8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  October 19, 2023

WESTERN ALLIANCE BANCORPORATION

(Exact name of registrant as specified in its charter)

Delaware	001-32550	88-0365922
(State or other jurisdiction<br>of incorporation)	(Commission<br>File Number)	(IRS Employer<br>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<br><br>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 19, 2023, Western Alliance Bancorporation (the “Company”) issued a press release reporting results for the fiscal quarter ended September 30, 2023 and posted on its website its third 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 October 19, 2023
99.2	Third Quarter 2023 Earnings Conference Call dated October 20, 2023
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 19, 2023

Document

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

PHOENIX--(BUSINESS WIRE)--October 19, 2023

THIRD QUARTER 2023 FINANCIAL RESULTS

Quarter Highlights:
Net income	Earnings per share	PPNR1	Net interest margin		Adjusted efficiency ratio1	Book value per <br>common share
$216.6 million	$1.97	$290.0 million	3.67%		50.0%	$49.78
				$43.661, excluding<br><br>goodwill and intangibles		CEO COMMENTARY:
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“Western Alliance continued to execute its balance sheet repositioning strategy and produced strengthening profitability in the third quarter, highlighted by net interest income growth and net interest margin expansion, while maintaining stable asset quality. Deposit momentum continued to improve liquidity levels and demonstrates the vibrancy of the franchise,” said Kenneth A. Vecchione, President and Chief Executive Officer. “Quarterly deposit growth of $3.2 billion lowered our HFI loan-to-deposit ratio to 91%, with total insured and collateralized deposits representing 82% of deposits and available liquidity coverage of 293% of uninsured deposits. We achieved net income of $216.6 million and earnings per share of $1.97 for the third quarter 2023, which resulted in a return on tangible common equity1 of 17.3%. Tangible book value per share1 climbed 1.3% quarterly to $43.66, or 17.5% year-over-year, with a CET1 ratio of 10.6%."		LINKED-QUARTER BASIS	YEAR-OVER-YEAR
---	---
FINANCIAL HIGHLIGHTS:

▪Net income of $216.6 million and earnings per share of $1.97, compared to $215.7 million and $1.96, respectively

▪Net revenue of $716.2 million, an increase of 7.0%, or $46.9 million, compared to an increase in non-interest expenses of 10.0%, or $38.8 million

▪Pre-provision net revenue1 of $290.0 million, up $8.1 million from $281.9 million

▪Effective tax rate of 22.1%, compared to 17.1%

▪Net income of $216.6 million and earnings per share of $1.97, down 18.0% and 18.6%, from $264.0 million and $2.42, respectively

▪Net revenue of $716.2 million, an increase of 7.9%, or $52.3 million, compared to an increase in non-interest expenses of 39.4%, or $120.4 million

▪Pre-provision net revenue1 of $290.0 million, down $68.1 million from $358.1 million

▪Effective tax rate of 22.1%, compared to 19.9%

FINANCIAL POSITION RESULTS:

▪HFI loans of $49.4 billion, up $1.6 billion, or 3.3%, primarily due to $1.3 billion that was transferred from HFS

▪Total deposits of $54.3 billion, up $3.2 billion, or 6.4%

▪Stockholders' equity of $5.7 billion, up $61 million

▪Decrease in HFI loans of $2.8 billion, or 5.3%

▪Decrease in total deposits of $1.3 billion, or 2.3%

▪Increase in stockholders' equity of $725 million

LOANS AND ASSET QUALITY:

▪Nonperforming assets (nonaccrual loans and repossessed assets) to total assets of 0.35%, compared to 0.39%

▪Annualized net loan charge-offs to average loans outstanding of 0.07%, compared to 0.06%

▪Nonperforming assets to total assets of 0.35%, compared to 0.15%

▪Annualized net loan charge-offs (recoveries) to average loans outstanding of 0.07%, compared to (0.02)%

KEY PERFORMANCE METRICS:

▪Net interest margin of 3.67% increased from 3.42%

▪Return on average assets and on tangible common equity1 of 1.24% and 17.3%, compared to 1.23% and 18.2%, respectively

▪Tangible common equity ratio1 of 6.8%, compared to 7.0%

▪CET 1 ratio of 10.6% increased from 10.1%

▪Tangible book value per share1, net of tax, of $43.66, an increase of 1.3% from $43.09

▪Adjusted efficiency ratio1 of 50.0%, compared to 50.5%

▪Net interest margin of 3.67% decreased from 3.78%

▪Return on average assets and on tangible common equity1 of 1.24% and 17.3%, compared to 1.53% and 24.9%, respectively

▪Tangible common equity ratio1 of 6.8% increased from 5.9%

▪CET 1 ratio of 10.6% increased from 8.7%

▪Tangible book value per share1, net of tax, of $43.66, an increase of 17.5% from $37.16

▪Adjusted efficiency ratio1 of 50.0%, compared to 40.5%

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

Income Statement

Net interest income totaled $587.0 million in the third quarter 2023, an increase of $36.7 million, or 6.7%, from $550.3 million in the second quarter 2023, and a decrease of $15.1 million, or 2.5%, compared to the third quarter 2022. The increase in net interest income from the second quarter 2023 is due to a decrease in average short-term borrowings, combined with higher yields on HFI loans and was partially offset by an increase in deposit balances and rates. The decrease in net interest income from the third quarter 2022 was driven by an increase in both the balances and rates of borrowings and deposits, partially offset by higher yields on HFI loans.

The Company recorded a provision for credit losses of $12.1 million in the third quarter 2023, a decrease of $9.7 million from $21.8 million in the second quarter 2023, and a decrease of $16.4 million from $28.5 million in the third quarter 2022. The decrease in provision for credit losses during the third quarter 2023 is primarily due to modest improvement in economic forecasts and stable asset quality.

The Company’s net interest margin in the third quarter 2023 was 3.67%, an increase from 3.42% in the second quarter 2023, and a decrease from 3.78% in the third quarter 2022. A decrease in short-term borrowings and higher yields on HFI loans drove an increase in net interest margin from the second quarter 2023, with higher rates on short-term borrowings and on deposits partially offsetting this increase. The decrease in net interest margin from the third quarter 2022 was driven by higher average balances and rates on deposits and short-term borrowings.

Non-interest income was $129.2 million for the third quarter 2023, compared to $119.0 million for the second quarter 2023, and $61.8 million for the third quarter 2022. The $10.2 million increase in non-interest income for the second quarter 2023 was due to a $0.1 million gain on sale of securities in the third quarter compared to a loss of $13.6 million in the second quarter, combined with an increase in fair value gain adjustments of $5.1 million and a $3.1 million increase in net loan servicing revenue due to higher servicing income and MSR fair value changes. These increases were offset by a $10.3 million decrease in net gain on loan origination and sale activities from lower spreads and volume. The $67.4 million increase in non-interest income from the third quarter 2022 was driven by a higher net gain on loan origination and sale activities, fair value gain adjustments, and service charges and fees.

Net revenue totaled $716.2 million for the third quarter 2023, an increase of $46.9 million or 7.0%, compared to $669.3 million for the second quarter 2023, and an increase of $52.3 million or 7.9%, compared to $663.9 million for the third quarter 2022.

Non-interest expense was $426.2 million for the third quarter 2023, compared to $387.4 million for the second quarter 2023, and $305.8 million for the third quarter 2022. The Company’s adjusted efficiency ratio1 was 50.0% for the third quarter 2023, compared to 50.5% in the second quarter 2023, and 40.5% for the third quarter 2022. The increase in non-interest expense from the second quarter 2023 is due primarily to increased deposit costs. The increase in non-interest expense from the third quarter 2022 is primarily attributable to an increase in deposit and insurance costs.

Income tax expense was $61.3 million for the third quarter 2023, compared to $44.4 million for the second quarter 2023, and $65.6 million for the third quarter 2022. The increase in income tax expense from the second quarter 2023 is primarily due to discrete nondeductible items.

Net income was $216.6 million for the third quarter 2023, an increase of $0.9 million from $215.7 million for the second quarter 2023, and a decrease of $47.4 million from $264.0 million for the third quarter 2022. Earnings per share totaled $1.97 for the third quarter 2023, compared to $1.96 for the second quarter 2023, and $2.42 for the third quarter 2022.

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 2023, the Company’s PPNR1 was $290.0 million, up $8.1 million from $281.9 million in the second quarter 2023, and down $68.1 million from $358.1 million in the third quarter 2022.

The Company had 3,272 full-time equivalent employees and 56 offices at September 30, 2023, compared to 3,336 employees and 56 offices at June 30, 2023, and 3,368 employees and 60 offices at September 30, 2022.

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

Balance Sheet

HFI loans, net of deferred fees totaled $49.4 billion at September 30, 2023, compared to $47.9 billion at June 30, 2023, and $52.2 billion at September 30, 2022. The increase in HFI loans of $1.6 billion from the prior quarter was primarily related to loan transfers from HFS to HFI totaling $1.3 billion, which drove an increase of $1.7 billion in commercial and industrial loans and $241 million in construction and land development loans. The decrease in HFI loans of $2.8 billion from September 30, 2022 was driven by a $4.0 billion decrease in commercial and industrial loans, resulting from the transfer of a significant portion of HFI loans to HFS in the first quarter 2023 as part of the Company's balance sheet repositioning strategy. This decrease was partially offset by increases in CRE non-owner occupied and construction and land development loans of $1.1 billion and $1.0 billion, respectively. HFS loans totaled $1.8 billion at September 30, 2023, compared to $3.2 billion at June 30, 2023, and $2.2 billion at September 30, 2022. The balance of HFS loans at September 30, 2023 primarily consisted of AmeriHome HFS loans, consistent with the balance at December 31, 2022 and prior periods. The decrease of $1.4 billion in HFS loans from the prior quarter is primarily related to transfer of loans to HFI. The decrease of $438 million in HFS loans from September 30, 2022 primarily relates to a decrease in AmeriHome HFS 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 September 30, 2023, the allowance for loan losses to funded HFI loans ratio was 0.66%, compared to 0.67% at June 30, 2023, and 0.58% at September 30, 2022. The allowance for credit losses, which includes the allowance for unfunded loan commitments, to funded HFI loans ratio was 0.74% at September 30, 2023, compared to 0.76% at June 30, 2023, and 0.68% at September 30, 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 $9.3 billion, $9.4 billion, and $10.8 billion as of September 30, 2023, June 30, 2023, and September 30, 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 $17.4 million as of September 30, 2023, $21.4 million as of June 30, 2023, and $18.5 million as of September 30, 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 0.91% at September 30, 2023, 0.94% at June 30, 2023, and 0.86% at September 30, 2022.

Deposits totaled $54.3 billion at September 30, 2023, an increase of $3.2 billion from $51.0 billion at June 30, 2023, and a decrease of $1.3 billion from $55.6 billion at September 30, 2022. By deposit type, the increase from the prior quarter is attributable to increases of $1.6 billion from savings and money market accounts, $1.3 billion from non-interest bearing demand deposits, $204 million from certificates of deposits, and $197 million from interest-bearing demand deposits. From September 30, 2022, non-interest bearing demand deposits and savings and money market accounts decreased $6.9 billion and $4.5 billion, respectively. These decreases were partially offset by increases in certificates of deposit and interest-bearing demand deposits of $5.7 billion and $4.5 billion, respectively. Non-interest bearing deposits were $18.0 billion at September 30, 2023, compared to $16.7 billion at June 30, 2023, and $24.9 billion at September 30, 2022.

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

	Sep 30, 2023		Jun 30, 2023		Sep 30, 2022
Non-interest bearing	33.1	%	32.8	%	44.8	%
Savings and money market	27.0		25.6		34.6
Interest-bearing demand	23.7		24.8		15.0
Certificates of deposit	16.2		16.8		5.6

The Company’s ratio of HFI loans to deposits was 91.1% at September 30, 2023, compared to 93.8% at June 30, 2023, and 93.9% at September 30, 2022.

Borrowings were $8.7 billion at September 30, 2023, $9.6 billion at June 30, 2023, and $6.3 billion at September 30, 2022. Borrowings decreased from June 30, 2023 due primarily to a decrease in short-term borrowings of $817 million. The increase in borrowings from September 30, 2022 is due to an increase in short-term borrowings of $2.9 billion, partially offset by payoffs of credit linked notes in the first half of 2023.

Qualifying debt totaled $890 million at September 30, 2023, compared to $888 million at June 30, 2023, and $889 million at September 30, 2022.

Stockholders’ equity was $5.7 billion at September 30, 2023, compared to $5.7 billion at June 30, 2023 and $5.0 billion at September 30, 2022. The slight increase in stockholders’ equity from the prior quarter was due to net income, partially offset by dividends to shareholders and unrealized fair value losses of $121 million on the Company's available-for-sale securities, which are recorded in other comprehensive loss, net of tax. Cash dividends of $39.4 million ($0.36 per common share) and $3.2 million ($0.27 per depository share) were paid to shareholders during the third quarter 2023. The increase in stockholders' equity from September 30, 2022 is primarily a function of net income, partially offset by dividends to shareholders.

At September 30, 2023, tangible common equity, net of tax1, was 6.8% of tangible assets1 and total capital was 13.5% of risk-weighted assets. The Company’s tangible book value per share1 was $43.66 at September 30, 2023, an increase of 1.3% from $43.09 at June 30, 2023, and up 17.5% from $37.16 at September 30, 2022. The increase in tangible book value per share from June 30, 2023 is attributable to net income.

Total assets increased 4.0% to $70.9 billion at September 30, 2023, from $68.2 billion at June 30, 2023, and increased 2.5% from $69.2 billion at September 30, 2022. The increase in total assets from June 30, 2023 was driven by an increase in HFI loans, cash, and investments, partially offset by a decrease in HFS loans. The increase in total assets from September 30, 2022 was driven by an increase in investments and cash, partially offset by a decrease in HFI and HFS loans.

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

Asset Quality

Provision for credit losses totaled $12.1 million for the third quarter 2023, compared to $21.8 million for the second quarter 2023, and $28.5 million for the third quarter 2022. Net loan charge-offs (recoveries) in the third quarter 2023 were $8.0 million, or 0.07% of average loans (annualized), compared to $7.4 million, or 0.06%, in the second quarter 2023, and $(1.9) million, or (0.02)%, in the third quarter 2022.

Nonaccrual loans decreased $19 million to $237 million during the quarter and increased $147 million from September 30, 2022. Loans past due 90 days and still accruing interest were zero at each of the periods ended September 30, 2023, June 30, 2023, and September 30, 2022 (excluding government guaranteed loans of $439 million, $481 million, and $644 million, respectively). Loans past due 30-89 days and still accruing interest totaled $189 million at September 30, 2023, an increase from $121 million at June 30, 2023, and an increase from $56 million at September 30, 2022 (excluding government guaranteed loans of $261 million, $289 million, and $245 million, respectively).

Repossessed assets totaled $8 million at September 30, 2023, a $3 million decrease from $11 million at June 30, 2023 and September 30, 2022. Classified assets totaled $639 million at September 30, 2023, an increase of $35 million from $604 million at June 30, 2023, and an increase of $254 million from $385 million at September 30, 2022.

The ratio of classified assets to Tier 1 capital plus the allowance for credit losses, a common regulatory measure of asset quality, was 10.2% at September 30, 2023, compared to 10.0% at June 30, 2023, and 7.0% at September 30, 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 $28.7 billion at September 30, 2023, an increase of $581 million during the quarter, and a decrease of $3.3 billion during the last twelve months. The Commercial segment did not have any loans held for sale at September 30, 2023, a decrease of $1.0 billion during the quarter. Deposits for the Commercial segment totaled $22.6 billion at September 30, 2023, an increase of $1.2 billion during the quarter, and a decrease of $7.4 billion during the last twelve months.

Pre-tax income for the Commercial segment was $196.1 million for the three months ended September 30, 2023, a decrease of $25.3 million from the three months ended June 30, 2023, and a decrease of $102.1 million from the three months ended September 30, 2022. For the nine months ended September 30, 2023, the Commercial segment reported total pre-tax income of $576.8 million, a decrease of $198.0 million compared to the nine months ended September 30, 2022.

The Consumer Related segment reported an HFI loan balance of $20.7 billion at September 30, 2023, an increase of $991 million during the quarter, and an increase of $586 million during the last twelve months. The Consumer Related segment also has loans held for sale of $1.8 billion at September 30, 2023, a decrease of $341 million during the quarter, and a decrease of $438 million during the last twelve months. Deposits for the Consumer Related segment totaled $25.1 billion, an increase of $2.7 billion during the quarter and an increase of $4.1 billion during the last twelve months.

Pre-tax income for the Consumer Related segment was $68.9 million for the three months ended September 30, 2023, an increase of $12.2 million from the three months ended June 30, 2023, and a decrease of $24.3 million from the three months ended September 30, 2022. Pre-tax income for the Consumer Related segment for the nine months ended September 30, 2023 totaled $182.4 million, a decrease of $197.9 million compared to the nine months ended September 30, 2022.

Conference Call and Webcast

Western Alliance Bancorporation will host a conference call and live webcast to discuss its third quarter 2023 financial results at 12:00 p.m. ET on Friday, October 20, 2023. Participants may access the call by dialing 1-833-470-1428 and using access code 448677 or via live audio webcast using the website link https://events.q4inc.com/attendee/123936476. 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 20th through 11:00 p.m. ET November 20th by dialing 1-866-813-9403, using access code 831794.

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 earlier 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, business clients benefit from a full spectrum of tailored banking solutions and outstanding service delivered by industry experts who put customers first. Influential sources from Forbes to American Banker again rank Western Alliance Bank among the top U.S. banks in 2023. 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 September 30,
							2023		2022		Change %
							(in millions)
Total assets							$	70,891	$	69,165	2.5	%
Loans held for sale							1,766		2,204		(19.9)
HFI loans, net of deferred fees							49,447		52,201		(5.3)
Investment securities							11,423		8,603		32.8
Total deposits							54,287		55,589		(2.3)
Borrowings							8,745		6,319		38.4
Qualifying debt							890		889		0.1
Stockholders' equity							5,746		5,021		14.4
Tangible common equity, net of tax (1)							4,781		4,047		18.1
Common equity Tier 1 capital							5,540		4,771		16.1
Selected Income Statement Data:
	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2023		2022		Change %		2023		2022		Change %
	(in millions, except per share data)						(in millions, except per share data)
Interest income	$	1,026.6	$	739.4	38.8	%	$	2,996.3	$	1,803.5	66.1	%
Interest expense	439.6		137.3		NM		1,249.1		226.9		NM
Net interest income	587.0		602.1		(2.5)		1,747.2		1,576.6		10.8
Provision for credit losses	12.1		28.5		(57.5)		53.3		65.0		(18.0)
Net interest income after provision for credit losses	574.9		573.6		0.2		1,693.9		1,511.6		12.1
Non-interest income	129.2		61.8		NM		190.2		263.1		(27.7)
Non-interest expense	426.2		305.8		39.4		1,161.5		823.3		41.1
Income before income taxes	277.9		329.6		(15.7)		722.6		951.4		(24.0)
Income tax expense	61.3		65.6		(6.6)		148.1		187.1		(20.8)
Net income	216.6		264.0		(18.0)		574.5		764.3		(24.8)
Dividends on preferred stock	3.2		3.2		—		9.6		9.6		—
Net income available to common stockholders	$	213.4	$	260.8	(18.2)		$	564.9	$	754.7	(25.1)
Diluted earnings per common share	$	1.97	$	2.42	(18.6)		$	5.21	$	7.03	(25.9)

(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,
	2023		2022		Change %		2023		2022		Change %
Diluted earnings per common share	$	1.97	$	2.42	(18.6)	%	$	5.21	$	7.03	(25.9)	%
Book value per common share	49.78		43.39		14.7
Tangible book value per common share, net of tax (1)	43.66		37.16		17.5
Average common shares outstanding <br>(in millions):
Basic	108.3		107.5		0.8		108.3		107.0		1.2
Diluted	108.5		107.9		0.5		108.4		107.4		0.9
Common shares outstanding	109.5		108.9		0.5
Selected Performance Ratios:
---	---	---	---	---	---	---	---	---	---	---	---	---
Return on average assets (2)	1.24	%	1.53	%	(19.0)	%	1.09	%	1.60	%	(31.9)	%
Return on average tangible common equity (1, 2)	17.3		24.9		(30.5)		16.0		24.8		(35.5)
Net interest margin (2)	3.67		3.78		(2.9)		3.62		3.56		1.7
Efficiency ratio, adjusted for deposit costs (1)	50.0		40.5		23.5		51.6		41.5		24.3
HFI loan to deposit ratio	91.1		93.9		(3.0)
Asset Quality Ratios:
Net charge-offs to average loans outstanding (2)	0.07	%	(0.02)	%	NM		0.06	%	0.00	%	NM
Nonaccrual loans to funded HFI loans	0.48		0.17		NM
Nonaccrual loans and repossessed assets to total assets	0.35		0.15		NM
Allowance for loan losses to funded HFI loans	0.66		0.58		13.8
Allowance for loan losses to nonaccrual HFI loans	138		338		(59.1)
Capital Ratios:
---	---	---	---	---	---	---
	Sep 30, 2023		Jun 30, 2023		Sep 30, 2022
Tangible common equity (1)	6.8	%	7.0	%	5.9	%
Common Equity Tier 1 (3)	10.6		10.1		8.7
Tier 1 Leverage ratio (3)	8.5		8.1		7.5
Tier 1 Capital (3)	11.3		10.8		9.3
Total Capital (3)	13.5		13.0		11.4

(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, 2023 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,
	2023		2022		2023		2022
	(dollars in millions, except per share data)
Interest income:
Loans	$	860.8	$	657.0	$	2,550.7	$	1,608.3
Investment securities	122.8		75.9		331.3		183.2
Other	43.0		6.5		114.3		12.0
Total interest income	1,026.6		739.4		2,996.3		1,803.5
Interest expense:
Deposits	316.2		77.6		798.9		118.8
Qualifying debt	9.5		8.9		28.3		25.9
Borrowings	113.9		50.8		421.9		82.2
Total interest expense	439.6		137.3		1,249.1		226.9
Net interest income	587.0		602.1		1,747.2		1,576.6
Provision for credit losses	12.1		28.5		53.3		65.0
Net interest income after provision for credit losses	574.9		573.6		1,693.9		1,511.6
Non-interest income:
Net gain on loan origination and sale activities	52.0		14.5		145.7		78.6
Net loan servicing revenue	27.2		23.0		93.2		109.5
Service charges and fees	23.3		6.5		53.6		21.1
Commercial banking related income	5.6		5.1		17.8		16.0
Income from equity investments	0.5		4.3		2.6		13.6
(Loss) gain on recovery from credit guarantees	(4.0)		0.4		0.5		11.7
Gain (loss) on sales of investment securities	0.1		—		(26.0)		6.7
Fair value gain (loss) adjustments, net	17.8		(2.8)		(117.3)		(19.4)
Other	6.7		10.8		20.1		25.3
Total non-interest income	129.2		61.8		190.2		263.1
Non-interest expenses:
Salaries and employee benefits	137.2		136.5		431.7		413.8
Deposit costs	127.8		56.2		305.7		83.6
Data processing	33.9		21.8		88.9		59.1
Insurance	33.1		8.1		81.8		22.2
Legal, professional, and directors' fees	28.3		24.8		77.8		73.9
Occupancy	16.8		13.9		48.7		39.7
Loan servicing expenses	11.9		15.2		44.1		40.7
Loan acquisition and origination expenses	5.6		5.8		15.6		18.7
Business development and marketing	4.9		5.0		15.1		14.8
Net loss (gain) on sales and valuations of repossessed and other assets	2.2		(0.2)		2.7		(0.4)
Gain on extinguishment of debt	—		—		(13.4)		—
Other	24.5		18.7		62.8		57.2
Total non-interest expense	426.2		305.8		1,161.5		823.3
Income before income taxes	277.9		329.6		722.6		951.4
Income tax expense	61.3		65.6		148.1		187.1
Net income	216.6		264.0		574.5		764.3
Dividends on preferred stock	3.2		3.2		9.6		9.6
Net income available to common stockholders	$	213.4	$	260.8	$	564.9	$	754.7
Earnings per common share:
Diluted shares	108.5		107.9		108.4		107.4
Diluted earnings per share	$	1.97	$	2.42	$	5.21	$	7.03
Western Alliance Bancorporation and Subsidiaries
---	---	---	---	---	---	---	---	---	---	---
Five Quarter Condensed Consolidated Income Statements
Unaudited
	Three Months Ended
	Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022
	(in millions, except per share data)
Interest income:
Loans	$	860.8	$	857.2	$	832.7	$	785.1	$	657.0
Investment securities	122.8		112.4		96.1		89.4		75.9
Other	43.0		31.2		40.1		13.8		6.5
Total interest income	1,026.6		1,000.8		968.9		888.3		739.4
Interest expense:
Deposits	316.2		251.1		231.6		157.6		77.6
Qualifying debt	9.5		9.5		9.3		9.1		8.9
Borrowings	113.9		189.9		118.1		81.9		50.8
Total interest expense	439.6		450.5		359.0		248.6		137.3
Net interest income	587.0		550.3		609.9		639.7		602.1
Provision for credit losses	12.1		21.8		19.4		3.1		28.5
Net interest income after provision for credit losses	574.9		528.5		590.5		636.6		573.6
Non-interest income:
Net gain on loan origination and sale activities	52.0		62.3		31.4		25.4		14.5
Net loan servicing revenue	27.2		24.1		41.9		21.4		23.0
Service charges and fees	23.3		20.8		9.5		5.9		6.5
Commercial banking related income	5.6		6.0		6.2		5.5		5.1
Income from equity investments	0.5		0.7		1.4		4.2		4.3
(Loss) gain on recovery from credit guarantees	(4.0)		1.2		3.3		3.0		0.4
Gain (loss) on sales of investment securities	0.1		(13.6)		(12.5)		0.1		—
Fair value gain (loss) adjustments, net	17.8		12.7		(147.8)		(9.2)		(2.8)
Other	6.7		4.8		8.6		5.2		10.8
Total non-interest income	129.2		119.0		(58.0)		61.5		61.8
Non-interest expenses:
Salaries and employee benefits	137.2		145.6		148.9		125.7		136.5
Deposit costs	127.8		91.0		86.9		82.2		56.2
Data processing	33.9		28.6		26.4		23.9		21.8
Insurance	33.1		33.0		15.7		8.9		8.1
Legal, professional, and directors' fees	28.3		26.4		23.1		26.0		24.8
Occupancy	16.8		15.4		16.5		15.8		13.9
Loan servicing expenses	11.9		18.4		13.8		14.8		15.2
Loan acquisition and origination expenses	5.6		5.6		4.4		4.4		5.8
Business development and marketing	4.9		5.0		5.2		7.3		5.0
Net loss (gain) on sales and valuations of repossessed and other assets	2.2		0.5		0.0		(0.3)		(0.2)
Gain on extinguishment of debt	—		(0.7)		(12.7)		—		—
Other	24.5		18.6		19.7		24.7		18.7
Total non-interest expense	426.2		387.4		347.9		333.4		305.8
Income before income taxes	277.9		260.1		184.6		364.7		329.6
Income tax expense	61.3		44.4		42.4		71.7		65.6
Net income	216.6		215.7		142.2		293.0		264.0
Dividends on preferred stock	3.2		3.2		3.2		3.2		3.2
Net income available to common stockholders	$	213.4	$	212.5	$	139.0	$	289.8	$	260.8
Earnings per common share:
Diluted shares	108.5		108.3		108.3		108.4		107.9
Diluted earnings per share	$	1.97	$	1.96	$	1.28	$	2.67	$	2.42
Western Alliance Bancorporation and Subsidiaries
---	---	---	---	---	---	---	---	---	---	---
Five Quarter Condensed Consolidated Balance Sheets
Unaudited
	Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022
	(in millions)
Assets:
Cash and due from banks	$	3,497	$	2,153	$	3,639	$	1,043	$	1,610
Investment securities	11,423		10,374		9,493		8,760		8,603
Loans held for sale	1,766		3,156		7,022		1,184		2,204
Loans held for investment:
Commercial and industrial	18,344		16,657		15,503		20,710		22,318
Commercial real estate - non-owner occupied	9,810		9,913		9,617		9,319		8,668
Commercial real estate - owner occupied	1,771		1,805		1,809		1,818		1,848
Construction and land development	4,669		4,428		4,407		4,013		3,621
Residential real estate	14,779		15,000		15,024		15,928		15,674
Consumer	74		72		75		74		72
Loans HFI, net of deferred fees	49,447		47,875		46,435		51,862		52,201
Allowance for loan losses	(327)		(321)		(305)		(310)		(304)
Loans HFI, net of deferred fees and allowance	49,120		47,554		46,130		51,552		51,897
Mortgage servicing rights	1,233		1,007		910		1,148		1,044
Premises and equipment, net	327		315		293		276		237
Operating lease right-of-use asset	150		151		156		163		131
Other assets acquired through foreclosure, net	8		11		11		11		11
Bank owned life insurance	184		184		183		182		181
Goodwill and other intangibles, net	672		674		677		680		682
Other assets	2,511		2,581		2,533		2,735		2,565
Total assets	$	70,891	$	68,160	$	71,047	$	67,734	$	69,165
Liabilities and Stockholders' Equity:
Liabilities:
Deposits
Non-interest bearing demand deposits	$	17,991	$	16,733	$	16,465	$	19,691	$	24,926
Interest bearing:
Demand	12,843		12,646		10,719		9,507		8,350
Savings and money market	14,672		13,085		13,845		19,397		19,202
Certificates of deposit	8,781		8,577		6,558		5,049		3,111
Total deposits	54,287		51,041		47,587		53,644		55,589
Borrowings	8,745		9,567		15,853		6,299		6,319
Qualifying debt	890		888		895		893		889
Operating lease liability	180		179		184		185		149
Accrued interest payable and other liabilities	1,043		800		1,007		1,357		1,198
Total liabilities	65,145		62,475		65,526		62,378		64,144
Stockholders' Equity:
Preferred stock	295		295		295		295		295
Common stock and additional paid-in capital	2,073		2,064		2,054		2,058		2,049
Retained earnings	4,111		3,937		3,764		3,664		3,413
Accumulated other comprehensive loss	(733)		(611)		(592)		(661)		(736)
Total stockholders' equity	5,746		5,685		5,521		5,356		5,021
Total liabilities and stockholders' equity	$	70,891	$	68,160	$	71,047	$	67,734	$	69,165
Western Alliance Bancorporation and Subsidiaries
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Changes in the Allowance For Credit Losses on Loans
Unaudited
	Three Months Ended
	Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Dec 31, 2022			Sep 30, 2022
	(in millions)
Allowance for loan losses
Balance, beginning of period	$	321.1		$	304.7		$	309.7		$	304.1		$	273.2
Provision for credit losses (1)	14.3			23.8			1.0			7.4			29.0
Recoveries of loans previously charged-off:
Commercial and industrial	0.4			0.7			3.2			0.3			3.8
Commercial real estate - non-owner occupied	—			—			—			—			0.1
Commercial real estate - owner occupied	—			—			—			0.1			—
Construction and land development	—			—			—			—			0.1
Residential real estate	0.1			—			—			—			—
Consumer	—			0.1			—			—			—
Total recoveries	0.5			0.8			3.2			0.4			4.0
Loans charged-off:
Commercial and industrial	5.5			6.0			9.1			1.1			2.1
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	8.5			8.2			9.2			2.2			2.1
Net loan charge-offs (recoveries)	8.0			7.4			6.0			1.8			(1.9)
Balance, end of period	$	327.4		$	321.1		$	304.7		$	309.7		$	304.1
Allowance for unfunded loan commitments
Balance, beginning of period	$	41.1		$	44.8		$	47.0		$	52.1		$	53.8
Recovery of credit losses (1)	(3.2)			(3.7)			(2.2)			(5.1)			(1.7)
Balance, end of period (2)	$	37.9		$	41.1		$	44.8		$	47.0		$	52.1
Components of the allowance for credit losses on loans
Allowance for loan losses	$	327.4		$	321.1		$	304.7		$	309.7		$	304.1
Allowance for unfunded loan commitments	37.9			41.1			44.8			47.0			52.1
Total allowance for credit losses on loans	$	365.3		$	362.2		$	349.5		$	356.7		$	356.2
Net charge-offs (recoveries) to average loans - annualized	0.07		%	0.06		%	0.05		%	0.01		%	(0.02)		%
Allowance ratios
Allowance for loan losses to funded HFI loans (3)	0.66		%	0.67		%	0.66		%	0.60		%	0.58		%
Allowance for credit losses to funded HFI loans (3)	0.74			0.76			0.75			0.69			0.68
Allowance for loan losses to nonaccrual HFI loans	138			125			285			364			338
Allowance for credit losses to nonaccrual HFI loans	154			141			327			420			396

(1)    The above tables reflect the provision for credit losses on funded and unfunded loans. There was a $0.3 million provision for credit losses on AFS investment securities and a $0.7 million provision release on HTM investment securities for the three months ended September 30, 2023. The allowance for credit losses on AFS and HTM investment securities totaled $4.7 million and $6.7 million, respectively, as of September 30, 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 $17.4 million as of September 30, 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
	Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Dec 31, 2022			Sep 30, 2022
	(in millions)
Nonaccrual loans and repossessed assets
Nonaccrual loans	$	237		$	256		$	107		$	85		$	90
Nonaccrual loans to funded HFI loans	0.48		%	0.53		%	0.23		%	0.16		%	0.17		%
Repossessed assets	$	8		$	11		$	11		$	11		$	11
Nonaccrual loans and repossessed assets to total assets	0.35		%	0.39		%	0.17		%	0.14		%	0.15		%
Loans Past Due
Loans past due 90 days, still accruing (1)	$	—		$	—		$	1		$	—		$	—
Loans past due 90 days, still accruing to funded HFI loans	—		%	—		%	—		%	—		%	—		%
Loans past due 30 to 89 days, still accruing (2)	$	189		$	121		$	58		$	70		$	56
Loans past due 30 to 89 days, still accruing to funded HFI loans	0.38		%	0.25		%	0.13		%	0.13		%	0.11		%
Other credit quality metrics
Special mention loans	$	668		$	694		$	320		$	351		$	312
Special mention loans to funded HFI loans	1.35		%	1.45		%	0.69		%	0.68		%	0.60		%
Classified loans on accrual	$	381		$	324		$	325		$	280		$	268
Classified loans on accrual to funded HFI loans	0.77		%	0.68		%	0.70		%	0.54		%	0.51		%
Classified assets	$	639		$	604		$	459		$	393		$	385
Classified assets to total assets	0.90		%	0.89		%	0.65		%	0.58		%	0.56		%

(1)    Excludes government guaranteed residential mortgage loans of $439 million, $481 million, $494 million, $582 million, and $644 million as of each respective date in the table above.

(2)    Excludes government guaranteed residential mortgage loans of $261 million, $289 million, $281 million, $334 million, and $245 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, 2023					June 30, 2023
	Average Balance	Interest		Average Yield / <br>Cost		Average <br>Balance		Interest		Average Yield /<br>Cost
	( in millions)
Interest earning assets
Loans held for sale		$	47.3	6.11	%	$	6,343	$	105.2	6.65	%
Loans held for investment:
Commercial and industrial	16,855	324.3		7.70		15,712		302.3		7.78
CRE - non-owner occupied	9,950	196.1		7.83		9,754		180.7		7.44
CRE - owner occupied	1,790	26.4		5.97		1,816		25.1		5.66
Construction and land development	4,545	110.3		9.63		4,420		103.6		9.40
Residential real estate	14,914	155.0		4.12		15,006		139.0		3.72
Consumer	73	1.4		7.43		73		1.3		7.15
Total HFI loans (1), (2), (3)	48,127	813.5		6.73		46,781		752.0		6.48
Securities:
Securities - taxable	8,272	101.1		4.85		7,879		91.4		4.65
Securities - tax-exempt	2,103	21.7		5.12		2,062		21.0		5.12
Total securities (1)	10,375	122.8		4.91		9,941		112.4		4.76
Cash and other	2,911	43.0		5.87		2,584		31.2		4.84
Total interest earning assets	64,482	1,026.6		6.37		65,649		1,000.8		6.17
Non-interest earning assets
Cash and due from banks	279					259
Allowance for credit losses	(334)					(314)
Bank owned life insurance	184					183
Other assets	4,513					4,361
Total assets						$	70,138
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing transaction accounts		$	98.9	3.03	%	$	11,893	$	80.2	2.71	%
Savings and money market	13,832	106.3		3.05		13,167		87.2		2.66
Certificates of deposit	9,125	111.0		4.83		7,626		83.7		4.40
Total interest-bearing deposits	35,904	316.2		3.49		32,686		251.1		3.08
Short-term borrowings	6,260	97.2		6.16		12,195		170.4		5.60
Long-term debt	764	16.7		8.68		826		19.5		9.45
Qualifying debt	888	9.5		4.26		895		9.5		4.27
Total interest-bearing liabilities	43,816	439.6		3.98		46,602		450.5		3.88
Interest cost of funding earning assets				2.70						2.75
Non-interest-bearing liabilities
Non-interest-bearing demand deposits	18,402					16,701
Other liabilities	1,052					1,183
Stockholders’ equity	5,854					5,652
Total liabilities and stockholders' equity						$	70,138
Net interest income and margin (4)		$	587.0	3.67	%			$	550.3	3.42	%

All values are in US Dollars.

(1)     Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $8.9 million and $8.7 million for the three months ended September 30, 2023 and June 30, 2023, respectively.

(2)    Included in the yield computation are net loan fees of $28.0 million and $36.8 million for the three months ended September 30, 2023 and June 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
	September 30, 2023					September 30, 2022
	Average Balance	Interest		Average Yield / <br>Cost		Average <br>Balance		Interest		Average Yield /<br>Cost
	( in millions)
Interest earning assets
Loans held for sale		$	47.3	6.11	%	$	3,993	$	49.0	4.87	%
Loans held for investment:
Commercial and industrial	16,855	324.3		7.70		21,551		282.1		5.25
CRE - non-owner-occupied	9,950	196.1		7.83		8,128		111.4		5.44
CRE - owner-occupied	1,790	26.4		5.97		1,839		23.3		5.12
Construction and land development	4,545	110.3		9.63		3,471		59.5		6.80
Residential real estate	14,914	155.0		4.12		15,125		130.9		3.43
Consumer	73	1.4		7.43		63		0.8		5.32
Total loans HFI (1), (2), (3)	48,127	813.5		6.73		50,177		608.0		4.84
Securities:
Securities - taxable	8,272	101.1		4.85		6,680		56.4		3.35
Securities - tax-exempt	2,103	21.7		5.12		2,047		19.5		4.73
Total securities (1)	10,375	122.8		4.91		8,727		75.9		3.66
Cash and other	2,911	43.0		5.87		1,239		6.5		2.07
Total interest earning assets	64,482	1,026.6		6.37		64,136		739.4		4.62
Non-interest earning assets
Cash and due from banks	279					242
Allowance for credit losses	(334)					(282)
Bank owned life insurance	184					180
Other assets	4,513					4,100
Total assets						$	68,376
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing transaction accounts		$	98.9	3.03	%	$	8,466	$	24.5	1.15	%
Savings and money market accounts	13,832	106.3		3.05		18,515		44.5		0.95
Certificates of deposit	9,125	111.0		4.83		2,843		8.6		1.19
Total interest-bearing deposits	35,904	316.2		3.49		29,824		77.6		1.03
Short-term borrowings	6,260	97.2		6.16		4,136		27.0		2.59
Long-term debt	764	16.7		8.68		1,228		23.8		7.69
Qualifying debt	888	9.5		4.26		891		8.9		3.94
Total interest-bearing liabilities	43,816	439.6		3.98		36,079		137.3		1.51
Interest cost of funding earning assets				2.70						0.84
Non-interest-bearing liabilities
Non-interest-bearing demand deposits	18,402					25,865
Other liabilities	1,052					1,282
Stockholders’ equity	5,854					5,150
Total liabilities and stockholders' equity						$	68,376
Net interest income and margin (4)		$	587.0	3.67	%			$	602.1	3.78	%

All values are in US Dollars.

(1)    Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $8.9 million and $8.5 million for the three months ended September 30, 2023 and 2022, respectively.

(2)    Included in the yield computation are net loan fees of $28.0 million and $31.9 million for the three months ended September 30, 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
	Nine Months Ended
	September 30, 2023					September 30, 2022
	Average Balance	Interest		Average Yield / <br>Cost		Average <br>Balance		Interest		Average Yield /<br>Cost
	( in millions)
Interest earning assets
Loans HFS		$	183.8	6.37	%	$	4,939	$	142.5	3.86	%
Loans HFI:
Commercial and industrial	17,669	994.7		7.59		19,553		653.5		4.53
CRE - non-owner occupied	9,743	546.2		7.50		7,328		267.6		4.89
CRE - owner occupied	1,805	76.2		5.76		1,844		68.8		5.08
Construction and land development	4,399	307.1		9.34		3,301		148.9		6.03
Residential real estate	15,250	438.8		3.85		13,087		325.0		3.32
Consumer	73	3.9		7.14		58		2.0		4.57
Total loans HFI (1), (2), (3)	48,939	2,366.9		6.49		45,171		1,465.8		4.37
Securities:
Securities - taxable	7,609	267.7		4.70		6,300		127.5		2.71
Securities - tax-exempt	2,094	63.6		5.08		2,067		55.7		4.51
Total securities (1)	9,703	331.3		4.79		8,367		183.2		3.14
Other	2,941	114.3		5.20		1,646		12.0		0.97
Total interest earning assets	65,441	2,996.3		6.18		60,123		1,803.5		4.06
Non-interest earning assets
Cash and due from banks	268					250
Allowance for credit losses	(321)					(270)
Bank owned life insurance	183					180
Other assets	4,600					3,724
Total assets						$	64,007
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing transaction accounts		$	247.4	2.80	%	$	8,188	$	35.2	0.57	%
Savings and money market accounts	15,006	308.9		2.75		18,474		70.6		0.51
Certificates of deposit	7,437	242.6		4.36		2,271		13.0		0.76
Total interest-bearing deposits	34,243	798.9		3.12		28,933		118.8		0.55
Short-term borrowings	8,578	355.2		5.54		2,745		37.4		1.82
Long-term debt	953	66.7		9.36		930		44.8		6.45
Qualifying debt	892	28.3		4.24		893		25.9		3.87
Total interest-bearing liabilities	44,666	1,249.1		3.74		33,501		226.9		0.91
Interest cost of funding earning assets				2.56						0.50
Non-interest-bearing liabilities
Non-interest-bearing demand deposits	18,534					24,269
Other liabilities	1,272					1,183
Stockholders’ equity	5,699					5,054
Total liabilities and stockholders' equity						$	64,007
Net interest income and margin (4)		$	1,747.2	3.62	%			$	1,576.6	3.56	%

All values are in US Dollars.

(1)    Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $26.4 million and $24.7 million for the nine ended September 30, 2023 and 2022, respectively.

(2)    Included in the yield computation are net loan fees of $100.4 million and $97.4 million for the nine ended September 30, 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 September 30, 2023:	(dollars in millions)
Assets:
Cash, cash equivalents, and investment securities	$	14,920	$	11	$	125	$	14,784
Loans HFS	1,766		—		1,766		—
Loans HFI, net of deferred fees and costs	49,447		28,720		20,727		—
Less: allowance for credit losses	(327)		(277)		(50)		—
Net loans HFI	49,120		28,443		20,677		—
Other assets acquired through foreclosure, net	8		8		—		—
Goodwill and other intangible assets, net	672		292		380		—
Other assets	4,405		409		1,902		2,094
Total assets	$	70,891	$	29,163	$	24,850	$	16,878
Liabilities:
Deposits	$	54,287	$	22,643	$	25,094	$	6,550
Borrowings and qualifying debt	9,635		9		2,164		7,462
Other liabilities	1,223		136		264		823
Total liabilities	65,145		22,788		27,522		14,835
Allocated equity:	5,746		2,672		1,805		1,269
Total liabilities and stockholders' equity	$	70,891	$	25,460	$	29,327	$	16,104
Excess funds provided (used)	—		(3,703)		4,477		(774)
No. of offices	56		46		8		2
No. of full-time equivalent employees	3,272		589		731		1,952
Income Statement:
Three Months Ended September 30, 2023:	(in millions)
Net interest income	$	587.0	$	331.5	$	243.8	$	11.7
Provision for (recovery of) credit losses	12.1		14.1		(3.0)		1.0
Net interest income after provision for credit losses	574.9		317.4		246.8		10.7
Non-interest income	129.2		25.9		89.4		13.9
Non-interest expense	426.2		147.2		267.3		11.7
Income before income taxes	277.9		196.1		68.9		12.9
Income tax expense (benefit)	61.3		64.9		28.8		(32.4)
Net income	$	216.6	$	131.2	$	40.1	$	45.3
Nine Months Ended September 30, 2023:	(in millions)
Net interest income	$	1,747.2	$	1,077.5	$	647.8	$	21.9
Provision for credit losses	53.3		29.7		0.4		23.2
Net interest income (expense) after provision for credit losses	1,693.9		1,047.8		647.4		(1.3)
Non-interest income	190.2		(40.1)		226.6		3.7
Non-interest expense	1,161.5		430.9		691.6		39.0
Income (loss) before provision for income taxes	722.6		576.8		182.4		(36.6)
Income tax expense (benefit)	148.1		125.1		39.4		(16.4)
Net income (loss)	$	574.5	$	451.7	$	143.0	$	(20.2)
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 September 30, 2022:	(in millions)
Net interest income	$	602.1	$	413.0	$	235.0	$	(45.9)
Provision for credit losses	28.5		19.9		7.6		1.0
Net interest income (expense) after provision for credit losses	573.6		393.1		227.4		(46.9)
Non-interest income	61.8		16.1		44.2		1.5
Non-interest expense	305.8		111.0		178.4		16.4
Income (loss) before income taxes	329.6		298.2		93.2		(61.8)
Income tax expense (benefit)	65.6		71.0		22.3		(27.7)
Net income (loss)	$	264.0	$	227.2	$	70.9	$	(34.1)
Nine Months Ended September 30, 2022:	(in millions)
Net interest income	$	1,576.6	$	1,118.3	$	637.7	$	(179.4)
Provision for (recovery of) credit losses	65.0		53.1		12.9		(1.0)
Net interest income (expense) after provision for credit losses	1,511.6		1,065.2		624.8		(178.4)
Non-interest income	263.1		51.0		198.0		14.1
Non-interest expense	823.3		341.4		442.5		39.4
Income (loss) before income taxes	951.4		774.8		380.3		(203.7)
Income tax expense (benefit)	187.1		184.4		90.8		(88.1)
Net income (loss)	$	764.3	$	590.4	$	289.5	$	(115.6)
Western Alliance Bancorporation and Subsidiaries
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Reconciliation of Non-GAAP Financial Measures
Unaudited		Pre-Provision Net Revenue by Quarter:
---	---	---	---	---	---	---	---	---	---	---
	Three Months Ended
	9/30/2023		6/30/2023		3/31/2023		12/31/2022		9/30/2022
	(in millions)
Net interest income	$	587.0	$	550.3	$	609.9	$	639.7	$	602.1
Total non-interest income	129.2		119.0		(58.0)		61.5		61.8
Net revenue	$	716.2	$	669.3	$	551.9	$	701.2	$	663.9
Total non-interest expense	426.2		387.4		347.9		333.4		305.8
Pre-provision net revenue (1)	$	290.0	$	281.9	$	204.0	$	367.8	$	358.1
Less:
Provision for credit losses	12.1		21.8		19.4		3.1		28.5
Income tax expense	61.3		44.4		42.4		71.7		65.6
Net income	$	216.6	$	215.7	$	142.2	$	293.0	$	264.0
Pre-Provision Net Revenue, Adjusted
---	---	---
Three Months Ended 3/31/2023:	(in millions)
Pre-provision net revenue (1)	$	204.0
Adjusted for:
Loss on sales of investment securities	12.5
Fair value loss adjustments, net	147.8
Gain on extinguishment of debt	(12.7)
Pre-provision net revenue, Adjusted (1)	$	351.6
Less:
Provision for credit losses	19.4
Income tax expense	42.4
Loss on sales of investment securities	12.5
Fair value loss adjustments, net	147.8
Plus: Gain on extinguishment of debt	12.7
Net income	$	142.2
	Three Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	9/30/2023			6/30/2023			3/31/2023			12/31/2022			9/30/2022
Efficiency Ratio (Tax Equivalent Basis) by Quarter:	(dollars in millions)
Total non-interest expense	$	426.2		$	387.4		$	347.9		$	333.4		$	305.8
Less: Deposit costs	127.8			91.0			86.9			82.2			56.2
Total non-interest expense, excluding deposit costs	298.4			296.4			261.0			251.2			249.6
Divided by:
Total net interest income	587.0			550.3			609.9			639.7			602.1
Plus:
Tax equivalent interest adjustment	8.9			8.7			8.8			9.0			8.5
Total non-interest income	129.2			119.0			(58.0)			61.5			61.8
Less: Deposit costs	127.8			91.0			86.9			82.2			56.2
	$	597.3		$	587.0		$	473.8		$	628.0		$	616.2
Efficiency ratio (2)	58.8		%	57.1		%	62.0		%	46.9		%	45.5		%
Efficiency ratio, adjusted for deposit costs (2)	50.0		%	50.5		%	55.1		%	40.0		%	40.5		%
Western Alliance Bancorporation and Subsidiaries
---
Reconciliation of Non-GAAP Financial Measures
Unaudited		Earnings per Share, Adjusted:
---	---	---
Three Months Ended 3/31/2023:	(in millions)
Net income available to common stockholders	$	139.0
Adjusted for:
Loss on sales of investment securities	12.5
Fair value loss adjustments, net	147.8
Gain on extinguishment of debt	(12.7)
Tax effect of adjustments	(37.9)
Net income available to common stockholders, adjusted	$	248.7
Diluted shares	108.3
Diluted earnings per share, adjusted (1)	$	2.30
Tangible Common Equity:
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	9/30/2023			6/30/2023			3/31/2023			12/31/2022			9/30/2022
	(dollars and shares in millions)
Total stockholders' equity	$	5,746		$	5,685		$	5,521		$	5,356		$	5,021
Less:
Goodwill and intangible assets	672			674			677			680			682
Preferred stock	295			295			295			295			295
Total tangible common equity	4,779			4,716			4,549			4,381			4,044
Plus: deferred tax - attributed to intangible assets	2			2			2			2			3
Total tangible common equity, net of tax	$	4,781		$	4,718		$	4,551		$	4,383		$	4,047
Total assets	$	70,891		$	68,160		$	71,047		$	67,734		$	69,165
Less: goodwill and intangible assets, net	672			674			677			680			682
Tangible assets	70,219			67,486			70,370			67,054			68,483
Plus: deferred tax - attributed to intangible assets	2			2			2			2			3
Total tangible assets, net of tax	$	70,221		$	67,488		$	70,372		$	67,056		$	68,486
Tangible common equity ratio (3)	6.8		%	7.0		%	6.5		%	6.5		%	5.9		%
Common shares outstanding	109.5			109.5			109.5			108.9			108.9
Tangible book value per share, net of tax (3)	$	43.66		$	43.09		$	41.56		$	40.25		$	37.16
Non-GAAP Financial Measures Footnotes
---	---
(1)	We believe this non-GAAP measurement is a key indicator of the earnings power of the Company.
(2)	We believe this non-GAAP ratio provides a useful metric to measure the efficiency of the Company.
(3)	We believe this non-GAAP metric provides an important metric with which to analyze and evaluate the financial condition and capital strength of the Company.

CONTACT:

Western Alliance Bancorporation

Dale Gibbons, 602-952-5476

20

walq32023earningspresent

EARNINGS CALL 3rd Quarter 2023 OCTOBER 20, 2023

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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 earlier 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 September 30, 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

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3rd Quarter 2023 | Financial Highlights Earnings & Profitability Q3-23 Q2-23 Q3-22 Earnings per Share $1.97 $1.96 $2.42 Net Income $216.6 $215.7 $264.0 Net Revenue $716.2 $669.3 $663.9 Pre-Provision Net Revenue1 $290.0 $281.9 $358.1 Net Interest Margin 3.67% 3.42% 3.78% Efficiency Ratio, Adjusted1 50.0% 50.5% 40.5% ROAA 1.24% 1.23% 1.53% ROTCE1 17.3% 18.2% 24.9% Balance Sheet & Capital Total Loans $49,447 $47,875 $52,201 Total Deposits $54,287 $51,041 $55,589 CET1 Ratio 10.6% 10.1% 8.7% TCE Ratio1 6.8% 7.0% 5.9% Tangible Book Value per Share1 $43.66 $43.09 $37.16 Asset Quality Provision for Credit losses $12.1 $21.8 $28.5 Net Loan Charge-Offs (Recoveries) $8.0 $7.4 $(1.9) Net Loan Charge-Offs (Recoveries) /Avg. Loans 0.07% 0.06% (0.02)% Total Loan ACL/Funded HFI Loans2 0.74% 0.76% 0.68% NPAs3/Total Assets 0.35% 0.39% 0.15% Net Income $216.6 million EPS $1.97 PPNR1 Q3: $290.0 million ROTCE1 17.3% Tangible Book Value PER SHARE1 $43.66 17% YoY NPAs3/ Total Assets 0.35% 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 $17.4 million as of September 30, 2023 related to a pool of loans covered under 3 separate credit linked notes. 3) Nonperforming assets includes nonaccrual loans and repossessed assets. Highlights Deposit Growth Q3: $3.2 billion 6% QoQ Capital CET 1 Ratio: 10.6% TCE Ratio1: 6.8%

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Deposit Franchise Growth Drivers 4 Q3 2023 Highlights Dollars in billions, unless otherwise indicated Insured and Collateralized Deposit Exposure Trend • Diversified deposit businesses attracted >$3.2 billion of deposits in Q3 • Grew core commercial clients by $3.1 billion; primarily within Mortgage Warehouse, Regional divisions, and HOA • Digital Consumer Channel up $0.8 billion gives opportunity to efficiently increase granularity and diversify commercial deposit customer base • Reduced wholesale (non-reciprocal) brokered deposits by ~$442 million • Enhanced focus on protecting depositors • Insured and collateralized deposits are 82% of total deposits as of 9/30 • Uninsured deposit liquidity coverage is 293% as of 9/30 • Of depositors, ~83% have multiple products (deposits, TM, loans) Net Deposit Growth Drivers $51.0 $54.3 Q3-23 Est. Marginal Total Deposit Cost 5.26%4.04%1 5.12% Mtg. Warehouse 52% Regions 47% Other 1% Repayment of Short- Term Borrowings @ 6.08% 1) Inclusive of ECR-related deposit costs. Incremental deposit growth is assumed to reflect the same characteristics as ending deposit balances. 2) “Wholesale brokered” deposits represent non-reciprocal brokered deposits. Qtr. Change +$3.2 billion 2

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Q3-23 Q2-23 Q3-22 Interest Income $1,026.6 $1,000.8 $739.4 Interest Expense (439.6) (450.5) (137.3) Net Interest Income $587.0 $550.3 $602.1 Mortgage Banking Related Income 79.2 86.4 $37.5 Fair Value Gain (Loss) Adjustments, Net 17.8 12.7 (2.8) Gain (Loss) on Sales of Investment Securities 0.1 (13.6) ― Other 32.1 33.5 27.1 Non-Interest Income $129.2 $119.0 $61.8 Net Revenue $716.2 $669.3 $663.9 Salaries and Employee Benefits (137.2) (145.6) (136.5) Deposit Costs (127.8) (91.0) (56.2) Gain on Extinguishment of Debt ― 0.7 ―) Other (161.2) (151.5) (113.1) Non-Interest Expense $(426.2) $(387.4) $ (305.8) Pre-Provision Net Revenue1 $290.0 $281.9 $358.1) Provision for Credit Losses (12.1) (21.8) (28.5)) Pre-Tax Income $277.9 $260.1 $329.6) Income Tax (61.3) (44.4) (65.6) Net Income $216.6 $215.7 $264.0) Dividends on Preferred Stock (3.2) (3.2) (3.2)) Net Income Available to Common Stockholders $213.4 $212.5 $260.8) Diluted Shares 108.5 108.3 107.9) Earnings Per Share $1.97 $1.96 $2.42) Quarterly Income Statement Net Interest Income increased $36.7 million, primarily as a result of expanded net interest margin, driven by higher earning asset yields and lower average borrowings Non-Interest Income increased $10.2 million, primarily driven by the following: • Non-recurring items, including: fair value adjustments on HFS loans, gain on investment securities sales, partially offset by loss on recovery from credit guarantees equating to $6.5 million Mortgage Banking Metrics • $12.2 billion mortgage loan production in Q3 (91.7% purchase / 8.3% refinance), up 7% compared to Q2 and 4% to Q3 2022 • $11.6 billion interest rate lock commitment volume in Q3, down 5% compared to Q2 and up 6% to Q3 2022 • Gain on Sale margin2 of 38 bps in Q3, compared to 43 bps in Q2 and 17 bps in Q3 2022 • $70.3 billion in servicing portfolio UPB Deposit costs increased $36.8 million, primarily related to an increase in ECR-related deposit levels Provision for Credit Losses decreased $9.7 million due to modest improvement in economic forecasts and stable asset quality Income Tax increased $16.9 million, primarily as the effective tax rate was impacted by discrete nondeductible items in Q3 5 1 2 3 Q3 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

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Q3-23 Q2-23 Q3-22 Investments & Cash $14,920 $12,527 $10,213 Loans, HFS 1,766 3,156 2,204 Loans HFI, net 49,447 47,875 52,201 Allowance for Loan Losses (327) (321) (304) Mortgage Servicing Rights 1,233 1,007 1,044 Goodwill and Intangibles 672 674 682 Other Assets 3,180 3,242 3,125 Total Assets $70,891 $68,160 $69,165 Deposits 54,287 $51,041 $55,589 Borrowings 9,635 10,455 7,208 Other Liabilities 1,223 979 1,347 Total Liabilities $65,145 $62,475 $64,144 Accumulated Other Comprehensive Loss (733) (611) (736) Total Shareholders’ Equity 5,746 5,685 5,021 Total Liabilities and Equity $70,891 $68,160 $69,165 Tangible Book Value Per Common Share1 $43.66 $43.09 $37.16 Investments & Cash increased $2.4 billion to $14.9 billion, or 19.1%, primarily due to greater holdings of High Quality Liquid Assets HFI Loans increased $1.6 billion, or 3.3%, and decreased $2.8 billion, or (5.3%), over prior year • ~$1.3 billion of Loans HFS (ex-AMH resi) were reclassified to Loans HFI • HFS loan sales of ~$480 million Deposits increased $3.2 billion to $54.3 billion, or 6.4%, and are $1.3 billion lower, or (2.3%), over the prior year Borrowings decreased $820 million over prior quarter primarily related to repaying short-term CLO and EBO repo facilities and FHLB borrowings Shareholders’ Equity increased $61 million as a function of net income, partially offset by OCI losses and dividends Tangible Book Value/Share1 increased $0.57, or 1.3%, over prior quarter and increased $6.50, or 17.5%, over prior year Consolidated Balance Sheet 6 1 3 4 2 3 6 Q3 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

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Five Quarter Loan Composition 7 $(2.8) Billion Year-Over-Year Change Quarter-over-quarter loan increase of $1.6 billion driven by (in millions): C&I $1,687 Construction & Land 241 Offset by decrease in: Residential & Consumer (219) CRE, Non-OO (103) CRE, OO (34) Total $1,572 $22.3 $20.7 $15.5 $16.7 $18.3 $1.8 $1.8 $1.8 $1.8 $1.8 $8.7 $9.4 $9.6 $9.9 $9.8 $3.6 $4.0 $4.4 $4.4 $4.7 $15.8 $16.0 $15.1 $15.1 $14.8 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Residential & Consumer Construction & Land CRE, Non-Owner Occupied CRE, Owner Occupied Commercial & Industrial Dollars in billions, unless otherwise indicated Total Loans, HFI $52.2 $51.9 $46.4 $47.9 $49.4 Qtr. Change +$3.6 -$0.3 -$5.4 +$1.4 +$1.6 30.3% 6.9% 16.7% 3.4% 42.7% 37.1% 3.6% 19.8% 9.5% 30.0% 31.5% 9.2% 20.7% 3.7% 34.9% 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. Q3 2023 Highlights Q3-23 Avg. Yields1 4.14% 7.83% 5.97% 9.63% 7.70% Spot Rate 6.99% 5% 9% 56% 27% 3% Other C&I Syndications Mtg. Warehouse Construction Resi Composition of Loan Reclassifications to HFI Total Yield 6.73% 2 3 4 $1.3Bn

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$24.9 $19.7 $16.5 $16.7 $18.0 $8.4 $9.5 $10.7 $12.6 $12.8 $19.2 $19.4 $13.8 $13.1 $14.7 $3.1 $5.0 $6.6 $8.6 $8.8 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 CDs Savings and MMDA Interest Bearing DDA Non-Interest Bearing DDA Five Quarter Deposit Composition 8 $(1.3) Billion Year-Over-Year Change Quarter-over-quarter deposit increase of $3.2 billion driven by (in millions): Savings and MMDA $1,587 Non-Interest Bearing DDA 1,258 CDs 204 Interest-Bearing DDA 197 Total $3,246 Dollars in billions, unless otherwise indicated Total Deposits $55.6 $53.6 $47.6 $51.0 $54.3 Qtr. Change +$1.9 -$1.9 -$6.1 +$3.5 +$3.2 5.6% 34.5% 15.1% 44.8% 33.1% 23.7% 27.0% 16.2% 16.9% 25.7% 24.7% 32.7% Q3 2023 Highlights 4.83% 3.05% 3.03% N/A Spot Rate 2.31% Deposit Composition (By Business Line) Q3-23 Avg. Costs 32% 22% 8% 14% 6% 1% 4% 13%Regions Mtg WH Tech & Innov. HOA Sttlmt Svcs Bus. Escrow Svcs Digital Consumer Other • 33% of total deposits are noninterest-bearing • Approximately 40% have no ECRs • Total ECR-related deposit balances of $17.1 billion • > $3 billion of core deposit growth in Q4 QTD Total Cost 2.31%

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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 increased 25 bps due to a higher rate environment • Yield on Held for Sale (AMH Resi) of 6.54% increased from 5.77% in Q2 • Yield on Loans Held for Sale (Excl. AMH Resi) of 5.28% decreased from 7.18% in Q2 • Investment yields increased 15 bps, primarily related to floating-rate securities • Cost of interest-bearing deposits increased 41 bps, and total cost of funds decreased 5 bps to 2.80% due to an increase in savings and MMDA, higher non-interest bearing deposits, and lower borrowings • Prioritizing optimization of liability structure by utilizing deposits to pay down short-term borrowings • Avg. short-term borrowings decreased $5.9 billion in Q3 to $6.3 billion or 14% of avg. interest bearing liabilities compared to 26% in Q2 • Robust reciprocal deposit growth • ~66% of total deposits classified as brokered consist of reciprocal balances $52.2 $51.9 $46.4 $47.9 $49.4 $1.8 $2.2 $1.2 $5.9 $1.4 $1.8 4.84% 5.70% 6.28% 6.48% 6.73% Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 $1.1 $30.7 $33.9 $31.1 $34.3 $36.3 1.03% 1.97% 2.75% 3.08% 3.49% Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 $8.6 $8.8 $9.5 $10.4 $11.4 3.66% 4.45% 4.68% 4.76% 4.91% Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Non-Interest Bearing Deposits Total Borrowings Q3 2023 Highlights HFI HFS Loans (ex. AMH) Interest Bearing DepositsInterest Bearing Deposits Dollars in billions, unless otherwise indicated Total Investments Spot Rate 4.94% Spot Rate 6.99% Spot Rate 3.46% Spot Rate 2.89% $30.7 $33.9 $31.1 $34.3 $36.3 $24.9 $19.7 $16.5 $16.7 $18.0 $7.2 $7.2 $16.8 $10.5 $9.6 0.88% 1.57% 2.27% 2.85% 2.80% Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 HFS – AMH Resi

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$50.2 $52.2 $52.0 $46.8 $48.1 $4.0 $2.7 $2.1 $6.3 $3.1 $8.7 $8.5 $8.8 $9.9 $10.4 $1.2 $1.3 $3.3 $2.6 $2.9 4.62% 5.50% 5.99% 6.17% 6.37% $64.1 $64.7 $66.2 $65.6 $64.5 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 $602.1 $639.7 $578.6 $548.3 $586.2 3.78% 3.98% 3.79% 3.42% 3.67% Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 $0.81 $31.3 $609.9 Net Interest Income 10 • Net Interest Income increased $36.7 million, or 6.7%, over prior quarter primarily due to balance sheet restructuring efforts • Average Earning Assets decreased $1.2 billion, or (1.8)%, over prior quarter • NIM increased 25 bps, driven by higher yields on interest-earning assets as well as a decrease in interest expense from lower average balances of short-term borrowings Net Interest Income and Net Interest Margin Average Earning Assets & Average Yield NII – Ex. HFI reclass loans Net Interest Margin Q3 2023 Highlights Dollars in millions Dollars in billions Cash & Other Securities Loans Held for Sale Loans Average Yield 14% 4%4% 16% 5% 75% 15% 10% 71% 6% 78% 2% $2.01 $550.3 NII – HFS Loans $587.0 1) Assumes funded at repo lines priced at SOFR + 200 bps and yielding 7.18% for Q2-23 and 5.28% for Q3-23.

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Interest Rate Sensitivity 11 • Variable assets and liabilities mix increased quarter over quarter with balance sheet shifts into cash and non-maturity deposits (48% variable rate assets; 51% variable rate liabilities) • WAL expects a 3.8% increase in NII under a +100 bps rate shock on a static1 balance sheet • WAL expects a 2.2% increase in Earnings At Risk under a -100 bps rate shock on a static balance sheet • Inclusive of estimated reduction in ECR-related deposit costs and higher mortgage income from refinancing volume and margin expansion Earnings At Risk – Shock Scenario, 12 Mo. Balance Sheet NII Sensitivity – Shock Scenario, 12 Mo. Balance Sheet Q3 2023 Highlights (4.1%) 3.8% Down 100 Up 100 2.2% (1.0%) Down 100 Up 100 1) Static balance sheet assumes no changes in loans or deposits under the 12-month horizon.

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Non-Interest Expenses and Efficiency1 12 • Adjusted efficiency ratio1 (excluding deposit costs) declined 50 bps to 50.0% from the prior quarter, driven primarily by higher net interest income and lower salaries and benefits expenses • Efficiency ratio1 increased 170 bps to 58.8% compared to the prior quarter and 1,330 bps from the same period last year • Deposit costs increased $36.8 million from the prior quarter primarily related to higher ECR-related deposit levels and rates Dollars in millions Q3 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. Non-Interest Expenses and Efficiency Ratio Breakdown of Non-Interest Expenses Non-Interest Expenses Efficiency Ratio Other Expenses Deposit Costs Salaries & Employee BenefitsAdj. Efficiency Ratio $305.8 $333.4 $347.9 $387.4 $426.2 45.5% 46.9% 62.0% 57.1% 58.8% 40.5% 40.0% 43.2% 50.5% 50.0% Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 $113.1 $125.5 $112.1 $150.8 $161.2 $136.5 $125.7 $148.9 $145.6 $137.2 $56.2 $82.2 $86.9 $91.0 $127.8 $305.8 $333.4 347.9 $387.4 $426.2 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 2

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Pre-Provision Net Revenue and Return Ratios 13 • PPNR1 increased $8.1 million from the prior quarter and decreased $68.1 million, or (19.0)%, from the same period last year • ROTCE1 of 17.3%, down 90 bps from the prior quarter1 and down 7.6% from the same period last year • ROA of 1.24% increased 1 bp from the prior quarter and decreased 29 bps from the same period last year Income and Return Ratios Dollars in millions $358.1 $367.8 $351.6 $281.9 $290.0 $264.0 $293.0 $251.9 $215.7 $216.6 24.9% 27.0% 21.9% 18.2% 17.3% 1.53% 1.71% 1.43% 1.23% 1.24% Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 PPNR Net Income ROTCE ROA Q3 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. 1 2 1

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$312 $351 $320 $694 $668 0.60% 0.68% 0.69% 1.45% 1.35% Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 $11 $11 $11 $11 $8$90 $85 $107 $256 $237 $284 $297 $341 $337 $394 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Asset Quality 14 • Asset quality remained stable, as the aggregate net change in Special Mention loans and Classified Assets was only $9 million • Special Mention loans decreased $26 million to $668 million (135 bps to Funded Loans) • Over last 10 years, less than 1% of Special Mention loans have migrated to loss • Over the last 10+ years, less than 0.10% of CRE Investor Special Mention loans have migrated to loss • Total Classified Assets increased $35 million to $639 million (90 bps to Total Assets) • Non-Performing Assets (Non-Performing Loans + OREO) decreased $22 million to $245 million (35 bps to Total Assets) Special Mention Loans Dollars in millions Classified Assets Special Mention Loans OREO Non-Performing Loans Classified Accruing Assets $385 $393 $459 $604 SM / Funded Loans Q3 2023 Highlights $639 Asset Quality Ratios 0.56% 0.58% 0.65% 0.89% 0.90% 0.15% 0.14% 0.17% 0.39% 0.35% Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Classified Assets / Total Assets NPLs + OREO / Total Assets Classified Assets Mix 24% 10% 9% 3% 2% CRE Investor C&I Resi Construction CRE OO Securities 26% Hotel 20% Office 6% Other

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$304 $310 $305 $321 $327 $52 $47 $45 $41 $38$4 $5 $9 $10 $11 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 $2.1 $2.2 $9.2 $8.2 $8.5 ($4.0) ($0.4) ($3.2) ($0.8) ($0.5) Credit Losses and ACL Ratios 15 • Provision expense of $12.1 million, primarily reflective of a normalizing economic environment and heightened attention on commercial real estate • Net loan charge-offs of $8 million, 7 bps, compared to $7.4 million, 6 bps, in Q2 • Total Loan ACL / Funded Loans decreased 2 bps to 0.74% in Q3 • Total Loan ACL / Funded Loans less loans covered by credit linked notes is 0.91% • 22% of loan portfolio is credit protected, consisting of government guaranteed, CLN protected, 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 Q3 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 $17.4 million as of September 30, 2023 related to a pool of loans covered under 3 separate credit linked notes. 4) As of September 30, 2023, CLNs cover a substantial portion of Residential ($9.3 billion) loans outstanding. Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 0.68% 0.69% 0.75% 0.76% 0.74% 396% 420% 327% 141% 154% Q3-22 Q4-22 Q1-23 Q2-23 Q3-23

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16 • WAL remains appropriately reserved, especially when considering credit protection from Credit Linked Notes (CLNs) and historically low loss loan categories • Total Loan ACL / Funded Loans of 0.74% • Total Loan ACL / Funded Loans less loans covered by CLNs is 0.91% • Total Loan ACL / Funded Loans less loans covered by CLNs and select no-to- low-loss loan categories (EFR, Residential, and Mortgage Warehouse) is 1.34% • >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 of historical average annual loss rate4 x duration Key Reserve Level Ratios Reserve levels enhanced by credit protection and low loss loan categories 0.91% 0.93% 1.09% 1.34% 0.74% 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: Q3-23 1) Total Loan ACL includes allowance for unfunded commitments. 2) Ratio includes an allowance for credit losses of $17.4 million as of September 30, 2023 related to a pool of loans covered under 3 separate credit linked notes. 3) Early Buyout Loans are government guaranteed. 4) Historical average and maximum loss rates from the period of Q2 2014 to Q2 2023, per slide 26. 0.11% Resi 0.26% 0.02% 0.17% Q3 2023 Highlights

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Capital Accumulation 17 Regulatory Capital Levels • Continue to exceed “well-capitalized” levels • CET1 up 50 bps in Q3-23 to 10.6% Tangible Common Equity / Tangible Assets1 • TCE / TA decreased from the prior quarter to 6.8% due to greater AOCI loss impact Capital Accretion • CET1 has grown quarter-over-quarter due to strong organic capital generation Robust Common Capital Levels Regulatory Capital 8.7% 9.3% 9.4% 10.1% 10.6% 5.9% 6.5% 6.5% 7.0% 6.8% Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 CET1 Ratio TCE/TA1 Q3 2023 Highlights 1) Refer to slide 2 for further discussion of Non-GAAP financial measures Total RBC RatioTier 1 RatioLeverage Ratio 7.5% 7.8% 7.8% 8.1% 8.5% 9.3% 10.0% 10.1% 10.8% 11.3%11.4% 12.1% 12.1% 13.0% 13.5% Q3-22 Q4-22 Q1-23 Q2-23 Q3-23

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454% 518% 74% 118% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 MRQ 18 Tangible Book Value per Share1 • TBVPS increased $0.57 to $43.66 from prior quarter due to strong, organic capital accretion, offsetting the impact of AOCI • Increased 17.5% year-over-year • Increased 1.3% quarter-over-quarter, non-annualized • 19.2% CAGR since year end 2013 • TBVPS has increased more than 6x that of peers • Quarterly common stock cash dividend of $0.36 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 Q3-23 for WAL and Q2-23 for WAL Peers. Note: Peers consist of 32 major exchange traded US banks with total assets between $25 bn and $150 bn as of June 30, 2023, excluding target banks of pending acquisitions; S&P Global Market Intelligence. WAL WAL with Dividends Added Back Peer Avg Peer Avg with Dividends Added Back 2 Tangible Book Value Growth Q3 2023 Highlights 1x 2x 3x 4x 5x 6x

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Management Outlook 19 Loans: $0 - $300 mm Deposits: $0 - $500 mm Continued Growth Toward 2024 Target: 11%+ 3.60% - 3.70% ~50% Consistent with Q3 2023 5 bps - 15 bps Q4 2023 OutlookQ3 2023 Results Loans: $49.4 bn Deposits: $54.3 bn 10.6% 3.67% 50.0% $283 mm 7 bps Balance Sheet Growth Capital (CET1) Net Interest Margin Adjusted Efficiency Operating Pre-Provision Net Revenue Net Charge-Offs • In 2024, we expect to return to prior Balance Sheet growth guidance of Loans +$500 mm and Deposits +$2 bn per quarter

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Questions & Answers

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Appendix

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Commercial Real Estate Investor Statistics 22 CRE Investor Portfolio ($9.8 Billion; 20% of Total Loans) Distribution by LTV Underwriting Criteria and Mitigating Factors 20% 18% 33% 19% 5% 5% <=40% 41-50% 51-60% 61-70% 71-80% >80% • Low LTV & LTC (50%-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. 43% 25% 8% 6% 6% 4% 2% 1% 1% 1% 1% 2% 57% 61% 63% 50% 54% 37% 44% 56% 25% 58% 48% 45% -50% -30% -10% 10% 30% 50% 70% 0% 10% 20% 30% 40% 50% 60% Outstanding LTV Low uncovered risk with re-margin provisions

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Commercial Real Estate Investor: Office 23 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 • 3% in CBD, 9% in Midtown, 1% Small City/Town and 87% in Suburban MSAs • CBD Office represents the >80% LTV distribution due to recent reappraisal of properties for migration into Special Mention • 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 • Only 7% to mature in 2023; 74% maturing in 2025 and beyond Key MSA Exposures $2.6 Billion; 27% of Total CRE Investor; 5% of Total Loans 8% 14% 37% 35% 3% 3% <=40% 41-50% 51-60% 61-70% 71-80% >80% 87% 1% 9% 3% Suburban Small City/Town Midtown CBD 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.

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24 Specialized underwriting expertise and conservative sector allocations position portfolio to withstand economic uncertainty Conservative, Economically Resilient Portfolio Positioning Insured (22%) • Residential • Early Buyout (“EBO”) Resi. & Other Government-Guaranteed or Cash-Secured Assets • Warehouse Lending • Includes Core WH Lending, Note Financing, MSR financing • Residential • Low LTVs; DQs significantly below national percentages • Equity Fund Resources • Capital Call & Subscription LOCs • Underwrite LPs behind private funds • Municipal / Public Finance • CRE – Industrial & Medical • HOA • Extremely low LTVs; lien in front of homeowner’s first mortgage Resilient (34%) • Regional CRE – Investor • Regional C&I • Hotel Franchise Finance (ex-Central Business District) • Regional CRE - Owner Occupied • Corporate Finance • Lot Banking • Specialized NBLs • Gaming – Off-strip, middle market gaming companies and tribal gaming enterprises • Resort – Timeshare resort developers; hypothecation of consumer receivables • Other NBLs 19% 3% 8% 13% 2% 2% • Construction (ex-Lot Banking) • Focused on note-on-note financing and Built-to-Rent developments • Tech & Innovation • Established tech firms with operating and financial flexibility, validated product, path to profitability • Hotel Franchise Finance (CBD only) • Large, sophisticated hotel sponsors who operate >25 hotels • 90% operate >10 properties with top franchisor flags • Small Business, CRA-Related, and Consumer Resistant (29%) More Sensitive (15%) 7% 5% 2% 1% 1% 1% 7% 3% 9% 5% 3% Credit protected, government guaranteed and cash-secured Historically low-to-no-loss loan categories Limited uncovered collateral risk, underwriting expertise, and strong counterparties Categories more directly correlated to economic growth 8% 1% Avg Loss Rate: 0.11% Max Loss Rate: 0.71% Avg Loss Rate: 0.08% Max Loss Rate: 0.19% Avg Loss Rate: 0.00% Max Loss Rate: 0.10% Avg Loss Rate: 0.00% Max Loss Rate: 0.00% Note: Average and maximum loss rates are quarterly annualized and from the period of Q1 2014 – Q3 2023.

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0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Max Average Historical Loan Migration Near Peer Median Reflects “Early Identification and Elevation” Credit Strategy 25 Quarterly Classified Loans / Gross Loans Q1-14 to Q2-23 Peers consist of 32 major exchange traded US banks with total assets between $25 bn and $150 bn as of June 30, 2023, excluding target banks of pending acquisitions. Data include the effects of M&A transactions for peers and have not been adjusted. Source: S&P Global Market Intelligence. Peer Group Maximum of Peers Avg of Peers Minimum of Peers Amount Bank Amount Amount Bank Average 304 bps Peer 29 187 bps 46 bps Peer 1 Maximum 965 bps Peer 32 363 bps 84 bps Peer 1 Since 2014, WAL’s level of classified loans has been in the top 40% of peer banks…

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0.00% 0.30% 0.60% 0.90% 1.20% Max Average Proactive migration enhances oversight and mitigates credit losses 26 Annualized Net Charge-Offs Q1-14 to Q2-23 Peers consist of 32 major exchange traded US banks with total assets between $25 bn and $150 bn as of June 30, 2023, excluding target banks of pending acquisitions. Data include the effects of M&A transactions for peers and have not been adjusted. Source: S&P Global Market Intelligence. …but this does not translate into realized losses as WAL has lowest volatility and average losses due to our proactive mitigation strategies.5.25% 1.53% Peer Group Maximum of Peers Avg of Peers Minimum of Peers Amount Bank Amount Amount Bank Average 36 bps Peer 30 15 bps < 1 bp WAL Maximum 525 bps Peer 30 71 bps 13 bps WAL

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Superior Deposit Liquidity and Fortified Adjusted Capital 27 Excellent Combined Insured/Collateralized Deposits & CET1 Capital Adjusting for AOCI & HTM Securities Marks 1) WAL Q3-23 adj. CET1 includes tax-effected HTM marks. Insured/collateralized deposits for peers from SEC filings or 6/30/23 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 June 30, 2023. Source: S&P Global Market Intelligence, Call reports Insured Deposits % vs. CET1 Adj. (Incl. of AOCI & HTM Unrealized Securities Marks) for Top 50 Banks by Assets ABCB ASB BAC 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 OZKPACW 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% *In su re d/ C ol la te ra liz ed D ep os its % (Q 2- 23 ) CET1 adj. for AOCI and HTM marks (Q2-23) WAL Adj. CET1: 8.8% (Q3-23)1

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