0001212545FALSE00012125452025-01-272025-01-270001212545us-gaap:CommonStockMember2025-01-272025-01-270001212545us-gaap:NoncumulativePreferredStockMember2025-01-272025-01-27

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):  January 27, 2025


WESTERN ALLIANCE BANCORPORATION
(Exact name of registrant as specified in its charter)

Delaware001-3255088-0365922
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.0001 Par ValueWALNew 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 PrANew 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 January 27, 2025, Western Alliance Bancorporation (the “Company”) issued a press release reporting results for the fiscal quarter ended December 31, 2024 and posted on its website its fourth 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 
99.2 
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
Vice Chairman and
Chief Financial Officer
 
 
 
Date:January 27, 2025


Western Alliance Bancorporation
wallogo10a.jpg
One East Washington Street
Phoenix, AZ 85004
www.westernalliancebancorporation.com

PHOENIX--(BUSINESS WIRE)--January 27, 2025
FOURTH QUARTER AND FULL YEAR 2024 FINANCIAL RESULTS
Quarter Highlights:
Net incomeEarnings per share
PPNR1
Net interest marginEfficiency ratioBook value per
common share
$216.9 million$1.95$319.4 million3.48%61.2%$58.24
51.1%1, adjusted for deposit costs
$52.271, excluding
goodwill and intangibles
CEO COMMENTARY:
“Western Alliance’s diversified, national commercial business strategy continued to drive strong momentum in the fourth quarter with healthy earnings growth, sustained operating leverage, and resilient asset quality,” said Dale Gibbons, Interim Chief Executive Officer and Chief Financial Officer. “Overall, we achieved earnings per share of $1.95 for the quarter, 46.6% higher than Q4 2023, which resulted in a return on tangible common equity1 of 14.6%, while tangible book value per share1 rose 11.9% year-over-year to $52.27. As expected, quarterly deposits declined $1.7 billion, driven by seasonal tax escrow deposit outflows in our Mortgage Warehouse Group, which have already reversed since year end."
“Western Alliance’s full year results are a direct reflection of the success of our credit and deposit platforms which position us for a sustained earnings trajectory into 2025, while continuing our focus on asset quality. Net charge-offs to average loans were 0.18% for the year, with a non-performing assets to total assets ratio of 0.65%. Our net revenue growth drove an increase in earnings as PPNR1 climbed 14.1% over the prior year to $1.1 billion, with net income of $788 million and earnings per share up 8.4% to $7.09. Finally, our hearts are heavy given the ongoing Southern California wildfires. We have already taken actions and stand ready to further support our people and communities in their rebuilding efforts.”
LINKED-QUARTER BASISFULL YEAR
FINANCIAL HIGHLIGHTS:
▪Net income of $216.9 million and earnings per share of $1.95, up 8.6% and 8.3%, from $199.8 million and $1.80, respectively
▪Net revenue of $838.4 million, an increase of 1.9%, or $15.3 million, compared to a decrease in non-interest expenses of 3.4%, or $18.4 million
▪Pre-provision net revenue1 of $319.4 million, up $33.7 million from $285.7 million
▪Effective tax rate of 16.4%, compared to 20.7%
▪Net income of $787.7 million and earnings per share of $7.09, up 9.0% and 8.4%, from $722.4 million and $6.54, respectively
▪Net revenue of $3.2 billion, an increase of 20.7%, or $542.5 million, compared to an increase in non-interest expenses of 24.7%, or $401.6 million
▪Pre-provision net revenue1 of $1.1 billion, up $140.9 million from $996.2 million
▪Effective tax rate of 20.5%, compared to 22.6%
FINANCIAL POSITION RESULTS:
▪HFI loans of $53.7 billion, up $330 million, or 0.6%
▪Total deposits of $66.3 billion, down $1.7 billion, or 2.5%
▪HFI loan-to-deposit ratio of 80.9%, up from 78.4%
▪Stockholders' equity of $6.7 billion, up $30 million
▪Increase in HFI loans of $3.4 billion, or 6.7%
▪Increase in total deposits of $11.0 billion, or 19.9%
▪HFI loan-to-deposit ratio of 80.9%, down from 90.9%
▪Increase in stockholders' equity of $629 million
LOANS AND ASSET QUALITY:
▪Nonperforming assets (nonaccrual loans and repossessed assets) to total assets of 0.65%, compared to 0.45%
▪Annualized net loan charge-offs to average loans outstanding of 0.25%, compared to 0.20%
▪Nonperforming assets to total assets of 0.65%, compared to 0.40%
▪Net loan charge-offs to average loans outstanding of 0.18%, compared to 0.06%
KEY PERFORMANCE METRICS:
▪Net interest margin of 3.48%, decreased from 3.61%
▪Return on average assets and on tangible common equity1 of 1.04% and 14.6%, compared to 0.96% and 13.8%, respectively
▪Tangible common equity ratio1 of 7.2%, flat from prior quarter
▪CET 1 ratio of 11.3%, compared to 11.2%
▪Tangible book value per share1, net of tax, of $52.27, an increase of 0.6% from $51.98
▪Adjusted efficiency ratio1 of 51.1%, compared to 52.7%
▪Net interest margin of 3.58%, decreased from 3.63%
▪Return on average assets and on tangible common equity1 of 0.99% and 14.0%, compared to 1.03% and 14.9%, respectively
▪Tangible common equity ratio1 of 7.2%, decreased from 7.3%
▪CET 1 ratio of 11.3%, compared to 10.8%
▪Tangible book value per share1, net of tax, of $52.27, an increase of 11.9% from $46.72
▪Adjusted efficiency ratio1 of 53.1%, compared to 53.5%
1     See reconciliation of Non-GAAP Financial Measures starting on page 16.


Income Statement
Net interest income totaled $666.5 million in the fourth quarter 2024, a decrease of $30.4 million, or 4.4%, from $696.9 million in the third quarter 2024, and an increase of $74.8 million, or 12.6%, compared to the fourth quarter 2023. The decrease in net interest income from the third quarter 2024 is due to decreased yields on interest earning assets, partially offset by a decrease in rates on interest-bearing liabilities. The increase in net interest income from the fourth quarter 2023 was driven by an increase in average interest earning asset balances and a decrease in average short-term borrowings, partially offset by an increase in interest expense from higher deposit balances.
The Company recorded a provision for credit losses of $60.0 million in the fourth quarter 2024, an increase of $26.4 million from $33.6 million in the third quarter 2024, and an increase of $50.7 million from $9.3 million in the fourth quarter 2023. The provision for credit losses during the fourth quarter 2024 is primarily reflective of net charge-offs of $34.1 million and an incremental qualitative adjustment on the CRE portfolio.
The Company’s net interest margin in the fourth quarter 2024 was 3.48%, a decrease from 3.61% in the third quarter 2024, and a decrease from 3.65% in the fourth quarter 2023. The decrease in net interest margin from the third quarter 2024 was driven by lower yields on interest earning assets, partially offset by lower rates on interest-bearing liabilities due to reductions in the federal funds target rate. The decrease in net interest margin from the fourth quarter 2023 was driven primarily by the lower rate environment, resulting in lower yields on interest earning assets.
Non-interest income was $171.9 million for the fourth quarter 2024, compared to $126.2 million for the third quarter 2024, and $90.5 million for the fourth quarter 2023. The $45.7 million increase in non-interest income from the third quarter 2024 was primarily due to increases in net gain on loan origination and sale activities of $21.6 million, net loan servicing revenue of $12.4 million, and other non-interest income of $9.0 million. The $81.4 million increase in non-interest income from the fourth quarter 2023 was primarily driven by increases in net gain on loan origination and sale activities and net loan servicing revenue, as well as, net gain on sales of investment securities and income from bank owned life insurance.

Net revenue totaled $838.4 million for the fourth quarter 2024, an increase of $15.3 million or 1.9%, compared to $823.1 million for the third quarter 2024, and an increase of $156.2 million or 22.9%, compared to $682.2 million for the fourth quarter 2023. 
Non-interest expense was $519.0 million for the fourth quarter 2024, compared to $537.4 million for the third quarter 2024, and $461.9 million for the fourth quarter 2023. The Company’s efficiency ratio, adjusted for deposit costs1, was 51.1% for the fourth quarter 2024, compared to 52.7% in the third quarter 2024, and 59.1% for the fourth quarter 2023. The $18.4 million decrease in non-interest expense from the third quarter 2024 is due primarily to a decrease of $33.5 million in deposit costs driven by lower ECR rates, partially offset by an increase in salaries and employee benefits of $7.6 million. The $57.1 million increase in non-interest expense from the fourth quarter 2023 is primarily attributable to an increase in deposit costs of $43.5 million, a non-recurring gain on debt extinguishment of $39.3 million in the fourth quarter of 2023, and increased salaries and employee benefits of $30.8 million. These increases were partially offset by decreased insurance costs of $71.9 million largely related to the FDIC special assessment.
Income tax expense was $42.5 million for the fourth quarter 2024, compared to $52.3 million for the third quarter 2024, and $63.1 million for the fourth quarter 2023. The decrease in income tax expense from the third quarter 2024 is primarily related to increased investment tax credit benefits and tax exempt income. The decrease in income tax expense from the fourth quarter 2023 is primarily related to increased investment tax credit benefits.
Net income was $216.9 million for the fourth quarter 2024, an increase of $17.1 million from $199.8 million for the third quarter 2024, and an increase of $69.0 million from $147.9 million for the fourth quarter 2023. Earnings per share totaled $1.95 for the fourth quarter 2024, compared to $1.80 for the third quarter 2024, and $1.33 for the fourth 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 fourth quarter 2024, the Company’s PPNR1 was $319.4 million, up $33.7 million from $285.7 million in the third quarter 2024, and up $99.1 million from $220.3 million in the fourth quarter 2023.
The Company had 3,524 full-time equivalent employees and 56 offices at December 31, 2024, compared to 3,426 full-time equivalent employees and 56 offices at September 30, 2024, and 3,260 full-time equivalent employees and 57 offices at December 31, 2023.



1    See reconciliation of Non-GAAP Financial Measures starting on page 16.
2

Balance Sheet
HFI loans, net of deferred fees, totaled $53.7 billion at December 31, 2024, compared to $53.3 billion at September 30, 2024, and $50.3 billion at December 31, 2023. The increase in HFI loans of $330 million from the prior quarter was primarily driven by an increase of $577 million in commercial and industrial loans, partially offset by a decrease of $248 million in construction and land development loans. The increase in HFI loans of $3.4 billion from December 31, 2023 was primarily driven by increases of $4.0 billion and $218 million in commercial and industrial and commercial real estate non-owner occupied loans, respectively, partially offset by decreases of $452 million and $410 million in residential real estate and construction and land development loans, respectively. HFS loans totaled $2.3 billion at December 31, 2024 and September 30, 2024, compared to $1.4 billion at December 31, 2023.
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 0.70%, 0.67%, and 0.67% at December 31, 2024, September 30, 2024, and December 31, 2023, respectively. The allowance for credit losses, which includes the allowance for unfunded loan commitments, to funded HFI loans ratio was 0.77% at December 31, 2024, 0.74% at September 30, 2024, and 0.73% at December 31, 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 $8.6 billion, $8.8 billion, and $9.1 billion as of December 31, 2024, September 30, 2024, and December 31, 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 $11.4 million as of December 31, 2024, $11.8 million as of September 30, 2024, and $14.7 million as of December 31, 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 0.92% at December 31, 2024, 0.88% at September 30, 2024, and 0.89% at December 31, 2023.
Deposits totaled $66.3 billion at December 31, 2024, a decrease of $1.7 billion from $68.0 billion at September 30, 2024, and an increase of $11.0 billion from $55.3 billion at December 31, 2023. By deposit type, the decrease from the prior quarter is attributable to a decrease of $6.1 billion from non-interest bearing deposits due to seasonality in mortgage warehouse deposits, partially offset by increases of $2.0 billion from interest-bearing demand deposits, $1.6 billion from savings and money market deposits, and $755 million from certificates of deposits. From December 31, 2023, savings and money market deposits increased $6.4 billion, non-interest bearing deposits increased $4.3 billion, and certificates of deposit increased $303 million. Non-interest bearing deposits were $18.8 billion at December 31, 2024, compared to $25.0 billion at September 30, 2024, and $14.5 billion at December 31, 2023.
The table below shows the Company's deposit types as a percentage of total deposits:
Dec 31, 2024Sep 30, 2024Dec 31, 2023
Non-interest bearing28.4 %36.7 %26.2 %
Interest-bearing demand23.9 20.3 28.8 
Savings and money market32.0 28.8 26.7 
Certificates of deposit15.7 14.2 18.3 
The Company’s ratio of HFI loans to deposits was 80.9% at December 31, 2024, compared to 78.4% at September 30, 2024, and 90.9% at December 31, 2023.
Borrowings were $5.6 billion at December 31, 2024, $3.0 billion at September 30, 2024, and $7.2 billion at December 31, 2023. Borrowings increased $2.6 billion from September 30, 2024 primarily due to an increase of $1.6 billion in short-term borrowings and a $993 million increase in long-term borrowings. The decrease in borrowings from December 31, 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, partially offset by an increase in long term borrowings of $2.0 billion.
Stockholders’ equity was $6.7 billion at December 31, 2024 and September 30, 2024, compared to $6.1 billion at December 31, 2023. Stockholders’ equity from the prior quarter was relatively flat as net income of $213.7 million was offset by net unrealized fair value losses of $152 million on the Company's available-for-sale securities, which are recorded in other comprehensive loss, net of tax, and dividends to shareholders. Cash dividends of $41.8 million ($0.38 per common share) and $3.2 million ($0.27 per depository share) were paid to stockholders during the fourth quarter 2024. The increase in stockholders' equity from December 31, 2023 is primarily a function of net income, partially offset by dividends to stockholders and net unrealized fair value losses on available-for-sale securities.
The Company's common equity tier 1 capital ratio was 11.3% at December 31, 2024, compared to 11.2% and 10.8% at September 30, 2024 and December 31, 2023, respectively. At December 31, 2024, tangible common equity, net of tax1, was 7.2% of tangible assets1 and total capital was 14.1% of risk-weighted assets. The Company’s tangible book value per share1 was $52.27 at December 31, 2024, an increase of 0.6% from $51.98 at September 30, 2024, and an increase of 11.9% from $46.72 at December 31, 2023. The increase in tangible book value per share from September 30, 2024 and December 31, 2023 is primarily attributable to net income.
Total assets increased $854 million, or 1.1%, to $80.9 billion at December 31, 2024 from $80.1 billion at September 30, 2024, and increased 14.2% from $70.9 billion at December 31, 2023. The increase in total assets from September 30, 2024 was primarily driven by increases in cash and due from banks and HFI loans, partially offset by a decrease in investment securities. The increase in total assets from December 31, 2023 was primarily driven by increases in HFI loans, cash and due from banks, and investment securities.

1     See reconciliation of Non-GAAP Financial Measures starting on page 16.
3

Asset Quality
Provision for credit losses totaled $60.0 million for the fourth quarter 2024, compared to $33.6 million for the third quarter 2024, and $9.3 million for the fourth quarter 2023. Net loan charge-offs in the fourth quarter 2024 totaled $34.1 million, or 0.25% of average loans (annualized), compared to $26.6 million, or 0.20%, in the third quarter 2024, and $8.5 million, or 0.07%, in the fourth quarter 2023.
Nonaccrual loans increased $127 million to $476 million during the quarter and increased $203 million from December 31, 2023. Loans past due 90 days and still accruing interest totaled zero at December 31, 2024, $4 million at September 30, 2024, and $42 million at December 31, 2023 (excluding government guaranteed loans of $326 million, $313 million, and $399 million, respectively). Loans past due 30-89 days and still accruing interest totaled $92 million at December 31, 2024, a decrease from $110 million at September 30, 2024, and from $164 million at December 31, 2023 (excluding government guaranteed loans of $183 million, $203 million, and $279 million, respectively).
Repossessed assets totaled $52 million at December 31, 2024, compared to $8 million at September 30, 2024 and December 31, 2023. Classified assets totaled $1.0 billion at December 31, 2024, an increase of $171 million from $838 million at September 30, 2024, and an increase of $336 million from $673 million at December 31, 2023.
The ratio of classified assets to Tier 1 capital plus the allowance for credit losses2, a common regulatory measure of asset quality, was 14.2% at December 31, 2024, compared to 12.2% at September 30, 2024, and 10.5% at December 31, 2023.

2     The allowance for credit losses used in this ratio is calculated in accordance with regulatory capital rules.
4

Conference Call and Webcast
Western Alliance Bancorporation will host a conference call and live webcast to discuss its fourth quarter 2024 financial results at 12:00 p.m. ET on Tuesday, January 28, 2025. Participants may access the call by dialing 1-833-470-1428 and using access code 383154 or via live audio webcast using the website link https://events.q4inc.com/attendee/798283184. 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 January 28th through 1:00 p.m. ET February 27th by dialing 1-866-813-9403, using access code 574248.
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 2024 by American Banker and Bank Director and receiving #1 rankings on Extel’s (previously Institutional Investor’s) All-America Executive Team Midcap 2024 for Best CEO, Best CFO and Best Company Board of Directors. 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
5

Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited
Selected Balance Sheet Data:
As of December 31,
20242023Change %
(in millions)
Total assets$80,934 $70,862 14.2 %
Loans held for sale2,286 1,402 63.1 
HFI loans, net of deferred fees53,676 50,297 6.7 
Investment securities15,095 12,712 18.7 
Total deposits66,341 55,333 19.9 
Borrowings5,573 7,230 (22.9)
Qualifying debt899 895 0.4 
Stockholders' equity6,707 6,078 10.3 
Tangible common equity, net of tax (1)5,755 5,116 12.5 
Common equity Tier 1 capital6,311 5,659 11.5 
Selected Income Statement Data:
For the Three Months Ended December 31,For the Year Ended December 31,
20242023Change %20242023Change %
(in millions, except per share data)(in millions, except per share data)
Interest income$1,138.6 $1,039.0 9.6 %$4,541.1 $4,035.3 12.5 %
Interest expense472.1 447.3 5.5 1,922.2 1,696.4 13.3 
Net interest income666.5 591.7 12.6 2,618.9 2,338.9 12.0 
Provision for credit losses60.0 9.3 NM145.9 62.6 NM
Net interest income after provision for credit losses606.5 582.4 4.1 2,473.0 2,276.3 8.6 
Non-interest income171.9 90.5 89.9 543.2 280.7 93.5 
Non-interest expense519.0 461.9 12.4 2,025.0 1,623.4 24.7 
Income before income taxes259.4 211.0 22.9 991.2 933.6 6.2 
Income tax expense42.5 63.1 (32.6)203.5 211.2 (3.6)
Net income216.9 147.9 46.7 787.7 722.4 9.0 
Dividends on preferred stock3.2 3.2 — 12.8 12.8 — 
Net income available to common stockholders$213.7 $144.7 47.7 $774.9 $709.6 9.2 
Diluted earnings per common share$1.95 $1.33 46.6 $7.09 $6.54 8.4 

(1)    See Reconciliation of Non-GAAP Financial Measures.
NM    Changes +/- 100% are not meaningful.

6

Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited
Common Share Data:
At or For the Three Months Ended December 31,For the Year Ended December 31,
20242023Change %20242023Change %
Diluted earnings per common share $1.95 $1.33 46.6 %$7.09 $6.54 8.4 %
Book value per common share58.24 52.81 10.3 
Tangible book value per common share, net of tax (1)52.27 46.72 11.9 
Average common shares outstanding
(in millions):
Basic108.7 108.4 0.3 108.6 108.3 0.3 
Diluted109.6 108.7 0.8 109.3 108.5 0.7 
Common shares outstanding110.1 109.5 0.5 
Selected Performance Ratios:
Return on average assets (2)1.04 %0.84 %23.8 %0.99 %1.03 %(3.9)%
Return on average tangible common equity (1, 2)14.6 11.9 22.7 14.0 14.9 (6.0)
Net interest margin (2)3.48 3.65 (4.7)3.58 3.63 (1.4)
Efficiency ratio, adjusted for deposit costs (1)51.1 59.1 (13.5)53.1 53.5 (0.7)
HFI loan to deposit ratio80.9 90.9 (11.0)
Asset Quality Ratios:
Net charge-offs to average loans outstanding (2)0.25 %0.07 %NM0.18 %0.06 %NM
Nonaccrual loans to funded HFI loans0.89 0.54 64.8 
Nonaccrual loans and repossessed assets to total assets0.65 0.40 62.5 
Allowance for loan losses to funded HFI loans0.70 0.67 4.5 
Allowance for loan losses to nonaccrual HFI loans79 123 (35.8)
Capital Ratios:
Dec 31, 2024Sep 30, 2024Dec 31, 2023
Tangible common equity (1)7.2 %7.2 %7.3 %
Common Equity Tier 1 (3)11.3 11.2 10.8 
Tier 1 Leverage ratio (3)8.1 7.8 8.6 
Tier 1 Capital (3)11.9 11.9 11.5 
Total Capital (3)14.1 14.1 13.7 

(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 December 31, 2024 are preliminary.
NM    Changes +/- 100% are not meaningful.






7

Western Alliance Bancorporation and Subsidiaries
Condensed Consolidated Income Statements
Unaudited
Three Months Ended December 31,Year Ended December 31,
2024202320242023
(dollars in millions, except per share data)
Interest income:
Loans$915.2 $859.0 $3,629.1 $3,409.7 
Investment securities179.4 136.2 711.0 467.5 
Other44.0 43.8 201.0 158.1 
Total interest income1,138.6 1,039.0 4,541.1 4,035.3 
Interest expense:
Deposits387.2 343.7 1,600.2 1,142.6 
Qualifying debt9.4 9.6 38.0 37.9 
Borrowings75.5 94.0 284.0 515.9 
Total interest expense472.1 447.3 1,922.2 1,696.4 
Net interest income666.5 591.7 2,618.9 2,338.9 
Provision for credit losses60.0 9.3 145.9 62.6 
Net interest income after provision for credit losses606.5 582.4 2,473.0 2,276.3 
Non-interest income:
Service charges and loan fees31.7 28.796.0 101.0 
Net gain on loan origination and sale activities67.9 47.8 206.3 193.5
Net loan servicing revenue24.7 9.1 121.5 102.3 
Income from bank owned life insurance12.1 1.0 27.8 4.5 
Income from equity investments11.1 13.138.2 15.7 
Gain (loss) on sales of investment securities7.2 (14.8)17.4 (40.8)
Fair value gain (loss) adjustments, net2.4 1.3 7.5 (116.0)
Other14.8 4.3 28.5 20.5 
Total non-interest income171.9 90.5 543.2 280.7 
Non-interest expenses:
Salaries and employee benefits165.4 134.6 631.1 566.3 
Deposit costs174.5 131.0 693.2 436.7 
Data processing39.3 33.1 149.7 122.0 
Insurance36.7 108.6 164.8 190.4 
Legal, professional, and directors' fees28.7 29.4 109.4 107.2 
Occupancy19.6 16.9 73.1 65.6 
Loan servicing expenses17.8 14.7 68.1 58.8 
Business development and marketing11.1 6.7 32.7 21.8 
Loan acquisition and origination expenses5.7 4.8 21.5 20.4 
Gain on extinguishment of debt— (39.3)— (52.7)
Other20.2 21.4 81.4 86.9 
Total non-interest expense519.0 461.9 2,025.0 1,623.4 
Income before income taxes259.4 211.0 991.2 933.6 
Income tax expense42.5 63.1 203.5 211.2 
Net income216.9 147.9 787.7 722.4 
Dividends on preferred stock3.2 3.2 12.8 12.8 
Net income available to common stockholders$213.7 $144.7 $774.9 $709.6 
Earnings per common share:
Diluted shares109.6 108.7 109.3 108.5 
Diluted earnings per share$1.95 $1.33 $7.09 $6.54 

8

Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Income Statements
Unaudited
Three Months Ended
Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023
(in millions, except per share data)
Interest income:
Loans$915.2 $945.3 $896.7 $871.9 $859.0 
Investment securities179.4 197.1 190.5 144.0 136.2 
Other44.0 57.6 60.3 39.1 43.8 
Total interest income1,138.6 1,200.0 1,147.5 1,055.0 1,039.0 
Interest expense:
Deposits387.2 422.1 410.3 380.6 343.7 
Qualifying debt9.4 9.5 9.6 9.5 9.6 
Borrowings75.5 71.5 71.0 66.0 94.0 
Total interest expense472.1 503.1 490.9 456.1 447.3 
Net interest income666.5 696.9 656.6 598.9 591.7 
Provision for credit losses60.0 33.6 37.1 15.2 9.3 
Net interest income after provision for credit losses606.5 663.3 619.5 583.7 582.4 
Non-interest income:
Service charges and loan fees31.7 30.1 17.8 16.4 28.7 
Net gain on loan origination and sale activities67.9 46.3 46.8 45.3 47.8 
Net loan servicing revenue24.7 12.3 38.1 46.4 9.1 
Income from bank owned life insurance12.1 13.0 1.7 1.0 1.0 
Income from equity investments11.1 5.8 4.2 17.1 13.1 
Gain (loss) on sales of investment securities7.2 8.8 2.3 (0.9)(14.8)
Fair value gain (loss) adjustments, net2.4 4.1 0.7 0.3 1.3 
Other14.8 5.8 3.6 4.3 4.3 
Total non-interest income171.9 126.2 115.2 129.9 90.5 
Non-interest expenses:
Salaries and employee benefits165.4 157.8 153.0 154.9 134.6 
Deposit costs174.5 208.0 173.7 137.0 131.0 
Data processing39.3 38.7 35.7 36.0 33.1 
Insurance36.7 35.4 33.8 58.9 108.6 
Legal, professional, and directors' fees28.7 24.8 25.8 30.1 29.4 
Occupancy19.6 17.6 18.4 17.5 16.9 
Loan servicing expenses17.8 18.7 16.6 15.0 14.7 
Business development and marketing11.1 9.7 6.4 5.5 6.7 
Loan acquisition and origination expenses5.7 5.9 5.1 4.8 4.8 
Gain on extinguishment of debt— — — — (39.3)
Other20.2 20.8 18.3 22.1 21.4 
Total non-interest expense519.0 537.4 486.8 481.8 461.9 
Income before income taxes259.4 252.1 247.9 231.8 211.0 
Income tax expense42.5 52.3 54.3 54.4 63.1 
Net income216.9 199.8 193.6 177.4 147.9 
Dividends on preferred stock3.2 3.2 3.2 3.2 3.2 
Net income available to common stockholders$213.7 $196.6 $190.4 $174.2 $144.7 
Earnings per common share:
Diluted shares109.6 109.5 109.1 109.0 108.7 
Diluted earnings per share$1.95 $1.80 $1.75 $1.60 $1.33 


9

Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Balance Sheets
Unaudited
Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023
(in millions)
Assets:
Cash and due from banks$4,096 $2,592 $4,077 $3,550 $1,576 
Investment securities15,095 16,382 17,268 16,092 12,712 
Loans held for sale2,286 2,327 2,007 1,841 1,402 
Loans held for investment:
Commercial and industrial23,128 22,551 21,690 19,749 19,103 
Commercial real estate - non-owner occupied9,868 9,801 9,647 9,637 9,650 
Commercial real estate - owner occupied1,825 1,817 1,886 1,859 1,810 
Construction and land development4,479 4,727 4,712 4,781 4,889 
Residential real estate14,326 14,395 14,445 14,624 14,778 
Consumer50 55 50 50 67 
Loans HFI, net of deferred fees53,676 53,346 52,430 50,700 50,297 
Allowance for loan losses(374)(357)(352)(340)(337)
Loans HFI, net of deferred fees and allowance53,302 52,989 52,078 50,360 49,960 
Mortgage servicing rights1,127 1,011 1,145 1,178 1,124 
Premises and equipment, net361 354 351 344 339 
Operating lease right-of-use asset128 127 133 139 145 
Other assets acquired through foreclosure, net52 8 8 8 8 
Bank owned life insurance1,011 1,000 187 187 186 
Goodwill and other intangibles, net659 661 664 666 669 
Other assets2,817 2,629 2,663 2,624 2,741 
Total assets$80,934 $80,080 $80,581 $76,989 $70,862 
Liabilities and Stockholders' Equity:
Liabilities:
Deposits
Non-interest bearing deposits$18,846 $24,965 $21,522 $18,399 $14,520 
Interest bearing:
Demand15,878 13,846 17,267 16,965 15,916 
Savings and money market21,208 19,575 17,087 16,194 14,791 
Certificates of deposit10,409 9,654 10,368 10,670 10,106 
Total deposits66,341 68,040 66,244 62,228 55,333 
Borrowings5,573 2,995 5,587 6,221 7,230 
Qualifying debt899 898 897 896 895 
Operating lease liability159 159 165 172 179 
Accrued interest payable and other liabilities1,255 1,311 1,354 1,300 1,147 
Total liabilities74,227 73,403 74,247 70,817 64,784 
Stockholders' Equity:
Preferred stock295 295 295 295 295 
Common stock and additional paid-in capital2,120 2,110 2,099 2,087 2,081 
Retained earnings4,826 4,654 4,498 4,348 4,215 
Accumulated other comprehensive loss(534)(382)(558)(558)(513)
Total stockholders' equity6,707 6,677 6,334 6,172 6,078 
Total liabilities and stockholders' equity$80,934 $80,080 $80,581 $76,989 $70,862 


10

Western Alliance Bancorporation and Subsidiaries
Changes in the Allowance For Credit Losses on Loans
Unaudited
Three Months Ended
Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023
(in millions)
Allowance for loan losses
Balance, beginning of period$356.6 $351.8 $340.3 $336.7 $327.4 
Provision for credit losses (1)51.3 31.4 34.3 13.4 17.8 
Recoveries of loans previously charged-off:
Commercial and industrial0.1 0.5 0.1 0.4 0.7 
Commercial real estate - non-owner occupied— 0.7 — — — 
Commercial real estate - owner occupied0.2 — — — 0.1 
Construction and land development— — — — — 
Residential real estate— — — — — 
Consumer— — — — — 
Total recoveries0.3 1.2 0.1 0.4 0.8 
Loans charged-off:
Commercial and industrial24.8 4.3 5.3 2.3 9.3 
Commercial real estate - non-owner occupied9.6 21.7 17.6 7.9 — 
Commercial real estate - owner occupied— 0.3 — — — 
Construction and land development— 1.5 — — — 
Residential real estate— — — — — 
Consumer— — — — — 
Total loans charged-off34.4 27.8 22.9 10.2 9.3 
Net loan charge-offs34.1 26.6 22.8 9.8 8.5 
Balance, end of period$373.8 $356.6 $351.8 $340.3 $336.7 
Allowance for unfunded loan commitments
Balance, beginning of period$37.6 $35.9 $33.1 $31.6 $37.9 
Provision for (recovery of) credit losses (1)1.9 1.7 2.8 1.5 (6.3)
Balance, end of period (2)$39.5 $37.6 $35.9 $33.1 $31.6 
Components of the allowance for credit losses on loans
Allowance for loan losses$373.8 $356.6 $351.8 $340.3 $336.7 
Allowance for unfunded loan commitments39.5 37.6 35.9 33.1 31.6 
Total allowance for credit losses on loans$413.3 $394.2 $387.7 $373.4 $368.3 
Net charge-offs to average loans - annualized0.25 %0.20 %0.18 %0.08 %0.07 %
Allowance ratios
Allowance for loan losses to funded HFI loans (3)0.70 %0.67 %0.67 %0.67 %0.67 %
Allowance for credit losses to funded HFI loans (3)0.77 0.74 0.74 0.74 0.73 
Allowance for loan losses to nonaccrual HFI loans79 102 88 85 123 
Allowance for credit losses to nonaccrual HFI loans87 113 97 94 135 
(1)    The above tables reflect the provision for credit losses on funded and unfunded loans. There was no provision on AFS investment securities and a $6.8 million provision for credit losses on HTM investment securities for the three months ended December 31, 2024. The allowance for credit losses on AFS and HTM investment securities totaled $0.4 million and $16.4 million, respectively, as of December 31, 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 $11.4 million as of December 31, 2024 related to a pool of loans covered under three separate credit linked note transactions.

11

Western Alliance Bancorporation and Subsidiaries
Asset Quality Metrics
Unaudited
Three Months Ended
Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023
(in millions)
Nonaccrual loans and repossessed assets
Nonaccrual loans$476 $349 $401 $399 $273 
Nonaccrual loans to funded HFI loans0.89 %0.65 %0.76 %0.79 %0.54 %
Repossessed assets$52 $8 $8 $8 $8 
Nonaccrual loans and repossessed assets to total assets0.65 %0.45 %0.51 %0.53 %0.40 %
Loans Past Due
Loans past due 90 days, still accruing (1)$— $4 $— $6 $42 
Loans past due 90 days, still accruing to funded HFI loans— %0.01 %— %0.01 %0.08 %
Loans past due 30 to 89 days, still accruing (2)$92 $110 $83 $117 $164 
Loans past due 30 to 89 days, still accruing to funded HFI loans0.17 %0.21 %0.16 %0.23 %0.33 %
Other credit quality metrics
Special mention loans$392 $502 $532 $394 $641 
Special mention loans to funded HFI loans0.73 %0.94 %1.01 %0.78 %1.27 %
Classified loans on accrual$480 $479 $328 $361 $379 
Classified loans on accrual to funded HFI loans0.89 %0.90 %0.63 %0.71 %0.75 %
Classified assets$1,009 $838 $748 $781 $673 
Classified assets to total assets1.25 %1.05 %0.93 %1.01 %0.95 %
(1)    Excludes government guaranteed residential mortgage loans of $326 million, $313 million, $330 million, $349 million, and $399 million as of each respective date in the table above.
(2)    Excludes government guaranteed residential mortgage loans of $183 million, $203 million, $221 million, $224 million, and $279 million as of each respective date in the table above.

12

Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
Three Months Ended
December 31, 2024September 30, 2024
Average
Balance		InterestAverage Yield /
Cost		Average
Balance		InterestAverage Yield /
Cost
($ in millions)
Interest earning assets
Loans HFS$4,542 $67.3 5.90 %$4,288 $66.9 6.21 %
Loans held for investment:
Commercial and industrial22,708 382.8 6.76 21,982 392.0 7.15 
CRE - non-owner occupied9,883 184.1 7.42 9,689 190.4 7.82 
CRE - owner occupied1,826 27.7 6.14 1,833 28.2 6.23 
Construction and land development4,571 100.1 8.72 4,757 110.7 9.26 
Residential real estate14,424 152.3 4.20 14,441 156.1 4.30 
Consumer52 0.9 6.57 53 1.0 7.28 
Total HFI loans (1), (2), (3)53,464 847.9 6.34 52,755 878.4 6.65 
Investment securities:
Taxable13,550 155.0 4.55 14,321 173.4 4.82 
Tax-exempt2,269 24.4 5.36 2,225 23.7 5.33 
Total investment securities (1)15,819 179.4 4.67 16,546 197.1 4.89 
Cash and other3,481 44.0 5.03 4,206 57.6 5.44 
Total interest earning assets77,306 1,138.6 5.91 77,795 1,200.0 6.19 
Non-interest earning assets
Cash and due from banks316 278 
Allowance for credit losses(364)(366)
Bank owned life insurance1,003 973 
Other assets4,427 4,409 
Total assets$82,688 $83,089 
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing demand accounts$14,555 $101.3 2.77 %$16,456 $126.2 3.05 %
Savings and money market19,895 167.8 3.36 18,092 166.3 3.66 
Certificates of deposit9,654 118.1 4.87 10,134 129.6 5.09 
Total interest-bearing deposits44,104 387.2 3.49 44,682 422.1 3.76 
Short-term borrowings3,480 45.8 5.24 4,214 57.8 5.46 
Long-term debt1,861 29.7 6.34 569 13.7 9.57 
Qualifying debt898 9.4 4.19 897 9.5 4.23 
Total interest-bearing liabilities50,343 472.1 3.73 50,362 503.1 3.97 
Interest cost of funding earning assets2.43 2.58 
Non-interest-bearing liabilities
Non-interest-bearing deposits24,200 24,638 
Other liabilities1,380 1,457 
Stockholders’ equity6,765 6,632 
Total liabilities and stockholders' equity$82,688 $83,089 
Net interest income and margin (4)$666.5 3.48 %$696.9 3.61 %

(1)     Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $10.0 million for each of the three months ended December 31, 2024 and September 30, 2024.
(2)    Included in the yield computation are net loan fees of $22.1 million and $21.7 million for the three months ended December 31, 2024 and September 30, 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.
13

Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
Three Months Ended
December 31, 2024December 31, 2023
Average
Balance		InterestAverage Yield /
Cost		Average
Balance		InterestAverage Yield /
Cost
($ in millions)
Interest earning assets
Loans held for sale$4,542 $67.3 5.90 %$1,830 $29.6 6.42 %
Loans HFI:
Commercial and industrial22,708 382.8 6.76 18,530 343.2 7.40 
CRE - non-owner occupied9,883 184.1 7.42 9,715 188.7 7.71 
CRE - owner occupied1,826 27.7 6.14 1,786 26.0 5.88 
Construction and land development4,571 100.1 8.72 4,789 112.6 9.33 
Residential real estate14,424 152.3 4.20 14,758 157.6 4.24 
Consumer52 0.9 6.57 71 1.3 7.52 
Total loans HFI (1), (2), (3)53,464 847.9 6.34 49,649 829.4 6.65 
Investment securities:
Taxable13,550 155.0 4.55 9,168 113.5 4.91 
Tax-exempt2,269 24.4 5.36 2,106 22.7 5.35 
Total investment securities (1)15,819 179.4 4.67 11,274 136.2 4.99 
Cash and other3,481 44.0 5.03 2,572 43.8 6.75 
Total interest earning assets77,306 1,138.6 5.91 65,325 1,039.0 6.37 
Non-interest earning assets
Cash and due from banks316 287 
Allowance for credit losses(364)(340)
Bank owned life insurance1,003 185 
Other assets4,427 4,525 
Total assets$82,688 $69,982 
Interest bearing liabilities
Interest bearing deposits:
Interest bearing demand accounts$14,555 $101.3 2.77 %$14,268 $104.6 2.91 %
Savings and money market accounts19,895 167.8 3.36 14,595 119.1 3.24 
Certificates of deposit9,654 118.1 4.87 9,453 120.0 5.03 
Total interest bearing deposits44,104 387.2 3.49 38,316 343.7 3.56 
Short-term borrowings3,480 45.8 5.24 5,492 79.4 5.74 
Long-term debt1,861 29.7 6.34 594 14.6 9.73 
Qualifying debt898 9.4 4.19 891 9.6 4.26 
Total interest bearing liabilities50,343 472.1 3.73 45,293 447.3 3.92 
Interest cost of funding earning assets2.43 2.72 
Non-interest bearing liabilities
Non-interest bearing deposits24,200 17,579 
Other liabilities1,380 1,330 
Stockholders’ equity6,765 5,780 
Total liabilities and stockholders' equity$82,688 $69,982 
Net interest income and margin (4)$666.5 3.48 %$591.7 3.65 %

(1)    Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $10.0 million and $9.1 million for the three months ended December 31, 2024 and 2023, respectively.
(2)    Included in the yield computation are net loan fees of $22.1 million and $30.8 million for the three months ended December 31, 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.
14

Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
Year Ended
December 31, 2024December 31, 2023
Average
Balance		InterestAverage Yield /
Cost		Average
Balance		InterestAverage Yield /
Cost
($ in millions)
Interest earning assets
Loans HFS$3,531 $216.4 6.13 %$3,347 $213.4 6.38 %
Loans HFI:
Commercial and industrial20,845 1,490.6 7.21 17,886 1,337.9 7.54 
CRE - non-owner occupied9,681 744.7 7.70 9,736 734.8 7.56 
CRE - owner occupied1,833 111.2 6.17 1,800 102.3 5.79 
Construction and land development4,747 440.1 9.28 4,498 419.7 9.33 
Residential real estate14,529 622.3 4.28 15,126 596.4 3.94 
Consumer54 3.8 7.00 72 5.2 7.23 
Total loans HFI (1), (2), (3)51,689 3,412.7 6.63 49,118 3,196.3 6.53 
Investment securities:
Taxable13,159 616.0 4.68 8,002 381.3 4.76 
Tax-exempt2,230 95.0 5.34 2,097 86.2 5.15 
Total investment securities (1)15,389 711.0 4.78 10,099 467.5 4.84 
Cash and other3,656 201.0 5.50 2,848 158.1 5.55 
Total interest earning assets74,265 4,541.1 6.17 65,412 4,035.3 6.22 
Non-interest earning assets
Cash and due from banks293 273 
Allowance for credit losses(357)(326)
Bank owned life insurance589 183 
Other assets4,483 4,581 
Total assets$79,273 $70,123 
Interest bearing liabilities
Interest bearing deposits:
Interest bearing demand accounts$16,155 $480.7 2.98 %$12,422 $352.0 2.83 %
Savings and money market accounts17,462 610.2 3.49 14,903 428.1 2.87 
Certificates of deposit10,085 509.3 5.05 7,945 362.5 4.56 
Total interest bearing deposits43,702 1,600.2 3.66 35,270 1,142.6 3.24 
Short-term borrowings3,893 216.3 5.56 7,800 434.6 5.57 
Long-term debt830 67.7 8.16 862 81.3 9.43 
Qualifying debt896 38.0 4.25 892 37.9 4.25 
Total interest bearing liabilities49,321 1,922.2 3.90 44,824 1,696.4 3.78 
Interest cost of funding earning assets2.59 2.59 
Non-interest bearing liabilities
Non-interest bearing deposits22,017 18,293 
Other liabilities1,455 1,287 
Stockholders’ equity6,480 5,719 
Total liabilities and stockholders' equity$79,273 $70,123 
Net interest income and margin (4)$2,618.9 3.58 %$2,338.9 3.63 %

(1)    Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $39.5 million and $35.5 million for the year ended December 31, 2024 and 2023, respectively.
(2)    Included in the yield computation are net loan fees of $109.0 million and $131.2 million for the year ended December 31, 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.
15

Western Alliance Bancorporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Unaudited
Pre-Provision Net Revenue by Quarter:
Three Months Ended
Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023
(in millions)
Net interest income$666.5 $696.9 $656.6 $598.9 $591.7 
Total non-interest income171.9 126.2 115.2 129.9 90.5 
Net revenue$838.4 $823.1 $771.8 $728.8 $682.2 
Total non-interest expense519.0 537.4 486.8 481.8 461.9 
Pre-provision net revenue (1)$319.4 $285.7 $285.0 $247.0 $220.3 
Adjusted for:
Provision for credit losses60.0 33.6 37.1 15.2 9.3 
Income tax expense42.5 52.3 54.3 54.4 63.1 
Net income$216.9 $199.8 $193.6 $177.4 $147.9 
Efficiency Ratio (Tax Equivalent Basis) by Quarter:
Three Months Ended
Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023
(dollars in millions)
Total non-interest expense$519.0 $537.4 $486.8 $481.8 $461.9 
Less: Deposit costs174.5 208.0 173.7 137.0 131.0 
Total non-interest expense, excluding deposit costs344.5 329.4 313.1 344.8 330.9 
Divided by:
Total net interest income666.5 696.9 656.6 598.9 591.7 
Plus:
Tax equivalent interest adjustment10.0 10.0 9.9 9.6 9.1 
Total non-interest income171.9 126.2 115.2 129.9 90.5 
Less: Deposit costs174.5 208.0 173.7 137.0 131.0 
$673.9 $625.1 $608.0 $601.4 $560.3 
Efficiency ratio (2)61.2 %64.5 %62.3 %65.2 %66.8 %
Efficiency ratio, adjusted for deposit costs (2)51.1 %52.7 %51.5 %57.3 %59.1 %
Tangible Common Equity:
Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023
(dollars and shares in millions, except per share data)
Total stockholders' equity$6,707 $6,677 $6,334 $6,172 $6,078 
Less:
Goodwill and intangible assets659 661 664 666 669 
Preferred stock295 295 295 295 295 
Total tangible common equity5,753 5,721 5,375 5,211 5,114 
Plus: deferred tax - attributed to intangible assets2 2 2 2 2 
Total tangible common equity, net of tax$5,755 $5,723 $5,377 $5,213 $5,116 
Total assets$80,934 $80,080 $80,581 $76,989 $70,862 
Less: goodwill and intangible assets, net659 661 664 666 669 
Tangible assets80,275 79,419 79,917 76,323 70,193 
Plus: deferred tax - attributed to intangible assets2 2 2 2 2 
Total tangible assets, net of tax$80,277 $79,421 $79,919 $76,325 $70,195 
Tangible common equity ratio (3)7.2 %7.2 %6.7 %6.8 %7.3 %
Common shares outstanding110.1 110.1 110.2 110.2 109.5 
Tangible book value per share, net of tax (3)$52.27 $51.98 $48.79 $47.30 $46.72 
16

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.
17
EARNINGS CALL 4th Quarter 2024 January 28, 2025 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 December 31, 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 4th Quarter 2024 | Financial Highlights Earnings & Profitability Q4 2024 Q3 2024 Q4 2023 Earnings per Share $ 1.95 $ 1.80 $ 1.33 Net Income 216.9 199.8 147.9 Net Revenue 838.4 823.1 682.2 Pre-Provision Net Revenue1 319.4 285.7 220.3 Net Interest Margin 3.48% 3.61% 3.65% Efficiency Ratio, Adjusted for Deposit Costs1 51.1 52.7 59.1 ROAA 1.04 0.96 0.84 ROTCE1 14.6 13.8 11.9 Balance Sheet & Capital Total Loans $ 53,676 $ 53,346 $ 50,297 Total Deposits 66,341 68,040 55,333 CET1 Ratio 11.3% 11.2% 10.8% TCE Ratio1 7.2 7.2 7.3 Tangible Book Value per Share1 $ 52.27 $ 51.98 $ 46.72 Asset Quality Provision for Credit Losses $ 60.0 $ 33.6 $ 9.3 Net Loan Charge-Offs 34.1 26.6 8.5 Net Loan Charge-Offs/Avg. Loans 0.25% 0.20% 0.07% Total Loan ACL/Funded HFI Loans2 0.77 0.74 0.73 NPAs3/Total Assets 0.65 0.45 0.40 Dollars in millions, except EPS Net Income EPS $216.9 million $1.95 PPNR1 ROTCE1 Q4: $319.4 million 14.6% Loan Growth Capital Q4: $330 million CET1 Ratio: 11.3% 6.7% Y-o-Y TCE Ratio1: 7.2% Tangible Book Value PER SHARE1 NPAs3 / Total Assets $52.27 0.65% 11.9% 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 $11.4 million as of December 31, 2024 related to a pool of loans covered under 3 separate credit linked notes. 3) Nonperforming assets includes nonaccrual loans and repossessed assets. Q4 2024 Highlights

 
4 Annual Consolidated Financial Results 2024 Highlights Dollars in millions, except EPS 2024 2023 Interest Income $ 4,541.1 $ 4,035.3 Interest Expense (1,922.2) (1,696.4) Net Interest Income $ 2,618.9 $ 2,338.9 Service Charges and Loan Fees 96.0 101.0 Mortgage Banking Revenue 327.8 295.8 Gains on Securities Sales and FV Adj., Net 24.9 (156.8) Other 94.5 40.7 Non-Interest Income $ 543.2 $ 280.7 Net Revenue $ 3,162.1 $ 2,619.6 Salaries and Employee Benefits (631.1) (566.3) Deposit Costs (693.2) (436.7) Insurance (164.8) (190.4) Gain on Extinguishment of Debt — 52.7 Other (535.9) (482.7) Non-Interest Expense $ (2,025.0) $ (1,623.4) Pre-Provision Net Revenue1 $ 1,137.1 $ 996.2 Provision for Credit Losses (145.9) (62.6) Pre-Tax Income $ 991.2 $ 933.6 Income Tax (203.5) (211.2) Net Income $ 787.7 $ 722.4 Dividends on Preferred Stock (12.8) (12.8) Net Income Available to Common Stockholders $ 774.9 $ 709.6 Diluted Shares 109.3 108.5 Earnings Per Share $ 7.09 $ 6.54 1 2 3 4 5 Net Interest Income increased $280.0 million, primarily from higher HFI loan and securities balances and a decrease in short-term borrowings • Partially offset by increased deposit balances and rates Non-Interest Income increase driven by non- recurring Balance Sheet optimization efforts undertaken in 2023 and improvement in Mortgage Banking Revenue Deposit Costs increased $256.5 million, primarily related to an increase in average ECR deposit balances Insurance Expense decreased $25.6 million, due to a reduction in FDIC special assessment charges, partially offset by increased FDIC insurance costs from higher insured deposit balances Gain on Extinguishment of Debt of $52.7 million in 2023 related to payoff of Credit Linked Notes ("CLNs") and repayment of AmeriHome Senior Notes 1) Refer to slide 2 for further discussion of non-GAAP financial measures. 1 2 3 4 5

 
5 Q4-24 Q3-24 Q4-23 Interest Income $ 1,138.6 $ 1,200.0 $ 1,039.0 Interest Expense (472.1) (503.1) (447.3) Net Interest Income $ 666.5 $ 696.9 $ 591.7 Service Charges and Loan Fees 31.7 30.1 28.7 Mortgage Banking Revenue 92.6 58.6 56.9 Gains on Securities Sales and FV Adj., Net 9.6 12.9 (13.5) Other 38.0 24.6 18.4 Non-Interest Income $ 171.9 $ 126.2 $ 90.5 Net Revenue $ 838.4 $ 823.1 $ 682.2 Salaries and Employee Benefits (165.4) (157.8) (134.6) Deposit Costs (174.5) (208.0) (131.0) Insurance (36.7) (35.4) (108.6) Other (142.4) (136.2) (87.7) Non-Interest Expense $ (519.0) $ (537.4) $ (461.9) Pre-Provision Net Revenue1 $ 319.4 $ 285.7 $ 220.3 Provision for Credit Losses (60.0) (33.6) (9.3) Pre-Tax Income $ 259.4 $ 252.1 $ 211.0 Income Tax (42.5) (52.3) (63.1) Net Income $ 216.9 $ 199.8 $ 147.9 Dividends on Preferred Stock (3.2) (3.2) (3.2) Net Income Available to Common Stockholders $ 213.7 $ 196.6 $ 144.7 Diluted Shares 109.6 109.5 108.7 Earnings Per Share $ 1.95 $ 1.80 $ 1.33 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 Q4 2024 Highlights 1 2 3 Net Interest Income decreased $30.4 million primarily from lower yields on interest earning assets Non-Interest Income increased $45.7 million primarily driven by the following: • An increase in Mortgage Banking Revenue: – $21.6 million in net gain on loan origination and sale activities – $12.4 million in net loan servicing revenue • Gain on sale revenue driven by CRA loan sales Mortgage Banking Metrics • $13.2 billion mortgage loan production in Q4 (76% purchase / 24% refinance), down 2% compared to Q3 and up 31% to Q4-23 • $12.8 billion interest rate lock commitment volume in Q4, down 6% compared to Q3 and up 24% to Q4-23 • Gain on Sale margin2 of 21 bps in Q4, compared to 20 bps in Q3 and 30 bps in Q4-23 • $61.1 billion in servicing portfolio UPB Provision for Credit Losses of $60.0 million due to net charge-offs of $34.1 million and an incremental qualitative adjustment on the CRE portfolio 1 2 3 Dollars in millions, except EPS

 
6 • Securities Portfolio yields decreased 22 bps, primarily due to the impact of lower rates on floating rate securities tied to SOFR • Loan yields decreased 31 bps due to the impact of rate cuts on variable rate loans – HFI loan spot rate is 8 bps below Q4 average rate • Cost of interest-bearing deposits decreased 27 bps, while total cost of funds decreased 15 bps to 2.52% due to a reduction in deposit rates – Interest-bearing deposit spot rate is 20 bps below Q4 average rate, demonstrating improving funding costs now outpacing a moderating decline in loan yields Interest Bearing Deposits and Cost Loans and HFI Yield Deposits, Borrowings, and Cost of Liability Funding Securities Portfolio and Yield $12.7 $16.1 $17.3 $16.4 $15.1 4.99% 4.66% 4.87% 4.89% 4.67% Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 $50.3 $50.7 $52.4 $53.3 $53.7$1.4 $1.8 $2.0 $2.3 $2.3 6.65% 6.77% 6.79% 6.65% 6.34% Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 $40.8 $43.8 $44.7 $43.1 $47.5 3.56% 3.67% 3.73% 3.76% 3.49% Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 $40.8 $43.8 $44.7 $43.1 $47.5 $14.5 $18.4 $21.5 $25.0 $18.8$8.1 $7.1 $6.5 $3.9 $6.5 2.82% 2.82% 2.79% 2.67% 2.52% Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Non-Interest Bearing Deposits Total Borrowings Q4 2024 Highlights Net Interest Drivers Dollars in billions, unless otherwise indicated Interest Bearing Deposits Interest Bearing Deposits Total Investments HFI Loans HFS Loans

 
7 • Net Interest Income decreased $30.4 million, or 4.4%, primarily due to a lower yields on interest earning assets • NIM decreased 13 bps, driven by lower yields on HFI loans and partially offset by a reduced Interest Cost of Average Earning Assets ("AEA") – Yield on AEA decreased 28 bps to 5.91% due to lower loan yields – Interest Cost of AEA decreased 15 bps to 2.43% due to lower deposit rates • NIM compression entirely offset by drop in ECR- related Deposit Costs – Annualized ECR costs (as a percentage of AEA) decreased 16 bps to 0.87% • AEA declined $489 million, or 0.6%, primarily from lower investment security and cash balances, partially offset by higher HFI and HFS loan balances Net Interest Income and Net Interest Margin $591.7 $598.9 $656.6 $696.9 $666.5 3.65% 3.60% 3.63% 3.61% 3.48% Net Interest Margin Net Interest Income Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 $65.3 $68.0 $73.9 $77.8 $77.3 $49.6 $49.7 $50.8 $52.8 $53.5 $1.8 $2.4 $2.9 $4.3 $4.5$11.3 $12.9 $16.2 $16.5 $15.8$2.6 $3.0 $4.0 $4.2 $3.5 6.37% 6.29% 6.30% 6.19% 5.91% Loans Loans HFS Securities Cash & Other Average Yield Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Average Earning Assets & Average Yield Dollars in millions Dollars in billions Net Interest Income Q4 2024 Highlights 4% 17% 3% 5% 21% 6% 5% 20% 6% 76% 68% 69%

 
8 • Adjusted efficiency ratio1 (excluding deposit costs) decreased 160 bps to 51.1%, driven primarily by an increase in non-interest income from increased Mortgage Banking Revenue – Total Non-Interest Expenses (Ex. Deposit Costs) increased $15.1 million to $344.5 million from higher compensation costs • Efficiency ratio1 decreased 330 bps to 61.2% and 560 bps from the same period last year • Deposit Costs decreased $33.5 million to $174.5 million from lower average ECR-related deposit balances and rates – Total ECR-related deposit balances of $20.7 billion in Q4-24 – Average ECR-related deposits of $25.9 billion in Q4-24 compared to $27.8 billion in Q3-24 and $19.9 billion in Q4-23 $461.9 $481.8 $486.8 $537.4 $519.0 66.8% 65.2% 62.3% 64.5% 61.2% 59.1% 57.3% 51.5% 52.7% 51.1% Non-Interest Expenses Efficiency Ratio Adj. Efficiency Ratio Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Dollars in millions Non-Interest Expenses and Efficiency $134.6 $154.9 $153.0 $157.8 $165.4 $87.7 $131.0 $126.3 $136.2 $142.4 $108.6 $58.9 $33.8 $35.4 $36.7 $131.0 $137.0 $173.7 $208.0 $174.5 Deposit Costs Insurance Other Operating Expenses Salaries & Employee Benefits Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q4 2024 Highlights Non-Interest Expenses and Efficiency Ratio1 1) Refer to slide 2 for further discussion of non-GAAP financial measures. Breakdown of Non-Interest Expenses FDIC Special Assessment: Q4-23 $66.3 Q1-24 $17.6 Q2-24 ($6.0) Q3-24 ($2.2) Q4-24 ($1.0) FDIC Special Assessment $330.9 $344.8 $313.1 $329.4 $344.5 Non-Interest Expenses (Ex. Deposit Costs)

 
9 Interest Rate Sensitivity Q4 2024 Highlights • A Shock Scenario assumes a static balance sheet and reflects an asset sensitive position on NII and a neutral position on EaR • A Ramp Scenario assumes a dynamic balance sheet – WAL estimates a -100 bps ramp to reduce NII by (3.0%) • EaR is interest rate neutral, with a -100 bps ramp scenario estimated to reduce earnings2 by only (0.6%) – The reduction in asset sensitivity from NII to EaR is driven by the estimated decrease in ECR-related deposit costs and increase in Mortgage Banking Revenue • Of total earning assets, 55% are variable with 39% repricing to SOFR • Variable liabilities represent 82% of total earning assets and are primarily modeled to changes in Fed Funds – Non-Maturity Deposit rates, including ECRs, are estimated to have a 64% beta Shock Scenario1 (3.0)% 3.1% Down 100 Up 100 (0.6)% 1.1% Down 100 Up 100 1) Projected using a simulation model that calculates the difference between a baseline forecast using forward yield curves, compared to forecasted results from either instantaneous, parallel increases in rates (“Shock”) or gradual, parallel increases in rates over a 12-month period (“Ramp”). 2) Earnings defined as pre-tax net interest income adjusted for rate-sensitive non-interest income and expense accounts. (3.8)% 4.6% Down 100 Up 100 N et In te re st In co m e 0.7% 0.5% Down 100 Up 100 Ea rn in gs -a t-R is k Ramp Scenario1

 
10 Q4-24 Q3-24 Q4-23 Securities and Cash $ 19,191 $ 18,974 $ 14,288 Loans, HFS 2,286 2,327 1,402 Loans, HFI 53,676 53,346 50,297 Allowance for Loan Losses (374) (357) (337) Mortgage Servicing Rights 1,127 1,011 1,124 Goodwill and Intangibles 659 661 669 Other Assets 4,369 4,118 3,302 Total Assets $ 80,934 $ 80,080 $ 70,862 Deposits $ 66,341 $ 68,040 $ 55,333 Borrowings 5,573 2,995 7,230 Qualifying Debt 899 898 895 Other Liabilities 1,414 1,470 1,472 Total Liabilities $ 74,227 $ 73,403 $ 64,784 Stockholders' Equity 6,707 6,677 6,078 Total Liabilities and Equity $ 80,934 $ 80,080 $ 70,862 Tangible Book Value Per Share1 $ 52.27 $ 51.98 $ 46.72 Dollars in millions, except per share data Consolidated Balance Sheet Q4 2024 Highlights 1 2 3 4 5 Securities and Cash increased $217 million, or 1.1%, to $19.2 billion and increased $4.9 billion, or 34.3%, over prior year Loans, HFI increased $330 million, or 0.6%, and increased $3.4 billion, or 6.7%, over prior year Deposits decreased $1.7 billion, or 2.5%, to $66.3 billion primarily related to seasonality in the Mortgage Warehouse business and increased $11.0 billion, or 19.9%, over prior year Borrowings increased $2.6 billion primarily to offset seasonal decline in Mortgage Warehouse deposits Stockholders' Equity increased $30 million as a function of net income, partially offset by AOCI losses and dividends Tangible Book Value/Share1 increased $0.29, or 0.6%, and increased $5.55, or 11.9%, over prior year 1) Refer to slide 2 for further discussion of non-GAAP financial measures. 6 1 2 3 4 5 6

 
11 $3.4 Billion Year-over-Year Growth $19.1 $19.7 $21.7 $22.6 $23.1 $1.8 $1.9 $1.9 $1.8 $1.8 $9.7 $9.6 $9.6 $9.8 $9.9 $4.9 $4.8 $4.7 $4.7 $4.5 $14.8 $14.7 $14.5 $14.4 $14.4 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 29.4% 3.6% 19.2% 38.0% 9.7% 26.8% 3.4% 18.4% 43.1% 8.3% Residential & Consumer Construction & Land CRE, Non-Owner Occupied CRE, Owner Occupied Commercial & Industrial $50.3 +$0.9 $50.7 +$0.4 $52.4 +$1.7 $53.3 +$0.9 $53.7 +$0.3 Dollars in billions, unless otherwise indicated Total Loans, HFI Qtr Change Loan Composition Q4 2024 Highlights Increase (Decrease) by Loan Type: (in millions) QoQ YoY C&I $ 577 $ 4,025 CRE, Non-OO 67 218 CRE, OO 8 15 Construction & Land (248) (410) Residential & Consumer (74) (469) Total $ 330 $ 3,379 27.0% 3.4% 18.4% 42.4% 8.9% 4.21% 6.14% 7.42% 6.76% 8.72% Q4-24 Avg. Yields1 Total Yield 6.34% 1) Average yields on loans have been adjusted to a tax equivalent basis. Loan growth from C&I businesses within Regional Banking and Mortgage Warehouse 49% 25% 26% Regional Banking National Business Lines Residential Loan Composition

 
12 Diversified deposit growth across Regional Banking & Specialty Escrow Services partially offset expected seasonal decline in Mortgage Warehouse Q4 2024 Highlights $14.5 $18.4 $21.5 $25.0 $18.8 $15.9 $16.9 $17.3 $13.8 $15.9 $14.8 $16.2 $17.1 $19.6 $21.2 $10.1 $10.7 $10.3 $9.6 $10.4 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 28.8% 18.3% 26.2% 26.7% 23.9% 15.7% 28.4% 32.0% $11.0 Billion Year-over-Year Growth CDs Savings and MMA Interest Bearing DDA Non-Interest Bearing $62.2 +$6.9 $55.3 +$1.0 $68.0 +$1.8 $66.3 $(1.7) Increase (Decrease) by Deposit Type: (in millions) QoQ YoY Interest-Bearing DDA $ 2,032 $ (38) Savings and MMA 1,633 6,417 CDs 755 303 Non-Interest Bearing (6,119) 4,326 Total $ (1,699) $ 11,008 $66.2 +$4.0 Total Deposits Qtr Change Deposit Composition Q4-24 Avg. Costs Total Cost 2.26% Dollars in billions, unless otherwise indicated 4.87% 2.77% N/A 3.36% 20.4% 14.1% 36.7% 28.8% Deposit Composition • 28% of total deposits are non-interest bearing – Approximately 37% have no ECRsAs expected, Q4-24 NIB quarterly decline primarily driven by seasonal Mortgage Warehouse deposit outflows of $5.8 billion 34% 35% 12% 9% 10% Regional Banking National Business Lines Specialty Escrow Svcs¹ Consumer Digital Other 1) Specialty Escrow Services includes: Business Escrow Services, Corporate Trust, HOA, Juris Banking, and other deposit initiatives

 
13 0.95% 1.01% 0.93% 1.05% 1.25% 0.40% 0.53% 0.51% 0.45% 0.65% Classified Assets / Total Assets NPLs + OREO / Total Assets Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 $673 $781 $748 $838 $1,009 $8 $8 $8 $8 $52 $273 $399 $401 $349 $476$392 $374 $339 $481 $481 OREO Non-Performing Loans Classified Accruing Assets Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Dollars in millions Asset Quality RatiosSpecial Mention Loans • Criticized Assets increased $61 million quarterly to $1.4 billion and increased $87 million over prior year – Special Mention Loans decreased $110 million to $392 million (73 bps to Funded Loans) – Total Classified Assets increased $171 million to $1.0 billion (125 bps to Total Assets) • Non-Performing Assets (Non-Performing Loans + OREO) increased $171 million to $528 million (65 bps to Total Assets) – Non-performing loans are supported by 'as-is' valuations • Over the last 10+ years, only ~2% of Special Mention loans have migrated to loss Classified Assets $641 $394 $532 $502 $392 1.27% 0.78% 1.01% 0.94% 0.73% Special Mention Loans SM / Funded Loans Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q4 2024 Highlights Classified Assets Mix 24% 9% 7%2% CRE Investor C&I Resi Construction CRE OO 6% Other 50% Office Asset Quality 2% Hotel

 
14 $9.3 $10.2 $22.9 $27.8 $34.4 $(0.8) $(0.4) $(0.1) $(1.2) $(0.3) Gross Charge-Offs Recoveries Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 $337 $340 $352 $357 $374$32 $33 $36 $38 $40 $9 $10 $10 $10 $17 Loan Losses Unfunded Loan Commits. HTM and AFS Securities Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 0.73% 0.74% 0.74% 0.74% 0.77% 135% 94% 97% 113% 87% Total Loan ACL / Funded Loans Total Loan ACL / Non-Performing Loans Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Dollars in millions • Provision Expense of $60.0 million, primarily reflective of net charge-offs and an incremental qualitative adjustment on the CRE portfolio • Net Loan Charge-Offs of $34.1 million, 25 bps, compared to $26.6 million, 20 bps, in Q3 • Total Loan ACL / Funded Loans3 increased 3 bps to 0.77% – Total Loan ACL / Funded Loans3 less loans covered by CLNs is 0.92% • 18% of loan portfolio is credit protected, consisting of government guaranteed, CLN protected4, and cash secured assets Credit Losses and ACL Ratios Q4 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 $11.4 million as of December 31, 2024 related to a pool of loans covered under 3 separate credit linked notes. 4) As of December 31, 2024, CLNs cover a substantial portion of Residential ($8.6 billion) loans outstanding. 1

 
15 Q4 2024 Highlights Adjusted Total Loan ACL / Funded Loans: Q4-24 1) Total Loan ACL includes allowance for unfunded commitments. 2) Ratio includes an allowance for credit losses of $11.4 million as of December 31, 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 to Q3-24. Key Reserve Level Ratios Reserve levels enhanced by credit protection and low loss loan categories • WAL remains appropriately reserved • Total Loan ACL / Funded Loans of 0.77% – CLNs offer credit protection from first losses on covered reference pools in historically low loss loan categories – Total Loan ACL / Funded Loans less loans covered by CLNs is 0.92% – Total Loan ACL / Funded Loans less loans covered by CLNs and select no-to-low-loss loan categories (EFR, Residential, and Mortgage Warehouse) is 1.37% • >5x 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 >13x historical average annual loss rate4 x duration 0.77% 0.92% 0.94% 1.08% 1.37% 0.15% 0.02% 0.29% 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

 
16 Regulatory Capital Levels • Continue to exceed “well-capitalized” levels with CET1 of 11.3% Tangible Common Equity / Tangible Assets1 • TCE/TA remained flat at 7.2% Capital Accretion • CET1 increase quarter-over-quarter reflects continued organic capital generation 10.8% 11.0% 11.0% 11.2% 11.3% 7.3% 6.8% 6.7% 7.2% 7.2% CET1 Ratio TCE/TA Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 1) Refer to slide 2 for further discussion of non-GAAP financial measures 13.7% 14.0% 13.9% 14.1% 14.1% 11.5% 11.7% 11.7% 11.9% 11.9% 8.6% 8.5% 8.0% 7.8% 8.1% Leverage Ratio Tier 1 Ratio Total RBC Ratio Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q4 2024 Highlights Common Capital Levels Capital Accumulation Regulatory Capital Levels 1

 
17 563% 650% 77% 132% 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 $0.29 to $52.27 from organic earnings – Increased 0.6% quarter-over-quarter, non- annualized – Increased 11.9% year-over-year – 18.8% CAGR since year end 2013 • TBVPS has increased more than 7x that of peers – Quarterly common stock cash dividend of $0.38 per share 1) Refer to slide 2 for further discussion of non-GAAP financial measures. 2) MRQ is Q4-24 for WAL and Q3-24 for peers. Note: Peers consist of the 20 major exchange-traded US banks with total assets between $50 and $250 billion as of September 30, 2024. S&P Global Market Intelligence. Q4 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 Non-interest Expense Net Charge-Offs Effective Tax Rate 2024 Baseline 2025 Outlook Loans (HFI): $53.7 bn Deposits: $66.3 bn L (HFI): +$5.0 bn D: +$8.0 bn 11.3% Consistent with Q4-24 level $2.62 bn Up 6% - 8% $543 mm Up 6% - 8% $2.025 bn Down 1% - 6% 18 bps ~ 20 bps ~ 21% ~ 21% NIE (Ex. Deposit Costs) ECR-Related Deposit Costs $1,425 - $1,475 mm $475 - $525 mm $1,332 mm $693 mm

 
Questions & Answers

 
Appendix

 
21 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 1 0 WAL 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 Peer 2 0 Peer 2 1 Peer 2 2 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% Source: S&P Global Market Intelligence. Peers consist of the other 22 major exchange-traded US banks with total assets between $50 and $250 billion as of December 31, 2024 1) As of Q3-24 for peers and Q4-24 for WAL. 10.8%: Median 11.8%: 75th pctl 10.1%: 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 Q4 11.0% AL Q3 11.1%

 
22 Commercial Real Estate Investor Statistics CRE Investor Portfolio (At Origination or Most Recent Appraisal) Note: LTV data assumes all loans are fully funded; based on most recent appraisals or appraisals 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 25% 26% 23% 15% 6% 5% <=40% 41-50% 51-60% 61-70% 71-80% >80% 42% 24% 8% 6% 6% 5% 2% 1% 1% 1% 4% 47% 67% 56% 41% 39% 34% 62% 41% 25% 46% 57% Outstanding LTV Hotel Offi ce Retail Multif amily Industr ial Tim e Share Medical Senior C are Data Center Mini-S torage Other Low uncovered risk with re-margin provisions • Only $632 million of Multi-Family, concentrated in western regional markets • No exposure to NYC area Multi-Family Limited Multi-Family Exposure $9.9 billion; 18% of Total Loans

 
23 Commercial Real Estate Investor: Office Distribution by LTV (At Origination or Most Recent Appraisal) 4% 19% 28% 17% 11% 21% <=40% 41-50% 51-60% 61-70% 71-80% >80% Key MSA Exposures $2.3 Billion; 23% of Total CRE Investor; 4% 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 – Negligible exposure in CBD, 11% in Midtown and 89% 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% • Dispersed maturities – 46% to mature in 2025, 31% to mature in 2026 and 23% to mature in 2027+89% 11% Suburban Midtown Note: LTV data assumes all loans are fully funded; based on most recent appraisals or, in most cases, appraisals at origination and utilizing “as stabilized” values for income producing properties.

 
v3.24.4
DEI Document
Jan. 27, 2025
Entity Information [Line Items]  
Entity Central Index Key 0001212545
Amendment Flag false
Document Type 8-K
Document Period End Date Jan. 27, 2025
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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