,430		47,875		9.5
Investment securities							17,268		10,131		70.4
Total deposits							66,244		51,041		29.8
Borrowings							5,587		9,567		(41.6)
Qualifying debt							897		888		1.0
Stockholders' equity							6,334		5,685		11.4
Tangible common equity, net of tax (1)							5,377		4,718		14.0
Common equity Tier 1 capital							5,946		5,348		11.2

Selected Income Statement Data:
	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2024		2023		Change %		2024		2023		Change %
	(in millions, except per share data)						(in millions, except per share data)
Interest income	$	1,147.5	$	1,000.8	14.7	%	$	2,202.5	$	1,969.7	11.8	%
Interest expense	490.9		450.5		9.0		947.0		809.5		17.0
Net interest income	656.6		550.3		19.3		1,255.5		1,160.2		8.2
Provision for credit losses	37.1		21.8		70.2		52.3		41.2		26.9
Net interest income after provision for credit losses	619.5		528.5		17.2		1,203.2		1,119.0		7.5
Non-interest income	115.2		119.0		(3.2)		245.1		61.0		NM
Non-interest expense	486.8		387.4		25.7		968.6		735.3		31.7
Income before income taxes	247.9		260.1		(4.7)		479.7		444.7		7.9
Income tax expense	54.3		44.4		22.3		108.7		86.8		25.2
Net income	193.6		215.7		(10.2)		371.0		357.9		3.7
Dividends on preferred stock	3.2		3.2		—		6.4		6.4		—
Net income available to common stockholders	$	190.4	$	212.5	(10.4)		$	364.6	$	351.5	3.7
Diluted earnings per common share	$	1.75	$	1.96	(10.7)		$	3.34	$	3.24	3.1

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

NM Changes +/- 100% are not meaningful.


Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited


Common Share Data:
	At or For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2024		2023		Change %		2024		2023		Change %
Diluted earnings per common share	$	1.75	$	1.96	(10.7)	%	$	3.34	$	3.24	3.1	%
Book value per common share	54.80		49.22		11.3
Tangible book value per common share, net of tax (1)	48.79		43.09		13.2
Average common shares outstanding (in millions):
Basic	108.6		108.3		0.3		108.6		108.2		0.3
Diluted	109.1		108.3		0.8		109.1		108.3		0.7
Common shares outstanding	110.2		109.5		0.6


Selected Performance Ratios:
Return on average assets (2)	0.99	%	1.23	%	(19.5)	%	0.99	%	1.02	%	(2.9)	%
Return on average tangible common equity (1, 2)	14.3		18.2		(21.4)		13.8		15.2		(9.2)

Net interest margin (2)	3.63		3.42		6.1		3.61		3.60		0.3
Efficiency ratio, adjusted for deposit costs (1)	51.5		50.5		2.0		54.4		52.5		3.6
HFI loan to deposit ratio	79.1		93.8		(15.7)

Asset Quality Ratios:
Net charge-offs to average loans outstanding (2)	0.18	%	0.06	%	NM		0.13	%	0.05	%	NM
Nonaccrual loans to funded HFI loans	0.76		0.53		43.4
Nonaccrual loans and repossessed assets to total assets	0.51		0.39		30.8

Allowance for loan losses to funded HFI loans	0.67		0.67		—
Allowance for loan losses to nonaccrual HFI loans	88		125		(29.9)


Capital Ratios:

	Jun 30, 2024		Mar 31, 2024		Jun 30, 2023
Tangible common equity (1)	6.7	%	6.8	%	7.0	%
Common Equity Tier 1 (3)	11.0		11.0		10.1
Tier 1 Leverage ratio (3)	8.0		8.5		8.1
Tier 1 Capital (3)	11.7		11.7		10.8
Total Capital (3)	13.9		14.0		13.0

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

(2) Annualized on an actual/actual basis for periods less than 12 months.

(3) Capital ratios for June 30, 2024 are preliminary.

NM Changes +/- 100% are not meaningful.


Western Alliance Bancorporation and Subsidiaries
Condensed Consolidated Income Statements
Unaudited
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(dollars in millions, except per share data)
Interest income:
Loans	$	896.7	$	857.2	$	1,768.6	$	1,689.9
Investment securities	190.5		112.4		334.5		208.5
Other	60.3		31.2		99.4		71.3
Total interest income	1,147.5		1,000.8		2,202.5		1,969.7
Interest expense:
Deposits	410.3		251.1		790.9		482.7
Qualifying debt	9.6		9.5		19.1		18.8
Borrowings	71.0		189.9		137.0		308.0
Total interest expense	490.9		450.5		947.0		809.5
Net interest income	656.6		550.3		1,255.5		1,160.2
Provision for credit losses	37.1		21.8		52.3		41.2
Net interest income after provision for credit losses	619.5		528.5		1,203.2		1,119.0
Non-interest income:
Net gain on loan origination and sale activities	46.8		62.3		92.1		93.7
Net loan servicing revenue	38.1		24.1		84.5		66.0
Service charges and fees	10.8		20.8		20.7		30.3
Commercial banking related income	6.7		6.0		13.2		12.2
Income from equity investments	4.2		0.7		21.3		2.1
Gain (loss) on sales of investment securities	2.3		(13.6)		1.4		(26.1)
Fair value gain (loss) adjustments, net	0.7		12.7		1.0		(135.1)
(Loss) gain on recovery from credit guarantees	(2.5)		1.2		(3.0)		4.5
Other	8.1		4.8		13.9		13.4
Total non-interest income	115.2		119.0		245.1		61.0
Non-interest expenses:
Deposit costs	173.7		91.0		310.7		177.9
Salaries and employee benefits	153.0		145.6		307.9		294.5
Data processing	35.7		28.6		71.7		55.0
Insurance	33.8		33.0		92.7		48.7
Legal, professional, and directors' fees	25.8		26.4		55.9		49.5
Occupancy	18.4		15.4		35.9		31.9
Loan servicing expenses	16.6		18.4		31.6		32.2
Business development and marketing	6.4		5.0		11.9		10.2
Loan acquisition and origination expenses	5.1		5.6		9.9		10.0
Net (gain) loss on sales and valuations of repossessed and other assets	(1.2)		0.5		(1.6)		0.5
Gain on extinguishment of debt	—		(0.7)		—		(13.4)

Other	19.5		18.6		42.0		38.3
Total non-interest expense	486.8		387.4		968.6		735.3
Income before income taxes	247.9		260.1		479.7		444.7
Income tax expense	54.3		44.4		108.7		86.8
Net income	193.6		215.7		371.0		357.9
Dividends on preferred stock	3.2		3.2		6.4		6.4
Net income available to common stockholders	$	190.4	$	212.5	$	364.6	$	351.5

Earnings per common share:
Diluted shares	109.1		108.3		109.1		108.3
Diluted earnings per share	$	1.75	$	1.96	$	3.34	$	3.24


Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Income Statements
Unaudited
	Three Months Ended
	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023
	(in millions, except per share data)
Interest income:
Loans	$	896.7	$	871.9	$	859.0	$	860.8	$	857.2
Investment securities	190.5		144.0		136.2		122.8		112.4
Other	60.3		39.1		43.8		43.0		31.2
Total interest income	1,147.5		1,055.0		1,039.0		1,026.6		1,000.8
Interest expense:
Deposits	410.3		380.6		343.7		316.2		251.1
Qualifying debt	9.6		9.5		9.6		9.5		9.5
Borrowings	71.0		66.0		94.0		113.9		189.9
Total interest expense	490.9		456.1		447.3		439.6		450.5
Net interest income	656.6		598.9		591.7		587.0		550.3
Provision for credit losses	37.1		15.2		9.3		12.1		21.8
Net interest income after provision for credit losses	619.5		583.7		582.4		574.9		528.5
Non-interest income:
Net gain on loan origination and sale activities	46.8		45.3		47.8		52.0		62.3
Net loan servicing revenue	38.1		46.4		9.1		27.2		24.1
Service charges and fees	10.8		9.9		22.7		23.3		20.8
Commercial banking related income	6.7		6.5		5.9		5.6		6.0
Income from equity investments	4.2		17.1		13.1		0.5		0.7
Gain (loss) on sales of investment securities	2.3		(0.9)		(14.8)		0.1		(13.6)
Fair value gain (loss) adjustments, net	0.7		0.3		1.3		17.8		12.7
(Loss) gain on recovery from credit guarantees	(2.5)		(0.5)		(2.7)		(4.0)		1.2
Other	8.1		5.8		8.1		6.7		4.8
Total non-interest income	115.2		129.9		90.5		129.2		119.0
Non-interest expenses:
Deposit costs	173.7		137.0		131.0		127.8		91.0
Salaries and employee benefits	153.0		154.9		134.6		137.2		145.6
Data processing	35.7		36.0		33.1		33.9		28.6
Insurance	33.8		58.9		108.6		33.1		33.0
Legal, professional, and directors' fees	25.8		30.1		29.4		28.3		26.4
Occupancy	18.4		17.5		16.9		16.8		15.4
Loan servicing expenses	16.6		15.0		14.7		11.9		18.4
Business development and marketing	6.4		5.5		6.7		4.9		5.0
Loan acquisition and origination expenses	5.1		4.8		4.8		5.6		5.6
Net (gain) loss on sales and valuations of repossessed and other assets	(1.2)		(0.4)		0.3		2.2		0.5
Gain on extinguishment of debt	—		—		(39.3)		—		(0.7)

Other	19.5		22.5		21.1		24.5		18.6
Total non-interest expense	486.8		481.8		461.9		426.2		387.4
Income before income taxes	247.9		231.8		211.0		277.9		260.1
Income tax expense	54.3		54.4		63.1		61.3		44.4
Net income	193.6		177.4		147.9		216.6		215.7
Dividends on preferred stock	3.2		3.2		3.2		3.2		3.2
Net income available to common stockholders	$	190.4	$	174.2	$	144.7	$	213.4	$	212.5

Earnings per common share:
Diluted shares	109.1		109.0		108.7		108.5		108.3
Diluted earnings per share	$	1.75	$	1.60	$	1.33	$	1.97	$	1.96


Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Balance Sheets
Unaudited
	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023
	(in millions)
Assets:
Cash and due from banks	$	4,077	$	3,550	$	1,576	$	3,497	$	2,153
Investment securities	17,268		16,092		12,712		11,204		10,131
Loans held for sale	2,007		1,841		1,402		1,766		3,156
Loans held for investment:
Commercial and industrial	21,690		19,749		19,103		18,344		16,657
Commercial real estate - non-owner occupied	9,647		9,637		9,650		9,810		9,913
Commercial real estate - owner occupied	1,886		1,859		1,810		1,771		1,805
Construction and land development	4,712		4,781		4,889		4,669		4,428
Residential real estate	14,445		14,624		14,778		14,779		15,000
Consumer	50		50		67		74		72
Loans HFI, net of deferred fees	52,430		50,700		50,297		49,447		47,875
Allowance for loan losses	(352)		(340)		(337)		(327)		(321)
Loans HFI, net of deferred fees and allowance	52,078		50,360		49,960		49,120		47,554
Mortgage servicing rights	1,145		1,178		1,124		1,233		1,007
Premises and equipment, net	351		344		339		327		315
Operating lease right-of-use asset	133		139		145		150		151
Other assets acquired through foreclosure, net	8		8		8		8		11
Bank owned life insurance	187		187		186		184		184
Goodwill and other intangibles, net	664		666		669		672		674
Other assets	2,663		2,624		2,741		2,730		2,824
Total assets	$	80,581	$	76,989	$	70,862	$	70,891	$	68,160
Liabilities and Stockholders' Equity:
Liabilities:
Deposits
Non-interest bearing deposits	$	21,522	$	18,399	$	14,520	$	17,991	$	16,733
Interest bearing:
Demand	17,267		16,965		15,916		12,843		12,646
Savings and money market	17,087		16,194		14,791		14,672		13,085
Certificates of deposit	10,368		10,670		10,106		8,781		8,577
Total deposits	66,244		62,228		55,333		54,287		51,041
Borrowings	5,587		6,221		7,230		8,745		9,567
Qualifying debt	897		896		895		890		888
Operating lease liability	165		172		179		180		179
Accrued interest payable and other liabilities	1,354		1,300		1,147		1,043		800
Total liabilities	74,247		70,817		64,784		65,145		62,475
Stockholders' Equity:
Preferred stock	295		295		295		295		295
Common stock and additional paid-in capital	2,099		2,087		2,081		2,073		2,064
Retained earnings	4,498		4,348		4,215		4,111		3,937
Accumulated other comprehensive loss	(558)		(558)		(513)		(733)		(611)
Total stockholders' equity	6,334		6,172		6,078		5,746		5,685
Total liabilities and stockholders' equity	$	80,581	$	76,989	$	70,862	$	70,891	$	68,160


Western Alliance Bancorporation and Subsidiaries
Changes in the Allowance For Credit Losses on Loans
Unaudited
	Three Months Ended
	Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023
	(in millions)
Allowance for loan losses
Balance, beginning of period	$	340.3		$	336.7		$	327.4		$	321.1		$	304.7
Provision for credit losses (1)	34.3			13.4			17.8			14.3			23.8
Recoveries of loans previously charged-off:
Commercial and industrial	0.1			0.4			0.7			0.4			0.7
Commercial real estate - non-owner occupied	—			—			—			—			—
Commercial real estate - owner occupied	—			—			0.1			—			—
Construction and land development	—			—			—			—			—
Residential real estate	—			—			—			0.1			—
Consumer	—			—			—			—			0.1
Total recoveries	0.1			0.4			0.8			0.5			0.8
Loans charged-off:
Commercial and industrial	5.3			2.3			9.3			5.5			6.0
Commercial real estate - non-owner occupied	17.6			7.9			—			3.0			2.2
Commercial real estate - owner occupied	—			—			—			—			—
Construction and land development	—			—			—			—			—
Residential real estate	—			—			—			—			—
Consumer	—			—			—			—			—
Total loans charged-off	22.9			10.2			9.3			8.5			8.2
Net loan charge-offs	22.8			9.8			8.5			8.0			7.4
Balance, end of period	$	351.8		$	340.3		$	336.7		$	327.4		$	321.1

Allowance for unfunded loan commitments
Balance, beginning of period	$	33.1		$	31.6		$	37.9		$	41.1		$	44.8
Provision for (recovery of) credit losses (1)	2.8			1.5			(6.3)			(3.2)			(3.7)
Balance, end of period (2)	$	35.9		$	33.1		$	31.6		$	37.9		$	41.1

Components of the allowance for credit losses on loans
Allowance for loan losses	$	351.8		$	340.3		$	336.7		$	327.4		$	321.1
Allowance for unfunded loan commitments	35.9			33.1			31.6			37.9			41.1
Total allowance for credit losses on loans	$	387.7		$	373.4		$	368.3		$	365.3		$	362.2

Net charge-offs to average loans - annualized	0.18		%	0.08		%	0.07		%	0.07		%	0.06		%

Allowance ratios
Allowance for loan losses to funded HFI loans (3)	0.67		%	0.67		%	0.67		%	0.66		%	0.67		%

Allowance for credit losses to funded HFI loans (3)	0.74			0.74			0.73			0.74			0.76

Allowance for loan losses to nonaccrual HFI loans	88			85			123			138			125
Allowance for credit losses to nonaccrual HFI loans	97			94			135			154			141

(1) The above tables reflect the provision for credit losses on funded and unfunded loans. There was a $0.5 million provision release on AFS investment securities and a $0.5 million provision for credit losses on HTM investment securities for the three months ended June 30, 2024. The allowance for credit losses on AFS and HTM investment securities totaled $0.8 million and $8.7 million, respectively, as of June 30, 2024.

(2) The allowance for unfunded loan commitments is included as part of accrued interest payable and other liabilities on the balance sheet.

(3) Ratio includes an allowance for credit losses of $11.7 million as of June 30, 2024 related to a pool of loans covered under three separate credit linked note transactions.


Western Alliance Bancorporation and Subsidiaries
Asset Quality Metrics
Unaudited
	Three Months Ended
	Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023
	(in millions)



































Nonaccrual loans and repossessed assets
Nonaccrual loans	$	401		$	399		$	273		$	237		$	256
Nonaccrual loans to funded HFI loans	0.76		%	0.79		%	0.54		%	0.48		%	0.53		%
Repossessed assets	$	8		$	8		$	8		$	8		$	11
Nonaccrual loans and repossessed assets to total assets	0.51		%	0.53		%	0.40		%	0.35		%	0.39		%

Loans Past Due

Loans past due 90 days, still accruing (1)	$	—		$	6		$	42		$	—		$	—
Loans past due 90 days, still accruing to funded HFI loans	—		%	0.01		%	0.08		%	—		%	—		%
Loans past due 30 to 89 days, still accruing (2)	$	83		$	117		$	164		$	189		$	121
Loans past due 30 to 89 days, still accruing to funded HFI loans	0.16		%	0.23		%	0.33		%	0.38		%	0.25		%

Other credit quality metrics
Special mention loans	$	532		$	394		$	641		$	668		$	694
Special mention loans to funded HFI loans	1.01		%	0.78		%	1.27		%	1.35		%	1.45		%

Classified loans on accrual	$	328		$	361		$	379		$	381		$	324
Classified loans on accrual to funded HFI loans	0.63		%	0.71		%	0.75		%	0.77		%	0.68		%
Classified assets	$	748		$	781		$	673		$	639		$	604
Classified assets to total assets	0.93		%	1.01		%	0.95		%	0.90		%	0.89		%

(1) Excludes government guaranteed residential mortgage loans of $330 million, $349 million, $399 million, $439 million, and $481 million as of each respective date in the table above.

(2) Excludes government guaranteed residential mortgage loans of $221 million, $224 million, $279 million, $261 million, and $289 million as of each respective date in the table above.


Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
	Three Months Ended
	June 30, 2024						March 31, 2024
	Average Balance		Interest		Average Yield / Cost		Average Balance		Interest		Average Yield / Cost
	($ in millions)
Interest earning assets
Loans held for sale	$	2,860	$	43.0	6.05	%	$	2,416	$	39.1	6.51	%
Loans held for investment:
Commercial and industrial	19,913		370.1		7.54		18,745		345.7		7.48
CRE - non-owner occupied	9,680		185.0		7.69		9,468		185.1		7.87
CRE - owner occupied	1,865		28.5		6.24		1,808		26.8		6.06
Construction and land development	4,740		112.3		9.53		4,922		117.1		9.57
Residential real estate	14,531		157.0		4.35		14,722		157.0		4.29
Consumer	48		0.8		6.94		61		1.1		7.28
Total HFI loans (1), (2), (3)	50,777		853.7		6.79		49,726		832.8		6.77
Securities:
Securities - taxable	14,029		166.5		4.77		10,717		121.1		4.54
Securities - tax-exempt	2,221		24.0		5.45		2,205		22.9		5.24
Total securities (1)	16,250		190.5		4.87		12,922		144.0		4.66
Cash and other	3,983		60.3		6.09		2,953		39.1		5.33
Total interest earning assets	73,870		1,147.5		6.30		68,017		1,055.0		6.29
Non-interest earning assets
Cash and due from banks	294						285
Allowance for credit losses	(350)						(349)
Bank owned life insurance	187						186
Other assets	4,554						4,542
Total assets	$	78,555					$	72,681
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing transaction accounts	$	17,276	$	131.2	3.05	%	$	16,348	$	122.0	3.00	%
Savings and money market	16,579		146.2		3.55		15,247		129.9		3.43
Certificates of deposit	10,427		132.9		5.12		10,129		128.7		5.11
Total interest-bearing deposits	44,282		410.3		3.73		41,724		380.6		3.67
Short-term borrowings	4,165		58.9		5.69		3,715		53.8		5.83
Long-term debt	437		12.1		11.19		444		12.2		11.06
Qualifying debt	896		9.6		4.28		895		9.5		4.28
Total interest-bearing liabilities	49,780		490.9		3.97		46,778		456.1		3.92
Interest cost of funding earning assets					2.67						2.69
Non-interest-bearing liabilities
Non-interest-bearing deposits	20,996						18,183
Other liabilities	1,449						1,536
Stockholders’ equity	6,330						6,184
Total liabilities and stockholders' equity	$	78,555					$	72,681
Net interest income and margin (4)			$	656.6	3.63	%			$	598.9	3.60	%

(1) Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $9.9 million and $9.6 million for the three months ended June 30, 2024 and March 31, 2024, respectively.

(2) Included in the yield computation are net loan fees of $32.1 million and $33.0 million for the three months ended June 30, 2024 and March 31, 2024, respectively.

(3) Includes non-accrual loans.

(4) Net interest margin is computed by dividing net interest income by total average earning assets, annualized on an actual/actual basis.


Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
	Three Months Ended
	June 30, 2024						June 30, 2023
	Average Balance		Interest		Average Yield / Cost		Average Balance		Interest		Average Yield / Cost
	($ in millions)
Interest earning assets
Loans held for sale	$	2,860	$	43.0	6.05	%	$	6,343	$	105.2	6.65	%
Loans held for investment:
Commercial and industrial	19,913		370.1		7.54		15,712		302.3		7.78
CRE - non-owner-occupied	9,680		185.0		7.69		9,754		180.7		7.44
CRE - owner-occupied	1,865		28.5		6.24		1,816		25.1		5.66
Construction and land development	4,740		112.3		9.53		4,420		103.6		9.40
Residential real estate	14,531		157.0		4.35		15,006		139.0		3.72
Consumer	48		0.8		6.94		73		1.3		7.15
Total loans HFI (1), (2), (3)	50,777		853.7		6.79		46,781		752.0		6.48
Securities:
Securities - taxable	14,029		166.5		4.77		7,879		91.4		4.65
Securities - tax-exempt	2,221		24.0		5.45		2,062		21.0		5.12
Total securities (1)	16,250		190.5		4.87		9,941		112.4		4.76
Cash and other	3,983		60.3		6.09		2,584		31.2		4.84
Total interest earning assets	73,870		1,147.5		6.30		65,649		1,000.8		6.17
Non-interest earning assets
Cash and due from banks	294						259
Allowance for credit losses	(350)						(314)
Bank owned life insurance	187						183
Other assets	4,554						4,361
Total assets	$	78,555					$	70,138
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing transaction accounts	$	17,276	$	131.2	3.05	%	$	11,893	$	80.2	2.71	%
Savings and money market accounts	16,579		146.2		3.55		13,167		87.2		2.66
Certificates of deposit	10,427		132.9		5.12		7,626		83.7		4.40
Total interest-bearing deposits	44,282		410.3		3.73		32,686		251.1		3.08
Short-term borrowings	4,165		58.9		5.69		12,195		170.4		5.60
Long-term debt	437		12.1		11.19		826		19.5		9.45
Qualifying debt	896		9.6		4.28		895		9.5		4.27
Total interest-bearing liabilities	49,780		490.9		3.97		46,602		450.5		3.88
Interest cost of funding earning assets					2.67						2.75
Non-interest-bearing liabilities
Non-interest-bearing deposits	20,996						16,701
Other liabilities	1,449						1,183
Stockholders’ equity	6,330						5,652
Total liabilities and stockholders' equity	$	78,555					$	70,138
Net interest income and margin (4)			$	656.6	3.63	%			$	550.3	3.42	%

(1) Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $9.9 million and $8.7 million for the three months ended June 30, 2024 and 2023, respectively.

(2) Included in the yield computation are net loan fees of $32.1 million and $36.8 million for the three months ended June 30, 2024 and 2023, respectively.

(3) Includes non-accrual loans.

(4) Net interest margin is computed by dividing net interest income by total average earning assets, annualized on an actual/actual basis.


Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
	Six Months Ended
	June 30, 2024						June 30, 2023
	Average Balance		Interest		Average Yield / Cost		Average Balance		Interest		Average Yield / Cost
	($ in millions)
Interest earning assets
Loans HFS	$	2,638	$	82.1	6.26	%	$	4,260	$	136.5	6.46	%
Loans HFI:
Commercial and industrial	19,329		715.8		7.51		18,083		670.5		7.54
CRE - non-owner occupied	9,574		370.1		7.78		9,638		350.1		7.33
CRE - owner occupied	1,836		55.3		6.15		1,812		49.7		5.64
Construction and land development	4,831		229.4		9.55		4,325		196.8		9.18
Residential real estate	14,626		314.0		4.32		15,420		283.8		3.71
Consumer	55		1.9		7.13		73		2.5		6.99
Total loans HFI (1), (2), (3)	50,251		1,686.5		6.78		49,351		1,553.4		6.38
Securities:
Securities - taxable	12,373		287.6		4.67		7,271		166.6		4.62
Securities - tax-exempt	2,213		46.9		5.34		2,090		41.9		5.06
Total securities (1)	14,586		334.5		4.78		9,361		208.5		4.72
Other	3,468		99.4		5.77		2,956		71.3		4.86
Total interest earning assets	70,943		2,202.5		6.30		65,928		1,969.7		6.08
Non-interest earning assets
Cash and due from banks	289						262
Allowance for credit losses	(349)						(314)
Bank owned life insurance	187						183
Other assets	4,548						4,644
Total assets	$	75,618					$	70,703
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing transaction accounts	$	16,812	$	253.2	3.03	%	$	11,217	$	148.5	2.67	%
Savings and money market accounts	15,913		276.1		3.49		15,604		202.7		2.62
Certificates of deposit	10,278		261.6		5.12		6,578		131.5		4.03
Total interest-bearing deposits	43,003		790.9		3.70		33,399		482.7		2.90
Short-term borrowings	3,940		112.6		5.75		9,757		258.0		5.33
Long-term debt	441		24.4		11.13		1,049		50.0		9.62
Qualifying debt	895		19.1		4.28		894		18.8		4.24
Total interest-bearing liabilities	48,279		947.0		3.94		45,099		809.5		3.62
Interest cost of funding earning assets					2.69						2.48
Non-interest-bearing liabilities
Non-interest-bearing deposits	19,589						18,600
Other liabilities	1,493						1,384
Stockholders’ equity	6,257						5,620
Total liabilities and stockholders' equity	$	75,618					$	70,703
Net interest income and margin (4)			$	1,255.5	3.61	%			$	1,160.2	3.60	%

(1) Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $19.5 million and $17.5 million for the six months ended June 30, 2024 and 2023, respectively.

(2) Included in the yield computation are net loan fees of $65.2 million and $72.4 million for the six months ended June 30, 2024 and 2023, respectively.

(3) Includes non-accrual loans.

(4) Net interest margin is computed by dividing net interest income by total average earning assets, annualized on an actual/actual basis.


Western Alliance Bancorporation and Subsidiaries
Reportable Segment Results
Unaudited

Balance Sheet:
	Consolidated Company		Commercial		Consumer Related		Corporate & Other
At June 30, 2024:	(dollars in millions)
Assets:
Cash, cash equivalents, and investments	$	21,345	$	11	$	—	$	21,334
Loans HFS	2,007		—		2,007		—
Loans HFI, net of deferred fees and costs	52,430		31,044		21,386		—
Less: allowance for credit losses	(352)		(301)		(51)		—
Net loans HFI	52,078		30,743		21,335		—
Other assets acquired through foreclosure, net	8		8		—		—
Goodwill and other intangible assets, net	664		291		373		—
Other assets	4,479		433		1,892		2,154
Total assets	$	80,581	$	31,486	$	25,607	$	23,488
Liabilities:
Deposits	$	66,244	$	25,326	$	34,457	$	6,461
Borrowings and qualifying debt	6,484		8		43		6,433
Other liabilities	1,519		206		474		839
Total liabilities	74,247		25,540		34,974		13,733
Allocated equity:	6,334		2,702		1,839		1,793
Total liabilities and stockholders' equity	$	80,581	$	28,242	$	36,813	$	15,526
Excess funds provided (used)	—		(3,244)		11,206		(7,962)

No. of offices	56		45		8		3
No. of full-time equivalent employees	3,310		580		722		2,008

Income Statement:

Three Months Ended June 30, 2024:	(in millions)
Net interest income	$	656.6	$	292.2	$	339.0	$	25.4
Provision for (recovery of) credit losses	37.1		36.1		1.0		—
Net interest income after provision for credit losses	619.5		256.1		338.0		25.4
Non-interest income	115.2		23.1		89.9		2.2
Non-interest expense	486.8		150.8		331.1		4.9
Income (loss) before income taxes	247.9		128.4		96.8		22.7
Income tax expense (benefit)	54.3		28.0		21.5		4.8
Net income (loss)	$	193.6	$	100.4	$	75.3	$	17.9

Six Months Ended June 30, 2024:	(in millions)
Net interest income	$	1,255.5	$	581.1	$	631.6	$	42.8
Provision for credit losses	52.3		51.4		0.6		0.3
Net interest income after provision for credit losses	1,203.2		529.7		631.0		42.5
Non-interest income	245.1		49.2		185.6		10.3
Non-interest expense	968.6		306.8		627.0		34.8
Income (loss) before provision for income taxes	479.7		272.1		189.6		18.0
Income tax expense (benefit)	108.7		61.7		43.3		3.7
Net income (loss)	$	371.0	$	210.4	$	146.3	$	14.3


Western Alliance Bancorporation and Subsidiaries
Reportable Segment Results
Unaudited

Balance Sheet:
	Consolidated Company		Commercial		Consumer Related		Corporate & Other
At December 31, 2023:	(dollars in millions)
Assets:
Cash, cash equivalents, and investments	$	14,569	$	13	$	125	$	14,431
Loans held for sale	1,402		—		1,402		—
Loans, net of deferred fees and costs	50,297		29,136		21,161		—
Less: allowance for credit losses	(337)		(284)		(53)		—
Total loans	49,960		28,852		21,108		—
Other assets acquired through foreclosure, net	8		8		—		—
Goodwill and other intangible assets, net	669		292		377		—
Other assets	4,254		390		1,826		2,038
Total assets	$	70,862	$	29,555	$	24,838	$	16,469
Liabilities:
Deposits	$	55,333	$	23,897	$	24,925	$	6,511
Borrowings and qualifying debt	8,125		7		402		7,716
Other liabilities	1,326		109		338		879
Total liabilities	64,784		24,013		25,665		15,106
Allocated equity:	6,078		2,555		1,790		1,733
Total liabilities and stockholders' equity	$	70,862	$	26,568	$	27,455	$	16,839
Excess funds provided (used)	—		(2,987)		2,617		370

No. of offices	57		46		8		3
No. of full-time equivalent employees	3,260		584		711		1,965

Income Statement:

Three Months Ended June 30, 2023:	(in millions)
Net interest income	$	550.3	$	356.5	$	204.8	$	(11.0)
Provision for (recovery of) credit losses	21.8		18.2		1.9		1.7
Net interest income (expense) after provision for credit losses	528.5		338.3		202.9		(12.7)
Non-interest income	119.0		30.8		86.1		2.1
Non-interest expense	387.4		147.7		232.3		7.4
Income (loss) before income taxes	260.1		221.4		56.7		(18.0)
Income tax expense (benefit)	44.4		43.4		11.2		(10.2)
Net income (loss)	$	215.7	$	178.0	$	45.5	$	(7.8)

Six Months Ended June 30, 2023:	(in millions)
Net interest income	$	1,160.2	$	746.0	$	404.0	$	10.2
Provision for (recovery of) credit losses	41.2		15.6		3.4		22.2
Net interest income (expense) after provision for credit losses	1,119.0		730.4		400.6		(12.0)
Non-interest income	61.0		(65.9)		137.1		(10.2)
Non-interest expense	735.3		283.6		424.4		27.3
Income (loss) before income taxes	444.7		380.9		113.3		(49.5)
Income tax expense (benefit)	86.8		81.9		24.0		(19.1)
Net income (loss)	$	357.9	$	299.0	$	89.3	$	(30.4)


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


Pre-Provision Net Revenue by Quarter:
	Three Months Ended
	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023
	(in millions)
Net interest income	$	656.6	$	598.9	$	591.7	$	587.0	$	550.3
Total non-interest income	115.2		129.9		90.5		129.2		119.0
Net revenue	$	771.8	$	728.8	$	682.2	$	716.2	$	669.3
Total non-interest expense	486.8		481.8		461.9		426.2		387.4
Pre-provision net revenue (1)	$	285.0	$	247.0	$	220.3	$	290.0	$	281.9
Adjusted for:
Provision for credit losses	37.1		15.2		9.3		12.1		21.8
Income tax expense	54.3		54.4		63.1		61.3		44.4
Net income	$	193.6	$	177.4	$	147.9	$	216.6	$	215.7


Pre-Provision Net Revenue, Excluding FDIC Special Assessment	Three Months Ended
	Jun 30, 2024		Mar 31, 2024
	(in millions)
Pre-provision net revenue (1)	$	285.0	$	247.0







FDIC special assessment	(6.0)		17.6



Pre-provision net revenue, excluding FDIC special assessment (1)	$	279.0	$	264.6
Less:
Provision for credit losses	37.1		15.2
Income tax expense	54.3		54.4



FDIC special assessment	(6.0)		17.6



Net income	$	193.6	$	177.4



Efficiency Ratio (Tax Equivalent Basis) by Quarter:
	Three Months Ended
	Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023
	(dollars in millions)
Total non-interest expense	$	486.8		$	481.8		$	461.9		$	426.2		$	387.4
Less: Deposit costs	173.7			137.0			131.0			127.8			91.0
Total non-interest expense, excluding deposit costs	313.1			344.8			330.9			298.4			296.4
Divided by:
Total net interest income	656.6			598.9			591.7			587.0			550.3
Plus:
Tax equivalent interest adjustment	9.9			9.6			9.1			8.9			8.7
Total non-interest income	115.2			129.9			90.5			129.2			119.0
Less: Deposit costs	173.7			137.0			131.0			127.8			91.0
	$	608.0		$	601.4		$	560.3		$	597.3		$	587.0
Efficiency ratio (2)	62.3		%	65.2		%	66.8		%	58.8		%	57.1		%
Efficiency ratio, adjusted for deposit costs (2)	51.5		%	57.3		%	59.1		%	50.0		%	50.5		%


Tangible Common Equity:
	Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023
	(dollars and shares in millions)
Total stockholders' equity	$	6,334		$	6,172		$	6,078		$	5,746		$	5,685
Less:
Goodwill and intangible assets	664			666			669			672			674
Preferred stock	295			295			295			295			295
Total tangible common equity	5,375			5,211			5,114			4,779			4,716
Plus: deferred tax - attributed to intangible assets	2			2			2			2			2
Total tangible common equity, net of tax	$	5,377		$	5,213		$	5,116		$	4,781		$	4,718
Total assets	$	80,581		$	76,989		$	70,862		$	70,891		$	68,160
Less: goodwill and intangible assets, net	664			666			669			672			674
Tangible assets	79,917			76,323			70,193			70,219			67,486
Plus: deferred tax - attributed to intangible assets	2			2			2			2			2
Total tangible assets, net of tax	$	79,919		$	76,325		$	70,195		$	70,221		$	67,488
Tangible common equity ratio (3)	6.7		%	6.8		%	7.3		%	6.8		%	7.0		%
Common shares outstanding	110.2			110.2			109.5			109.5			109.5
Tangible book value per share, net of tax (3)	$	48.79		$	47.30		$	46.72		$	43.66		$	43.09


Non-GAAP Financial Measures Footnotes

(1)			We believe this non-GAAP measurement is a key indicator of the earnings power of the Company.
(2)			We believe this non-GAAP ratio provides a useful metric to measure the efficiency of the Company.
(3)			We believe this non-GAAP metric provides an important metric with which to analyze and evaluate the financial condition and capital strength of the Company.

EARNINGS CALL 2nd Quarter 2024 July 19, 2024 Q2 20241

2 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 expectations with regard to our business, financial and operating results, future economic performance and dividends, including our statements on the slide entitled "Management Outlook." 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, 2023 and the Company's subsequent Quarterly Reports on Form 10-Q, each as filed with the Securities and Exchange Commission; adverse developments in the financial services industry generally such as the bank failures in 2023 and any related impact on depositor behavior; risks related to the sufficiency of liquidity; the potential adverse effects of unusual and infrequently occurring events and any governmental or societal responses thereto; changes in general economic conditions, either nationally or locally in the areas in which we conduct or will conduct our business; the impact on financial markets from geopolitical conflicts such as the wars in Ukraine and the Middle East; 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; additional regulatory requirements resulting from our continued growth; 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 press release to reflect new information, future events or otherwise. Non-GAAP Financial Measures This presentation contains both financial measures based on GAAP and non-GAAP based financial measures, which are used where management believes them 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 the Company’s press release as of and for the quarter ended June 30, 2024. 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. Forward-Looking Statements

3 2nd Quarter 2024 | Financial Highlights Earnings & Profitability Q2 2024 Q1 2024 Q2 2023 Earnings per Share $ 1.75 $ 1.60 $ 1.96 Net Income 193.6 177.4 215.7 Net Revenue 771.8 728.8 669.3 Pre-Provision Net Revenue1 285.0 247.0 281.9 Net Interest Margin 3.63% 3.60% 3.42% Efficiency Ratio, Adjusted for Deposit Costs1 51.5 57.3 50.5 ROAA 0.99 0.98 1.23 ROTCE1 14.3 13.4 18.2 Balance Sheet & Capital Total Loans $ 52,430 $ 50,700 $ 47,875 Total Deposits 66,244 62,228 51,041 CET1 Ratio 11.0% 11.0% 10.1% TCE Ratio1 6.7 6.8 7.0 Tangible Book Value per Share1 $ 48.79 $ 47.30 $ 43.09 Asset Quality Provision for Credit losses $ 37.1 $ 15.2 $ 21.8 Net Loan Charge-Offs 22.8 9.8 7.4 Net Loan Charge-Offs/Avg. Loans 0.18% 0.08% 0.06% Total Loan ACL/Funded HFI Loans2 0.74 0.74 0.76 NPAs3/Total Assets 0.51 0.53 0.39 Dollars in millions, except EPS Net Income EPS $193.6 million $1.75 PPNR1 ROTCE1 Q2: 285.0 million 14.3% Deposit Growth Capital Q2: 4.0 billion CET1 Ratio: 11.0% 29.8% Y-o-Y TCE Ratio1: 6.7% Tangible Book Value PER SHARE1 NPAs3 / Total Assets $48.79 0.51% 13.2% Y-o-Y 1) Refer to slide 2 for further discussion of Non-GAAP financial measures. 2) Ratio includes an allowance for credit losses of $11.7 million as of June 30, 2024 related to a pool of loans covered under 3 separate credit linked notes. 3) Nonperforming assets includes nonaccrual loans and repossessed assets. Highlights

4 Q2-24 Q1-24 Q2-23 Interest Income $ 1,147.5 $ 1,055.0 $ 1,000.8 Interest Expense (490.9) (456.1) (450.5) Net Interest Income $ 656.6 $ 598.9 $ 550.3 Mortgage Banking Related Activity 84.9 91.7 86.4 Fair Value Gain (Loss) Adjustments, Net 0.7 0.3 12.7 Gain (Loss) on Sales of Investment Securities 2.3 (0.9) (13.6) Other 27.3 38.8 33.5 Non-Interest Income $ 115.2 $ 129.9 $ 119.0 Net Revenue $ 771.8 $ 728.8 $ 669.3 Salaries and Employee Benefits (153.0) (154.9) (145.6) Deposit Costs (173.7) (137.0) (91.0) Insurance (33.8) (58.9) (33.0) Other (126.3) (131.0) (117.8) Non-Interest Expense $ (486.8) $ (481.8) $ (387.4) Pre-Provision Net Revenue1 $ 285.0 $ 247.0 $ 281.9 Provision for Credit Losses (37.1) (15.2) (21.8) Pre-Tax Income $ 247.9 $ 231.8 $ 260.1 Income Tax (54.3) (54.4) (44.4) Net Income $ 193.6 $ 177.4 $ 215.7 Dividends on preferred stock (3.2) (3.2) (3.2) Net income available to common stockholders $ 190.4 $ 174.2 $ 212.5 Diluted Shares 109.1 109.0 108.3 Earnings Per Share $ 1.75 $ 1.60 $ 1.96 1) Refer to slide 2 for further discussion of Non-GAAP financial measures. 2) Gain on Sale margin represents spread as of the interest rate lock commitment date. Quarterly Income Statement Q2 2024 Highlights 1 2 3 4 Net Interest Income increased $57.7 million primarily from higher earning asset balances and yields Non-Interest Income decreased $14.7 million primarily driven by the following: • A decrease in income from equity investments and mortgage banking revenue Mortgage Banking Metrics • $11.1 billion mortgage loan production in Q2 (87% purchase / 13% refinance), up 14% compared to Q1 and down 4% to Q2-23 • $12.1 billion interest rate lock commitment volume in Q2, up 24% compared to Q1 and down 1% to Q2-23 • Gain on Sale margin2 of 26 bps in Q2, compared to 29 bps in Q1 and 43 bps in Q2-23 • $68.2 billion in servicing portfolio UPB Insurance decreased $25.1 million primarily related to an FDIC special assessment expense reduction of $6.0 million in Q2, compared to a charge of $17.6 million in Q1 Provision for Credit Losses of $37.1 million due to net charge-offs of $22.8 million and loan growth 1 2 3 4 Dollars in millions, except EPS

5 Q2-24 Q1-24 Q2-23 Securities & Cash $ 21,345 $ 19,642 $ 12,284 Loans, HFS 2,007 1,841 3,156 Loans, HFI 52,430 50,700 47,875 Allowance for Loan Losses (352) (340) (321) Mortgage Servicing Rights 1,145 1,178 1,007 Goodwill and Intangibles 664 666 674 Other Assets 3,342 3,302 3,485 Total Assets $ 80,581 $ 76,989 $ 68,160 Deposits $66,244 $62,228 $51,041 Borrowings 5,587 6,221 9,567 Qualifying Debt 897 896 888 Other Liabilities 1,519 1,472 979 Total Liabilities $ 74,247 $ 70,817 $ 62,475 Stockholders' Equity 6,334 6,172 5,685 Total Liabilities and Equity $ 80,581 $ 76,989 $ 68,160 Tangible Book Value Per Share1 $ 48.79 $ 47.30 $ 43.09 Dollars in millions, except per share data Consolidated Balance Sheet Q2 2024 Highlights 1 2 3 4 5 Securities & Cash increased $1.7 billion, or 8.7%, to $21.3 billion and increased $9.1 billion, or 73.8%, over prior year Loans, HFI increased $1.7 billion, or 3.4%, and increased $4.6 billion, or 9.5%, over prior year Deposits increased $4.0 billion, or 6.5%, to $66.2 billion and increased $15.2 billion, or 29.8%, over prior year Borrowings decreased $634 million primarily related to repayment of short-term borrowings Stockholders' Equity increased $162 million as a function of net income, partially offset by dividends Tangible Book Value/Share1 increased $1.49, or 3.2%, and increased $5.70, or 13.2%, over prior year 1) Refer to slide 2 for further discussion of Non-GAAP financial measures. 6 1 2 3 4 5 6

6 $4.6 Billion Year Over Year Growth $16.7 $18.3 $19.1 $19.7 $21.7 $1.8 $1.8 $1.8 $1.9 $1.9$9.9 $9.8 $9.7 $9.6 $9.6 $4.4 $4.7 $4.9 $4.8 $4.7 $15.1 $14.8 $14.8 $14.7 $14.5 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 31.5% 3.8% 20.7% 34.8% 9.2% 27.6% 3.6% 18.4% 41.4% 9.0% Residential & Consumer Construction & Land CRE, Non-Owner Occupied CRE, Owner Occupied Commercial & Industrial $47.9 +$1.4 $49.4 +$1.6 $50.3 +$0.9 $50.7 +$0.4 $52.4 +$1.7 Dollars in billions, unless otherwise indicated Total Loans, HFI Qtr Change Five Quarter Loan Composition Q2 2024 Highlights Quarter-over-quarter loan increase of $1.7 billion driven by (in millions): C&I $1,941 CRE, OO 27 CRE, Non-OO 10 Offset by decreases in: Residential & Consumer (179) Construction & Land (69) Total $1,730 Year-over-year loan increase of $4.6 billion driven by (in millions): C&I $5,033 Construction & Land 284 CRE, OO 81 Offset by decreases in: Residential & Consumer (577) CRE, Non-OO (266) Total $4,555 28.9% 3.7% 19.0% 39.0% 9.4% 4.35% 6.24% 7.69% 7.54% 9.53% Q2-24 Avg. Yields1 Total Yield 6.79% 1) Average yields on loans have been adjusted to a tax equivalent basis.

7 Q2 2024 Highlights $16.7 $18.0 $14.5 $18.4 $21.5 $12.6 $12.8 $15.9 $16.9 $17.3 $13.1 $14.7 $14.8 $16.2 $17.1$8.6 $8.8 $10.1 $10.7 $10.3 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 24.8% 16.8% 32.8% 25.6% 26.0% 15.7% 32.5% 25.8% $15.2 Billion Year Over Year Growth CDs Savings and MMA Interest Bearing DDA Non-Interest Bearing $54.3 +$3.2 $51.0 +$3.5 $62.2 +$6.9 $66.2 +$4.0 Quarter-over-quarter deposit growth of $4.0 billion as follows (in millions): Non-Interest Bearing $3,123 Savings and MMA 893 Interest-Bearing DDA 302 Offset by decrease in: CDs (302) Total $4,016 $55.3 +$1.0 Total Deposits Qtr Change Five Quarter Deposit Composition Q2-24 Avg. Costs Total Cost 2.53% Dollars in billions, unless otherwise indicated 5.12% 3.05% N/A 3.55% 27.3% 17.1% 29.6% 26.0% Deposit Composition (By Business Line) • 32% of total deposits are non-interest bearing • Approximately 37% have no ECRs 26% 23% 7% 13% 10% 3% 6% 12%Regions Mortgage Warehouse Tech & Innovation HOA Settlement Services Bus. Escrow Svcs and Corp. Trust Digital Consumer Other

8 • Securities Portfolio yields increased 21 bps, primarily due to an increase in floating rate securities balances • Loan yields increased 2 bps due to new loan growth and asset repricing in a higher rate environment • Loans, HFI growth back-weighted to end of quarter: End of quarter balance was ~$1.7 billion higher than average balance • Cost of interest-bearing deposits increased 6 bps, and total cost of funds decreased 3 bps to 2.79% • Enhanced liquidity profile • Unencumbered HQLAs and cash represent 53% of Securities & Cash, compared to 52% in Q1 • Total Securities & Cash were 26% of Total Assets, which was comparable to Q1 • Insured and Collateralized Deposits are 78% of Total Deposits compared to ~81% in Q1 Interest Bearing Deposits and Cost Loans and HFI Yield Deposits, Borrowings, and Cost of Liability Funding Securities Portfolio and Yield $10.1 $11.2 $12.7 $16.1 $17.3 4.76% 4.91% 4.99% 4.66% 4.87% Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 $47.9 $49.4 $50.3 $50.7 $52.4 $3.2 $1.8 $1.4 $1.8 $2.0 6.48% 6.73% 6.65% 6.77% 6.79% Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 $34.3 $36.3 $40.8 $43.8 $44.7 3.08% 3.49% 3.56% 3.67% 3.73% Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 $34.3 $36.3 $40.8 $43.8 $44.7 $16.7 $18.0 $14.5 $18.4 $21.5$10.5 $9.6 $8.1 $7.1 $6.5 2.85% 2.80% 2.82% 2.82% 2.79% Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Non-Interest Bearing Deposits Total Borrowings Q2 2024 Highlights Net Interest Drivers Dollars in billions, unless otherwise indicated Interest Bearing DepositsInterest Bearing Deposits Total Investments HFI Loans HFS Loans

9 Net Interest Income and Net Interest Margin $550.3 $587.0 $591.7 $598.9 $656.6 3.42% 3.67% 3.65% 3.60% 3.63% Net Interest Margin Net Interest Income Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 $65.6 $64.5 $65.3 $68.0 $73.8 $46.8 $48.1 $49.6 $49.7 $50.8 $6.3 $3.1 $1.8 $2.4 $2.9 $9.9 $10.4 $11.3 $12.9 $16.2 $2.6 $2.9 $2.6 $3.0 $4.0 6.17% 6.37% 6.37% 6.29% 6.30% Loans Loans HFS Securities Cash & Other Average Yield Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Average Earning Assets & Average Yield Dollars in millions Dollars in billions Net Interest Income Q2 2024 Highlights 4% 15% 10% 4% 19% 4% 5% 22% 4% 71% 73% 69% • Net Interest Income increased $57.7 million, or 9.6%, primarily due to a higher average earning assets balance and lower cost of liability funding • NIM increased 3 bps, driven by the growth in average earning assets outpacing interest-bearing deposits • Yield on Average Earning Assets increased 1 bp to 6.30% due to earning asset mix shift into higher-yielding securities and loan growth • Average Earning Assets grew $5.9 billion, or 8.6%, primarily deployed into securities and HFI loans 9

10 • Adjusted efficiency ratio1 (excluding deposit costs) decreased 580 bps to 51.5%, driven primarily by growth in net interest income • Efficiency ratio1 decreased 290 bps to 62.3% and increased 520 bps from the same period last year • FDIC special assessment decreased non- interest expense by $6.0 million in Q2-24 • FDIC special assessment expense reduction of $6.0 million in Q2-24, compared to $17.6 million charge in Q1-24 • Deposit Costs increased $36.7 million to $173.7 million from higher average ECR-related deposit balances • Total ECR-related deposit balances of $25.0 billion in Q2-24 • Average ECR-related deposits of $24.7 billion in Q2-24 compared to $21.4 billion in Q1-24 and $14.8 billion in Q2-23 $387.4 $426.2 $461.9 $481.8 $486.8 57.1% 58.8% 66.8% 65.2% 62.3% 50.5% 50.0% 59.1% 57.3% 51.5% Non-Interest Expenses Efficiency Ratio Adj. Efficiency Ratio Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Dollars in millions $117.8 $128.1 $87.7 $131.0 $126.3 $145.6 $137.2 $134.6 $154.9 $153.0 $91.0 $127.8 $131.0 $137.0 $173.7$33.0 $33.1 $108.6 $58.9 $33.8 Insurance Deposit Costs Salaries & Employee Benefits Other Operating Expenses Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Non-Interest Expenses and Efficiency Q2 2024 Highlights Non-Interest Expenses and Efficiency Ratio1 Breakdown of Non-Interest Expenses FDIC Special Assessment: Q4-23 $66.3 Q1-24 $17.6 Q2-24 ($6.0) 1) Refer to slide 2 for further discussion of Non-GAAP financial measures. FDIC Special Assessment: Q4-23 $66.3 Q1-24 $17.6 Q2-24 ($6.0)

11 0.89% 0.90% 0.95% 1.01% 0.93% 0.39% 0.35% 0.40% 0.53% 0.51% Classified Assets / Total Assets NPLs + OREO / Total Assets Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 $604 $639 $673 $781 $748 $11 $8 $8 $8 $8 $256 $237 $273 $399 $401 $337 $394 $392 $374 $339 OREO Non-Performing Loans Classified Accruing Assets Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Dollars in millions Asset Quality RatiosSpecial Mention Loans • Year-to-date, the aggregate amount of Special Mention Loans and Classified Assets is down $34 million • Special Mention Loans increased $138 million to $532 million (101 bps to Funded Loans) • Total Classified Assets decreased $33 million to $748 million (93 bps to Total Assets) • Non-Performing Assets (Non-Performing Loans + OREO) increased $2 million to $409 million (51 bps to Total Assets) • Over the last 10+ years, only ~1% of Special Mention loans have migrated to lossClassified Assets $694 $668 $641 $394 $532 1.45% 1.35% 1.27% 0.78% 1.01% Special Mention Loans SM / Funded Loans Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q2 2024 Highlights Classified Assets Mix 36% 10% 8% 4%2% CRE Investor C&I Resi Construction CRE OO Securities 2% Other 29% Office 9% Hotel Asset Quality

12 $8.2 $8.5 $9.3 $10.2 $22.9 $(0.8) $(0.5) $(0.8) $(0.4) $(0.1) Gross Charge-Offs Recoveries Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 $321 $327 $337 $340 $352 $41 $38 $32 $33 $36$10 $11 $9 $10 $10 Loan Losses Unfunded Loan Commits. HTM and AFS Securities Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 0.76% 0.74% 0.73% 0.74% 0.74% 141% 154% 135% 94% 97% Total Loan ACL / Funded Loans Total Loan ACL / Non-Performing Loans Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Dollars in millions • Provision Expense of $37.1 million, primarily reflective of net charge-offs and loan growth • Net Loan Charge-Offs of $22.8 million, 18 bps, compared to $9.8 million, 8 bps, in Q1 • Total Loan ACL / Funded Loans3 flat at 0.74% • Total Loan ACL / Funded Loans3 less loans covered by Credit Linked Notes (CLN) is 0.89% • 19% of loan portfolio is credit protected, consisting of government guaranteed, CLN protected4, and cash secured assets Credit Losses and ACL Ratios Q2 2024 Highlights Gross Loan Charge-offs and RecoveriesAllowance for Credit Losses Loan ACL Adequacy Ratios2,3 1) Included as a component of other liabilities on the balance sheet. 2) Total Loan ACL includes allowance for unfunded commitments. 3) Ratio includes an allowance for credit losses of $11.7 million as of June 30, 2024 related to a pool of loans covered under 3 separate credit linked notes. 4) As of June 30, 2024, CLNs cover a substantial portion of Residential ($8.9 billion) loans outstanding. 1

13 Q2 2024 Highlights Adjusted Total Loan ACL / Funded Loans: Q2-24 1) Total Loan ACL includes allowance for unfunded commitments. 2) Ratio includes an allowance for credit losses of $11.7 million as of June 30, 2024 related to a pool of loans covered under 3 separate credit linked notes. 3) Early Buyout Loans are government guaranteed. 4) Loss rates are based on the period from Q1-14 – Q2-24. Key Reserve Level Ratios Reserve levels enhanced by credit protection and low loss loan categories • WAL remains appropriately reserved as CLNs offer credit protection from first losses on covered reference pools in historically low loss loan categories • Total Loan ACL / Funded Loans of 0.74% • Total Loan ACL / Funded Loans less loans covered by CLNs is 0.89% • Total Loan ACL / Funded Loans less loans covered by CLNs and select no-to-low-loss loan categories (EFR, Residential, and Mortgage Warehouse) is 1.32% • >7x historical maximum annual loss rate4 • Reserves are a multiple of average losses times portfolio duration • Estimated weighted average duration of the loan portfolio is <4 years • Adj. total ACL covers >20x historical average annual loss rate4 x duration 0.74% 0.89% 0.91% 1.05% 1.32% 0.15% 0.02% 0.27% Total Loan ACL / Funded Loans Loans Covered by CLNs EFR Loans Residential Loans Mortgage Warehouse Loans 1 2 3 4 5 0.03% EBOs3 0.11% Resi 1,2

14 Strong underwriting standards and risk management support WAL’s loss mitigation strategy NPLs are not a significant driver of losses for WAL vs. peers Source: S&P Global Market Intelligence. Peers consist of the 19 major exchange-traded US banks with total assets between $50 and $250 billion as of March 31, 2024. 1) Period from Q2-21 to Q1-24 for peers and Q3-21 to Q2-24 for WAL. 2) Period from Q2-14 to Q1-24 for peers and Q3-14 to Q2-24 for WAL. 3) Period from Q2-23 to Q1-24 for peers and Q3-23 to Q2-24 for WAL. 4) Period from Q2-20 to Q1-24 for peers and Q3-20 to Q2-24 for WAL. Last 3 Yrs Last 10 Yrs Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 1 0 Peer 1 1 Peer 1 2 Peer 1 3 Peer 1 4 Peer 1 5 Peer 1 6 Peer 1 7 Peer 1 8 Peer 1 9 WAL 180% Cumulative Net Charge-Offs / Average Nonperforming Loans ACL / Cum. NCOs LTM3 ACL Multiple of Cumulative Last 4 Yrs NCOs4 Peer 1 1818% 4.5x Peer 2 1664 3.8 Peer 5 1236 2.1 Peer 11 974 3.3 Peer 4 851 3.1 Peer 8 740 2.2 WAL 717 4.3 Peer 12 564 2.4 Peer 16 552 1.9 Peer 10 551 1.5 Peer 9 530 2.5 Peer 3 430 1.9 Peer 6 421 1.8 Peer 15 420 4.2 Peer 7 406 2.0 Peer 17 372 1.2 Peer 19 334 1.6 Peer 13 318 1.1 Peer 14 283 2.3 Peer 18 275 1.2 60% 50% 40% 30% 20% 10% 3-Yr Median: 36.2% • WAL's ACL is >7x LTM charge-offs, which exceeds the peer median of ~5.4x, and covers the last 4 years of charge-offs by over 4x (#2 in peer group) 1 2 9.6% 125% 180% 12.6%

15 Regulatory Capital Levels • Continue to exceed “well-capitalized” levels with CET1 of 11.0% Tangible Common Equity / Tangible Assets1 • TCE / TA decreased 10 bps to 6.7% due to asset growth Capital Accretion • CET1 consistency quarter-over-quarter reflects continued organic capital generation 10.1% 10.6% 10.8% 11.0% 11.0% 7.0% 6.8% 7.3% 6.8% 6.7% CET1 Ratio TCE/TA Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 1) Refer to slide 2 for further discussion of Non-GAAP financial measures 13.0% 13.5% 13.7% 14.0% 13.9% 10.8% 11.3% 11.5% 11.7% 11.7% 8.1% 8.5% 8.6% 8.5% 8.0% Leverage Ratio Tier 1 Ratio Total RBC Ratio Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q2 2024 Highlights Common Capital Levels Capital Accumulation Regulatory Capital Levels 1

16 Source: S&P Global Market Intelligence. Peers consist of the 19 major exchange-traded US banks with total assets between $50 and $250 billion as of March 31, 2024. 1) As of Q1-24 for peers and Q2-24 for WAL. Peer 1 4 Peer 1 1 Peer 6 Peer 3 Peer 5 Peer 7 WAL Peer 9 Peer 1 5 Peer 4 Peer 8 Peer 1 9 Peer 1 3 Peer 1 2 Peer 1 7 Peer 1 8 Peer 1 6 Peer 1 Peer 1 0 Peer 2 12% 180% 11% 10% 9% 8% 7% 6% 13% 9.9%: Median 14% 10.8%: 75th pctl 9.0%: 25th pctl Adjusted CET1 (incl. of AOCI Unrealized Securities Marks & Loan Loss Reserves)1 Fortified Adjusted Capital CET1 capital adjusted for AOCI securities marks & reserves remains solidly above peer median levels 10.6% WAL

17 519% 595% 73% 125% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 MRQ 0x 1x 2x 3x 4x 5x 6x 7x Tangible Book Value per Share1 • TBVPS increased $1.49 to $48.79 from organic earnings • Increased 3.2% quarter-over-quarter, non- annualized • Increased 13.2% year-over-year • 18.6% CAGR since year end 2013 • TBVPS has increased more than 7x that of peers • Quarterly common stock cash dividend of $0.37 per share 1) Refer to slide 2 for further discussion of Non-GAAP financial measures. 2) MRQ is Q2-24 for WAL and Q1-24 for peers. Note: Peers consist of the 19 major exchange-traded US banks with total assets between $50 and $250 billion as of March 31, 2024. S&P Global Market Intelligence. Q2 2024 Highlights Tangible Book Value Growth Long-Term Growth in TBV per Share1 WAL Peer Median with Dividends Added Back Peer Median WAL with Dividends Added Back 2

18 Management Outlook Balance Sheet Growth Capital (CET1) Net Interest Income Non-interest Income (Ex.) 1 Non-interest Expense (Ex.) 2 Net Charge-Offs Effective Tax Rate Baseline Previous 2024 Outlook New 2024 Outlook Loans (HFI): $50.3 bn Deposits: $55.3 bn (YE 2023) L (HFI): +$4.0 bn D: +$11.0 bn L (HFI): +$4.5 bn D: +$14.0 bn 10.8% (YE 2023) >11.0% >11.0% $2.37 bn (Q4 2023 Ann.) Up 5% - 10% Up 9% - 14% $397 mm (FY 2023) Up 10% - 20% Up 15% - 25% $1.74 bn (Q4 2023 Ann.) Up 6% - 9% Up 9% - 13% 6 bps (FY 2023) 10 bps - 15 bps 15 bps - 20 bps 23% (FY 2023) • Assumes (2) 25 bps fed funds cuts shifted farther into H2 2024 22% - 23% 22% - 23% 1) Baseline Non-Interest Income excludes $116 million of FV adjustments. 2) Q4 2023 Annualized excludes: Gain on Debt Extinguishment of $39.3 million and FDIC Special Assessment of $66.3 million. • Inclusive of ECR-related Deposit Costs Commentary • Incremental capital build above 11.0% as loan growth continues • Sustained loan growth momentum & higher-for-longer rates • Funding balance sheet growth in higher-for-longer rate environment • Growing commercial banking fees • Firming Mortgage Banking margins • Normalizing within expectations

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Appendix

21 Commercial Real Estate Investor Statistics CRE Investor Portfolio ($9.6 billion; 18% of Total Loans) Note: LTV data assumes all loans are fully funded; based on most recent appraisals or appraisal at origination and utilizing, in most cases, “as stabilized” values for income producing properties. Underwriting Criteria and Mitigating Factors Distribution by LTV • Low LTV & LTC (50% to low 60%) range underwriting in areas minimizes tail risk • Simple capital structure - no junior liens or mezzanine debt permitted within our structures • Majority of CRE Investor (bulk of total CRE) is located in our core footprint states • Early elevation, proactive and comprehensive review of CRE portfolio and re-margin discussions with sponsors where sweep/re-margin provisions have been triggered 21% 27% 27% 15% 7% 3% <=40% 41-50% 51-60% 61-70% 71-80% >80% 41% 26% 8% 7% 6% 4% 2% 1% 1% 1% 3% 47% 59% 59% 46% 43% 33% 33% 49% 59% 46% 48% Outstanding LTV Hotel Offi ce Retail Multif amily Industr ial Tim e Share Data Center Senior C are Medical Mini-S torage Other Low uncovered risk with re-margin provisions • Only $638 million of Multi-Family concentrated in western regional markets • No exposure to NYC area Multi-Family Limited Multi-Family Exposure

22 Commercial Real Estate Investor: Office Distribution by LTV Note: LTV data assumes all loans are fully funded; based on most recent appraisals or appraisal at origination and utilizing, in most cases, “as stabilized” values for income producing properties. 8% 14% 37% 28% 6% 7% <=40% 41-50% 51-60% 61-70% 71-80% >80% Key MSA Exposures $2.5 Billion; 26% of Total CRE Investor; 5% of Total Loans Underwriting Criteria and Mitigating Factors • Primarily shorter-term bridge loans for repositioning or redevelopment projects • Strong sponsorship from institutional equity and large regional and national developers • All direct relationships generated by WAL • Significant up-front cash equity required from sponsors • Conservative loan-to-cost underwriting • Average LTV < 55%; Average LTC ~62% • No junior debt / mezzanine • Largely suburban exposure in “Work From Home” MSAs • 2% in CBD, 10% in Midtown and 88% in Suburban MSAs • Focused on B+ properties accompanied by attractive amenities or those in core locations with appropriate business plans to reposition • Class A: 62%, Class B: 35%, Class C: 3% • 93% of Class B & C exposures have LTVs < 70% • Limited near-term maturity risk • 9% to mature in 2024, 40% to mature in 2025 and 51% to mature in 2026+ 88% 10% 2% Suburban Midtown CBD

DEI Document	Jul. 18, 2024
Entity Information [Line Items]
Entity Central Index Key	0001212545
Amendment Flag	false
Document Type	8-K
Document Period End Date	Jul. 18, 2024
Entity Incorporation, State or Country Code	DE
Entity File Number	001-32550
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Tax Identification Number	88-0365922
Entity Registrant Name	WESTERN ALLIANCE BANCORPORATION
Entity Address, Address Line One	One E. Washington Street
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85004
City Area Code	602
Local Phone Number	389-3500
Common Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.0001 Par Value
Trading Symbol	WAL
Security Exchange Name	NYSE
Noncumulative Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, Each Representing a 1/400th Interest in a Share of 4.250% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A
Trading Symbol	WAL PrA
Security Exchange Name	NYSE

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