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): October 17, 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 October 17, 2024, Western Alliance Bancorporation (the “Company”) issued a press release reporting results for the fiscal quarter ended September 30, 2024 and posted on its website its third quarter 2024 Earnings Conference Call Presentation, which contains certain additional historical and forward-looking information relating to the Company. Copies of the press release and presentation slides are attached hereto as Exhibits 99.1 and 99.2, respectively.

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

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.


99.1						Press Release dated October 17, 2024

99.2						Third Quarter 2024 Earnings Conference Call dated October 18, 2024

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

SIGNATURES

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


			WESTERN ALLIANCE BANCORPORATION
			(Registrant)


			/s/ Dale Gibbons

			Dale Gibbons
			Executive Vice President and
			Chief Financial Officer



Date:			October 17, 2024


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

PHOENIX--(BUSINESS WIRE)--October 17, 2024

THIRD QUARTER 2024 FINANCIAL RESULTS

Quarter Highlights:

Net income

Earnings per share

PPNR1

Net interest margin

Efficiency ratio

Book value per
common share

$199.8 million

$1.80

$285.7 million

3.61%

64.5%

$57.97

52.7%1, adjusted for deposit costs

$51.981, excluding

goodwill and intangibles

CEO COMMENTARY:

“Western Alliance delivered solid third quarter results featuring strong net interest income growth, continued loan and deposit momentum, and healthy earnings generation,” said Kenneth A. Vecchione, President and Chief Executive Officer. “Quarterly loan and deposit growth of $916 million and $1.8 billion, respectively, continued their upward trajectory and produced PPNR1 of $285.7 million. Asset quality remained stable with our nonperforming assets to total assets ratio declining to 0.45% and net loan charge-offs of 0.20% of average loans. Overall, we achieved net income of $199.8 million and earnings per share of $1.80 for the third quarter 2024, which resulted in a return on tangible common equity1 of 13.8%. Tangible book value per share1 climbed 19.1% year-over-year to $51.98 with a CET1 ratio of 11.2%.


LINKED-QUARTER BASIS			YEAR-OVER-YEAR



FINANCIAL HIGHLIGHTS:

▪Net income of $199.8 million and earnings per share of $1.80, up 3.2% and 2.9%, from $193.6 million and $1.75, respectively

▪Net revenue of $823.1 million, an increase of 6.6%, or $51.3 million, compared to an increase in non-interest expenses of 10.4%, or $50.6 million

▪Pre-provision net revenue1 of $285.7 million, up $0.7 million from $285.0 million

▪Effective tax rate of 20.7%, compared to 21.9%

▪Net income of $199.8 million and earnings per share of $1.80, down 7.8% and 8.6%, from $216.6 million and $1.97, respectively

▪Net revenue of $823.1 million, an increase of 14.9%, or $106.9 million, compared to an increase in non-interest expenses of 26.1%, or $111.2 million

▪Pre-provision net revenue1 of $285.7 million, down $4.3 million from $290.0 million

▪Effective tax rate of 20.7%, compared to 22.1%


FINANCIAL POSITION RESULTS:

▪HFI loans of $53.3 billion, up $916 million, or 1.7%

▪Total deposits of $68.0 billion, up $1.8 billion, or 2.7%

▪HFI loan-to-deposit ratio of 78.4%, down from 79.1%

▪Stockholders' equity of $6.7 billion, up $343 million

▪Increase in HFI loans of $3.9 billion, or 7.9%

▪Increase in total deposits of $13.8 billion, or 25.3%

▪HFI loan-to-deposit ratio of 78.4%, down from 91.1%

▪Increase in stockholders' equity of $931 million


LOANS AND ASSET QUALITY:

▪Nonperforming assets (nonaccrual loans and repossessed assets) to total assets of 0.45%, compared to 0.51%

▪Annualized net loan charge-offs to average loans outstanding of 0.20%, compared to 0.18%

▪Nonperforming assets to total assets of 0.45%, compared to 0.35%

▪Annualized net loan charge-offs to average loans outstanding of 0.20%, compared to 0.07%


KEY PERFORMANCE METRICS:

▪Net interest margin of 3.61%, decreased from 3.63%

▪Return on average assets and on tangible common equity1 of 0.96% and 13.8%, compared to 0.99% and 14.3%, respectively

▪Tangible common equity ratio1 of 7.2%, increased from 6.7%

▪CET 1 ratio of 11.2%, compared to 11.0%

▪Tangible book value per share1, net of tax, of $51.98, an increase of 6.5% from $48.79

▪Adjusted efficiency ratio1 of 52.7%, compared to 51.5%

▪Net interest margin of 3.61%, decreased from 3.67%

▪Return on average assets and on tangible common equity1 of 0.96% and 13.8%, compared to 1.24% and 17.3%, respectively

▪Tangible common equity ratio1 of 7.2%, increased from 6.8%

▪CET 1 ratio of 11.2%, compared to 10.6%

▪Tangible book value per share1, net of tax, of $51.98, an increase of 19.1% from $43.66

▪Adjusted efficiency ratio1 of 52.7%, compared to 50.0%

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

Income Statement

Net interest income totaled $696.9 million in the third quarter 2024, an increase of $40.3 million, or 6.1%, from $656.6 million in the second quarter 2024, and an increase of $109.9 million, or 18.7%, compared to the third quarter 2023. The increase in net interest income from the second quarter 2024 is due to an increase in average HFI and HFS loan balances, partially offset by a decrease in HFI loan yields. The increase in net interest income from the third quarter 2023 was driven by an increase in average HFI loan and investment securities balances, partially offset by higher balances and rates on deposits and a lower yields on HFI loans.

The Company recorded a provision for credit losses of $33.6 million in the third quarter 2024, a decrease of $3.5 million from $37.1 million in the second quarter 2024, and an increase of $21.5 million from $12.1 million in the third quarter 2023. The provision for credit losses during the third quarter 2024 is primarily reflective of net-charge offs of $26.6 million and loan growth.

The Company’s net interest margin in the third quarter 2024 was 3.61%, a decrease from 3.63% in the second quarter 2024, and a decrease from 3.67% in the third quarter 2023. The decrease in net interest margin from the second quarter 2024 was driven by lower yields on HFI loans. The decrease in net interest margin from the third quarter 2023 was driven by lower HFI loan yields and higher deposit rates.

Non-interest income was $126.2 million for the third quarter 2024, compared to $115.2 million for the second quarter 2024, and $129.2 million for the third quarter 2023. The $11.0 million increase in non-interest income from the second quarter 2024 was primarily due to increases in service charges and loan fees of $12.3 million, gain on sales of investment securities of $6.5 million, and other non-interest income of $10.8 million primarily from income on recently purchased bank owned life insurance policies. These increases were partially offset by a decrease of $25.8 million in net loan servicing revenue due to higher MSR fair value losses combined with lower servicing income. The $3.0 million decrease in non-interest income from the third quarter 2023 was primarily driven by lower net loan servicing revenue and lower fair value gain adjustments, partially offset by higher other non-interest income due to income on new bank owned life insurance policies.

Net revenue totaled $823.1 million for the third quarter 2024, an increase of $51.3 million or 6.6%, compared to $771.8 million for the second quarter 2024, and an increase of $106.9 million or 14.9%, compared to $716.2 million for the third quarter 2023.

Non-interest expense was $537.4 million for the third quarter 2024, compared to $486.8 million for the second quarter 2024, and $426.2 million for the third quarter 2023. The Company’s efficiency ratio, adjusted for deposit costs1 was 52.7% for the third quarter 2024, compared to 51.5% in the second quarter 2024, and 50.0% for the third quarter 2023. The increase in non-interest expense from the second quarter 2024 is due primarily to an increase of $34.3 million in deposit costs. The increase in non-interest expense from the third quarter 2023 is primarily attributable to an increase in deposit costs and salaries and employee benefits.

Income tax expense was $52.3 million for the third quarter 2024, compared to $54.3 million for the second quarter 2024, and $61.3 million for the third quarter 2023. The decrease in income tax expense from the second quarter 2024 is primarily related to increased expected utilization of tax credits. The decrease in income tax expense from the third quarter 2023 is primarily related to lower pre-tax income.

Net income was $199.8 million for the third quarter 2024, an increase of $6.2 million from $193.6 million for the second quarter 2024, and a decrease of $16.8 million from $216.6 million for the third quarter 2023. Earnings per share totaled $1.80 for the third quarter 2024, compared to $1.75 for the second quarter 2024, and $1.97 for the third quarter 2023.

The Company views its pre-provision net revenue1 ("PPNR") as a key metric for assessing the Company’s earnings power, which it defines as net revenue less non-interest expense. For the third quarter 2024, the Company’s PPNR1 was $285.7 million, up $0.7 million from $285.0 million in the second quarter 2024, and down $4.3 million from $290.0 million in the third quarter 2023.

The Company had 3,426 full-time equivalent employees and 56 offices at September 30, 2024, compared to 3,310 full-time equivalent employees and 56 offices at June 30, 2024, and 3,272 full-time equivalent employees and 56 offices at September 30, 2023.

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

Balance Sheet

HFI loans, net of deferred fees totaled $53.3 billion at September 30, 2024, compared to $52.4 billion at June 30, 2024, and $49.4 billion at September 30, 2023. The increase in HFI loans of $916 million from the prior quarter was primarily driven by increases of $861 million and $154 million in commercial and industrial and commercial real estate non-owner occupied loans, respectively, partially offset by decreases of $69 million and $50 million in commercial real estate owner occupied and residential real estate loans, respectively. The increase in HFI loans of $3.9 billion from September 30, 2023 was primarily driven by an increase of $4.2 billion in commercial and industrial loans, partially offset by a decrease of $384 million in residential real estate loans. HFS loans totaled $2.3 billion at September 30, 2024, compared to $2.0 billion at June 30, 2024, and $1.8 billion at September 30, 2023. The increases of $320 million and $561 million in HFS loans from June 30, 2024 and September 30, 2023, respectively, are 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. The allowance for loan losses to funded HFI loans ratio was 0.67%, 0.67%, and 0.66% at September 30, 2024, June 30, 2024, and September 30, 2023, respectively. The allowance for credit losses, which includes the allowance for unfunded loan commitments, to funded HFI loans ratio was 0.74% at September 30, 2024, June 30, 2024, and September 30, 2023. The Company is a party to credit linked note transactions which effectively transfer a portion of the risk of losses on reference pools of loans to the purchasers of the notes. The Company is protected from first credit losses on reference pools of loans totaling $8.8 billion, $8.9 billion, and $9.3 billion as of September 30, 2024, June 30, 2024, and September 30, 2023, respectively, under these transactions. However, as these note transactions are considered to be free standing credit enhancements, the allowance for credit losses cannot be reduced by the expected credit losses that may be mitigated by these notes. Accordingly, the allowance for loan and credit losses ratios include an allowance related to these pools of loans of $11.8 million as of September 30, 2024, $11.7 million as of June 30, 2024, and $17.4 million as of September 30, 2023. The allowance for credit losses to funded HFI loans ratio, adjusted to reduce the HFI loan balance by the amount of loans in covered reference pools, was 0.88% at September 30, 2024, 0.89% at June 30, 2024, and 0.91% at September 30, 2023.

Deposits totaled $68.0 billion at September 30, 2024, an increase of $1.8 billion from $66.2 billion at June 30, 2024, and an increase of $13.8 billion from $54.3 billion at September 30, 2023. By deposit type, the increase from the prior quarter is attributable to increases of $3.4 billion from non-interest bearing deposits and $2.5 billion from savings and money market deposits, partially offset by decreases of $3.4 billion from interest-bearing demand deposits and $714 million from certificates of deposits. From September 30, 2023, non-interest bearing deposits increased $7.0 billion, savings and money market deposits increased $4.9 billion, interest-bearing demand deposits increased $1.0 billion, and certificates of deposit increased $873 million. Non-interest bearing deposits were $25.0 billion at September 30, 2024, compared to $21.5 billion at June 30, 2024, and $18.0 billion at September 30, 2023.

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


	Sep 30, 2024		Jun 30, 2024		Sep 30, 2023
Non-interest bearing	36.7	%	32.5	%	33.1	%
Interest-bearing demand	20.3		26.1		23.7
Savings and money market	28.8		25.8		27.0
Certificates of deposit	14.2		15.6		16.2

The Company’s ratio of HFI loans to deposits was 78.4% at September 30, 2024, compared to 79.1% at June 30, 2024, and 91.1% at September 30, 2023.

Borrowings were $3.0 billion at September 30, 2024, $5.6 billion at June 30, 2024, and $8.7 billion at September 30, 2023. Borrowings decreased $2.6 billion from June 30, 2024 primarily due to a decrease of $3.6 billion in short-term borrowings, partially offset by a $1.0 billion increase in long-term borrowings. The decrease in borrowings from September 30, 2023 is primarily due to a decrease in short-term borrowings of $6.4 billion and payoff of the AmeriHome senior notes as part of the Company's balance sheet repositioning, partially offset by an increase in long term borrowings of $1.0 billion.

Stockholders’ equity was $6.7 billion at September 30, 2024, compared to $6.3 billion at June 30, 2024 and $5.7 billion at September 30, 2023. The increase in stockholders’ equity from the prior quarter was due to net income and unrealized fair value gains of $176 million on the Company's available-for-sale securities, which are recorded in other comprehensive loss, net of tax, partially offset by dividends to shareholders. Cash dividends of $40.7 million ($0.37 per common share) and $3.2 million ($0.27 per depository share) were paid to stockholders during the third quarter 2024. The increase in stockholders' equity from September 30, 2023 is primarily a function of net income and unrealized fair value gains on available-for-sale securities, partially offset by dividends to stockholders.

The Company's common equity tier 1 capital ratio was 11.2% at September 30, 2024, compared to 11.0% and 10.6% at June 30, 2024 and September 30, 2023, respectively. At September 30, 2024, tangible common equity, net of tax1, was 7.2% of tangible assets1 and total capital was 14.1% of risk-weighted assets. The Company’s tangible book value per share1 was $51.98 at September 30, 2024, an increase of 6.5% from $48.79 at June 30, 2024, and an increase of 19.1% from $43.66 at September 30, 2023. The increase in tangible book value per share from June 30, 2024 and September 30, 2023 is attributable to net income.

Total assets decreased $501 million, or 0.6%, to $80.1 billion at September 30, 2024 from $80.6 billion at June 30, 2024, and increased 13.0% from $70.9 billion at September 30, 2023. The decrease in total assets from June 30, 2024 was primarily driven by a decrease in cash and due from banks and investment securities, which funded an increase in HFI loans and bank owned life insurance. The increase in total assets from September 30, 2023 was primarily driven by an increase in investment securities and HFI loans, partially offset by a decrease in cash and due from banks.

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

Asset Quality

Provision for credit losses totaled $33.6 million for the third quarter 2024, compared to $37.1 million for the second quarter 2024, and $12.1 million for the third quarter 2023. Net loan charge-offs in the third quarter 2024 totaled $26.6 million, or 0.20% of average loans (annualized), compared to $22.8 million, or 0.18%, in the second quarter 2024, and $8.0 million, or 0.07%, in the third quarter 2023.

Nonaccrual loans decreased $52 million to $349 million during the quarter and increased $112 million from September 30, 2023. Loans past due 90 days and still accruing interest totaled $4 million at September 30, 2024 and zero at June 30, 2024 and September 30, 2023 (excluding government guaranteed loans of $313 million, $330 million, and $439 million, respectively). Loans past due 30-89 days and still accruing interest totaled $110 million at September 30, 2024, an increase from $83 million at June 30, 2024, and a decrease from $189 million at September 30, 2023 (excluding government guaranteed loans of $203 million, $221 million, and $261 million, respectively).

Repossessed assets totaled $8 million at September 30, 2024, flat from June 30, 2024 and September 30, 2023. Classified assets totaled $838 million at September 30, 2024, an increase of $90 million from $748 million at June 30, 2024, and an increase of $199 million from $639 million at September 30, 2023.

The ratio of classified assets to Tier 1 capital plus the allowance for credit losses2, a common regulatory measure of asset quality, was 12.2% at September 30, 2024, compared to 11.2% at June 30, 2024, and 10.2% at September 30, 2023.

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

Conference Call and Webcast

Western Alliance Bancorporation will host a conference call and live webcast to discuss its third quarter 2024 financial results at 12:00 p.m. ET on Friday, October 18, 2024. Participants may access the call by dialing 1-833-470-1428 and using access code 586867 or via live audio webcast using the website link https://events.q4inc.com/attendee/875780058. 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 October 18th through 11:59 p.m. ET November 17th by dialing 1-866-813-9403, using access code 196595.

Reclassifications

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

Use of Non-GAAP Financial Information

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

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements that relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Examples of forward-looking statements include, among others, statements we make regarding our expectations with regard to our business, financial and operating results, future economic performance and dividends. The forward-looking statements contained herein reflect our current views about future events and financial performance and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from historical results and those expressed in any forward-looking statement. Some factors that could cause actual results to differ materially from historical or expected results include, among others: the risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and the Company's subsequent Quarterly Reports on Form 10-Q, each as filed with the Securities and Exchange Commission; adverse developments in the financial services industry generally such as the bank failures in 2023 and any related impact on depositor behavior; risks related to the sufficiency of liquidity; the potential adverse effects of unusual and infrequently occurring events and any governmental or societal responses thereto; changes in general economic conditions, either nationally or locally in the areas in which we conduct or will conduct our business; the impact on financial markets from geopolitical conflicts such as the wars in Ukraine and the Middle East; inflation, interest rate, market and monetary fluctuations; increases in competitive pressures among financial institutions and businesses offering similar products and services; higher defaults on our loan portfolio than we expect; changes in management’s estimate of the adequacy of the allowance for credit losses; legislative or regulatory changes or changes in accounting principles, policies or guidelines; supervisory actions by regulatory agencies which may limit our ability to pursue certain growth opportunities, including expansion through acquisitions; additional regulatory requirements resulting from our continued growth; management’s estimates and projections of interest rates and interest rate policy; the execution of our business plan; and other factors affecting the financial services industry generally or the banking industry in particular.

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

About Western Alliance Bancorporation

With more than $80 billion in assets, Western Alliance Bancorporation (NYSE:WAL) is one of the country’s top-performing banking companies. Through its primary subsidiary, Western Alliance Bank, Member FDIC, clients benefit from a full spectrum of tailored commercial banking solutions and consumer products, all delivered with outstanding service by industry experts who put customers first. Major accolades include being ranked as a top U.S. bank in 2023 by American Banker and Bank Director and receiving #1 rankings on Institutional Investor's All-America Executive Team Midcap 2023-2024 for Best CEO, Best CFO, Best Company Board of Directors and Best Investor Relations Team. Serving clients across the country wherever business happens, Western Alliance Bank operates individual, full-service banking and financial brands with offices in key markets nationwide. For more information, visit westernalliancebank.com.

Contacts

Investors: Miles Pondelik, 602-346-7462

Email: MPondelik@westernalliancebank.com

Media: Stephanie Whitlow, 480-998-6547

Email: SWhitlow@westernalliancebank.com


Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited


Selected Balance Sheet Data:
							As of September 30,
							2024		2023		Change %
							(in millions)
Total assets							$	80,080	$	70,891	13.0	%
Loans held for sale							2,327		1,766		31.8
HFI loans, net of deferred fees							53,346		49,447		7.9
Investment securities							16,382		11,204		46.2
Total deposits							68,040		54,287		25.3
Borrowings							2,995		8,745		(65.8)
Qualifying debt							898		890		0.9
Stockholders' equity							6,677		5,746		16.2
Tangible common equity, net of tax (1)							5,723		4,781		19.7
Common equity Tier 1 capital							6,126		5,540		10.6

Selected Income Statement Data:
	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024		2023		Change %		2024		2023		Change %
	(in millions, except per share data)						(in millions, except per share data)
Interest income	$	1,200.0	$	1,026.6	16.9	%	$	3,402.5	$	2,996.3	13.6	%
Interest expense	503.1		439.6		14.4		1,450.1		1,249.1		16.1
Net interest income	696.9		587.0		18.7		1,952.4		1,747.2		11.7
Provision for credit losses	33.6		12.1		NM		85.9		53.3		61.2
Net interest income after provision for credit losses	663.3		574.9		15.4		1,866.5		1,693.9		10.2
Non-interest income	126.2		129.2		(2.3)		371.3		190.2		95.2
Non-interest expense	537.4		426.2		26.1		1,506.0		1,161.5		29.7
Income before income taxes	252.1		277.9		(9.3)		731.8		722.6		1.3
Income tax expense	52.3		61.3		(14.7)		161.0		148.1		8.7
Net income	199.8		216.6		(7.8)		570.8		574.5		(0.6)
Dividends on preferred stock	3.2		3.2		—		9.6		9.6		—
Net income available to common stockholders	$	196.6	$	213.4	(7.9)		$	561.2	$	564.9	(0.7)
Diluted earnings per common share	$	1.80	$	1.97	(8.6)		$	5.14	$	5.21	(1.3)

(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 September 30,						For the Nine Months Ended September 30,
	2024		2023		Change %		2024		2023		Change %
Diluted earnings per common share	$	1.80	$	1.97	(8.6)	%	$	5.14	$	5.21	(1.3)	%
Book value per common share	57.97		49.78		16.5
Tangible book value per common share, net of tax (1)	51.98		43.66		19.1
Average common shares outstanding (in millions):
Basic	108.7		108.3		0.3		108.6		108.3		0.3
Diluted	109.5		108.5		0.9		109.2		108.4		0.8
Common shares outstanding	110.1		109.5		0.5


Selected Performance Ratios:
Return on average assets (2)	0.96	%	1.24	%	(22.6)	%	0.98	%	1.09	%	(10.1)	%
Return on average tangible common equity (1, 2)	13.8		17.3		(20.2)		13.8		16.0		(13.8)

Net interest margin (2)	3.61		3.67		(1.6)		3.61		3.62		(0.3)
Efficiency ratio, adjusted for deposit costs (1)	52.7		50.0		5.4		53.8		51.6		4.3
HFI loan to deposit ratio	78.4		91.1		(13.9)

Asset Quality Ratios:
Net charge-offs to average loans outstanding (2)	0.20	%	0.07	%	NM		0.15	%	0.06	%	NM
Nonaccrual loans to funded HFI loans	0.65		0.48		35.4
Nonaccrual loans and repossessed assets to total assets	0.45		0.35		28.6

Allowance for loan losses to funded HFI loans	0.67		0.66		1.5
Allowance for loan losses to nonaccrual HFI loans	102		138		(26.1)


Capital Ratios:

	Sep 30, 2024		Jun 30, 2024		Sep 30, 2023
Tangible common equity (1)	7.2	%	6.7	%	6.8	%
Common Equity Tier 1 (3)	11.2		11.0		10.6
Tier 1 Leverage ratio (3)	7.8		8.0		8.5
Tier 1 Capital (3)	11.9		11.7		11.3
Total Capital (3)	14.1		13.9		13.5

(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 September 30, 2024 are preliminary.

NM Changes +/- 100% are not meaningful.


Western Alliance Bancorporation and Subsidiaries
Condensed Consolidated Income Statements
Unaudited
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(dollars in millions, except per share data)
Interest income:
Loans	$	945.3	$	860.8	$	2,713.9	$	2,550.7
Investment securities	197.1		122.8		531.6		331.3
Other	57.6		43.0		157.0		114.3
Total interest income	1,200.0		1,026.6		3,402.5		2,996.3
Interest expense:
Deposits	422.1		316.2		1,213.0		798.9
Qualifying debt	9.5		9.5		28.6		28.3
Borrowings	71.5		113.9		208.5		421.9
Total interest expense	503.1		439.6		1,450.1		1,249.1
Net interest income	696.9		587.0		1,952.4		1,747.2
Provision for credit losses	33.6		12.1		85.9		53.3
Net interest income after provision for credit losses	663.3		574.9		1,866.5		1,693.9
Non-interest income:
Net gain on loan origination and sale activities	46.3		52.0		138.4		145.7
Service charges and loan fees	30.1		29.7		64.3		72.3
Net loan servicing revenue	12.3		27.2		96.8		93.2


Income from equity investments	5.8		0.5		27.1		2.6
Gain (loss) on sales of investment securities	8.8		0.1		10.2		(26.0)
Fair value gain (loss) adjustments, net	4.1		17.8		5.1		(117.3)
Gain (loss) on recovery from credit guarantees	0.2		(4.0)		(2.8)		0.5
Other	18.6		5.9		32.2		19.2
Total non-interest income	126.2		129.2		371.3		190.2
Non-interest expenses:
Deposit costs	208.0		127.8		518.7		305.7
Salaries and employee benefits	157.8		137.2		465.7		431.7
Data processing	38.7		33.9		110.4		88.9
Insurance	35.4		33.1		128.1		81.8
Legal, professional, and directors' fees	24.8		28.3		80.7		77.8
Loan servicing expenses	18.7		11.9		50.3		44.1
Occupancy	17.6		16.8		53.5		48.7
Business development and marketing	9.7		4.9		21.6		15.1
Loan acquisition and origination expenses	5.9		5.6		15.8		15.6

Gain on extinguishment of debt	—		—		—		(13.4)

Other	20.8		26.7		61.2		65.5
Total non-interest expense	537.4		426.2		1,506.0		1,161.5
Income before income taxes	252.1		277.9		731.8		722.6
Income tax expense	52.3		61.3		161.0		148.1
Net income	199.8		216.6		570.8		574.5
Dividends on preferred stock	3.2		3.2		9.6		9.6
Net income available to common stockholders	$	196.6	$	213.4	$	561.2	$	564.9

Earnings per common share:
Diluted shares	109.5		108.5		109.2		108.4
Diluted earnings per share	$	1.80	$	1.97	$	5.14	$	5.21


Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Income Statements
Unaudited
	Three Months Ended
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023
	(in millions, except per share data)
Interest income:
Loans	$	945.3	$	896.7	$	871.9	$	859.0	$	860.8
Investment securities	197.1		190.5		144.0		136.2		122.8
Other	57.6		60.3		39.1		43.8		43.0
Total interest income	1,200.0		1,147.5		1,055.0		1,039.0		1,026.6
Interest expense:
Deposits	422.1		410.3		380.6		343.7		316.2
Qualifying debt	9.5		9.6		9.5		9.6		9.5
Borrowings	71.5		71.0		66.0		94.0		113.9
Total interest expense	503.1		490.9		456.1		447.3		439.6
Net interest income	696.9		656.6		598.9		591.7		587.0
Provision for credit losses	33.6		37.1		15.2		9.3		12.1
Net interest income after provision for credit losses	663.3		619.5		583.7		582.4		574.9
Non-interest income:
Net gain on loan origination and sale activities	46.3		46.8		45.3		47.8		52.0
Service charges and loan fees	30.1		17.8		16.4		28.7		29.7
Net loan servicing revenue	12.3		38.1		46.4		9.1		27.2


Income from equity investments	5.8		4.2		17.1		13.1		0.5
Gain (loss) on sales of investment securities	8.8		2.3		(0.9)		(14.8)		0.1
Fair value gain (loss) adjustments, net	4.1		0.7		0.3		1.3		17.8
Gain (loss) on recovery from credit guarantees	0.2		(2.5)		(0.5)		(2.7)		(4.0)
Other	18.6		7.8		5.8		8.0		5.9
Total non-interest income	126.2		115.2		129.9		90.5		129.2
Non-interest expenses:
Deposit costs	208.0		173.7		137.0		131.0		127.8
Salaries and employee benefits	157.8		153.0		154.9		134.6		137.2
Data processing	38.7		35.7		36.0		33.1		33.9
Insurance	35.4		33.8		58.9		108.6		33.1
Legal, professional, and directors' fees	24.8		25.8		30.1		29.4		28.3
Loan servicing expenses	18.7		16.6		15.0		14.7		11.9
Occupancy	17.6		18.4		17.5		16.9		16.8
Business development and marketing	9.7		6.4		5.5		6.7		4.9
Loan acquisition and origination expenses	5.9		5.1		4.8		4.8		5.6

Gain on extinguishment of debt	—		—		—		(39.3)		—

Other	20.8		18.3		22.1		21.4		26.7
Total non-interest expense	537.4		486.8		481.8		461.9		426.2
Income before income taxes	252.1		247.9		231.8		211.0		277.9
Income tax expense	52.3		54.3		54.4		63.1		61.3
Net income	199.8		193.6		177.4		147.9		216.6
Dividends on preferred stock	3.2		3.2		3.2		3.2		3.2
Net income available to common stockholders	$	196.6	$	190.4	$	174.2	$	144.7	$	213.4

Earnings per common share:
Diluted shares	109.5		109.1		109.0		108.7		108.5
Diluted earnings per share	$	1.80	$	1.75	$	1.60	$	1.33	$	1.97


Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Balance Sheets
Unaudited
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023
	(in millions)
Assets:
Cash and due from banks	$	2,592	$	4,077	$	3,550	$	1,576	$	3,497
Investment securities	16,382		17,268		16,092		12,712		11,204
Loans held for sale	2,327		2,007		1,841		1,402		1,766
Loans held for investment:
Commercial and industrial	22,551		21,690		19,749		19,103		18,344
Commercial real estate - non-owner occupied	9,801		9,647		9,637		9,650		9,810
Commercial real estate - owner occupied	1,817		1,886		1,859		1,810		1,771
Construction and land development	4,727		4,712		4,781		4,889		4,669
Residential real estate	14,395		14,445		14,624		14,778		14,779
Consumer	55		50		50		67		74
Loans HFI, net of deferred fees	53,346		52,430		50,700		50,297		49,447
Allowance for loan losses	(357)		(352)		(340)		(337)		(327)
Loans HFI, net of deferred fees and allowance	52,989		52,078		50,360		49,960		49,120
Mortgage servicing rights	1,011		1,145		1,178		1,124		1,233
Premises and equipment, net	354		351		344		339		327
Operating lease right-of-use asset	127		133		139		145		150
Other assets acquired through foreclosure, net	8		8		8		8		8
Bank owned life insurance	1,000		187		187		186		184
Goodwill and other intangibles, net	661		664		666		669		672
Other assets	2,629		2,663		2,624		2,741		2,730
Total assets	$	80,080	$	80,581	$	76,989	$	70,862	$	70,891
Liabilities and Stockholders' Equity:
Liabilities:
Deposits
Non-interest bearing deposits	$	24,965	$	21,522	$	18,399	$	14,520	$	17,991
Interest bearing:
Demand	13,846		17,267		16,965		15,916		12,843
Savings and money market	19,575		17,087		16,194		14,791		14,672
Certificates of deposit	9,654		10,368		10,670		10,106		8,781
Total deposits	68,040		66,244		62,228		55,333		54,287
Borrowings	2,995		5,587		6,221		7,230		8,745
Qualifying debt	898		897		896		895		890
Operating lease liability	159		165		172		179		180
Accrued interest payable and other liabilities	1,311		1,354		1,300		1,147		1,043
Total liabilities	73,403		74,247		70,817		64,784		65,145
Stockholders' Equity:
Preferred stock	295		295		295		295		295
Common stock and additional paid-in capital	2,110		2,099		2,087		2,081		2,073
Retained earnings	4,654		4,498		4,348		4,215		4,111
Accumulated other comprehensive loss	(382)		(558)		(558)		(513)		(733)
Total stockholders' equity	6,677		6,334		6,172		6,078		5,746
Total liabilities and stockholders' equity	$	80,080	$	80,581	$	76,989	$	70,862	$	70,891


Western Alliance Bancorporation and Subsidiaries
Changes in the Allowance For Credit Losses on Loans
Unaudited
	Three Months Ended
	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023
	(in millions)
Allowance for loan losses
Balance, beginning of period	$	351.8		$	340.3		$	336.7		$	327.4		$	321.1
Provision for credit losses (1)	31.4			34.3			13.4			17.8			14.3
Recoveries of loans previously charged-off:
Commercial and industrial	0.5			0.1			0.4			0.7			0.4
Commercial real estate - non-owner occupied	0.7			—			—			—			—
Commercial real estate - owner occupied	—			—			—			0.1			—
Construction and land development	—			—			—			—			—
Residential real estate	—			—			—			—			0.1
Consumer	—			—			—			—			—
Total recoveries	1.2			0.1			0.4			0.8			0.5
Loans charged-off:
Commercial and industrial	4.3			5.3			2.3			9.3			5.5
Commercial real estate - non-owner occupied	21.7			17.6			7.9			—			3.0
Commercial real estate - owner occupied	0.3			—			—			—			—
Construction and land development	1.5			—			—			—			—
Residential real estate	—			—			—			—			—
Consumer	—			—			—			—			—
Total loans charged-off	27.8			22.9			10.2			9.3			8.5
Net loan charge-offs	26.6			22.8			9.8			8.5			8.0
Balance, end of period	$	356.6		$	351.8		$	340.3		$	336.7		$	327.4

Allowance for unfunded loan commitments
Balance, beginning of period	$	35.9		$	33.1		$	31.6		$	37.9		$	41.1
Provision for (recovery of) credit losses (1)	1.7			2.8			1.5			(6.3)			(3.2)
Balance, end of period (2)	$	37.6		$	35.9		$	33.1		$	31.6		$	37.9

Components of the allowance for credit losses on loans
Allowance for loan losses	$	356.6		$	351.8		$	340.3		$	336.7		$	327.4
Allowance for unfunded loan commitments	37.6			35.9			33.1			31.6			37.9
Total allowance for credit losses on loans	$	394.2		$	387.7		$	373.4		$	368.3		$	365.3

Net charge-offs to average loans - annualized	0.20		%	0.18		%	0.08		%	0.07		%	0.07		%

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

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

Allowance for loan losses to nonaccrual HFI loans	102			88			85			123			138
Allowance for credit losses to nonaccrual HFI loans	113			97			94			135			154

(1) The above tables reflect the provision for credit losses on funded and unfunded loans. There was a $0.4 million provision release on AFS investment securities and a $0.9 million provision for credit losses on HTM investment securities for the three months ended September 30, 2024. The allowance for credit losses on AFS and HTM investment securities totaled $0.4 million and $9.6 million, respectively, as of September 30, 2024.

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

(3) Ratio includes an allowance for credit losses of $11.8 million as of September 30, 2024 related to a pool of loans covered under three separate credit linked note transactions.


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



































Nonaccrual loans and repossessed assets
Nonaccrual loans	$	349		$	401		$	399		$	273		$	237
Nonaccrual loans to funded HFI loans	0.65		%	0.76		%	0.79		%	0.54		%	0.48		%
Repossessed assets	$	8		$	8		$	8		$	8		$	8
Nonaccrual loans and repossessed assets to total assets	0.45		%	0.51		%	0.53		%	0.40		%	0.35		%

Loans Past Due

Loans past due 90 days, still accruing (1)	$	4		$	—		$	6		$	42		$	—
Loans past due 90 days, still accruing to funded HFI loans	0.01		%	—		%	0.01		%	0.08		%	—		%
Loans past due 30 to 89 days, still accruing (2)	$	110		$	83		$	117		$	164		$	189
Loans past due 30 to 89 days, still accruing to funded HFI loans	0.21		%	0.16		%	0.23		%	0.33		%	0.38		%

Other credit quality metrics
Special mention loans	$	502		$	532		$	394		$	641		$	668
Special mention loans to funded HFI loans	0.94		%	1.01		%	0.78		%	1.27		%	1.35		%

Classified loans on accrual	$	479		$	328		$	361		$	379		$	381
Classified loans on accrual to funded HFI loans	0.90		%	0.63		%	0.71		%	0.75		%	0.77		%
Classified assets	$	838		$	748		$	781		$	673		$	639
Classified assets to total assets	1.05		%	0.93		%	1.01		%	0.95		%	0.90		%

(1) Excludes government guaranteed residential mortgage loans of $313 million, $330 million, $349 million, $399 million, and $439 million as of each respective date in the table above.

(2) Excludes government guaranteed residential mortgage loans of $203 million, $221 million, $224 million, $279 million, and $261 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
	September 30, 2024						June 30, 2024
	Average Balance		Interest		Average Yield / Cost		Average Balance		Interest		Average Yield / Cost
	($ in millions)
Interest earning assets
Loans HFS	$	4,288	$	66.9	6.21	%	$	2,860	$	43.0	6.05	%
Loans held for investment:
Commercial and industrial	21,982		392.0		7.15		19,913		370.1		7.54
CRE - non-owner occupied	9,689		190.4		7.83		9,680		185.0		7.69
CRE - owner occupied	1,833		28.2		6.23		1,865		28.5		6.24
Construction and land development	4,757		110.7		9.26		4,740		112.3		9.53
Residential real estate	14,441		156.1		4.30		14,531		157.0		4.35
Consumer	53		1.0		7.15		48		0.8		6.94
Total HFI loans (1), (2), (3)	52,755		878.4		6.65		50,777		853.7		6.79
Investment securities:
Taxable	14,321		173.4		4.82		14,029		166.5		4.77
Tax-exempt	2,225		23.7		5.33		2,221		24.0		5.45
Total investment securities (1)	16,546		197.1		4.89		16,250		190.5		4.87
Cash and other	4,206		57.6		5.44		3,983		60.3		6.09
Total interest earning assets	77,795		1,200.0		6.19		73,870		1,147.5		6.30
Non-interest earning assets
Cash and due from banks	278						294
Allowance for credit losses	(366)						(350)
Bank owned life insurance	973						187
Other assets	4,409						4,554
Total assets	$	83,089					$	78,555
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing demand accounts	$	16,456	$	126.2	3.05	%	$	17,276	$	131.2	3.05	%
Savings and money market	18,092		166.3		3.66		16,579		146.2		3.55
Certificates of deposit	10,134		129.6		5.09		10,427		132.9		5.12
Total interest-bearing deposits	44,682		422.1		3.76		44,282		410.3		3.73
Short-term borrowings	4,214		57.8		5.46		4,165		58.9		5.69
Long-term debt	569		13.7		9.57		437		12.1		11.19
Qualifying debt	897		9.5		4.23		896		9.6		4.28
Total interest-bearing liabilities	50,362		503.1		3.97		49,780		490.9		3.97
Interest cost of funding earning assets					2.58						2.67
Non-interest-bearing liabilities
Non-interest-bearing deposits	24,638						20,996
Other liabilities	1,457						1,449
Stockholders’ equity	6,632						6,330
Total liabilities and stockholders' equity	$	83,089					$	78,555
Net interest income and margin (4)			$	696.9	3.61	%			$	656.6	3.63	%

(1) Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $10.0 million and $9.9 million for the three months ended September 30, 2024 and June 30, 2024, respectively.

(2) Included in the yield computation are net loan fees of $21.7 million and $32.1 million for the three months ended September 30, 2024 and June 30, 2024, respectively.

(3) Includes non-accrual loans.

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


Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
	Three Months Ended
	September 30, 2024						September 30, 2023
	Average Balance		Interest		Average Yield / Cost		Average Balance		Interest		Average Yield / Cost
	($ in millions)
Interest earning assets
Loans held for sale	$	4,288	$	66.9	6.21	%	$	3,069	$	47.3	6.11	%
Loans HFI:
Commercial and industrial	21,982		392.0		7.15		16,855		324.3		7.70
CRE - non-owner-occupied	9,689		190.4		7.83		9,950		196.1		7.83
CRE - owner-occupied	1,833		28.2		6.23		1,790		26.4		5.97
Construction and land development	4,757		110.7		9.26		4,545		110.3		9.63
Residential real estate	14,441		156.1		4.30		14,914		155.0		4.12
Consumer	53		1.0		7.15		73		1.4		7.43
Total loans HFI (1), (2), (3)	52,755		878.4		6.65		48,127		813.5		6.73
Investment securities:
Taxable	14,321		173.4		4.82		8,272		101.1		4.85
Tax-exempt	2,225		23.7		5.33		2,103		21.7		5.12
Total investment securities (1)	16,546		197.1		4.89		10,375		122.8		4.91
Cash and other	4,206		57.6		5.44		2,911		43.0		5.87
Total interest earning assets	77,795		1,200.0		6.19		64,482		1,026.6		6.37
Non-interest earning assets
Cash and due from banks	278						279
Allowance for credit losses	(366)						(334)
Bank owned life insurance	973						184
Other assets	4,409						4,513
Total assets	$	83,089					$	69,124
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing demand accounts	$	16,456	$	126.2	3.05	%	$	12,947	$	98.9	3.03	%
Savings and money market accounts	18,092		166.3		3.66		13,832		106.3		3.05
Certificates of deposit	10,134		129.6		5.09		9,125		111.0		4.83
Total interest-bearing deposits	44,682		422.1		3.76		35,904		316.2		3.49
Short-term borrowings	4,214		57.8		5.46		6,260		97.2		6.16
Long-term debt	569		13.7		9.57		764		16.7		8.68
Qualifying debt	897		9.5		4.23		888		9.5		4.26
Total interest-bearing liabilities	50,362		503.1		3.97		43,816		439.6		3.98
Interest cost of funding earning assets					2.58						2.70
Non-interest-bearing liabilities
Non-interest-bearing deposits	24,638						18,402
Other liabilities	1,457						1,052
Stockholders’ equity	6,632						5,854
Total liabilities and stockholders' equity	$	83,089					$	69,124
Net interest income and margin (4)			$	696.9	3.61	%			$	587.0	3.67	%

(1) Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $10.0 million and $8.9 million for the three months ended September 30, 2024 and 2023, respectively.

(2) Included in the yield computation are net loan fees of $21.7 million and $28.0 million for the three months ended September 30, 2024 and 2023, respectively.

(3) Includes non-accrual loans.

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


Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
	Nine Months Ended
	September 30, 2024						September 30, 2023
	Average Balance		Interest		Average Yield / Cost		Average Balance		Interest		Average Yield / Cost
	($ in millions)
Interest earning assets
Loans HFS	$	3,192	$	149.1	6.24	%	$	3,858	$	183.8	6.37	%
Loans HFI:
Commercial and industrial	20,220		1,107.8		7.38		17,669		994.7		7.59
CRE - non-owner occupied	9,613		560.6		7.80		9,743		546.2		7.50
CRE - owner occupied	1,835		83.5		6.18		1,805		76.2		5.76
Construction and land development	4,806		340.0		9.45		4,399		307.1		9.34
Residential real estate	14,565		470.0		4.31		15,250		438.8		3.85
Consumer	54		2.9		7.14		73		3.9		7.14
Total loans HFI (1), (2), (3)	51,093		2,564.8		6.74		48,939		2,366.9		6.49
Investment securities:
Taxable	13,027		461.0		4.73		7,609		267.7		4.70
Tax-exempt	2,217		70.6		5.34		2,094		63.6		5.08
Total investment securities (1)	15,244		531.6		4.82		9,703		331.3		4.79
Cash and other	3,716		157.0		5.64		2,941		114.3		5.20
Total interest earning assets	73,245		3,402.5		6.26		65,441		2,996.3		6.18
Non-interest earning assets
Cash and due from banks	285						268
Allowance for credit losses	(355)						(321)
Bank owned life insurance	451						183
Other assets	4,501						4,600
Total assets	$	78,127					$	70,171
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing demand accounts	$	16,693	$	379.4	3.04	%	$	11,800	$	247.4	2.80	%
Savings and money market accounts	16,644		442.4		3.55		15,006		308.9		2.75
Certificates of deposit	10,230		391.2		5.11		7,437		242.6		4.36
Total interest-bearing deposits	43,567		1,213.0		3.72		34,243		798.9		3.12
Short-term borrowings	4,032		170.4		5.65		8,578		355.2		5.54
Long-term debt	483		38.1		10.51		953		66.7		9.36
Qualifying debt	896		28.6		4.26		892		28.3		4.24
Total interest-bearing liabilities	48,978		1,450.1		3.95		44,666		1,249.1		3.74
Interest cost of funding earning assets					2.65						2.56
Non-interest-bearing liabilities
Non-interest-bearing deposits	21,284						18,534
Other liabilities	1,481						1,272
Stockholders’ equity	6,384						5,699
Total liabilities and stockholders' equity	$	78,127					$	70,171
Net interest income and margin (4)			$	1,952.4	3.61	%			$	1,747.2	3.62	%

(1) Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $29.5 million and $26.4 million for the nine months ended September 30, 2024 and 2023, respectively.

(2) Included in the yield computation are net loan fees of $86.9 million and $100.4 million for the nine months ended September 30, 2024 and 2023, respectively.

(3) Includes non-accrual loans.

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


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


Pre-Provision Net Revenue by Quarter:
	Three Months Ended
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023
	(in millions)
Net interest income	$	696.9	$	656.6	$	598.9	$	591.7	$	587.0
Total non-interest income	126.2		115.2		129.9		90.5		129.2
Net revenue	$	823.1	$	771.8	$	728.8	$	682.2	$	716.2
Total non-interest expense	537.4		486.8		481.8		461.9		426.2
Pre-provision net revenue (1)	$	285.7	$	285.0	$	247.0	$	220.3	$	290.0
Adjusted for:
Provision for credit losses	33.6		37.1		15.2		9.3		12.1
Income tax expense	52.3		54.3		54.4		63.1		61.3
Net income	$	199.8	$	193.6	$	177.4	$	147.9	$	216.6



Efficiency Ratio (Tax Equivalent Basis) by Quarter:
	Three Months Ended
	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023
	(dollars in millions)
Total non-interest expense	$	537.4		$	486.8		$	481.8		$	461.9		$	426.2
Less: Deposit costs	208.0			173.7			137.0			131.0			127.8
Total non-interest expense, excluding deposit costs	329.4			313.1			344.8			330.9			298.4
Divided by:
Total net interest income	696.9			656.6			598.9			591.7			587.0
Plus:
Tax equivalent interest adjustment	10.0			9.9			9.6			9.1			8.9
Total non-interest income	126.2			115.2			129.9			90.5			129.2
Less: Deposit costs	208.0			173.7			137.0			131.0			127.8
	$	625.1		$	608.0		$	601.4		$	560.3		$	597.3
Efficiency ratio (2)	64.5		%	62.3		%	65.2		%	66.8		%	58.8		%
Efficiency ratio, adjusted for deposit costs (2)	52.7		%	51.5		%	57.3		%	59.1		%	50.0		%


Tangible Common Equity:
	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023
	(dollars and shares in millions, except per share data)
Total stockholders' equity	$	6,677		$	6,334		$	6,172		$	6,078		$	5,746
Less:
Goodwill and intangible assets	661			664			666			669			672
Preferred stock	295			295			295			295			295
Total tangible common equity	5,721			5,375			5,211			5,114			4,779
Plus: deferred tax - attributed to intangible assets	2			2			2			2			2
Total tangible common equity, net of tax	$	5,723		$	5,377		$	5,213		$	5,116		$	4,781
Total assets	$	80,080		$	80,581		$	76,989		$	70,862		$	70,891
Less: goodwill and intangible assets, net	661			664			666			669			672
Tangible assets	79,419			79,917			76,323			70,193			70,219
Plus: deferred tax - attributed to intangible assets	2			2			2			2			2
Total tangible assets, net of tax	$	79,421		$	79,919		$	76,325		$	70,195		$	70,221
Tangible common equity ratio (3)	7.2		%	6.7		%	6.8		%	7.3		%	6.8		%
Common shares outstanding	110.1			110.2			110.2			109.5			109.5
Tangible book value per share, net of tax (3)	$	51.98		$	48.79		$	47.30		$	46.72		$	43.66


Non-GAAP Financial Measures Footnotes

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

EARNINGS CALL 3rd Quarter 2024 October 18, 2024 Q2 20241

2 This presentation contains forward-looking statements that relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Examples of forward-looking statements include, among others, statements we make regarding our expectations with regard to our business, financial and operating results, future economic performance and dividends, including our statements on the slide entitled "Management Outlook." The forward-looking statements contained herein reflect our current views about future events and financial performance and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from historical results and those expressed in any forward-looking statement. Some factors that could cause actual results to differ materially from historical or expected results include, among others: the risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and the Company's subsequent Quarterly Reports on Form 10-Q, each as filed with the Securities and Exchange Commission; adverse developments in the financial services industry generally such as the bank failures in 2023 and any related impact on depositor behavior; risks related to the sufficiency of liquidity; the potential adverse effects of unusual and infrequently occurring events and any governmental or societal responses thereto; changes in general economic conditions, either nationally or locally in the areas in which we conduct or will conduct our business; the impact on financial markets from geopolitical conflicts such as the wars in Ukraine and the Middle East; inflation, interest rate, market and monetary fluctuations; increases in competitive pressures among financial institutions and businesses offering similar products and services; higher defaults on our loan portfolio than we expect; changes in management’s estimate of the adequacy of the allowance for credit losses; legislative or regulatory changes or changes in accounting principles, policies or guidelines; supervisory actions by regulatory agencies which may limit our ability to pursue certain growth opportunities, including expansion through acquisitions; additional regulatory requirements resulting from our continued growth; management’s estimates and projections of interest rates and interest rate policy; the execution of our business plan; and other factors affecting the financial services industry generally or the banking industry in particular. Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. We do not intend and disclaim any duty or obligation to update or revise any industry information or forward-looking statements, whether written or oral, that may be made from time to time, set forth in this press release to reflect new information, future events or otherwise. Non-GAAP Financial Measures This presentation contains both financial measures based on GAAP and non-GAAP based financial measures, which are used where management believes them to be helpful in understanding the Company’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the Company’s press release as of and for the quarter ended September 30, 2024. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Forward-Looking Statements

3 3rd Quarter 2024 | Financial Highlights Earnings & Profitability Q3 2024 Q2 2024 Q3 2023 Earnings per Share $ 1.80 $ 1.75 $ 1.97 Net Income 199.8 193.6 216.6 Net Revenue 823.1 771.8 716.2 Pre-Provision Net Revenue1 285.7 285.0 290.0 Net Interest Margin 3.61% 3.63% 3.67% Efficiency Ratio, Adjusted for Deposit Costs1 52.7 51.5 50.0 ROAA 0.96 0.99 1.24 ROTCE1 13.8 14.3 17.3 Balance Sheet & Capital Total Loans $ 53,346 $ 52,430 $ 49,447 Total Deposits 68,040 66,244 54,287 CET1 Ratio 11.2% 11.0% 10.6% TCE Ratio1 7.2 6.7 6.8 Tangible Book Value per Share1 $ 51.98 $ 48.79 $ 43.66 Asset Quality Provision for Credit losses $ 33.6 $ 37.1 $ 12.1 Net Loan Charge-Offs 26.6 22.8 8.0 Net Loan Charge-Offs/Avg. Loans 0.20% 0.18% 0.07% Total Loan ACL/Funded HFI Loans2 0.74 0.74 0.74 NPAs3/Total Assets 0.45 0.51 0.35 Dollars in millions, except EPS Net Income EPS $199.8 million $1.80 PPNR1 ROTCE1 Q3: $285.7 million 13.8% Deposit Growth Capital Q3: $1.8 billion CET1 Ratio: 11.2% 25.3% Y-o-Y TCE Ratio1: 7.2% Tangible Book Value PER SHARE1 NPAs3 / Total Assets $51.98 0.45% 19.1% Y-o-Y 1) Refer to slide 2 for further discussion of non-GAAP financial measures. 2) Ratio includes an allowance for credit losses of $11.8 million as of September 30, 2024 related to a pool of loans covered under 3 separate credit linked notes. 3) Nonperforming assets includes nonaccrual loans and repossessed assets. Q3 2024 Highlights

4 Q3-24 Q2-24 Q3-23 Interest Income $ 1,200.0 $ 1,147.5 $ 1,026.6 Interest Expense (503.1) (490.9) (439.6) Net Interest Income $ 696.9 $ 656.6 $ 587.0 Mortgage Banking Revenue 58.6 84.9 79.2 Service Charges and Loan Fees 30.1 17.8 29.7 Gains on Securities Sales and FV Adj., Net 12.9 3.0 17.9 Other 24.6 9.5 2.4 Non-Interest Income $ 126.2 $ 115.2 $ 129.2 Net Revenue $ 823.1 $ 771.8 $ 716.2 Deposit Costs (208.0) (173.7) (127.8) Salaries and Employee Benefits (157.8) (153.0) (137.2) Insurance (35.4) (33.8) (33.1) Other (136.2) (126.3) (128.1) Non-Interest Expense $ (537.4) $ (486.8) $ (426.2) Pre-Provision Net Revenue1 $ 285.7 $ 285.0 $ 290.0 Provision for Credit Losses (33.6) (37.1) (12.1) Pre-Tax Income $ 252.1 $ 247.9 $ 277.9 Income Tax (52.3) (54.3) (61.3) Net Income $ 199.8 $ 193.6 $ 216.6 Dividends on preferred stock (3.2) (3.2) (3.2) Net income available to common stockholders $ 196.6 $ 190.4 $ 213.4 Diluted Shares 109.5 109.1 108.5 Earnings Per Share $ 1.80 $ 1.75 $ 1.97 1) Refer to slide 2 for further discussion of non-GAAP financial measures. 2) Gain on Sale margin represents spread as of the interest rate lock commitment date. Quarterly Income Statement Q3 2024 Highlights 1 2 3 Net Interest Income increased $40.3 million primarily from higher average earning asset balances Non-Interest Income increased $11.0 million primarily driven by the following: • An increase in Service Charges & Loan Fees, partially offset by a decrease in Mortgage Banking revenue • Net Loan Servicing Revenue impacted by negative MSR fair value mark, net of hedging, of $15.4 million due to accelerated prepayment speeds Mortgage Banking Metrics • $13.4 billion mortgage loan production in Q3 (83% purchase / 17% refinance), up 21% compared to Q2 and up 10% to Q3-23 • $13.6 billion interest rate lock commitment volume in Q3, up 12% compared to Q2 and up 16% to Q3-23 • Gain on Sale margin2 of 20 bps in Q3, compared to 26 bps in Q2 and 38 bps in Q3-23 • $63.8 billion in servicing portfolio UPB Provision for Credit Losses of $33.6 million due to net charge-offs of $26.6 million and loan growth 1 2 3 Dollars in millions, except EPS

5 Q3-24 Q2-24 Q3-23 Securities and Cash $ 18,974 $ 21,345 $ 14,701 Loans, HFS 2,327 2,007 1,766 Loans, HFI 53,346 52,430 49,447 Allowance for Loan Losses (357) (352) (327) Mortgage Servicing Rights 1,011 1,145 1,233 Goodwill and Intangibles 661 664 672 Other Assets 4,118 3,342 3,399 Total Assets $ 80,080 $ 80,581 $ 70,891 Deposits $ 68,040 $ 66,244 $ 54,287 Borrowings 2,995 5,587 8,745 Qualifying Debt 898 897 890 Other Liabilities 1,470 1,519 1,223 Total Liabilities $ 73,403 $ 74,247 $ 65,145 Stockholders' Equity 6,677 6,334 5,746 Total Liabilities and Equity $ 80,080 $ 80,581 $ 70,891 Tangible Book Value Per Share1 $ 51.98 $ 48.79 $ 43.66 Dollars in millions, except per share data Consolidated Balance Sheet Q3 2024 Highlights 1 2 3 4 5 Securities and Cash decreased $2.4 billion, or 11.1%, to $19.0 billion and increased $4.3 billion, or 29.1%, over prior year Loans, HFI increased $916 million, or 1.7%, and increased $3.9 billion, or 7.9%, over prior year Deposits increased $1.8 billion, or 2.7%, to $68.0 billion and increased $13.8 billion, or 25.3%, over prior year Borrowings decreased $2.6 billion primarily related to repayment of short-term borrowings at quarter- end Stockholders' Equity increased $343 million as a function of net income and recovery of AOCI, partially offset by dividends Tangible Book Value/Share1 increased $3.19, or 6.5%, and increased $8.32, or 19.1%, over prior year 1) Refer to slide 2 for further discussion of non-GAAP financial measures. 6 1 2 3 4 5 6

6 $3.9 Billion Year-over-Year Growth $18.3 $19.1 $19.7 $21.7 $22.6 $1.8 $1.8 $1.9 $1.9 $1.8$9.8 $9.7 $9.6 $9.6 $9.8 $4.7 $4.9 $4.8 $4.7 $4.7 $14.8 $14.8 $14.7 $14.5 $14.4 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 30.0% 3.6% 19.8% 37.1% 9.5% 27.1% 3.4% 18.4% 42.3% 8.8% Residential & Consumer Construction & Land CRE, Non-Owner Occupied CRE, Owner Occupied Commercial & Industrial $49.4 +$1.6 $50.3 +$0.9 $50.7 +$0.4 $52.4 +$1.7 $53.3 +$0.9 Dollars in billions, unless otherwise indicated Total Loans, HFI Qtr Change Loan Composition Q3 2024 Highlights Quarter-over-quarter loan increase of $916 million driven by (in millions): C&I $861 CRE, Non-OO 154 Construction & Land 15 Offset by decreases in: CRE, OO (69) Residential & Consumer (45) Total $916 Year-over-year loan increase of $3.9 billion driven by (in millions): C&I $4,207 Construction & Land 58 CRE, OO 46 Offset by decreases in: Residential & Consumer (403) CRE, Non-OO (9) Total $3,899 27.6% 3.6% 18.4% 41.4% 9.0% 4.31% 6.23% 7.83% 7.15% 9.26% Q3-24 Avg. Yields1 Total Yield 6.65% 1) Average yields on loans have been adjusted to a tax equivalent basis. Diversified loan growth from Regional Banking and Mortgage Warehouse

7 Q3 2024 Highlights $18.0 $14.5 $18.4 $21.5 $25.0 $12.8 $15.9 $16.9 $17.3 $13.8 $14.7 $14.8 $16.2 $17.1 $19.6$8.8 $10.1 $10.7 $10.3 $9.6 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 23.7% 16.2% 33.1% 27.0% 20.3% 14.2% 36.7% 28.8% $13.8 Billion Year-over-Year Growth CDs Savings and MMA Interest Bearing DDA Non-Interest Bearing $55.3 +$1.0 $54.3 +$3.2 $66.2 +$4.0 $68.0 +$1.8 Quarter-over-quarter deposit growth of $1.8 billion as follows (in millions): Non-Interest Bearing $3,443 Savings and MMA 2,488 Offset by decreases in: Interest-Bearing DDA (3,421) CDs (714) Total $1,796 $62.2 +$6.9 Total Deposits Qtr Change Deposit Composition Q3-24 Avg. Costs Total Cost 2.42% Dollars in billions, unless otherwise indicated 5.09% 3.05% N/A 3.66% 26.0% 15.7% 32.5% 25.8% Deposit Composition (By Business Line) • 37% of total deposits are non-interest bearing • Approximately 30% have no ECRs 25% 28% 7% 13% 6% 2% 8% 11%Regions Mortgage Warehouse Tech & Innovation HOA Juris Banking Bus. Escrow Svcs and Corp. Trust Consumer Digital Other Continued market share gains in Mortgage Warehouse and Consumer Digital

8 • Securities Portfolio yields increased 2 bps, primarily due to mix shift • Loan yields decreased 14 bps due to the impact of a lower rate environment on variable rate loans • Cost of interest-bearing deposits increased 3 bps, while total cost of funds decreased 12 bps to 2.67% due to an increase in non-interest bearing deposits • Interest-bearing deposit spot rate is 23 bps below Q3 average rate, demonstrating an improving funding cost • Enhanced liquidity profile • Unencumbered HQLAs and cash represent 64% of Securities & Cash, compared to 53% in Q2 • Total Securities and Cash were 24% of Total Assets, which was comparable to Q2 Interest Bearing Deposits and Cost Loans and HFI Yield Deposits, Borrowings, and Cost of Liability Funding Securities Portfolio and Yield $11.2 $12.7 $16.1 $17.3 $16.4 4.91% 4.99% 4.66% 4.87% 4.89% Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 $49.4 $50.3 $50.7 $52.4 $53.3$1.8 $1.4 $1.8 $2.0 $2.3 6.73% 6.65% 6.77% 6.79% 6.65% Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 $36.3 $40.8 $43.8 $44.7 $43.1 3.49% 3.56% 3.67% 3.73% 3.76% Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 $36.3 $40.8 $43.8 $44.7 $43.1 $18.0 $14.5 $18.4 $21.5 $25.0$9.6 $8.1 $7.1 $6.5 $3.9 2.80% 2.82% 2.82% 2.79% 2.67% Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Non-Interest Bearing Deposits Total Borrowings Q3 2024 Highlights Net Interest Drivers Dollars in billions, unless otherwise indicated Interest Bearing Deposits Interest Bearing Deposits Total Investments HFI Loans HFS Loans Spot Rate 4.86% Spot Rate 6.46% Spot Rate 2.42% Spot Rate 3.53%

9 Net Interest Income and Net Interest Margin $587.0 $591.7 $598.9 $656.6 $696.9 3.67% 3.65% 3.60% 3.63% 3.61% Net Interest Margin Net Interest Income Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 $64.5 $65.3 $68.0 $73.9 $77.8 $48.1 $49.6 $49.7 $50.8 $52.8 $3.1 $1.8 $2.4 $2.9 $4.3$10.4 $11.3 $12.9 $16.2 $16.5$2.9 $2.6 $3.0 $4.0 $4.2 6.37% 6.37% 6.29% 6.30% 6.19% Loans Loans HFS Securities Cash & Other Average Yield Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Average Earning Assets & Average Yield Dollars in millions Dollars in billions Net Interest Income Q3 2024 Highlights 4% 16% 5% 5% 22% 4% 5% 21% 6% 75% 69% 68% • Net Interest Income increased $40.3 million, or 6.1%, primarily due to a higher average earning asset balance • NIM decreased 2 bps, driven by lower loan yields and stable cost of liability funding • Yield on Average Earning Assets decreased 11 bps to 6.19% due to lower loan yields and mix shift into lower-yielding Loans, HFS • Average Earning Assets grew $3.9 billion, or 5.3%, primarily deployed into HFI and HFS loans

10 Interest Rate Sensitivity Q3 2024 Highlights • Simulation assesses impact from a ramp scenario in market interest rates based on a dynamic balance sheet • WAL estimates a -100 bps ramp scenario to reduce NII by (1.8%) • EaR is liability sensitive with a -100 bps ramp scenario estimated to improve earnings2 by 1.5% • The reduction in asset sensitivity from NII to EaR is driven by the estimated decrease in ECR-related deposit costs and increase in AmeriHome mortgage income • Of total earning assets, 51% are variable with 35% repricing to SOFR and 9% repricing to Prime • Variable liabilities represent 82% of total earning assets and are primarily modeled to changes in Fed Funds • Non-Maturity Deposit rates, including ECRs, are estimated to have a 65% beta NII Sensitivity - Ramp Scenario, 12 Mo. Balance Sheet1 Earnings-at-Risk - Ramp Scenario, 12 Mo. Balance Sheet1 (1.8)% 2.0% Down 100 Up 100 1.5% (0.4)% Down 100 Up 100 1) Projected using a simulation model that calculates the difference between a baseline forecast using forward yield curves, compared to forecasted results from gradual, parallel increases in rates upward or downward of 100 basis points over a 12-month period. Results include a lagged effect from rate changes. 2) Earnings defined as pre-tax net interest income adjusted for rate-sensitive non-interest income and expense accounts.

11 • Adjusted efficiency ratio1 (excluding deposit costs) increased 120 bps to 52.7%, driven primarily by an increase in deposit costs • Efficiency ratio1 increased 220 bps to 64.5% and 570 bps from the same period last year • Deposit Costs increased $34.3 million to $208.0 million from higher average ECR-related deposit balances • Total ECR-related deposit balances of $26.1 billion in Q3-24 • Average ECR-related deposits of $27.8 billion in Q3-24 compared to $24.7 billion in Q2-24 and $17.1 billion in Q3-23 $426.2 $461.9 $481.8 $486.8 $537.4 58.8% 66.8% 65.2% 62.3% 64.5% 50.0% 59.1% 57.3% 51.5% 52.7% Non-Interest Expenses Efficiency Ratio Adj. Efficiency Ratio Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Dollars in millions $127.8 $131.0 $137.0 $173.7 $208.0 $137.2 $134.6 $154.9 $153.0 $157.8 $128.1 $87.7 $131.0 $126.3 $136.2 $33.1 $108.6 $58.9 $33.8 $35.4 Insurance Other Operating Expenses Salaries & Employee Benefits Deposit Costs Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Non-Interest Expenses and Efficiency Q3 2024 Highlights Non-Interest Expenses and Efficiency Ratio1 1) Refer to slide 2 for further discussion of non-GAAP financial measures. Breakdown of Non-Interest Expenses FDIC Special Assessment: Q4-23 $66.3 Q1-24 $17.6 Q2-24 ($6.0) Q3-24 ($2.2) FDIC Special Assessment

12 0.90% 0.95% 1.01% 0.93% 1.05% 0.35% 0.40% 0.53% 0.51% 0.45% Classified Assets / Total Assets NPLs + OREO / Total Assets Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 $639 $673 $781 $748 $838 $8 $8 $8 $8 $8 $237 $273 $399 $401 $349 $394 $392 $374 $339 $481 OREO Non-Performing Loans Classified Accruing Assets Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Dollars in millions Asset Quality RatiosSpecial Mention Loans • Criticized Assets increased $60 million quarterly to $1.34 billion and increased $33 million over prior year • Special Mention Loans decreased $30 million to $502 million (94 bps to Funded Loans) • Total Classified Assets increased $90 million to $838 million (105 bps to Total Assets) • Non-Performing Assets (Non-Performing Loans + OREO) decreased $52 million to $357 million (45 bps to Total Assets) • Over the last 10+ years, only ~1% of Special Mention loans have migrated to loss Classified Assets $668 $641 $394 $532 $502 1.35% 1.27% 0.78% 1.01% 0.94% Special Mention Loans SM / Funded Loans Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q3 2024 Highlights Classified Assets Mix 31% 9% 7% 3% CRE Investor C&I Resi Construction CRE OO 8% Other 34% Office Asset Quality 8% Hotel

13 $8.5 $9.3 $10.2 $22.9 $27.8 $(0.5) $(0.8) $(0.4) $(0.1) $(1.2) Gross Charge-Offs Recoveries Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 $327 $337 $340 $352 $357$38 $32 $33 $36 $38$11 $9 $10 $10 $10 Loan Losses Unfunded Loan Commits. HTM and AFS Securities Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 0.74% 0.73% 0.74% 0.74% 0.74% 154% 135% 94% 97% 113% Total Loan ACL / Funded Loans Total Loan ACL / Non-Performing Loans Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Dollars in millions • Provision Expense of $33.6 million, primarily reflective of net charge-offs and loan growth • Net Loan Charge-Offs of $26.6 million, 20 bps, compared to $22.8 million, 18 bps, in Q2 • Total Loan ACL / Funded Loans3 flat at 0.74% • Total Loan ACL / Funded Loans3 less loans covered by Credit Linked Notes (CLN) is 0.88% • 19% of loan portfolio is credit protected, consisting of government guaranteed, CLN protected4, and cash secured assets Credit Losses and ACL Ratios Q3 2024 Highlights Gross Loan Charge-offs and RecoveriesAllowance for Credit Losses Loan ACL Adequacy Ratios2,3 1) Included as a component of other liabilities on the balance sheet. 2) Total Loan ACL includes allowance for unfunded commitments. 3) Ratio includes an allowance for credit losses of $11.8 million as of September 30, 2024 related to a pool of loans covered under 3 separate credit linked notes. 4) As of September 30, 2024, CLNs cover a substantial portion of Residential ($8.8 billion) loans outstanding. 1

14 Q3 2024 Highlights Adjusted Total Loan ACL / Funded Loans: Q3-24 1) Total Loan ACL includes allowance for unfunded commitments. 2) Ratio includes an allowance for credit losses of $11.8 million as of September 30, 2024 related to a pool of loans covered under 3 separate credit linked notes. 3) Early Buyout Loans are government guaranteed. 4) Loss rates are based on the period from Q1-14 to Q3-24. Key Reserve Level Ratios Reserve levels enhanced by credit protection and low loss loan categories • WAL remains appropriately reserved • Total Loan ACL / Funded Loans of 0.74% • CLNs offer credit protection from first losses on covered reference pools in historically low loss loan categories • Total Loan ACL / Funded Loans less loans covered by CLNs is 0.88% • 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% • >6x 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 >16x historical average annual loss rate4 x duration 0.74% 0.88% 0.90% 1.04% 1.31% 0.14% 0.02% 0.27% Total Loan ACL / Funded Loans Loans Covered by CLNs EFR Loans Residential Loans Mortgage Warehouse Loans 1 2 3 4 5 0.03% EBOs3 0.11% Resi 1,2

15 Regulatory Capital Levels • Continue to exceed “well-capitalized” levels with CET1 of 11.2% Tangible Common Equity / Tangible Assets1 • TCE / TA increased 50 bps to 7.2% due to AOCI recovery Capital Accretion • CET1 increase quarter-over-quarter reflects continued organic capital generation 10.6% 10.8% 11.0% 11.0% 11.2% 6.8% 7.3% 6.8% 6.7% 7.2% CET1 Ratio TCE/TA Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 1) Refer to slide 2 for further discussion of non-GAAP financial measures 13.5% 13.7% 14.0% 13.9% 14.1% 11.3% 11.5% 11.7% 11.7% 11.9% 8.5% 8.6% 8.5% 8.0% 7.8% Leverage Ratio Tier 1 Ratio Total RBC Ratio Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q3 2024 Highlights Common Capital Levels Capital Accumulation Regulatory Capital Levels 1

16 559% 642% 55% 106% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 MRQ 0x 1x 2x 3x 4x 5x 6x 7x Tangible Book Value per Share1 • TBVPS increased $3.19 to $51.98 from organic earnings • Increased 6.5% quarter-over-quarter, non- annualized • Increased 19.1% year-over-year • 19.2% CAGR since year end 2013 • TBVPS has increased more than 10x that of peers • Quarterly common stock cash dividend of $0.37 per share 1) Refer to slide 2 for further discussion of non-GAAP financial measures. 2) MRQ is Q3-24 for WAL and Q2-24 for peers. Note: Peers consist of the 20 major exchange-traded US banks with total assets between $50 and $250 billion as of June 30, 2024. S&P Global Market Intelligence. Q3 2024 Highlights Tangible Book Value Growth Long-Term Growth in TBV per Share1 WAL Peer Median with Dividends Added Back Peer Median WAL with Dividends Added Back 2

17 • Remains in-line with expectations Management Outlook Balance Sheet Growth Capital (CET1) Net Interest Income Non-interest Income (Ex.) 1 Non-interest Expense (Ex.) 2 Net Charge-Offs Effective Tax Rate Baseline FY2024 Outlook Q4 2024 QoQ Outlook Loans (HFI): $50.3 bn Deposits: $55.3 bn (YE 2023) L (HFI): +$4.5 bn D: +$11.0 bn L (HFI): +$1.25 bn D: $(2.0) bn 10.8% (YE 2023) >11.0% >11.0% $2.37 bn (Q4 2023 Ann.) Up 10% - 11% Down ~3% $397 mm (FY 2023) Up 27% - 29% Up 8% - 12% $1.74 bn (Q4 2023 Ann.) Up 14% - 16% Down 5% - 9% 6 bps (FY 2023) 15 bps - 20 bps Stable to Q3 2024 23% (FY 2023) 20% - 22% 20% - 22% 1) Baseline Non-Interest Income excludes $116 million of FV adjustments. 2) Q4 2023 Annualized excludes: Gain on Debt Extinguishment of $39.3 million and FDIC Special Assessment of $66.3 million. Commentary • Incremental capital build above 11.0% as loan growth continues • ECR deposit cost reductions will outpace expected QoQ NII decline in Q4-24 • Expect ~25% QoQ reduction in ECR- related deposit costs in Q4-24 • Growing commercial banking fees • Firming Mortgage Banking income • Q4 seasonal decline in property tax & insurance escrows for Mortgage Warehouse clients

Questions & Answers

Appendix

20 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 WAL Peer 6 Peer 7 Peer 8 Peer 9 Peer 1 0 Peer 1 1 Peer 1 2 Peer 1 3 Peer 1 4 Peer 1 5 Peer 1 6 Peer 1 7 Peer 1 8 Peer 1 9 Peer 2 0 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% Source: S&P Global Market Intelligence. Peers consist of the 20 major exchange-traded US banks with total assets between $50 and $250 billion as of June 30, 2024. 1) As of Q2-24 for peers and Q3-24 for WAL. 10.0%: Median 11.1%: 75th pctl 9.2%: 25th pctl Adjusted CET1 (incl. of AOCI Unrealized Securities Marks & Loan Loss Reserves)1 Fortified Adjusted Capital CET1 capital adjusted for AOCI securities marks & reserves remains solidly above peer median levels Q3 11.1% AL Q2 10.6%

21 Commercial Real Estate Investor Statistics CRE Investor Portfolio (At Origination or Most Recent Appraisal) Note: LTV data assumes all loans are fully funded; based on most recent appraisals or appraisals at origination and utilizing, in most cases, “as stabilized” values for income producing properties. Underwriting Criteria and Mitigating Factors Distribution by LTV • Low LTV & LTC (50% to low 60%) range underwriting in areas minimizes tail risk • Simple capital structure - no junior liens or mezzanine debt permitted within our structures • Majority of CRE Investor (bulk of total CRE) is located in our core footprint states • Early elevation, proactive and comprehensive review of CRE portfolio and re-margin discussions with sponsors where sweep/re-margin provisions have been triggered 20% 27% 24% 16% 7% 7% <=40% 41-50% 51-60% 61-70% 71-80% >80% 41% 25% 8% 6% 5% 5% 2% 1% 2% 1% 4% 49% 64% 57% 44% 43% 35% 31% 42% 61% 45% 57% Outstanding LTV Hotel Offi ce Retail Multif amily Industr ial Tim e Share Data Center Senior C are Medical Mini-S torage Other Low uncovered risk with re-margin provisions • Only $575 million of Multi-Family, concentrated in western regional markets • No exposure to NYC area Multi-Family Limited Multi-Family Exposure $9.8 billion; 18% of Total Loans

22 Commercial Real Estate Investor: Office Distribution by LTV (At Origination or Most Recent Appraisal) 8% 14% 37% 28% 6% 7% <=40% 41-50% 51-60% 61-70% 71-80% >80% Key MSA Exposures $2.4 Billion; 24% of Total CRE Investor; 5% of Total Loans Underwriting Criteria and Mitigating Factors • Primarily shorter-term bridge loans for repositioning or redevelopment projects • Strong sponsorship from institutional equity and large regional and national developers • All direct relationships generated by WAL • Significant up-front cash equity required from sponsors • Conservative loan-to-cost underwriting • Average LTV < 55%; Average LTC ~62% • No junior debt / mezzanine • Largely suburban exposure in “Work From Home” MSAs • 2% in CBD, 10% in Midtown and 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: 62%, Class B: 35%, Class C: 3% • 93% of Class B & C exposures have LTVs < 70% • Limited near-term maturity risk • 7% to mature in 2024, 41% to mature in 2025 and 52% to mature in 2026+87% 11% 2% Suburban Midtown CBD Note: LTV data assumes all loans are fully funded; based on most recent appraisals or, in most cases, appraisals at origination and utilizing “as stabilized” values for income producing properties.

DEI Document	Oct. 17, 2024
Entity Information [Line Items]
Entity Central Index Key	0001212545
Amendment Flag	false
Document Type	8-K
Document Period End Date	Oct. 17, 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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