0001212545FALSE00012125452025-07-172025-07-170001212545us-gaap:CommonStockMember2025-07-172025-07-170001212545us-gaap:NoncumulativePreferredStockMember2025-07-172025-07-17

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 17, 2025


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 17, 2025, Western Alliance Bancorporation (the “Company”) issued a press release reporting results for the fiscal quarter ended June 30, 2025 and posted on its website its second quarter 2025 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
Vice Chairman and
Chief Financial Officer
 
 
 
Date:July 17, 2025


Western Alliance Bancorporation
wallogo10.jpg
One East Washington Street
Phoenix, AZ 85004
www.westernalliancebancorporation.com

PHOENIX--(BUSINESS WIRE)--July 17, 2025
SECOND QUARTER 2025 FINANCIAL RESULTS
Quarter Highlights:
Net incomeEarnings per share
PPNR1
Net interest marginEfficiency ratioBook value per
common share
$237.8 million$2.07$331.2 million3.53%60.1%$61.77
51.8%1, adjusted for deposit costs
$55.871, excluding
goodwill and intangibles
CEO COMMENTARY:
“Western Alliance delivered strong second quarter results featuring robust net interest income growth, continued loan and deposit momentum, and healthy earnings generated by improving profitability,” said Kenneth A. Vecchione, President and Chief Executive Officer. “Accelerating business momentum drove quarterly loan and deposit growth of $1.2 billion and $1.8 billion, respectively, and produced PPNR¹ of $331.2 million. Asset quality continued to perform as expected with our nonperforming loans to total funded HFI loans ratio decreasing to 0.76% and net loan charge-offs of 0.22% of average loans. Overall, we achieved net income of $237.8 million and earnings per share of $2.07 for the second quarter 2025, which resulted in a return on tangible common equity1 of 14.9%. Tangible book value per share1 climbed 14.5% year-over-year to $55.87 with a CET 1 ratio of 11.2%.”
LINKED-QUARTER BASISYEAR-OVER-YEAR
FINANCIAL HIGHLIGHTS:
▪Net income of $237.8 million and earnings per share of $2.07, up 19.4% and 15.6%, from $199.1 million and $1.79, respectively
▪Net revenue of $845.9 million, an increase of 8.7%, or $67.9 million, compared to an increase in non-interest expenses of 2.9%, or $14.3 million
▪Pre-provision net revenue1 of $331.2 million, up $53.6 million from $277.6 million
▪Effective tax rate of 18.4%, compared to 19.2%
▪Net income of $237.8 million and earnings per share of $2.07, up 22.8% and 18.3%, from $193.6 million and $1.75, respectively
▪Net revenue of $845.9 million, an increase of 9.6%, or $74.1 million, compared to an increase in non-interest expenses of 5.7%, or $27.9 million
▪Pre-provision net revenue1 of $331.2 million, up $46.2 million from $285.0 million
▪Effective tax rate of 18.4%, compared to 21.9%
FINANCIAL POSITION RESULTS:
▪HFI loans of $55.9 billion, up $1.2 billion, or 2.2%
▪Total deposits of $71.1 billion, up $1.8 billion, or 2.6%
▪HFI loan-to-deposit ratio of 78.7%, down from 79.0%
▪Total equity of $7.4 billion, up $192 million, or 2.7%
▪Increase in HFI loans of $3.5 billion, or 6.7%
▪Increase in total deposits of $4.9 billion, or 7.3%
▪HFI loan-to-deposit ratio of 78.7%, down from 79.1%
▪Increase in total equity of $1.1 billion, or 16.9%
LOANS AND ASSET QUALITY:
▪Nonperforming (nonaccrual) loans to funded HFI loans of 0.76%, decreased from 0.82%
▪Criticized loans of $1.5 billion, down $118 million from $1.6 billion
▪Repossessed assets of $218 million, up $167 million from $51 million
▪Annualized net loan charge-offs to average loans outstanding of 0.22%, compared to 0.20%
▪Nonperforming (nonaccrual) loans to funded HFI loans of 0.76%, flat from the prior year
▪Criticized loans of $1.5 billion, up $225 million from $1.3 billion
▪Repossessed assets of $218 million, up $210 million from $8 million
▪Annualized net loan charge-offs to average loans outstanding of 0.22%, compared to 0.18%
KEY PERFORMANCE METRICS:
▪Net interest margin of 3.53%, increased from 3.47%
▪Return on average assets and on tangible common equity1 of 1.10% and 14.9%, compared to 0.97% and 13.4%, respectively
▪Tangible common equity ratio1 of 7.2%, flat from the prior quarter
▪CET 1 ratio of 11.2%, compared to 11.1%
▪Tangible book value per share1, net of tax, of $55.87, an increase of 3.3% from $54.10
▪Adjusted efficiency ratio1 of 51.8%, compared to 55.8%
▪Net interest margin of 3.53%, decreased from 3.63%
▪Return on average assets and on tangible common equity1 of 1.10% and 14.9%, compared to 0.99% and 14.3%, respectively
▪Tangible common equity ratio1 of 7.2%, increased from 6.7%
▪CET 1 ratio of 11.2%, compared to 11.0%
▪Tangible book value per share1, net of tax, of $55.87, an increase of 14.5% from $48.79
▪Adjusted efficiency ratio1 of 51.8%, compared to 51.5%
1     See reconciliation of Non-GAAP Financial Measures starting on page 16.


Income Statement
Net interest income totaled $697.6 million in the second quarter 2025, an increase of $47.0 million, or 7.2%, from $650.6 million in the first quarter 2025, and an increase of $41.0 million, or 6.2%, compared to the second quarter 2024. The increase in net interest income from the first quarter 2025 is primarily due to higher average interest earning asset balances in the second quarter 2025, partially offset by an increase in short-term borrowings. The increase in net interest income from the second quarter 2024 was driven by both an increase in average interest earning asset balances and lower rates on deposits, partially offset by decreased yields on interest earning assets.
The Company recorded a provision for credit losses of $39.9 million in the second quarter 2025, an increase of $8.7 million from $31.2 million in the first quarter 2025, and an increase of $2.8 million from $37.1 million in the second quarter 2024. The provision for credit losses during the second quarter 2025 is primarily reflective of net charge-offs of $29.6 million and loan growth.
The Company’s net interest margin in the second quarter 2025 was 3.53%, an increase from 3.47% in the first quarter 2025, and a decrease from 3.63% in the second quarter 2024. The increase in net interest margin from the first quarter 2025 was driven by higher yields on investment securities coupled with lower rates on deposits. The decrease in net interest margin from the second quarter 2024 was driven primarily by a lower rate environment that reduced interest earning asset yields.
Non-interest income was $148.3 million for the second quarter 2025, compared to $127.4 million for the first quarter 2025, and $115.2 million for the second quarter 2024. The $20.9 million increase in non-interest income from the first quarter 2025 was primarily due to increases in net loan servicing revenue of $16.5 million and net gain on sales of investment securities of $9.3 million, partially offset by decreases in net gain on loan origination and sale activities of $10.1 million. The increase in non-interest income of $33.1 million from the second quarter 2024 was primarily driven by increases in service charges and loan fees, income from bank owned life insurance, and gain on sales of investment securities, partially offset by decreases in net gain on loan origination and sale activities.
Net revenue totaled $845.9 million for the second quarter 2025, an increase of $67.9 million, or 8.7%, compared to $778.0 million for the first quarter 2025, and an increase of $74.1 million, or 9.6%, compared to $771.8 million for the second quarter 2024. 
Non-interest expense was $514.7 million for the second quarter 2025, compared to $500.4 million for the first quarter 2025, and $486.8 million for the second quarter 2024. The $14.3 million increase in non-interest expense from the first quarter 2025 is due primarily to an increase of $10.6 million in deposit costs driven by higher average ECR-related deposit balances. The increase in non-interest expense of $27.9 million from the second quarter 2024 is primarily attributable to increased salaries and employee benefits of $26.9 million and data processing costs of $9.3 million. These increases were partially offset by decreased deposit costs of $26.3 million driven by lower interest rates. The Company’s efficiency ratio, adjusted for deposit costs1, was 51.8% for the second quarter 2025, compared to 55.8% in the first quarter 2025, and 51.5% for the second quarter 2024.
Income tax expense was $53.5 million for the second quarter 2025, compared to $47.3 million for the first quarter 2025, and $54.3 million for the second quarter 2024. The increase in income tax expense from the first quarter 2025 is primarily related to an increase in pre-tax income, partially offset by increased investment tax credit benefits. The decrease in income tax expense from the second quarter 2024 is primarily related to a lower effective tax rate driven by increased investment tax credit benefits and a lower state blended tax rate.
Net income was $237.8 million for the second quarter 2025, an increase of $38.7 million from $199.1 million for the first quarter 2025, and an increase of $44.2 million from $193.6 million for the second quarter 2024. Earnings per share totaled $2.07 for the second quarter 2025, compared to $1.79 for the first quarter 2025, and $1.75 for the second quarter 2024.
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 second quarter 2025, the Company’s PPNR1 was $331.2 million, up $53.6 million from $277.6 million in the first quarter 2025, and up $46.2 million from $285.0 million in the second quarter 2024.
The Company had 3,655 full-time equivalent employees and 56 offices at June 30, 2025, compared to 3,562 full-time equivalent employees and 56 offices at March 31, 2025, and 3,310 full-time equivalent employees and 56 offices at June 30, 2024.



1    See reconciliation of Non-GAAP Financial Measures starting on page 16.
2

Balance Sheet
HFI loans, net of deferred fees, totaled $55.9 billion at June 30, 2025, compared to $54.8 billion at March 31, 2025, and $52.4 billion at June 30, 2024. The increase in HFI loans of $1.2 billion from the prior quarter was primarily driven by increases of $803 million, $215 million, and $190 million in commercial and industrial, commercial real estate non-owner occupied, and residential real estate loans, respectively. The increase in HFI loans of $3.5 billion from June 30, 2024 was primarily driven by increases of $3.2 billion and $608 million in commercial and industrial and commercial real estate non-owner occupied loans, respectively, partially offset by decreases of $186 million and $137 million in construction and land development and commercial real estate owner occupied loans, respectively. HFS loans totaled $3.0 billion at June 30, 2025, compared to $3.2 billion at March 31, 2025, and $2.0 billion at June 30, 2024.
The Company's allowance for credit losses on HFI loans consists of an allowance for funded HFI loans and an allowance for unfunded loan commitments. The allowance for loan losses to funded HFI loans ratio was 0.71%, 0.71%, and 0.67% at June 30, 2025, March 31, 2025, and June 30, 2024, respectively. The allowance for credit losses, which includes the allowance for unfunded loan commitments, to funded HFI loans ratio was 0.78% at June 30, 2025, 0.77% at March 31, 2025, and 0.74% at June 30, 2024. The Company is a party to credit linked note transactions which effectively transfer a portion of the risk of losses on reference pools of loans to the purchasers of the notes. The Company is protected from first credit losses on reference pools of loans totaling $8.4 billion, $8.5 billion, and $8.9 billion as of June 30, 2025, March 31, 2025, and June 30, 2024, respectively, under these transactions. However, as these note transactions are considered to be free standing credit enhancements, the allowance for credit losses cannot be reduced by the expected credit losses that may be mitigated by these notes. Accordingly, the allowance for loan and credit losses ratios include an allowance related to these pools of loans of $11.8 million as of June 30, 2025, $11.9 million as of March 31, 2025, and $11.7 million as of June 30, 2024. The allowance for credit losses to funded HFI loans ratio, adjusted to reduce the HFI loan balance by the amount of loans in covered reference pools, was 0.91% at June 30, 2025, 0.92% at March 31, 2025, and 0.89% at June 30, 2024.
Deposits totaled $71.1 billion at June 30, 2025, an increase of $1.8 billion from $69.3 billion at March 31, 2025, and an increase of $4.9 billion from $66.2 billion at June 30, 2024. By deposit type, the increase from the prior quarter is attributable to increases of $988 million, $503 million, $167 million, and $127 million from non-interest bearing deposits, savings and money market deposits, interest-bearing demand deposits, and certificates of deposit, respectively. From June 30, 2024, savings and money market deposits increased $5.1 billion and non-interest bearing deposits increased $1.5 billion, while interest-bearing demand deposits decreased $1.6 billion and certificates of deposit decreased $163 million. Non-interest bearing deposits were $23.0 billion at June 30, 2025, compared to $22.0 billion at March 31, 2025, and $21.5 billion at June 30, 2024.
The table below shows the Company's deposit types as a percentage of total deposits:
Jun 30, 2025Mar 31, 2025Jun 30, 2024
Non-interest bearing32.3 %31.8 %32.5 %
Interest-bearing demand22.0 22.4 26.1 
Savings and money market31.3 31.3 25.8 
Certificates of deposit14.4 14.5 15.6 
The Company’s ratio of HFI loans to deposits was 78.7% at June 30, 2025, compared to 79.0% at March 31, 2025, and 79.1% at June 30, 2024.
Borrowings totaled $6.1 billion at June 30, 2025, $4.2 billion at March 31, 2025, and $5.6 billion at June 30, 2024. Borrowings increased $1.9 billion from March 31, 2025 primarily due to increases of $1.3 billion and $608 million in long-term and short-term borrowings, respectively, driven by higher average HFS loans and investment securities balances, which exceeded deposits.. The increase in borrowings from June 30, 2024 is primarily due to an increase in long-term borrowings of $2.5 billion, partially offset by a decrease in short-term borrowings of $2.0 billion.
Qualifying debt totaled $678 million at June 30, 2025, compared to $898 million and $897 million at March 31, 2025 and June 30, 2024, respectively. The decrease in qualifying debt from March 31, 2025 and June 30, 2024 is primarily due to repayment of $225 million of subordinated debt during the quarter ended June 30, 2025.
Total equity was $7.4 billion at June 30, 2025, compared to $7.2 billion at March 31, 2025, and $6.3 billion at June 30, 2024. The increase in total equity from the prior quarter was due primarily to net income of $237.8 million. This increase was offset in part by cash dividends paid to common and preferred shareholders of $42.3 million ($0.38 per common share) and $3.2 million ($0.27 per depository share), respectively, coupled with $7.4 million of cash dividends paid on preferred stock of the Company's REIT subsidiary during the second quarter 2025. The increase in equity from June 30, 2024 was primarily driven by the issuance of preferred stock from the Company's REIT subsidiary, net income, and net unrealized fair value gains on available-for-sale securities recorded in other comprehensive loss, net of tax, partially offset by dividends to stockholders.
The Company's common equity tier 1 capital ratio was 11.2% at June 30, 2025, compared to 11.1%, and 11.0% at March 31, 2025 and June 30, 2024, respectively. At June 30, 2025, tangible common equity, net of tax1, was 7.2% of tangible assets1 and total capital was 14.1% of risk-weighted assets. The Company’s tangible book value per share1 was $55.87 at June 30, 2025, an increase of 3.3% from $54.10 at March 31, 2025, and an increase of 14.5% from $48.79 at June 30, 2024. The increase in tangible book value per share from March 31, 2025 and June 30, 2024 is primarily attributable to net income.
Total assets increased $3.7 billion, or 4.4%, to $86.7 billion at June 30, 2025 from $83.0 billion at March 31, 2025, and increased 7.6% from $80.6 billion at June 30, 2024. The increase in total assets from March 31, 2025 was primarily driven by increases in HFI loans and investment securities, partially offset by a decrease in cash and due from banks. The increase in total assets from June 30, 2024 was primarily driven by increases in HFI and HFS loans and bank owned life insurance.

1     See reconciliation of Non-GAAP Financial Measures starting on page 16.
3

Asset Quality
Provision for credit losses totaled $39.9 million for the second quarter 2025, compared to $31.2 million for the first quarter 2025, and $37.1 million for the second quarter 2024. Net loan charge-offs in the second quarter 2025 totaled $29.6 million, or 0.22% of average loans (annualized), compared to $25.8 million, or 0.20%, in the first quarter 2025, and $22.8 million, or 0.18%, in the second quarter 2024.
Nonaccrual loans decreased $24 million to $427 million during the quarter and increased $26 million from June 30, 2024. Loans past due 90 days and still accruing interest totaled $51 million at June 30, 2025, $44 million at March 31, 2025, and zero at June 30, 2024 (excluding government guaranteed loans of $326 million, $275 million, and $330 million, respectively). Loans past due 30-89 days and still accruing interest totaled $175 million at June 30, 2025, a decrease from $182 million at March 31, 2025, and an increase from $83 million at June 30, 2024 (excluding government guaranteed loans of $168 million, $161 million, and $221 million, respectively). Criticized loans decreased $118 million to $1.5 billion during the quarter and increased $225 million from June 30, 2024.
Repossessed assets totaled $218 million at June 30, 2025, compared to $51 million at March 31, 2025, and $8 million at June 30, 2024. Classified assets totaled $1.3 billion at June 30, 2025, an increase of $66 million from $1.2 billion at March 31, 2025, and an increase of $513 million from $748 million at June 30, 2024.
The ratio of classified assets to Tier 1 capital plus the allowance for credit losses2, a common regulatory measure of asset quality, was 16.4% at June 30, 2025, compared to 15.9% at March 31, 2025, and 11.2% at June 30, 2024.

2     The allowance for credit losses used in this ratio is calculated in accordance with regulatory capital rules.
4

Conference Call and Webcast
Western Alliance Bancorporation will host a conference call and live webcast to discuss its second quarter 2025 financial results at 12:00 p.m. ET on Friday, July 18, 2025. Participants may access the call by dialing 1-833-470-1428 and using access code 863006 or via live audio webcast using the website link https://events.q4inc.com/attendee/646018783. 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 18th through 11:59 p.m. ET July 25th by dialing 1-866-813-9403, using access code 760564.
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, 2024 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 and any related impact on depositor behavior; risks related to the sufficiency of liquidity; changes in international trade policies, tariffs and treaties affecting imports and exports, trade disputes, barriers to trade or the emergence of other trade restrictions, and their related impacts on macroeconomic conditions and customer behavior; the potential adverse effects of unusual and infrequently occurring events and any governmental or societal responses thereto; changes in general economic conditions, either nationally or locally in the areas in which we conduct or will conduct our business; the impact on financial markets from geopolitical conflicts such as the wars in Ukraine and the Middle East; inflation, interest rate, market and monetary fluctuations; increases in competitive pressures among financial institutions and businesses offering similar products and services; higher defaults on our loan portfolio than we expect; increased foreclosures and ownership of real property; 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, except to the extent required by federal securities laws. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur, and you should not put undue reliance on any forward-looking statements.
About Western Alliance Bancorporation
With more than $80 billion in assets, Western Alliance Bancorporation (NYSE:WAL) is one of the country’s top-performing banking companies. Through its primary subsidiary, Western Alliance Bank, Member FDIC, clients benefit from a full spectrum of tailored commercial banking solutions and consumer products, all delivered with outstanding service by industry experts who put customers first. Major accolades include being ranked as a top U.S. bank in 2024 by American Banker and Bank Director and receiving #1 rankings on Extel’s (formerly Institutional Investor’s) All-America Executive Team Midcap Banks 2024 for Best CEO, Best CFO and Best Company Board of Directors. Serving clients across the country wherever business happens, Western Alliance Bank operates individual, full-service banking and financial brands with offices in key markets nationwide. For more information, visit westernalliancebank.com.
Contacts
Investors: Miles Pondelik, 602-346-7462
Email: MPondelik@westernalliancebank.com
Media: Stephanie Whitlow, 480-998-6547
Email: SWhitlow@westernalliancebank.com
5

Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited
Selected Balance Sheet Data:
As of June 30,
20252024Change %
(in millions)
Total assets$86,725 $80,581 7.6 %
Loans held for sale3,022 2,007 50.6 
HFI loans, net of deferred fees55,939 52,430 6.7 
Investment securities18,601 17,268 7.7 
Total deposits71,107 66,244 7.3 
Borrowings6,052 5,587 8.3 
Qualifying debt678 897 (24.4)
Total equity7,407 6,334 16.9 
Tangible common equity, net of tax (1)6,168 5,377 14.7 
Common equity Tier 1 capital6,568 5,946 10.5 
Selected Income Statement Data:
For the Three Months Ended June 30,For the Six Months Ended June 30,
20252024Change %20252024Change %
(in millions, except per share data)(in millions, except per share data)
Interest income$1,154.4 $1,147.5 0.6 %$2,250.0 $2,202.5 2.2 %
Interest expense456.8 490.9 (6.9)901.8 947.0 (4.8)
Net interest income697.6 656.6 6.2 1,348.2 1,255.5 7.4 
Provision for credit losses39.9 37.1 7.5 71.1 52.3 35.9 
Net interest income after provision for credit losses657.7 619.5 6.2 1,277.1 1,203.2 6.1 
Non-interest income148.3 115.2 28.7 275.7 245.1 12.5 
Non-interest expense514.7 486.8 5.7 1,015.1 968.6 4.8 
Income before income taxes291.3 247.9 17.5 537.7 479.7 12.1 
Income tax expense53.5 54.3 (1.5)100.8 108.7 (7.3)
Net income237.8 193.6 22.8 436.9 371.0 17.8 
Net income attributable to noncontrolling interest7.4 — NM7.4 — NM
Net income attributable to Western Alliance230.4 193.6 19.0 429.5 371.0 15.8 
Dividends on preferred stock3.2 3.2 — 6.4 6.4 — 
Net income available to common stockholders$227.2 $190.4 19.3 $423.1 $364.6 16.0 
Diluted earnings per common share$2.07 $1.75 18.3 $3.86 $3.34 15.6 

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

6

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,
20252024Change %20252024Change %
Diluted earnings per common share $2.07 $1.75 18.3 %$3.86 $3.34 15.6 %
Book value per common share61.77 54.80 12.7 
Tangible book value per common share, net of tax (1)55.87 48.79 14.5 
Average common shares outstanding
(in millions):
Basic109.0 108.6 0.3 108.9 108.6 0.3 
Diluted109.6 109.1 0.4 109.6 109.1 0.5 
Common shares outstanding110.4 110.2 0.2 
Selected Performance Ratios:
Return on average assets (2)1.10 %0.99 %11.1 %1.04 %0.99 %5.1 %
Return on average tangible common equity (1, 2)14.9 14.3 4.2 14.2 13.8 2.9 
Net interest margin (2)3.53 3.63 (2.8)3.50 3.61 (3.0)
Efficiency ratio60.1 62.3 (3.5)61.7 63.7 (3.1)
Efficiency ratio, adjusted for deposit costs (1)51.8 51.5 0.6 53.7 54.4 (1.3)
HFI loan to deposit ratio78.7 79.1 (0.5)
Asset Quality Ratios:
Net charge-offs to average loans outstanding (2)0.22 %0.18 %22.2%0.21 %0.13 %61.5%
Nonaccrual loans to funded HFI loans0.76 0.76 — 
Nonaccrual loans and repossessed assets to total assets0.74 0.51 45.1 
Allowance for loan losses to funded HFI loans0.71 0.67 6.0 
Allowance for loan losses to nonaccrual HFI loans92 88 5.7 
Capital Ratios:
Jun 30, 2025Mar 31, 2025Jun 30, 2024
Tangible common equity (1)7.2 %7.2 %6.7 %
Common Equity Tier 1 (3)11.2 11.1 11.0 
Tier 1 Leverage ratio (3)8.4 8.6 8.0 
Tier 1 Capital (3)12.3 12.3 11.7 
Total Capital (3)14.1 14.5 13.9 

(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, 2025 are preliminary.
NM    Changes +/- 100% are not meaningful.






7

Western Alliance Bancorporation and Subsidiaries
Condensed Consolidated Income Statements
Unaudited
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in millions, except per share data)
Interest income:
Loans$914.3 $896.7 $1,795.3 $1,768.6 
Investment securities201.5 190.5 369.5 334.5 
Other38.6 60.3 85.2 99.4 
Total interest income1,154.4 1,147.5 2,250.0 2,202.5 
Interest expense:
Deposits377.8 410.3 756.1 790.9 
Qualifying debt8.2 9.6 17.5 19.1 
Borrowings70.8 71.0 128.2 137.0 
Total interest expense456.8 490.9 901.8 947.0 
Net interest income697.6 656.6 1,348.2 1,255.5 
Provision for credit losses39.9 37.1 71.1 52.3 
Net interest income after provision for credit losses657.7 619.5 1,277.1 1,203.2 
Non-interest income:
Service charges and loan fees36.9 17.874.1 34.2 
Net gain on loan origination and sale activities39.4 46.8 88.9 92.1
Net loan servicing revenue38.3 38.1 60.1 84.5 
Income from bank owned life insurance11.0 1.7 22.4 2.7 
Gain on sales of investment securities11.4 2.3 13.5 1.4 
Fair value gain adjustments, net0.1 0.7 1.1 1.0 
Income (loss) from equity investments2.9 4.2(1.9)21.3 
Other8.3 3.6 17.5 7.9 
Total non-interest income148.3 115.2 275.7 245.1 
Non-interest expenses:
Salaries and employee benefits179.9 153.0 362.3 307.9 
Deposit costs147.4 173.7 284.2 310.7 
Data processing45.0 35.7 90.2 71.7 
Insurance37.4 33.8 75.3 92.7 
Legal, professional, and directors' fees25.3 25.8 54.2 55.9 
Loan servicing expenses20.1 16.6 36.5 31.6 
Occupancy16.9 18.4 34.1 35.9 
Business development and marketing6.1 6.4 12.0 11.9 
Loan acquisition and origination expenses5.8 5.1 11.0 9.9 
Other30.8 18.3 55.3 40.4 
Total non-interest expense514.7 486.8 1,015.1 968.6 
Income before income taxes291.3 247.9 537.7 479.7 
Income tax expense53.5 54.3 100.8 108.7 
Net income237.8 193.6 436.9 371.0 
Net income attributable to noncontrolling interest7.4 — 7.4 — 
Net income attributable to Western Alliance230.4 193.6 429.5 371.0 
Dividends on preferred stock3.2 3.2 6.4 6.4 
Net income available to common stockholders$227.2 $190.4 $423.1 $364.6 
Earnings per common share:
Diluted shares109.6 109.1 109.6 109.1 
Diluted earnings per share$2.07 $1.75 $3.86 $3.34 

8

Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Income Statements
Unaudited
Three Months Ended
Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024
(in millions, except per share data)
Interest income:
Loans$914.3 $881.0 $915.2 $945.3 $896.7 
Investment securities201.5 168.0 179.4 197.1 190.5 
Other38.6 46.6 44.0 57.6 60.3 
Total interest income1,154.4 1,095.6 1,138.6 1,200.0 1,147.5 
Interest expense:
Deposits377.8 378.3 387.2 422.1 410.3 
Qualifying debt8.2 9.3 9.4 9.5 9.6 
Borrowings70.8 57.4 75.5 71.5 71.0 
Total interest expense456.8 445.0 472.1 503.1 490.9 
Net interest income697.6 650.6 666.5 696.9 656.6 
Provision for credit losses39.9 31.2 60.0 33.6 37.1 
Net interest income after provision for credit losses657.7 619.4 606.5 663.3 619.5 
Non-interest income:
Service charges and loan fees36.9 37.2 31.7 30.1 17.8 
Net gain on loan origination and sale activities39.4 49.5 67.9 46.3 46.8 
Net loan servicing revenue38.3 21.8 24.7 12.3 38.1 
Income from bank owned life insurance11.0 11.4 12.1 13.0 1.7 
Gain on sales of investment securities11.4 2.1 7.2 8.8 2.3 
Fair value gain adjustments, net0.1 1.0 2.4 4.1 0.7 
Income (loss) from equity investments2.9 (4.8)11.1 5.8 4.2 
Other8.3 9.2 14.8 5.8 3.6 
Total non-interest income148.3 127.4 171.9 126.2 115.2 
Non-interest expenses:
Salaries and employee benefits179.9 182.4 165.4 157.8 153.0 
Deposit costs147.4 136.8 174.5 208.0 173.7 
Data processing45.0 45.2 39.3 38.7 35.7 
Insurance37.4 37.9 36.7 35.4 33.8 
Legal, professional, and directors' fees25.3 28.9 28.7 24.8 25.8 
Loan servicing expenses20.1 16.4 17.8 18.7 16.6 
Occupancy16.9 17.2 19.6 17.6 18.4 
Business development and marketing6.1 5.9 11.1 9.7 6.4 
Loan acquisition and origination expenses5.8 5.2 5.7 5.9 5.1 
Other30.8 24.5 20.2 20.8 18.3 
Total non-interest expense514.7 500.4 519.0 537.4 486.8 
Income before income taxes291.3 246.4 259.4 252.1 247.9 
Income tax expense53.5 47.3 42.5 52.3 54.3 
Net income237.8 199.1 216.9 199.8 193.6 
Net income attributable to noncontrolling interest7.4 — — — — 
Net income attributable to Western Alliance230.4 199.1 216.9 199.8 193.6 
Dividends on preferred stock3.2 3.2 3.2 3.2 3.2 
Net income available to common stockholders$227.2 $195.9 $213.7 $196.6 $190.4 
Earnings per common share:
Diluted shares109.6 109.6 109.6 109.5 109.1 
Diluted earnings per share$2.07 $1.79 $1.95 $1.80 $1.75 


9

Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Balance Sheets
Unaudited
Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024
(in millions)
Assets:
Cash and due from banks$2,767 $3,279 $4,096 $2,592 $4,077 
Investment securities18,601 15,868 15,095 16,382 17,268 
Loans held for sale3,022 3,238 2,286 2,327 2,007 
Loans held for investment:
Commercial and industrial24,920 24,117 23,128 22,551 21,690 
Commercial real estate - non-owner occupied10,255 10,040 9,868 9,801 9,647 
Commercial real estate - owner occupied1,749 1,787 1,825 1,817 1,886 
Construction and land development4,526 4,504 4,479 4,727 4,712 
Residential real estate14,465 14,275 14,326 14,395 14,445 
Consumer24 38 50 55 50 
Loans HFI, net of deferred fees55,939 54,761 53,676 53,346 52,430 
Allowance for loan losses(395)(389)(374)(357)(352)
Loans HFI, net of deferred fees and allowance55,544 54,372 53,302 52,989 52,078 
Mortgage servicing rights1,044 1,241 1,127 1,011 1,145 
Premises and equipment, net365 361 361 354 351 
Operating lease right-of-use asset130 125 128 127 133 
Other assets acquired through foreclosure, net218 51 52 8 8 
Bank owned life insurance1,033 1,022 1,011 1,000 187 
Goodwill and other intangibles, net653 656 659 661 664 
Other assets3,348 2,830 2,817 2,629 2,663 
Total assets$86,725 $83,043 $80,934 $80,080 $80,581 
Liabilities and stockholders' equity:
Liabilities:
Deposits
Non-interest bearing deposits$22,997 $22,009 $18,846 $24,965 $21,522 
Interest bearing:
Demand15,674 15,507 15,878 13,846 17,267 
Savings and money market22,231 21,728 21,208 19,575 17,087 
Certificates of deposit10,205 10,078 10,409 9,654 10,368 
Total deposits71,107 69,322 66,341 68,040 66,244 
Borrowings6,052 4,151 5,573 2,995 5,587 
Qualifying debt678 898 899 898 897 
Operating lease liability160 154 159 159 165 
Accrued interest payable and other liabilities1,321 1,303 1,255 1,311 1,354 
Total liabilities79,318 75,828 74,227 73,403 74,247 
Equity:
Preferred stock295 295 295 295 295 
Common stock and additional paid-in capital2,136 2,125 2,120 2,110 2,099 
Retained earnings5,165 4,980 4,826 4,654 4,498 
Accumulated other comprehensive loss(482)(478)(534)(382)(558)
Total Western Alliance stockholders' equity7,114 6,922 6,707 6,677 6,334 
Noncontrolling interest in subsidiary293 293 — — — 
Total equity7,407 7,215 6,707 6,677 6,334 
Total liabilities and equity$86,725 $83,043 $80,934 $80,080 $80,581 


10

Western Alliance Bancorporation and Subsidiaries
Changes in the Allowance For Credit Losses on Loans
Unaudited
Three Months Ended
Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024
(dollars in millions)
Allowance for loan losses
Balance, beginning of period$388.6 $373.8 $356.6 $351.8 $340.3 
Provision for credit losses (1)35.7 40.6 51.3 31.4 34.3 
Recoveries of loans previously charged-off:
Commercial and industrial0.6 1.0 0.1 0.5 0.1 
Commercial real estate - non-owner occupied5.1 0.6 — 0.7 — 
Commercial real estate - owner occupied— 0.1 0.2 — — 
Construction and land development— — — — — 
Residential real estate— — — — — 
Consumer— — — — — 
Total recoveries5.7 1.7 0.3 1.2 0.1 
Loans charged-off:
Commercial and industrial17.0 13.0 24.8 4.3 5.3 
Commercial real estate - non-owner occupied17.4 14.5 9.6 21.7 17.6 
Commercial real estate - owner occupied0.2 — — 0.3 — 
Construction and land development0.6 — — 1.5 — 
Residential real estate0.1 — — — — 
Consumer— — — — — 
Total loans charged-off35.3 27.5 34.4 27.8 22.9 
Net loan charge-offs29.6 25.8 34.1 26.6 22.8 
Balance, end of period$394.7 $388.6 $373.8 $356.6 $351.8 
Allowance for unfunded loan commitments
Balance, beginning of period$35.1 $39.5 $37.6 $35.9 $33.1 
Provision for (recovery of) credit losses (1) 4.1 (4.4)1.9 1.7 2.8 
Balance, end of period (2)$39.2 $35.1 $39.5 $37.6 $35.9 
Components of the allowance for credit losses on loans
Allowance for loan losses$394.7 $388.6 $373.8 $356.6 $351.8 
Allowance for unfunded loan commitments39.2 35.1 39.5 37.6 35.9 
Total allowance for credit losses on loans$433.9 $423.7 $413.3 $394.2 $387.7 
Net charge-offs to average loans - annualized0.22 %0.20 %0.25 %0.20 %0.18 %
Allowance ratios
Allowance for loan losses to funded HFI loans (3)0.71 %0.71 %0.70 %0.67 %0.67 %
Allowance for credit losses to funded HFI loans (3)0.78 0.77 0.77 0.74 0.74 
Allowance for loan losses to nonaccrual HFI loans92 86 79 102 88 
Allowance for credit losses to nonaccrual HFI loans102 94 87 113 97 
(1)    The above tables reflect the provision for credit losses on funded and unfunded loans. For the three months ended June 30, 2025, provision for credit losses totaled $0.1 million for AFS investment securities and zero for HTM investment securities. The allowance for credit losses on AFS and HTM investment securities totaled $0.3 million and $11.6 million, respectively, as of June 30, 2025.
(2)    The allowance for unfunded loan commitments is included as part of accrued interest payable and other liabilities on the balance sheet.
(3)    Ratio includes an allowance for credit losses of $11.8 million as of June 30, 2025 related to a pool of loans covered under three separate credit linked note transactions.

11

Western Alliance Bancorporation and Subsidiaries
Asset Quality Metrics
Unaudited
Three Months Ended
Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024
(dollars in millions)
Nonaccrual loans and repossessed assets
Nonaccrual loans$427 $451 $476 $349 $401 
Nonaccrual loans to funded HFI loans0.76 %0.82 %0.89 %0.65 %0.76 %
Repossessed assets$218 $51 $52 $8 $8 
Nonaccrual loans and repossessed assets to total assets0.74 %0.60 %0.65 %0.45 %0.51 %
Loans Past Due
Loans past due 90 days, still accruing (1)$51 $44 $— $4 $— 
Loans past due 90 days, still accruing to funded HFI loans0.09 %0.08 %— %0.01 %— %
Loans past due 30 to 89 days, still accruing (2)$175 $182 $92 $110 $83 
Loans past due 30 to 89 days, still accruing to funded HFI loans0.31 %0.33 %0.17 %0.21 %0.16 %
Other credit quality metrics
Special mention loans$444 $460 $392 $502 $532 
Special mention loans to funded HFI loans0.79 %0.84 %0.73 %0.94 %1.01 %
Classified loans on accrual$615 $693 $480 $479 $328 
Classified loans on accrual to funded HFI loans1.10 %1.27 %0.89 %0.90 %0.63 %
Classified assets$1,261 $1,195 $1,009 $838 $748 
Classified assets to total assets1.45 %1.44 %1.25 %1.05 %0.93 %
(1)    Excludes government guaranteed residential mortgage loans of $326 million, $275 million, $326 million, $313 million, and $330 million as of each respective date in the table above.
(2)    Excludes government guaranteed residential mortgage loans of $168 million, $161 million, $183 million, $203 million, and $221 million as of each respective date in the table above.

12

Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
Three Months Ended
June 30, 2025March 31, 2025
Average
Balance		InterestAverage Yield /
Cost		Average
Balance		InterestAverage Yield /
Cost
(dollars in millions)
Interest earning assets
Loans HFS$4,859 $74.0 6.11 %$4,300 $66.6 6.28 %
Loans HFI:
Commercial and industrial24,094 392.1 6.58 22,831 365.8 6.56 
CRE - non-owner occupied10,253 181.9 7.12 10,011 175.1 7.10 
CRE - owner occupied1,788 26.7 6.11 1,880 28.7 6.30 
Construction and land development4,290 88.7 8.29 4,407 91.8 8.45 
Residential real estate14,399 150.3 4.19 14,346 152.2 4.30 
Consumer32 0.6 7.07 46 0.8 6.69 
Total HFI loans (1), (2), (3)54,856 840.3 6.17 53,521 814.4 6.20 
Investment securities:
Taxable15,099 177.4 4.71 13,020 143.5 4.47 
Tax-exempt2,215 24.1 5.46 2,255 24.5 5.52 
Total investment securities (1)17,314 201.5 4.81 15,275 168.0 4.63 
Cash and other3,496 38.6 4.43 4,083 46.6 4.63 
Total interest earning assets80,525 1,154.4 5.80 77,179 1,095.6 5.81 
Non-interest earning assets
Cash and due from banks346 331 
Allowance for credit losses(403)(397)
Bank owned life insurance1,026 1,015 
Other assets4,905 4,720 
Total assets$86,399 $82,848 
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing demand accounts$15,707 $97.2 2.48 %$15,870 $99.9 2.55 %
Savings and money market21,736 170.6 3.15 21,206 164.8 3.15 
Certificates of deposit10,084 110.0 4.38 10,018 113.6 4.60 
Total interest-bearing deposits47,527 377.8 3.19 47,094 378.3 3.26 
Short-term borrowings3,048 35.7 4.69 1,722 20.8 4.89 
Long-term debt2,498 35.1 5.64 2,652 36.6 5.60 
Qualifying debt826 8.2 4.01 899 9.3 4.18 
Total interest-bearing liabilities53,899 456.8 3.40 52,367 445.0 3.45 
Interest cost of funding earning assets2.28 2.34 
Non-interest-bearing liabilities
Non-interest-bearing deposits23,569 22,097 
Other liabilities1,576 1,485 
Equity7,355 6,899 
Total liabilities and equity$86,399 $82,848 
Net interest income and margin (4)$697.6 3.53 %$650.6 3.47 %

(1)     Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $10.2 million for each of the three months ended June 30, 2025 and March 31, 2025.
(2)    Included in the yield computation are net loan fees of $25.5 million and $23.8 million for the three months ended June 30, 2025 and March 31, 2025, 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.
13

Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
Three Months Ended
June 30, 2025June 30, 2024
Average
Balance		InterestAverage Yield /
Cost		Average
Balance		InterestAverage Yield /
Cost
(dollars in millions)
Interest earning assets
Loans HFS$4,859 $74.0 6.11 %$2,860 $43.0 6.05 %
Loans HFI:
Commercial and industrial24,094 392.1 6.58 19,913 370.1 7.54 
CRE - non-owner occupied10,253 181.9 7.12 9,680 185.0 7.69 
CRE - owner occupied1,788 26.7 6.11 1,865 28.5 6.24 
Construction and land development4,290 88.7 8.29 4,740 112.3 9.53 
Residential real estate14,399 150.3 4.19 14,531 157.0 4.35 
Consumer32 0.6 7.07 48 0.8 6.94 
Total loans HFI (1), (2), (3)54,856 840.3 6.17 50,777 853.7 6.79 
Investment securities:
Taxable15,099 177.4 4.71 14,029 166.5 4.77 
Tax-exempt2,215 24.1 5.46 2,221 24.0 5.45 
Total investment securities (1)17,314 201.5 4.81 16,250 190.5 4.87 
Cash and other3,496 38.6 4.43 3,983 60.3 6.09 
Total interest earning assets80,525 1,154.4 5.80 73,870 1,147.5 6.30 
Non-interest earning assets
Cash and due from banks346 294 
Allowance for credit losses(403)(350)
Bank owned life insurance1,026 187 
Other assets4,905 4,554 
Total assets$86,399 $78,555 
Interest bearing liabilities
Interest bearing deposits:
Interest bearing demand accounts$15,707 $97.2 2.48 %$17,276 $131.2 3.05 %
Savings and money market accounts21,736 170.6 3.15 16,579 146.2 3.55 
Certificates of deposit10,084 110.0 4.38 10,427 132.9 5.12 
Total interest bearing deposits47,527 377.8 3.19 44,282 410.3 3.73 
Short-term borrowings3,048 35.7 4.69 4,165 58.9 5.69 
Long-term debt2,498 35.1 5.64 437 12.1 11.19 
Qualifying debt826 8.2 4.01 896 9.6 4.28 
Total interest bearing liabilities53,899 456.8 3.40 49,780 490.9 3.97 
Interest cost of funding earning assets2.28 2.67 
Non-interest bearing liabilities
Non-interest bearing deposits23,569 20,996 
Other liabilities1,576 1,449 
Equity7,355 6,330 
Total liabilities and equity$86,399 $78,555 
Net interest income and margin (4)$697.6 3.53 %$656.6 3.63 %

(1)    Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $10.2 million and $9.9 million for the three months ended June 30, 2025 and 2024, respectively.
(2)    Included in the yield computation are net loan fees of $25.5 million and $32.1 million for the three months ended June 30, 2025 and 2024, respectively.
(3)    Includes non-accrual loans.
(4)    Net interest margin is computed by dividing net interest income by total average earning assets, annualized on an actual/actual basis.


14



Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
Six Months Ended
June 30, 2025June 30, 2024
Average
Balance		InterestAverage Yield /
Cost		Average
Balance		InterestAverage Yield /
Cost
($ in millions)
Interest earning assets
Loans HFS$4,581 $140.5 6.19 %$2,638 $82.1 6.26 %
Loans HFI:
Commercial and industrial23,466 758.0 6.57 19,329 715.8 7.51 
CRE - non-owner occupied10,133 357.1 7.11 9,574 370.1 7.78 
CRE - owner occupied1,833 55.4 6.20 1,836 55.3 6.15 
Construction and land development4,348 180.5 8.37 4,831 229.4 9.55 
Residential real estate14,373 302.5 4.24 14,626 314.0 4.32 
Consumer39 1.3 6.85 55 1.9 7.13 
Total loans HFI (1), (2), (3)54,192 1,654.8 6.19 50,251 1,686.5 6.78 
Investment securities:
Taxable14,065 320.9 4.60 12,373 287.6 4.67 
Tax-exempt2,235 48.6 5.49 2,213 46.9 5.34 
Total investment securities (1)16,300 369.5 4.72 14,586 334.5 4.78 
Cash and other3,788 85.2 4.54 3,468 99.4 5.77 
Total interest earning assets78,861 2,250.0 5.81 70,943 2,202.5 6.30 
Non-interest earning assets
Cash and due from banks339 289 
Allowance for credit losses(400)(349)
Bank owned life insurance1,020 187 
Other assets4,813 4,548 
Total assets$84,633 $75,618 
Interest bearing liabilities
Interest bearing deposits:
Interest bearing demand accounts$15,788 $197.1 2.52 %$16,812 $253.2 3.03 %
Savings and money market accounts21,473 335.4 3.15 15,913 276.1 3.49 
Certificates of deposit10,051 223.6 4.49 10,278 261.6 5.12 
Total interest bearing deposits47,312 756.1 3.22 43,003 790.9 3.70 
Short-term borrowings2,389 56.4 4.76 3,940 112.6 5.75 
Long-term debt2,575 71.8 5.62 441 24.4 11.13 
Qualifying debt862 17.5 4.10 895 19.1 4.28 
Total interest bearing liabilities53,138 901.8 3.42 48,279 947.0 3.94 
Interest cost of funding earning assets2.31 2.69 
Non-interest bearing liabilities
Non-interest bearing deposits22,837 19,589 
Other liabilities1,530 1,493 
Equity7,128 6,257 
Total liabilities and equity$84,633 $75,618 
Net interest income and margin (4)$1,348.2 3.50 %$1,255.5 3.61 %

(1)    Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $20.3 million and $19.5 million for the six months ended June 30, 2025 and 2024, respectively.
(2)    Included in the yield computation are net loan fees of $49.3 million and $65.2 million for the six months ended June 30, 2025 and 2024, respectively.
(3)    Includes non-accrual loans.
(4)    Net interest margin is computed by dividing net interest income by total average earning assets, annualized on an actual/actual basis.
15

Western Alliance Bancorporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Unaudited
Pre-Provision Net Revenue by Quarter:
Three Months Ended
Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024
(in millions)
Net interest income$697.6 $650.6 $666.5 $696.9 $656.6 
Total non-interest income148.3 127.4 171.9 126.2 115.2 
Net revenue$845.9 $778.0 $838.4 $823.1 $771.8 
Total non-interest expense514.7 500.4 519.0 537.4 486.8 
Pre-provision net revenue (1)$331.2 $277.6 $319.4 $285.7 $285.0 
Adjusted for:
Provision for credit losses39.9 31.2 60.0 33.6 37.1 
Income tax expense53.5 47.3 42.5 52.3 54.3 
Net income$237.8 $199.1 $216.9 $199.8 $193.6 
Efficiency Ratio (Tax Equivalent Basis) by Quarter:
Three Months Ended
Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024
(dollars in millions)
Total non-interest expense$514.7 $500.4 $519.0 $537.4 $486.8 
Less: Deposit costs147.4 136.8 174.5 208.0 173.7 
Total non-interest expense, excluding deposit costs367.3 363.6 344.5 329.4 313.1 
Divided by:
Total net interest income697.6 650.6 666.5 696.9 656.6 
Plus:
Tax equivalent interest adjustment10.2 10.2 10.0 10.0 9.9 
Total non-interest income148.3 127.4 171.9 126.2 115.2 
Less: Deposit costs147.4 136.8 174.5 208.0 173.7 
$708.7 $651.4 $673.9 $625.1 $608.0 
Efficiency ratio (2)60.1 %63.5 %61.2 %64.5 %62.3 %
Efficiency ratio, adjusted for deposit costs (2)51.8 %55.8 %51.1 %52.7 %51.5 %
Tangible Common Equity:
Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024
(dollars and shares in millions, except per share data)
Total equity$7,407 $7,215 $6,707 $6,677 $6,334 
Less:
Goodwill and intangible assets653 656 659 661 664 
Preferred stock295 295 295 295 295 
Noncontrolling interest in subsidiary293 293 — — — 
Total tangible common equity6,166 5,971 5,753 5,721 5,375 
Plus: deferred tax - attributed to intangible assets2 2 2 2 2 
Total tangible common equity, net of tax$6,168 $5,973 $5,755 $5,723 $5,377 
Total assets$86,725 $83,043 $80,934 $80,080 $80,581 
Less: goodwill and intangible assets, net653 656 659 661 664 
Tangible assets86,072 82,387 80,275 79,419 79,917 
Plus: deferred tax - attributed to intangible assets2 2 2 2 2 
Total tangible assets, net of tax$86,074 $82,389 $80,277 $79,421 $79,919 
Tangible common equity ratio (3)7.2 %7.2 %7.2 %7.2 %6.7 %
Common shares outstanding110.4 110.4 110.1 110.1 110.2 
Tangible book value per share, net of tax (3)$55.87 $54.10 $52.27 $51.98 $48.79 
16

Non-GAAP Financial Measures Footnotes
(1)We believe this non-GAAP measurement is a key indicator of the earnings power of the Company.
(2)We believe this non-GAAP ratio provides a useful metric to measure the efficiency of the Company.
(3)We believe this non-GAAP metric provides an important metric with which to analyze and evaluate the financial condition and capital strength of the Company.
17

EARNINGS CALL 2nd Quarter 2025 July 18, 2025

 
2 This presentation contains forward-looking statements that relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Examples of forward-looking statements include, among others, statements we make regarding our expectations with regard to our business, financial and operating results, future economic performance and dividends, including our statements on the slide entitled "Management Outlook." The forward-looking statements contained herein reflect our current views about future events and financial performance and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from historical results and those expressed in any forward-looking statement. Some factors that could cause actual results to differ materially from historical or expected results include, among others: the risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, 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 and any related impact on depositor behavior; risks related to the sufficiency of liquidity; changes in international trade policies, tariffs and treaties affecting imports and exports, trade disputes, barriers to trade or the emergence of other trade restrictions, and their related impacts on macroeconomic conditions and customer behavior; the potential adverse effects of unusual and infrequently occurring events and any governmental or societal responses thereto; changes in general economic conditions, either nationally or locally in the areas in which we conduct or will conduct our business; the impact on financial markets from geopolitical conflicts such as the wars in Ukraine and the Middle East; inflation, interest rate, market and monetary fluctuations; increases in competitive pressures among financial institutions and businesses offering similar products and services; higher defaults on our loan portfolio than we expect; increased foreclosures and ownership of real property; 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 presentation to reflect new information, future events or otherwise, except to the extent required by federal securities laws. In light of these risks, uncertainties and assumptions, the forward-looking events in this presentation might not occur, and you should not put undue reliance on any forward-looking statements. 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, 2025. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Forward-Looking Statements

 
3 2nd Quarter 2025 | Financial Highlights Earnings & Profitability Q2 2025 Q1 2025 Q2 2024 Earnings per Share $ 2.07 $ 1.79 $ 1.75 Net Income 237.8 199.1 193.6 Net Income Available to Common Stockholders 227.2 195.9 190.4 Net Revenue 845.9 778.0 771.8 Pre-Provision Net Revenue1 331.2 277.6 285.0 Net Interest Margin 3.53% 3.47% 3.63% Efficiency Ratio, Adjusted for Deposit Costs1 51.8 55.8 51.5 ROAA 1.10 0.97 0.99 ROTCE1 14.9 13.4 14.3 Balance Sheet & Capital Total Loans $ 55,939 $ 54,761 $ 52,430 Total Deposits 71,107 69,322 66,244 CET1 Ratio 11.2% 11.1% 11.0% TCE Ratio1 7.2 7.2 6.7 Tangible Book Value per Share1 $ 55.87 $ 54.10 $ 48.79 Asset Quality Provision for Credit Losses $ 39.9 $ 31.2 $ 37.1 Net Loan Charge-Offs 29.6 25.8 22.8 Net Loan Charge-Offs/Avg. Loans 0.22% 0.20% 0.18% Total Loan ACL/Funded HFI Loans2 0.78 0.77 0.74 NPLs/Funded HFI Loans 0.76 0.82 0.76 Dollars in millions, except EPS Net Income EPS $237.8 million $2.07 22.8% Y-o-Y PPNR1 ROTCE1 Q2: $331.2 million 14.9% 16.2% Y-o-Y Loan Growth Capital Q2: $1.2 billion CET1 Ratio: 11.2% 6.7% Y-o-Y TCE Ratio1: 7.2% Tangible Book Value PER SHARE1 NPLs / Total Loans $55.87 0.76% 14.5% Y-o-Y 1) Refer to slide 2 for further discussion of non-GAAP financial measures. 2) Ratio includes an allowance for credit losses of $11.8 million as of June 30, 2025 related to a pool of loans covered under 3 separate credit linked notes. Q2 2025 Highlights

 
4 Q2-25 Q1-25 Q2-24 Interest Income $ 1,154.4 $ 1,095.6 $ 1,147.5 Interest Expense (456.8) (445.0) (490.9) Net Interest Income $ 697.6 $ 650.6 $ 656.6 Service Charges and Loan Fees 36.9 37.2 17.8 Mortgage Banking Revenue 77.7 71.3 84.9 Gains on Securities Sales and FV Adj., Net 11.5 3.1 3.0 Other 22.2 15.8 9.5 Non-Interest Income $ 148.3 $ 127.4 $ 115.2 Net Revenue $ 845.9 $ 778.0 $ 771.8 Salaries and Employee Benefits (179.9) (182.4) (153.0) Deposit Costs (147.4) (136.8) (173.7) Insurance (37.4) (37.9) (33.8) Other (150.0) (143.3) (126.3) Non-Interest Expense $ (514.7) $ (500.4) $ (486.8) Pre-Provision Net Revenue1 $ 331.2 $ 277.6 $ 285.0 Provision for Credit Losses (39.9) (31.2) (37.1) Pre-Tax Income $ 291.3 $ 246.4 $ 247.9 Income Tax (53.5) (47.3) (54.3) Net Income $ 237.8 $ 199.1 $ 193.6 Net Income Available to Common Stockholders $ 227.2 $ 195.9 $ 190.4 Diluted Shares 109.6 109.6 109.1 Earnings Per Share $ 2.07 $ 1.79 $ 1.75 Net Interest Income increased $47.0 million over the prior quarter primarily due to a higher average earning asset balance Non-Interest Income increased $20.9 million from Q1 primarily driven by the following: • Investment Securities gains realized as part of a mitigation strategy to offset tariff-related volatility Mortgage Banking Metrics • $13.8 billion mortgage loan production in Q2 (79% purchase / 21% refinance), up 14% compared to Q1 and up 25% to Q2-24 • $14.1 billion interest rate lock commitment volume in Q2, up 12% compared to Q1 and up 17% to Q2-24 • Gain on Sale margin2 of 20 bps in Q2, compared to 19 bps in Q1 and 26 bps in Q2-24 • $59.4 billion in servicing portfolio UPB Provision for Credit Losses of $39.9 million due to net charge-offs of $29.6 million and loan growth 1) Refer to slide 2 for further discussion of non-GAAP financial measures. 2) Gain on Sale margin represents spread as of the interest rate lock commitment date. Quarterly Income Statement Q2 2025 Highlights 1 2 3 1 2 3 Dollars in millions, except EPS

 
5 • Securities Portfolio yields increased 18 bps, primarily due to liquidity deployment into higher yielding, floating rate securities • Loan yields decreased 3 bps primarily due to loan growth weighted towards the end of the quarter at lower variable rates • Cost of interest-bearing deposits decreased 7 bps, while total cost of funds decreased 5 bps to 2.37%, primarily driven by a reduction in deposit rates and repricing of $616 million in CDs • Cost of liability funding decreased 5 bps primarily due to lower rates on deposits, short-term borrowings and qualifying debt Interest Bearing Deposits and Cost Loans and HFI Yield Deposits, Borrowings, and Cost of Liability Funding Securities Portfolio and Yield $17.3 $16.4 $15.1 $15.9 $18.6 4.87% 4.89% 4.67% 4.63% 4.81% Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 $52.4 $53.3 $53.7 $54.8 $55.9$2.0 $2.3 $2.3 $3.2 $3.0 6.79% 6.65% 6.34% 6.20% 6.17% Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 $44.7 $43.1 $47.5 $47.3 $48.1 3.73% 3.76% 3.49% 3.26% 3.19% Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 $44.7 $43.1 $47.5 $47.3 $48.1 $21.5 $25.0 $18.8 $22.0 $23.0 $6.5 $3.9 $6.5 $5.0 $6.7 2.79% 2.67% 2.52% 2.42% 2.37% Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Non-Interest Bearing Deposits Total Borrowings Q2 2025 Highlights Net Interest Drivers Dollars in billions, unless otherwise indicated Interest Bearing DepositsInterest Bearing Deposits Total Investments HFI Loans HFS Loans

 
6 • Net Interest Income increased $47.0 million, or 7.2%, primarily due to a higher average balance of interest earning assets (AEA) • AEA increased $3.3 billion, or 4.3%, primarily from growth in investment securities and loans • NIM increased 6 bps, primarily driven by higher yields on securities and lower rates on deposits Net Interest Income and Net Interest Margin $656.6 $696.9 $666.5 $650.6 $697.6 3.63% 3.61% 3.48% 3.47% 3.53% Net Interest Margin Net Interest Income Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 $73.9 $77.8 $77.3 $77.2 $80.5 $50.8 $52.8 $53.5 $53.5 $54.9 $2.9 $4.3 $4.5 $4.3 $4.9 $16.2 $16.5 $15.8 $15.3 $17.3 $4.0 $4.2 $3.5 $4.1 $3.5 6.30% 6.19% 5.91% 5.81% 5.80% Loans Loans HFS Securities Cash & Other Average Yield Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Average Earning Assets & Average Yield Dollars in millions Dollars in billions Net Interest Income Q2 2025 Highlights 5% 22% 4% 5% 20% 6% 4% 22% 6% 69% 69% 68%

 
7 • Adjusted efficiency ratio1 (excluding deposit costs) decreased 400 bps to 51.8%, but increased 30 bps from the same period last year – Total Non-Interest Expenses (Ex. Deposit Costs) increased $3.7 million to $367.3 million • Efficiency ratio1 decreased 340 bps to 60.1%, and decreased 220 bps from the same period last year • Deposit Costs increased $10.6 million to $147.4 million from higher average ECR-related deposit balances – Total ECR-related deposit balances of $25.0 billion in Q2-25 – Average ECR-related deposits of $25.6 billion in Q2-25 compared to $24.2 billion in Q1-25 and $24.7 billion in Q2-24 $486.8 $537.4 $519.0 $500.4 $514.7 62.3% 64.5% 61.2% 63.5% 60.1% 51.5% 52.7% 51.1% 55.8% 51.8% Non-Interest Expenses Efficiency Ratio Adj. Efficiency Ratio Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Dollars in millions Non-Interest Expenses and Efficiency $153.0 $157.8 $165.4 $182.4 $179.9 $126.3 $136.2 $142.4 $143.3 $150.0 $33.8 $35.4 $36.7 $37.9 $37.4 $173.7 $208.0 $174.5 $136.8 $147.4 Deposit Costs Insurance Other Operating Expenses Salaries & Employee Benefits Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q2 2025 Highlights Non-Interest Expenses and Efficiency Ratio1 1) Refer to slide 2 for further discussion of non-GAAP financial measures. Breakdown of Non-Interest Expenses Non-Interest Expenses (Ex. Deposit Costs) $ 313.1 $ 329.4 $ 344.5 $ 363.6 $ 367.3

 
8 Interest Rate Sensitivity Q2 2025 Highlights • A Ramp Scenario assumes a dynamic balance sheet and reflects an asset sensitive position on NII and a relatively neutral position on EaR – WAL estimates a -100 bps ramp to reduce NII by (2.8)% • EaR is relatively interest rate neutral, with (0.6)% impact to earnings2 from a -100 bps ramp – The reduction in asset sensitivity from NII to EaR is driven by the estimated decrease in ECR-related deposit costs and increase in Mortgage Banking Revenue • Of total earning assets, 63% are variable with 50% repricing to SOFR • Variable liabilities represent 84% of total earning assets and are primarily modeled to changes in Fed Funds – Non-Maturity Deposit rates, including ECRs, are estimated to have a 63% beta (2.8)% 3.5% Down 100 Up 100 (0.6)% 1.6% Down 100 Up 100 1) Projected using a simulation model that calculates the difference between a baseline forecast using forward yield curves, compared to forecasted results from a gradual, parallel increase in rates over a 12-month period (“Ramp”). 2) Earnings defined as pre-tax net interest income adjusted for rate-sensitive non-interest income and expense accounts. NII Sensitivity - Ramp Scenario1 Earnings-at-Risk - Ramp Scenario1

 
9 Q2-25 Q1-25 Q2-24 Securities and Cash $ 21,368 $ 19,147 $ 21,345 Loans, HFS 3,022 3,238 2,007 Loans, HFI 55,939 54,761 52,430 Allowance for Loan Losses (395) (389) (352) Mortgage Servicing Rights 1,044 1,241 1,145 Goodwill and Intangibles 653 656 664 Other Assets 5,094 4,389 3,342 Total Assets $ 86,725 $ 83,043 $ 80,581 Deposits $ 71,107 $ 69,322 $ 66,244 Borrowings 6,052 4,151 5,587 Qualifying Debt 678 898 897 Other Liabilities 1,481 1,457 1,519 Total Liabilities $ 79,318 $ 75,828 $ 74,247 Total Equity 7,407 7,215 6,334 Total Liabilities and Equity $ 86,725 $ 83,043 $ 80,581 Tangible Book Value Per Share1 $ 55.87 $ 54.10 $ 48.79 Dollars in millions, except per share data Consolidated Balance Sheet Q2 2025 Highlights 1 2 3 4 5 Securities and Cash increased $2.2 billion, or 11.6%, to $21.4 billion and flat compared to the prior year Loans, HFI increased $1.2 billion, or 2.2%, and increased $3.5 billion, or 6.7%, over prior year Deposits increased $1.8 billion, or 2.6%, and increased $4.9 billion, or 7.3%, over prior year Borrowings increased $1.9 billion due to higher average HFS loans and investment securities balances in excess of deposits Qualifying debt decreased $220 million primarily due to repayment of $225 million of subordinated debt Equity increased $192 million primarily due to net income, partially offset by dividends Tangible Book Value/Share1 increased $1.77, or 3.3%, and increased $7.08, or 14.5%, over prior year 1) Refer to slide 2 for further discussion of non-GAAP financial measures. 6 1 2 3 4 6 7 7 5

 
10 $3.5 Billion Year-over-Year Growth $21.7 $22.6 $23.1 $24.1 $24.9 $1.9 $1.8 $1.8 $1.8 $1.7 $9.6 $9.8 $9.9 $10.1 $10.3 $4.7 $4.7 $4.5 $4.5 $4.5 $14.5 $14.4 $14.4 $14.3 $14.5 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 27.6% 3.6% 18.4% 41.4% 9.0% 25.9% 3.1% 18.3% 44.6% 8.1% Residential & Consumer Construction & Land CRE, Non-Owner Occupied CRE, Owner Occupied Commercial & Industrial $52.4 +$1.7 $53.3 +$0.9 $53.7 +$0.3 $54.8 +$1.1 $55.9 +$1.2 Dollars in billions, unless otherwise indicated Total Loans, HFI Qtr Change Loan Composition Q2 2025 Highlights Increase (Decrease) by Loan Type: (in millions) QoQ YoY C&I $ 803 $ 3,230 CRE, Non-OO 215 608 Residential & Consumer 176 (6) Construction & Land 22 (186) CRE, OO (38) (137) Total $ 1,178 $ 3,509 26.1% 3.3% 18.4% 44.0% 8.2% 4.19% 6.11% 7.12% 6.58% 8.29% Q2-25 Avg. Yields1 Total Yield 6.17% 1) Average yields on loans have been adjusted to a tax equivalent basis. Loan growth from C&I businesses within Regional Banking and National Business Lines 50% 25% 25% Regional Banking National Business Lines Residential Loan Composition

 
11 Diversified deposit growth across Specialty Escrow Services and National Business Lines Q2 2025 Highlights $21.5 $25.0 $18.8 $22.0 $23.0 $17.3 $13.8 $15.9 $15.5 $15.7 $17.1 $19.6 $21.2 $21.7 $22.2 $10.3 $9.6 $10.4 $10.1 $10.2 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 26.0% 15.7% 32.5% 25.8% 22.0% 14.4% 32.3% 31.3% $4.9 Billion Year-over-Year Growth CDs Savings and MMA Interest Bearing DDA Non-Interest Bearing $68.0 +$1.8 $66.2 +$4.0 $69.3 +$3.0 $71.1 +$1.8 Increase (Decrease) by Deposit Type: (in millions) QoQ YoY Non-Interest Bearing $ 988 $ 1,475 Savings and MMA 503 5,144 Interest-Bearing DDA 167 (1,593) CDs 127 (163) Total $ 1,785 $ 4,863 $66.3 $(1.7) Total Deposits Qtr Change Deposit Composition Q2-25 Avg. Costs Total Cost 2.13% Dollars in billions, unless otherwise indicated 4.38% 2.48% N/A 3.15% 22.4% 14.6% 31.7% 31.3% Deposit Composition • 32% of total deposits are non-interest bearing – Approximately 34% have no ECRs 32% 39% 12% 8% 9% Regional Banking National Business Lines Specialty Escrow Svcs¹ Consumer Digital Other 1) Specialty Escrow Services includes: Business Escrow Services, Corporate Trust, Juris Banking, and other deposit initiatives.

 
12 0.93% 1.05% 1.25% 1.44% 1.45% 0.51% 0.45% 0.65% 0.60% 0.74% 0.76% 0.65% 0.89% 0.82% 0.76% Classified Assets / Total Assets NPLs + OREO / Total Assets NPLs / Funded HFI Loans Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 $748 $838 $1,009 $1,195 $1,261 $8 $8 $52 $51 $218 $401 $349 $476 $451 $427$339 $481 $481 $693 $616 OREO Non-Performing Loans Classified Accruing Assets Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Dollars in millions Asset Quality RatiosSpecial Mention Loans • Criticized Loans decreased $118 million quarterly to $1.5 billion – Special Mention Loans decreased $16 million to $444 million (79 bps to Funded Loans) – Total Classified Accruing Loans decreased $78 million to $615 million (110 bps to Funded Loans) – Non-Performing Loans decreased $24 million to $427 million (76 bps to Funded HFI Loans) ▪ OREO increased $167 million to $218 million (25 bps to Total Assets) – Supported by 'as-is' valuations and aggregate operating revenues in excess of expenses • Over the last 10+ years, only ~2% of Special Mention loans have migrated to loss Classified Assets $532 $502 $392 $460 $444 1.01% 0.94% 0.73% 0.84% 0.79% Special Mention Loans SM / Funded Loans Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q2 2025 Highlights Classified Assets Mix 28% 4% 12% 2% CRE Investor C&I Resi Construction CRE OO 5% Other 42% Office Asset Quality 7% Hotel

 
13 $22.9 $27.8 $34.4 $27.5 $35.3 $(0.1) $(1.2) $(0.3) $(1.7) $(5.7) Gross Charge-Offs Recoveries Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 $352 $357 $374 $389 $395 $36 $38 $40 $35 $39 $10 $10 $17 $12 $12 Loan Losses Unfunded Loan Commits. HTM and AFS Securities Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 0.74% 0.74% 0.77% 0.77% 0.78% 97% 113% 87% 94% 102% Total Loan ACL / Funded Loans Total Loan ACL / Non-Performing Loans Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Dollars in millions • Provision Expense of $39.9 million, primarily reflective of net charge-offs and loan growth • Net Loan Charge-Offs of $29.6 million, 22 bps, compared to $25.8 million, 20 bps, in Q1 • Total Loan ACL / Funded Loans3 relatively flat from the prior quarter at 0.78% – Total Loan ACL / Funded Loans3 less loans covered by CLNs is 0.91% • 17% of loan portfolio is credit protected, consisting of government guaranteed, CLN protected4, and cash secured assets Credit Losses and ACL Ratios Q2 2025 Highlights Gross Loan Charge-offs and RecoveriesAllowance for Credit Losses Loan ACL Adequacy Ratios2,3 1) Included as a component of other liabilities on the balance sheet. 2) Total Loan ACL includes allowance for unfunded commitments. 3) Ratio includes an allowance for credit losses of $11.8 million as of June 30, 2025 related to a pool of loans covered under 3 separate credit linked notes. 4) As of June 30, 2025, CLNs cover a substantial portion of Residential ($8.4 billion) loans outstanding. 1

 
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15 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 1 0 Peer 1 1 Peer 1 2 WAL Peer 1 3 Peer 1 4 Peer 1 5 Peer 1 6 Peer 1 7 Peer 1 8 Peer 1 9 Peer 2 0 Peer 2 1 Peer 2 2 Peer 2 3 Peer 2 4 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% Source: S&P Global Market Intelligence. Peers consist of the other 24 major exchange-traded US banks with total assets between $50 and $250 billion as of March 31, 2025. 1) Assumes CET1 capital of $6.6 billion and risk-weighted assets of $58.8 billion, adjusted for AOCI of $(482) million and allowance for loan losses of $395 million. 11.0%: Median 11.7%: 75th pctl 10.1%: 25th pctl Adjusted CET11 (incl. of AOCI Unrealized Securities Marks & Loan Loss Reserves) Fortified Adjusted Capital CET1 capital adjusted for AOCI securities marks & reserves remains solidly above peer median levels Q2 11.0% WAL Q1 11.0%

 
16 Regulatory Capital Ratios • Continue to exceed “well-capitalized” levels with CET1 of 11.2% Tangible Common Equity / Tangible Assets1 • TCE/TA remained flat at 7.2% Capital Accretion • Increase in CET1 quarter-over-quarter due to organic earnings strength • Total regulatory capital declined slightly due to repayment of subordinated debt, prefunded with our REIT preferred issuance proceeds 11.0% 11.2% 11.3% 11.1% 11.2% 6.7% 7.2% 7.2% 7.2% 7.2% CET1 TCE/TA Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 1) Refer to slide 2 for further discussion of non-GAAP financial measures. 13.9% 14.1% 14.1% 14.5% 14.1% 11.7% 11.9% 11.9% 12.3% 12.3% 8.0% 7.8% 8.1% 8.6% 8.4% Tier 1 Leverage Tier 1 Capital Total RBC Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q2 2025 Highlights Common Capital Ratios Capital Accumulation Regulatory Capital Ratios 1

 
17 448% 522% 57% 112% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 MRQ 0x 1x 2x 3x 4x 5x 6x Tangible Book Value per Share1 • TBVPS increased $1.77 to $55.87 from organic earnings – Increased 3.3% quarter-over-quarter, non- annualized – Increased 14.5% year-over-year – 17.6% CAGR since year end 2014 • TBVPS has increased more than 7.5x that of peers – Quarterly common stock cash dividend of $0.38 per share 1) Refer to slide 2 for further discussion of non-GAAP financial measures. 2) MRQ is Q2-25 for WAL and Q1-25 for peers. Source: S&P Global Market Intelligence. Peers consist of the other 24 major exchange-traded US banks with total assets between $50 and $250 billion as of March 31, 2025. Q2 2025 Highlights Tangible Book Value Growth Long-Term Growth in TBV per Share1 WAL Peer Median with Dividends Added Back Peer Median WAL with Dividends Added Back 2

 
18 • Growth-oriented business model, focused on low risk, high return loan composition, has produced consistent, superior financial results • Above peer median profitability has bolstered TBVPS accumulation, a key driver of long-term total shareholder returns Highlights Source: S&P Global Market Intelligence. Peers consist of the other 24 major exchange-traded US banks with total assets between $50 and $250 billion as of March 31, 2025. 1) Period from 6/30/2015 to 6/30/2025. 2) FY2014 to FY2024. 3) Through Q2-25 for WAL and Q1-25 for peers. WAL's Industry-Leading Growth Superior total shareholder returns driven by top-tier balance sheet growth and profitability 10-Year TSR1 10-Year EPS Growth2 10-Year TBVPS Growth2 162% 160% 116% 74% WAL Top Quartile Median Bottom Quartile 15% 11% 8% 6% WAL Top Quartile Median Bottom Quartile 18% 7% 5% 3% WAL Top Quartile Median Bottom Quartile 20% 14% 8% 5% WAL Top Quartile Median Bottom Quartile 22% 14% 10% 6% WAL Top Quartile Median Bottom Quartile 22% 11% 7% 4% WAL Top Quartile Median Bottom Quartile 14.2% 16.2% 12.9% 11.9% WAL Top Quartile Median Bottom Quartile 62.3% 55.0% 58.7% 65.2% WAL Top Quartile Median Bottom Quartile 3.52% 3.52% 3.25% 2.90% WAL Top Quartile Median Bottom Quartile 10-Year Loan Growth2 10-Year Deposit Growth2 10-Year Revenue Growth2 LTM NIM3 LTM Efficiency3 LTM ROATCE3

 
19 • Pipelines are healthy. Remain flexible based on environment.Balance Sheet Growth Capital (CET1) Net Interest Income Non-interest Income Non-interest Expense Net Charge-Offs Effective Tax Rate 2024 Baseline 2025 Outlook Loans (HFI): $53.7 bn Deposits: $66.3 bn L (HFI): +$5.0 bn D: +$8.0 bn 11.3% > 11% $2.62 bn Up 8% - 10% $543 mm Up 8% - 10% $2.025 bn 18 bps Up 1% - 4% ~ 20 bps ~ 21% ~ 20% NIE (Ex. Deposit Costs) ECR-Related Deposit Costs $1,495 - $1,515 mm $550 - $590 mm $1,332 mm $693 mm Management Outlook Commentary • ECR Deposit Costs (Q3-25E): $170 - $180 mm • Prudent to maintain excess capital in uncertain environment. • Assumes 2 25 bps rate cuts • Prior: Up 6% - 8% • Prior: Down 0% - 5% • Prior: Up 6% - 8%

 
Questions & Answers

 
Appendix

 
22 Commercial Real Estate Investor Statistics CRE Investor Portfolio (At Origination or Most Recent Appraisal) Note: LTV data assumes all loans are fully funded; based on most recent appraisals or appraisals at origination and utilizing, in most cases, “as stabilized” values for income producing properties. Underwriting Criteria and Mitigating Factors Distribution by LTV • Low LTV & LTC (50% to low 60%) range underwriting in areas minimizes tail risk • Simple capital structure - no junior liens or mezzanine debt permitted within our structures • Majority of CRE Investor (bulk of total CRE) is located in our core footprint states • Early elevation, proactive and comprehensive review of CRE portfolio and re-margin discussions with sponsors where sweep/re-margin provisions have been triggered 26% 25% 31% 12% 2% 4% <=40% 41-50% 51-60% 61-70% 71-80% >80% 42% 21% 8% 7% 7% 4% 1% 1% 1% 1% 7% 51% 59% 52% 39% 45% 38% 63% 41% 18% 45% 49% Outstanding LTV Hotel Offi ce Retail Multif amily Industr ial Tim e Share Medical Senior C are Data Center Mini-S torage Other Low uncovered risk with re-margin provisions • Only $683 million of Multi-Family, concentrated in western regional markets • No exposure to NYC area Multi-Family Limited Multi-Family Exposure $10.3 billion; 18% of Total Loans

 
23 Commercial Real Estate Investor: Office Distribution by LTV (At Origination or Most Recent Appraisal) 5% 20% 20% 24% 11% 20% <=40% 41-50% 51-60% 61-70% 71-80% >80% Key MSA Exposures $2.1 Billion; 21% of Total CRE Investor; 4% of Total Loans Underwriting Criteria and Mitigating Factors • Primarily shorter-term bridge loans for repositioning or redevelopment projects • Strong sponsorship from institutional equity and large regional and national developers – All direct relationships generated by WAL – Significant up-front cash equity required from sponsors • Conservative loan-to-cost underwriting – Average LTV < 55%; Average LTC < 65% – No junior debt / mezzanine • Largely suburban exposure in “Work From Home” MSAs – Negligible exposure in CBD, 1% in Small City/Town, 11% in Midtown and 88% in Suburban MSAs • Focused on B+ properties accompanied by attractive amenities or those in core locations with appropriate business plans to reposition – Class A: 57%, Class B: 38%, Class C: 5% • Dispersed maturities – 40% to mature in 2025, 31% to mature in 2026 and 29% to mature in 2027+ 88% 11% 1% Suburban Midtown Small City/Town Note: LTV data assumes all loans are fully funded; based on most recent appraisals or, in most cases, appraisals at origination and utilizing “as stabilized” values for income producing properties.

 

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