Western Alliance Bancorporation Reports Second Quarter 2026 Financial Results

Key Terms

ppnr financial

Pre-provision net revenue (PPNR) is a bank’s revenue after accounting for day-to-day operating costs but before subtracting money set aside for bad loans. Think of it like a store’s gross profit before it reserves cash for damaged goods: it shows the core ability to generate income from lending and fees, and helps investors judge a bank’s operating strength separate from credit losses.

net interest margin financial

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

cet1 ratio financial

CET1 ratio measures a bank's core equity capital (the most loss-absorbing funds like common stock and retained earnings) relative to the size of its risk-adjusted assets. It shows how big the bank's financial cushion is compared with what it has on its books; a higher ratio means greater ability to absorb losses, lower regulatory risk, and generally more investor confidence in the bank's stability.

nonaccrual loans financial

Nonaccrual loans are loans a lender has stopped counting toward interest income because the borrower is overdue or unlikely to pay; the lender only records cash payments received and may set aside extra funds to cover potential losses. For investors, a rising number or amount of nonaccrual loans signals weaker credit quality, lower future interest revenue and larger potential write-downs — similar to pausing expected subscription income when many customers stop paying.

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PHOENIX--(BUSINESS WIRE)-- Western Alliance Bancorporation (NYSE:WAL):

SECOND QUARTER 2026 FINANCIAL RESULTS

Quarter Highlights:
Net income		Diluted earnings per share		PPNR1		Net interest margin		Efficiency ratio1		Book value per common share
$268.8 million		$2.36		$412.4 million		3.53%		58.0%		$69.11
								48.9%, adjusted for deposit costs1		$63.24, excluding goodwill and intangibles1

CEO COMMENTARY:

"Western Alliance generated solid financial results in the second quarter, highlighted by strong, pre-provision net revenue1, diversified and robust loan growth, the launch of our deposit optimization strategy, and stable asset quality," said Kenneth A. Vecchione, Chairman, President and Chief Executive Officer. "Earnings per share of $2.36, rose 6.3% from an adjusted EPS2 of $2.22 in the prior quarter. Our results were driven by quarterly HFI loan growth of $1.8 billion, which reflected ongoing momentum in our C&I businesses. Net interest income rose 4% from the prior quarter, primarily from a $2.7 billion increase in average earning assets, and benefitted from a stable net interest margin, which was supported by lower funding costs. Asset quality trends continue to improve. Special mention and classified accruing loans declined approximately 22% and 3.3%, respectively, while net charge-offs declined 2 basis points from the Q1 adjusted level to 0.37%. Tangible book value per share1 climbed 13.2% year-over-year to $63.24 and the CET1 ratio remained 11.0%, while our allowance for credit losses ratio increased 2 basis points to 0.89%."

LINKED-QUARTER BASIS	YEAR-OVER-YEAR
FINANCIAL HIGHLIGHTS:
Net income of $268.8 million and earnings per share of $2.36, up 42.1% and 43.0%, from $189.2 million and $1.65, respectively (or up 7.0% and 6.3%, respectively, from as adjusted2 amounts of $251.3 million and $2.22, respectively) Net revenue of $995.7 million, a decrease of 2.3%, or $23.2 million, from $1.0 billion (or up 2.8%, or $27.3 million, from $968.4 million on an as adjusted2 basis), compared to an increase in non-interest expenses of 1.5%, or $8.9 million Pre-provision net revenue1 of $412.4 million, down $32.1 million from $444.5 million (or up $18.4 million, or 4.7%, from $394.0 million, as adjusted2) Effective tax rate of 19.0%, compared to 18.2%	Net income of $268.8 million and earnings per share of $2.36, up 13.0% and 14.0%, from $237.8 million and $2.07, respectively Net revenue of $995.7 million, an increase of 17.7%, or $149.8 million, from $845.9 million, compared to an increase in non-interest expenses of 13.3%, or $68.6 million Pre-provision net revenue1 of $412.4 million, up $81.2 million from $331.2 million Effective tax rate of 19.0%, compared to 18.4%
FINANCIAL POSITION RESULTS:
HFI loans of $60.9 billion, up $1.8 billion, or 3.1% Total deposits of $81.9 billion, down $849 million, or 1.0% HFI loan-to-deposit ratio of 74.4%, up from 71.5% Total equity of $8.1 billion, up $227 million, or 2.9%	Increase in HFI loans of $5.0 billion, or 9.0% Increase in total deposits of $10.8 billion, or 15.1% HFI loan-to-deposit ratio of 74.4%, down from 78.7% Increase in total equity of $728 million, or 9.8%
LOANS AND ASSET QUALITY:
Nonperforming (nonaccrual) loans to funded HFI loans of 0.92%, increased from 0.83% Criticized loans of $1.3 billion, down $32 million from $1.4 billion Special mention loans of $316 million, down $87 million from $403 million Repossessed assets of $126 million, up $3 million from $123 million Annualized net loan charge-offs to average loans outstanding of 0.37%, compared to 1.45% (or 0.39%, as adjusted2)	Nonperforming (nonaccrual) loans to funded HFI loans of 0.92%, increased from 0.76% Criticized loans of $1.3 billion, down $168 million from $1.5 billion Special mention loans of $316 million, down $128 million from $444 million Repossessed assets of $126 million, down $92 million from $218 million Annualized net loan charge-offs to average loans outstanding of 0.37%, compared to 0.22%

1		See Reconciliation of Non-GAAP Financial Measures.
2		The Company's first quarter 2026 financial results reflected provision for credit losses related to the charge-off of the remaining $126.4 million Leucadia Asset Management LLC ("LAM") loan, partially offset by $50.5 million in gains from security sales. The adjusted Q1-26 metrics exclude the impact of these items, as well as a $26.1 million charge-off from the specific reserve previously established on the Cantor Group V, LLC ("Cantor") loan. Refer to the reconciliations for non-GAAP financial measures that exclude the effects of these actions.

SECOND QUARTER 2026 FINANCIAL RESULTS

LINKED-QUARTER BASIS	YEAR-OVER-YEAR
KEY PERFORMANCE METRICS:
Net interest margin of 3.53%, essentially flat to 3.54% Return on average assets and on tangible common equity1 of 1.09% and 15.3%, compared to 0.80% (or 1.07%, as adjusted2) and 10.5% (or 14.2%, as adjusted2), respectively Tangible common equity ratio1 of 7.0%, increased from 6.8% CET 1 ratio of 11.0%, unchanged from 11.0% Tangible book value per share1, net of tax, of $63.24, an increase of 3.4% from $61.14 Efficiency ratio1 of 58.0%, an increase of 2.2%, from 55.8% Efficiency ratio, adjusted for deposit costs1 of 48.9%, an increase of 1.4% from 47.5%	Net interest margin of 3.53%, unchanged from 3.53% Return on average assets and on tangible common equity1 of 1.09% and 15.3%, compared to 1.10% and 14.9%, respectively Tangible common equity ratio1 of 7.0%, decreased from 7.2% CET 1 ratio of 11.0%, compared to 11.2% Tangible book value per share1, net of tax, of $63.24, an increase of 13.2% from $55.87 Efficiency ratio1 of 58.0%, a decrease of 2.1%, from 60.1% Efficiency ratio, adjusted for deposit costs1 of 48.9%, a decrease of 2.9%, from 51.8%

1		See Reconciliation of Non-GAAP Financial Measures.
2		The Company's first quarter 2026 financial results reflected provision for credit losses related to the charge-off of the remaining $126.4 million LAM loan, partially offset by $50.5 million in gains from security sales. The adjusted Q1-26 metrics below exclude the impact of these items, as well as a $26.1 million charge-off from the specific reserve previously established on the Cantor loan. Refer to the reconciliations for non-GAAP financial measures that exclude the effects of these actions.

Income Statement

Net interest income totaled $796.9 million in the second quarter 2026, an increase of $30.6 million, or 4.0%, from $766.3 million in the first quarter 2026, and an increase of $99.3 million, or 14.2%, compared to the second quarter 2025. The increase in net interest income from the first quarter 2026 was primarily due to an increase in average interest bearing assets, which were partially offset by an increase in average interest bearing liabilities and declining yields on interest earning assets. The increase in net interest income from the second quarter 2025 was driven by an increase in average interest earning asset balances, partially offset by declining yields on these assets.

The Company recorded a provision for credit losses of $80.4 million in the second quarter 2026, a decrease of $132.8 million from $213.2 million in the first quarter 2026, and an increase of $40.5 million from $39.9 million in the second quarter 2025. The decrease from the first quarter 2026 was primarily driven by lower charge-offs, as the first quarter 2026 provision for credit losses included a $126.4 million charge-off of the remaining LAM loan balance. The provision for credit losses during the second quarter 2026 was primarily driven by net charge-offs totaling $55.0 million and loan growth, which increased the total allowance for credit losses to funded HFI loans ratio from 87 to 89 basis points.

The Company’s net interest margin was 3.53% in the second quarter 2026, a decrease from 3.54% in the first quarter 2026, and flat from 3.53% in the second quarter 2025. Net interest margin decreased slightly from the first quarter 2026 due to an increase in average interest bearing liabilities and declining yields on interest earning assets, partially offset by an increase in average interest earning assets. Net interest margin was flat from the second quarter 2025 as a reduction in interest bearing liability costs was offset by declining yields on interest earning assets.

Non-interest income was $198.8 million for the second quarter 2026, compared to $252.6 million for the first quarter 2026, and $148.3 million for the second quarter 2025. The decrease in non-interest income of $53.8 million from the first quarter 2026 was primarily due to decreases in gain on sales of investment securities of $47.5 million, service charges and fees of $25.4 million, and net gain on mortgage loan origination and sale activities of $19.3 million, partially offset by an increase in net loan servicing revenue of $32.6 million. The increase in non-interest income of $50.5 million from the second quarter 2025 was primarily driven by increases in service charges and fees, net gain on mortgage loan origination and sale activities, fair value gain adjustments, and income from equity investments. These increases were partially offset by a reduction on gain on sales of investment securities and a decrease in net loan servicing revenue.

Net revenue totaled $995.7 million for the second quarter 2026, a decrease of $23.2 million, or 2.3%, compared to $1.0 billion for the first quarter 2026, and an increase of $149.8 million, or 17.7%, compared to $845.9 million for the second quarter 2025. Excluding $50.5 million of first quarter 2026 security sale gains, second quarter 2026 net revenue increased $27.3 million from adjusted² net revenue of $968.4 million.

Non-interest expense was $583.3 million for the second quarter 2026, compared to $574.4 million for the first quarter 2026, and $514.7 million for the second quarter 2025. The increase in non-interest expense of $8.9 million from the first quarter 2026 was primarily due to an increase of $15.9 million in deposit costs driven by increased average mortgage warehouse related balances, partially offset by a decrease of $13.1 million in other non-interest expense. The decrease in other non-interest expense was primarily driven by decreased costs associated with Juris banking, which had a comparable decrease in service charges and fees within non-interest income. The increase in non-interest expense of $68.6 million from the second quarter 2025 was primarily attributable to increased deposit costs of $31.8 million and increased salaries and employee benefits of $24.4 million. These increases were partially offset by decreased insurance costs of $9.1 million.

The Company's efficiency ratio was 58.0% for the second quarter 2026, compared to 55.8% for the first quarter 2026, and 60.1% for the second quarter 2025. The Company’s efficiency ratio, adjusted for deposit costs¹, was 48.9% for the second quarter 2026, compared to 47.5% in the first quarter 2026, and 51.8% for the second quarter 2025.

Income tax expense was $63.2 million for the second quarter 2026, compared to $42.1 million for the first quarter 2026, and $53.5 million for the second quarter 2025. The increase in income tax expense from the first quarter 2026 was primarily driven by an increase in pretax income and decreases in investment tax credits and stock compensation benefits. The increase in income tax expense from the second quarter 2025 was primarily driven by an increase in pretax income and a decrease in investment tax credits.

Net income was $268.8 million for the second quarter 2026, an increase of $79.6 million from $189.2 million (or an increase of $17.5 million from $251.3 million, as adjusted²) for the first quarter 2026, and an increase of $31.0 million from $237.8 million for the second quarter 2025. Earnings per share totaled $2.36 for the second quarter 2026, compared to $1.65 (or $2.22, as adjusted²) for the first quarter 2026, and $2.07 for the second quarter 2025.

The Company believes its pre-provision net revenue¹ ("PPNR"), which it defines as net revenue less non-interest expense, is a key metric for assessing the Company’s earnings power. For the second quarter 2026, the Company’s PPNR¹ was $412.4 million, down $32.1 million from $444.5 million (or an increase of $18.4 million from $394.0 million, as adjusted²) in the first quarter 2026, and up $81.2 million from $331.2 million in the second quarter 2025.

1		See Reconciliation of Non-GAAP Financial Measures.
2		The Company's first quarter and year-to-date 2026 financial results reflect the impact to provision for credit losses, arising from the charge-off of the remaining $126.4 million balance of the LAM loan in the first quarter 2026. This impact was partially offset by $50.5 million in gains from security sales for the first quarter 2026. Refer to the reconciliations for non-GAAP financial measures that exclude the effects of these actions.

Balance Sheet

HFI loans, net of deferred fees, totaled $60.9 billion at June 30, 2026, compared to $59.1 billion at March 31, 2026, and $55.9 billion at June 30, 2025. The increase in HFI loans of $1.8 billion from the prior quarter was primarily driven by increases of $1.5 billion and $283 million in commercial and industrial loans and residential real estate loans, respectively. The increase in HFI loans of $5.0 billion from June 30, 2025 was primarily driven by increases of $4.8 billion and $583 million in commercial and industrial and residential real estate loans, respectively, partially offset by decreases of $285 million and $171 million in construction and land development and commercial real estate owner occupied loans, respectively. HFS loans totaled $4.3 billion at June 30, 2026, $3.9 billion at March 31, 2026, and $3.0 billion at June 30, 2025. The increase in HFS loans of $411 million from March 31, 2026 was primarily driven by increases of $322 million and $138 million in agency-conforming and government-insured or guaranteed mortgage loans, respectively. The increase in HFS loans of $1.3 billion from June 30, 2025 was primarily driven by increases of $670 million and $514 million in government-insured or guaranteed and agency-conforming mortgage loans, respectively.

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 0.80% at June 30, 2026, 0.78% at March 31, 2026, and 0.71% at June 30, 2025. The allowance for credit losses, which includes the allowance for unfunded loan commitments, to funded HFI loans ratio was 0.89% at June 30, 2026, 0.87% at March 31, 2026, and 0.78% at June 30, 2025. 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 $7.8 billion, $7.9 billion, and $8.4 billion as of June 30, 2026, March 31, 2026, and June 30, 2025, 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 $10.2 million as of June 30, 2026, $11.2 million as of March 31, 2026, and $11.8 million as of June 30, 2025. 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 1.01% at June 30, 2026, 1.00% at March 31, 2026, and 0.91% at June 30, 2025.

Deposits totaled $81.9 billion at June 30, 2026, a decrease of $849 million from March 31, 2026, and an increase of $10.8 billion from $71.1 billion at June 30, 2025. The decline in deposits from the prior quarter reflected the Company's deposit optimization strategy to reduce higher-cost balances, which drove decreases of $528 million, $258 million, and $126 million from savings and money market accounts, non-interest bearing deposits, and interest-bearing demand deposits, respectively. From June 30, 2025, non-interest bearing deposits, interest-bearing demand deposits, and savings and money market accounts increased $4.8 billion, $3.6 billion, and $2.7 billion, respectively. Non-interest bearing deposits totaled $27.8 billion at June 30, 2026, compared to $28.1 billion at March 31, 2026, and $23.0 billion at June 30, 2025.

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

		Jun 30, 2026			Mar 31, 2026			Jun 30, 2025
Non-interest bearing		34.0	%		34.0	%		32.3	%
Interest-bearing demand		23.5			23.4			22.0
Savings and money market		30.4			30.7			31.3
Certificates of deposit		12.1			11.9			14.4

The Company’s ratio of HFI loans to deposits was 74.4% at June 30, 2026, compared to 71.5% at March 31, 2026, and 78.7% at June 30, 2025.

Borrowings totaled $6.2 billion at June 30, 2026, $5.6 billion at March 31, 2026, and $6.1 billion at June 30, 2025. Borrowings increased $626 million from March 31, 2026 driven by a $393 million increase in long-term borrowings and a $234 million increase in short-term borrowings. Borrowings increased $184 million from June 30, 2025, reflecting an increase in short-term borrowings of $1.6 billion, partially offset by a $1.4 billion decrease in long-term borrowings.

Qualifying debt totaled $1.1 billion at June 30, 2026 and March 31, 2026, up from $678 million at June 30, 2025. The increase in qualifying debt from June 30, 2025 was primarily due to the issuance of $400 million of subordinated debt during the quarter ended December 31, 2025.

Total equity was $8.1 billion at June 30, 2026, compared to $7.9 billion at March 31, 2026, and $7.4 billion at June 30, 2025. The increase in total equity from the prior quarter was primarily due to net income of $268.8 million, partially offset by cash dividends paid during the second quarter, comprised of $45.9 million, or $0.42 per common share, $3.2 million, or $0.27 per depositary share, and $7.1 million on preferred stock of the Company's REIT subsidiary. The increase in equity from June 30, 2025 was primarily driven by net income, partially offset by dividends to stockholders and share repurchases. The Company has repurchased 1.6 million shares for $120.4 million under the Company's $300 million share repurchase program since its inception in the third quarter 2025.

The Company's common equity tier 1 capital ratio was 11.0% at June 30, 2026 and March 31, 2026, and 11.2% at June 30, 2025. At June 30, 2026, tangible common equity, net of tax¹, was 7.0% of tangible assets¹ and total capital was 14.1% of risk-weighted assets. The Company’s tangible book value per share¹ was $63.24 at June 30, 2026, an increase of 3.4% from $61.14 at March 31, 2026, and an increase of 13.2% from $55.87 at June 30, 2025. The increase in tangible book value per share from June 30, 2025 was primarily attributable to net income.

Total assets decreased $152 million, or 0.2%, to $98.7 billion at June 30, 2026 from $98.9 billion at March 31, 2026, and increased 13.8% from $86.7 billion at June 30, 2025. The decrease in total assets from March 31, 2026 was primarily driven by decreased cash, partially offset by increased HFI and HFS loans. The increase in total assets from June 30, 2025 was primarily driven by increased HFI and HFS loans, cash, and investment securities.

1		See Reconciliation of Non-GAAP Financial Measures.

Asset Quality

Provision for credit losses totaled $80.4 million for the second quarter 2026, compared to $213.2 million for the first quarter 2026, and $39.9 million for the second quarter 2025. Net loan charge-offs in the second quarter 2026 totaled $55.0 million, or 0.37% of average loans (annualized), compared to $208.5 million (or $56.0 million, as adjusted¹), or 1.45% (or 0.39%, as adjusted¹) in the first quarter 2026, and $29.6 million, or 0.22%, in the second quarter 2025.

Nonaccrual loans increased $70 million to $562 million during the quarter and increased $135 million from June 30, 2025. Loans past due 90 days and still accruing interest totaled $55 million at June 30, 2026, $56 million at March 31, 2026, and $51 million at June 30, 2025 (excluding government guaranteed loans of $248 million, $288 million, and $326 million, respectively). Loans past due 30-89 days and still accruing interest totaled $122 million at June 30, 2026, a decrease from $157 million at March 31, 2026, and a decrease from $175 million at June 30, 2025 (excluding government guaranteed loans of $102 million, $94 million, and $168 million, respectively). Criticized loans of $1.3 billion decreased $32 million during the quarter and decreased $168 million from June 30, 2025.

Repossessed assets totaled $126 million at June 30, 2026, compared to $123 million at March 31, 2026, and $218 million at June 30, 2025. Classified assets of $1.1 billion at June 30, 2026 increased $58 million from March 31, 2026, and decreased $133 million from June 30, 2025.

The ratio of classified assets to Tier 1 capital plus the allowance for credit losses², a common regulatory measure of asset quality, was 13.3% at June 30, 2026, compared to 13.0% at March 31, 2026, and 16.4% at June 30, 2025.

1		Adjusted to exclude fraud related charge-offs associated with the LAM and Cantor loans. Refer to the reconciliations for non-GAAP financial measures that exclude these charge-offs and related mitigation actions.
2		The allowance for credit losses used in this ratio is calculated in accordance with regulatory capital rules.

Conference Call and Webcast

Western Alliance Bancorporation will host a conference call and live webcast to discuss its second quarter 2026 financial results at 12:00 p.m. ET on Wednesday, July 22, 2026. Participants may access the call by dialing 1-833-461-5787 and using access code 808307916 or via live audio webcast using the website link https://events.q4inc.com/attendee/808307916. 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 the webcast replay will remain available for one year.

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, including our deposits and deposit optimization strategy, liquidity and funding, changes in economic conditions and related impacts on the Company's business, 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, 2025 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; 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; technological risks and developments and cyber threats, attacks or events; emerging external focus among regulators and other officials related to risks in connection with the development and use of artificial intelligence; 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; the outcome of legal proceedings, the amount of funds and/or collateral that may be available for repayment of such loans, and any adverse economic or other events impacting the collateral, borrower or guarantors with respect to such loans; 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 applicable law. 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

Western Alliance Bancorporation (NYSE:WAL) is one of the country’s top-performing banking companies. Its primary subsidiary, Western Alliance Bank, Member FDIC, is a leading national bank for business that puts customers first, delivering tailored business banking solutions and consumer products backed by outstanding, personalized service and specific expertise in more than 30 industries and sectors. With more than $90 billion in assets and offices nationwide, Western Alliance has ranked as a top U.S. bank by American Banker and Bank Director since 2016. In 2025, Western Alliance Bancorporation was #2 for Best CEO, Best CFO and Best Company Board of Directors on Extel’s All-America Executive Team Midcap Banks list. For more information on offerings, subsidiaries and affiliates, visit www.westernalliancebank.com or follow Western Alliance Bank on LinkedIn.

Western Alliance Bancorporation and Subsidiaries.
Summary Consolidated Financial Data
Unaudited
Selected Balance Sheet Data:
											As of June 30,
											2026			2025			Change %
											(in millions)
Total assets											$	98,701		$	86,725		13.8	%
Loans held for sale												4,347			3,022		43.8
Loans HFI, net of deferred fees												60,949			55,939		9.0
Investment securities												20,622			18,601		10.9
Total deposits												81,874			71,107		15.1
Borrowings												6,236			6,052		3.0
Qualifying debt												1,069			678		57.7
Total equity												8,135			7,407		9.8
Tangible common equity, net of tax (1)												6,906			6,168		12.0
Common equity Tier 1 capital												7,267			6,568		10.6
Selected Income Statement Data:
		For the Three Months Ended June 30,									For the Six Months Ended June 30,
		2026			2025			Change %			2026			2025			Change %
		(in millions, except per share data)									(in millions, except per share data)
Interest income		$	1,231.9		$	1,154.4		6.7	%		$	2,420.1		$	2,250.0		7.6	%
Interest expense			435.0			456.8		(4.8	)			856.9			901.8		(5.0	)
Net interest income			796.9			697.6		14.2				1,563.2			1,348.2		15.9
Provision for credit losses			80.4			39.9		NM				293.6			71.1		NM
Net interest income after provision for credit losses			716.5			657.7		8.9				1,269.6			1,277.1		(0.6	)
Non-interest income			198.8			148.3		34.1				451.4			275.7		63.7
Non-interest expense			583.3			514.7		13.3				1,157.7			1,015.1		14.0
Income before income taxes			332.0			291.3		14.0				563.3			537.7		4.8
Income tax expense			63.2			53.5		18.1				105.3			100.8		4.5
Net income			268.8			237.8		13.0				458.0			436.9		4.8
Net income attributable to noncontrolling interest			7.1			7.4		(4.1	)			14.2			7.4		91.9
Net income attributable to Western Alliance			261.7			230.4		13.6				443.8			429.5		3.3
Dividends on preferred stock			3.2			3.2		—				6.4			6.4		—
Net income available to common stockholders		$	258.5		$	227.2		13.8			$	437.4		$	423.1		3.4
Diluted earnings per common share		$	2.36		$	2.07		14.0			$	3.99		$	3.86		3.4

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

Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited
Common Share Data:
		At or For the Three Months Ended June 30,									For the Six Months Ended June 30,
		2026			2025			Change % (1)			2026						2025			Change % (1)
Diluted earnings per common share (2) / as adjusted (3)		$	2.36		$	2.07		14.0	%		$	3.99	/	$	4.57		$	3.86		3.4	%
Book value per common share			69.11			61.77		11.9
Tangible book value per common share, net of tax (3)			63.24			55.87		13.2
Average common shares outstanding (in millions):
Basic			107.8			109.0		(1.1	)						108.0			108.9		(0.8	)
Diluted			108.0			109.6		(1.5	)						108.1			109.6		(1.4	)
Common shares outstanding			109.2			110.4		(1.1	)

Selected Performance Ratios:
Return on average assets / as adjusted (3, 4)		1.09	%		1.10	%		(0.9	)%		0.95	%	/	1.08	%		1.04	%		(8.7	)%
Return on average tangible common equity / as adjusted (3, 4)		15.3			14.9			2.7			12.9		/	14.7			14.2			(9.2	)
Net interest margin (4)		3.53			3.53			—						3.54			3.50			1.1
Efficiency ratio (3)		58.0			60.1			(3.5	)					56.9			61.7			(7.8	)
Efficiency ratio, adjusted for deposit costs (3)		48.9			51.8			(5.6	)					48.2			53.7			(10.2	)
HFI loan to deposit ratio		74.4			78.7			(5.5	)
Asset Quality Ratios:
Net charge-offs to average loans outstanding / as adjusted (2, 3)		0.37	%		0.22	%		68.2			0.90	%	/	0.38	%		0.21	%		NM
Nonaccrual loans to funded HFI loans		0.92			0.76			21.1
Nonaccrual loans and repossessed assets to total assets		0.70			0.74			(5.4	)
Allowance for loan losses to funded HFI loans		0.80			0.71			12.7
Allowance for credit losses to funded HFI loans		0.89			0.78			14.1
Allowance for loan losses to nonaccrual HFI loans		87			92			(5.4	)
Allowance for credit losses to nonaccrual HFI loans		96			102			(5.9	)

Capital Ratios:
		Jun 30, 2026			Mar 31, 2026			Jun 30, 2025
Tangible common equity (3)		7.0	%		6.8	%		7.2	%
Common Equity Tier 1 (5)		11.0			11.0			11.2
Tier 1 Leverage ratio (5)		8.1			8.1			8.4
Tier 1 Capital (5)		12.0			12.0			12.3
Total Capital (5)		14.1			14.4			14.1

(1)		Represents percentage change in reported metric from the prior period.
(2)		Diluted earnings per share for the three and six months ended June 30, 2026 includes a reduction for earnings allocated to participating stock awards of $3.3 million and $5.6 million, respectively.
(3)		See Reconciliation of Non-GAAP Financial Measures.
(4)		Annualized on an actual/actual basis for periods less than 12 months.
(5)		Capital ratios for June 30, 2026 are preliminary.
NM		Changes +/- 100% are not meaningful.

Western Alliance Bancorporation and Subsidiaries
Condensed Consolidated Income Statements
Unaudited
		Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
		(in millions, except per share data)
Interest income:
Loans		$	941.5		$	914.3		$	1,857.2		$	1,795.3
Investment securities			245.4			201.5			465.3			369.5
Other			45.0			38.6			97.6			85.2
Total interest income			1,231.9			1,154.4			2,420.1			2,250.0
Interest expense:
Deposits			370.5			377.8			731.2			756.1
Qualifying debt			13.8			8.2			26.9			17.5
Borrowings			50.7			70.8			98.8			128.2
Total interest expense			435.0			456.8			856.9			901.8
Net interest income			796.9			697.6			1,563.2			1,348.2
Provision for credit losses			80.4			39.9			293.6			71.1
Net interest income after provision for credit losses			716.5			657.7			1,269.6			1,277.1
Non-interest income:
Service charges and fees			63.1			39.7			151.6			80.2
Net gain on mortgage loan origination and sale activities			53.4			39.4			126.1			88.9
Net loan servicing revenue			31.3			38.3			30.0			60.1
Income from bank owned life insurance			10.8			11.0			21.5			22.4
Gain on sales of investment securities			3.0			11.4			53.5			13.5
Fair value gain adjustments, net			12.8			0.1			15.9			1.1
Income (loss) from equity investments			11.9			2.9			25.2			(1.9	)
Other			12.5			5.5			27.6			11.4
Total non-interest income			198.8			148.3			451.4			275.7
Non-interest expenses:
Salaries and employee benefits			204.3			179.9			409.8			362.3
Deposit costs			179.2			147.4			342.5			284.2
Data processing			52.1			45.0			105.2			90.2
Legal, professional, and directors' fees			32.8			25.3			63.4			54.2
Insurance			28.3			37.4			53.0			75.3
Occupancy			21.1			16.9			40.3			34.1
Loan servicing expenses			17.6			20.1			34.3			36.5
Loan acquisition and origination expenses			8.8			5.8			16.7			11.0
Business development and marketing			8.3			6.1			17.8			12.0
Other			30.8			30.8			74.7			55.3
Total non-interest expense			583.3			514.7			1,157.7			1,015.1
Income before income taxes			332.0			291.3			563.3			537.7
Income tax expense			63.2			53.5			105.3			100.8
Net income			268.8			237.8			458.0			436.9
Net income attributable to noncontrolling interest			7.1			7.4			14.2			7.4
Net income attributable to Western Alliance			261.7			230.4			443.8			429.5
Dividends on preferred stock			3.2			3.2			6.4			6.4
Net income available to common stockholders		$	258.5		$	227.2		$	437.4		$	423.1
Earnings per common share:
Diluted shares			108.0			109.6			108.1			109.6
Diluted earnings per share (1)		$	2.36		$	2.07		$	3.99		$	3.86

(1)		Diluted earnings per share for the three and six months ended June 30, 2026 includes a reduction for earnings allocated to participating stock awards of $3.3 million and $5.6 million, respectively.

Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Income Statements
Unaudited
		Three Months Ended
		Jun 30, 2026			Mar 31, 2026				Dec 31, 2025				Sep 30, 2025			Jun 30, 2025
		(in millions, except per share data)
Interest income:
Loans		$	941.5		$	915.7			$	936.2			$	948.3		$	914.3
Investment securities			245.4			219.9				221.6				231.7			201.5
Other			45.0			52.6				59.6				45.5			38.6
Total interest income			1,231.9			1,188.2				1,217.4				1,225.5			1,154.4
Interest expense:
Deposits			370.5			360.7				383.5				398.2			377.8
Qualifying debt			13.8			13.1				9.0				6.3			8.2
Borrowings			50.7			48.1				58.7				70.6			70.8
Total interest expense			435.0			421.9				451.2				475.1			456.8
Net interest income			796.9			766.3				766.2				750.4			697.6
Provision for credit losses			80.4			213.2				73.0				80.0			39.9
Net interest income after provision for credit losses			716.5			553.1				693.2				670.4			657.7
Non-interest income:
Service charges and fees			63.1			88.5				73.6				40.5			39.7
Net gain on mortgage loan origination and sale activities			53.4			72.7				91.1				75.5			39.4
Net loan servicing revenue (loss)			31.3			(1.3	)			(1.4	)			19.1			38.3
Income from bank owned life insurance			10.8			10.7				11.8				11.8			11.0
Gain on sales of investment securities			3.0			50.5				7.4				8.5			11.4
Fair value gain adjustments, net			12.8			3.1				3.5				8.3			0.1
Income from equity investments			11.9			13.3				12.2				7.8			2.9
Other			12.5			15.1				16.5				16.3			5.5
Total non-interest income			198.8			252.6				214.7				187.8			148.3
Non-interest expenses:
Salaries and employee benefits			204.3			205.5				201.7				193.5			179.9
Deposit costs			179.2			163.3				171.2				175.1			147.4
Data processing			52.1			53.1				48.9				48.1			45.0
Legal, professional, and directors' fees			32.8			30.6				33.6				28.1			25.3
Insurance			28.3			24.7				17.7				24.5			37.4
Occupancy			21.1			19.2				19.7				16.8			16.9
Loan servicing expenses			17.6			16.7				17.7				15.0			20.1
Loan acquisition and origination expenses			8.8			7.9				7.9				7.3			5.8
Business development and marketing			8.3			9.5				11.1				5.6			6.1
Other			30.8			43.9				22.7				30.4			30.8
Total non-interest expense			583.3			574.4				552.2				544.4			514.7
Income before income taxes			332.0			231.3				355.7				313.8			291.3
Income tax expense			63.2			42.1				62.5				53.3			53.5
Net income			268.8			189.2				293.2				260.5			237.8
Net income attributable to noncontrolling interest			7.1			7.1				7.1				7.1			7.4
Net income attributable to Western Alliance			261.7			182.1				286.1				253.4			230.4
Dividends on preferred stock			3.2			3.2				3.2				3.2			3.2
Net income available to common stockholders		$	258.5		$	178.9			$	282.9			$	250.2		$	227.2
Earnings per common share:
Diluted shares			108.0			108.7				109.3				109.8			109.6
Diluted earnings per share (1)		$	2.36		$	1.65			$	2.59			$	2.28		$	2.07

(1)		Diluted earnings per share for the three months ended June 30, 2026 includes a reduction for earnings allocated to participating stock awards of $3.3 million.

Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Balance Sheets
Unaudited
		Jun 30, 2026				Mar 31, 2026				Dec 31, 2025				Sep 30, 2025				Jun 30, 2025
		(in millions)
Assets:
Cash and due from banks		$	5,936			$	8,554			$	3,596			$	5,756			$	2,767
Investment securities			20,622				20,392				20,438				18,841				18,601
Loans held for sale			4,347				3,936				3,498				3,502				3,022
Loans held for investment:
Commercial and industrial			29,765				28,223				27,928				25,734				24,920
Commercial real estate - non-owner occupied			10,301				10,344				10,340				10,487				10,255
Commercial real estate - owner occupied			1,578				1,711				1,683				1,682				1,749
Construction and land development			4,241				4,080				4,055				4,065				4,526
Residential real estate			15,048				14,765				14,652				14,651				14,465
Consumer			16				19				19				27				24
Loans HFI, net of deferred fees			60,949				59,142				58,677				56,646				55,939
Allowance for loan losses			(487	)			(461	)			(461	)			(440	)			(395	)
Loans HFI, net of deferred fees and allowance			60,462				58,681				58,216				56,206				55,544
Mortgage servicing rights			1,500				1,516				1,494				1,213				1,044
Premises and equipment, net			479				480				442				416				365
Operating lease right-of-use asset			119				125				131				134				130
Other assets acquired through foreclosure, net			126				123				137				130				218
Bank owned life insurance			1,075				1,067				1,057				1,045				1,033
Goodwill and other intangibles, net			644				646				649				651				653
Other assets			3,391				3,333				3,116				3,076				3,348
Total assets		$	98,701			$	98,853			$	92,774			$	90,970			$	86,725
Liabilities and stockholders' equity:
Liabilities:
Deposits
Non-interest bearing deposits		$	27,820			$	28,078			$	24,353			$	26,628			$	22,997
Interest bearing:
Demand			19,259				19,385				18,416				16,422				15,674
Savings and money market			24,886				25,414				24,586				24,627				22,231
Certificates of deposit			9,909				9,846				9,804				9,570				10,205
Total deposits			81,874				82,723				77,159				77,247				71,107
Borrowings			6,236				5,610				5,240				3,862				6,052
Qualifying debt			1,069				1,072				1,076				681				678
Operating lease liability			148				154				160				164				160
Accrued interest payable and other liabilities			1,239				1,386				1,193				1,326				1,321
Total liabilities			90,566				90,945				84,828				83,280				79,318
Equity:
Preferred stock			295				295				295				295				295
Common stock and additional paid-in capital			2,046				2,036				2,095				2,140				2,136
Retained earnings			5,952				5,740				5,607				5,371				5,165
Accumulated other comprehensive loss			(451	)			(456	)			(344	)			(409	)			(482	)
Total Western Alliance stockholders' equity			7,842				7,615				7,653				7,397				7,114
Noncontrolling interest in subsidiary			293				293				293				293				293
Total equity			8,135				7,908				7,946				7,690				7,407
Total liabilities and equity		$	98,701			$	98,853			$	92,774			$	90,970			$	86,725

Western Alliance Bancorporation and Subsidiaries
Changes in the Allowance For Credit Losses on Loans
Unaudited
		Three Months Ended
		Jun 30, 2026				Mar 31, 2026				Dec 31, 2025				Sep 30, 2025				Jun 30, 2025
		(dollars in millions)
Allowance for loan losses
Balance, beginning of period		$	461.1			$	460.6			$	440.4			$	394.7			$	388.6
Provision for credit losses (1)			81.3				209.0				64.8				76.8				35.7
Recoveries of loans previously charged-off:
Commercial and industrial			1.6				0.6				1.7				0.7				0.6
Commercial real estate - non-owner occupied			1.0				—				—				—				5.1
Commercial real estate - owner occupied			—				—				0.4				—				—
Construction and land development			—				—				1.5				—				—
Residential real estate			—				—				—				—				—
Consumer			—				—				0.1				—				—
Total recoveries			2.6				0.6				3.7				0.7				5.7
Loans charged-off:
Commercial and industrial			25.4				181.4				28.9				12.4				17.0
Commercial real estate - non-owner occupied			32.0				27.7				10.7				12.9				17.4
Commercial real estate - owner occupied			0.1				—				—				—				0.2
Construction and land development			0.1				—				8.6				6.3				0.6
Residential real estate			—				—				—				—				0.1
Consumer			—				—				0.1				0.2				—
Total loans charged-off			57.6				209.1				48.3				31.8				35.3
Net loan charge-offs			55.0				208.5				44.6				31.1				29.6
Balance, end of period		$	487.4			$	461.1			$	460.6			$	440.4			$	394.7
Allowance for unfunded loan commitments
Balance, beginning of period		$	53.3			$	49.6			$	42.3			$	39.2			$	35.1
(Recovery of) provision for credit losses (1)			(1.3	)			3.7				7.3				3.1				4.1
Balance, end of period (2)		$	52.0			$	53.3			$	49.6			$	42.3			$	39.2
Components of the allowance for credit losses on loans
Allowance for loan losses		$	487.4			$	461.1			$	460.6			$	440.4			$	394.7
Allowance for unfunded loan commitments			52.0				53.3				49.6				42.3				39.2
Total allowance for credit losses on loans		$	539.4			$	514.4			$	510.2			$	482.7			$	433.9
Net charge-offs to average loans - annualized			0.37	%			1.45	%			0.31	%			0.22	%			0.22	%
Allowance ratios
Allowance for loan losses to funded HFI loans (3)			0.80	%			0.78	%			0.78	%			0.78	%			0.71	%
Allowance for credit losses to funded HFI loans (3)			0.89				0.87				0.87				0.85				0.78
Allowance for loan losses to nonaccrual HFI loans			87				94				92				84				92
Allowance for credit losses to nonaccrual HFI loans			96				105				102				92				102

(1)		The above tables reflect only the provision for credit losses on funded and unfunded loans. For the three months ended June 30, 2026, provision for credit losses for HTM investment securities totaled $0.4 million. The allowance for credit losses on HTM investment securities totaled $13.8 million as of June 30, 2026.
(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 $10.2 million as of June 30, 2026 related to a pool of loans covered under three separate credit linked note transactions.

Western Alliance Bancorporation and Subsidiaries
Asset Quality Metrics
Unaudited
		Three Months Ended
		Jun 30, 2026				Mar 31, 2026				Dec 31, 2025				Sep 30, 2025				Jun 30, 2025
		(dollars in millions)
Nonaccrual loans and repossessed assets
Nonaccrual loans (1)		$	562			$	492			$	500			$	522			$	427
Nonaccrual loans to funded HFI loans			0.92	%			0.83	%			0.85	%			0.92	%			0.76	%
Repossessed assets		$	126			$	123			$	137			$	130			$	218
Nonaccrual loans and repossessed assets to total assets			0.70	%			0.62	%			0.69	%			0.72	%			0.74	%
Loans Past Due
Loans past due 90 days, still accruing (2)		$	55			$	56			$	66			$	49			$	51
Loans past due 90 days, still accruing to funded HFI loans (2)			0.09	%			0.09	%			0.11	%			0.09	%			0.09	%
Loans past due 30 to 89 days, still accruing (3)		$	122			$	157			$	108			$	196			$	175
Loans past due 30 to 89 days, still accruing to funded HFI loans (2)			0.20	%			0.27	%			0.18	%			0.35	%			0.31	%
Other credit quality metrics
Special mention loans		$	316			$	403			$	325			$	292			$	444
Special mention loans to funded HFI loans			0.52	%			0.68	%			0.55	%			0.52	%			0.79	%
Classified loans on accrual		$	440			$	455			$	450			$	476			$	615
Classified loans on accrual to funded HFI loans			0.72	%			0.77	%			0.77	%			0.84	%			1.10	%
Classified assets (1)		$	1,128			$	1,070			$	1,088			$	1,129			$	1,261
Classified assets to total assets			1.14	%			1.08	%			1.17	%			1.24	%			1.45	%

(1)		Includes senior liens acquired to protect the Company's position with respect to its Cantor loan of $64 million and $13 million as of June 30, 2026 and March 31, 2026, respectively.
(2)		Excludes government guaranteed residential mortgage loans of $248 million, $288 million, $290 million, $282 million, and $326 million as of each respective date in the table above.
(3)		Excludes government guaranteed residential mortgage loans of $102 million, $94 million, $145 million, $149 million, and $168 million as of each respective date in the table above.

Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
		Three Months Ended
		June 30, 2026										March 31, 2026
		Average Balance				Interest			Average Yield / Cost			Average Balance				Interest			Average Yield / Cost
		(dollars in millions)
Interest earning assets
Loans HFS		$	5,653			$	84.9		6.02	%		$	5,469			$	80.2		5.95	%
Loans HFI:
Commercial and industrial			28,364				426.4		6.07				27,560				413.3		6.13
CRE - non-owner occupied			10,296				169.6		6.61				10,317				169.9		6.68
CRE - owner occupied			1,574				23.8		6.07				1,694				24.8		6.00
Construction and land development			4,191				80.8		7.78				3,983				76.4		7.79
Residential real estate			14,879				155.7		4.20				14,611				150.8		4.19
Consumer			17				0.3		6.57				19				0.3		7.48
Total HFI loans (1), (2), (3), (4)			59,321				856.6		5.82				58,184				835.5		5.85
Investment securities:
Taxable			19,474				220.2		4.54				17,696				195.4		4.48
Tax-exempt			2,312				25.2		5.50				2,278				24.5		5.50
Total investment securities (1)			21,786				245.4		4.64				19,974				219.9		4.59
Cash and other			4,901				45.0		3.68				5,327				52.6		4.01
Total interest earning assets			91,661				1,231.9		5.43				88,954				1,188.2		5.46
Non-interest earning assets
Cash and due from banks			544										543
Allowance for loan losses			(482	)									(464	)
Bank owned life insurance			1,069										1,060
Other assets			5,692										5,509
Total assets		$	98,484									$	95,602
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing demand accounts		$	19,316			$	102.5		2.13	%		$	18,946			$	99.5		2.13	%
Savings and money market			24,995				174.4		2.80				24,611				168.7		2.78
Certificates of deposit			9,873				93.6		3.80				9,724				92.5		3.86
Total interest-bearing deposits			54,184				370.5		2.74				53,281				360.7		2.75
Short-term borrowings			3,329				33.9		4.08				2,948				29.5		4.05
Long-term debt			1,158				16.8		5.83				1,353				18.6		5.59
Qualifying debt			1,071				13.8		5.17				1,077				13.1		4.92
Total interest-bearing liabilities			59,742				435.0		2.92				58,659				421.9		2.92
Interest cost of funding earning assets									1.90										1.92
Non-interest-bearing liabilities
Non-interest-bearing deposits			29,351										27,352
Other liabilities			1,379										1,470
Equity			8,012										8,121
Total liabilities and equity		$	98,484									$	95,602
Net interest income and margin (5)						$	796.9		3.53	%						$	766.3		3.54	%

(1)		Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $10.1 million for each of the three months ended June 30, 2026 and March 31, 2026.
(2)		Included in the yield computation are net loan fees of $25.5 million and $23.9 million for the three months ended June 30, 2026 and March 31, 2026, respectively
(3)		Interest income includes a reduction for earnings credits totaling $52.5 million and $48.7 million for the three months ended June 30, 2026 and March 31, 2026, respectively.
(4)		Includes nonaccrual loans.
(5)		Net interest margin is computed by dividing net interest income by total average earning assets, annualized on an actual/actual basis.

Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
		Three Months Ended
		June 30, 2026										June 30, 2025
		Average Balance				Interest			Average Yield / Cost			Average Balance				Interest			Average Yield / Cost
		(dollars in millions)
Interest earning assets
Loans HFS		$	5,653			$	84.9		6.02	%		$	4,859			$	74.0		6.11	%
Loans HFI:
Commercial and industrial			28,364				426.4		6.07				24,094				392.1		6.58
CRE - non-owner occupied			10,296				169.6		6.61				10,253				181.9		7.12
CRE - owner occupied			1,574				23.8		6.07				1,788				26.7		6.11
Construction and land development			4,191				80.8		7.78				4,290				88.7		8.29
Residential real estate			14,879				155.7		4.20				14,399				150.3		4.19
Consumer			17				0.3		6.57				32				0.6		7.07
Total loans HFI (1), (2), (3), (4)			59,321				856.6		5.82				54,856				840.3		6.17
Investment securities:
Taxable			19,474				220.2		4.54				15,099				177.4		4.71
Tax-exempt			2,312				25.2		5.50				2,215				24.1		5.46
Total investment securities (1)			21,786				245.4		4.64				17,314				201.5		4.81
Cash and other			4,901				45.0		3.68				3,496				38.6		4.43
Total interest earning assets			91,661				1,231.9		5.43				80,525				1,154.4		5.80
Non-interest earning assets
Cash and due from banks			544										346
Allowance for loan losses			(482	)									(403	)
Bank owned life insurance			1,069										1,026
Other assets			5,692										4,905
Total assets		$	98,484									$	86,399
Interest bearing liabilities
Interest bearing deposits:
Interest bearing demand accounts		$	19,316			$	102.5		2.13	%		$	15,707			$	97.2		2.48	%
Savings and money market accounts			24,995				174.4		2.80				21,736				170.6		3.15
Certificates of deposit			9,873				93.6		3.80				10,084				110.0		4.38
Total interest bearing deposits			54,184				370.5		2.74				47,527				377.8		3.19
Short-term borrowings			3,329				33.9		4.08				3,048				35.7		4.69
Long-term debt			1,158				16.8		5.83				2,498				35.1		5.64
Qualifying debt			1,071				13.8		5.17				826				8.2		4.01
Total interest bearing liabilities			59,742				435.0		2.92				53,899				456.8		3.40
Interest cost of funding earning assets									1.90										2.28
Non-interest bearing liabilities
Non-interest bearing deposits			29,351										23,569
Other liabilities			1,379										1,576
Equity			8,012										7,355
Total liabilities and equity		$	98,484									$	86,399
Net interest income and margin (5)						$	796.9		3.53	%						$	697.6		3.53	%

(1)		Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $10.1 million and $10.2 million for the three months ended June 30, 2026 and 2025, respectively.
(2)		Included in the yield computation are net loan fees of $25.5 million for each of the three months ended June 30, 2026 and 2025.
(3)		Interest income includes a reduction for earnings credits totaling of $52.5 million and $61.3 million for the three months ended June 30, 2026 and 2025, respectively.
(4)		Includes nonaccrual loans.
(5)		Net interest margin is computed by dividing net interest income by total average earning assets, annualized on an actual/actual basis.

Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
		Six Months Ended
		June 30, 2026										June 30, 2025
		Average Balance				Interest			Average Yield / Cost			Average Balance				Interest			Average Yield / Cost
		(dollars in millions)
Interest earning assets
Loans HFS		$	5,561			$	165.1		5.99	%		$	4,581			$	140.5		6.19	%
Loans HFI:
Commercial and industrial			27,964				839.7		6.10				23,466				758.0		6.57
CRE - non-owner occupied			10,306				339.5		6.64				10,133				357.1		7.11
CRE - owner occupied			1,634				48.6		6.04				1,833				55.4		6.20
Construction and land development			4,088				157.2		7.78				4,348				180.5		8.37
Residential real estate			14,746				306.5		4.19				14,373				302.5		4.24
Consumer			18				0.6		7.04				39				1.3		6.85
Total loans HFI (1), (2), (3), (4)			58,756				1,692.1		5.83				54,192				1,654.8		6.19
Investment securities:
Taxable			18,590				415.5		4.51				14,065				320.9		4.60
Tax-exempt			2,295				49.8		5.50				2,235				48.6		5.49
Total investment securities (1)			20,885				465.3		4.62				16,300				369.5		4.72
Cash and other			5,113				97.6		3.85				3,788				85.2		4.54
Total interest earning assets			90,315				2,420.1		5.45				78,861				2,250.0		5.81
Non-interest earning assets
Cash and due from banks			543										339
Allowance for loan losses			(473	)									(400	)
Bank owned life insurance			1,065										1,020
Other assets			5,601										4,813
Total assets		$	97,051									$	84,633
Interest bearing liabilities
Interest bearing deposits:
Interest bearing demand accounts		$	19,132			$	202.1		2.13	%		$	15,788			$	197.1		2.52	%
Savings and money market accounts			24,804				343.1		2.79				21,473				335.4		3.15
Certificates of deposit			9,799				186.0		3.83				10,051				223.6		4.49
Total interest bearing deposits			53,735				731.2		2.74				47,312				756.1		3.22
Short-term borrowings			3,139				63.3		4.07				2,389				56.4		4.76
Long-term debt			1,255				35.5		5.70				2,575				71.8		5.62
Qualifying debt			1,074				26.9		5.04				862				17.5		4.10
Total interest bearing liabilities			59,203				856.9		2.92				53,138				901.8		3.42
Interest cost of funding earning assets									1.91										2.31
Non-interest bearing liabilities
Non-interest bearing deposits			28,357										22,837
Other liabilities			1,425										1,530
Equity			8,066										7,128
Total liabilities and equity		$	97,051									$	84,633
Net interest income and margin (5)						$	1,563.2		3.54	%						$	1,348.2		3.50	%

(1)		Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $20.2 million and $20.3 million for the six months ended June 30, 2026 and 2025, respectively.
(2)		Included in the yield computation are net loan fees of $49.4 million and $49.3 million for the six months ended June 30, 2026 and 2025, respectively.
(3)		Interest income includes a reduction for earnings credits totaling $101.2 million and $119.4 million for the six months ended June 30, 2026 and 2025, respectively.
(4)		Includes nonaccrual loans.
(5)		Net interest margin is computed by dividing net interest income by total average earning assets, annualized on an actual/actual basis.

Western Alliance Bancorporation and Subsidiaries Income Statement Classification of Earnings Credit and Referral Costs Unaudited
The below table presents the income statement classification for total earnings credit and referral costs incurred on deposits:
		Three Months Ended
		Jun 30, 2026			Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30, 2025
Income statement line item		(in millions)
Interest income (1)		$	52.5		$	48.7		$	56.6		$	64.9		$	61.3
Service charges and fees (1)			8.4			8.3			7.2			5.4			4.4
Deposit costs (2)			173.3			157.3			165.0			169.1			142.8
Total earnings credit and referral costs		$	234.2		$	214.3		$	228.8		$	239.4		$	208.5

(1)		Earnings credits recorded as a reduction to Interest income and Service charges and fees.
(2)		Deposit costs also included $5.9 million, $6.0 million, $6.2 million, $6.0 million, and $4.6 million in other deposit related costs for each respective period in the table above, primarily associated with reciprocal deposits.

Western Alliance Bancorporation and Subsidiaries Reconciliation of Non-GAAP Financial Measures Unaudited
Pre-Provision Net Revenue by Quarter:
		Three Months Ended
		Jun 30, 2026			Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30, 2025
		(in millions)
Net interest income		$	796.9		$	766.3		$	766.2		$	750.4		$	697.6
Total non-interest income			198.8			252.6			214.7			187.8			148.3
Net revenue		$	995.7		$	1,018.9		$	980.9		$	938.2		$	845.9
Total non-interest expense			583.3			574.4			552.2			544.4			514.7
Pre-provision net revenue (1)		$	412.4		$	444.5		$	428.7		$	393.8		$	331.2
Less:
Provision for credit losses			80.4			213.2			73.0			80.0			39.9
Income tax expense			63.2			42.1			62.5			53.3			53.5
Net income		$	268.8		$	189.2		$	293.2		$	260.5		$	237.8

Efficiency Ratio (Tax Equivalent Basis) by Quarter:
		Three Months Ended
		Jun 30, 2026				Mar 31, 2026				Dec 31, 2025				Sep 30, 2025				Jun 30, 2025
		(dollars in millions)
Total non-interest expense		$	583.3			$	574.4			$	552.2			$	544.4			$	514.7
Less: Deposit costs			179.2				163.3				171.2				175.1				147.4
Total non-interest expense, excluding deposit costs			404.1				411.1				381.0				369.3				367.3
Divided by:
Total net interest income			796.9				766.3				766.2				750.4				697.6
Plus:
Tax equivalent interest adjustment			10.1				10.1				9.9				9.7				10.2
Total non-interest income			198.8				252.6				214.7				187.8				148.3
Less: Deposit costs			179.2				163.3				171.2				175.1				147.4
		$	826.6			$	865.7			$	819.6			$	772.8			$	708.7
Efficiency ratio (2)			58.0	%			55.8	%			55.7	%			57.4	%			60.1	%
Efficiency ratio, adjusted for deposit costs (2)			48.9	%			47.5	%			46.5	%			47.8	%			51.8	%

Western Alliance Bancorporation and Subsidiaries Reconciliation of Non-GAAP Financial Measures Unaudited
Tangible Common Equity:
		Jun 30, 2026				Mar 31, 2026				Dec 31, 2025				Sep 30, 2025				Jun 30, 2025
		(in millions, except per share data)
Total equity		$	8,135			$	7,908			$	7,946			$	7,690			$	7,407
Less:
Goodwill and intangible assets, net			644				646				649				651				653
Preferred stock			295				295				295				295				295
Noncontrolling interest in subsidiary			293				293				293				293				293
Total tangible common equity			6,903				6,674				6,709				6,451				6,166
Plus: deferred tax - attributed to intangible assets			3				3				2				2				2
Total tangible common equity, net of tax		$	6,906			$	6,677			$	6,711			$	6,453			$	6,168
Total assets		$	98,701			$	98,853			$	92,774			$	90,970			$	86,725
Less: goodwill and intangible assets, net			644				646				649				651				653
Tangible assets			98,057				98,207				92,125				90,319				86,072
Plus: deferred tax - attributed to intangible assets			3				3				2				2				2
Total tangible assets, net of tax		$	98,060			$	98,210			$	92,127			$	90,321			$	86,074
Tangible common equity ratio (3)			7.0	%			6.8	%			7.3	%			7.1	%			7.2	%
Common shares outstanding			109.2				109.2				109.5				110.2				110.4
Tangible book value per share, net of tax (3)		$	63.24			$	61.14			$	61.29			$	58.56			$	55.87

Return on Average Tangible Common Equity:
		Three Months Ended
		Jun 30, 2026				Mar 31, 2026				Dec 31, 2025				Sep 30, 2025				Jun 30, 2025
		(in millions)
Net income available to common shareholders		$	258.5			$	178.9			$	282.9			$	250.2			$	227.2
Divided by:
Average equity			8,012				8,121				7,864				7,607				7,355
Less:
Average goodwill and intangible assets			646				648				650				652				655
Average preferred stock			295				295				295				295				295
Average noncontrolling interest in subsidiary			293				293				293				293				293
Average tangible common equity		$	6,778			$	6,885			$	6,625			$	6,366			$	6,112
Return on average tangible common equity (1)			15.3	%			10.5	%			16.9	%			15.6	%			14.9	%

Western Alliance Bancorporation and Subsidiaries Reconciliation of Non-GAAP Financial Measures Unaudited
The adjusted revenue, earnings and return metrics presented below for the six months ended June 30, 2026 and the three months ended March 31, 2026 exclude the impact to provision for credit losses of charging off the remaining balance of the LAM loan as well as gains from sales of investment securities that were executed as part of the Company's mitigation strategy, as applicable. In addition, net charge-offs for the six months ended June 30, 2026 and three months ended March 31, 2026 have been adjusted to exclude the impact of fraud related charge-offs associated with the LAM and Cantor loans.
Net Revenue and Pre-Provision Net Revenue, As Adjusted
		Six Months Ended June 30, 2026				Three Months Ended March 31, 2026
		(in millions)
Net revenue		$	2,014.6			$	1,018.9
Adjusted for:
Gain on sales of investment securities			(50.5	)			(50.5	)
Net revenue, as adjusted		$	1,964.1			$	968.4
Total non-interest expense			1,157.7				574.4
Pre-provision net revenue, as adjusted (1)		$	806.4			$	394.0
Less:
Provision for credit losses			293.6				213.2
Income tax expense			105.3				42.1
Gain on sales of investment securities			(50.5	)			(50.5	)
Net income		$	458.0			$	189.2
Earnings per Share, As Adjusted:
		Six Months Ended June 30, 2026				Three Months Ended March 31, 2026
		(in millions, except per share data)
Net income		$	458.0			$	189.2
Adjusted for:
Gain on sales of investment securities			(50.5	)			(50.5	)
Provision for credit losses on LAM			126.4				126.4
Tax effect of adjustments			(13.8	)			(13.8	)
Net income, as adjusted			520.1				251.3
Net income attributable to noncontrolling interest			14.2				7.1
Dividends on preferred stock			6.4				3.2
Net income available to common stockholders, as adjusted		$	499.5			$	241.0
Diluted shares			108.1				108.7
Diluted earnings per share, as adjusted (1)		$	4.57			$	2.22
Return on Average Assets, As Adjusted:
		Six Months Ended June 30, 2026				Three Months Ended March 31, 2026
		(dollars in millions)
Net income, as adjusted		$	520.1			$	251.3
Divided by:
Average assets		$	97,051			$	95,602
Return on average assets, as adjusted (1)			1.08	%			1.07	%
Western Alliance Bancorporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Unaudited
Return on Average Tangible Common Equity, As Adjusted:
		Six Months Ended June 30, 2026				Three Months Ended March 31, 2026
		(dollars in millions)
Net income available to common stockholders, as adjusted		$	499.5			$	241.0
Divided by: Average equity			8,066				8,121
Less:
Average goodwill and intangible assets			647				648
Average preferred stock			295				295
Average noncontrolling interest in subsidiary			293				293
Average tangible common equity		$	6,831			$	6,885
Return on average tangible common equity (1)			12.9	%			10.5	%
Return on average tangible common equity, as adjusted (1)			14.7	%			14.2	%
Net Charge-Offs and Net Charge-Offs to Average Loans, As Adjusted:
		Six Months Ended June 30, 2026				Three Months Ended March 31, 2026
		(dollars in millions)
Net charge-offs		$	263.5			$	208.5
Adjusted for fraud related charge-offs:
LAM			(126.4	)			(126.4	)
Cantor			(26.1	)			(26.1	)
Net charge-offs, as adjusted		$	111.0			$	56.0
Divided by: Average HFI loans			58,756				58,184
Net charge-offs to average loans - annualized, as adjusted			0.38	%			0.39	%

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.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260720876976/en/

Investors: Miles Pondelik, 602-346-7462
Email: MPondelik@westernalliancebank.com

Media: Stephanie Whitlow, 480-998-6547
Email: SWhitlow@westernalliancebank.com

Source: Western Alliance Bancorporation