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): January 25, 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 January 25, 2024, Western Alliance Bancorporation (the “Company”) issued a press release reporting results for the fiscal quarter ended December 31, 2023 and posted on its website its fourth quarter 2023 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 January 2 5 , 20 24

99.2						Fourth Quarter 2023 Earnings Conference Call dated January 2 6 , 20 24

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:			January 25, 2024


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

PHOENIX--(BUSINESS WIRE)--January 25, 2024

FOURTH QUARTER AND FULL YEAR 2023 FINANCIAL RESULTS

Quarter Highlights:

Net income

Earnings per share

PPNR1

Net interest margin

Adjusted efficiency ratio1

Book value per
common share

$147.9 million

$1.33

$220.3 million

3.65%

59.1%

$52.81

$1.911, excluding notable items

$46.721, excluding

goodwill and intangibles

CEO COMMENTARY:

“Western Alliance’s diversified, national commercial business strategy continued to drive strong momentum in the fourth quarter as we generated earnings per share of $1.911, excluding $0.58 of notable items. We view this quarter’s solid loan and deposit momentum, continued net interest income growth, and sustained stable asset quality as positioning us to deliver leading profitability in 2024, supported by sturdy capital and liquidity levels,” said Kenneth A. Vecchione, President and Chief Executive Officer. “CET1 capital reached 10.8% at year-end, and tangible book value per share rose 16% year-over-year to $46.721. Additionally, our strong deposit growth allowed us to repay $1.5 billion of debt and borrowings, including our entire loan from the Bank Term Funding Program. As we turn the page on 2023, we are encouraged by how our employees responded to the year’s challenges as well as the ongoing trust placed in us by our customers and shareholders.”


LINKED-QUARTER BASIS			FULL YEAR



FINANCIAL HIGHLIGHTS:

▪Net income of $147.9 million and earnings per share of $1.33, compared to $216.6 million and $1.97, respectively

▪Net revenue of $682.2 million, a decrease of 4.7%, or $34.0 million, compared to an increase in non-interest expenses of 8.4%, or $35.7 million

▪Pre-provision net revenue1 of $220.3 million, down $69.7 million from $290.0 million

▪Effective tax rate of 29.9%, compared to 22.1%

▪Net income of $722.4 million and earnings per share of $6.54, down 31.7% and 32.6%, from $1.1 billion and $9.70, respectively

▪Net revenue of $2.6 billion, an increase of 3.1%, or $78.7 million, compared to an increase in non-interest expenses of 40.3%, or $466.7 million

▪Pre-provision net revenue1 of $996.2 million, down $388.0 million from $1.4 billion

▪Effective tax rate of 22.6%, compared to 19.7%


FINANCIAL POSITION RESULTS:

▪HFI loans of $50.3 billion, up $850 million, or 1.7%.

▪Total deposits of $55.3 billion, up $1.0 billion, or 1.9%

▪Stockholders' equity of $6.1 billion, up $332 million

▪Decrease in HFI loans of $1.6 billion, or 3.0%

▪Increase in total deposits of $1.7 billion, or 3.1%

▪Increase in stockholders' equity of $722 million


LOANS AND ASSET QUALITY:

▪Nonperforming assets (nonaccrual loans and repossessed assets) to total assets of 0.40%, compared to 0.35%

▪Annualized net loan charge-offs to average loans outstanding of 0.07%, flat from the prior quarter

▪Nonperforming assets to total assets of 0.40%, compared to 0.14%

▪Net loan charge-offs to average loans outstanding of 0.06%, compared to approximately 0.00%


KEY PERFORMANCE METRICS:

▪Net interest margin of 3.65% decreased from 3.67%

▪Return on average assets and on tangible common equity1 of 0.84% and 11.9%, compared to 1.24% and 17.3%, respectively

▪Tangible common equity ratio1 of 7.3%, compared to 6.8%

▪CET 1 ratio of 10.8% increased from 10.6%

▪Tangible book value per share1, net of tax, of $46.72, an increase of 7.0% from $43.66

▪Adjusted efficiency ratio1 of 59.1%, compared to 50.0%

▪Net interest margin of 3.63% decreased from 3.67%

▪Return on average assets and on tangible common equity1 of 1.03% and 14.9%, compared to 1.62% and 25.4%, respectively

▪Tangible common equity ratio1 of 7.3% increased from 6.5%

▪CET 1 ratio of 10.8% increased from 9.3%

▪Tangible book value per share1, net of tax, of $46.72, an increase of 16.1% from $40.25

▪Adjusted efficiency ratio1 of 53.5%, compared to 41.1%

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

Income Statement

Net interest income totaled $591.7 million in the fourth quarter 2023, an increase of $4.7 million, or 0.8%, from $587.0 million in the third quarter 2023, and a decrease of $48.0 million, or 7.5%, compared to the fourth quarter 2022. The increase in net interest income from the third quarter 2023 is due to an increase in average HFI loan and securities balances combined with a decrease in average short-term borrowings, and was partially offset by an increase in deposit balances and rates. The decrease in net interest income from the fourth quarter 2022 was driven by an increase in both the balances and rates of deposits and short-term borrowings, partially offset by higher yields on HFI loans.

The Company recorded a provision for credit losses of $9.3 million in the fourth quarter 2023, a decrease of $2.8 million from $12.1 million in the third quarter 2023, and an increase of $6.2 million from $3.1 million in the fourth quarter 2022. The decrease in provision for credit losses during the fourth quarter 2023 is primarily due to improvement in the macroeconomic outlook and stable asset quality.

The Company’s net interest margin in the fourth quarter 2023 was 3.65%, a decrease from 3.67% in the third quarter 2023, and a decrease from 3.98% in the fourth quarter 2022. An increase in deposit balances and rates drove a decrease in net interest margin from the third quarter 2023, with higher average HFI loan and securities balances partially offsetting this decrease. The decrease in net interest margin from the fourth quarter 2022 was driven by higher average balances and rates on deposits and short-term borrowings.

Non-interest income was $90.5 million for the fourth quarter 2023, compared to $129.2 million for the third quarter 2023, and $61.5 million for the fourth quarter 2022. The $38.7 million decrease in non-interest income for the third quarter 2023 was due to a decrease in fair value gain adjustments of $16.5 million and a $14.8 million loss on sale of securities in the fourth quarter compared to a gain of $0.1 million in the third quarter, combined with an $18.1 million decrease in net loan servicing revenue due to losses on MSR sales and fair value changes, partially offset by higher servicing income, and a $4.2 million decrease in net gain on loan origination and sale activities from lower spreads. These decreases were offset by a $12.6 million increase in income from equity investments. The $29.0 million increase in non-interest income from the fourth quarter 2022 was driven by a higher net gain on loan origination and sale activities, service charges and fees, and fair value gain adjustments.

Net revenue totaled $682.2 million for the fourth quarter 2023, a decrease of $34.0 million or 4.7%, compared to $716.2 million for the third quarter 2023, and a decrease of $19.0 million or 2.7%, compared to $701.2 million for the fourth quarter 2022.

Non-interest expense was $461.9 million for the fourth quarter 2023, compared to $426.2 million for the third quarter 2023, and $333.4 million for the fourth quarter 2022. The Company’s adjusted efficiency ratio1 was 59.1% for the fourth quarter 2023, compared to 50.0% in the third quarter 2023, and 40.0% for the fourth quarter 2022. The increase in non-interest expense from the third quarter 2023 is due primarily to increased insurance costs largely related to the FDIC special assessment, partially offset by a gain on debt extinguishment related to the early payoff of the AmeriHome senior notes. The increase in non-interest expense from the fourth quarter 2022 is primarily attributable to an increase in insurance and deposit costs.

Income tax expense was $63.1 million for the fourth quarter 2023, compared to $61.3 million for the third quarter 2023, and $71.7 million for the fourth quarter 2022.The increase in income tax expense from the third 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, the AOCI impact of AFS securities gains during the quarter, and discrete nondeductible items.

Net income was $147.9 million for the fourth quarter 2023, a decrease of $68.7 million from $216.6 million for the third quarter 2023, and a decrease of $145.1 million from $293.0 million for the fourth quarter 2022. Earnings per share totaled $1.33 for the fourth quarter 2023, compared to $1.97 for the third quarter 2023, and $2.67 for the fourth quarter 2022. Earnings per share, excluding notable items1, totaled $1.91 for the fourth quarter 2023. The Company views its earnings per share, excluding notable items1 as a key metric for assessing the Company’s earnings power.

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 2023, the Company’s PPNR1 was $220.3 million, down $69.7 million from $290.0 million in the third quarter 2023, and down $147.5 million from $367.8 million in the fourth quarter 2022.

The Company had 3,260 full-time equivalent employees and 57 offices at December 31, 2023, compared to 3,272 employees and 56 offices at September 30, 2023, and 3,365 employees and 56 offices at December 31, 2022.

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

Balance Sheet

HFI loans, net of deferred fees totaled $50.3 billion at December 31, 2023, compared to $49.4 billion at September 30, 2023, and $51.9 billion at December 31, 2022. The increase in HFI loans of $850 million from the prior quarter was driven by an increase of $759 million in commercial and industrial loans and $220 million in construction and land development loans. This increase was partially offset by a decrease in CRE non-owner occupied loans of $160 million. The decrease in HFI loans of $1.6 billion from December 31, 2022 was driven by a $1.6 billion decrease in commercial and industrial loans and a $1.2 billion decrease in residential real estate loans, resulting from loan dispositions undertaken as part of the Company's balance sheet repositioning strategy. This decrease was partially offset by increases in construction and land development loans and CRE non-owner occupied of $876 million and $331 million, respectively. HFS loans totaled $1.4 billion at December 31, 2023, compared to $1.8 billion at September 30, 2023, and $1.2 billion at December 31, 2022. The balance of HFS loans at December 31, 2023 primarily consisted of AmeriHome HFS loans, consistent with the balance at December 31, 2022 and prior periods. The decrease of $364 million in HFS loans from the prior quarter is primarily related to loan sales. The increase of $218 million in HFS loans from December 31, 2022 primarily related to an increase in agency conforming loans.

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. At December 31, 2023, the allowance for loan losses to funded HFI loans ratio was 0.67%, compared to 0.66% at September 30, 2023, and 0.60% at December 31, 2022. The allowance for credit losses, which includes the allowance for unfunded loan commitments, to funded HFI loans ratio was 0.73% at December 31, 2023, compared to 0.74% at September 30, 2023, and 0.69% at December 31, 2022. 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 $9.1 billion, $9.3 billion, and $12.0 billion as of December 31, 2023, September 30, 2023, and December 31, 2022, 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 of $14.7 million as of December 31, 2023, $17.4 million as of September 30, 2023, and $18.5 million as of December 31, 2022, related to these pools of loans. 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 December 31, 2023, 0.91% at September 30, 2023, and 0.89% at December 31, 2022.

Deposits totaled $55.3 billion at December 31, 2023, an increase of $1.0 billion from $54.3 billion at September 30, 2023, and an increase of $1.7 billion from $53.6 billion at December 31, 2022. By deposit type, the increase from the prior quarter is attributable to increases of $3.1 billion from interest-bearing demand deposits and $1.3 billion from certificates of deposits, offset by a decrease of $3.5 billion from non-interest bearing demand deposits. From December 31, 2022, interest-bearing demand deposits and certificates of deposit increased $6.4 billion and $5.1 billion, respectively. These increases were partially offset by decreases in non-interest bearing demand deposits and savings and money market accounts of $5.2 billion and $4.6 billion, respectively. Non-interest bearing deposits were $14.5 billion at December 31, 2023, compared to $18.0 billion at September 30, 2023, and $19.7 billion at December 31, 2022.

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


	Dec 31, 2023		Sep 30, 2023		Dec 31, 2022
Non-interest bearing	26.2	%	33.1	%	36.7	%
Savings and money market	26.7		27.0		36.2
Interest-bearing demand	28.8		23.7		17.7
Certificates of deposit	18.3		16.2		9.4

The Company’s ratio of HFI loans to deposits was 90.9% at December 31, 2023, compared to 91.1% at September 30, 2023, and 96.7% at December 31, 2022.

Borrowings were $7.2 billion at December 31, 2023, $8.7 billion at September 30, 2023, and $6.3 billion at December 31, 2022. Borrowings decreased $1.5 billion from September 30, 2023 due to payoff of the Bank Term Funding Program advances and the AmeriHome senior notes. The increase in borrowings from December 31, 2022 is due primarily to an increase in short-term borrowings of $1.8 billion, partially offset by payoffs of credit linked notes and the AmeriHome senior notes.

Qualifying debt totaled $895 million at December 31, 2023, compared to $890 million at September 30, 2023, and $893 million at December 31, 2022.

Stockholders’ equity was $6.1 billion at December 31, 2023, compared to $5.7 billion at September 30, 2023 and $5.4 billion at December 31, 2022. The increase in stockholders’ equity from the prior quarter was due to net income and unrealized fair value gains of $222 million on the Company's available-for-sale securities, which are recorded in other comprehensive loss, net of tax. These increases were partially offset by dividends to shareholders. Cash dividends of $40.5 million ($0.37 per common share) and $3.2 million ($0.27 per depository share) were paid to shareholders during the fourth quarter 2023. The increase in stockholders' equity from December 31, 2022 is primarily a function of net income, partially offset by dividends to shareholders.

At December 31, 2023, tangible common equity, net of tax1, was 7.3% of tangible assets1 and total capital was 13.7% of risk-weighted assets. The Company’s tangible book value per share1 was $46.72 at December 31, 2023, an increase of 7.0% from $43.66 at September 30, 2023, and up 16.1% from $40.25 at December 31, 2022. The increase in tangible book value per share from September 30, 2023 is attributable to net income.

Total assets remained flat from September 30, 2023 to December 31, 2023 at $70.9 billion, and increased 4.6% from $67.7 billion at December 31, 2022. The slight decrease in total assets from September 30, 2023 was driven by a decrease in cash and HFS loans, offset by an increase in investment securities. The increase in total assets from December 31, 2022 was driven by an increase in investments, cash, and HFS loans, partially offset by a decrease in HFI loans.

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

Asset Quality

Provision for credit losses totaled $9.3 million for the fourth quarter 2023, compared to $12.1 million for the third quarter 2023, and $3.1 million for the fourth quarter 2022. Net loan charge-offs in the fourth quarter 2023 were $8.5 million, or 0.07% of average loans (annualized), compared to $8.0 million, or 0.07%, in the third quarter 2023, and $1.8 million, or 0.01%, in the fourth quarter 2022.

Nonaccrual loans increased $36 million to $273 million during the quarter and increased $188 million from December 31, 2022. Loans past due 90 days and still accruing interest totaled $42 million at December 31, 2023 and zero at September 30, 2023 and December 31, 2022 (excluding government guaranteed loans of $399 million, $439 million, and $582 million, respectively). Loans past due 30-89 days and still accruing interest totaled $164 million at December 31, 2023, a decrease from $189 million at September 30, 2023, and an increase from $70 million at December 31, 2022 (excluding government guaranteed loans of $279 million, $261 million, and $334 million, respectively).

Repossessed assets totaled $8 million at December 31, 2023, flat from September 30, 2023, and a decrease of $3 million from December 31, 2022. Classified assets totaled $673 million at December 31, 2023, an increase of $34 million from $639 million at September 30, 2023, and an increase of $280 million from $393 million at December 31, 2022.

The ratio of classified assets to Tier 1 capital plus the allowance for credit losses, a common regulatory measure of asset quality, was 10.5% at December 31, 2023, compared to 10.2% at September 30, 2023, and 6.8% at December 31, 2022.

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

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 our 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 $29.1 billion at December 31, 2023, an increase of $416 million during the quarter, and a decrease of $2.3 billion during the year. Deposits for the Commercial segment totaled $23.9 billion at December 31, 2023, an increase of $1.3 billion during the quarter, and a decrease of $5.6 billion during the year.

Pre-tax income for the Commercial segment was $168.4 million for the three months ended December 31, 2023, a decrease of $27.7 million from the three months ended September 30, 2023, and a decrease of $152.1 million from the three months ended December 31, 2022. For the year ended December 31, 2023, the Commercial segment reported total pre-tax income of $745.2 million, a decrease of $350.1 million compared to the year ended December 31, 2022.

The Consumer Related segment reported an HFI loan balance of $21.2 billion at December 31, 2023, an increase of $434 million during the quarter, and an increase of $713 million during the year. The Consumer Related segment also has loans held for sale of $1.4 billion at December 31, 2023, a decrease of $364 million during the quarter, and an increase of $218 million during the year. Deposits for the Consumer Related segment totaled $24.9 billion, a decrease of $169 million during the quarter, and an increase of $6.4 billion during the year.

Pre-tax income for the Consumer Related segment was $75.6 million for the three months ended December 31, 2023, an increase of $6.7 million from the three months ended September 30, 2023, and an increase of $5.8 million from the three months ended December 31, 2022. Pre-tax income for the Consumer Related segment for the year ended December 31, 2023 totaled $258.0 million, a decrease of $192.1 million compared to the year ended December 31, 2022.

Conference Call and Webcast

Western Alliance Bancorporation will host a conference call and live webcast to discuss its fourth quarter and full year 2023 financial results at 12:00 p.m. ET on Friday, January 26, 2024. Participants may access the call by dialing 1-833-470-1428 and using access code 941447 or via live audio webcast using the website link https://events.q4inc.com/attendee/536267609. 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 26th through 11:00 p.m. ET February 26th by dialing 1-866-813-9403, using access code 690232.

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, 2022 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 such as the COVID-19 pandemic 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 $70 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. 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.


Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited


Selected Balance Sheet Data:
							As of December 31,
							2023		2022		Change %
							(in millions)
Total assets							$	70,862	$	67,734	4.6	%
Loans held for sale							1,402		1,184		18.4
HFI loans, net of deferred fees							50,297		51,862		(3.0)
Investment securities							12,993		8,760		48.3
Total deposits							55,333		53,644		3.1
Borrowings							7,230		6,299		14.8
Qualifying debt							895		893		0.2
Stockholders' equity							6,078		5,356		13.5
Tangible common equity, net of tax (1)							5,116		4,383		16.7
Common equity Tier 1 capital							5,659		5,073		11.6

Selected Income Statement Data:
	For the Three Months Ended December 31,						For the Year Ended December 31,
	2023		2022		Change %		2023		2022		Change %
	(in millions, except per share data)						(in millions, except per share data)
Interest income	$	1,039.0	$	888.3	17.0	%	$	4,035.3	$	2,691.8	49.9	%
Interest expense	447.3		248.6		79.9		1,696.4		475.5		NM
Net interest income	591.7		639.7		(7.5)		2,338.9		2,216.3		5.5
Provision for credit losses	9.3		3.1		NM		62.6		68.1		(8.1)
Net interest income after provision for credit losses	582.4		636.6		(8.5)		2,276.3		2,148.2		6.0
Non-interest income	90.5		61.5		47.2		280.7		324.6		(13.5)
Non-interest expense	461.9		333.4		38.5		1,623.4		1,156.7		40.3
Income before income taxes	211.0		364.7		(42.1)		933.6		1,316.1		(29.1)
Income tax expense	63.1		71.7		(12.0)		211.2		258.8		(18.4)
Net income	147.9		293.0		(49.5)		722.4		1,057.3		(31.7)
Dividends on preferred stock	3.2		3.2		—		12.8		12.8		—
Net income available to common stockholders	$	144.7	$	289.8	(50.1)		$	709.6	$	1,044.5	(32.1)
Diluted earnings per common share	$	1.33	$	2.67	(50.2)		$	6.54	$	9.70	(32.6)

(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 December 31,						For the Year Ended December 31,
	2023		2022		Change %		2023		2022		Change %
Diluted earnings per common share	$	1.33	$	2.67	(50.2)	%	$	6.54	$	9.70	(32.6)	%
Book value per common share	52.81		46.47		13.6
Tangible book value per common share, net of tax (1)	46.72		40.25		16.1
Average common shares outstanding (in millions):
Basic	108.4		108.0		0.3		108.3		107.2		1.0
Diluted	108.7		108.4		0.3		108.5		107.6		0.8
Common shares outstanding	109.5		108.9		0.5


Selected Performance Ratios:
Return on average assets (2)	0.84	%	1.67	%	(49.7)	%	1.03	%	1.62	%	(36.4)	%
Return on average tangible common equity (1, 2)	11.9		27.0		(55.9)		14.9		25.4		(41.3)

Net interest margin (2)	3.65		3.98		(8.3)		3.63		3.67		(1.1)
Efficiency ratio, adjusted for deposit costs (1)	59.1		40.0		47.8		53.5		41.1		30.2
HFI loan to deposit ratio	90.9		96.7		(6.0)

Asset Quality Ratios:
Net charge-offs to average loans outstanding (2)	0.07	%	0.01	%	NM		0.06	%	0.00	%	NM
Nonaccrual loans to funded HFI loans	0.54		0.16		NM
Nonaccrual loans and repossessed assets to total assets	0.40		0.14		NM

Allowance for loan losses to funded HFI loans	0.67		0.60		11.7
Allowance for loan losses to nonaccrual HFI loans	123		364		(66.2)


Capital Ratios:

	Dec 31, 2023		Sep 30, 2023		Dec 31, 2022
Tangible common equity (1)	7.3	%	6.8	%	6.5	%
Common Equity Tier 1 (3)	10.8		10.6		9.3
Tier 1 Leverage ratio (3)	8.6		8.5		7.8
Tier 1 Capital (3)	11.5		11.3		10.0
Total Capital (3)	13.7		13.5		12.1

(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, 2023 are preliminary.

NM Changes +/- 100% are not meaningful.


Western Alliance Bancorporation and Subsidiaries
Condensed Consolidated Income Statements
Unaudited
	Three Months Ended December 31,				Year Ended December 31,
	2023		2022		2023		2022
	(dollars in millions, except per share data)
Interest income:
Loans	$	859.0	$	785.1	$	3,409.7	$	2,393.4
Investment securities	136.2		89.4		467.5		272.6
Other	43.8		13.8		158.1		25.8
Total interest income	1,039.0		888.3		4,035.3		2,691.8
Interest expense:
Deposits	343.7		157.6		1,142.6		276.4
Qualifying debt	9.6		9.1		37.9		35.0
Borrowings	94.0		81.9		515.9		164.1
Total interest expense	447.3		248.6		1,696.4		475.5
Net interest income	591.7		639.7		2,338.9		2,216.3
Provision for credit losses	9.3		3.1		62.6		68.1
Net interest income after provision for credit losses	582.4		636.6		2,276.3		2,148.2
Non-interest income:
Net gain on loan origination and sale activities	47.8		25.4		193.5		104.0
Service charges and fees	22.7		5.9		76.3		27.0
Income from equity investments	13.1		4.2		15.7		17.8
Net loan servicing revenue	9.1		21.4		102.3		130.9
Commercial banking related income	5.9		5.5		23.7		21.5
(Loss) gain on recovery from credit guarantees	(2.7)		3.0		(2.2)		14.7
(Loss) gain on sales of investment securities	(14.8)		0.1		(40.8)		6.8
Fair value gain (loss) adjustments, net	1.3		(9.2)		(116.0)		(28.6)
Other	8.1		5.2		28.2		30.5
Total non-interest income	90.5		61.5		280.7		324.6
Non-interest expenses:
Salaries and employee benefits	134.6		125.7		566.3		539.5
Deposit costs	131.0		82.2		436.7		165.8
Insurance	108.6		8.9		190.4		31.1
Data processing	33.1		23.9		122.0		83.0
Legal, professional, and directors' fees	29.4		26.0		107.2		99.9
Occupancy	16.9		15.8		65.6		55.5
Loan servicing expenses	14.7		14.8		58.8		55.5
Business development and marketing	6.7		7.3		21.8		22.1
Loan acquisition and origination expenses	4.8		4.4		20.4		23.1
Net loss (gain) on sales and valuations of repossessed and other assets	0.3		(0.3)		3.0		(0.7)
Gain on extinguishment of debt	(39.3)		—		(52.7)		—

Other	21.1		24.7		83.9		81.9
Total non-interest expense	461.9		333.4		1,623.4		1,156.7
Income before income taxes	211.0		364.7		933.6		1,316.1
Income tax expense	63.1		71.7		211.2		258.8
Net income	147.9		293.0		722.4		1,057.3
Dividends on preferred stock	3.2		3.2		12.8		12.8
Net income available to common stockholders	$	144.7	$	289.8	$	709.6	$	1,044.5

Earnings per common share:
Diluted shares	108.7		108.4		108.5		107.6
Diluted earnings per share	$	1.33	$	2.67	$	6.54	$	9.70


Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Income Statements
Unaudited
	Three Months Ended
	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022
	(in millions, except per share data)
Interest income:
Loans	$	859.0	$	860.8	$	857.2	$	832.7	$	785.1
Investment securities	136.2		122.8		112.4		96.1		89.4
Other	43.8		43.0		31.2		40.1		13.8
Total interest income	1,039.0		1,026.6		1,000.8		968.9		888.3
Interest expense:
Deposits	343.7		316.2		251.1		231.6		157.6
Qualifying debt	9.6		9.5		9.5		9.3		9.1
Borrowings	94.0		113.9		189.9		118.1		81.9
Total interest expense	447.3		439.6		450.5		359.0		248.6
Net interest income	591.7		587.0		550.3		609.9		639.7
Provision for credit losses	9.3		12.1		21.8		19.4		3.1
Net interest income after provision for credit losses	582.4		574.9		528.5		590.5		636.6
Non-interest income:
Net gain on loan origination and sale activities	47.8		52.0		62.3		31.4		25.4
Service charges and fees	22.7		23.3		20.8		9.5		5.9
Income from equity investments	13.1		0.5		0.7		1.4		4.2
Net loan servicing revenue	9.1		27.2		24.1		41.9		21.4
Commercial banking related income	5.9		5.6		6.0		6.2		5.5
(Loss) gain on recovery from credit guarantees	(2.7)		(4.0)		1.2		3.3		3.0
(Loss) gain on sales of investment securities	(14.8)		0.1		(13.6)		(12.5)		0.1
Fair value gain (loss) adjustments, net	1.3		17.8		12.7		(147.8)		(9.2)
Other	8.1		6.7		4.8		8.6		5.2
Total non-interest income	90.5		129.2		119.0		(58.0)		61.5
Non-interest expenses:
Salaries and employee benefits	134.6		137.2		145.6		148.9		125.7
Deposit costs	131.0		127.8		91.0		86.9		82.2
Insurance	108.6		33.1		33.0		15.7		8.9
Data processing	33.1		33.9		28.6		26.4		23.9
Legal, professional, and directors' fees	29.4		28.3		26.4		23.1		26.0
Occupancy	16.9		16.8		15.4		16.5		15.8
Loan servicing expenses	14.7		11.9		18.4		13.8		14.8
Business development and marketing	6.7		4.9		5.0		5.2		7.3
Loan acquisition and origination expenses	4.8		5.6		5.6		4.4		4.4
Net loss (gain) on sales and valuations of repossessed and other assets	0.3		2.2		0.5		0.0		(0.3)
Gain on extinguishment of debt	(39.3)		—		(0.7)		(12.7)		—

Other	21.1		24.5		18.6		19.7		24.7
Total non-interest expense	461.9		426.2		387.4		347.9		333.4
Income before income taxes	211.0		277.9		260.1		184.6		364.7
Income tax expense	63.1		61.3		44.4		42.4		71.7
Net income	147.9		216.6		215.7		142.2		293.0
Dividends on preferred stock	3.2		3.2		3.2		3.2		3.2
Net income available to common stockholders	$	144.7	$	213.4	$	212.5	$	139.0	$	289.8

Earnings per common share:
Diluted shares	108.7		108.5		108.3		108.3		108.4
Diluted earnings per share	$	1.33	$	1.97	$	1.96	$	1.28	$	2.67


Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Balance Sheets
Unaudited
	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022
	(in millions)
Assets:
Cash and due from banks	$	1,576	$	3,497	$	2,153	$	3,639	$	1,043
Investment securities	12,993		11,423		10,374		9,493		8,760
Loans held for sale	1,402		1,766		3,156		7,022		1,184
Loans held for investment:
Commercial and industrial	19,103		18,344		16,657		15,503		20,710
Commercial real estate - non-owner occupied	9,650		9,810		9,913		9,617		9,319
Commercial real estate - owner occupied	1,810		1,771		1,805		1,809		1,818
Construction and land development	4,889		4,669		4,428		4,407		4,013
Residential real estate	14,778		14,779		15,000		15,024		15,928
Consumer	67		74		72		75		74
Loans HFI, net of deferred fees	50,297		49,447		47,875		46,435		51,862
Allowance for loan losses	(337)		(327)		(321)		(305)		(310)
Loans HFI, net of deferred fees and allowance	49,960		49,120		47,554		46,130		51,552
Mortgage servicing rights	1,124		1,233		1,007		910		1,148
Premises and equipment, net	339		327		315		293		276
Operating lease right-of-use asset	145		150		151		156		163
Other assets acquired through foreclosure, net	8		8		11		11		11
Bank owned life insurance	186		184		184		183		182
Goodwill and other intangibles, net	669		672		674		677		680
Other assets	2,460		2,511		2,581		2,533		2,735
Total assets	$	70,862	$	70,891	$	68,160	$	71,047	$	67,734
Liabilities and Stockholders' Equity:
Liabilities:
Deposits
Non-interest bearing demand deposits	$	14,520	$	17,991	$	16,733	$	16,465	$	19,691
Interest bearing:
Demand	15,916		12,843		12,646		10,719		9,507
Savings and money market	14,791		14,672		13,085		13,845		19,397
Certificates of deposit	10,106		8,781		8,577		6,558		5,049
Total deposits	55,333		54,287		51,041		47,587		53,644
Borrowings	7,230		8,745		9,567		15,853		6,299
Qualifying debt	895		890		888		895		893
Operating lease liability	179		180		179		184		185
Accrued interest payable and other liabilities	1,147		1,043		800		1,007		1,357
Total liabilities	64,784		65,145		62,475		65,526		62,378
Stockholders' Equity:
Preferred stock	295		295		295		295		295
Common stock and additional paid-in capital	2,081		2,073		2,064		2,054		2,058
Retained earnings	4,215		4,111		3,937		3,764		3,664
Accumulated other comprehensive loss	(513)		(733)		(611)		(592)		(661)
Total stockholders' equity	6,078		5,746		5,685		5,521		5,356
Total liabilities and stockholders' equity	$	70,862	$	70,891	$	68,160	$	71,047	$	67,734


Western Alliance Bancorporation and Subsidiaries
Changes in the Allowance For Credit Losses on Loans
Unaudited
	Three Months Ended
	Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Dec 31, 2022
	(in millions)
Allowance for loan losses
Balance, beginning of period	$	327.4		$	321.1		$	304.7		$	309.7		$	304.1
Provision for credit losses (1)	17.8			14.3			23.8			1.0			7.4
Recoveries of loans previously charged-off:
Commercial and industrial	0.7			0.4			0.7			3.2			0.3
Commercial real estate - non-owner occupied	—			—			—			—			—
Commercial real estate - owner occupied	0.1			—			—			—			0.1
Construction and land development	—			—			—			—			—
Residential real estate	—			0.1			—			—			—
Consumer	—			—			0.1			—			—
Total recoveries	0.8			0.5			0.8			3.2			0.4
Loans charged-off:
Commercial and industrial	9.3			5.5			6.0			9.1			1.1
Commercial real estate - non-owner occupied	—			3.0			2.2			—			—
Commercial real estate - owner occupied	—			—			—			—			0.5
Construction and land development	—			—			—			—			0.6
Residential real estate	—			—			—			—			—
Consumer	—			—			—			0.1			—
Total loans charged-off	9.3			8.5			8.2			9.2			2.2
Net loan charge-offs	8.5			8.0			7.4			6.0			1.8
Balance, end of period	$	336.7		$	327.4		$	321.1		$	304.7		$	309.7

Allowance for unfunded loan commitments
Balance, beginning of period	$	37.9		$	41.1		$	44.8		$	47.0		$	52.1
Recovery of credit losses (1)	(6.3)			(3.2)			(3.7)			(2.2)			(5.1)
Balance, end of period (2)	$	31.6		$	37.9		$	41.1		$	44.8		$	47.0

Components of the allowance for credit losses on loans
Allowance for loan losses	$	336.7		$	327.4		$	321.1		$	304.7		$	309.7
Allowance for unfunded loan commitments	31.6			37.9			41.1			44.8			47.0
Total allowance for credit losses on loans	$	368.3		$	365.3		$	362.2		$	349.5		$	356.7

Net charge-offs to average loans - annualized	0.07		%	0.07		%	0.06		%	0.05		%	0.01		%

Allowance ratios
Allowance for loan losses to funded HFI loans (3)	0.67		%	0.66		%	0.67		%	0.66		%	0.60		%

Allowance for credit losses to funded HFI loans (3)	0.73			0.74			0.76			0.75			0.69

Allowance for loan losses to nonaccrual HFI loans	123			138			125			285			364
Allowance for credit losses to nonaccrual HFI loans	135			154			141			327			420

(1) The above tables reflect the provision for credit losses on funded and unfunded loans. There was a $3.3 million provision release on AFS investment securities and a $1.1 million provision for credit losses on HTM investment securities for the three months ended December 31, 2023. The allowance for credit losses on AFS and HTM investment securities totaled $1.4 million and $7.8 million, respectively, as of December 31, 2023.

(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 $14.7 million as of December 31, 2023 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
	Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Dec 31, 2022
	(in millions)



































Nonaccrual loans and repossessed assets
Nonaccrual loans	$	273		$	237		$	256		$	107		$	85
Nonaccrual loans to funded HFI loans	0.54		%	0.48		%	0.53		%	0.23		%	0.16		%
Repossessed assets	$	8		$	8		$	11		$	11		$	11
Nonaccrual loans and repossessed assets to total assets	0.40		%	0.35		%	0.39		%	0.17		%	0.14		%

Loans Past Due



Loans past due 90 days, still accruing (1)	$	42		$	—		$	—		$	1		$	—
Loans past due 90 days, still accruing to funded HFI loans	0.08		%	—		%	—		%	0.00		%	—		%




Loans past due 30 to 89 days, still accruing (2)	$	164		$	189		$	121		$	58		$	70
Loans past due 30 to 89 days, still accruing to funded HFI loans	0.33		%	0.38		%	0.25		%	0.13		%	0.13		%

Other credit quality metrics
Special mention loans	$	641		$	668		$	694		$	320		$	351
Special mention loans to funded HFI loans	1.27		%	1.35		%	1.45		%	0.69		%	0.68		%

Classified loans on accrual	$	379		$	381		$	324		$	325		$	280
Classified loans on accrual to funded HFI loans	0.75		%	0.77		%	0.68		%	0.70		%	0.54		%
Classified assets	$	673		$	639		$	604		$	459		$	393
Classified assets to total assets	0.95		%	0.90		%	0.89		%	0.65		%	0.58		%

(1) Excludes government guaranteed residential mortgage loans of $399 million, $439 million, $481 million, $494 million, and $582 million as of each respective date in the table above.

(2) Excludes government guaranteed residential mortgage loans of $279 million, $261 million, $289 million, $281 million, and $334 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
	December 31, 2023						September 30, 2023
	Average Balance		Interest		Average Yield / Cost		Average Balance		Interest		Average Yield / Cost
	($ in millions)
Interest earning assets
Loans held for sale	$	1,830	$	29.6	6.42	%	$	3,069	$	47.3	6.11	%
Loans held for investment:
Commercial and industrial	18,530		343.2		7.40		16,855		324.3		7.70
CRE - non-owner occupied	9,715		188.7		7.71		9,950		196.1		7.83
CRE - owner occupied	1,786		26.0		5.88		1,790		26.4		5.97
Construction and land development	4,789		112.6		9.33		4,545		110.3		9.63
Residential real estate	14,758		157.6		4.24		14,914		155.0		4.12
Consumer	71		1.3		7.52		73		1.4		7.43
Total HFI loans (1), (2), (3)	49,649		829.4		6.65		48,127		813.5		6.73
Securities:
Securities - taxable	9,168		113.5		4.91		8,272		101.1		4.85
Securities - tax-exempt	2,106		22.7		5.35		2,103		21.7		5.12
Total securities (1)	11,274		136.2		4.99		10,375		122.8		4.91
Cash and other	2,572		43.8		6.75		2,911		43.0		5.87
Total interest earning assets	65,325		1,039.0		6.37		64,482		1,026.6		6.37
Non-interest earning assets
Cash and due from banks	287						279
Allowance for credit losses	(340)						(334)
Bank owned life insurance	185						184
Other assets	4,525						4,513
Total assets	$	69,982					$	69,124
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing transaction accounts	$	14,268	$	104.6	2.91	%	$	12,947	$	98.9	3.03	%
Savings and money market	14,595		119.1		3.24		13,832		106.3		3.05
Certificates of deposit	9,453		120.0		5.03		9,125		111.0		4.83
Total interest-bearing deposits	38,316		343.7		3.56		35,904		316.2		3.49
Short-term borrowings	5,492		79.4		5.74		6,260		97.2		6.16
Long-term debt	594		14.6		9.73		764		16.7		8.68
Qualifying debt	891		9.6		4.26		888		9.5		4.26
Total interest-bearing liabilities	45,293		447.3		3.92		43,816		439.6		3.98
Interest cost of funding earning assets					2.72						2.70
Non-interest-bearing liabilities
Non-interest-bearing demand deposits	17,579						18,402
Other liabilities	1,330						1,052
Stockholders’ equity	5,780						5,854
Total liabilities and stockholders' equity	$	69,982					$	69,124
Net interest income and margin (4)			$	591.7	3.65	%			$	587.0	3.67	%

(1) Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $9.1 million and $8.9 million for the three months ended December 31, 2023 and September 30, 2023, respectively.

(2) Included in the yield computation are net loan fees of $30.8 million and $28.0 million for the three months ended December 31, 2023 and September 30, 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
	Three Months Ended
	December 31, 2023						December 31, 2022
	Average Balance		Interest		Average Yield / Cost		Average Balance		Interest		Average Yield / Cost
	($ in millions)
Interest earning assets
Loans held for sale	$	1,830	$	29.6	6.42	%	$	2,659	$	37.8	5.63	%
Loans held for investment:
Commercial and industrial	18,530		343.2		7.40		21,654		349.3		6.45
CRE - non-owner-occupied	9,715		188.7		7.71		9,077		148.8		6.51
CRE - owner-occupied	1,786		26.0		5.88		1,830		24.4		5.39
Construction and land development	4,789		112.6		9.33		3,798		80.2		8.38
Residential real estate	14,758		157.6		4.24		15,803		143.5		3.60
Consumer	71		1.3		7.52		71		1.1		6.26
Total loans HFI (1), (2), (3)	49,649		829.4		6.65		52,233		747.3		5.70
Securities:
Securities - taxable	9,168		113.5		4.91		6,397		68.4		4.25
Securities - tax-exempt	2,106		22.7		5.35		2,068		21.0		5.07
Total securities (1)	11,274		136.2		4.99		8,465		89.4		4.45
Cash and other	2,572		43.8		6.75		1,361		13.8		4.02
Total interest earning assets	65,325		1,039.0		6.37		64,718		888.3		5.50
Non-interest earning assets
Cash and due from banks	287						289
Allowance for credit losses	(340)						(308)
Bank owned life insurance	185						181
Other assets	4,525						4,613
Total assets	$	69,982					$	69,493
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing transaction accounts	$	14,268	$	104.6	2.91	%	$	8,754	$	43.6	1.98	%
Savings and money market accounts	14,595		119.1		3.24		18,651		88.0		1.87
Certificates of deposit	9,453		120.0		5.03		4,260		26.0		2.42
Total interest-bearing deposits	38,316		343.7		3.56		31,665		157.6		1.97
Short-term borrowings	5,492		79.4		5.74		5,440		54.8		3.99
Long-term debt	594		14.6		9.73		1,240		27.1		8.68
Qualifying debt	891		9.6		4.26		890		9.1		4.08
Total interest-bearing liabilities	45,293		447.3		3.92		39,235		248.6		2.51
Interest cost of funding earning assets					2.72						1.52
Non-interest-bearing liabilities
Non-interest-bearing demand deposits	17,579						23,729
Other liabilities	1,330						1,296
Stockholders’ equity	5,780						5,233
Total liabilities and stockholders' equity	$	69,982					$	69,493
Net interest income and margin (4)			$	591.7	3.65	%			$	639.7	3.98	%

(1) Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $9.1 million and $9.0 million for the three months ended December 31, 2023 and 2022, respectively.

(2) Included in the yield computation are net loan fees of $30.8 million and $34.8 million for the three months ended December 31, 2023 and 2022, 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
	Year Ended
	December 31, 2023						December 31, 2022
	Average Balance		Interest		Average Yield / Cost		Average Balance		Interest		Average Yield / Cost
	($ in millions)
Interest earning assets
Loans HFS	$	3,347	$	213.4	6.38	%	$	4,364	$	180.3	4.13	%
Loans HFI:
Commercial and industrial	17,886		1,337.9		7.54		20,083		1,002.8		5.05
CRE - non-owner occupied	9,736		734.8		7.56		7,769		416.4		5.37
CRE - owner occupied	1,800		102.3		5.79		1,841		93.2		5.16
Construction and land development	4,498		419.7		9.33		3,426		229.1		6.69
Residential real estate	15,126		596.4		3.94		13,771		468.5		3.40
Consumer	72		5.2		7.23		61		3.1		5.07
Total loans HFI (1), (2), (3)	49,118		3,196.3		6.53		46,951		2,213.1		4.74
Securities:
Securities - taxable	8,002		381.3		4.76		6,325		195.3		3.09
Securities - tax-exempt	2,097		86.2		5.15		2,067		77.3		4.68
Total securities (1)	10,099		467.5		4.84		8,392		272.6		3.48
Other	2,848		158.1		5.55		1,574		25.8		1.64
Total interest earning assets (4)	65,412		4,035.3		6.22		61,281		2,691.8		4.45
Non-interest earning assets
Cash and due from banks	273						260
Allowance for credit losses	(326)						(280)
Bank owned life insurance	183						180
Other assets	4,581						3,948
Total assets	$	70,123					$	65,389
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing transaction accounts	$	12,422	$	352.0	2.83	%	$	8,331	$	78.8	0.95	%
Savings and money market accounts	14,903		428.1		2.87		18,518		158.6		0.86
Certificates of deposit	7,945		362.5		4.56		2,772		39.0		1.40
Total interest-bearing deposits	35,270		1,142.6		3.24		29,621		276.4		0.93
Short-term borrowings	7,800		434.6		5.57		3,424		92.1		2.69
Long-term debt	862		81.3		9.43		1,008		72.0		7.14
Qualifying debt	892		37.9		4.25		893		35.0		3.92
Total interest-bearing liabilities	44,824		1,696.4		3.78		34,946		475.5		1.36
Interest cost of funding earning assets					2.59						0.78
Non-interest-bearing liabilities
Non-interest-bearing demand deposits	18,293						24,133
Other liabilities	1,287						1,211
Stockholders’ equity	5,719						5,099
Total liabilities and stockholders' equity	$	70,123					$	65,389
Net interest income and margin (5)			$	2,338.9	3.63	%			$	2,216.3	3.67	%

(1) Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $35.5 million and $33.7 million for the year ended December 31, 2023 and 2022, respectively.

(2) Included in the yield computation are net loan fees of $131.2 million and $132.2 million for the year ended December 31, 2023 and 2022, 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
Operating Segment Results
Unaudited

Balance Sheet:
	Consolidated Company		Commercial		Consumer Related		Corporate & Other
At December 31, 2023:	(dollars in millions)
Assets:
Cash, cash equivalents, and investment securities	$	14,569	$	13	$	125	$	14,431
Loans HFS	1,402		—		1,402		—
Loans HFI, net of deferred fees and costs	50,297		29,136		21,161		—
Less: allowance for credit losses	(337)		(284)		(53)		—
Net loans HFI	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		1,300		2,223
Total liabilities and stockholders' equity	$	70,862	$	26,568	$	26,965	$	17,329
Excess funds provided (used)	—		(2,987)		2,127		860

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

Income Statement:

Three Months Ended December 31, 2023:	(in millions)
Net interest income	$	591.7	$	309.9	$	251.1	$	30.7
Provision for (recovery of) credit losses	9.3		8.6		2.9		(2.2)
Net interest income after provision for credit losses	582.4		301.3		248.2		32.9
Non-interest income	90.5		16.8		60.3		13.4
Non-interest expense	461.9		149.7		232.9		79.3
Income (loss) before income taxes	211.0		168.4		75.6		(33.0)
Income tax expense (benefit)	63.1		49.7		19.8		(6.4)
Net income (loss)	$	147.9	$	118.7	$	55.8	$	(26.6)

Year Ended December 31, 2023:	(in millions)
Net interest income	$	2,338.9	$	1,387.4	$	898.9	$	52.6
Provision for credit losses	62.6		38.3		3.3		21.0
Net interest income after provision for credit losses	2,276.3		1,349.1		895.6		31.6
Non-interest income	280.7		(23.3)		286.9		17.1
Non-interest expense	1,623.4		580.6		924.5		118.3
Income (loss) before provision for income taxes	933.6		745.2		258.0		(69.6)
Income tax expense (benefit)	211.2		174.8		59.2		(22.8)
Net income (loss)	$	722.4	$	570.4	$	198.8	$	(46.8)


Western Alliance Bancorporation and Subsidiaries
Operating Segment Results
Unaudited

Balance Sheet:
	Consolidated Company		Commercial		Consumer Related		Corporate & Other
At December 31, 2022:	(dollars in millions)
Assets:
Cash, cash equivalents, and investment securities	$	9,803	$	12	$	—	$	9,791
Loans held for sale	1,184		—		1,184		—
Loans, net of deferred fees and costs	51,862		31,414		20,448		—
Less: allowance for credit losses	(310)		(262)		(48)		—
Total loans	51,552		31,152		20,400		—
Other assets acquired through foreclosure, net	11		11		—		—
Goodwill and other intangible assets, net	680		293		387		—
Other assets	4,504		435		2,180		1,889
Total assets	$	67,734	$	31,903	$	24,151	$	11,680
Liabilities:
Deposits	$	53,644	$	29,494	$	18,492	$	5,658
Borrowings and qualifying debt	7,192		27		340		6,825
Other liabilities	1,542		83		656		803
Total liabilities	62,378		29,604		19,488		13,286
Allocated equity:	5,356		2,684		1,691		981
Total liabilities and stockholders' equity	$	67,734	$	32,288	$	21,179	$	14,267
Excess funds provided (used)	—		385		(2,972)		2,587

No. of offices	56		46		8		2
No. of full-time equivalent employees	3,365		671		785		1,909

Income Statement:

Three Months Ended December 31, 2022:	(in millions)
Net interest income	$	639.7	$	428.0	$	216.4	$	(4.7)
Provision for (recovery of) credit losses	3.1		(5.9)		8.2		0.8
Net interest income (expense) after provision for credit losses	636.6		433.9		208.2		(5.5)
Non-interest income	61.5		8.7		49.2		3.6
Non-interest expense	333.4		122.1		187.6		23.7
Income (loss) before income taxes	364.7		320.5		69.8		(25.6)
Income tax expense (benefit)	71.7		76.1		16.3		(20.7)
Net income (loss)	$	293.0	$	244.4	$	53.5	$	(4.9)

Year Ended December 31, 2022:	(in millions)
Net interest income	$	2,216.3	$	1,546.3	$	854.1	$	(184.1)
Provision for (recovery of) credit losses	68.1		47.2		21.1		(0.2)
Net interest income (expense) after provision for credit losses	2,148.2		1,499.1		833.0		(183.9)
Non-interest income	324.6		59.7		247.2		17.7
Non-interest expense	1,156.7		463.5		630.1		63.1
Income (loss) before income taxes	1,316.1		1,095.3		450.1		(229.3)
Income tax expense (benefit)	258.8		260.5		107.1		(108.8)
Net income (loss)	$	1,057.3	$	834.8	$	343.0	$	(120.5)


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


Pre-Provision Net Revenue by Quarter:
	Three Months Ended
	12/31/2023		9/30/2023		6/30/2023		3/31/2023		12/31/2022
	(in millions)
Net interest income	$	591.7	$	587.0	$	550.3	$	609.9	$	639.7
Total non-interest income	90.5		129.2		119.0		(58.0)		61.5
Net revenue	$	682.2	$	716.2	$	669.3	$	551.9	$	701.2
Total non-interest expense	461.9		426.2		387.4		347.9		333.4
Pre-provision net revenue (1)	$	220.3	$	290.0	$	281.9	$	204.0	$	367.8
Less:
Provision for credit losses	9.3		12.1		21.8		19.4		3.1
Income tax expense	63.1		61.3		44.4		42.4		71.7
Net income	$	147.9	$	216.6	$	215.7	$	142.2	$	293.0


Pre-Provision Net Revenue, Excluding Notable Items
Three Months Ended 12/31/2023:	(in millions)
Pre-provision net revenue (1)	$	220.3
Excluding notable items:
Non-interest income
MSR fair value adjustments and sales, net of hedging	25.3
Loss on sales of HFI loans	3.7
Outsized solar investment gains	(8.0)
Loss on sales of investment securities	14.8
Non-interest expense
FDIC special assessment	66.3
Gain on extinguishment of debt	(39.3)

Total notable items	62.8
Pre-provision net revenue, excluding notable items (1)	$	283.1
Less:
Provision for credit losses	9.3
Income tax expense	63.1






Total notable items	62.8
Net income	$	147.9



	Three Months Ended
	12/31/2023			9/30/2023			6/30/2023			3/31/2023			12/31/2022
Efficiency Ratio (Tax Equivalent Basis) by Quarter:	(dollars in millions)
Total non-interest expense	$	461.9		$	426.2		$	387.4		$	347.9		$	333.4
Less: Deposit costs	131.0			127.8			91.0			86.9			82.2
Total non-interest expense, excluding deposit costs	330.9			298.4			296.4			261.0			251.2
Divided by:
Total net interest income	591.7			587.0			550.3			609.9			639.7
Plus:
Tax equivalent interest adjustment	9.1			8.9			8.7			8.8			9.0
Total non-interest income	90.5			129.2			119.0			(58.0)			61.5
Less: Deposit costs	131.0			127.8			91.0			86.9			82.2
	$	560.3		$	597.3		$	587.0		$	473.8		$	628.0
Efficiency ratio (2)	66.8		%	58.8		%	57.1		%	62.0		%	46.9		%
Efficiency ratio, adjusted for deposit costs (2)	59.1		%	50.0		%	50.5		%	55.1		%	40.0		%


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


Earnings per Share, Excluding Notable Items:
Three Months Ended 12/31/2023:	(in millions)
Net income available to common stockholders	$	144.7
Excluding:








Total notable items (4)	62.8
Income tax
Tax effect of notable items	(14.4)
Elevated effective tax rate	14.6
Net income available to common stockholders, excluding notable items	$	207.7
Diluted shares	108.7
Diluted earnings per share, excluding notable items (1)	$	1.91


Tangible Common Equity:
	12/31/2023			9/30/2023			6/30/2023			3/31/2023			12/31/2022
	(dollars and shares in millions)
Total stockholders' equity	$	6,078		$	5,746		$	5,685		$	5,521		$	5,356
Less:
Goodwill and intangible assets	669			672			674			677			680
Preferred stock	295			295			295			295			295
Total tangible common equity	5,114			4,779			4,716			4,549			4,381
Plus: deferred tax - attributed to intangible assets	2			2			2			2			2
Total tangible common equity, net of tax	$	5,116		$	4,781		$	4,718		$	4,551		$	4,383
Total assets	$	70,862		$	70,891		$	68,160		$	71,047		$	67,734
Less: goodwill and intangible assets, net	669			672			674			677			680
Tangible assets	70,193			70,219			67,486			70,370			67,054
Plus: deferred tax - attributed to intangible assets	2			2			2			2			2
Total tangible assets, net of tax	$	70,195		$	70,221		$	67,488		$	70,372		$	67,056
Tangible common equity ratio (3)	7.3		%	6.8		%	7.0		%	6.5		%	6.5		%
Common shares outstanding	109.5			109.5			109.5			109.5			108.9
Tangible book value per share, net of tax (3)	$	46.72		$	43.66		$	43.09		$	41.56		$	40.25


Return on Average Tangible Common Equity, Excluding Notable Items:
Three Months Ended 12/31/2023:
	(in millions)













Net income available to common shareholders, excluding notable items	$	207.7
Divided by:
Average stockholders' equity	$	5,780
Less:
Average goodwill and intangible assets	670
Average preferred stock	295
Average tangible common equity	$	4,816
Return on average tangible common equity, excluding notable items (1)	17.1		%


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


Return on Average Assets, Excluding Notable Items:
Three Months Ended 12/31/2023:
	(in millions)
Net income	$	147.9
Excluding:








Total notable items (4)	62.8
Income tax
Tax effect of notable items	(14.4)
Elevated effective tax rate	14.6
Net income, excluding notable items	$	210.9
Divided by:
Average assets	$	69,982
Return on average assets, excluding notable items (1)	1.20		%


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.
(4)			See reconciliation of PPNR, excluding notable items on page 19, for additional detail regarding the components of notable items.

CONTACT:

Western Alliance Bancorporation

Dale Gibbons, 602-952-5476

EARNINGS CALL 4th Quarter 2023 JANUARY 26, 2024

Forward-Looking Statements This presentation contains forward-looking statements that relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Examples of forward-looking statements include, among others, statements we make regarding our 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, 2022 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 such as the COVID-19 pandemic 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, 2023. 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. 2

4th Quarter 2023 | Financial Highlights Earnings & Profitability Q4-23 Q3-23 Q4-22 Earnings per Share / Ex. Notable Items1 $1.33 / $1.91 $1.97 $2.67 Net Income / Ex. Notable Items1 $147.9 / $210.9 $216.6 $293.0 Net Revenue / Ex. Notable Items1 $682.2 / $718.0 $716.2 $701.2 Pre-Provision Net Revenue1 / Ex. Notable Items $220.3 / $283.1 $290.0 $367.8 Net Interest Margin 3.65% 3.67% 3.98% Efficiency Ratio, Adjusted1 / Ex. Notable Items 59.1% / 51.0% 50.0% 40.0% ROAA / Ex. Notable Items1 0.84% / 1.20% 1.24% 1.67% ROTCE, Ex. Notable Items1 11.9% / 17.1% 17.3% 27.0% Balance Sheet & Capital Total Loans $50,297 $49,447 $51,862 Total Deposits $55,333 $54,287 $53,644 CET1 Ratio 10.8% 10.6% 9.3% TCE Ratio1 7.3% 6.8% 6.5% Tangible Book Value per Share1 $46.72 $43.66 $40.25 Asset Quality Provision for Credit losses $9.3 $12.1 $3.1 Net Loan Charge-Offs $8.5 $8.0 $1.8 Net Loan Charge-Offs/Avg. Loans 0.07% 0.07% 0.01% Total Loan ACL/Funded HFI Loans2 0.73% 0.74% 0.69% NPAs3/Total Assets 0.40% 0.35% 0.14% 3 Dollars in millions, except EPS 1) Refer to slide 2 for further discussion of Non-GAAP financial measures. 2) Ratio includes an allowance for credit losses of $14.7 million as of December 31, 2023 related to a pool of loans covered under 3 separate credit linked notes. 3) Nonperforming assets includes nonaccrual loans and repossessed assets. Highlights Notable Items Q4-23 Items Pre-Tax $ FDIC Special Assessment $ (66.3) Balance Sheet Optimization (4.5) Outsized Solar Investment Gains 8.0 Pre-Tax Total: (62.8) Tax Effect of Notable Items 14.4 Elevated Tax Rate Due to Discrete Items (14.6) After-Tax Total: $ (63.0) PPNR1 Q4: $220.3 million $283.1, Ex. Notable Items ROTCE1 11.9% 17.1%, Ex. Notable Items Tangible Book Value PER SHARE1 $46.72 16.1% YoY NPAs3/ Total Assets 0.40% Capital CET1 Ratio: 10.8% TCE Ratio1: 7.3% Net Income $147.9 million $210.9, Ex. Notable Items EPS $1.33 $1.91, Ex. Notable Items Deposit Growth Q4: $1.0 billion 3.1% YoY

2023 2022 Interest Income $4,035.3 $2,691.8 Interest Expense (1,696.4) (475.5) Net Interest Income $2,338.9) $2,216.3 Mortgage Banking Related Income 295.8) 234.9 Fair Value Loss Adjustments, Net (116.0)) (28.6) (Loss) Gain on Sales of Investment Securities, Net (40.8)) 6.8 Other 141.7) 111.5 Non-Interest Income $280.7) $324.6 Net Revenue $2,619.6) $2,540.9 Salaries and Employee Benefits (566.3) (539.5) Deposit Costs (436.7) (165.8) Insurance Gain on Extinguishment of Debt (190.4) 52.7 (31.1) ― Other (482.7) (420.3) Non-Interest Expense $ (1,623.4) $ (1,156.7) Pre-Provision Net Revenue1 $996.2) $1,384.2) Provision for Credit Losses (62.6) (68.1)) Pre-Tax Income $933.6) $1,316.1) Income Tax (211.2) (258.8) Net Income $722.4) $1,057.3) Dividends on Preferred Stock (12.8) (12.8) Net Income Available to Common Stockholders $709.6) $1,044.5) Diluted Shares 108.5) 107.6) Earnings Per Share $6.54) $9.70) Annual Consolidated Financial Results 4 1 2 4 Dollars in millions, except EPS 2023 Highlights 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. 5 1 4 5 2 3 3 Net Interest Income increased $122.6 million, primarily from higher yields on interest earning assets • Partially offset by increased interest expense from deposits and short-term borrowings Non-Interest Income decrease driven by Balance Sheet optimization efforts • Fair value losses of $116.0 million in 2023 compared to $28.6 million in 2022 and losses on sale of securities of $40.8 million in 2023 compared to a gain of $6.8 million in 2022. Deposit Costs increased $270.9 million, primarily related to an increase in rates and ECR deposit balances Insurance increased $159.3 million, which includes $66.3 million for the FDIC special assessment Gain on Extinguishment of Debt of $52.7 million related to payoff of credit linked notes and repayment of AmeriHome Senior Notes

Q4-23 Q3-23 Q4-22 Interest Income $1,039.0 $1,026.6 $888.3 Interest Expense (447.3) (439.6) (248.6) Net Interest Income $591.7 $587.0 $639.7 Mortgage Banking Related Income 56.9 79.2 46.8 Fair Value Gain (Loss) Adjustments, Net 1.3 17.8 (9.2) (Loss) Gain on Sales of Investment Securities (14.8) 0.1 0.1 Other 47.1 32.1 23.8 Non-Interest Income $90.5 $129.2 $61.5 Net Revenue $682.2 $716.2 $701.2 Salaries and Employee Benefits (134.6) (137.2) (125.7) Deposit Costs (131.0) (127.8) (82.2) Insurance (108.6) (33.1) (8.9) Gain on Extinguishment of Debt 39.3 ― ―) Other (127.0) (128.1) (116.6) Non-Interest Expense $(461.9) $(426.2) $ (333.4) Pre-Provision Net Revenue1 $220.3 $290.0 $367.8) Provision for Credit Losses (9.3) (12.1) (3.1)) Pre-Tax Income $211.0 $277.9 $364.7) Income Tax (63.1) (61.3) (71.7) Net Income $147.9 $216.6 $293.0) Dividends on Preferred Stock (3.2) (3.2) (3.2)) Net Income Available to Common Stockholders / Ex. Notable Items1 $144.7 / $207.7 $213.4 $289.8) Diluted Shares 108.7 108.5 108.4) Earnings Per Share / Ex. Notable Items1 $1.33 / $1.91 $1.97 $2.67) Quarterly Income Statement Net Interest Income increased $4.7 million, primarily from higher earning asset balances and lower average borrowings Non-Interest Income decreased $38.7 million, primarily driven by the following: • Fair value gains on HFS loans in Q3 that did not recur in Q4, losses on MSR sales and losses on investment securities sales Mortgage Banking Metrics • $10.1 billion mortgage loan production in Q4 (90% purchase / 10% refinance), down 17% compared to Q3 and up 22% to Q4 2022 • $10.3 billion interest rate lock commitment volume in Q4, down 11% compared to Q3 and up 29% to Q4 2022 • Gain on Sale margin2 of 30 bps in Q4, compared to 38 bps in Q3 and 19 bps in Q4 2022 • $68.6 billion in servicing portfolio UPB Insurance increased $75.5 million, primarily related to the FDIC special assessment of $66.3 million and higher insured deposit balances Gain on Extinguishment of Debt of $39.3 million, due to repayment of AmeriHome Senior Notes Income Tax increased $1.8 million despite lower pre-tax income, as the effective tax rate was impacted by one-time tax adjustments primarily from Low-Income Housing units not placed in service 5 1 2 3 Q4 2023 Highlights 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. 3 4 Dollars in millions, except EPS 2 1 5 4 5 Balance Sheet Optimization • MSR FV & Sales: $(25.3) • Loan Sales: $(3.7) • Security Sales: $(14.8) • Debt Extinq.: +$39.3 Total: $(4.5)

Q4-23 Q3-23 Q4-22 Investments & Cash $14,569 $14,920 $9,803 HFS Loans 1,402 1,766 1,184 HFI Loans, Net 50,297 49,447 51,862 Allowance for Loan Losses (337) (327) (310) Mortgage Servicing Rights 1,124 1,233 1,148 Goodwill and Intangibles, Net 669 672 680 Other Assets 3,138 3,180 3,367 Total Assets $70,862 $70,891 $67,734 Deposits 55,333 $54,287 $53,644 Borrowings 8,125 9,635 7,192 Other Liabilities 1,326 1,223 1,542 Total Liabilities $64,784 $65,145 $62,378 Accumulated Other Comprehensive Loss (513) (733) (661) Total Shareholders’ Equity 6,078 5,746 5,356 Total Liabilities and Equity $70,862 $70,891 $67,734 Tangible Book Value Per Common Share1 $46.72 $43.66 $40.25 Investments & Cash decreased $351 million to $14.6 billion, or (2.4%), primarily due to paydown of debt HFI Loans increased $850 million, or 1.7%, and decreased $1.6 billion, or (3.0%), over prior year Deposits increased $1.0 billion to $55.3 billion, or 1.9%, and are $1.7 billion higher, or 3.1%, over the prior year Borrowings decreased $1.5 billion over prior quarter primarily related to repayment of BTFP borrowings, repo facilities and AmeriHome Senior Notes Shareholders’ Equity increased $332 million as a function of net income and OCI gains, partially offset by dividends Tangible Book Value/Share1 increased $3.06, or 7.0%, over prior quarter and increased $6.47, or 16.1%, over prior year Consolidated Balance Sheet 6 1 3 4 2 3 6 Q4 2023 Highlights 4 5 6 5 Dollars in millions, except per share data 1) Refer to slide 2 for further discussion of Non-GAAP financial measures. 1 2

Five Quarter Loan Composition 7 ($1.6) Billion Year-Over-Year Change Quarter-over-quarter loan increase of $850 million driven by (in millions): C&I $759 Construction & Land 220 CRE, OO 39 Offset by decrease in: CRE, non-OO (160) Residential & Consumer (8) Total $850 $20.7 $15.5 $16.7 $18.3 $19.1 $1.8 $1.8 $1.8 $1.8 $1.8 $9.4 $9.6 $9.9 $9.8 $9.7 $4.0 $4.4 $4.4 $4.7 $4.9 $16.0 $15.1 $15.1 $14.8 $14.8 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Residential & Consumer Construction & Land CRE, Non-Owner Occupied CRE, Owner Occupied Commercial & Industrial Dollars in billions, unless otherwise indicated Total Loans, HFI $51.9 $46.4 $47.9 $49.4 $50.3 Qtr. Change -$0.3 -$5.4 +$1.4 +$1.6 +$0.9 30.8% 7.7% 18.1% 3.5% 39.9% 38.0% 3.6% 19.2% 9.7% 29.5%30.0% 9.5% 19.8% 3.6% 37.1% 1) Average yields on loans have been adjusted to a tax equivalent basis. 2) Decrease in HFI loan balance includes $6.0 billion of loans reclassified from HFI to HFS. 3) Increase in HFI loan balance includes $1.0 billion of loans reclassified from HFS to HFI. 4) Increase in HFI loan balance includes $1.3 billion of loans reclassified from HFS to HFI. Q4 2023 Highlights Q4-23 Avg. Yields1 4.25% 7.71% 5.88% 9.33% 7.40% Total Yield 6.65% 2 3 4 Year-over-year loan decrease of ($1.6) billion driven by (in millions): C&I ($1,607) Residential & Consumer (1,157) CRE, OO (8) Offset by increase in: Construction & Land 876 CRE, non-OO 331 Total ($1,565)

$19.7 $16.5 $16.7 $18.0 $14.5 $9.5 $10.7 $12.6 $12.8 $15.9 $19.4 $13.8 $13.1 $14.7 $14.8 $5.0 $6.6 $8.6 $8.8 $10.1 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 CDs Savings and MMDA Interest Bearing DDA Non-Interest Bearing DDA 16.2% 27.0% 23.7% 33.1% Five Quarter Deposit Composition 8 $1.7 Billion Year-Over-Year Change Quarter-over-quarter deposit increase of $1.0 billion driven by (in millions): Interest-Bearing DDA $3,073 CDs 1,325 Savings and MMDA 119 Offset by: Non-Interest Bearing DDA (3,471) Total $1,046 Dollars in billions, unless otherwise indicated Total Deposits $53.6 $47.6 $51.0 $54.3 $55.3 Qtr. Change -$1.9 -$6.1 +$3.5 +$3.2 +$1.0 9.3% 36.2% 17.7% 36.8% 26.2% 28.8% 26.7% 18.3% Q4 2023 Highlights 5.03% 3.24% 2.91% N/A Deposit Composition (By Business Line) Q4-23 Avg. Costs 31% 16% 9% 14% 10% 1% 5% 14%Regions Mtg WH Tech & Innov. HOA Sttlmt Svcs Bus. Escrow Svcs Digital Consumer Other • 26% of total deposits are noninterest-bearing • Approximately 45% have no ECRs Total Cost 2.44%Q4-23 NIB quarterly decline primarily driven by seasonal MWH deposit outflows of $3.0 billion

Total Investments and Yield Interest Bearing Deposits and Cost Loans and HFI Yield Deposits, Borrowings & Cost of Liability Funding Net Interest Drivers 9 • Loan yields decreased 8 bps due to full-quarter impact of the $1.3 billion reclassification of loans from HFS to HFI at the end of Q3 • Yield on Loans Held For Sale increased 31 bps to 6.42% in Q4 • Investment yields increased 8 bps, primarily related to floating-rate securities • Cost of interest-bearing deposits increased 7 bps, and total cost of funds increased 2 bps to 2.82% due to an increase in demand accounts and lower short-term borrowings • Prioritizing optimization of liability structure by utilizing deposits to pay down short-term borrowings • Average short-term borrowings decreased $768 million in Q4 to $5.5 billion or 12% of average interest-bearing liabilities compared to 14% in Q3 • Robust reciprocal deposit growth • ~67% of total deposits classified as brokered consist of reciprocal balances $51.9 $46.4 $47.9 $49.4 $50.3 $1.8 $1.2 $1.1 $1.4 $1.8 $1.4 5.70% 6.28% 6.48% 6.73% 6.65% Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 $5.9 $33.9 $31.1 $34.3 $36.3 $40.8 1.97% 2.75% 3.08% 3.49% 3.56% Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 $8.8 $9.5 $10.4 $11.4 $13.0 4.45% 4.68% 4.76% 4.91% 4.99% Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Non-Interest Bearing Deposits Total Borrowings Q4 2023 Highlights HFI HFS Loans (ex. AMH) Interest Bearing DepositsInterest Bearing Deposits Dollars in billions, unless otherwise indicated Total Investments $33.9 $31.1 $34.3 $36.3 $40.8 $19.7 $16.5 $16.7 $18.0 $14.5 $7.2 $16.8 $10.5 $9.6 $8.1 1.57% 2.27% 2.85% 2.80% 2.82% Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 HFS – AMH Resi

$52.2 $52.0 $46.8 $48.1 $49.6 $2.7 $2.1 $6.3 $3.1 $1.8 $8.5 $8.8 $9.9 $10.4 $11.3 $1.3 $3.3 $2.6 $2.9 $2.6 5.50% 5.99% 6.17% 6.37% 6.37% $64.7 $66.2 $65.6 $64.5 $65.3 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 $639.7 $609.9 $591.7 $550.3 $587.0 3.98% 3.79% 3.42% 3.67% 3.65% Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Net Interest Income 10 • Net Interest Income increased $4.7 million, or 0.8%, over prior quarter primarily due to a higher average earning assets balance and lower short-term borrowings • Average Earning Assets increased $843 million, or 1.3%, over prior quarter • NIM decreased 2 bps, driven by higher interest expense on deposits Net Interest Income and Net Interest Margin Average Earning Assets & Average Yield Net Interest Income Net Interest Margin Q4 2023 Highlights Dollars in millions Dollars in billions Cash & Other Securities Loans Held for Sale Loans Average Yield 13% 4%4% 17% 3% 76% 16% 5% 75% 4% 81% 2%

Non-Interest Expenses and Efficiency1 11 • Adjusted efficiency ratio1 (excluding deposit costs and notable items) increased 100 bps to 51.0% from the prior quarter, driven primarily by higher insurance expense, which includes $66.3 million for the FDIC special assessment • Efficiency ratio1 increased 8.0% to 66.8% compared to the prior quarter and 19.9% from the same period last year • Notable Items increased non-interest expense by $27.0 million in Q4-23 • FDIC Special Assessment: $66.3 million • Debt Repayment at Discount: $(39.3) million • Deposit Costs increased $3.2 million to $131.0 million from higher average ECR-related deposit balances • Total ECR-related deposit balances of $17.8 billion in Q4-23 • Average ECR-related deposits of $19.9 billion in Q4-23 compared to $17.1 billion in Q3-23 and $15.4 billion in Q4-22 Dollars in millions Q4 2023 Highlights 1) Refer to slide 2 for further discussion of Non-GAAP financial measures. 2) Q1-23 is adjusted to exclude $147.6 million of pre-tax net non-operating charges. 3) Q4-23 adjusted efficiency ratio excludes pre-tax notable items as detailed on slide 20. Non-Interest Expenses and Efficiency Ratio Breakdown of Non-Interest Expenses Non-Interest Expenses Efficiency Ratio Other ExpensesDeposit Costs Salaries & Employee Benefits Adj. Efficiency Ratio (Ex. Notable Items) $333.4 $347.9 $387.4 $426.2 $461.9 46.9% 62.0% 57.1% 58.8% 66.8% 40.0% 43.2% 50.5% 50.0% 51.0% Q4-22 Q1-23 Q2-23 Q3-23 Q4-232 $116.6 $96.5 $117.8 $128.1 $87.7 $125.7 $148.9 $145.6 $137.2 $134.6 $82.2 $86.9 $91.0 $127.8 $131.0 $8.9 $15.7 $33.0 $33.1 $108.6 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Insurance Net Notable Items: $27.0 mm FDIC Special Assessment: $66.3 mm Debt Repayment at Discount: $(39.3) mm 3

$351 $320 $694 $668 $641 0.68% 0.69% 1.45% 1.35% 1.27% Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 $11 $11 $11 $8 $8$85 $107 $256 $237 $273 $297 $341 $337 $394 $392 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Asset Quality 12 • Asset quality remained stable, as the aggregate net change in Special Mention Loans and Classified Assets was only $7 million • Special Mention Loans decreased $27 million to $641 million (127 bps to Funded Loans) • Total Classified Assets increased $34 million to $673 million (95 bps to Total Assets) • Non-Performing Assets (Non-Performing Loans + OREO) increased $36 million to $281 million (40 bps to Total Assets) • Over last 10+ years, only ~1% of Special Mention Loans have migrated to loss Special Mention Loans Dollars in millions Classified Assets Special Mention Loans OREO Non-Performing Loans Classified Accruing Assets $393 $459 $604 $639 SM / Funded Loans Q4 2023 Highlights $673 Asset Quality Ratios 0.58% 0.65% 0.89% 0.90% 0.95% 0.14% 0.17% 0.39% 0.35% 0.40% Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Classified Assets / Total Assets NPLs + OREO / Total Assets Classified Assets Mix 26% 10% 11% 8% 2% CRE Investor C&I Resi Construction CRE OO Securities 22% Hotel 18% Office 3% Other

$310 $305 $321 $327 $337 $47 $45 $41 $38 $32$5 $9 $10 $11 $9 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 $2.2 $9.2 $8.2 $8.5 $9.3 ($0.4) ($3.2) ($0.8) ($0.5) ($0.8) Credit Losses and ACL Ratios 13 • Provision expense of $9.3 million, primarily reflective of a normalizing economic environment and heightened attention on commercial real estate • Net loan charge-offs of $8.5 million, 7 bps, compared to $8.0 million, 7 bps, in Q3 • Total Loan ACL / Funded Loans decreased 1 bp to 0.73% in Q4 • Total Loan ACL / Funded Loans less loans covered by Credit Linked Notes (CLN) is 0.89% • 21% of loan portfolio is credit protected, consisting of government guaranteed, CLN protected4, and cash secured assets Dollars in millions Allowance for Credit Losses Gross Loan Charge-offs and Recoveries Loan ACL Adequacy Ratios2 Total Loan ACL / Non-Performing Loans Total Loan ACL / Funded Loans3 Loan Losses Unfunded Loan Commits.1 HTM and AFS Securities Gross Charge Offs Recoveries Q4 2023 Highlights 1) Included as a component of other liabilities on the balance sheet. 2) Total Gross Loan ACL includes allowance for unfunded commitments. 3) Ratio includes an allowance for credit losses of $14.7 million as of December 31, 2023 related to a pool of loans covered under 3 separate credit linked notes. 4) As of December 31, 2023, CLNs cover a substantial portion of Residential ($9.1 billion) loans outstanding. Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 0.69% 0.75% 0.76% 0.74% 0.73% 420% 327% 141% 154% 135% Q4-22 Q1-23 Q2-23 Q3-23 Q4-23

14 • WAL remains appropriately reserved, especially when considering credit protection from CLNs and historically low loss loan categories • Total Loan ACL / Funded Loans of 0.73% • 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 1.31% • >10x 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 >30x historical average annual loss rate4 x duration Key Reserve Level Ratios Reserve levels enhanced by credit protection and low loss loan categories 0.89% 0.91% 1.06% 1.31% 0.73% Total Loan ACL / Funded Loans1,2 - Loans Covered by CLNs 1 2 - EFR Loans 3 4 - Residential Loans 5 - Mortgage Warehouse Loans 0.04% EBOs3 Adjusted Total Loan ACL / Funded Loans: Q4-23 1) Total Loan ACL includes allowance for unfunded commitments. 2) Ratio includes an allowance for credit losses of $14.7 million as of December 31, 2023 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 – Q4-23. 0.11% Resi 0.25% 0.02% 0.16% Q4 2023 Highlights

Capital Accumulation 15 Regulatory Capital Levels • Continue to exceed “well-capitalized” levels • CET1 up 20 bps in Q4-23 to 10.8% Tangible Common Equity / Tangible Assets1 • TCE / TA increased from the prior quarter to 7.3% due to AOCI gain impact Capital Accretion • CET1 has grown quarter-over-quarter from organic earnings and balance sheet optimization actions Robust Common Capital Levels Regulatory Capital 9.3% 9.4% 10.1% 10.6% 10.8% 6.5% 6.5% 7.0% 6.8% 7.3% Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 CET1 Ratio TCE/TA1 Q4 2023 Highlights 1) Refer to slide 2 for further discussion of Non-GAAP financial measures. Total RBC RatioTier 1 RatioLeverage Ratio 7.8% 8.1% 8.5% 8.5% 8.6% 10.1% 10.8% 11.3% 11.3% 11.5% 12.1% 13.0% 13.5% 13.5% 13.7% Q1-23 Q2-23 Q3-23 Q3-23 Q4-23

493% 562% 58% 111% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 MRQ 16 Tangible Book Value per Share1 • TBVPS increased $3.06 to $46.72 from prior quarter from improvement in AOCI and organic earnings • Increased 7.1% quarter-over-quarter, non-annualized • Increased 16.2% year-over-year • 19.5% CAGR since year end 2013 • TBVPS has increased 8.5x that of peers • Quarterly common stock cash dividend of $0.37 per share Long-Term Growth in TBV per Share1 1) Refer to slide 2 for further discussion of Non-GAAP financial measures. 2) MRQ is Q4-23 for WAL and Q3-23 for WAL Peers. Note: Peers consist of the 18 major exchange traded US banks with total assets between $50 bn and $250 bn as of September 30, 2023, excluding target banks of pending acquisitions. TSR performance is through December 31, 2023. S&P Global Market Intelligence. WAL WAL with Dividends Added Back Peer Median Peer Median with Dividends Added Back 2 Tangible Book Value Growth Q4 2023 Highlights 1x 2x 3x 4x 5x 6x WAL Peer Top Quartile Peer Median KRE 1-Year 14% 13% 1% -8% 3-Year 17% 40% 24% 9% 5-Year 84% 79% 45% 29% 10-Year 204% 155% 96% 62% Total Shareholder Returns

Management Outlook 17 Loans (HFI): +$2.0 bn Deposits: +$8.0 bn >11.0% Up 5% – 10% Up 10% – 20% Up 0% – 2% 10 bps – 15 bps 2024 OutlookBaseline Loans (HFI): $50.3 bn Deposits: $55.3 bn 10.8% $2.37 bn $397 mm $1.74 bn 6 bps • Assumes (4) 25 bp fed funds cuts in H2 2024 • Inclusive of ECR-related Deposit Costs 1) Baseline Non-Interest Income excludes $116 million of FV adjustments. Reference Period YE 2023 YE 2023 Q4 2023 Ann. FY 2023 Q4 2023 Ann. FY 2023 2) Q4 2023 Annualized excludes: Gain on Debt Extinguishment of $39.3 million and FDIC Special Assessment of $66.3 million. 22% – 23%23%FY 2023 Balance Sheet Growth Capital (CET1) Net Interest Income Non-Interest Income (Ex.) 1 Non-Interest Expense (Ex.) 2 Net Charge-Offs Effective Tax Rate

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Appendix

Q4-23 Net Income Available to Common Stockholders $144.7 Exclusion for Notable Items: Non-Interest Income MSR Fair Value Adjustments and Sales, Net of Hedging 25.3 Loss on Loan Sales 3.7 Loss on Investment Security Sales 14.8 Outsized Solar Investment Gains (8.0) Non-Interest Expense FDIC Special Assessment (66.3) Debt Repayment at Discount 39.3 Income Tax Tax Effect of Notable Items 14.4 Elevated Tax Rate Due to Discrete Items (14.6) Net Income Available to Common Stockholders, excluding notable items $207.7 Diluted Shares 108.7 Earnings Per Share, excluding notable items $1.91 Dollars in millions, except EPS Notable Income Statement Items 20 1 3 4 Notable Items 1) Refer to slide 2 for further discussion of Non-GAAP financial measures. 4 3 1 Balance Sheet Optimization efforts included the following: • MSR fair value adjustments and sales • Loan sales • Investment security sales • Debt repayment Income from Equity Investments was elevated by ~$8.0 million due to outsized gains from solar tax credit investments with higher than expected performance during the quarter Insurance Expense was elevated due to the FDIC special assessment Income Tax includes the tax effect of notable items and reduction to the Q4 effective tax rate both at a normalized 23% rate as the Q4 effective tax rate was impacted by tax credit utilization deferral 1 2 2

Commercial Real Estate Investor Statistics 21 CRE Investor Portfolio ($9.6 Billion; 19% of Total Loans) Distribution by LTV Underwriting Criteria and Mitigating Factors 23% 25% 29% 14% 4% 5% <=40% 41-50% 51-60% 61-70% 71-80% >80% • 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 Note: LTV data assumes all loans are fully funded; based on most recent appraisals and utilizing, in most cases, “as stabilized” values for income producing properties. 44% 25% 8% 6% 6% 4% 2% 1% 1% 1% 2% 48% 59% 61% 50% 50% 35% 42% 51% 25% 49% 48% -50% -30% -10% 10% 30% 50% 70% 0% 10% 20% 30% 40% 50% 60% Outstanding LTV Low uncovered risk with re-margin provisions

Commercial Real Estate Investor: Office 22 Distribution by LTV 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, 1% Small City/Town and 87% in Suburban MSAs • Focused on B+ properties accompanied by attractive amenities or those in core locations with appropriate business plans to reposition • Class A: 64%, Class B: 33%, Class C: 3% • 94% of Class B & C exposures have LTVs < 70% • Limited near-term maturity risk • 20% to mature in 2024; 80% maturing in 2025 and beyond Key MSA Exposures $2.4 Billion; 25% of Total CRE Investor; 5% of Total Loans 7% 13% 37% 28% 7% 8% <=40% 41-50% 51-60% 61-70% 71-80% >80% 87% 1% 10% 2% Suburban Small City/Town Midtown CBD 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.

Superior Deposit Liquidity and Fortified Adjusted Capital 23 Excellent Combined Insured/Collateralized Deposits & CET1 Capital Adjusting for AOCI Securities Marks Insured/collateralized deposits for peers from SEC filings or 9/30/23 RC-O data and Collateralized deposits for peers uses YE22 RC-E data. Includes Top-50 publicly traded banks headquartered in the US by assets as of September 30, 2023. Source: S&P Global Market Intelligence, Call reports. Insured Deposits % vs. CET1 Adj. (Incl. of AOCI Unrealized Securities Marks) for Top 50 Banks by Assets ABCB ASB BAC BANC BKU BOKF BPOP C CADE CBSH CFG CFR CMA COLB EWBC FCNC.A FHB FHN FIBK FITB FNB FULT GBCI HBAN HWC JPM KEY MTB NYCB ONB OZK PB PNC PNFP RF SFNC SNV SSB TCBI TFC UBSI UCBI UMBF USB VLY WAL WBS WFC WTFC ZION 50% 55% 60% 65% 70% 75% 80% 85% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% 10.5% 11.0% 11.5% 12.0% 12.5% 13.0% 13.5% 14.0% 14.5% 15.0% 15.5% *I ns ur ed /C ol la te ra liz ed D ep os its % (Q 3- 23 ) CET1 adj. for AOCI (Q3-23) WAL Adj. CET1: 9.8% (Q4-23)

DEI Document	Jan. 25, 2024
Entity Information [Line Items]
Entity Central Index Key	0001212545
Amendment Flag	false
Document Type	8-K
Document Period End Date	Jan. 25, 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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