wal-20220421
0001212545FALSE00012125452022-04-212022-04-210001212545us-gaap:CommonStockMember2022-04-212022-04-210001212545us-gaap:NoncumulativePreferredStockMember2022-04-212022-04-21

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):  April 21, 2022


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 April 21, 2022, Western Alliance Bancorporation (the “Company”) issued a press release reporting results for the fiscal quarter ended March 31, 2022 and posted on its website its first quarter 2022 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:April 21, 2022


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

PHOENIX--(BUSINESS WIRE)--April 21, 2022
FIRST QUARTER 2022 FINANCIAL RESULTS
First Quarter Highlights:
Net incomeEarnings per share
PPNR1
Net interest margin
Efficiency ratio1
Book value per
common share
$240.1 million$2.22$307.2 million3.32%44.1%$43.56
$37.131, excluding
goodwill and intangibles
CEO COMMENTARY:
Western Alliance's national commercial business strategy continued to deliver accelerating balance sheet growth, surpassing the $60 billion asset milestone, and strong financial performance results to kick off 2022,” said Kenneth A. Vecchione, President and Chief Executive Officer. “Balance sheet growth continued with loans up $2.0 billion (or 43.2% year-over-year), and deposits up $4.5 billion (or 35.9% year-over-year), bringing total assets to $60.6 billion at quarter end, driving a 52.1% year-over-year increase in PPNR to $307.2 million. Net income of $240.1 million, earnings per share of $2.22 and return on tangible common equity of 23.9% for the first quarter 2022 mirrors the Company’s strong fourth quarter performance, while tangible book value per share fell 1.9% quarterly to $37.13 due to a decline in AOCI from fair value losses on investment securities. Asset quality remained strong with nonperforming assets to total assets of 0.17% and negligible net charge-offs for the quarter."
Acquisition of Digital Disbursements and AmeriHome Mortgage Company:
On January 25, 2022, the Company completed its acquisition of Digital Settlement Technologies LLC, doing business as Digital Disbursements, a digital payments platform for the class action legal industry. On April 7, 2021, the Company completed its acquisition of Aris Mortgage Holding Company, LLC, the parent company of AmeriHome Mortgage Company, LLC ("AmeriHome"). The Company's results include the financial results of Digital Disbursements and AmeriHome beginning on the acquisition dates noted.
LINKED-QUARTER BASISYEAR-OVER-YEAR
FINANCIAL HIGHLIGHTS:
▪Net income of $240.1 million and earnings per share of $2.22, compared to $246.0 million and $2.32, respectively
▪Net revenue of $555.8 million, a decrease of 0.9%, or $5.2 million, compared to an increase in non-interest expenses of 4.5%, or $10.8 million
▪Pre-provision net revenue1 of $307.2 million, down $16.0 million from $323.2 million
▪Effective tax rate of 19.5%, compared to 20.6%
▪Net income of $240.1 million and earnings per share of $2.22, up 24.7% and 16.8%, from $192.5 million and $1.90, respectively
▪Net revenue of $555.8 million, an increase of 64.9%, or $218.8 million, compared to an increase in non-interest expenses of 84.1%, or $113.6 million
▪Pre-provision net revenue1 of $307.2 million, up $105.2 million from $202.0 million
▪Effective tax rate of 19.5%, compared to 17.9%
FINANCIAL POSITION RESULTS:
▪HFI loans of $41.1 billion, up $2.0 billion, or 21.2% annualized
▪Total deposits of $52.2 billion, up $4.5 billion, or 38.7% annualized
▪Stockholders' equity of $5.0 billion, up $49 million
▪Increase in HFI loans of $12.4 billion, or 43.2%
▪Increase in total deposits of $13.8 billion, or 35.9%
▪Increase in stockholders' equity of $1.3 billion
LOANS AND ASSET QUALITY:
▪Nonperforming assets (nonaccrual loans and repossessed assets) to total assets of 0.17%, compared to 0.15%
▪Annualized net loan charge-offs to average loans outstanding of approximately 0.00%, compared to 0.02%
▪Nonperforming assets to total assets of 0.17%, compared to 0.27%
▪Annualized net loan charge-offs to average loans outstanding of approximately 0.00%, compared to 0.02%
KEY PERFORMANCE METRICS:
▪Net interest margin of 3.32%, compared to 3.33%
▪Return on average assets and on tangible common equity1 of 1.64% and 23.9%, compared to 1.69% and 25.8%, respectively
▪Tangible common equity ratio1 of 6.7%, compared to 7.3%
▪Tangible book value per share1, net of tax, of $37.13, a decrease of 1.9% from $37.84
▪Efficiency ratio1 of 44.1%, compared to 41.8%
▪Net interest margin of 3.32%, compared to 3.37%
▪Return on average assets and on tangible common equity1 of 1.64% and 23.9%, compared to 1.93% and 24.2%, respectively
▪Tangible common equity ratio1 of 6.7%, compared to 7.9%
▪Tangible book value per share1, net of tax, of $37.13, an increase of 12.4% from $33.02
▪Efficiency ratio1 of 44.1%, compared to 39.1%
1     See reconciliation of Non-GAAP Financial Measures on page 18.


Income Statement
Net interest income was $449.5 million in the first quarter 2022, a decrease of $1.1 million from $450.6 million in the fourth quarter 2021, and an increase of $132.2 million, or 41.7%, compared to the first quarter 2021. The decrease in net interest income from the fourth quarter 2021 is due to two fewer days in the quarter, a lower HFS loan balance and interest expense on debt issued in December 2021, partially offset by higher yields on investment securities and HFI loan growth. HFI loan growth and interest income from HFS loans drove the increase in net interest income from the first quarter 2021.
The Company recorded a provision for credit losses totaling $9.0 million in the first quarter 2022, a decrease of $4.2 million from $13.2 million in the fourth quarter 2021, compared to a provision release of $32.4 million in the first quarter 2021. The provision for credit losses during the first quarter 2022 is primarily due to loan growth.
The Company’s net interest margin in the first quarter 2022 was 3.32%, a decrease from 3.33% in the fourth quarter 2021, and a decrease from 3.37% in the first quarter 2021. The decrease in net interest margin from the prior quarter is largely a result of increased rates on borrowings, a greater portion of earnings assets held in cash, and lower yields on certain HFI loan types, partially offset by higher yields on investment securities and HFS loans. The decrease in net interest margin from the first quarter 2021 was driven by lower yields on all HFI loan types, except CRE owner occupied loans, and higher interest expense due to debt issued in 2021 and AmeriHome senior notes, partially offset by higher yields on investment securities.
Non-interest income was $106.3 million for the first quarter 2022, compared to $110.4 million for the fourth quarter 2021, and $19.7 million for the first quarter 2021. The $4.1 million decrease in non-interest income from the fourth quarter 2021 was primarily the result of a decrease in net gain on loan origination and sale activities of $36.3 million from lower production volume, which was offset entirely by an increase in loan servicing revenue of $38.8 million as rising interest rates and falling prepayment speeds benefit MSR valuations and servicing income. Also contributing to the decrease in non-interest income from the fourth quarter 2021 was a larger loss on fair value adjustments on assets measured at fair value of $5.8 million, which was offset by a net gain on sales of investment securities of $6.9 million for the first quarter 2022 (a decrease of $1.4 million from the prior quarter). Changes from the fourth quarter 2021 for all other non-interest income items, including gain on recovery from credit guarantees, income from equity investments, and other, net to an increase of $0.6 million. The increase in non-interest income from the first quarter 2021 is primarily the result of mortgage banking related income.
Net revenue was $555.8 million for the first quarter 2022, a decrease of $5.2 million, or (0.9)%, compared to $561.0 million for the fourth quarter 2021, and an increase of $218.8 million, or 64.9%, compared to $337.0 million for the first quarter 2021. 
Non-interest expense was $248.6 million for the first quarter 2022, compared to $237.8 million for the fourth quarter 2021, and $135.0 million for the first quarter 2021. The Company’s efficiency ratio1 was 44.1% for the first quarter 2022, compared to 41.8% in the fourth quarter 2021, and 39.1% for the first quarter 2021. Non-interest expense increased from the fourth quarter 2021 due to increased compensation costs. The increase in non-interest expense from the first quarter 2021 is attributable to growth from the AmeriHome acquisition, which increased compensation costs and also introduced additional non-interest expense items, such as loan servicing and loan acquisition and origination expenses.
Income tax expense was $58.1 million for the first quarter 2022, compared to $64.0 million for the fourth quarter 2021, and $41.9 million for the first quarter 2021.
Net income was $240.1 million for the first quarter 2022, a decrease of $5.9 million from $246.0 million for the fourth quarter 2021, and an increase of $47.6 million from $192.5 million for the first quarter 2021. Earnings per share was $2.22 for the first quarter 2022, compared to $2.32 for the fourth quarter 2021, and $1.90 for the first quarter 2021. The increase in net income and earnings per share for the first quarter 2022 compared to the same quarter last year was due to HFI loan growth and new mortgage banking activity related to the AmeriHome acquisition.
The Company views its pre-provision net revenue1 ("PPNR") as a key metric for assessing the Company’s earnings power, which it defines as net revenue less non-interest expense. For the first quarter 2022, the Company’s PPNR1 was $307.2 million, down $16.0 million from $323.2 million in the fourth quarter 2021, and up $105.2 million from $202.0 million in the first quarter 2021. The decrease in PPNR1 from the fourth quarter 2021 was driven by increased compensation costs. The increase in PPNR1 from the first quarter 2021 was driven by HFI loan growth and the AmeriHome acquisition completed on April 7, 2021.
The Company had 3,170 full-time equivalent employees and 60 offices at March 31, 2022, compared to 3,139 employees and 58 offices at December 31, 2021, and 1,947 employees and 49 offices at March 31, 2021. The increase in employees from March 31, 2021 primarily relates to the addition of AmeriHome employees.










1    See reconciliation of Non-GAAP Financial Measures on page 18.
2

Balance Sheet
HFI loans, net of deferred fees totaled $41.1 billion at March 31, 2022, an increase of $2.0 billion from $39.1 billion at December 31, 2021, and $12.4 billion from $28.7 billion at March 31, 2021. The increase in HFI loans from the prior quarter was driven by a $2.0 billion increase in residential real estate as well as loan growth of $323 million in CRE non-owner occupied, and $255 million in construction and land development loans, which were partially offset by decreases in commercial and industrial loans of $436 million and CRE owner occupied loans of $93 million. From March 31, 2021, loan growth was primarily driven by residential real estate, commercial and industrial, and CRE non-owner occupied loans which increased $8.2 billion, $2.8 billion, and $1.2 billion, respectively. Construction and land development loans also increased $510 million, partially offset by a decrease in CRE owner occupied loans of $247 million from March 31, 2021.
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 March 31, 2022, the allowance for loan losses to funded HFI loans was 0.63%, compared to 0.65% at December 31, 2021, and 0.86% at March 31, 2021. The allowance for credit losses, which includes the allowance for unfunded loan commitments, to funded HFI loans was 0.73% at March 31, 2022, compared to 0.74% at December 31, 2021, and 0.97% at March 31, 2021. In 2021, the Company entered into two separate credit linked note transactions, which effectively transfers the risk of loan losses on a reference pool of loans to the purchasers of the notes. 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 as of March 31, 2022 and December 31, 2021 include an allowance of $9.5 million and $7.2 million, respectively, related to this pool of loans. The allowance for credit losses to funded HFI loans, adjusted to take into consideration the transfer of risk associated with the credit linked note transactions, was 0.84% at March 31, 2022 and 0.89% at December 31, 2021.
Deposits totaled $52.2 billion at March 31, 2022, an increase of $4.5 billion from $47.6 billion at December 31, 2021, and an increase of $13.8 billion from $38.4 billion at March 31, 2021. By deposit type, the increase from the prior quarter is primarily attributable to an increase of $2.2 billion from non-interest bearing demand deposits, $1.3 billion from interest bearing demand deposits, and $1.3 billion from savings and money market accounts, partially offset by a decrease of $238 million from certificates of deposits. From March 31, 2021, deposits increased across all deposit types, with the largest increases in non-interest bearing demand deposits of $6.0 billion, interest-bearing demand deposits of $4.4 billion, and savings and money market accounts of $3.3 billion. Non-interest bearing deposits were $23.5 billion at March 31, 2022, compared to $21.4 billion at December 31, 2021, and $17.5 billion at March 31, 2021.
The table below shows the Company's deposit types as a percentage of total deposits:
Mar 31, 2022Dec 31, 2021Mar 31, 2021
Non-interest bearing45.1 %44.9 %45.7 %
Savings and money market35.6 36.3 39.8 
Interest-bearing demand15.8 14.5 10.1 
Certificates of deposit3.5 4.3 4.4 
The Company’s ratio of HFI loans to deposits was 78.8% at March 31, 2022, compared to 82.1% at December 31, 2021, and 74.8% at March 31, 2021.
Borrowings were $815 million at March 31, 2022, $1.5 billion at December 31, 2021, and $5 million at March 31, 2021. The decrease in borrowings from December 31, 2021 is due primarily to a decrease in overnight borrowings of $675 million. The increase in borrowings from March 31, 2021 is due primarily to the assumption of borrowings related to the acquisition of AmeriHome and the issuance of $470 million in credit linked notes during 2021.
Qualifying debt totaled $893 million at March 31, 2022, compared to $896 million at December 31, 2021, and $544 million at March 31, 2021. The increase in qualifying debt from March 31, 2021 is primarily related to the issuance of $600 million in subordinated debt in June 2021, partially offset by $250 million in subordinated debt redemptions during 2021.
Stockholders’ equity was $5.0 billion at March 31, 2022, compared to $5.0 billion at December 31, 2021, and $3.7 billion at March 31, 2021. Stockholders' equity remained consistent quarter over quarter as net income and net proceeds from the sale of the Company's common stock under its ATM program were offset by dividends to shareholders and fair value losses of approximately $250 million on the Company's fixed rate available for sale securities, which are recorded in other comprehensive income, net of tax. During the quarter, the Company sold 1.3 million shares of its common stock at an average purchase price of $86.78 per share, with aggregate net proceeds totaling $107.7 million. A cash dividend of $0.35 per share was paid to common shareholders on March 4, 2022, totaling $37.3 million, and a cash dividend of $0.27 per depository share was paid to preferred shareholders on March 30, 2022, totaling $3.2 million. The increase in stockholders' equity from March 31, 2021 is primarily a function of net income, issuance of preferred stock, and sales of common stock under the Company's ATM program, partially offset by dividends to shareholders and losses on available for sale securities.
At March 31, 2022, tangible common equity, net of tax1, was 6.7% of tangible assets1 and total capital was 12.0% of risk-weighted assets. The Company’s tangible book value per share1 was $37.13 at March 31, 2022, up 12.4% from March 31, 2021.
Total assets increased 8.2% to $60.6 billion at March 31, 2022, from $56.0 billion at December 31, 2021, and increased 39.6% from $43.4 billion at March 31, 2021. The increase in total assets from December 31, 2021 was driven by continued organic loan and deposit growth. The increase in total assets from March 31, 2021 was also driven by continued organic loan and deposit growth along with the acquisition of net assets in the AmeriHome acquisition.


1     See reconciliation of Non-GAAP Financial Measures on page 18.
3

Asset Quality
Provision for credit losses totaled $9.0 million for the first quarter 2022, compared $13.2 million for the fourth quarter 2021, and a recovery of credit losses of $32.4 million for the first quarter 2021. Net loan charge-offs in the first quarter 2022 were $0.2 million, or approximately 0.00% of average loans (annualized), compared to $1.4 million, or 0.02%, in the fourth quarter 2021, and $1.4 million, or 0.02%, in the first quarter 2021.
Nonaccrual loans increased $18.4 million to $91.0 million during the quarter and decreased $22.6 million from March 31, 2021. Loans past due 90 days and still accruing interest were zero at March 31, 2022, December 31, 2021, and March 31, 2021. Loans past due 30-89 days and still accruing interest totaled $57.6 million at March 31, 2022, an increase from $52.5 million at December 31, 2021, and an increase from $7.3 million at March 31, 2021.
Repossessed assets totaled $11.7 million at March 31, 2022, flat from December 31, 2021, and an increase of $7.5 million from $4.2 million at March 31, 2021. Classified assets totaled $365.1 million at March 31, 2022, an increase of $64.4 million from $300.7 million at December 31, 2021, and $84.3 million from $280.9 million at March 31, 2021.
The ratio of classified assets to Tier 1 capital plus the allowance for credit losses, a common regulatory measure of asset quality, was 7.4% at March 31, 2022, compared to 6.4% at December 31, 2021, and 7.5% at March 31, 2021.
1     See reconciliation of Non-GAAP Financial Measures on page 18.
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 and beginning on April 7, 2021 includes the financial results of AmeriHome.
–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 $25.8 billion at March 31, 2022, an increase of $702 million during the quarter, and an increase of $5.1 billion during the last twelve months. Deposits for the Commercial segment totaled $30.1 billion at March 31, 2022, a decrease of $333 million during the quarter, and an increase of $6.0 billion during the last twelve months.
Pre-tax income for the Commercial segment was $236.8 million for the three months ended March 31, 2022, a decrease of $1.5 million from the three months ended December 31, 2021, and an increase of $15.9 million from the three months ended March 31, 2021.
The Consumer Related segment reported an HFI loan balance of $15.3 billion at March 31, 2022, an increase of $1.3 billion during the quarter, and an increase of $7.3 billion during the last twelve months. The Consumer Related segment also has loans held for sale, initially acquired as part of the AmeriHome acquisition, of $4.8 billion at March 31, 2022, a decrease of $874 million during the quarter. Deposits for the Consumer Related segment totaled $18.5 billion, an increase of $3.2 billion during the quarter, and an increase of $5.2 billion during the last twelve months.
Pre-tax income for the Consumer Related segment was $126.9 million for the three months ended March 31, 2022, a decrease of $8.1 million from the three months ended December 31, 2021, and an increase of $55.4 million from the three months ended March 31, 2021.
5

Conference Call and Webcast
Western Alliance Bancorporation will host a conference call and live webcast to discuss its first quarter 2022 financial results at 12:00 p.m. ET on Friday, April 22, 2022. Participants may access the call by dialing 1-833-236-2753 and using the conference ID 8647856 or via live audio webcast using the website link https://event.on24.com/wcc/r/3722529/285EA0451C6B4F5BCA17F23768468E57. 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 April 22nd through 11:00 p.m. ET May 22nd by dialing 1-800-585-8367, conference ID: 8647856.
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, 2021 and the Company's subsequent Quarterly Reports on Form 10-Q, each as filed with the Securities and Exchange Commission; 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 $60 billion in assets, Western Alliance Bancorporation (NYSE: WAL) is one of the country’s top-performing banking companies. The company is #2 best-performing of the 50 largest public U.S. banks in the S&P Global Market Intelligence listing for 2021, ranks high on the Forbes “America’s Best Banks” list year after year and was named #1 Best Emerging Regional Bank per Bank Director’s 2022 RankingBanking study. Its primary subsidiary, Western Alliance Bank, Member FDIC, helps business clients realize their ambitions with teams of experienced bankers who deliver superior service and a full spectrum of customized loan, deposit and treasury management capabilities, including blockchain-based offerings. Business clients also benefit from a powerful array of specialized financial services that provide strong expertise and tailored solutions for a wide variety of industries and sectors. Serving clients across the country wherever business happens, Western Alliance Bank operates individual, full-service banking and financial services brands, including AmeriHome Mortgage, and has 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 March 31,
20222021Change %
(in millions)
Total assets$60,576.1 $43,397.0 39.6 %
Loans held for sale4,761.6 — —
HFI loans, net of deferred fees41,119.1 28,711.0 43.2 
Investment securities8,276.6 7,888.8 4.9 
Total deposits52,159.5 38,393.1 35.9 
Qualifying debt893.3 543.7 64.3 
Stockholders' equity5,011.6 3,712.7 35.0 
Tangible common equity, net of tax (1)4,020.9 3,416.1 17.7 
Selected Income Statement Data:
For the Three Months Ended March 31,
20222021Change %
(in millions, except per share data)
Interest income$484.5 $334.1 45.0 %
Interest expense35.0 16.8 NM
Net interest income449.5 317.3 41.7 
Provision for (recovery of) credit losses9.0 (32.4)NM
Net interest income after provision for credit losses440.5 349.7 26.0 
Non-interest income106.3 19.7 NM
Non-interest expense248.6 135.0 84.1 
Income before income taxes298.2 234.4 27.2 
Income tax expense58.1 41.9 38.7 
Net income240.1 192.5 24.7 
Dividends on preferred stock3.2 — — 
Net income available to common stockholders$236.9 $192.5 23.1 
Diluted earnings per common share$2.22 $1.90 16.8 

(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 March 31,
20222021Change %
Diluted earnings per common share $2.22 $1.90 16.8 %
Book value per common share43.56 35.89 21.4 
Tangible book value per common share, net of tax (1)37.13 33.02 12.4 
Average common shares outstanding
(in millions):
Basic106.0 100.8 5.2 
Diluted106.6 101.4 5.1 
Common shares outstanding108.3 103.4 4.7 
Selected Performance Ratios:
Return on average assets (2)1.64 %1.93 %(15.0)%
Return on average tangible common equity (1, 2)23.9 24.2 (1.2)
Net interest margin (2)3.32 3.37 (1.5)
Efficiency ratio - tax equivalent basis (1)44.1 39.1 12.8 
Loan to deposit ratio78.8 74.8 5.3 
Asset Quality Ratios:
Net charge-offs to average loans outstanding (2)0.00 %0.02 %NM
Nonaccrual loans to funded HFI loans0.22 0.40 (45.0)
Nonaccrual loans and repossessed assets to total assets0.17 0.27 (37.0)
Allowance for loan losses to funded HFI loans0.63 0.86 (26.7)
Allowance for loan losses to nonaccrual HFI loans283 218 30.1 
Capital Ratios:
Mar 31, 2022Dec 31, 2021Mar 31, 2021
Tangible common equity (1)6.7 %7.3 %7.9 %
Common Equity Tier 1 (3)9.0 9.1 10.3 
Tier 1 Leverage ratio (3)8.0 7.8 8.8 
Tier 1 Capital (3)9.8 9.9 10.6 
Total Capital (3)12.0 12.3 12.6 

(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 March 31, 2022 are preliminary.
NM    Changes +/- 100% are not meaningful.






8

Western Alliance Bancorporation and Subsidiaries
Condensed Consolidated Income Statements
Unaudited
Three Months Ended March 31,
20222021
(dollars in millions, except per share data)
Interest income:
Loans$434.7 $298.4 
Investment securities48.0 34.0 
Other1.8 1.7 
Total interest income484.5 334.1 
Interest expense:
Deposits14.1 10.8 
Qualifying debt8.4 5.9 
Borrowings12.5 0.1 
Total interest expense35.0 16.8 
Net interest income449.5 317.3 
Provision for (recovery of) credit losses9.0 (32.4)
Net interest income after provision for credit losses440.5 349.7 
Non-interest income:
Net loan servicing revenue41.1 — 
Net gain on loan origination and sale activities36.9 — 
Service charges and fees7.0 6.7
Commercial banking related income5.1 3.4
Income from equity investments4.1 7.6
Gain on sales of investment securities6.9 0.1 
Gain on recovery from credit guarantees2.3 — 
Fair value loss adjustments on assets measured at fair value, net(6.6)(1.5)
Other9.5 3.4 
Total non-interest income106.3 19.7 
Non-interest expenses:
Salaries and employee benefits138.3 83.7 
Legal, professional, and directors' fees24.0 10.1 
Data processing17.6 9.9 
Occupancy12.8 8.6 
Loan servicing expenses10.8 — 
Deposit costs9.3 6.3 
Insurance7.2 4.2 
Loan acquisition and origination expenses6.5 — 
Business development and marketing4.4 1.4 
Net loss (gain) on sales and valuations of repossessed and other assets0.1 (0.3)
Acquisition and restructure expenses0.4 0.4 
Other17.2 10.7 
Total non-interest expense248.6 135.0 
Income before income taxes298.2 234.4 
Income tax expense58.1 41.9 
Net income240.1 192.5 
Dividends on preferred stock3.2 — 
Net income available to common stockholders$236.9 $192.5 
Earnings per common share:
Diluted shares106.6 101.4 
Diluted earnings per share$2.22 $1.90 

9

Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Income Statements
Unaudited
Three Months Ended
Mar 31, 2022Dec 31, 2021Sep 30, 2021Jun 30, 2021Mar 31, 2021
(in millions, except per share data)
Interest income:
Loans$434.7 $438.6 $398.0 $353.8 $298.4 
Investment securities48.0 43.7 43.5 43.5 34.0 
Other1.8 1.0 1.3 1.2 1.7 
Total interest income484.5 483.3 442.8 398.5 334.1 
Interest expense:
Deposits14.1 12.8 12.3 11.6 10.8 
Qualifying debt8.4 9.2 10.8 7.2 5.9 
Borrowings12.5 10.7 9.3 9.2 0.1 
Total interest expense35.0 32.7 32.4 28.0 16.8 
Net interest income449.5 450.6 410.4 370.5 317.3 
Provision for (recovery of) credit losses9.0 13.2 12.3 (14.5)(32.4)
Net interest income after provision for credit losses440.5 437.4 398.1 385.0 349.7 
Non-interest income:
Net loan servicing revenue (expense)41.1 2.3 2.2 (20.8)— 
Net gain on loan origination and sale activities36.9 73.2 121.0 132.0 — 
Service charges and fees7.0 7.1 7.1 7.4 6.7 
Commercial banking related income5.1 4.9 4.6 4.5 3.4 
Income from equity investments4.1 5.2 2.5 6.8 7.6 
Gain on sales of investment securities6.9 8.3 — — 0.1 
Gain on recovery from credit guarantees2.3 7.2 — — — 
Fair value (loss) gain adjustments on assets measured at fair value, net(6.6)(0.8)(2.2)3.2 (1.5)
Other9.5 3.0 2.9 2.9 3.4 
Total non-interest income106.3 110.4 138.1 136.0 19.7 
Non-interest expenses:
Salaries and employee benefits138.3 120.6 133.5 128.9 83.7 
Legal, professional, and directors' fees24.0 20.8 13.7 14.0 10.1 
Data processing17.6 17.9 15.4 15.0 9.9 
Occupancy12.8 12.4 12.4 10.4 8.6 
Loan servicing expenses10.8 15.6 15.6 22.3 — 
Deposit costs9.3 9.1 7.3 7.1 6.3 
Insurance7.2 7.1 6.2 5.5 4.2 
Loan acquisition and origination expenses6.5 8.6 9.7 10.5 — 
Business development and marketing4.4 6.1 2.8 3.2 1.4 
Loss on extinguishment of debt— 5.9 — — — 
Net loss (gain) on sales and valuations of repossessed and other assets0.1 (0.4)(1.3)(1.5)(0.3)
Acquisition and restructure expenses (recoveries)0.4 (3.2)2.4 15.7 0.4 
Other17.2 17.3 16.1 13.7 10.7 
Total non-interest expense248.6 237.8 233.8 244.8 135.0 
Income before income taxes298.2 310.0 302.4 276.2 234.4 
Income tax expense58.1 64.0 65.5 52.4 41.9 
Net income240.1 246.0 236.9 223.8 192.5 
Dividends on preferred stock3.2 3.5 — — — 
Net income available to common stockholders$236.9 $242.5 $236.9 $223.8 $192.5 
Earnings per common share:
Diluted shares106.6 104.5 103.9 103.4 101.4 
Diluted earnings per share$2.22 $2.32 $2.28 $2.17 $1.90 

10


Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Balance Sheets
Unaudited
Mar 31, 2022Dec 31, 2021Sep 30, 2021Jun 30, 2021Mar 31, 2021
(in millions)
Assets:
Cash and due from banks$2,602.3 $516.4 $917.9 $3,395.8 $5,346.5 
Investment securities8,276.6 7,540.9 7,695.9 7,845.0 7,888.8 
Loans held for sale4,761.6 5,635.1 6,534.3 4,465.2 — 
Loans held for investment:
Commercial and industrial17,861.9 18,297.5 16,524.7 14,284.5 15,070.7 
Commercial real estate - non-owner occupied6,849.6 6,526.4 5,843.7 5,695.6 5,681.4 
Commercial real estate - owner occupied1,805.4 1,898.1 1,996.6 2,028.1 2,052.0 
Construction and land development3,277.7 3,022.7 2,943.3 2,856.9 2,767.9 
Residential real estate11,269.7 9,281.7 7,452.8 5,120.7 3,109.1 
Consumer54.8 49.0 40.8 40.6 29.9 
Loans, net of deferred fees41,119.1 39,075.4 34,801.9 30,026.4 28,711.0 
Allowance for loan losses(257.6)(252.5)(246.9)(232.9)(247.1)
Loans, net of deferred fees and allowance40,861.5 38,822.9 34,555.0 29,793.5 28,463.9 
Mortgage servicing rights950.3 698.0 604.8 726.2 — 
Premises and equipment, net196.3 181.9 161.2 150.2 138.4 
Operating lease right-of-use asset141.8 133.0 106.0 94.9 77.0 
Other assets acquired through foreclosure, net11.7 11.7 11.5 3.9 4.2 
Bank owned life insurance178.9 180.2 179.2 178.2 177.3 
Goodwill and other intangibles, net698.2 634.8 608.4 610.7 298.0 
Other assets1,896.9 1,627.7 1,400.9 1,805.4 1,002.9 
Total assets$60,576.1 $55,982.6 $52,775.1 $49,069.0 $43,397.0 
Liabilities and Stockholders' Equity:
Liabilities:
Deposits
Non-interest bearing demand deposits$23,520.4 $21,353.4 $21,058.2 $20,105.6 $17,542.8 
Interest bearing:
Demand8,268.2 6,924.0 4,954.3 4,187.7 3,893.4 
Savings and money market18,552.7 17,278.6 17,440.1 15,810.3 15,276.0 
Certificates of deposit1,818.2 2,056.0 1,830.0 1,817.4 1,680.9 
Total deposits52,159.5 47,612.0 45,282.6 41,921.0 38,393.1 
Customer repurchase agreements18.0 16.6 16.1 20.2 15.9 
Total customer funds52,177.5 47,628.6 45,298.7 41,941.2 38,409.0 
Borrowings815.3 1,485.3 987.4 595.2 5.0 
Qualifying debt893.3 895.8 1,064.9 1,140.0 543.7 
Operating lease liability154.9 142.8 115.0 102.4 84.6 
Accrued interest payable and other liabilities1,523.5 867.5 795.1 1,255.7 642.0 
Total liabilities55,564.5 51,020.0 48,261.1 45,034.5 39,684.3 
Stockholders' Equity:
Preferred stock294.5 294.5 294.5 — — 
Common stock and additional paid-in capital1,979.6 1,879.4 1,609.9 1,603.4 1,524.2 
Retained earnings2,972.6 2,773.0 2,567.0 2,366.6 2,168.6 
Accumulated other comprehensive (loss) income(235.1)15.7 42.6 64.5 19.9 
Total stockholders' equity5,011.6 4,962.6 4,514.0 4,034.5 3,712.7 
Total liabilities and stockholders' equity$60,576.1 $55,982.6 $52,775.1 $49,069.0 $43,397.0 


11

Western Alliance Bancorporation and Subsidiaries
Changes in the Allowance For Credit Losses on Loans
Unaudited
Three Months Ended
Mar 31, 2022Dec 31, 2021Sep 30, 2021Jun 30, 2021Mar 31, 2021
(in millions)
Allowance for loan losses
Balance, beginning of period$252.5 $246.9 $232.9 $247.1 $278.9 
Provision for (recovery of) credit losses (1)5.3 7.0 17.0 (14.1)(30.4)
Recoveries of loans previously charged-off:
Commercial and industrial2.4 1.8 0.1 0.4 0.5 
Commercial real estate - non-owner occupied— 0.3 — 1.7 0.2 
Commercial real estate - owner occupied— — 0.1 — — 
Construction and land development— — 0.1 — — 
Residential real estate— 0.4 — 0.1 — 
Consumer— — — — — 
Total recoveries2.4 2.5 0.3 2.2 0.7 
Loans charged-off:
Commercial and industrial2.6 3.8 3.3 2.3 0.1 
Commercial real estate - non-owner occupied— — — — 2.0 
Commercial real estate - owner occupied— — — — — 
Construction and land development— — — — — 
Residential real estate— 0.1 — — — 
Consumer— — — — — 
Total loans charged-off2.6 3.9 3.3 2.3 2.1 
Net loan charge-offs0.2 1.4 3.0 0.1 1.4 
Balance, end of period$257.6 $252.5 $246.9 $232.9 $247.1 
Allowance for unfunded loan commitments
Balance, beginning of period$37.6 $32.1 $31.3 $32.6 $37.0 
Provision for (recovery of) credit losses (1)5.7 5.5 0.8 (1.3)(4.4)
Balance, end of period (2)$43.3 $37.6 $32.1 $31.3 $32.6 
Components of the allowance for credit losses on loans
Allowance for loan losses$257.6 $252.5 $246.9 $232.9 $247.1 
Allowance for unfunded loan commitments43.3 37.6 32.1 31.3 32.6 
Total allowance for credit losses on loans$300.9 $290.1 $279.0 $264.2 $279.7 
Net charge-offs to average loans - annualized0.00 %0.02 %0.04 %0.00 %0.02 %
Allowance for loan losses to funded HFI loans (3)0.63 %0.65 %0.71 %0.78 %0.86 %
Allowance for credit losses to funded HFI loans (3)0.73 0.74 0.80 0.88 0.97 
Allowance for loan losses to nonaccrual HFI loans283 348 316 242 218 
Allowance for credit losses to nonaccrual HFI loans331 400 357 274 246 
(1)    The above tables reflect the provision for credit losses on funded and unfunded loans. Recovery of credit losses on investment securities totaled $2.0 million, resulting in an ending allowance for credit losses on investment securities of $3.2 million as of March 31, 2022.
(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 $9.5 million as of March 31, 2022 related to a $5.4 billion pool of loans covered under two separate credit linked note transactions.

12

Western Alliance Bancorporation and Subsidiaries
Asset Quality Metrics
Unaudited
Three Months Ended
Mar 31, 2022Dec 31, 2021Sep 30, 2021Jun 30, 2021Mar 31, 2021
(in millions)
Nonaccrual loans$91.0 $72.6 $78.1 $96.3 $113.6 
Nonaccrual loans to funded HFI loans0.22 %0.19 %0.22 %0.32 %0.40 %
Repossessed assets$11.7 $11.7 $11.5 $3.9 $4.2 
Nonaccrual loans and repossessed assets to total assets0.17 %0.15 %0.17 %0.20 %0.27 %
Loans past due 90 days, still accruing$— $— $— $— $— 
Loans past due 90 days and still accruing to funded HFI loans— %— %— %— %— %
Loans past due 30 to 89 days, still accruing$57.6 $52.5 $23.6 $9.8 $7.3 
Loans past due 30 to 89 days, still accruing to funded HFI loans0.14 %0.13 %0.07 %0.03 %0.03 %
Special mention loans$349.9 $331.1 $364.5 $404.8 $474.2 
Special mention loans to funded HFI loans0.85 %0.85 %1.05 %1.35 %1.65 %
Classified loans on accrual$252.8 $216.4 $175.3 $138.2 $163.1 
Classified loans on accrual to funded HFI loans0.61 %0.55 %0.50 %0.46 %0.57 %
Classified assets$365.1 $300.7 $264.9 $238.5 $280.9 
Classified assets to total assets0.60 %0.54 %0.50 %0.49 %0.65 %

13

Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
Three Months Ended
March 31, 2022December 31, 2021
Average
Balance		InterestAverage Yield /
Cost		Average
Balance		InterestAverage Yield /
Cost
($ in millions)($ in millions)
Interest earning assets
Loans held for sale$6,521.5 $50.4 3.14 %$9,158.7 $70.3 3.04 %
Loans held for investment:
Commercial and industrial17,487.0 165.9 3.91 17,087.5 169.5 4.01 
CRE - non-owner occupied6,689.6 73.2 4.44 6,208.5 70.0 4.48 
CRE - owner occupied1,859.1 22.8 5.07 1,970.9 24.2 4.96 
Construction and land development3,090.0 41.7 5.47 3,016.0 43.9 5.78 
Residential real estate10,384.6 80.2 3.13 8,282.3 60.3 2.89 
Consumer51.6 0.5 3.95 43.5 0.4 3.85 
Total HFI loans (1), (2), (3)39,561.9 384.3 3.98 36,608.7 368.3 4.03 
Securities:
Securities - taxable5,534.0 29.9 2.19 5,442.7 25.6 1.86 
Securities - tax-exempt2,136.2 18.1 4.29 2,175.3 18.1 4.12 
Total securities (1)7,670.2 48.0 2.77 7,618.0 43.7 2.51 
Cash and other2,057.7 1.8 0.36 1,274.6 1.0 0.31 
Total interest earning assets55,811.3 484.5 3.58 54,660.0 483.3 3.57 
Non-interest earning assets
Cash and due from banks244.8 252.6 
Allowance for credit losses(261.9)(255.9)
Bank owned life insurance180.5 179.5 
Other assets3,298.8 2,766.8 
Total assets$59,273.5 $57,603.0 
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing transaction accounts$7,743.1 $2.7 0.14 %$5,918.6 $1.7 0.11 %
Savings and money market18,131.0 9.6 0.21 17,215.2 9.1 0.21 
Certificates of deposit1,920.2 1.8 0.38 2,073.6 2.0 0.38 
Total interest-bearing deposits27,794.3 14.1 0.21 25,207.4 12.8 0.20 
Short-term borrowings1,149.5 1.7 0.62 2,815.5 2.4 0.35 
Long-term debt769.9 10.8 5.67 564.8 8.3 5.81 
Qualifying debt896.0 8.4 3.81 978.2 9.2 3.72 
Total interest-bearing liabilities30,609.7 35.0 0.46 29,565.9 32.7 0.44 
Interest cost of funding earning assets0.26 0.24 
Non-interest-bearing liabilities
Non-interest-bearing demand deposits22,580.0 22,487.0 
Other liabilities1,094.9 912.5 
Stockholders’ equity4,988.9 4,637.6 
Total liabilities and stockholders' equity$59,273.5 $57,603.0 
Net interest income and margin (4)$449.5 3.32 %$450.6 3.33 %

(1)     Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $8.0 million and $8.4 million for the three months ended March 31, 2022 and December 31, 2021, respectively.
(2)    Included in the yield computation are net loan fees of $29.1 million and $35.8 million for the three months ended March 31, 2022 and December 31, 2021, 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
March 31, 2022March 31, 2021
Average
Balance		InterestAverage Yield /
Cost		Average
Balance		InterestAverage Yield /
Cost
($ in millions)($ in millions)
Interest earning assets
Loans held for sale$6,521.5 $50.4 3.14 %$— $— — %
Loans held for investment:
Commercial and industrial17,487.0 165.9 3.91 13,951.6 151.0 4.48 
CRE - non-owner-occupied6,689.6 73.2 4.44 5,649.7 65.1 4.68 
CRE - owner-occupied1,859.1 22.8 5.07 2,094.2 24.4 4.83 
Construction and land development3,090.0 41.7 5.47 2,484.8 35.6 5.81 
Residential real estate10,384.6 80.2 3.13 2,507.7 21.9 3.55 
Consumer51.6 0.5 3.95 34.5 0.4 5.39 
Total HFI loans (1), (2), (3)39,561.9 384.3 3.98 26,722.5 298.4 4.59 
Securities:
Securities - taxable5,534.0 29.9 2.19 4,531.4 18.5 1.66 
Securities - tax-exempt2,136.2 18.1 4.29 1,980.9 15.5 3.99 
Total securities (1)7,670.2 48.0 2.77 6,512.3 34.0 2.37 
Other2,057.7 1.8 0.36 5,864.0 1.7 0.12 
Total interest earning assets55,811.3 484.5 3.58 39,098.8 334.1 3.55 
Non-interest earning assets
Cash and due from banks244.8 166.1 
Allowance for credit losses(261.9)(289.1)
Bank owned life insurance180.5 176.6 
Other assets3,298.8 1,271.2 
Total assets$59,273.5 $40,423.6 
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing transaction accounts$7,743.1 $2.7 0.14 %$3,905.4 $1.3 0.13 %
Savings and money market accounts18,131.0 9.6 0.21 13,994.4 7.1 0.21 
Certificates of deposit1,920.2 1.8 0.38 1,681.1 2.4 0.59 
Total interest-bearing deposits27,794.3 14.1 0.21 19,580.9 10.8 0.22 
Short-term borrowings1,149.5 1.7 0.62 24.8 0.1 1.13 
Long-term debt769.9 10.8 5.67 — — —
Qualifying debt896.0 8.4 3.81 547.2 5.9 4.39 
Total interest-bearing liabilities30,609.7 35.0 0.46 20,152.9 16.8 0.34 
Interest cost of funding earning assets0.26 0.18 
Non-interest-bearing liabilities
Non-interest-bearing demand deposits22,580.0 15,972.6 
Other liabilities1,094.9 772.3 
Stockholders’ equity4,988.9 3,525.8 
Total liabilities and stockholders' equity$59,273.5 $40,423.6 
Net interest income and margin (4)$449.5 3.32 %$317.3 3.37 %

(1)    Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $8.0 million and $8.0 million for the three months ended March 31, 2022 and 2021, respectively.
(2)    Included in the yield computation are net loan fees of $29.1 million and $32.9 million for the three months ended March 31, 2022 and 2021, 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
Operating Segment Results
Unaudited
Balance Sheet:
Consolidated CompanyCommercialConsumer RelatedCorporate & Other
At March 31, 2022:(dollars in millions)
Assets:
Cash, cash equivalents, and investment securities$10,878.9 $15.6 $97.0 $10,766.3 
Loans held for sale4,761.6 — 4,761.6 — 
Loans, net of deferred fees and costs41,119.1 25,794.8 15,324.3 — 
Less: allowance for credit losses(257.6)(221.3)(36.3)— 
Total loans40,861.5 25,573.5 15,288.0 — 
Other assets acquired through foreclosure, net11.7 11.7 — — 
Goodwill and other intangible assets, net698.2 294.3 403.9 — 
Other assets3,364.2 253.2 1,594.8 1,516.2 
Total assets$60,576.1 $26,148.3 $22,145.3 $12,282.5 
Liabilities:
Deposits$52,159.5 $30,133.6 $18,527.6 $3,498.3 
Borrowings and qualifying debt1,726.6 18.0 369.8 1,338.8 
Other liabilities1,678.4 268.1 170.3 1,240.0 
Total liabilities55,564.5 30,419.7 19,067.7 6,077.1 
Allocated equity:5,011.6 2,661.8 1,752.1 597.7 
Total liabilities and stockholders' equity$60,576.1 $33,081.5 $20,819.8 $6,674.8 
Excess funds provided (used)— 6,933.2 (1,325.5)(5,607.7)
No. of offices60 50 8 2 
No. of full-time equivalent employees3,170 606 1,131 1,433 
Income Statement:
Three Months Ended March 31, 2022:(in millions)
Net interest income$449.5 $334.9 $183.2 $(68.6)
Provision for (recovery of) credit losses9.0 0.6 10.5 (2.1)
Net interest income (expense) after provision for credit losses440.5 334.3 172.7 (66.5)
Non-interest income106.3 16.9 79.2 10.2 
Non-interest expense248.6 114.4 125.0 9.2 
Income (loss) before income taxes298.2 236.8 126.9 (65.5)
Income tax expense (benefit)58.1 56.2 30.4 (28.5)
Net income (loss)$240.1 $180.6 $96.5 $(37.0)
16

Western Alliance Bancorporation and Subsidiaries
Operating Segment Results
Unaudited
Balance Sheet:
Consolidated CompanyCommercialConsumer RelatedCorporate
At December 31, 2021:(dollars in millions)
Assets:
Cash, cash equivalents, and investment securities$8,057.3 $12.9 $82.4 $7,962.0 
Loans held for sale5,635.1 — 5,635.1 — 
Loans, net of deferred fees and costs39,075.4 25,092.4 13,983.0 — 
Less: allowance for credit losses(252.5)(226.0)(26.5)— 
Total loans38,822.9 24,866.4 13,956.5 — 
Other assets acquired through foreclosure, net11.7 11.7 — — 
Goodwill and other intangible assets, net634.8 294.7 340.1 — 
Other assets2,820.8 253.8 1,278.1 1,288.9 
Total assets$55,982.6 $25,439.5 $21,292.2 $9,250.9 
Liabilities:
Deposits$47,612.0 $30,466.8 $15,362.9 $1,782.3 
Borrowings and qualifying debt2,381.1 — 353.2 2,027.9 
Other liabilities1,026.9 233.4 138.2 655.3 
Total liabilities51,020.0 30,700.2 15,854.3 4,465.5 
Allocated equity:4,962.6 2,588.0 1,596.2 778.4 
Total liabilities and stockholders' equity$55,982.6 $33,288.2 $17,450.5 $5,243.9 
Excess funds provided (used)— 7,848.7 (3,841.7)(4,007.0)
No. of offices58 50 7 1 
No. of full-time equivalent employees3,139 628 1,173 1,338 
Income Statement:
Three Months Ended March 31, 2021:(in millions)
Net interest income$317.3 $263.7 $107.9 $(54.3)
Provision for (recovery of) credit losses(32.4)(36.3)1.7 2.2 
Net interest income (expense) after provision for credit losses349.7 300.0 106.2 (56.5)
Non-interest income19.7 19.2 0.5 — 
Non-interest expense135.0 98.3 35.2 1.5 
Income (loss) before income taxes234.4 220.9 71.5 (58.0)
Income tax expense (benefit)41.9 52.7 17.5 (28.3)
Net income (loss)$192.5 $168.2 $54.0 $(29.7)
17


Western Alliance Bancorporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Unaudited
Pre-Provision Net Revenue by Quarter:
Three Months Ended
3/31/202212/31/20219/30/20216/30/20213/31/2021
(in millions)
Net interest income$449.5 $450.6 $410.4 $370.5 $317.3 
Total non-interest income106.3 110.4 138.1 136.0 19.7 
Net revenue$555.8 $561.0 $548.5 $506.5 $337.0 
Total non-interest expense248.6 237.8 233.8 244.8 135.0 
Pre-provision net revenue (1)$307.2 $323.2 $314.7 $261.7 $202.0 
Less:
Provision for (recovery of) credit losses9.0 13.2 12.3 (14.5)(32.4)
Income tax expense58.1 64.0 65.5 52.4 41.9 
Net income$240.1 $246.0 $236.9 $223.8 $192.5 
Efficiency Ratio by Quarter:
Total non-interest expense$248.6 $237.8 $233.8 $244.8 $135.0 
Divided by:
Total net interest income449.5 450.6 410.4 370.5 317.3 
Plus:
Tax equivalent interest adjustment8.0 8.4 8.5 8.5 8.0 
Total non-interest income106.3 110.4 138.1 136.0 19.7 
$563.8 $569.4 $557.0 $515.0 $345.0 
Efficiency ratio - tax equivalent basis (2)44.1 %41.8 %42.0 %47.5 %39.1 %

Tangible Common Equity:
3/31/202212/31/20219/30/20216/30/20213/31/2021
(dollars and shares in millions)
Total stockholders' equity$5,011.6 $4,962.6 $4,514.0 $4,034.5 $3,712.7 
Less:
Goodwill and intangible assets698.2 634.8 608.4 610.7 298.0 
Preferred stock294.5 294.5 294.5 — — 
Total tangible common equity4,018.9 4,033.3 3,611.1 3,423.8 3,414.7 
Plus: deferred tax - attributed to intangible assets2.0 1.9 1.8 1.8 1.4 
Total tangible common equity, net of tax$4,020.9 $4,035.2 $3,612.9 $3,425.6 $3,416.1 
Total assets$60,576.1 $55,982.6 $52,775.1 $49,069.0 $43,397.0 
Less: goodwill and intangible assets, net698.2 634.8 608.4 610.7 298.0 
Tangible assets59,877.9 55,347.8 52,166.7 48,458.3 43,099.0 
Plus: deferred tax - attributed to intangible assets2.0 1.9 1.8 1.8 1.4 
Total tangible assets, net of tax$59,879.9 $55,349.7 $52,168.5 $48,460.1 $43,100.4 
Tangible common equity ratio (3)6.7 %7.3 %6.9 %7.1 %7.9 %
Common shares outstanding108.3 106.6 104.2 104.2 103.4 
Tangible book value per share, net of tax (3)$37.13 $37.84 $34.67 $32.86 $33.02 
18

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 financial condition and capital strength. In addition, we believe that use of tangible equity and tangible assets improves the comparability to other institutions that have not engaged in acquisitions that resulted in recorded goodwill and other intangibles.
CONTACT:
Western Alliance Bancorporation
Dale Gibbons, 602-952-5476
19
EARNINGS CALL 1st Quarter 2022 APRIL 22, 2022

 
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, 2021 and the Company’s subsequent Quarterly Reports on Form 10-Q, each as filed with the Securities and Exchange Commission; 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 March 31, 2022. 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

 
1st Quarter 2022 | Financial Highlights Earnings & Profitability Q1-22 Q4-21 Q1-21 Net Income $240.1 $246.0 $192.5 Net Revenue $555.8 $561.0 $337.0 Pre Provision Net Revenue1 $307.2 $323.2 $202.0 Net Interest Margin 3.32% 3.33% 3.37% Efficiency Ratio1 44.1% 41.8% 39.1% ROAA 1.64% 1.69% 1.93% ROTCE1 23.9% 25.8% 24.2% Balance Sheet & Capital Total Loans $41,119 $39,075 $28,711 Total Deposits $52,160 $47,612 $38,393 CET1 Ratio 9.0% 9.1% 10.3% TCE Ratio1 6.7% 7.3% 7.9% Tangible Book Value per Share1 $37.13 $37.84 $33.02 Asset Quality Provision for (Recovery of) Credit losses $9.0 $13.2 $(32.4) Net Charge-Offs $0.2 $1.4 $1.4 Net Charge-Offs/Avg. Loans 0.00% 0.02% 0.02% Total Loan ACL/Funded Loans3 0.73% 0.74% 0.97% NPAs2/Total Assets 0.17% 0.15% 0.27% Net Income $240.1 million EPS $2.22 PPNR1 Q1: $307.2 million 52% YoY ROTCE1 23.9% Loan Growth Q1: $2.0 billion 43% YoY Deposit Growth Q1: $4.5 billion 36% YoY Tangible Book Value PER SHARE1 $37.13 12% YoY NPAs2/ Total Assets 0.17% 3 Dollars in millions, except EPS 1) Refer to slide 2 for further discussion of Non-GAAP financial measures. 2) Nonperforming assets includes nonaccrual loans and repossessed assets. 3) Ratio includes an allowance for credit losses of $9.5 million as of March 31, 2022 related to a $5.4 billion pool of loans covered under two separate credit linked notes. Highlights

 
Quarterly Income Statement Net Interest Income decreased $1.1 million, primarily from two fewer business days and the quarterly capture of credit linked notes issued in December 2021 Non-Interest Income decreased $4.1 million, driven by mark to market losses on equity securities and lower recovery from credit guarantees • $13.7 billion loan production in Q1 (59% purchase / 41% refinance), down 25% compared to Q4 and 35% to Q1 2021 • Gain on Sale margin2 of 21 bps in Q1, compared to 28 bps in Q4 • $65.5 billion in servicing portfolio UPB Salaries and Employee Benefits increased $17.7 million due to lower cost deferrals, seasonal compensation factors, and increased headcount Provision for Credit Losses of $9.0 million primarily due to loan growth 4 1 2 3 Dollars in millions, except EPS Q1 2022 Highlights 1) Refer to slide 2 for further discussion of Non-GAAP financial measures. 2) Gain on Sale margin represents spread as of the interest rate lock commitment date. 4 Q1-22 Q4-21 Q1-21 Net Interest Income $449.5) $450.6) $317.3) Mortgage Banking Related Income 78.0) 75.5) -) Other 28.3) 34.9) 19.7) Non-Interest Income $106.3) $110.4) $19.7) Net Revenue $555.8) $561.0) $337.0) Salaries and Employee Benefits (138.3) (120.6) (83.7) Other (110.3) (117.2) (51.3) Non-Interest Expense $ (248.6) $ (237.8) $ (135.0) Pre-Provision Net Revenue1 $307.2) $323.2) $202.0) (Provision for) Recovery of Credit Losses (9.0) (13.2) 32.4) Pre-Tax Income $298.2) $310.0) $234.4) Income Tax (58.1) (64.0) (41.9) Net Income $240.1) $246.0) $192.5) Dividends on Preferred Stock (3.2) (3.5) -) Net Income Available to Common Stockholders $236.9) $242.5) $192.5) Diluted Shares 106.6) 104.5) 101.4) Earnings Per Share $2.22) $2.32) $1.90) 1 3 4 2

 
Total Investments and Yield Interest Bearing Deposits and Cost Loans and HFI Yield Deposits, Borrowings & Cost of Liability Funding Net Interest Drivers 5 • Loan yields decreased 5 bps following continued mix shift into residential loans and lower prepayment and PPP fees • Yield on Loans Held for Sale of 3.14%, increased from 3.04% in Q4 • Cost of interest-bearing deposits increased 1 bps, and total cost of funds increased 2 bps to 0.27% due to higher cost on short-term borrowings and qualifying debt $20.9 $21.8 $24.2 $26.3 $28.6 $17.5 $20.1 $21.1 $21.3 $23.5$0.6 $1.8 $2.1 $2.4 $1.7 0.19% 0.27% 0.28% 0.25% 0.27% Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 $20.9 $21.8 $24.2 $26.3 $28.6 0.22% 0.22% 0.21% 0.20% 0.21% Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 $7.9 $7.8 $7.7 $7.5 $8.3 2.37% 2.47% 2.46% 2.51% 2.77% Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Non-Interest Bearing Deposits Total Borrowings Q1 2022 Highlights $28.7 $30.0 $34.8 $39.1 $41.1 $4.8 4.59% 4.48% 4.28% 4.03% 3.98% Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Loans Loans, HFS $4.5 $6.5 Interest Bearing Deposits Interest Bearing Deposits Dollars in billions, unless otherwise indicated Total Investments $5.6

 
$317.3 $370.5 $410.4 $450.6 $449.5 3.37% 3.51% 3.43% 3.33% 3.32% Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Net Interest Income 6 • Net Interest Income decreased $1.1 million, or 0.2%, over prior quarter primarily due to two fewer business days and interest expense on credit linked notes issued in December 2021 • Average Earning Assets grew $1.2 billion, or 8.5% annualized • NIM decreased 1 bps, driven by greater proportion of earning assets held in cash and loan mix migration to residential loans, partially offset by higher investment and HFS yields • Cash / avg. earning assets increased to 3.7%, compared to 2.3% in Q4 • Avg. securities + cash / avg. earnings assets increased to 17%, compared to 16% in Q4 • Loans, including Loans HFS / avg. earning assets decreased to 83%, down from 84% in Q4 Net Interest Income and Net Interest Margin Average Earning Assets & Average Yield Net Interest Income Net Interest Margin Q1 2022 Highlights Dollars in millions Dollars in billions Cash & Other Securities Loans Held for Sale Loans Average Yield 15% 4%2% $26.7 $28.2 $31.5 $36.6 $39.6 $5.3 $7.3 $9.2 $6.5 $6.5 $7.8 $7.7 $7.6 $7.7 $5.9 $1.9 $1.9 $1.3 $2.0 3.55% 3.77% 3.70% 3.57% 3.58% $39.1 $43.2 $48.4 $54.7 $55.8 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 14% 11% 71% 14% 17% 67% 17% 68%

 
Net Interest Income in a Rising Rate Environment 7 Highlights • WAL expects a 6.8% increase in NII under a 100bps rate shock on a static balance sheet • Nearly 57% of loans (ex-HFS) are contractually variable ($23.3 billion) • 72% of variable rate loans have rate floors • 80% of variable rate loans with rate floors are at floors, down from 94% in Q4 • Loans at floors will incrementally come off of floors with successive Federal Funds Rate increases • 84% of loans at floors will move off their floors after 100bps rise in rates Rate Increase Incremental Loan Balance Cumulative Variable Rate Loans Off Floors +25 bps $2.8 billion 25% +50 bps $2.9 billion 51% +75 bps $2.3 billion 72% +100 bps $1.4 billion 84% +150 bps $1.2 billion 95% Rate Floor Schedule NII Sensitivity – Shock Scenario, +200 bps NII Sensitivity – Shock Scenario, +100 bps 6.8% >25% 12 months Static Balance Sheet Growth Balance Sheet 15.4% >40% 12 months Static Balance Sheet Growth Balance Sheet

 
Expenses and Efficiency1 8 • Efficiency ratio1 increased 230 bps to 44.1% compared to the prior quarter and increased 500 bps from the same period last year • Higher efficiency ratio1 was driven by the modest decline in non interest income and a marginal increase in seasonal salary and employee benefit costs, which were partially offset by lower other expenses Non-Interest Expenses and Efficiency Ratio Dollars in millions $135.0 $244.8 $233.8 $237.8 $248.6 39.1% 47.5% 42.0% 41.8% 44.1% Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Non-Interest Expenses Efficiency Ratio Q1 2022 Highlights 1) Refer to slide 2 for further discussion of Non-GAAP financial measures.

 
Pre-Provision Net Revenue1, Net Income, and ROA 9 • PPNR1 decreased $16.0 million from the prior quarter and increased $105.2 million, or 52.1%, from the same period last year • PPNR ROA1 decreased 13 bps from the prior quarter and increased 7 bps from the same period last year as balance sheet growth outpaced PPNR • ROA decreased 5 bps from the prior quarter and 29 bps from the same period last year PPNR, Net Income & ROA Dollars in millions $202.0 $261.7 $314.7 $323.2 $307.2 $192.5 $223.8 $236.9 $246.0 $240.1 2.03% 2.18% 2.43% 2.23% 2.10% 1.93% 1.86% 1.83% 1.69% 1.64% Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 PPNR Net Income PPNR ROA ROA Q1 2022 Highlights 1) Refer to slide 2 for further discussion of Non-GAAP financial measures.

 
Loans increased $2.0 billion, or 21.2% annualized and $12.4 billion, or 43.2% over prior year Deposits increased $4.5 billion, or 38.7% annualized and $13.8 billion, or 35.9% over prior year Borrowings decreased $672 million over prior quarter from a $675 million reduction in overnight borrowings Shareholders’ Equity increased $49 million as a function of net income and common stock issuances, offset by dividends and losses on AFS securities recorded in OCI Tangible Book Value/Share1 decreased $0.71, over prior quarter and increased $4.11, or 12.4%, over prior year Consolidated Balance Sheet 10 1 2 3 Q1-22 Q4-21 Q1-21 Investments & Cash $10,879 $8,057 $13,235 Loans, HFS 4,762 5,635 - Loans HFI, net 41,119 39,075 28,711 Allowance for Loan Losses (258) (253) (247) Mortgage Servicing Rights 950 698 - Goodwill and Intangibles 698 635 298 Other Assets 2,426 2,136 1,400 Total Assets $60,576 $55,983 $43,397 Deposits $52,160 $47,612 $38,393 Borrowings 1,726 2,398 $565 Other Liabilities 1,678 1,010 $726 Total Liabilities $55,564 $51,020 $39,684 Shareholders’ Equity $5,012 $4,963 $3,713 Total Liabilities and Equity $60,576 $55,983 $43,397 Tangible Book Value Per Common Share1 $37.13 $37.84 $33.02 1 2 5 Dollars in millions Q1 2022 Highlights 1) Refer to slide 2 for further discussion of Non-GAAP financial measures. 3 4 5 4

 
Five Quarter Loan Growth and Composition 11 $12.4 Billion Year-Over-Year Growth Quarter-over-quarter loan growth of $2.0 billion driven by (in millions): Residential & Consumer $1,994 CRE, Non-OO 323 Construction & Land 255 Offset by decrease in: C&I (436) CRE, OO (93) Total $2,043 Year-over-year loan growth of $12.4 billion driven by (in millions): Residential & Consumer $8,186 C&I 2,791 CRE, Non-OO 1,168 Construction & Land 510 Offset by decrease in: CRE, OO (247) Total $12,408 $15.1 $14.3 $16.5 $18.3 $17.9 $2.0 $2.0 $2.0 $1.9 $1.8 $5.7 $5.7 $5.9 $6.5 $6.8 $2.8 $2.9 $2.9 $3.0 $3.3 $3.1 $5.1 $7.5 $9.3 $11.3 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Residential & Consumer Construction & Land CRE, Non-Owner Occupied CRE, Owner Occupied Commercial & Industrial Dollars in billions, unless otherwise indicated Total Loans, HFI $28.7 $30.0 $34.8 $39.1 $41.1 Qtr. Change +$1.6 +$1.3 +$4.8 +$4.3 +$2.0 10.9% 9.6% 19.8% 7.2% 52.5% 43.4% 4.4% 16.7% 8.0% 27.5% Highlights 23.9% 7.7% 16.7% 4.9% 46.8% 1 PPP Payoffs $(228) Warehouse Lending (640) Other NBLs 223 Regional Banking 209 Total C&I Change $(436) Drivers of C&I Change (in millions): 1

 
$17.5 $20.1 $21.1 $21.4 $23.5 $3.9 $4.2 $5.0 $6.9 $8.3 $15.3 $15.8 $17.4 $17.3 $18.5 $1.7 $1.8 $1.8 $2.0 $1.8 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 CDs Savings and MMDA Interest Bearing DDA Non-Interest Bearing DDA Five Quarter Deposit Growth and Composition 12 $13.8 Billion Year-Over-Year Growth Quarter-over-quarter deposit growth of $4.5 billion driven by (in millions): Non-Interest Bearing DDA $2,167 Interest-Bearing DDA 1,344 Savings and MMDA 1,274 Offset by decrease in: CD (238) Total $4,547 Year-over-year deposit growth of $13.8 billion driven by (in millions): Non-Interest Bearing DDA $5,977 Interest-Bearing DDA 4,375 Savings and MMDA 3,277 CDs 137 Total $13,766 Dollars in billions, unless otherwise indicated Total Deposits $38.4 $41.9 $45.3 $47.6 $52.1 Qtr. Change +$6.5 +$3.5 +$3.4 +$2.3 +$4.5 4.4% 39.8% 10.1% 45.7% 45.1% 15.8% 35.6% 3.5% Highlights 4.3% 36.3% 14.5% 44.9%

 
$474 $405 $364 $331 $350 1.65% 1.35% 1.05% 0.85% 0.85% Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 $4 $4 $12 $12 $12 $114 $96 $78 $72 $91 $163 $138 $175 $216 $262 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Asset Quality 13 • Total Classified Assets of $365 million (60 bps to Total Assets) increased $64 million in Q1 • Classified Assets increased due to temporary impact of Omicron variant • Non-Performing Loans + OREO of $103 million (17 bps to Total Assets) increased by $19 million in Q1 • Borrowers remain stable, liquid and supported • Special Mention loans of $350 million (85 bps to Funded Loans) remain flat as percentage to Funded Loans • Over last 5+ years, less than 1% of Special Mention loans have migrated to loss Special Mention Loans Dollars in millions Classified Assets Special Mention Loans Asset Quality Ratios OREO Non-Performing Loans Classified Accruing Assets $281 $238 $265 $301 SM to Funded Loans 0.65% 0.49% 0.50% 0.54% 0.60% 0.27% 0.20% 0.17% 0.15% 0.17% Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Classified Assets to Total Assets Non-Performing Loans + OREO to Total Assets Q1 2022 Highlights $365

 
$2.1 $2.3 $3.3 $3.9 $2.6 ($0.7) ($2.2) ($0.3) ($2.5) ($2.4) $247 $233 $247 $253 $258 $33 $31 $32 $37 $43$9 $6 $5 $5 $3 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Credit Losses and ACL Ratios 14 • Provision expense of $9.0 million, driven by strong loan growth • Total Loan ACL / Funded Loans decreased 1 bps to 0.73% in Q1 as a result of continued loan growth in low loss segments • Total Loan ACL4 / Funded Loans less loans covered by credit linked notes is 0.84% • Net Charge-Offs of $0.2 million, approximately 0 bps, compared to $1.4 million, 2 bps, in Q4 Dollars in millions Allowance for Credit Losses Gross Charge-offs and Recoveries Loan ACL Adequacy Ratios2 Total Loan ACL/Funded Loans Less Covered CLN Loans Total Loan ACL/Funded Loans3 Allowance for Loan & Lease Losses Unfunded Loan Commits.1 HTM Securities Gross Charge Offs Recoveries Q1 2022 Highlights 1) Included as a component of other liabilities on the balance sheet. 2) Total Loan ACL includes allowance for unfunded commitments. 3) Ratio includes an allowance for credit losses of $9.5 million as of March 31, 2022 related to an $5.4 billion pool of loans covered under 2 separate credit linked notes. 4) This is a non-GAAP ratio, refer to slide 2 for further discussion of Non-GAAP financial measures. Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 0.97% 0.88% 0.80% 0.74% 0.73% 0.93% 0.85% 0.89% 0.84% Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 0.97%

 
Capital Accumulation 15 Regulatory Capital Levels • Exceed “well-capitalized” levels and are stable after the initial impact of the AmeriHome transaction • CET1 at 9.0% Tangible Common Equity / Tangible Assets1 • TCE / TA decreased 600 bps from the prior quarter to 6.7% due to asset growth and AOCI loss impact Capital Actions • Issued $108 million of common stock (1.3 million shares) under ATM program Robust Common Capital Levels Regulatory Capital 10.3% 9.2% 8.7% 9.1% 9.0% 7.9% 7.1% 6.9% 7.3% 6.7% Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 CET1 Ratio TCE/TA1 Q1 2022 Highlights 1) Refer to slide 2 for further discussion of Non-GAAP financial measures Total RBC RatioTier 1 RatioLeverage Ratio 8.8% 7.3% 7.9% 7.8% 8.0% 10.6% 9.4% 9.6% 9.9% 9.8% 12.6% 12.8% 12.6% 12.3% 12.0% Q1-21 Q2-21 Q3-21 Q4-21 Q1-22

 
Tangible Book Value Growth 16 Tangible Book Value per Share1 • TBVPS decreased $0.71 to $37.13 from prior quarter • Increased 12.4% year-over-year • Decreased 1.9% quarter-over-quarter, non-annualized • 18.6% CAGR since year end 2016 • TBVPS has increased 2.5x that of peers over the last 5 years • Quarterly common stock cash dividend of $0.35 per share Long-Term Growth in TBV per Share1 Highlights 1) Refer to slide 2 for further discussion of Non-GAAP financial measures 2) MRQ is Q1-22 for WAL and Q4-21 for WAL Peers Note: Peers consist of 29 major exchange traded US banks with total assets between $25B and $150B as of December 31, 2021, excluding target banks of pending acquisitions; S&P Global Market Intelligence. 2016 2017 2018 2019 2020 2021 MRQ WAL WAL with Dividends Added Back Peer Avg Peer Avg with Dividends Added Back 2 165% 145% 58% 70%

 
Management Outlook Balance Sheet Growth Net Interest Income Pre-Provision Net Revenue Capital and Liquidity 17

 
Questions & Answers