wal-20230718
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  July 18, 2023


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

Delaware001-3255088-0365922
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)

One E. Washington Street, Phoenix, Arizona  85004
 (Address of principal executive offices)               (Zip Code)

(602) 389-3500
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.0001 Par ValueWALNew York Stock Exchange
Depositary Shares, Each Representing a 1/400th Interest in a Share of
4.250% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A
WAL PrANew York Stock Exchange

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

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


ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On July 18, 2023, Western Alliance Bancorporation (the “Company”) issued a press release reporting results for the fiscal quarter ended June 30, 2023 and posted on its website its second 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 
99.2 
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 WESTERN ALLIANCE BANCORPORATION
(Registrant)
 
 
/s/ Dale Gibbons
Dale Gibbons
Executive Vice President and
Chief Financial Officer
 
 
 
Date:July 18, 2023


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

PHOENIX--(BUSINESS WIRE)--July 18, 2023
SECOND QUARTER 2023 FINANCIAL RESULTS
Quarter Highlights:
Net incomeEarnings per share
PPNR1
Net interest margin
Efficiency ratio1
Book value per
common share
$215.7 million$1.96$282.1 million3.42%50.5%$49.22
$43.091, excluding
goodwill and intangibles
CEO COMMENTARY:
“Western Alliance continued to successfully execute its balance sheet repositioning strategy and return to normal business operations by bolstering liquidity and capital, sustaining profitability and expanding core client relationships,” said Kenneth A. Vecchione, President and Chief Executive Officer. “Quarterly deposit growth of $3.5 billion lowered our HFI loan-to-deposit ratio to 94%, with total insured and collateralized deposits representing 81% of deposits and available liquidity coverage of 276% of uninsured deposits. We achieved net income of $215.7 million and earnings per share of $1.96 for the second quarter 2023, which resulted in a return on tangible common equity1 of 18.2%. Tangible book value per share1 climbed 3.7% quarterly to $43.09, or 17.5% year-over-year, with a CET1 ratio of 10.1%."
LINKED-QUARTER BASISYEAR-OVER-YEAR
FINANCIAL HIGHLIGHTS:
▪Net income of $215.7 million and earnings per share of $1.96, compared to $142.2 million and $1.28 (or $2.30, as adjusted1), respectively
▪Net revenue of $669.3 million, an increase of 21.3%, or $117.4 million, compared to an increase in non-interest expenses of 11.4%, or $39.5 million
▪Adjusted net revenue1 of $670.2 million, a decrease of $42.0 million
▪Pre-provision net revenue1 of $282.1 million, down $69.5 million from $351.6 million
▪Effective tax rate of 17.1%, compared to 23.0%
▪Net income of $215.7 million and earnings per share of $1.96, down 17.1% and 18.0%, from $260.2 million and $2.39, respectively
▪Net revenue of $669.3 million, an increase of 8.0%, or $49.3 million, compared to an increase in non-interest expenses of 44.1%, or $118.5 million
▪Adjusted net revenue1 of $670.2 million, an increase of $40.0 million
▪Pre-provision net revenue1 of $282.1 million, down $79.2 million from $361.3 million
▪Effective tax rate of 17.1%, compared to 19.6%
FINANCIAL POSITION RESULTS:
▪HFI loans of $47.9 billion, up $1.4 billion, or 3.1%
▪Total deposits of $51.0 billion, up $3.5 billion, or 7.3%
▪Stockholders' equity of $5.7 billion, up $164 million
▪Decrease in HFI loans of $697 million, or 1.4%
▪Decrease in total deposits of $2.7 billion, or 5.0%
▪Increase in stockholders' equity of $726 million
LOANS AND ASSET QUALITY:
▪Nonperforming assets (nonaccrual loans and repossessed assets) to total assets of 0.39%, compared to 0.17%
▪Annualized net loan charge-offs to average loans outstanding of 0.06%, compared to 0.05%
▪Nonperforming assets to total assets of 0.39%, compared to 0.15%
▪Annualized net loan charge-offs to average loans outstanding of 0.06%, compared to 0.01%
KEY PERFORMANCE METRICS:
▪Net interest margin of 3.42% decreased from 3.79%
▪Return on average assets and on tangible common equity1 of 1.23% and 18.2%, compared to 0.81% and 12.2%, respectively
▪Return on average assets and tangible common equity1 of 1.23% and 18.2% compared to 1.43% and 21.9% as adjusted1, respectively
▪Tangible common equity ratio1 of 7.0%, compared to 6.5%
▪CET 1 ratio of 10.1% increased from 9.4%
▪Tangible book value per share1, net of tax, of $43.09, an increase of 3.7% from $41.56
▪Adjusted efficiency ratio1 of 50.5%, compared to 43.2%
▪Net interest margin of 3.42% decreased from 3.54%
▪Return on average assets and on tangible common equity1 of 1.23% and 18.2%, compared to 1.62% and 25.6%, respectively
▪Return on average assets and tangible common equity1 of 1.23% and 18.2% compared to 1.68% and 26.4% as adjusted1, respectively
▪Tangible common equity ratio1 of 7.0% increased from 6.1%
▪CET 1 ratio of 10.1% increased from 9.0%
▪Tangible book value per share1, net of tax, of $43.09, an increase of 17.5% from $36.67
▪Adjusted efficiency ratio1 of 50.5%, compared to 40.4%

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


Income Statement
Net interest income totaled $550.3 million in the second quarter 2023, a decrease of $59.6 million, or 9.8%, from $609.9 million in the first quarter 2023, and an increase of $25.3 million, or 4.8%, compared to the second quarter 2022. The decrease in net interest income from the first quarter 2023 is due to an increase in average short-term borrowings, combined with higher interest rates and was partially offset by higher yields on loans. The increase in net interest income from the second quarter 2022 was driven by higher yields on HFI loans, partially offset by an increase in both the balances and rates of borrowings and deposits.
The Company recorded a provision for credit losses of $21.8 million in the second quarter 2023, an increase of $2.4 million from $19.4 million in the first quarter 2023, and a decrease of $5.7 million from $27.5 million in the second quarter 2022. The increase in provision for credit losses during the second quarter 2023 is primarily due to heightened economic uncertainty, particularly in the commercial real estate market.
The Company’s net interest margin in the second quarter 2023 was 3.42%, a decrease from 3.79% in the first quarter 2023, and a decrease from 3.54% in the second quarter 2022. An increase in short-term borrowings and higher rates on these borrowings and on deposits drove a decrease in net interest margin from the first quarter 2023, with higher yields on loans partially offsetting this decrease. The decrease in net interest margin from the second quarter 2022 was driven by higher average balances and rates on deposits and borrowings.
Non-interest income was $119.0 million for the second quarter 2023, compared to $(58.0) million for the first quarter 2023, and $95.0 million for the second quarter 2022. Non-interest income for the first quarter 2023 was impacted by significant non-operating losses that were incurred in response to actions undertaken by the Company to reposition its balance sheet in light of the disruption in the banking industry caused by recent bank failures. After adjusting for losses on security sales and fair value adjustments primarily related to the transfer of $6.0 billion of held for investment loans to held for sale to further strengthen the Company's capital and liquidity position, adjusted non-interest income1 was $102.3 million for the first quarter 2023. Total non-operating items for the second quarter 2023 were not significant as losses on security sales of $13.6 million were offset by fair value gain adjustments of $12.7 million. Also contributing to the increase in non-interest income for the quarter was an increase of $30.9 million in net gain on loan origination and sale activities from higher spreads and volume, partially offset by a $17.8 million decrease in net loan servicing revenue due to losses on MSR hedges and lower servicing income. The $24.0 million increase in non-interest income from the second quarter 2022 was driven by a higher net gain on loan origination and sale activities and gains on fair value adjustments compared to a loss in the second quarter of 2022, partially offset by lower net loan servicing revenue and losses from sales of investment securities.

Net revenue totaled $669.3 million for the second quarter 2023, compared to $551.9 million and $620.0 million for the first quarter 2023 and second quarter 2022, respectively. After adjusting for losses on security sales and fair value adjustments, adjusted net revenue1 was $670.2 million for the second quarter 2023, a decrease of $42.0 million, compared to $712.2 million for the first quarter 2023, and an increase of $40.0 million, or 6.3%, compared to $630.2 million for the second quarter 2022. 
Non-interest expense was $387.4 million for the second quarter 2023, compared to $347.9 million for the first quarter 2023, and $268.9 million for the second quarter 2022. After adjusting first quarter 2023 non-interest expense for a net gain on extinguishment of debt from payoff of credit linked notes of $12.7 million, adjusted non-interest expense1 was $360.6 million. The increase in non-interest expense from the first quarter 2023 is due primarily to higher insurance costs related to elevated insured and brokered deposit levels. The increase in non-interest expense from the second quarter 2022 is attributable to an increase in deposit and insurance costs. The Company’s adjusted efficiency ratio1 was 50.5% for the second quarter 2023, compared to 43.2% in the first quarter 2023, and 40.4% for the second quarter 2022.
Income tax expense was $44.4 million for the second quarter 2023, compared to $42.4 million for the first quarter 2023, and $63.4 million for the second quarter 2022.
Net income was $215.7 million for the second quarter 2023, an increase of $73.5 million from $142.2 million for the first quarter 2023, and a decrease of $44.5 million from $260.2 million for the second quarter 2022. Earnings per share totaled $1.96 for the second quarter 2023, compared to $1.28 for the first quarter 2023, and $2.39 for the second quarter 2022. After adjusting for the non-operating items noted above, adjusted earnings per share totaled $2.30 for the first quarter 2023.
The Company views its pre-provision net revenue1 ("PPNR") as a key metric for assessing the Company’s earnings power, which it defines as adjusted net revenue1 less adjusted non-interest expense1. For the second quarter 2023, the Company’s PPNR1 was $282.1 million, down $69.5 million from $351.6 million in the first quarter 2023, and down $79.2 million from $361.3 million in the second quarter 2022.
The Company had 3,336 full-time equivalent employees and 56 offices at June 30, 2023, compared to 3,340 employees and 57 offices at March 31, 2023, and 3,254 employees and 60 offices at June 30, 2022.



1    See reconciliation of Non-GAAP Financial Measures starting on page 19.
2

Balance Sheet
HFI loans, net of deferred fees totaled $47.9 billion at June 30, 2023, compared to $46.4 billion at March 31, 2023, and $48.6 billion at June 30, 2022. The increase in HFI loans of $1.4 billion from the prior quarter was driven by an increase of $1.2 billion in commercial and industrial and $296 million in CRE non-owner occupied loans, with approximately half of this increase attributable to loan transfers from HFS to HFI. The decrease in HFI loans of $697 million from June 30, 2022 was driven by a $4.1 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 $2.1 billion and $1.2 billion, respectively. HFS loans totaled $3.2 billion at June 30, 2023, compared to $7.0 billion at March 31, 2023, and $2.8 billion at June 30, 2022. The decrease of $3.9 billion in HFS loans from the prior quarter is primarily related to execution of the Company's balance sheet repositioning strategy, with loan dispositions totaling $3.5 billion during the quarter. The increase of $353 million in HFS loans from June 30, 2022 relates to loans transferred to HFS during the first quarter 2023, partially offset by 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 June 30, 2023, the allowance for loan losses to funded HFI loans ratio was 0.67%, compared to 0.66% at March 31, 2023, and 0.56% at June 30, 2022. The allowance for credit losses, which includes the allowance for unfunded loan commitments, to funded HFI loans ratio was 0.76% at June 30, 2023, compared to 0.75% at March 31, 2023, and 0.67% at June 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 $9.4 billion, $9.8 billion, and $11.1 billion as of June 30, 2023, March 31, 2023, and June 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 $21.4 million as of June 30, 2023, $20.8 million as of March 31, 2023, and $18.5 million as of June 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 0.94% at June 30, 2023, 0.95% at March 31, 2023, and 0.87% at June 30, 2022.
Deposits totaled $51.0 billion at June 30, 2023, an increase of $3.5 billion from $47.6 billion at March 31, 2023, and a decrease of $2.7 billion from $53.7 billion at June 30, 2022. By deposit type, the increase from the prior quarter is attributable to increases of $2.0 billion from certificates of deposits, $1.9 billion from interest bearing demand deposits, and $268 million from non-interest bearing demand deposits, partially offset by a $760 million decrease in savings and money market accounts. From June 30, 2022, non-interest bearing demand deposits and savings and money market accounts decreased $7.0 billion and $5.9 billion, respectively. These decreases were partially offset by increases in certificates of deposit and interest-bearing demand deposits of $6.0 billion and $4.3 billion, respectively. Non-interest bearing deposits were $16.7 billion at June 30, 2023, compared to $16.5 billion at March 31, 2023, and $23.7 billion at June 30, 2022.
The table below shows the Company's deposit types as a percentage of total deposits:
Jun 30, 2023Mar 31, 2023Jun 30, 2022
Non-interest bearing32.8 %34.6 %44.2 %
Savings and money market25.6 29.1 35.4 
Interest-bearing demand24.8 22.5 15.6 
Certificates of deposit16.8 13.8 4.8 
The Company’s ratio of HFI loans to deposits was 93.8% at June 30, 2023, compared to 97.6% at March 31, 2023, and 90.4% at June 30, 2022.
Borrowings were $9.6 billion at June 30, 2023, $15.9 billion at March 31, 2023, and $5.2 billion at June 30, 2022. Borrowings decreased from March 31, 2023 due primarily to a decrease in short-term borrowings of $6.0 billion and payoffs of credit linked notes of $266 million. The increase in borrowings from June 30, 2022 is due to an increase in short-term borrowings of $3.8 billion, partially offset by payoffs of credit linked notes in the first half of 2023.
Qualifying debt totaled $888 million at June 30, 2023, compared to $895 million at March 31, 2023, and $891 million at June 30, 2022.
Stockholders’ equity was $5.7 billion at June 30, 2023, compared to $5.5 billion at March 31, 2023 and $5.0 billion at June 30, 2022. The increase in stockholders’ equity quarter over quarter was due to net income, partially offset by dividends to shareholders and unrealized fair value losses of $24 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 second quarter 2023. The increase in stockholders' equity from June 30, 2022 is primarily a function of net income and sales of common stock under the Company's ATM program, partially offset by dividends to shareholders and an increase in unrealized fair value losses on available for sale securities.
At June 30, 2023, tangible common equity, net of tax1, was 7.0% of tangible assets1 and total capital was 13.0% of risk-weighted assets. The Company’s tangible book value per share1 was $43.09 at June 30, 2023, an increase of 3.7% from $41.56 at March 31, 2023, and up 17.5% from $36.67 at June 30, 2022. The increase in tangible book value per share from March 31, 2023 is attributable to net income.
Total assets decreased 4.1% to $68.2 billion at June 30, 2023, from $71.0 billion at March 31, 2023, and increased 3.2% from $66.1 billion at June 30, 2022. The decrease in total assets from March 31, 2023 was driven by a decrease in HFS loans and cash, partially offset by an increase in HFI loans. The increase in total assets from June 30, 2022 was driven by an increase in investments and HFS loans, partially offset by a decrease in HFI loans.
1     See reconciliation of Non-GAAP Financial Measures starting on page 19.
3

Asset Quality
Provision for credit losses totaled $21.8 million for the second quarter 2023, compared to $19.4 million for the first quarter 2023, and $27.5 million for the second quarter 2022. Net loan charge-offs in the second quarter 2023 were $7.4 million, or 0.06% of average loans (annualized), compared to $6.0 million, or 0.05%, in the first quarter 2023, and $1.4 million, or 0.01%, in the second quarter 2022.
Nonaccrual loans increased $149 million to $256 million during the quarter and increased $171 million from June 30, 2022. Loans past due 90 days and still accruing interest were zero, compared to $1 million at March 31, 2023, and zero at June 30, 2022 (excluding government guaranteed loans of $481 million, $494 million, and $555 million, respectively). Loans past due 30-89 days and still accruing interest totaled $121 million at June 30, 2023, an increase from $58 million at March 31, 2023, and an increase from $117 million at June 30, 2022 (excluding government guaranteed loans of $289 million, $281 million, and $161 million, respectively).
Repossessed assets totaled $11 million at June 30, 2023, flat from March 31, 2023, and a $1 million decrease from $12 million at June 30, 2022. Classified assets totaled $604 million at June 30, 2023, an increase of $145 million from $459 million at March 31, 2023, and an increase of $258 million from $346 million at June 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 10.0% at June 30, 2023, compared to 7.8% at March 31, 2023, and 6.7% at June 30, 2022.


1     See reconciliation of Non-GAAP Financial Measures starting on page 19.
4

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 $28.1 billion at June 30, 2023, an increase of $857 million during the quarter, and a decrease of $1.3 billion during the last twelve months. The Commercial segment also has loans held for sale of $1.0 billion at June 30, 2023, a decrease of $3.7 billion during the quarter. Deposits for the Commercial segment totaled $21.5 billion at June 30, 2023, a decrease of $531 million during the quarter, and a decrease of $8.0 billion during the last twelve months.
Pre-tax income for the Commercial segment was $221.4 million for the three months ended June 30, 2023, an increase of $62.0 million from the three months ended March 31, 2023, and a decrease of $18.5 million from the three months ended June 30, 2022. For the six months ended June 30, 2023, the Commercial segment reported total pre-tax income of $380.9 million, a decrease of $95.7 million compared to the six months ended June 30, 2022.
The Consumer Related segment reported an HFI loan balance of $19.7 billion at June 30, 2023, an increase of $583 million during the quarter, and an increase of $612 million during the last twelve months. The Consumer Related segment also has loans held for sale of $2.1 billion at June 30, 2023, a decrease of $183 million during the quarter, and a decrease of $696 million during the last twelve months. Deposits for the Consumer Related segment totaled $22.4 billion, an increase of $2.4 billion during the quarter and an increase of $2.7 billion during the last twelve months.
Pre-tax income for the Consumer Related segment was $56.7 million for the three months ended June 30, 2023, a decrease of $0.1 million from the three months ended March 31, 2023, and a decrease of $103.4 million from the three months ended June 30, 2022. Pre-tax income for the Consumer Related segment for the six months ended June 30, 2023 totaled $113.3 million, a decrease of $173.8 million compared to the six months ended June 30, 2022.
5

Conference Call and Webcast
Western Alliance Bancorporation will host a conference call and live webcast to discuss its second quarter 2023 financial results at 12:00 p.m. ET on Wednesday, July 19, 2023. Participants may access the call by dialing 1-833-470-1428 and using access code 389791 or via live audio webcast using the website link https://events.q4inc.com/attendee/147801611. The webcast is also available via the Company’s website at www.westernalliancebancorporation.com. Participants should log in at least 15 minutes early to receive instructions. The call will be recorded and made available for replay after 3:00 p.m. ET July 19th through 11:00 p.m. ET August 19th by dialing 1-866-813-9403, using access code 616595.

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 recent bank failures 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 war between Russia and Ukraine; 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 $65 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. Major accolades include #2 best-performing of the 50 largest public U.S. banks in the S&P Global Market Intelligence listing for 2021, and #1 Best Emerging Regional Bank for 2022 by Bank Director. Serving clients across the country wherever business happens, Western Alliance Bank operates individual, full-service banking and financial brands with offices in key markets nationwide. For more information, visit westernalliancebank.com.

6

Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited
Selected Balance Sheet Data:
As of June 30,
20232022Change %
(in millions)
Total assets$68,160 $66,055 3.2 %
Loans held for sale3,156 2,803 12.6
HFI loans, net of deferred fees47,875 48,572 (1.4)
Investment securities10,374 8,802 17.9
Total deposits51,041 53,712 (5.0)
Borrowings9,567 5,210 83.6
Qualifying debt888 891 (0.3)
Stockholders' equity5,685 4,959 14.6
Tangible common equity, net of tax (1)4,718 3,971 18.8
Common equity Tier 1 capital5,348 4,897 9.2
Selected Income Statement Data:
For the Three Months Ended June 30,For the Six Months Ended June 30,
20232022Change %20232022Change %
(in millions, except per share data)(in millions, except per share data)
Interest income$1,000.8 $579.6 72.7 %$1,969.7 $1,064.1 85.1 %
Interest expense450.5 54.6 NM809.5 89.6 NM
Net interest income550.3 525.0 4.8 1,160.2 974.5 19.1 
Provision for credit losses21.8 27.5 (20.7)41.2 36.5 12.9 
Net interest income after provision for credit losses528.5 497.5 6.2 1,119.0 938.0 19.3 
Non-interest income119.0 95.0 25.3 61.0 201.3 (69.7)
Non-interest expense387.4 268.9 44.1 735.3 517.5 42.1 
Income before income taxes260.1 323.6 (19.6)444.7 621.8 (28.5)
Income tax expense44.4 63.4 (30.0)86.8 121.5 (28.6)
Net income215.7 260.2 (17.1)357.9 500.3 (28.5)
Dividends on preferred stock3.2 3.2 — 6.4 6.4 — 
Net income available to common stockholders$212.5 $257.0 (17.3)$351.5 $493.9 (28.8)
Diluted earnings per common share$1.96 $2.39 (18.0)$3.24 $4.61 (29.7)

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

7

Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited
Common Share Data:
At or For the Three Months Ended June 30,For the Six Months Ended June 30,
20232022Change %20232022Change %
Diluted earnings per common share $1.96 $2.39 (18.0)%$3.24 $4.61 (29.7)%
Book value per common share49.22 43.07 14.3 
Tangible book value per common share, net of tax (1)43.09 36.67 17.5 
Average common shares outstanding
(in millions):
Basic108.3 107.3 0.9 108.2 106.7 1.5 
Diluted108.3 107.7 0.6 108.3 107.1 1.1 
Common shares outstanding109.5 108.3 1.1 
Selected Performance Ratios:
Return on average assets (2)1.23 %1.62 %(24.1)%1.02 %1.63 %(37.4)%
Return on average tangible common equity (1, 2)18.2 25.6 (28.9)15.2 24.8 (38.7)
Net interest margin (2)3.42 3.54 (3.4)3.60 3.44 4.7 
Efficiency ratio - tax equivalent basis (1)50.5 40.4 25.0 46.7 43.1 8.4 
HFI loan to deposit ratio93.8 90.4 3.8 
Asset Quality Ratios:
Net charge-offs to average loans outstanding (2)0.06 %0.01 %NM0.05 %0.01 %NM
Nonaccrual loans to funded HFI loans0.53 0.18 NM
Nonaccrual loans and repossessed assets to total assets0.39 0.15 NM
Allowance for loan losses to funded HFI loans0.67 0.56 19.6 
Allowance for loan losses to nonaccrual HFI loans125 321 (61.0)
Capital Ratios:
Jun 30, 2023Mar 31, 2023Jun 30, 2022
Tangible common equity (1)7.0 %6.5 %6.1 %
Common Equity Tier 1 (3)10.1 9.4 9.0 
Tier 1 Leverage ratio (3)8.1 7.8 7.6 
Tier 1 Capital (3)10.8 10.1 9.7 
Total Capital (3)13.0 12.1 11.9 

(1)    See Reconciliation of Non-GAAP Financial Measures.
(2)    Annualized on an actual/actual basis for periods less than 12 months.
(3)    Capital ratios for June 30, 2023 are preliminary.
NM    Changes +/- 100% are not meaningful.






8

Western Alliance Bancorporation and Subsidiaries
Condensed Consolidated Income Statements
Unaudited
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
(dollars in millions, except per share data)
Interest income:
Loans$857.2 $516.6 $1,689.9 $951.3 
Investment securities112.4 59.3 208.5 107.3 
Other31.2 3.7 71.3 5.5 
Total interest income1,000.8 579.6 1,969.7 1,064.1 
Interest expense:
Deposits251.1 27.1 482.7 41.2 
Qualifying debt9.5 8.6 18.8 17.0 
Borrowings189.9 18.9 308.0 31.4 
Total interest expense450.5 54.6 809.5 89.6 
Net interest income550.3 525.0 1,160.2 974.5 
Provision for credit losses21.8 27.5 41.2 36.5 
Net interest income after provision for credit losses528.5 497.5 1,119.0 938.0 
Non-interest income:
Net gain on loan origination and sale activities62.3 27.2 93.7 64.1 
Net loan servicing revenue24.1 45.4 66.0 86.5 
Service charges and fees20.8 7.630.3 14.6
Commercial banking related income6.0 5.812.2 10.9
Gain on recovery from credit guarantees1.2 9.0 4.5 11.3
Income from equity investments0.7 5.22.1 9.3 
(Loss) gain on sales of investment securities(13.6)(0.2)(26.1)6.7 
Fair value gain (loss) adjustments, net12.7 (10.0)(135.1)(16.6)
Other4.8 5.0 13.4 14.5 
Total non-interest income119.0 95.0 61.0 201.3 
Non-interest expenses:
Salaries and employee benefits145.6 139.0 294.5 277.3 
Deposit costs91.0 18.1 177.9 27.4 
Insurance33.0 6.9 48.7 14.1 
Data processing28.6 19.7 55.0 37.3 
Legal, professional, and directors' fees26.4 25.1 49.5 49.1 
Loan servicing expenses18.4 14.7 32.2 25.5 
Occupancy15.4 13.0 31.9 25.8 
Loan acquisition and origination expenses5.6 6.4 10.0 12.9 
Business development and marketing5.0 5.4 10.2 9.8 
Net loss on sales and valuations of repossessed and other assets0.5 (0.3)0.5 (0.2)
Gain on extinguishment of debt(0.7)— (13.4)— 
Other18.6 20.9 38.3 38.5 
Total non-interest expense387.4 268.9 735.3 517.5 
Income before income taxes260.1 323.6 444.7 621.8 
Income tax expense44.4 63.4 86.8 121.5 
Net income215.7 260.2 357.9 500.3 
Dividends on preferred stock3.2 3.2 6.4 6.4 
Net income available to common stockholders$212.5 $257.0 $351.5 $493.9 
Earnings per common share:
Diluted shares108.3 107.7 108.3 107.1 
Diluted earnings per share$1.96 $2.39 $3.24 $4.61 

9

Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Income Statements
Unaudited
Three Months Ended
Jun 30, 2023Mar 31, 2023Dec 31, 2022Sep 30, 2022Jun 30, 2022
(in millions, except per share data)
Interest income:
Loans$857.2 $832.7 $785.1 $657.0 $516.6 
Investment securities112.4 96.1 89.4 75.9 59.3 
Other31.2 40.1 13.8 6.5 3.7 
Total interest income1,000.8 968.9 888.3 739.4 579.6 
Interest expense:
Deposits251.1 231.6 157.6 77.6 27.1 
Qualifying debt9.5 9.3 9.1 8.9 8.6 
Borrowings189.9 118.1 81.9 50.8 18.9 
Total interest expense450.5 359.0 248.6 137.3 54.6 
Net interest income550.3 609.9 639.7 602.1 525.0 
Provision for credit losses21.8 19.4 3.1 28.5 27.5 
Net interest income after provision for credit losses528.5 590.5 636.6 573.6 497.5 
Non-interest income:
Net gain on loan origination and sale activities62.3 31.4 25.4 14.5 27.2 
Net loan servicing revenue24.1 41.9 21.4 23.0 45.4 
Service charges and fees20.8 9.5 5.9 6.5 7.6 
Commercial banking related income6.0 6.2 5.5 5.1 5.8 
Gain on recovery from credit guarantees1.2 3.3 3.0 0.4 9.0 
Income from equity investments0.7 1.4 4.2 4.3 5.2 
(Loss) gain on sales of investment securities(13.6)(12.5)0.1 — (0.2)
Fair value gain (loss) adjustments, net12.7 (147.8)(9.2)(2.8)(10.0)
Other4.8 8.6 5.2 10.8 5.0 
Total non-interest income119.0 (58.0)61.5 61.8 95.0 
Non-interest expenses:
Salaries and employee benefits145.6 148.9 125.7 136.5 139.0 
Deposit costs91.0 86.9 82.2 56.2 18.1 
Insurance33.0 15.7 8.9 8.1 6.9 
Data processing28.6 26.4 23.9 21.8 19.7 
Legal, professional, and directors' fees26.4 23.1 26.0 24.8 25.1 
Loan servicing expenses18.4 13.8 14.8 15.2 14.7 
Occupancy15.4 16.5 15.8 13.9 13.0 
Loan acquisition and origination expenses5.6 4.4 4.4 5.8 6.4 
Business development and marketing5.0 5.2 7.3 5.0 5.4 
Net loss (gain) on sales and valuations of repossessed and other assets0.5 — (0.3)(0.2)(0.3)
Gain on extinguishment of debt(0.7)(12.7)— — — 
Other18.6 19.7 24.7 18.7 20.9 
Total non-interest expense387.4 347.9 333.4 305.8 268.9 
Income before income taxes260.1 184.6 364.7 329.6 323.6 
Income tax expense44.4 42.4 71.7 65.6 63.4 
Net income215.7 142.2 293.0 264.0 260.2 
Dividends on preferred stock3.2 3.2 3.2 3.2 3.2 
Net income available to common stockholders$212.5 $139.0 $289.8 $260.8 $257.0 
Earnings per common share:
Diluted shares108.3 108.3 108.4 107.9 107.7 
Diluted earnings per share$1.96 $1.28 $2.67 $2.42 $2.39 


10

Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Balance Sheets
Unaudited
Jun 30, 2023Mar 31, 2023Dec 31, 2022Sep 30, 2022Jun 30, 2022
(in millions)
Assets:
Cash and due from banks$2,153 $3,639 $1,043 $1,610 $1,886 
Investment securities10,374 9,493 8,760 8,603 8,802 
Loans held for sale3,156 7,022 1,184 2,204 2,803 
Loans held for investment:
Commercial and industrial16,657 15,503 20,710 22,318 20,754 
Commercial real estate - non-owner occupied9,913 9,617 9,319 8,668 7,775 
Commercial real estate - owner occupied1,805 1,809 1,818 1,848 1,848 
Construction and land development4,428 4,407 4,013 3,621 3,231 
Residential real estate15,000 15,024 15,928 15,674 14,908 
Consumer72 75 74 72 56 
Loans HFI, net of deferred fees47,875 46,435 51,862 52,201 48,572 
Allowance for loan losses(321)(305)(310)(304)(273)
Loans HFI, net of deferred fees and allowance47,554 46,130 51,552 51,897 48,299 
Mortgage servicing rights1,007 910 1,148 1,044 826 
Premises and equipment, net315 293 276 237 210 
Operating lease right-of-use asset151 156 163 131 136 
Other assets acquired through foreclosure, net11 11 11 11 12 
Bank owned life insurance184 183 182 181 180 
Goodwill and other intangibles, net674 677 680 682 695 
Other assets2,581 2,533 2,735 2,565 2,206 
Total assets$68,160 $71,047 $67,734 $69,165 $66,055 
Liabilities and Stockholders' Equity:
Liabilities:
Deposits
Non-interest bearing demand deposits$16,733 $16,465 $19,691 $24,926 $23,721 
Interest bearing:
Demand12,646 10,719 9,507 8,350 8,387 
Savings and money market13,085 13,845 19,397 19,202 19,026 
Certificates of deposit8,577 6,558 5,049 3,111 2,578 
Total deposits51,041 47,587 53,644 55,589 53,712 
Borrowings9,567 15,853 6,299 6,319 5,210 
Qualifying debt888 895 893 889 891 
Operating lease liability179 184 185 149 151 
Accrued interest payable and other liabilities800 1,007 1,357 1,198 1,132 
Total liabilities62,475 65,526 62,378 64,144 61,096 
Stockholders' Equity:
Preferred stock295 295 295 295 295 
Common stock and additional paid-in capital2,064 2,054 2,058 2,049 1,990 
Retained earnings3,937 3,764 3,664 3,413 3,192 
Accumulated other comprehensive loss(611)(592)(661)(736)(518)
Total stockholders' equity5,685 5,521 5,356 5,021 4,959 
Total liabilities and stockholders' equity$68,160 $71,047 $67,734 $69,165 $66,055 


11

Western Alliance Bancorporation and Subsidiaries
Changes in the Allowance For Credit Losses on Loans
Unaudited
Three Months Ended
Jun 30, 2023Mar 31, 2023Dec 31, 2022Sep 30, 2022Jun 30, 2022
(in millions)
Allowance for loan losses
Balance, beginning of period$304.7 $309.7 $304.1 $273.2 $257.6 
Provision for credit losses (1)23.8 1.0 7.4 29.0 17.0 
Recoveries of loans previously charged-off:
Commercial and industrial0.7 3.2 0.3 3.8 0.8 
Commercial real estate - non-owner occupied— — — 0.1 — 
Commercial real estate - owner occupied— — 0.1 — 0.1 
Construction and land development— — — 0.1 — 
Residential real estate— — — — 0.1 
Consumer0.1 — — — — 
Total recoveries0.8 3.2 0.4 4.0 1.0 
Loans charged-off:
Commercial and industrial6.0 9.1 1.1 2.1 2.4 
Commercial real estate - non-owner occupied2.2 — — — — 
Commercial real estate - owner occupied— — 0.5 — — 
Construction and land development— — 0.6 — — 
Residential real estate— — — — — 
Consumer— 0.1 — — — 
Total loans charged-off8.2 9.2 2.2 2.1 2.4 
Net loan charge-offs (recoveries)7.4 6.0 1.8 (1.9)1.4 
Balance, end of period$321.1 $304.7 $309.7 $304.1 $273.2 
Allowance for unfunded loan commitments
Balance, beginning of period$44.8 $47.0 $52.1 $53.8 $43.3 
(Recovery of) provision for credit losses (1)(3.7)(2.2)(5.1)(1.7)10.5 
Balance, end of period (2)$41.1 $44.8 $47.0 $52.1 $53.8 
Components of the allowance for credit losses on loans
Allowance for loan losses$321.1 $304.7 $309.7 $304.1 $273.2 
Allowance for unfunded loan commitments41.1 44.8 47.0 52.1 53.8 
Total allowance for credit losses on loans$362.2 $349.5 $356.7 $356.2 $327.0 
Net charge-offs (recoveries) to average loans - annualized0.06 %0.05 %0.01 %(0.02)%0.01 %
Allowance ratios
Allowance for loan losses to funded HFI loans (3)0.67 %0.66 %0.60 %0.58 %0.56 %
Allowance for credit losses to funded HFI loans (3)0.76 0.75 0.69 0.68 0.67 
Allowance for loan losses to nonaccrual HFI loans125 285 364 338 321 
Allowance for credit losses to nonaccrual HFI loans141 327 420 396 385 
(1)    The above tables reflect the provision for credit losses on funded and unfunded loans. There was a $2.2 million provision for credit losses on AFS investment securities and a $0.5 million provision release on HTM investment securities for the three months ended June 30, 2023. The allowance for credit losses on AFS and HTM investment securities totaled $4.4 million and $6.0 million, respectively, as of June 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 $21.4 million as of June 30, 2023 related to a pool of loans covered under three separate credit linked note transactions.

12

Western Alliance Bancorporation and Subsidiaries
Asset Quality Metrics
Unaudited
Three Months Ended
Jun 30, 2023Mar 31, 2023Dec 31, 2022Sep 30, 2022Jun 30, 2022
(in millions)
Nonaccrual loans and repossessed assets
Nonaccrual loans$256 $107 $85 $90 $85 
Nonaccrual loans to funded HFI loans0.53 %0.23 %0.16 %0.17 %0.17 %
Repossessed assets$11 $11 $11 $11 $12 
Nonaccrual loans and repossessed assets to total assets0.39 %0.17 %0.14 %0.15 %0.15 %
Loans Past Due
Loans past due 90 days, still accruing (1)$— $1 $— $— $— 
Loans past due 90 days, still accruing to funded HFI loans— %— %— %— %— %
Loans past due 30 to 89 days, still accruing (2)$121 $58 $70 $56 $117 
Loans past due 30 to 89 days, still accruing to funded HFI loans0.25 %0.13 %0.13 %0.11 %0.24 %
Other credit quality metrics
Special mention loans$694 $320 $351 $312 $317 
Special mention loans to funded HFI loans1.45 %0.69 %0.68 %0.60 %0.65 %
Classified loans on accrual$324 $325 $280 $268 $232 
Classified loans on accrual to funded HFI loans0.68 %0.70 %0.54 %0.51 %0.48 %
Classified assets$604 $459 $393 $385 $346 
Classified assets to total assets0.89 %0.65 %0.58 %0.56 %0.52 %
(1)    Excludes government guaranteed residential mortgage loans of $481 million, $494 million, $582 million, $644 million, and $555 million as of each respective date in the table above.
(2)    Excludes government guaranteed residential mortgage loans of $289 million, $281 million, $334 million, $245 million, and $161 million as of each respective date in the table above.

13

Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
Three Months Ended
June 30, 2023March 31, 2023
Average
Balance		InterestAverage Yield /
Cost		Average
Balance		InterestAverage Yield /
Cost
($ in millions)
Interest earning assets
Loans held for sale$6,343 $105.2 6.65 %$2,153 $31.3 5.90 %
Loans held for investment:
Commercial and industrial15,712 302.3 7.78 20,481 368.2 7.35 
CRE - non-owner occupied9,754 180.7 7.44 9,520 169.4 7.22 
CRE - owner occupied1,816 25.1 5.66 1,809 24.6 5.62 
Construction and land development4,420 103.6 9.40 4,230 93.3 8.94 
Residential real estate15,006 139.0 3.72 15,839 144.7 3.71 
Consumer73 1.3 7.15 73 1.2 6.82 
Total HFI loans (1), (2), (3)46,781 752.0 6.48 51,952 801.4 6.28 
Securities:
Securities - taxable7,879 91.4 4.65 6,658 75.2 4.58 
Securities - tax-exempt2,062 21.0 5.12 2,117 20.9 5.00 
Total securities (1)9,941 112.4 4.76 8,775 96.1 4.68 
Cash and other2,584 31.2 4.84 3,331 40.1 4.88 
Total interest earning assets65,649 1,000.8 6.17 66,211 968.9 5.99 
Non-interest earning assets
Cash and due from banks259 265 
Allowance for credit losses(314)(315)
Bank owned life insurance183 182 
Other assets4,361 4,931 
Total assets$70,138 $71,274 
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing transaction accounts$11,893 $80.2 2.71 %$10,534 $68.2 2.63 %
Savings and money market13,167 87.2 2.66 18,066 115.5 2.59 
Certificates of deposit7,626 83.7 4.40 5,520 47.9 3.52 
Total interest-bearing deposits32,686 251.1 3.08 34,120 231.6 2.75 
Short-term borrowings12,195 170.4 5.60 7,288 87.5 4.87 
Long-term debt826 19.5 9.45 1,275 30.6 9.73 
Qualifying debt895 9.5 4.27 893 9.3 4.24 
Total interest-bearing liabilities46,602 450.5 3.88 43,576 359.0 3.34 
Interest cost of funding earning assets2.75 2.20 
Non-interest-bearing liabilities
Non-interest-bearing demand deposits16,701 20,521 
Other liabilities1,183 1,589 
Stockholders’ equity5,652 5,588 
Total liabilities and stockholders' equity$70,138 $71,274 
Net interest income and margin (4)$550.3 3.42 %$609.9 3.79 %

(1)     Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $8.7 million and $8.8 million for the three months ended June 30, 2023 and March 31, 2023, respectively.
(2)    Included in the yield computation are net loan fees of $36.8 million and $35.6 million for the three months ended June 30, 2023 and March 31, 2023, respectively.
(3)    Includes non-accrual loans.
(4)    Net interest margin is computed by dividing net interest income by total average earning assets, annualized on an actual/actual basis.
14

Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
Three Months Ended
June 30, 2023June 30, 2022
Average
Balance		InterestAverage Yield /
Cost		Average
Balance		InterestAverage Yield /
Cost
($ in millions)
Interest earning assets
Loans held for sale$6,343 $105.2 6.65 %$4,333 $43.1 3.99 %
Loans held for investment:
Commercial and industrial15,712 302.3 7.78 19,576 205.6 4.27 
CRE - non-owner-occupied9,754 180.7 7.44 7,152 83.1 4.67 
CRE - owner-occupied1,816 25.1 5.66 1,836 22.7 5.05 
Construction and land development4,420 103.6 9.40 3,336 47.7 5.73 
Residential real estate15,006 139.0 3.72 13,698 113.8 3.33 
Consumer73 1.3 7.15 58 0.6 4.29 
Total loans HFI (1), (2), (3)46,781 752.0 6.48 45,656 473.5 4.19 
Securities:
Securities - taxable7,879 91.4 4.65 6,674 41.3 2.48 
Securities - tax-exempt2,062 21.0 5.12 2,017 18.0 4.53 
Total securities (1)9,941 112.4 4.76 8,691 59.3 2.94 
Cash and other2,584 31.2 4.84 1,650 3.7 0.91 
Total interest earning assets65,649 1,000.8 6.17 60,330 579.6 3.91 
Non-interest earning assets
Cash and due from banks259 262 
Allowance for credit losses(314)(266)
Bank owned life insurance183 179 
Other assets4,361 3,766 
Total assets$70,138 $64,271 
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing transaction accounts$11,893 $80.2 2.71 %$8,346 $8.0 0.38 %
Savings and money market accounts13,167 87.2 2.66 18,771 16.5 0.35 
Certificates of deposit7,626 83.7 4.40 2,040 2.6 0.52 
Total interest-bearing deposits32,686 251.1 3.08 29,157 27.1 0.37 
Short-term borrowings12,195 170.4 5.60 2,917 8.6 1.19 
Long-term debt826 19.5 9.45 786 10.3 5.24 
Qualifying debt895 9.5 4.27 894 8.6 3.85 
Total interest-bearing liabilities46,602 450.5 3.88 33,754 54.6 0.65 
Interest cost of funding earning assets2.75 0.37 
Non-interest-bearing liabilities
Non-interest-bearing demand deposits16,701 24,327 
Other liabilities1,183 1,169 
Stockholders’ equity5,652 5,021 
Total liabilities and stockholders' equity$70,138 $64,271 
Net interest income and margin (4)$550.3 3.42 %$525.0 3.54 %

(1)    Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $8.7 million and $8.2 million for the three months ended June 30, 2023 and 2022, respectively.
(2)    Included in the yield computation are net loan fees of $36.8 million and $36.4 million for the three months ended June 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.
15

Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
Six Months Ended
June 30, 2023June 30, 2022
Average
Balance		InterestAverage Yield /
Cost		Average
Balance		InterestAverage Yield /
Cost
($ in millions)
Interest earning assets
Loans HFS$4,260 $136.5 6.46 %$5,421 $93.6 3.48 %
Loans HFI:
Commercial and industrial18,083 670.5 7.54 18,537 371.5 4.10 
CRE - non-owner occupied9,638 350.1 7.33 6,922 156.2 4.56 
CRE - owner occupied1,812 49.7 5.64 1,847 45.5 5.06 
Construction and land development4,325 196.8 9.18 3,214 89.3 5.61 
Residential real estate15,420 283.8 3.71 12,050 194.1 3.25 
Consumer73 2.5 6.99 55 1.1 4.14 
Total loans HFI (1), (2), (3)49,351 1,553.4 6.38 42,625 857.7 4.09 
Securities:
Securities - taxable7,271 166.6 4.62 6,107 71.1 2.35 
Securities - tax-exempt2,090 41.9 5.06 2,076 36.2 4.41 
Total securities (1)9,361 208.5 4.72 8,183 107.3 2.86 
Other2,956 71.3 4.86 1,853 5.5 0.60 
Total interest earning assets65,928 1,969.7 6.08 58,082 1,064.1 3.75 
Non-interest earning assets
Cash and due from banks262 254 
Allowance for credit losses(314)(264)
Bank owned life insurance183 180 
Other assets4,644 3,534 
Total assets$70,703 $61,786 
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing transaction accounts$11,217 $148.5 2.67 %$8,046 $10.7 0.27 %
Savings and money market accounts15,604 202.7 2.62 18,453 26.1 0.29 
Certificates of deposit6,578 131.5 4.03 1,981 4.4 0.45 
Total interest-bearing deposits33,399 482.7 2.90 28,480 41.2 0.29 
Short-term borrowings9,757 258.0 5.33 2,038 10.4 1.03 
Long-term debt1,049 50.0 9.62 778 21.0 5.45 
Qualifying debt894 18.8 4.24 895 17.0 3.83 
Total interest-bearing liabilities45,099 809.5 3.62 32,191 89.6 0.56 
Interest cost of funding earning assets2.48 0.31 
Non-interest-bearing liabilities
Non-interest-bearing demand deposits18,600 23,458 
Other liabilities1,384 1,132 
Stockholders’ equity5,620 5,005 
Total liabilities and stockholders' equity$70,703 $61,786 
Net interest income and margin (4)$1,160.2 3.60 %$974.5 3.44 %

(1)    Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $17.5 million and $16.2 million for the six ended June 30, 2023 and 2022, respectively.
(2)    Included in the yield computation are net loan fees of $72.4 million and $65.5 million for the six ended June 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.
16

Western Alliance Bancorporation and Subsidiaries
Operating Segment Results
Unaudited
Balance Sheet:
Consolidated CompanyCommercialConsumer RelatedCorporate & Other
At June 30, 2023:(dollars in millions)
Assets:
Cash, cash equivalents, and investment securities$12,527 $13 $150 $12,364 
Loans HFS3,156 1,049 2,107 — 
Loans HFI, net of deferred fees and costs47,875 28,139 19,736 — 
Less: allowance for credit losses(321)(269)(52)— 
Net loans HFI47,554 27,870 19,684 — 
Other assets acquired through foreclosure, net11 11 — — 
Goodwill and other intangible assets, net674 293 381 — 
Other assets4,238 567 1,693 1,978 
Total assets$68,160 $29,803 $24,015 $14,342 
Liabilities:
Deposits$51,041 $21,460 $22,380 $7,201 
Borrowings and qualifying debt10,455 6 1,489 8,960 
Other liabilities979 70 173 736 
Total liabilities62,475 21,536 24,042 16,897 
Allocated equity:5,685 2,516 1,729 1,440 
Total liabilities and stockholders' equity$68,160 $24,052 $25,771 $18,337 
Excess funds provided (used)— (5,751)1,756 3,995 
No. of offices56 46 8 2 
No. of full-time equivalent employees3,336 652 726 1,958 
Income Statement:
Three Months Ended June 30, 2023:(in millions)
Net interest income$550.3 $356.5 $204.8 $(11.0)
Provision for credit losses21.8 18.2 1.9 1.7 
Net interest income (expense) after provision for credit losses528.5 338.3 202.9 (12.7)
Non-interest income119.0 30.8 86.1 2.1 
Non-interest expense387.4 147.7 232.3 7.4 
Income (loss) before income taxes260.1 221.4 56.7 (18.0)
Income tax expense (benefit)44.4 21.7 (2.2)24.9 
Net income (loss)$215.7 $199.7 $58.9 $(42.9)
Six Months Ended June 30, 2023:(in millions)
Net interest income$1,160.2 $746.0 $404.0 $10.2 
Provision for credit losses41.2 15.6 3.4 22.2 
Net interest income (expense) after provision for credit losses1,119.0 730.4 400.6 (12.0)
Non-interest income61.0 (65.9)137.1 (10.2)
Non-interest expense735.3 283.6 424.4 27.3 
Income (loss) before provision for income taxes444.7 380.9 113.3 (49.5)
Income tax expense (benefit)86.8 60.2 10.5 16.1 
Net income (loss)$357.9 $320.7 $102.8 $(65.6)
17

Western Alliance Bancorporation and Subsidiaries
Operating Segment Results
Unaudited
Balance Sheet:
Consolidated CompanyCommercialConsumer RelatedCorporate & Other
At December 31, 2022:(dollars in millions)
Assets:
Cash, cash equivalents, and investment securities$9,803 $12 $— $9,791 
Loans held for sale1,184 — 1,184 — 
Loans, net of deferred fees and costs51,862 31,414 20,448 — 
Less: allowance for credit losses(310)(262)(48)— 
Total loans51,552 31,152 20,400 — 
Other assets acquired through foreclosure, net11 11 — — 
Goodwill and other intangible assets, net680 293 387 — 
Other assets4,504 435 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 debt7,192 27 340 6,825 
Other liabilities1,542 83 656 803 
Total liabilities62,378 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 offices56 46 8 2 
No. of full-time equivalent employees3,365 671 785 1,909 
Income Statement:
Three Months Ended June 30, 2022:(in millions)
Net interest income$525.0 $370.5 $219.4 $(64.9)
Provision for (recovery of) credit losses27.5 32.7 (5.2)— 
Net interest income (expense) after provision for credit losses497.5 337.8 224.6 (64.9)
Non-interest income95.0 18.0 74.6 2.4 
Non-interest expense268.9 115.9 139.1 13.9 
Income (loss) before income taxes323.6 239.9 160.1 (76.4)
Income tax expense (benefit)63.4 57.3 38.1 (32.0)
Net income (loss)$260.2 $182.6 $122.0 $(44.4)
Six Months Ended June 30, 2022:(in millions)
Net interest income$974.5 $705.3 $402.7 $(133.5)
Provision for credit losses (recovery of)36.5 33.2 5.3 (2.0)
Net interest income (expense) after provision for credit losses938.0 672.1 397.4 (131.5)
Non-interest income201.3 34.9 153.8 12.6 
Non-interest expense517.5 230.4 264.1 23.0 
Income (loss) before income taxes621.8 476.6 287.1 (141.9)
Income tax expense (benefit)121.5 113.4 68.5 (60.4)
Net income (loss)$500.3 $363.2 $218.6 $(81.5)
18


Western Alliance Bancorporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Unaudited
Pre-Provision Net Revenue by Quarter:
Three Months Ended
6/30/20233/31/202312/31/20229/30/20226/30/2022
(in millions)
Net interest income$550.3 $609.9 $639.7 $602.1 $525.0 
Total non-interest income119.0 (58.0)61.5 61.8 95.0 
Adjusted for:
Loss (gain) on sales of investment securities13.6 12.5 (0.1)— 0.2 
Fair value (gain) loss adjustments, net(12.7)147.8 9.2 2.8 10.0 
Total non-interest income, adjusted$119.9 $102.3 $70.6 $64.6 $105.2 
Net revenue, adjusted$670.2 $712.2 $710.3 $666.7 $630.2 
Total non-interest expense387.4 347.9 333.4 305.8 268.9 
Adjusted for:
Gain on extinguishment of debt0.7 12.7 — — — 
Total non-interest expense, adjusted$388.1 $360.6 $333.4 $305.8 $268.9 
Pre-provision net revenue (1)$282.1 $351.6 $376.9 $360.9 $361.3 
Less:
Provision for credit losses21.8 19.4 3.1 28.5 27.5 
Income tax expense44.4 42.4 71.7 65.6 63.4 
Loss (gain) on sales of investment securities13.6 12.5 (0.1)— 0.2 
Fair value (gain) loss adjustments, net(12.7)147.8 9.2 2.8 10.0 
Plus: Gain on extinguishment of debt0.7 12.7 — — — 
Net income$215.7 $142.2 $293.0 $264.0 $260.2 

Efficiency Ratio by Quarter:
Total non-interest expense, adjusted$388.1 $360.6 $333.4 $305.8 $268.9 
Less: Deposit costs91.0 86.9 82.2 56.2 18.1 
Divided by:
Total net interest income550.3 609.9 639.7 602.1 525.0 
Plus:
Tax equivalent interest adjustment8.7 8.8 9.0 8.5 8.2 
Total non-interest income, adjusted119.9 102.3 70.6 64.6 105.2 
Less: Deposit costs91.0 86.9 82.2 56.2 18.1 
$587.9 $634.1 $637.1 $619.0 $620.3 
Efficiency ratio - tax equivalent basis (2)50.5 %43.2 %39.4 %40.3 %40.4 %

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 securities12.5 
Fair value loss adjustments, net147.8 
Gain on extinguishment of debt(12.7)
Tax effect of adjustments(37.9)
Net income available to common stockholders, adjusted$248.7 
Diluted shares108.3 
Diluted earnings per share, adjusted (1)$2.30 
19

Western Alliance Bancorporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Unaudited
Tangible Common Equity:
6/30/20233/31/202312/31/20229/30/20226/30/2022
(dollars and shares in millions)
Total stockholders' equity$5,685 $5,521 $5,356 $5,021 $4,959 
Less:
Goodwill and intangible assets674 677 680 682 695 
Preferred stock295 295 295 295 295 
Total tangible common equity4,716 4,549 4,381 4,044 3,969 
Plus: deferred tax - attributed to intangible assets2 2 2 3 2 
Total tangible common equity, net of tax$4,718 $4,551 $4,383 $4,047 $3,971 
Total assets$68,160 $71,047 $67,734 $69,165 $66,055 
Less: goodwill and intangible assets, net674 677 680 682 695 
Tangible assets67,486 70,370 67,054 68,483 65,360 
Plus: deferred tax - attributed to intangible assets2 2 2 3 2 
Total tangible assets, net of tax$67,488 $70,372 $67,056 $68,486 $65,362 
Tangible common equity ratio (3)7.0 %6.5 %6.5 %5.9 %6.1 %
Common shares outstanding109.5 109.5 108.9 108.9 108.3 
Tangible book value per share, net of tax (3)$43.09 $41.56 $40.25 $37.16 $36.67 

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
EARNINGS CALL 2nd Quarter 2023 JULY 19, 2023

 
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 recent bank failures 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 war between Russia and Ukraine; inflation, interest rate, market and monetary fluctuations; increases in competitive pressures among financial institutions and businesses offering similar products and services; higher defaults on our loan portfolio than we expect; changes in management’s estimate of the adequacy of the allowance for credit losses; legislative or regulatory changes or changes in accounting principles, policies or guidelines; supervisory actions by regulatory agencies which may limit our ability to pursue certain growth opportunities, including expansion through acquisitions; additional regulatory requirements resulting from our continued growth; management’s estimates and projections of interest rates and interest rate policy; the execution of our business plan; and other factors affecting the financial services industry generally or the banking industry in particular. Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. We do not intend and disclaim any duty or obligation to update or revise any industry information or forward-looking statements, whether written or oral, that may be made from time to time, set forth in this press release to reflect new information, future events or otherwise. Non-GAAP Financial Measures This presentation contains both financial measures based on GAAP and non-GAAP based financial measures, which are used where management believes them to be helpful in understanding the Company’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the Company’s press release as of and for the quarter ended June 30, 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

 
2nd Quarter 2023 | Financial Highlights Earnings & Profitability Q2-23 Q1-231 Q2-22 Earnings per Share $1.96 $1.28 / $2.30 $2.39 Net Income $215.7 $142.2 / $251.9 $260.2 Net Revenue $669.3 $551.9 / $712.2 $620.0 Pre-Provision Net Revenue2 $282.1 $351.6 $351.1 Net Interest Margin 3.42% 3.79% 3.54% Efficiency Ratio 50.5% 62.1% / 43.2% 42.8% ROAA 1.23% 0.81% / 1.43% 1.62% ROTCE2 18.2% 21.9% 25.6% Balance Sheet & Capital Total Loans $47,875 $46,435 $48,365 Total Deposits $51,041 $47,587 $53,712 CET1 Ratio 10.1% 9.4% 9.0% TCE Ratio2 7.0% 6.5% 6.1% Tangible Book Value per Share2 $43.09 $41.56 $36.67 Asset Quality Provision for Credit losses $21.8 $19.4 $27.5 Net Loan Charge-Offs $7.4 $6.0 $1.4 Net Loan Charge-Offs /Avg. Loans 0.06% 0.05% 0.01% Total Loan ACL/Funded HFI Loans3 0.76% 0.75% 0.68% NPAs4/Total Assets 0.39% 0.17% 0.15% Net Income $215.7 million EPS $1.96 PPNR2 Q2: $282.1 million ROTCE² 18.2% Tangible Book Value PER SHARE2 $43.09 18% YoY NPAs4/ Total Assets 0.39% 3 Dollars in millions, except EPS 1) Q1-23 earnings and profitability metrics have been adjusted for the impact of non-operating items, which include fair value loss adjustments, loss on sale of securities and gain on extinguishment of debt. 2) Refer to slide 2 for further discussion of Non-GAAP financial measures. 3) Ratio includes an allowance for credit losses of $21.4 million as of June 30, 2023 related to a pool of loans covered under 3 separate credit linked notes. 4) Nonperforming assets includes nonaccrual loans and repossessed assets. Highlights Deposit Growth Q2: $3.5 billion 7% QoQ Capital CET 1 Ratio: 10.1% TCE Ratio²: 7.0%

 
Enhance capital position (goal set in Q4-22) Immediate Priorities and Progress-to-Date 4 Execution Scorecard for Q2-23 Objectives Safe and Sound Growth, Emphasizing Capital, Liquidity and Holistic Customer Relationships Objectives Results FHLB borrowings reduced $6.1 bn to $4.9 bnReduce higher cost wholesale funding Lower Loan (HFI) / Deposit ratio Loan (HFI) /Deposit ratio of 94% vs. 98% at end of Q1-23 Strong deposit growth to optimize funding profile Execute balance sheet repositioning strategy $3.5 bn in Q2 loan dispositions CET1 of 10.1% vs. 8.7% at the end of Q3-22 Sustain high insured deposit mix > 81% Insured and collateralized deposits Sustain strong profitability ROAA of 1.23%, ROTCE of 18.2% Status 2 4 5 6 7 8 In Progress Generated $3.5 bn of deposit growth Targets $4 bn - FHLB Trend toward mid-80s $2 bn $3 bn of loans ≥ 10.0% + 75.0% Top Quartile $2.0 bn in excess deposit growthGenerate excess liquidity3 $1.5 bn deposit growth in excess of loan growth In Progress 1 In Progress

 
Deposit Franchise Growth Drivers 5 Q2 2023 Highlights Dollars in billions, unless otherwise indicated Insured and Collateralized Deposit Exposure Trend • WAL has successfully retained deep-rooted relationships and those for which we offer proprietary, integrated treasury management technology • Of depositors, ~82% have multiple products (deposits, TM, loans) • ~1,000 new, commercial client relationships have been brought on in Q2, resulting in ~$1 billion in new deposits • Primarily within Mortgage Warehouse, Regional divisions, Settlement Services, Tech & Innovation • Enhanced focus on protecting deposits • Insured and collateralized deposits are 81% of total deposits as of 6/30 • Uninsured deposit liquidity coverage is 276% as of 6/30 Net Deposit Growth Drivers $47.6 $51.0 Q2-23 Marginal Total Deposit Cost 5.51%2.05%1.98% 4.95% Mtg. Warehouse 32% Regions 32% Settlmt Svcs. 21% Tech & Innov 8% Other 7% Repayment of Short- Term Borrowings @ 5.80%

 
Q2-23 Q1-23 Q2-22 Interest Income $1,000.8 $968.9 $579.6 Interest Expense (450.5) (359.0) (54.6) Net Interest Income $550.3 $609.9 $525.0 Mortgage Banking Related Income 86.4 73.3 $72.6 Fair Value Gain (Loss) Adjustments, Net 12.7 (147.8) (10.0) Loss on Sales of Investment Securities (13.6) (12.5) (0.2) Other 33.5 29.0 32.6 Non-Interest Income/Adjusted1, 2 $119.0 / $119.9 $(58.0) / $102.3 $95.0 Net Revenue/Adjusted1, 2 $669.3 / $670.2 $551.9 / $712.2 $620.0 Salaries and Employee Benefits (145.6) (148.9) (139.0) Deposit Costs (91.0) (86.9) (18.1) Gain on Extinguishment of Debt 0.7 12.7 ―) Other (151.5) (124.8) (111.8) Non-Interest Expense/Adjusted1, 2 $(387.4) / $(388.1) $(347.9) / $(360.6) $(268.9) Pre-Provision Net Revenue1, 2 $282.1 $351.6 $351.1 Provision for Credit Losses (21.8) (19.4) (27.5) Pre-Tax Income $260.1 $184.6 / $332.2 $323.6 Income Tax (44.4) (42.4) / (80.3) (63.4) Net Income $215.7 $142.2 / $251.9 $260.2 Dividends on Preferred Stock (3.2) (3.2) (3.2) Net Income Available to Common Stockholders $212.5 $139.0 / $248.7 $257.0 Diluted Shares 108.3 108.3 107.7 Earnings Per Share $1.96 $1.28 / $2.30 $2.39 Quarterly Income Statement Net Interest Income decreased $59.6 million, primarily from an increase in interest expense from higher average short-term borrowings Non-Interest Income increased $177.0 million (or +$17.6 million excluding Q1 FV charge), driven by the following: • $12.7 million FV pre-tax gain, primarily on HFS dispositions at par and loan transfers to HFI • $13.1 million increase in Mortgage Banking Related Income Mortgage Banking Metrics • $11.5 billion mortgage loan production in Q2 (92.5% purchase / 7.5% refinance), up 44% compared to Q1 and down 15% to Q2 2022 • $12.2 billion interest rate lock commitment volume in Q2, up 51% compared to Q1 and down 11% to Q2 2022 • Gain on Sale margin2 of 43 bps in Q2, compared to 26 bps in Q1 and 13 bps in Q2 2022 • $59.7 billion in servicing portfolio UPB Other costs increased $26.7 million, primarily related to greater insurance costs related to elevated insured and brokered deposit levels Provision for Credit Losses of $21.8 million, primarily reflective of a normalizing credit environment and heightened attention on commercial real estate 6 1 2 3 Q2 2023 Highlights 1) Income statement line items for Q1-23 and Q2-23 have been adjusted for gains or losses related to fair value adjustments, sales of investment securities and extinguishment of debt. 2) Refer to slide 2 for further discussion of Non-GAAP financial measures. 3) Gain on Sale margin represents spread as of the interest rate lock commitment date. 4 3 4 Dollars in millions, except EPS 2 1

 
Balance Sheet Repositioning Update Significant progress in executing surgical asset sales to expeditiously improve capital and liquidity, and reduce wholesale borrowings Repositioning Progress • ~$4.0 bn asset dispositions completed in Q2-23 1. C&I, CRE and Resi/EBO loan dispositions (~$3.5 bn) 2. MSR sales ($149 mm) 3. Select security sales (Primarily CLOs) ($341 mm) Additional actions: • Unwind of inefficient CLN (EFR) ($275 mm) • Net loan transfers to HFI of ~$700 mm • ~$1.8 bn HFS loans remaining Note: Balance sheet information as of 6/30/23 7 Co m pl et ed (Q 2- 23 ) Re m ai ni ng (2 02 3) +43 bps CET1 Benefit Q2-23 Loans HFS (ex-AMH Resi) Composition 29% 14% 7% 40% 2% 8% Other C&I Equity Fund Resources Syndications Mtg. WH Residential Construction $1.8 bn

 
Q2-23 Q1-23 Q2-22 Investments & Cash $12,527 $13,131 $10,688 Loans, HFS 3,156 7,022 2,803 Loans HFI, net 47,875 46,435 48,572 Allowance for Loan Losses (321) (305) (273) Mortgage Servicing Rights 1,007 910 826 Goodwill and Intangibles 674 677 695 Other Assets 3,242 3,177 2,744 Total Assets $68,160 $71,047 $66,055 Deposits $51,041 $47,587 $53,712 Borrowings 10,455 16,748 6,101 Other Liabilities 979 1,191 1,283 Total Liabilities $62,475 $65,526 $61,096 Accumulated Other Comprehensive Loss $(611) $(592) $(518) Total Shareholders’ Equity $5,685 $5,521 $4,959 Total Liabilities and Equity $68,160 $71,047 $66,055 Tangible Book Value Per Common Share1 $43.09 $41.56 $36.67 HFI Loans increased $1.4 billion, or 3.3%, and decreased $697 million, or 1.4%, over prior year Deposits increased $3.5 billion to $51.0 billion, or 7.3%, and are $2.7 billion lower, or - 5.0%, over the prior year • Deposit momentum has continued into Q3-23 with deposits up an additional $3.2 billion quarter-to-date as of July 17 Borrowings decreased $6.3 billion over prior quarter primarily related to repaying short- term FHLB borrowings Shareholders’ Equity increased $164 million as a function of net income Tangible Book Value/Share1 increased $1.53, or 3.7%, over prior quarter and increased $6.42, or 17.5%, over prior year Consolidated Balance Sheet 8 1 2 3 1 2 5 Q2 2023 Highlights 3 4 5 4 Dollars in millions, except per share data 1) Refer to slide 2 for further discussion of Non-GAAP financial measures.

 
Five Quarter Loan Growth and Composition 9 $(0.7) Billion Year-Over-Year Change Quarter-over-quarter loan increase of $1.4 billion driven by (in millions): C&I $1,154 CRE, Non-OO 296 Construction & Land 21 Offset by decrease in: Residential & Consumer (27) CRE, OO (4) Total $1,440 $20.8 $22.3 $20.7 $15.5 $16.7 $1.8 $1.8 $1.8 $1.8 $1.8 $7.8 $8.7 $9.4 $9.6 $9.9 $3.2 $3.6 $4.0 $4.4 $4.4 $15.0 $15.8 $16.0 $15.1 $15.1 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Residential & Consumer Construction & Land CRE, Non-Owner Occupied CRE, Owner Occupied Commercial & Industrial Dollars in billions, unless otherwise indicated Total Loans, HFI $48.6 $52.2 $51.9 $46.4 $47.9 Qtr. Change +$5.5 +$3.6 -$0.3 -$5.4 +$1.4 30.9% 6.6% 16.0% 3.7% 42.8% 34.8% 3.8% 20.7% 9.3% 31.4% 32.5% 9.5% 20.7% 3.9% 33.4% 1) Average yields on loans have been adjusted to a tax equivalent basis. Q2 2023 Highlights Q2-23 Avg. Yields¹ 3.73% 7.44% 5.66% 9.40% 7.78% Spot Rate 6.74%

 
$23.7 $24.9 $19.7 $16.5 $16.7 $8.4 $8.4 $9.5 $10.7 $12.6 $19.0 $19.2 $19.4 $13.8 $13.1 $2.6 $3.1 $5.0 $6.6 $8.6 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 CDs Savings and MMDA Interest Bearing DDA Non-Interest Bearing DDA Five Quarter Deposit Growth and Composition 10 $(2.7) Billion Year-Over-Year Change Quarter-over-quarter deposit increase of $3.5 billion driven by (in millions): CDs $2,019 Interest Bearing DDA 1,927 Non-Interest Bearing DDA 268 Offset by decrease in: Savings and MMDA (760) Total $3,454 Dollars in billions, unless otherwise indicated Total Deposits $53.7 $55.6 $53.6 $47.6 $51.0 Qtr. Change +$1.6 +$1.9 -$1.9 -$6.1 +$3.5 4.8% 35.4% 15.6% 44.2% 32.7% 24.7% 25.7% 16.9% 13.8% 29.1% 22.5% 34.6% Q2 2023 Highlights 4.40% 2.66% 2.71% N/A Spot Rate 2.05% 31% 20% 9% 15% 6% 1% 3% 15%Regions Mtg WH Tech & Innov. HOA Sttlmt Svcs Bus. Escrow Svcs Online Consumer Other • 33% of total deposits are noninterest-bearing • Approximately half have no ECRs • Total ECR-related deposit balances of $14.9 billion Deposit Composition (By Business Line) Q2-23 Avg. Yields

 
Total Investments and Yield Interest Bearing Deposits and Cost Loans and HFI Yield Deposits, Borrowings & Cost of Liability Funding Net Interest Drivers 11 • Loan yields increased 20 bps due to a higher rate environment • Yield on Held for Sale (AMH Resi) of 5.77% decreased from 5.90% in Q1; spot rate of 6.40% • Yield on Held for Sale (non-AMH) of 7.18% • Investment yields increased 8 bps, primarily related to floating-rate securities • Cost of interest-bearing deposits increased 33 bps, and total cost of funds increased 58 bps to 2.85% due to higher costs on deposits and borrowings • Funding composition has grown more stable due to a reduced utilization of wholesale borrowings and a focus on core and reciprocal deposits • Prioritizing utilizing deposits to pay down expensive short-term borrowings • $6 billion paid down in Q2; $8.8 billion remaining • Repayments back-end weighted - EOP balances $3.4 billion lower than quarter average • Robust reciprocal deposit growth • ~62% of brokered deposits consist of reciprocal deposit balances $48.6 $52.2 $51.9 $46.4 $47.9 $1.1 $1.8 $2.8 $2.2 $1.2 $5.9 $1.4 4.19% 4.84% 5.70% 6.28% 6.48% Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 $30.0 $30.7 $33.9 $31.1 $34.3 0.37% 1.03% 1.97% 2.75% 3.08% Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 $8.8 $8.6 $8.8 $9.5 $10.4 2.94% 3.66% 4.45% 4.68% 4.76% Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Non-Interest Bearing Deposits Total Borrowings Q2 2023 Highlights HFI HFS (non-AMH) Interest Bearing DepositsInterest Bearing Deposits Dollars in billions, unless otherwise indicated Total Investments Spot Rate 4.85% Spot Rate 6.74% Spot Rate 3.05% Spot Rate 2.68% $30.0 $30.7 $33.9 $31.1 $34.3 $23.7 $24.9 $19.7 $16.5 $16.7 $6.1 $7.2 $7.2 $16.8 $10.5 0.38% 0.88% 1.57% 2.27% 2.85% Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 HFS – AMH Resi

 
$45.7 $50.2 $52.2 $52.0 $46.8 $4.3 $4.0 $2.7 $2.1 $6.3 $8.7 $8.7 $8.5 $8.8 $9.9 $1.6 $1.2 $1.3 $3.3 $2.6 3.91% 4.62% 5.50% 5.99% 6.17% $60.3 $64.1 $64.7 $66.2 $65.6 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 $525.0 $602.1 $639.7 $578.6 $548.3 3.54% 3.78% 3.98% 3.79% 3.42% Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 $2.0 Net Interest Income 12 • Net Interest Income decreased $59.6 million, or 9.8%, over prior quarter primarily due to lower NIM and balance sheet restructuring efforts • Average Earning Assets decreased $562 million, or 0.8%, over prior quarter • NIM decreased 37 bps, driven by higher interest expense from greater average balances of short-term borrowings • Wholesale borrowing paydowns back-loaded to end of quarter • June NIM of 3.5% expanded from May • Nominally asset sensitive • In +/- 100 bps IRR sensitivity scenarios, net interest income is expected to grow <2% in a ramp scenario Net Interest Income and Net Interest Margin Average Earning Assets & Average Yield NII – Ex. HFI reclass loans Net Interest Margin Q2 2023 Highlights Dollars in millions Dollars in billions Cash & Other Securities Loans Held for Sale Loans Average Yield 14% 5%2% 13% 3% 79% 13% 4% 81% 11% 71% 4% $31.3 $609.9 NII – HFS (non-AMH) $550.3 1) Assumes funded at repo lines priced at SOFR + 200 bps and yielding 7.18% per prior slide. 1

 
Non-Interest Expenses and Efficiency1 13 • Efficiency ratio1 improved 5% to 57.1% compared to the prior quarter but increased 14.3% from the same period last year • Higher QoQ adjusted operating efficiency ratio1 was driven primarily by lower net interest income and higher insurance costs • Additional workstream optimization efforts to be implemented • Higher insurance cost resulted from increased insured deposits and higher brokered deposits and other factors • Deposit costs increased $4.1 million from the prior quarter primarily related to higher earnings credit rates Dollars in millions Q2 2023 Highlights 1) Refer to slide 2 for further discussion of Non-GAAP financial measures. Non-Interest Expenses and Efficiency Ratio Breakdown of Non-Interest Expenses Non-Interest Expenses Efficiency Ratio Other Operating Expenses Deposit Costs Salaries & Employee Benefits Adj. Operating Efficiency Ratio $268.9 $305.8 $333.4 $347.9 $387.4 42.8% 45.5% 46.9% 62.1% 57.1% 40.4% 40.3% 39.4% 43.2% 50.5% Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 $111.8 $113.1 $125.5 $112.1 $150.8 $139.0 $136.5 $125.7 $148.9 $145.6 $18.1 $56.2 $82.2 $86.9 $91.0 $268.9 $305.8 $333.4 $347.9 $387.4 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23

 
Pre-Provision Net Revenue and Return Ratios 14 • PPNR1 decreased $69.5 million from the prior quarter and decreased $79.2 million, or 21.9%, from the same period last year • ROTCE1 of 18.2%, down 3.7% from the prior quarter2 and 8.2% from the same period last year • ROA of 1.23% decreased 20 bps from the prior quarter2 and 45 bps from the same period last year Income and Return Ratios Dollars in millions $361.3 $360.9 $376.9 $351.6 $282.1$268.4 $266.2 $300.3 $251.9 $215.7 26.4% 25.1% 27.7% 21.9% 18.2% 1.68% 1.54% 1.71% 1.43% 1.23% Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 PPNR Net Income ROTCE ROA Q2 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

 
Commercial Real Estate Investor Statistics 15 CRE Investor Portfolio ($9.9 Billion; 21% of Total Loans) Distribution by LTV Underwriting Criteria and Mitigating Factors 18% 22% 31% 21% 5% 3% <=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. 45% 23% 8% 6% 6% 4% 2% 1% 1% 1% 1% 2% 58% 58% 63% 51% 57% 41% 44% 56% 29% 38% 48% 39% -50% -30% -10% 10% 30% 50% 70% 0% 10% 20% 30% 40% 50% 60% Outstanding LTV Low uncovered risk with re-margin provisions

 
Commercial Real Estate Investor: Office 16 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, 7% in Midtown, 1% Small City/Town and 89% 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 $2.3 Billion; 23% of Total CRE Investor; 5% of Total Loans 8% 14% 37% 35% 3% 3% <=40% 41-50% 51-60% 61-70% 71-80% >80% 89% 1% 7% 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.

 
$317 $312 $351 $320 $694 0.65% 0.60% 0.68% 0.69% 1.45% Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 $12 $11 $11 $11 $11$85 $90 $85 $107 $256 $249 $284 $297 $341 $337 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Asset Quality 17 • Special Mention loans of $694 million (145 bps to Funded Loans) increased 76 bps as a percentage to Funded Loans • $158 million of the increase is driven by Office loans; $92 million by Hotel 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 of $604 million (89 bps to Total Assets) increased $145 million in Q2 • Non-Performing Loans + OREO of $267 million (39 bps to Total Assets) increased by $149 million in Q2 • $91 million of the increase in Classified is driven by CBD Office loans Special Mention Loans Dollars in millions Classified Assets Special Mention Loans OREO Non-Performing Loans Classified Accruing Assets $346 $385 $393 $459 SM / Funded Loans Q2 2023 Highlights $604 Asset Quality Ratios 0.52% 0.56% 0.58% 0.65% 0.89% 0.15% 0.15% 0.14% 0.17% 0.39% Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Classified Assets / Total Assets NPLs + OREO / Total Assets Classified Assets Mix 20% 10% 4% 4% 2% 2% CRE Investor C&I Resi Construction CRE OO Securities OREO 36% Hotel 17% Office 5% Other

 
0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% Max Average Historical Loan Migration Near Peer Median Reflects “Early Identification and Elevation” Credit Strategy 18 Quarterly Adversely Graded Loans / Gross Loans Q1-14 to Q1-23 Adversely graded loans are categorized as special mention, substandard, doubtful, or loss, including non-performing loans Peers consist of 33 publicly traded banks headquartered in the US with total assets between $25B and $150B as of June 30, 2023 Data include the effects of M&A transactions for peers and have not been adjusted. Source: S&P Global Market Intelligence. Over 10 years, WAL’s level of adversely graded loans has been in the top third of peer banks…

 
0.00% 0.30% 0.60% 0.90% 1.20% Max Average Proactive migration enhances oversight and mitigates credit losses 19 Annualized Net Charge-Offs Q1-14 to Q1-23 Peers consist of 33 publicly traded banks headquartered in the US with total assets between $25B and $150B as of June 30, 2023 Data include the effects of M&A transactions for peers and have not been adjusted. Source: S&P Global Market Intelligence. 5.25% 1.50% …but this does not translate into realized losses as WAL has lowest volatility and average losses due to our proactive mitigation strategies.

 
$273 $304 $310 $305 $321 $54 $52 $47 $45 $41$3 $4 $5 $9 $10 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 $2.4 $2.1 $2.2 $9.2 $8.2 ($1.0) ($4.0) ($0.4) ($3.2) ($0.8) Credit Losses and ACL Ratios 20 • Provision expense of $21.8 million, primarily reflective of a normalizing credit environment and heightened attention on commercial real estate • Total Loan ACL / Funded Loans increased to 0.76% in Q2 • Total Loan ACL / Funded Loans less loans covered by credit linked notes is 0.94% • Net loan charge-offs of $7.4 million, 6 bps, compared to $6.0 million, 5 bps, in Q1 • 23% of loan portfolio is credit protected, consisting of government guaranteed, CLN protected, and cash secured assets • 20% of portfolio covered by meaningful first loss protection from credit linked note issuances4 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 Q2 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 $21.4 million as of June 30, 2023 related to a pool of loans covered under 3 separate credit linked notes. 4) As of June 30, 2023, CLNs cover a substantial portion of Residential ($9.4 billion) loans outstanding. Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 0.67% 0.68% 0.69% 0.75% 0.76% 385% 396% 420% 327% 141% Q2-22 Q3-22 Q4-22 Q1-23 Q2-23

 
21 Specialized underwriting expertise and conservative sector allocations position portfolio to withstand economic uncertainty Conservative, Economically Resilient Portfolio Positioning Insured (23%) • 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 20% 3% 8% 12% 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 (28%) More Sensitive (15%) 7% 5% 2% 1% 1% 1% 7% 3% 9% 6% 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 7% 1% Avg Loss Rate: 0.12% Max Loss Rate: 0.71% Avg Loss Rate: 0.06% Max Loss Rate: 0.18% 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 – Q2 2023.

 
Capital Accumulation 22 Regulatory Capital Levels • Continue to exceed “well-capitalized” levels • CET1 up 70 bps in Q2-23 to 10.1% Tangible Common Equity / Tangible Assets1 • TCE / TA increased from the prior quarter to 7.0% due to tempered asset growth and continued earnings performance Capital Accretion • CET1 has grown quarter-over-quarter despite impact of CLN extinguishment Robust Common Capital Levels Regulatory Capital 9.0% 8.7% 9.3% 9.4% 10.1% 6.1% 5.9% 6.5% 6.5% 7.0% Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 CET1 Ratio TCE/TA1 Q2 2023 Highlights 1) Refer to slide 2 for further discussion of Non-GAAP financial measures Total RBC RatioTier 1 RatioLeverage Ratio 7.6% 7.5% 7.8% 7.8% 8.1% 9.7% 9.3% 10.0% 10.1% 10.8% 11.9% 11.4% 12.1% 12.1% 13.0% Q2-22 Q3-22 Q4-22 Q1-23 Q2-23

 
Superior Deposit Liquidity and Fortified Adjusted Capital 23 Excellent Combined Insured/Collateralized Deposits & CET1 Capital Adjusting for AOCI & HTM Securities Marks *Insured deposits for peers uses 3/31/23 RC-O data; Collateralized deposits for peers uses YE22 RC-E data Includes Top-50 publicly traded banks headquartered in the US by assets as of March 31, 2023 Source: S&P Global Market Intelligence, Call reports 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 OZK PACW PB PNC PNFP SFNC SNV SSB TCBI TFC UBSI UCBI UMBF USB VLY WAL WBS WFC WTFC ZION 40% 45% 50% 55% 60% 65% 70% 75% 80% 85% 4% 5% 6% 7% 8% 9% 10% 11% 12% *I ns ur ed /C ol la te ra liz ed D ep os its % (Q 1- 23 ) CET1 adj. for AOCI and HTM marks (Q1-23) WAL (Q2-23) Insured Deposits % vs. CET1 Adj. (Incl. of AOCI & HTM Unrealized Securities Marks) for Top 50 Banks by Assets

 
447% 506% 72% 116% 0% 100% 200% 300% 400% 500% 600% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 MRQ 24 Tangible Book Value per Share1 • TBVPS increased $1.53 to $43.09 from prior quarter due to strong, organic capital accretion and improvement in AOCI • Increased 17.5% year-over-year • Increased 3.7% quarter-over-quarter, non-annualized • 19.6% 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 Q2-23 for WAL and Q1-23 for WAL Peers Note: Peers consist of 33 major exchange traded US banks with total assets between $25 bn and $150 bn as of March 31, 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 Q2 2023 Highlights 1x 2x 3x 4x 5x 6x

 
Management Outlook 25 Loans: $500 mm / qtr. Deposits: $2 bn / qtr. Continued Growth Toward 2024 Target: +11% 3.50% - 3.60% High 40s Consistent with Q2 2023 5 bps - 15 bps H2 2023 OutlookQ2 2023 Results Loans: $47.9 bn Deposits: $51.0 bn 10.1% 3.42% 50.5% $282.1 mm 6 bps Balance Sheet Growth Capital Net Interest Margin Adjusted Efficiency Operating Pre-Provision Net Revenue Net Charge-Offs

 
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