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Western Alliance (NYSE: WAL) Q1 2026 earnings mix growth with higher credit costs

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8-K

Rhea-AI Filing Summary

Western Alliance Bancorporation reported mixed first quarter 2026 results. Net income was $189.2 million and diluted EPS was $1.65, or $251.3 million and $2.22 per share on an adjusted basis, reflecting large credit costs tied to specific loans. Net revenue reached $1.02 billion, up 3.9% from the prior quarter and 31.0% year over year, while pre-provision net revenue rose to $444.5 million, showing solid underlying earnings power.

Deposits grew strongly to $82.7 billion, up $5.6 billion in the quarter, and loans held for investment increased to $59.1 billion. Net interest margin expanded to 3.54% as funding costs eased. However, provision for credit losses jumped to $213.2 million and net loan charge-offs rose to $208.5 million, or 1.45% of average loans. Capital metrics remained robust with a CET1 ratio of 11.0% and tangible book value per share of $61.14, up 13.0% from a year earlier.

Positive

  • Net revenue reached $1.02 billion, up 31.0% year over year, with pre-provision net revenue rising to $444.5 million, indicating stronger core earnings.
  • Total deposits grew to $82.7 billion, a 19.3% year-over-year increase, while net interest margin improved to 3.54% as funding costs declined.

Negative

  • Provision for credit losses increased to $213.2 million, driving net loan charge-offs up to 1.45% of average loans and reducing reported EPS by roughly a third versus the prior quarter.
  • Tangible common equity ratio declined to 6.8% from 7.3% in the prior quarter, reflecting strong asset growth, market impacts on accumulated other comprehensive income, and share repurchases.

Insights

Strong core growth and margin were offset by sizeable credit costs from a handful of problem loans.

Western Alliance showed healthy underlying momentum in Q1 2026. Net revenue rose to $1.02 billion, up 31.0% year over year, with net interest income of $766.3 million and net interest margin improving to 3.54% as deposit and borrowing costs declined.

At the same time, balance sheet trends were favorable: loans held for investment reached $59.1 billion and deposits climbed to $82.7 billion, a 19.3% year-over-year increase. Efficiency also improved versus last year, with the efficiency ratio at 55.8% and an adjusted ratio of 47.5% after excluding deposit costs.

The main drag was asset quality. Provision for credit losses surged to $213.2 million, largely reflecting significant charge-offs on two specific credits, pushing net charge-offs to 1.45% of average loans. Even so, the allowance for credit losses to funded loans rose to 0.87%, and capital remained solid with a CET1 ratio of 11.0% as of March 31 2026, supporting ongoing loan growth.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net income $189.2M For the three months ended March 31, 2026
Diluted EPS $1.65 Q1 2026 reported earnings per common share
Adjusted diluted EPS $2.22 Q1 2026 EPS excluding specified items
Net revenue $1.02B Q1 2026, up 31.0% year over year
Net interest margin 3.54% Q1 2026, increased from 3.47% a year earlier
Provision for credit losses $213.2M Q1 2026 provision on loans and related exposures
Total deposits $82.7B Balance at March 31, 2026, up 19.3% year over year
CET1 capital ratio 11.0% Regulatory capital ratio as of March 31, 2026
Pre-provision net revenue financial
"The Company believes its pre-provision net revenue1 ("PPNR") is a key metric for assessing the Company’s earnings power"
Pre-provision net revenue is a bank’s income from core operations — interest earned minus interest paid plus fees and other operating income, after operating costs — measured before setting aside funds for potential loan losses. Investors use it to gauge how well a bank’s everyday business generates money independent of one-time loss reserves, like judging a store’s sales and operating profit before accounting for an expected number of returned items.
Efficiency ratio financial
"The Company's efficiency ratio was 55.8% for the first quarter 2026, compared to 55.7% for the fourth quarter 2025"
A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.
Tangible common equity ratio financial
"Tangible common equity ratio1 of 6.8%, decreased from 7.3%"
Tangible common equity ratio measures how much real, loss-absorbing capital common shareholders have relative to a company's tangible assets—calculated by removing intangible items (like goodwill) and preferred equity from total equity and comparing that net amount to tangible assets. Think of it as the thickness of a safety cushion made of solid, visible value rather than accounting entries; investors use it to judge how well a company could withstand losses and protect common shareholders' claims.
Credit linked note financial
"The Company is a party to credit linked note transactions which effectively transfer a portion of the risk of losses"
A credit linked note is a hybrid investment that pays interest like a bond but links repayment to the credit health of a specified borrower or group of borrowers. Think of it as lending money while agreeing, in exchange for a higher yield, to absorb losses if the referenced borrower defaults or suffers another defined credit event; investors get bigger returns but take on the risk that principal may be reduced or restructured. It matters because it shifts specific default risk to the investor and can affect portfolio stability and expected return.
Earnings credits financial
"Interest income includes a reduction for earnings credits totaling $48.7 million for the three months ended March 31, 2026"
Net revenue $1.02B +31.0% YoY
Net income $189.2M -5.0% YoY
Diluted EPS $1.65 -7.8% YoY
Net interest margin 3.54% +0.07 pts YoY
Loans held for investment $59.1B +8.0% YoY
Total deposits $82.7B +19.3% YoY
Understanding 8-K Material Events →
0001212545FALSE00012125452026-04-212026-04-210001212545us-gaap:CommonStockMember2026-04-212026-04-210001212545us-gaap:NoncumulativePreferredStockMember2026-04-212026-04-21

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

FORM 8-K

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

Date of Report (Date of earliest event reported):  April 21, 2026


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

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

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

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

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

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

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

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

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

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

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

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

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


ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On April 21, 2026, Western Alliance Bancorporation (the “Company”) issued a press release reporting results for the fiscal quarter ended March 31, 2026 and posted on its website its first quarter 2026 Earnings Conference Call Presentation, which contains certain additional historical and forward-looking information relating to the Company. Copies of the press release and presentation slides are attached hereto as Exhibits 99.1 and 99.2, respectively.  
The information in this report (including Exhibits 99.1 and 99.2 hereto) is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
99.1 
Press Release dated April 21, 2026
99.2 
First Quarter 2026 Earnings Conference Call dated April 22, 2026
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/ Vishal Idnani
Vishal Idnani
Chief Financial Officer
 
 
 
Date:April 21, 2026


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





PHOENIX--(BUSINESS WIRE)--April 21, 2026
FIRST QUARTER 2026 FINANCIAL RESULTS
Quarter Highlights:
Net incomeEarnings per share
PPNR1
Net interest margin
Efficiency ratio1
Book value per
common share
$189.2 million$1.65$444.5 million3.54%55.8%$67.03
$251.3 million, as adjusted1
$2.22, as adjusted1
$394.0 million, as adjusted1
47.5%, adjusted for deposit costs1
$61.14, excluding
goodwill and intangibles1
CEO COMMENTARY:
Western Alliance achieved solid first quarter results featuring robust deposit growth, net interest margin expansion, and core earnings momentum, while taking decisive action to resolve two fraud-related credits, partially offset by gains from a series of well-executed security sales,” said Kenneth A. Vecchione, President and Chief Executive Officer. “Continued business strength drove quarterly loan and deposit growth of $465 million and $5.6 billion, respectively, and generated adjusted earnings per share1 of $2.22, excluding $0.57 of notable items. Net interest margin of 3.54% expanded 3 basis points as the cost of interest-bearing deposits declined 21 basis points, which sustained net interest income despite two fewer days in the quarter. Core asset quality remained stable and steady as the total classified assets ratio declined 9 basis points to 1.08% and net loan charge-offs to average loans1 were 0.39%, excluding fraud-related charge-offs. Overall, tangible book value per share1 climbed 13.0% year-over-year to $61.14 with a stable CET1 ratio of 11.0%, while we completed opportunistic quarterly share repurchases of $50.0 million."
LINKED-QUARTER BASISYEAR-OVER-YEAR
The Company's first quarter 2026 financial results reflect an increased 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 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 Group V, LLC ("Cantor") loan. For reconciliations of the non-GAAP financial measures that exclude the effects of these actions, refer to the reconciliations starting on page 18.
FINANCIAL HIGHLIGHTS:
▪Net income of $189.2 million (or $251.3 million, as adjusted1) and earnings per share of $1.65 (or $2.22, as adjusted1), down 35.5% and 36.3%, from $293.2 million and $2.59, respectively
▪Net revenue of $1.0 billion, an increase of 3.9%, or $38.0 million, compared to an increase in non-interest expenses of 4.0%, or $22.2 million
▪Pre-provision net revenue1 of $444.5 million, up $15.8 million from $428.7 million
▪Effective tax rate of 18.2%, compared to 17.6%
▪Net income of $189.2 million (or $251.3 million, as adjusted1) and earnings per share of $1.65 (or $2.22, as adjusted1), down 5.0% and 7.8%, from $199.1 million and $1.79, respectively
▪Net revenue of $1.0 billion, an increase of 31.0%, or $240.9 million, compared to an increase in non-interest expenses of 14.8%, or $74.0 million
▪Pre-provision net revenue1 of $444.5 million, up $166.9 million from $277.6 million
▪Effective tax rate of 18.2%, compared to 19.2%
FINANCIAL POSITION RESULTS:
▪HFI loans of $59.1 billion, up $465 million
▪Total deposits of $82.7 billion, up $5.6 billion, or 7.2%
▪HFI loan-to-deposit ratio of 71.5%, down from 76.0%
▪Total equity of $7.9 billion, down $38 million
▪Increase in HFI loans of $4.4 billion, or 8.0%
▪Increase in total deposits of $13.4 billion, or 19.3%
▪HFI loan-to-deposit ratio of 71.5%, down from 79.0%
▪Increase in total equity of $693 million, or 9.6%
LOANS AND ASSET QUALITY:
▪Nonperforming (nonaccrual) loans to funded HFI loans of 0.83%, decreased from 0.85%
▪Criticized loans of $1.4 billion, up $75 million
▪Repossessed assets of $123 million, down $14 million from $137 million
▪Annualized net loan charge-offs to average loans outstanding of 1.45% (or 0.39%, as adjusted1), compared to 0.31%
▪Nonperforming (nonaccrual) loans to funded HFI loans of 0.83%, increased from 0.82%
▪Criticized loans of $1.4 billion, down $254 million
▪Repossessed assets of $123 million, up $72 million from $51 million
▪Annualized net loan charge-offs to average loans outstanding of 1.45% (or 0.39%, as adjusted1), compared to 0.20%

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


FIRST QUARTER 2026 FINANCIAL RESULTS
LINKED-QUARTER BASISYEAR-OVER-YEAR
The Company's first quarter 2026 financial results reflect an increased 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 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 Group V, LLC ("Cantor") loan. For reconciliations of the non-GAAP financial measures that exclude the effects of these actions, refer to the reconciliations starting on page 18.
KEY PERFORMANCE METRICS:
▪Net interest margin of 3.54%, increased from 3.51%
▪Return on average assets and on tangible common equity1 of 0.80% (or 1.07%, as adjusted1) and 10.5% (or 14.2%, as adjusted1), compared to 1.23% and 16.9%, respectively
▪Tangible common equity ratio1 of 6.8%, decreased from 7.3%
▪CET 1 ratio of 11.0%, flat from the prior quarter
▪Tangible book value per share1, net of tax, of $61.14, relatively flat from $61.29
▪Efficiency ratio1 of 55.8%, compared to 55.7%
▪Efficiency ratio, adjusted for deposit costs1 of 47.5%, compared to 46.5%
▪Share repurchases of $50.0 million, or 0.7 million shares at $71.61 per share
▪Net interest margin of 3.54%, increased from 3.47%
▪Return on average assets and on tangible common equity1 of 0.80% (or 1.07%, as adjusted1) and 10.5% (or 14.2%, as adjusted1), compared to 0.97% and 13.4%, respectively
▪Tangible common equity ratio1 of 6.8%, decreased from 7.2%
▪CET 1 ratio of 11.0%, compared to 11.1%
▪Tangible book value per share1, net of tax, of $61.14, an increase of 13.0% from $54.10
▪Efficiency ratio1 of 55.8%, a decrease of 7.7%, from 63.5%
▪Efficiency ratio, adjusted for deposit costs1 of 47.5%, a decrease of 8.3%, from 55.8%

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

Income Statement
The Company's first quarter 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. This impact was partially offset by $50.5 million in gains from security sales for the quarter. For reconciliations of the non-GAAP financial measures that exclude the effects of these actions, refer to the reconciliations starting on page 18.
Net interest income totaled $766.3 million in the first quarter 2026, which was relatively flat from $766.2 million in the fourth quarter 2025, but represented an increase of $115.7 million, or 17.8%, compared to the first quarter 2025. The slight increase in net interest income from the fourth quarter 2025 was primarily due to lower deposit and borrowing costs and an increase in average interest bearing assets, which were largely offset by declining yields on interest earning assets. The increase in net interest income from the first quarter 2025 was driven by an increase in average interest earning asset balances and lower rates on interest bearing liabilities, partially offset by an increase in average interest bearing liabilities balances and declining yields on interest earning assets.
The Company recorded a provision for credit losses of $213.2 million in the first quarter 2026, an increase of $140.2 million from $73.0 million in the fourth quarter 2025, and an increase of $182.0 million from $31.2 million in the first quarter 2025. The provision for credit losses during the first quarter 2026 was primarily driven by higher net charge-offs totaling $208.5 million, which included a charge-off of $126.4 million for the remaining balance of the LAM loan and a $26.1 million charge-off from the specific reserve previously established on the Cantor loan.
The Company’s net interest margin was 3.54% in the first quarter 2026, an increase from 3.51% in the fourth quarter 2025, and an increase from 3.47% in the first quarter 2025. Net interest margin increased from the fourth quarter 2025 due to lower rates on deposits and short-term borrowings, partially offset by declining yields on interest earning assets. The increase in net interest margin from the first quarter 2025 was primarily driven by a reduction in interest bearing liability costs resulting from a lower rate environment, partially offset by declining yields on interest earning assets.
Non-interest income was $252.6 million for the first quarter 2026, compared to $214.7 million for the fourth quarter 2025, and $127.4 million for the first quarter 2025. The increase in non-interest income of $37.9 million from the fourth quarter 2025 was primarily due to increases in gain on sales of investment securities of $43.1 million and service charges and fees of $14.9 million, partially offset by a lower net gain on mortgage loan origination and sale activities of $18.4 million. The increase in non-interest income of $125.2 million from the first quarter 2025 was primarily driven by increases in gain on sales of investment securities, service charges and fees, net gain on mortgage loan origination and sale activities, and income from equity investments. These increases were partially offset by a decrease in net loan servicing revenue.
Net revenue totaled $1.0 billion for the first quarter 2026, an increase of $38.0 million, or 3.9%, compared to $980.9 million for the fourth quarter 2025, and an increase of $240.9 million, or 31.0%, compared to $778.0 million for the first quarter 2025. 
Non-interest expense was $574.4 million for the first quarter 2026, compared to $552.2 million for the fourth quarter 2025, and $500.4 million for the first quarter 2025. The increase in non-interest expense of $22.2 million from the fourth quarter 2025 was primarily due to an increase of $21.2 million in other non-interest expense and $7.0 million in insurance costs. The increase in other non-interest expense was primarily driven by costs associated with Juris banking, which had comparable growth in service charges and fees within non-interest income, as well as OREO-related charges. Insurance costs increased primarily due to a reduction in the FDIC special assessment recognized in the fourth quarter 2025. These increases were partially offset by a $7.9 million reduction in deposit costs. The increase in non-interest expense of $74.0 million from the first quarter 2025 was primarily attributable to increased deposit costs of $26.5 million, increased salaries and employee benefits of $23.1 million, and a $19.4 million increase in other non-interest expense largely related to Juris banking. These increases were partially offset by decreased insurance costs of $13.2 million. The Company's efficiency ratio was 55.8% for the first quarter 2026, compared to 55.7% for the fourth quarter 2025, and 63.5% for the first quarter 2025. The Company’s efficiency ratio, adjusted for deposit costs1, was 47.5% for the first quarter 2026, compared to 46.5% in the fourth quarter 2025, and 55.8% for the first quarter 2025.
Income tax expense was $42.1 million for the first quarter 2026, compared to $62.5 million for the fourth quarter 2025, and $47.3 million for the first quarter 2025. The decrease in income tax expense from the fourth quarter 2025 and the first quarter 2025 was primarily driven by lower pre-tax income.
Net income was $189.2 million (or $251.3 million, as adjusted1) for the first quarter 2026, a decrease of $104.0 million from $293.2 million for the fourth quarter 2025, and a decrease of $9.9 million from $199.1 million for the first quarter 2025. Earnings per share totaled $1.65 (or $2.22, as adjusted1) for the first quarter 2026, compared to $2.59 for the fourth quarter 2025, and $1.79 for the first quarter 2025.
The Company believes its pre-provision net revenue1 ("PPNR") is a key metric for assessing the Company’s earnings power, which it defines as net revenue less non-interest expense. For the first quarter 2026, the Company’s PPNR1 was $444.5 million, up $15.8 million from $428.7 million in the fourth quarter 2025, and up $166.9 million from $277.6 million in the first quarter 2025.


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

Balance Sheet
HFI loans, net of deferred fees, totaled $59.1 billion at March 31, 2026, compared to $58.7 billion at December 31, 2025, and $54.8 billion at March 31, 2025. The increase in HFI loans of $465 million from the prior quarter was primarily driven by increases of $295 million and $113 million in commercial and industrial loans and residential real estate loans, respectively. The increase in HFI loans of $4.4 billion from March 31, 2025 was primarily driven by increases of $4.1 billion, $490 million, and $304 million in commercial and industrial, residential real estate, and commercial real estate non-owner occupied loans, respectively, partially offset by a decrease of $424 million in construction and land development loans. HFS loans totaled $3.9 billion at March 31, 2026, $3.5 billion at December 31, 2025, and $3.2 billion at March 31, 2025. The increase in HFS loans of $438 million from December 31, 2025 was primarily driven by increases of $345 million and $113 million in government-insured or guaranteed and agency-conforming mortgage loans, respectively. The increase in HFS loans of $698 million from March 31, 2025 was primarily driven by increases of $689 million and $110 million in government-insured or guaranteed and non-agency mortgage loans, respectively, partially offset by a $167 million decrease in agency-conforming mortgage loans.
The Company's allowance for credit losses on HFI loans consists of an allowance for funded HFI loans and an allowance for unfunded loan commitments. The allowance for loan losses to funded HFI loans ratio was 0.78% at both at March 31, 2026 and December 31, 2025, and 0.71% , and March 31, 2025. The allowance for credit losses, which includes the allowance for unfunded loan commitments, to funded HFI loans ratio was 0.87% at both March 31, 2026 and December 31, 2025, and 0.77% at March 31, 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 $7.9 billion, $8.1 billion, and $8.5 billion as of March 31, 2026, December 31, 2025, and March 31, 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 $11.2 million as of March 31, 2026, $11.8 million as of December 31, 2025, and $11.9 million as of March 31, 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 1.00% at March 31, 2026, 1.01% at December 31, 2025, and 0.92% at March 31, 2025.
Deposits totaled $82.7 billion at March 31, 2026, an increase of $5.6 billion from December 31, 2025, and an increase of $13.4 billion from $69.3 billion at March 31, 2025. By deposit type, the increase from the prior quarter is primarily attributable to increases of $3.7 billion, $969 million, and $828 million from non-interest bearing deposits, interest-bearing demand deposits and savings and money market accounts, respectively. From March 31, 2025, non-interest bearing deposits, interest-bearing demand deposits, and savings and money market accounts increased $6.1 billion, $3.9 billion, and $3.7 billion, respectively. Non-interest bearing deposits totaled $28.1 billion at March 31, 2026, compared to $24.4 billion at December 31, 2025, and $22.0 billion at March 31, 2025.
The table below shows the Company's deposit types as a percentage of total deposits:
Mar 31, 2026Dec 31, 2025Mar 31, 2025
Non-interest bearing34.0 %31.5 %31.8 %
Interest-bearing demand23.4 23.9 22.4 
Savings and money market30.7 31.9 31.3 
Certificates of deposit11.9 12.7 14.5 
The Company’s ratio of HFI loans to deposits was 71.5% at March 31, 2026, compared to 76.0% at December 31, 2025, and 79.0% at March 31, 2025.
Borrowings totaled $5.6 billion at March 31, 2026, $5.2 billion at December 31, 2025, and $4.2 billion at March 31, 2025. Borrowings increased $370 million from December 31, 2025 driven by a $676 million increase in short-term borrowings, partially offset by a $307 million decrease in long-term borrowings. Borrowings increased $1.5 billion from March 31, 2025, reflecting an increase in short-term borrowings of $2.0 billion, partially offset by a $529 million decrease in long-term borrowings.
Qualifying debt totaled $1.1 billion at March 31, 2026, consistent with the balance at December 31, 2025, and up from $898 million at March 31, 2025. The increase in qualifying debt from March 31, 2025 was primarily due to the issuance of $400 million of subordinated debt during the quarter ended December 31, 2025, partially offset by the repayment of $225 million of subordinated debt during the quarter ended June 30, 2025.
Total equity was $7.9 billion at March 31, 2026, relatively flat from December 31, 2025, and up from $7.2 billion at March 31, 2025. Total equity was flat from the prior quarter, primarily due to net income of $189.2 million, partially offset by changes in accumulated other comprehensive income of $112 million and cash dividends paid during the first quarter, comprised of $46.1 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. In addition, the Company repurchased 0.7 million shares for $50.0 million during the first quarter of 2026 under the Company's $300 million share repurchase program. The increase in equity from March 31, 2025 was primarily driven by net income, partially offset by dividends to stockholders and share repurchases.
The Company's common equity tier 1 capital ratio was 11.0% at March 31, 2026 and December 31, 2025, compared to 11.1% at March 31, 2025. At March 31, 2026, tangible common equity, net of tax1, was 6.8% of tangible assets1 and total capital was 14.4% of risk-weighted assets. The Company’s tangible book value per share1 was $61.14 at March 31, 2026, relatively flat from $61.29 at December 31, 2025, and an increase of 13.0% from $54.10 at March 31, 2025. The increase in tangible book value per share from March 31, 2025 was primarily attributable to net income.
Total assets increased $6.1 billion, or 6.6%, to $98.9 billion at March 31, 2026 from $92.8 billion at December 31, 2025, and increased 19.0% from $83.0 billion at March 31, 2025. The increase in total assets from December 31, 2025 was primarily driven by increased cash as well as HFI and HFS loans. The increase in total assets from March 31, 2025 was primarily driven by increased cash, investment securities, and HFI and HFS loans.

1     See Reconciliation of Non-GAAP Financial Measures starting on page 16.
4

Asset Quality
Provision for credit losses totaled $213.2 million for the first quarter 2026, compared to $73.0 million for the fourth quarter 2025, and $31.2 million for the first quarter 2025. Net loan charge-offs in the first quarter 2026 totaled $208.5 million, or 1.45% of average loans (annualized), compared to $44.6 million, or 0.31%, in the fourth quarter 2025, and $25.8 million, or 0.20%, in the first quarter 2025. Net loan charge-offs for the first quarter 2026 included charge-offs for the LAM and Cantor loans totaling $152.5 million. Excluding these two fraud-related charge-offs, net loan charge-offs1 were $56.0 million, or 0.39% of average loans (annualized)1 in the first quarter 2026.
Nonaccrual loans decreased $8 million to $492 million during the quarter and increased $41 million from March 31, 2025. Loans past due 90 days and still accruing interest totaled $56 million at March 31, 2026, $66 million at December 31, 2025, and $44 million at March 31, 2025 (excluding government guaranteed loans of $288 million, $290 million, and $275 million, respectively). Loans past due 30-89 days and still accruing interest totaled $157 million at March 31, 2026, an increase from $108 million at December 31, 2025, and a decrease from $182 million at March 31, 2025 (excluding government guaranteed loans of $94 million, $145 million, and $161 million, respectively). Criticized loans of $1.4 billion increased $75 million during the quarter and decreased $254 million from March 31, 2025.
Repossessed assets totaled $123 million at March 31, 2026, compared to $137 million at December 31, 2025, and $51 million at March 31, 2025. Classified assets of $1.1 billion at March 31, 2026 decreased $18 million from December 31, 2025, and decreased $125 million from March 31, 2025.
The ratio of classified assets to Tier 1 capital plus the allowance for credit losses2, a common regulatory measure of asset quality, was 13.0% at March 31, 2026, compared to 13.3% at December 31, 2025, and 15.9% at March 31, 2025.

1     See Reconciliation of Non-GAAP Financial Measures starting on page 16.
2     The allowance for credit losses used in this ratio is calculated in accordance with regulatory capital rules.
5

Conference Call and Webcast
Western Alliance Bancorporation will host a conference call and live webcast to discuss its first quarter 2026 financial results at 12:00 p.m. ET on Wednesday, April 22, 2026. Participants may access the call by dialing 1-888-596-4144 and using access code 9350603 or via live audio webcast using the website link https://events.q4inc.com/attendee/403697580. The webcast is also available via the Company’s website at www.westernalliancebancorporation.com. Participants should log in at least 15 minutes early to receive instructions. The call will be recorded and made available for replay after 3:00 p.m. ET April 22nd through 1:00 p.m. ET April 29th by dialing 1-800-770-2030, using access code 9350603.
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, 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, 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; 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 regarding the Cantor Group V loan and the Leucadia Asset Management LLC loan, 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 $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.
Contacts
Investors: Miles Pondelik, 602-346-7462
Email: MPondelik@westernalliancebank.com
Media: Stephanie Whitlow, 480-998-6547
Email: SWhitlow@westernalliancebank.com
6

Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited
Selected Balance Sheet Data:
As of March 31,
20262025Change %
(in millions)
Total assets$98,853 $83,043 19.0 %
Loans held for sale3,936 3,238 21.6 
Loans HFI, net of deferred fees59,142 54,761 8.0 
Investment securities20,392 15,868 28.5 
Total deposits82,723 69,322 19.3 
Borrowings5,610 4,151 35.1 
Qualifying debt1,072 898 19.4 
Total equity7,908 7,215 9.6 
Tangible common equity, net of tax (1)6,677 5,973 11.8 
Common equity Tier 1 capital7,050 6,311 11.7 
Selected Income Statement Data:
For the Three Months Ended March 31,
20262025Change %
(in millions, except per share data)
Interest income$1,188.2 $1,095.6 8.5 %
Interest expense421.9 445.0 (5.2)
Net interest income766.3 650.6 17.8 
Provision for credit losses213.2 31.2 NM
Net interest income after provision for credit losses553.1 619.4 (10.7)
Non-interest income252.6 127.4 98.3 
Non-interest expense574.4 500.4 14.8 
Income before income taxes231.3 246.4 (6.1)
Income tax expense42.1 47.3 (11.0)
Net income189.2 199.1 (5.0)
Net income attributable to noncontrolling interest7.1 — NM
Net income attributable to Western Alliance182.1 199.1 (8.5)
Dividends on preferred stock3.2 3.2 — 
Net income available to common stockholders$178.9 $195.9 (8.7)
Diluted earnings per common share$1.65 $1.79 (7.8)

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

7

Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited
Common Share Data:
At or For the Three Months Ended March 31,
20262025Change %
Diluted earnings per common share / as adjusted (1)$1.65 
/
$2.22 $1.79 (7.8)%
Book value per common share67.03 60.03 11.7 
Tangible book value per common share, net of tax (1)61.14 54.10 13.0 
Average common shares outstanding
(in millions):
Basic108.2 108.8 (0.6)
Diluted108.7 109.6 (0.8)
Common shares outstanding109.2 110.4 (1.1)
Selected Performance Ratios:
Return on average assets / as adjusted (1, 2)0.80 %/1.07 %0.97 %(17.5)%
Return on average tangible common equity / as adjusted (1, 2)10.5 /14.2 13.4 (21.6)
Net interest margin (2)3.54 3.47 2.0 
Efficiency ratio (1)55.8 63.5 (12.1)
Efficiency ratio, adjusted for deposit costs (1)47.5 55.8 (14.9)
HFI loan to deposit ratio71.5 79.0 (9.5)
Asset Quality Ratios:
Net charge-offs to average loans outstanding / as adjusted (1, 2)1.45 %/0.39 %0.20 %NM
Nonaccrual loans to funded HFI loans0.83 0.82 1.2 
Nonaccrual loans and repossessed assets to total assets0.62 0.60 3.3 
Allowance for loan losses to funded HFI loans0.78 0.71 9.9 
Allowance for credit losses to funded HFI loans0.87 0.77 13.0 
Allowance for loan losses to nonaccrual HFI loans94 86 9.3 
Allowance for credit losses to nonaccrual HFI loans105 94 11.7 
Capital Ratios:
Mar 31, 2026Dec 31, 2025Mar 31, 2025
Tangible common equity (1)6.8 %7.3 %7.2 %
Common Equity Tier 1 (3)11.0 11.0 11.1 
Tier 1 Leverage ratio (3)8.1 8.2 8.6 
Tier 1 Capital (3)12.0 12.1 12.3 
Total Capital (3)14.4 14.5 14.5 

(1)    See Reconciliation of Non-GAAP Financial Measures.
(2)    Annualized on an actual/actual basis for periods less than 12 months.
(3)    Capital ratios for March 31, 2026 are preliminary.
NM    Changes +/- 100% are not meaningful.





8

Western Alliance Bancorporation and Subsidiaries
Condensed Consolidated Income Statements
Unaudited
Three Months Ended March 31,
20262025
(in millions, except per share data)
Interest income:
Loans$915.7 $881.0 
Investment securities219.9 168.0 
Other52.6 46.6 
Total interest income1,188.2 1,095.6 
Interest expense:
Deposits360.7 378.3 
Qualifying debt13.1 9.3 
Borrowings48.1 57.4 
Total interest expense421.9 445.0 
Net interest income766.3 650.6 
Provision for credit losses213.2 31.2 
Net interest income after provision for credit losses553.1 619.4 
Non-interest income:
Service charges and fees88.5 40.5
Net gain on mortgage loan origination and sale activities72.7 49.5 
Net loan servicing (loss) revenue
(1.3)21.8 
Income from bank owned life insurance10.7 11.4 
Gain on sales of investment securities50.5 2.1 
Fair value gain adjustments, net3.1 1.0 
Income (loss) from equity investments13.3 (4.8)
Other15.1 5.9 
Total non-interest income252.6 127.4 
Non-interest expenses:
Salaries and employee benefits205.5 182.4 
Deposit costs163.3 136.8 
Data processing53.1 45.2 
Legal, professional, and directors' fees30.6 28.9 
Insurance24.7 37.9 
Occupancy19.2 17.2 
Loan servicing expenses16.7 16.4 
Business development and marketing9.5 5.9 
Loan acquisition and origination expenses7.9 5.2 
Other43.9 24.5 
Total non-interest expense574.4 500.4 
Income before income taxes231.3 246.4 
Income tax expense42.1 47.3 
Net income189.2 199.1 
Net income attributable to noncontrolling interest7.1 — 
Net income attributable to Western Alliance182.1 199.1 
Dividends on preferred stock3.2 3.2 
Net income available to common stockholders$178.9 $195.9 
Earnings per common share:
Diluted shares108.7 109.6 
Diluted earnings per share$1.65 $1.79 

9

Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Income Statements
Unaudited
Three Months Ended
Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025
(in millions, except per share data)
Interest income:
Loans$915.7 $936.2 $948.3 $914.3 $881.0 
Investment securities219.9 221.6 231.7 201.5 168.0 
Other52.6 59.6 45.5 38.6 46.6 
Total interest income1,188.2 1,217.4 1,225.5 1,154.4 1,095.6 
Interest expense:
Deposits360.7 383.5 398.2 377.8 378.3 
Qualifying debt13.1 9.0 6.3 8.2 9.3 
Borrowings48.1 58.7 70.6 70.8 57.4 
Total interest expense421.9 451.2 475.1 456.8 445.0 
Net interest income766.3 766.2 750.4 697.6 650.6 
Provision for credit losses213.2 73.0 80.0 39.9 31.2 
Net interest income after provision for credit losses553.1 693.2 670.4 657.7 619.4 
Non-interest income:
Service charges and fees88.5 73.6 40.5 39.7 40.5 
Net gain on mortgage loan origination and sale activities72.7 91.1 75.5 39.4 49.5 
Net loan servicing (loss) revenue
(1.3)(1.4)19.1 38.3 21.8 
Income from bank owned life insurance10.7 11.8 11.8 11.0 11.4 
Gain on sales of investment securities50.5 7.4 8.5 11.4 2.1 
Fair value gain adjustments, net3.1 3.5 8.3 0.1 1.0 
Income (loss) from equity investments13.3 12.2 7.8 2.9 (4.8)
Other15.1 16.5 16.3 5.5 5.9 
Total non-interest income252.6 214.7 187.8 148.3 127.4 
Non-interest expenses:
Salaries and employee benefits205.5 201.7 193.5 179.9 182.4 
Deposit costs163.3 171.2 175.1 147.4 136.8 
Data processing53.1 48.9 48.1 45.0 45.2 
Legal, professional, and directors' fees30.6 33.6 28.1 25.3 28.9 
Insurance24.7 17.7 24.5 37.4 37.9 
Occupancy19.2 19.7 16.8 16.9 17.2 
Loan servicing expenses16.7 17.7 15.0 20.1 16.4 
Business development and marketing9.5 11.1 5.6 6.1 5.9 
Loan acquisition and origination expenses7.9 7.9 7.3 5.8 5.2 
Other43.9 22.7 30.4 30.8 24.5 
Total non-interest expense574.4 552.2 544.4 514.7 500.4 
Income before income taxes231.3 355.7 313.8 291.3 246.4 
Income tax expense42.1 62.5 53.3 53.5 47.3 
Net income189.2 293.2 260.5 237.8 199.1 
Net income attributable to noncontrolling interest7.1 7.1 7.1 7.4 — 
Net income attributable to Western Alliance182.1 286.1 253.4 230.4 199.1 
Dividends on preferred stock3.2 3.2 3.2 3.2 3.2 
Net income available to common stockholders$178.9 $282.9 $250.2 $227.2 $195.9 
Earnings per common share:
Diluted shares108.7 109.3 109.8 109.6 109.6 
Diluted earnings per share$1.65 $2.59 $2.28 $2.07 $1.79 


10

Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Balance Sheets
Unaudited
Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025
(in millions)
Assets:
Cash and due from banks$8,554 $3,596 $5,756 $2,767 $3,279 
Investment securities20,392 20,438 18,841 18,601 15,868 
Loans held for sale3,936 3,498 3,502 3,022 3,238 
Loans held for investment:
Commercial and industrial28,223 27,928 25,734 24,920 24,117 
Commercial real estate - non-owner occupied10,344 10,340 10,487 10,255 10,040 
Commercial real estate - owner occupied1,711 1,683 1,682 1,749 1,787 
Construction and land development4,080 4,055 4,065 4,526 4,504 
Residential real estate14,765 14,652 14,651 14,465 14,275 
Consumer19 19 27 24 38 
Loans HFI, net of deferred fees59,142 58,677 56,646 55,939 54,761 
Allowance for loan losses(461)(461)(440)(395)(389)
Loans HFI, net of deferred fees and allowance58,681 58,216 56,206 55,544 54,372 
Mortgage servicing rights1,516 1,494 1,213 1,044 1,241 
Premises and equipment, net480 442 416 365 361 
Operating lease right-of-use asset125 131 134 130 125 
Other assets acquired through foreclosure, net123 137 130 218 51 
Bank owned life insurance1,067 1,057 1,045 1,033 1,022 
Goodwill and other intangibles, net646 649 651 653 656 
Other assets3,333 3,116 3,076 3,348 2,830 
Total assets$98,853 $92,774 $90,970 $86,725 $83,043 
Liabilities and stockholders' equity:
Liabilities:
Deposits
Non-interest bearing deposits$28,078 $24,353 $26,628 $22,997 $22,009 
Interest bearing:
Demand19,385 18,416 16,422 15,674 15,507 
Savings and money market25,414 24,586 24,627 22,231 21,728 
Certificates of deposit9,846 9,804 9,570 10,205 10,078 
Total deposits82,723 77,159 77,247 71,107 69,322 
Borrowings5,610 5,240 3,862 6,052 4,151 
Qualifying debt1,072 1,076 681 678 898 
Operating lease liability154 160 164 160 154 
Accrued interest payable and other liabilities1,386 1,193 1,326 1,321 1,303 
Total liabilities90,945 84,828 83,280 79,318 75,828 
Equity:
Preferred stock295 295 295 295 295 
Common stock and additional paid-in capital2,036 2,095 2,140 2,136 2,125 
Retained earnings5,740 5,607 5,371 5,165 4,980 
Accumulated other comprehensive loss(456)(344)(409)(482)(478)
Total Western Alliance stockholders' equity7,615 7,653 7,397 7,114 6,922 
Noncontrolling interest in subsidiary293 293 293 293 293 
Total equity7,908 7,946 7,690 7,407 7,215 
Total liabilities and equity$98,853 $92,774 $90,970 $86,725 $83,043 


11

Western Alliance Bancorporation and Subsidiaries
Changes in the Allowance For Credit Losses on Loans
Unaudited
Three Months Ended
Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025
(dollars in millions)
Allowance for loan losses
Balance, beginning of period$460.6 $440.4 $394.7 $388.6 $373.8 
Provision for credit losses (1)209.0 64.8 76.8 35.7 40.6 
Recoveries of loans previously charged-off:
Commercial and industrial0.6 1.7 0.7 0.6 1.0 
Commercial real estate - non-owner occupied— — — 5.1 0.6 
Commercial real estate - owner occupied— 0.4 — — 0.1 
Construction and land development— 1.5 — — — 
Residential real estate— — — — — 
Consumer— 0.1 — — — 
Total recoveries0.6 3.7 0.7 5.7 1.7 
Loans charged-off:
Commercial and industrial181.4 28.9 12.4 17.0 13.0 
Commercial real estate - non-owner occupied27.7 10.7 12.9 17.4 14.5 
Commercial real estate - owner occupied— — — 0.2 — 
Construction and land development— 8.6 6.3 0.6 — 
Residential real estate— — — 0.1 — 
Consumer— 0.1 0.2 — — 
Total loans charged-off209.1 48.3 31.8 35.3 27.5 
Net loan charge-offs208.5 44.6 31.1 29.6 25.8 
Balance, end of period$461.1 $460.6 $440.4 $394.7 $388.6 
Allowance for unfunded loan commitments
Balance, beginning of period$49.6 $42.3 $39.2 $35.1 $39.5 
Provision for (recovery of) credit losses (1) 3.7 7.3 3.1 4.1 (4.4)
Balance, end of period (2)$53.3 $49.6 $42.3 $39.2 $35.1 
Components of the allowance for credit losses on loans
Allowance for loan losses$461.1 $460.6 $440.4 $394.7 $388.6 
Allowance for unfunded loan commitments53.3 49.6 42.3 39.2 35.1 
Total allowance for credit losses on loans$514.4 $510.2 $482.7 $433.9 $423.7 
Net charge-offs to average loans - annualized1.45 %0.31 %0.22 %0.22 %0.20 %
Allowance ratios
Allowance for loan losses to funded HFI loans (3)0.78 %0.78 %0.78 %0.71 %0.71 %
Allowance for credit losses to funded HFI loans (3)0.87 0.87 0.85 0.78 0.77 
Allowance for loan losses to nonaccrual HFI loans94 92 84 92 86 
Allowance for credit losses to nonaccrual HFI loans105 102 92 102 94 
(1)    The above tables reflect only the provision for credit losses on funded and unfunded loans. For the three months ended March 31, 2026, provision for credit losses for HTM investment securities totaled $0.5 million. The allowance for credit losses on HTM investment securities totaled $13.4 million as of March 31, 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 $11.2 million as of March 31, 2026 related to a pool of loans covered under three separate credit linked note transactions.

12

Western Alliance Bancorporation and Subsidiaries
Asset Quality Metrics
Unaudited
Three Months Ended
Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025
(dollars in millions)
Nonaccrual loans and repossessed assets
Nonaccrual loans (1)$492 $500 $522 $427 $451 
Nonaccrual loans to funded HFI loans0.83 %0.85 %0.92 %0.76 %0.82 %
Repossessed assets$123 $137 $130 $218 $51 
Nonaccrual loans and repossessed assets to total assets0.62 %0.69 %0.72 %0.74 %0.60 %
Loans Past Due
Loans past due 90 days, still accruing (2)$56 $66 $49 $51 $44 
Loans past due 90 days, still accruing to funded HFI loans (2)0.09 %0.11 %0.09 %0.09 %0.08 %
Loans past due 30 to 89 days, still accruing (3)$157 $108 $196 $175 $182 
Loans past due 30 to 89 days, still accruing to funded HFI loans (2)0.27 %0.18 %0.35 %0.31 %0.33 %
Other credit quality metrics
Special mention loans$403 $325 $292 $444 $460 
Special mention loans to funded HFI loans0.68 %0.55 %0.52 %0.79 %0.84 %
Classified loans on accrual$455 $450 $476 $615 $693 
Classified loans on accrual to funded HFI loans0.77 %0.77 %0.84 %1.10 %1.27 %
Classified assets (1)$1,070 $1,088 $1,129 $1,261 $1,195 
Classified assets to total assets1.08 %1.17 %1.24 %1.45 %1.44 %
(1)    Includes senior liens acquired to protect the Company's position with respect to its Cantor Group V loan of $13 million as of March 31, 2026.
(2)     Excludes government guaranteed residential mortgage loans of $288 million, $290 million, $282 million, $326 million, and $275 million as of each respective date in the table above.
(3)    Excludes government guaranteed residential mortgage loans of $94 million, $145 million, $149 million, $168 million, and $161 million as of each respective date in the table above.

13

Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
Three Months Ended
March 31, 2026December 31, 2025
Average
Balance		InterestAverage Yield /
Cost		Average
Balance		InterestAverage Yield /
Cost
(dollars in millions)
Interest earning assets
Loans HFS$5,469 $80.2 5.95 %$5,195 $75.2 5.74 %
Loans HFI:
Commercial and industrial27,560 413.3 6.13 26,246 415.1 6.32 
CRE - non-owner occupied10,317 169.9 6.68 10,454 182.5 6.93 
CRE - owner occupied1,694 24.8 6.00 1,695 24.0 5.74 
Construction and land development3,983 76.4 7.79 4,003 82.5 8.17 
Residential real estate14,611 150.8 4.19 14,690 156.6 4.23 
Consumer19 0.3 7.48 21 0.3 5.34 
Total HFI loans (1), (2), (3), (4)58,184 835.5 5.85 57,109 861.0 6.01 
Investment securities:
Taxable17,696 195.4 4.48 17,690 197.8 4.44 
Tax-exempt2,278 24.5 5.50 2,212 23.8 5.39 
Total investment securities (1)19,974 219.9 4.59 19,902 221.6 4.54 
Cash and other5,327 52.6 4.01 5,633 59.6 4.20 
Total interest earning assets88,954 1,188.2 5.46 87,839 1,217.4 5.54 
Non-interest earning assets
Cash and due from banks543 462 
Allowance for loan losses(464)(459)
Bank owned life insurance1,060 1,049 
Other assets5,509 5,310 
Total assets$95,602 $94,201 
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing demand accounts$18,946 $99.5 2.13 %$17,374 $102.2 2.33 %
Savings and money market24,611 168.7 2.78 24,113 180.9 2.98 
Certificates of deposit9,724 92.5 3.86 9,834 100.4 4.05 
Total interest-bearing deposits53,281 360.7 2.75 51,321 383.5 2.96 
Short-term borrowings2,948 29.5 4.05 3,243 33.7 4.13 
Long-term debt1,353 18.6 5.59 1,723 25.0 5.75 
Qualifying debt1,077 13.1 4.92 845 9.0 4.27 
Total interest-bearing liabilities58,659 421.9 2.92 57,132 451.2 3.13 
Interest cost of funding earning assets1.92 2.04 
Non-interest-bearing liabilities
Non-interest-bearing deposits27,352 27,524 
Other liabilities1,470 1,681 
Equity8,121 7,864 
Total liabilities and equity$95,602 $94,201 
Net interest income and margin (5)$766.3 3.54 %$766.2 3.51 %
(1)     Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $10.1 million and $9.9 million for the three months ended March 31, 2026 and December 31, 2025, respectively.
(2)    Included in the yield computation are net loan fees of $23.9 million and $25.0 million for the three months ended March 31, 2026 and December 31, 2025, respectively
(3) Interest income includes a reduction for earnings credits totaling $48.7 million and $56.6 million for the three months ended March 31, 2026 and December 31, 2025, respectively.
(4)    Includes non-accrual loans.
(5)    Net interest margin is computed by dividing net interest income by total average earning assets, annualized on an actual/actual basis.
14

Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
Three Months Ended
March 31, 2026March 31, 2025
Average
Balance		InterestAverage Yield /
Cost		Average
Balance		InterestAverage Yield /
Cost
(dollars in millions)
Interest earning assets
Loans HFS$5,469 $80.2 5.95 %$4,300 $66.6 6.28 %
Loans HFI:
Commercial and industrial27,560 413.3 6.13 22,831 365.8 6.56 
CRE - non-owner occupied10,317 169.9 6.68 10,011 175.1 7.10 
CRE - owner occupied1,694 24.8 6.00 1,880 28.7 6.30 
Construction and land development3,983 76.4 7.79 4,407 91.8 8.45 
Residential real estate14,611 150.8 4.19 14,346 152.2 4.30 
Consumer19 0.3 7.48 46 0.8 6.69 
Total loans HFI (1), (2), (3), (4)58,184 835.5 5.85 53,521 814.4 6.20 
Investment securities:
Taxable17,696 195.4 4.48 13,020 143.5 4.47 
Tax-exempt2,278 24.5 5.50 2,255 24.5 5.52 
Total investment securities (1)19,974 219.9 4.59 15,275 168.0 4.63 
Cash and other5,327 52.6 4.01 4,083 46.6 4.63 
Total interest earning assets88,954 1,188.2 5.46 77,179 1,095.6 5.81 
Non-interest earning assets
Cash and due from banks543 331 
Allowance for loan losses(464)(397)
Bank owned life insurance1,060 1,015 
Other assets5,509 4,720 
Total assets$95,602 $82,848 
Interest bearing liabilities
Interest bearing deposits:
Interest bearing demand accounts$18,946 $99.5 2.13 %$15,870 $99.9 2.55 %
Savings and money market accounts24,611 168.7 2.78 21,206 164.8 3.15 
Certificates of deposit9,724 92.5 3.86 10,018 113.6 4.60 
Total interest bearing deposits53,281 360.7 2.75 47,094 378.3 3.26 
Short-term borrowings2,948 29.5 4.05 1,722 20.8 4.89 
Long-term debt1,353 18.6 5.59 2,652 36.6 5.60 
Qualifying debt1,077 13.1 4.92 899 9.3 4.18 
Total interest bearing liabilities58,659 421.9 2.92 52,367 445.0 3.45 
Interest cost of funding earning assets1.92 2.34 
Non-interest bearing liabilities
Non-interest bearing deposits27,352 22,097 
Other liabilities1,470 1,485 
Equity8,121 6,899 
Total liabilities and equity$95,602 $82,848 
Net interest income and margin (5)$766.3 3.54 %$650.6 3.47 %
(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 March 31, 2026 and 2025, respectively.
(2)    Included in the yield computation are net loan fees of $23.9 million and $23.8 million for the three months ended March 31, 2026 and 2025, respectively.
(3)    Interest income includes a reduction for earnings credits totaling of $48.7 million and $58.1 million for the three months ended March 31, 2026 and 2025, respectively.
(4)    Includes non-accrual loans.
(5)    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
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
Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025
Income statement line item(in millions)
Interest income (1)$48.7 $56.6 $64.9 $61.3 $58.1 
Service charges and fees (1)8.3 7.2 5.4 4.4 4.2 
Deposit costs (2)157.3 165.0 169.1 142.8 129.9 
Total earnings credit and referral costs$214.3 $228.8 $239.4 $208.5 $192.2 
(1) Earnings credits recorded as a reduction to Interest income and Service charges and fees.    
(2) Deposit costs also included $6.0 million, $6.2 million, $6.0 million, $4.6 million, and $6.9 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
Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025
(in millions)
Net interest income$766.3 $766.2 $750.4 $697.6 $650.6 
Total non-interest income252.6 214.7 187.8 148.3 127.4 
Net revenue$1,018.9 $980.9 $938.2 $845.9 $778.0 
Total non-interest expense574.4 552.2 544.4 514.7 500.4 
Pre-provision net revenue (1)$444.5 $428.7 $393.8 $331.2 $277.6 
Less:
Provision for credit losses213.2 73.0 80.0 39.9 31.2 
Income tax expense42.1 62.5 53.3 53.5 47.3 
Net income$189.2 $293.2 $260.5 $237.8 $199.1 
Efficiency Ratio (Tax Equivalent Basis) by Quarter:
Three Months Ended
Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025
(dollars in millions)
Total non-interest expense$574.4 $552.2 $544.4 $514.7 $500.4 
Less: Deposit costs163.3 171.2 175.1 147.4 136.8 
Total non-interest expense, excluding deposit costs411.1 381.0 369.3 367.3 363.6 
Divided by:
Total net interest income766.3 766.2 750.4 697.6 650.6 
Plus:
Tax equivalent interest adjustment10.1 9.9 9.7 10.2 10.2 
Total non-interest income252.6 214.7 187.8 148.3 127.4 
Less: Deposit costs163.3 171.2 175.1 147.4 136.8 
$865.7 $819.6 $772.8 $708.7 $651.4 
Efficiency ratio (2)55.8 %55.7 %57.4 %60.1 %63.5 %
Efficiency ratio, adjusted for deposit costs (2)47.5 %46.5 %47.8 %51.8 %55.8 %
16

Western Alliance Bancorporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Unaudited
Tangible Common Equity:
Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025
(in millions, except per share data)
Total equity$7,908 $7,946 $7,690 $7,407 $7,215 
Less:
Goodwill and intangible assets, net646 649 651 653 656 
Preferred stock295 295 295 295 295 
Noncontrolling interest in subsidiary293 293 293 293 293 
Total tangible common equity6,674 6,709 6,451 6,166 5,971 
Plus: deferred tax - attributed to intangible assets3 2 2 2 2 
Total tangible common equity, net of tax$6,677 $6,711 $6,453 $6,168 $5,973 
Total assets$98,853 $92,774 $90,970 $86,725 $83,043 
Less: goodwill and intangible assets, net646 649 651 653 656 
Tangible assets98,207 92,125 90,319 86,072 82,387 
Plus: deferred tax - attributed to intangible assets3 2 2 2 2 
Total tangible assets, net of tax$98,210 $92,127 $90,321 $86,074 $82,389 
Tangible common equity ratio (3)6.8 %7.3 %7.1 %7.2 %7.2 %
Common shares outstanding109.2 109.5 110.2 110.4 110.4 
Tangible book value per share, net of tax (3)$61.14 $61.29 $58.56 $55.87 $54.10 
Return on Average Tangible Common Equity:
Three Months Ended
Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025
(in millions)
Net income available to common shareholders$178.9 $282.9 $250.2 $227.2 $195.9 
Divided by:
Average stockholders' equity8,121 7,864 7,607 7,355 6,899 
Less:
Average goodwill and intangible assets648 650 652 655 658 
Average preferred stock295 295 295 295 295 
Average noncontrolling interest293 293 293 293 16 
Average tangible common equity$6,885 $6,625 $6,366 $6,112 $5,930 
Return on average tangible common equity (1)10.5 %16.9 %15.6 %14.9 %13.4 %

17

Western Alliance Bancorporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Unaudited
The adjusted revenue, earnings and return metrics presented below for 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 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
(in millions)
Net revenue$1,018.9 
Adjusted for:
Gain on sales of investment securities(50.5)
Net revenue, as adjusted$968.4 
Total non-interest expense574.4 
Pre-provision net revenue, as adjusted (1)$394.0 
Less:
Provision for credit losses213.2 
Income tax expense42.1 
Gain on sales of investment securities(50.5)
Net income$189.2 
Earnings per Share, As Adjusted:
(in millions, except per share data)
Net income$189.2 
Adjusted for:
Gain on sales of investment securities(50.5)
Provision for credit losses on LAM126.4 
Tax effect of adjustments(13.8)
Net income, as adjusted251.3 
Net income attributable to noncontrolling interest7.1 
Dividends on preferred stock3.2 
Net income available to common stockholders, as adjusted$241.0 
Diluted shares108.7 
Diluted earnings per share, as adjusted (1)$2.22 
Return on Average Assets, As Adjusted:
(dollars in millions)
Net income, as adjusted
$251.3 
Divided by:
Average Assets$95,602 
Return on average assets, as adjusted (1)
1.07 %
Return on Average Tangible Common Equity, As Adjusted:
(dollars in millions)
Net income available to common stockholders, as adjusted
$241.0 
Divided by: Average equity8,121 
Less:
Average goodwill and intangible assets648 
Average preferred stock295 
Average noncontrolling interest293 
Average tangible common equity$6,885 
Return on average tangible common equity (1)10.5 %
Return on average tangible common equity, as adjusted (1)
14.2 %
18

Western Alliance Bancorporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Unaudited
Net Charge-Offs and Net Charge-Offs to Average Loans, As Adjusted:
(dollars in millions)
Net charge-offs$208.5 
Adjusted for fraud related charge-offs:
LAM(126.4)
Cantor(26.1)
Net charge-offs, as adjusted$56.0 
Divided by: Average HFI loans58,184 
Net charge-offs to average loans - annualized, as adjusted0.39 %
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.
19
EARNINGS CALL 1st Quarter 2026 April 22, 2026

 

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, including our deposits, liquidity and funding, changes in economic conditions and related impacts on the Company's business, 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, 2025, 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; 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 regarding the Cantor Group V loan and the Leucadia Asset Management LLC loan, the amount of funds and/or collateral that may be available for the 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 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 applicable law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed 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 March 31, 2026. 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 1st Quarter 2026 | Financial Highlights Earnings & Profitability Q1 2026 Q4 2025 Q1 2025 Earnings per Share / Adjusted1 $ 1.65 / $ 2.22 $ 2.59 $ 1.79 Net Income / Adjusted1 189.2 / 251.3 293.2 199.1 Net Income Available to Common Stockholders / Adjusted1 178.9 / 241.0 282.9 195.9 Net Revenue / Adjusted1 1,018.9 / 968.4 980.9 778.0 Pre-Provision Net Revenue1 / Adjusted 444.5 / 394.0 428.7 277.6 Net Interest Margin 3.54% 3.51% 3.47% Efficiency Ratio1 55.8 55.7 63.5 Efficiency Ratio, Adjusted for Deposit Costs1 47.5 46.5 55.8 ROAA / Adjusted1 0.80 / 1.07 1.23 0.97 ROATCE1 / Adjusted 10.5 / 14.2 16.9 13.4 Balance Sheet & Capital Total Loans (Held for Investment) $ 59,142 $ 58,677 $ 54,761 Total Deposits 82,723 77,159 69,322 CET1 Ratio 11.0% 11.0% 11.1% TCE Ratio1 6.8 7.3 7.2 Tangible Book Value per Share1 $ 61.14 $ 61.29 $ 54.10 Asset Quality Provision for Credit Losses $ 213.2 $ 73.0 $ 31.2 Net Loan Charge-Offs / Adjusted2 208.5 / 56.0 44.6 25.8 Net Loan Charge-Offs/Avg. Loans / Adjusted2 1.45% / 0.39% 0.31% 0.20% Total Loan ACL/Funded HFI Loans3 0.87 0.87 0.77 NPLs/Funded HFI Loans 0.83 0.85 0.82 Dollars in millions, except EPS 1) Refer to slide 2 for further discussion of non-GAAP financial measures. 2) Excludes $152.5 million for two fraud-related charge-offs on the Leucadia Asset Management LLC ("LAM") and Cantor Group V, LLC ("Cantor") loans. 3) Total Loan ACL includes an allowance for credit losses of $11.2 million as of March 31, 2026 related to a pool of loans covered under 3 separate credit linked notes. Q1 2026 Highlights Net Income EPS $189.2 million $1.65 $251.3 million, Adjusted1 $2.22, Adjusted1 PPNR1 ROATCE1 Q1: $444.5 million 10.5% $394.0 million, Adjusted1 14.2%, Adjusted1 Loan Growth Capital Q1: $465 million CET1 Ratio: 11.0% 8.0% Y-o-Y TCE Ratio1: 6.8% Tangible Book Value PER SHARE1 NPLs / Total Loans $61.14 0.83% 13.0% Y-o-Y Income Statement Adjustments Q1-26 Items Amount Provision for credit losses on LAM $ 126.4 Gain on sales of investment securities (50.5) Pre-Tax Total: 75.9 Tax Effect (13.8) After-Tax Total: 62.1 Adjustment to EPS $ 0.57

 

4 Q1-26 Q4-25 Q1-25 Interest Income1 $ 1,188.2 $ 1,217.4 $ 1,095.6 Interest Expense (421.9) (451.2) (445.0) Net Interest Income $ 766.3 $ 766.2 $ 650.6 Service Charges and Fees 88.5 73.6 40.5 Mortgage Banking Revenue 71.4 89.7 71.3 Gains on Securities Sales and FV Adj., Net 53.6 10.9 3.1 Other 39.1 40.5 12.5 Non-Interest Income $ 252.6 $ 214.7 $ 127.4 Net Revenue / Adjusted2 $ 1,018.9 / $ 968.4 $ 980.9 $ 778.0 Salaries and Employee Benefits (205.5) (201.7) (182.4) Deposit Costs (163.3) (171.2) (136.8) Insurance (24.7) (17.7) (37.9) Other (180.9) (161.6) (143.3) Non-Interest Expense $ (574.4) $ (552.2) $ (500.4) Pre-Provision Net Revenue2 / Adjusted $ 444.5 / $ 394.0 $ 428.7 $ 277.6 Provision for Credit Losses (213.2) (73.0) (31.2) Pre-Tax Income $ 231.3 $ 355.7 $ 246.4 Income Tax (42.1) (62.5) (47.3) Net Income / Adjusted2 $ 189.2 / $ 251.3 $ 293.2 $ 199.1 Net Income Avail. to Common Stockholders / Adj.2 $ 178.9 / $ 241.0 $ 282.9 $ 195.9 Diluted Shares 108.7 109.3 109.6 Earnings Per Share / Adjusted2 $ 1.65 / $ 2.22 $ 2.59 $ 1.79 Net Interest Income was flat from the prior quarter, primarily due to lower liability costs as well as average earning asset growth of $1.1 billion, largely offset by lower yields on earning assets, higher deposit balances and two fewer days in the quarter • Increased $115.7 million or 18% from Q1-25 Non-Interest Income increased $37.9 million from Q4 primarily driven by a series of well-executed security sales generating gains of $50.5 million Mortgage Banking Metrics • $14.2 billion in mortgage loan production in Q1 (61% purchase / 39% refinance), down 4% compared to Q4 and up 18% to Q1-25 • $14.2 billion interest rate lock commitment volume in Q1, down 8% compared to Q4 and up 13% to Q1-25 • Gain on Sale margin3 of 37 bps in Q1, compared to 30 bps in Q4 and 19 bps in Q1-25 • $75.1 billion in servicing portfolio UPB at end of Q1 Non-Interest Expense increased $22.2 million from Q4 primarily driven by increases from: • Salaries and Employee Benefits of $3.8 million related to annual merit increases and seasonal compensation costs • Insurance Costs normalizing after a one-time rebate in the FDIC special assessment of $7.5 million in Q4 • Other Non-Interest Expense of $19.3 primarily related to the Company's Juris Banking business During Q1 2026, completed $50.0 million in repurchases, or 0.7 million shares, at an average price of $71.61 1) Interest income includes a reduction for earnings credits totaling $48.7 million, $56.6 million, and $58.1 million for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively. 2) Refer to slide 2 for further discussion of non-GAAP financial measures. Refer to slide 3 for a description of income statement adjustments made in Q1-26, where applicable. 3) Gain on Sale margin represents spread as of the interest rate lock commitment date. Quarterly Income Statement Q1 2026 Highlights 1 2 3 1 2 4 Dollars in millions, except EPS 3 4

 

5 Dollars in millions, except per share data Consolidated Balance Sheet Q1 2026 Highlights 1 2 3 4 Securities and Cash increased $4.9 billion, or 20.4%, to $28.9 billion, and increased $9.8 billion, or 51.2%, over prior year Loans, HFS increased $438 million and increased $698 million, or 21.6%, over prior year primarily related to government insured or guaranteed mortgage loans Loans, HFI increased $465 million and increased $4.4 billion, or 8.0%, over prior year Deposits increased $5.6 billion, or 7.2%, and increased $13.4 billion, or 19.3%, over prior year Equity decreased $38 million primarily due to AOCI, dividends and share repurchases, partially offset by net income Tangible Book Value/Share1 was in line with Q4 at $61.14 and increased $7.04, or 13.0%, over prior year – Completed $120.4 million in cumulative repurchases through April 7, 2026 since program inception on September 15, 2025, or approximately 1.6 million shares, at an average price of $76.55 1) Refer to slide 2 for further discussion of non-GAAP financial measures. 5 1 3 4 5 6 Q1-26 Q4-25 Q1-25 Securities and Cash $ 28,946 $ 24,034 $ 19,147 Loans, HFS 3,936 3,498 3,238 Loans, HFI 59,142 58,677 54,761 Allowance for Loan Losses (461) (461) (389) Mortgage Servicing Rights 1,516 1,494 1,241 Goodwill and Intangibles 646 649 656 Other Assets 5,128 4,883 4,389 Total Assets $ 98,853 $ 92,774 $ 83,043 Deposits $ 82,723 $ 77,159 $ 69,322 Borrowings 5,610 5,240 4,151 Qualifying Debt 1,072 1,076 898 Other Liabilities 1,540 1,353 1,457 Total Liabilities $ 90,945 $ 84,828 $ 75,828 Total Equity 7,908 7,946 7,215 Total Liabilities and Equity $ 98,853 $ 92,774 $ 83,043 Tangible Book Value Per Share1 $ 61.14 $ 61.29 $ 54.10 2 6

 

6 $4.4 Billion Year-over-Year Growth $24.1 $24.9 $25.7 $27.9 $28.2 $1.8 $1.7 $1.7 $1.7 $1.7 $10.1 $10.3 $10.5 $10.3 $10.3 $4.5 $4.5 $4.1 $4.1 $4.1 $14.3 $14.5 $14.6 $14.6 $14.8 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 26.1% 3.3% 18.4% 44.0% 8.2% 25.0% 2.9% 17.5% 47.7% 6.9% Residential & Consumer Construction & Land CRE, Non-Owner Occupied CRE, Owner Occupied Commercial & Industrial $54.8 +$1.1 $55.9 +$1.1 $56.6 +$0.7 $58.7 +$2.0 $59.1 +$0.5 Dollars in billions, unless otherwise indicated Total Loans, HFI Qtr Change Loan Composition Q1 2026 Highlights Increase (Decrease) by Loan Type: (in millions) QoQ YoY C&I $ 295 $ 4,106 Residential & Consumer 113 471 CRE, OO 28 (76) Construction & Land 25 (424) CRE, Non-OO 4 304 Total $ 465 $ 4,381 24.9% 2.9% 17.6% 47.6% 7.0% 4.19% 6.00% 6.68% 6.13% 7.79% Q1-26 Avg. Yields1 Total Avg. Yield 5.85% 1) Interest income includes a reduction for earnings credits totaling $48.7 million, $56.6 million, $64.9 million, $61.3 million, and $58.1 million for the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively. Loan growth from C&I businesses within Regional Banking and National Business Lines 50% 26% 24% Regional Banking National Business Lines Residential Loan Composition

 

7 Diversified deposit growth across Specialty Escrow Services and National Business Lines Q1 2026 Highlights $22.0 $23.0 $26.6 $24.4 $28.1 $15.5 $15.7 $16.4 $18.4 $19.4 $21.7 $22.2 $24.6 $24.6 $25.4 $10.1 $10.2 $9.6 $9.8 $9.8 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 22.4% 14.5% 31.8% 31.3% 23.4% 11.9% 34.0% 30.7% $13.4 Billion Year-over-Year Growth CDs Savings and MMA Interest Bearing DDA Non-Interest Bearing $71.1 +$1.8 $69.3 +$3.0 $77.2 $(0.1) $82.7 +$5.6 Increase (Decrease) by Deposit Type: (in millions) QoQ YoY Non-Interest Bearing $ 3,725 $ 6,069 Interest-Bearing DDA 969 3,878 Savings and MMA 828 3,686 CDs 42 (232) Total $ 5,564 $ 13,401 $77.2 +$6.1 Total Deposits Qtr Change Deposit Composition Q1-26 Avg. Costs Total Avg. Cost 1.81%Dollars in billions, unless otherwise indicated 3.86% 2.13% 0.00% 2.78% 23.9% 12.7% 31.5% 31.9% Deposit Composition • 34% of total deposits are non-interest bearing – Approximately 33% have no ECRs 40% 30% 15% 8% 7% National Business Lines Regional Banking Specialty Escrow Svcs¹ Consumer Digital Other 1) Specialty Escrow Services includes: Business Escrow Services, Corporate Trust, Juris Banking, and other deposit initiatives. Total Avg. Cost 1.93%

 

8 • Securities Portfolio yields increased 5 bps, as a result of consistent interest income over a lower day count • Loan yields decreased 16 bps, due to the impact of rate cuts by the Federal Reserve • Cost of interest-bearing deposits decreased 21 bps, reflecting the impact of rate cuts, while cost of liability funding decreased 12 bps primarily due to reduced reliance on higher cost funding including FHLB borrowings • Total interest cost of funding earning assets decreased 12 bps to 1.92%, primarily driven by a reduction in deposit rates and borrowing costs Interest Bearing Deposits and Cost1 Loans and HFI Yield1, 2 Deposits, Borrowings, and Cost of Liability Funding1 Securities Portfolio and Yield1 $15.9 $18.6 $18.8 $20.4 $20.4 4.63% 4.81% 4.72% 4.54% 4.59% Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 $54.8 $55.9 $56.6 $58.7 $59.1$3.2 $3.0 $3.5 $3.5 $3.9 6.20% 6.17% 6.18% 6.01% 5.85% Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 $47.3 $48.1 $50.6 $52.8 $54.6 3.26% 3.19% 3.19% 2.96% 2.75% Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 $47.3 $48.1 $50.6 $52.8 $54.6 $22.0 $23.0 $26.6 $24.4 $28.1$5.0 $6.7 $4.5 $6.3 $6.7 2.42% 2.37% 2.29% 2.11% 1.99% Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Non-Interest Bearing Deposits Total Borrowings Q1 2026 Highlights Net Interest Drivers Dollars in billions Interest Bearing DepositsInterest Bearing Deposits Total Investments HFI Loans HFS Loans 1) Balances are as of each respective period end. 2) Interest income includes a reduction for earnings credits totaling $48.7 million, $56.6 million, $64.9 million, $61.3 million, and $58.1 million for the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively.

 

9 • Average Earning Assets increased $1.1 billion, or 5.1% annualized, primarily from growth in average C&I loans and HFS loan balances • NIM increased 3 bps, due to lower rates on deposits and short-term borrowings, partially offset by decreased yields on interest earning assets • Net Interest Income flat over prior quarter, primarily due to lower deposit and borrowing costs and an increase in average earning assets by $1.1 billion, partially offset by decreased yields on interest earning assets Net Interest Income1 and Net Interest Margin $650.6 $697.6 $750.4 $766.2 $766.3 3.47% 3.53% 3.53% 3.51% 3.54% Net Interest Margin Net Interest Income Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 $77.2 $80.5 $85.3 $87.8 $89.0 $53.5 $54.9 $56.2 $57.1 $58.2 $4.3 $4.9 $5.0 $5.2 $5.5 $15.3 $17.3 $20.0 $19.9 $20.0$4.1 $3.5 $4.1 $5.6 $5.3 5.81% 5.80% 5.74% 5.54% 5.46% Loans Loans HFS Securities Cash & Other Average Yield Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Average Earning Assets & Average Yield1 Dollars in millions Dollars in billions Net Interest Income Q1 2026 Highlights 5% 20% 6% 6% 23% 6% 6% 23% 6% 69% 65% 65% 1) Interest income includes a reduction for earnings credits totaling $48.7 million, $56.6 million, $64.9 million, $61.3 million, and $58.1 million for the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively.

 

10 • Efficiency ratio1 held steady compared to the prior quarter, and decreased 770 bps from the same period last year • Adjusted efficiency ratio1 (excluding deposit costs) increased 100 bps to 47.5%, and decreased 830 bps from the same period last year – Total Non-Interest Expense (Ex. Deposit Costs) increased $30.1 million to $411.1 million • Deposit Costs decreased $7.9 million to $163.3 million, primarily from lower ECR rates – Total ECR-related deposit balances of $30.2 billion in Q1-26 – Average ECR-related deposits of $29.4 billion in Q1-26 compared to $28.9 billion in Q4-25 and $24.2 billion in Q1-25 $500.4 $514.7 $544.4 $552.2 $574.4 63.5% 60.1% 57.4% 55.7% 55.8% 55.8% 51.8% 47.8% 46.5% 47.5% Non-Interest Expenses Efficiency Ratio Adj. Efficiency Ratio Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Dollars in millions Non-Interest Expense and Efficiency $182.4 $179.9 $193.5 $201.7 $205.5 $143.3 $150.0 $151.3 $161.6 $180.9 $37.9 $37.4 $24.5 $17.7 $24.7 $136.8 $147.4 $175.1 $171.2 $163.3 Deposit Costs Insurance Other Operating Expenses Salaries & Employee Benefits Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q1 2026 Highlights Non-Interest Expense 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) $363.6 $367.3 $369.3 $381.0 $411.1

 

11 Interest Rate Sensitivity Q1 2026 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 2.4% • EaR is liability sensitive, with +1.7% 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, 67% are variable with 50% repricing to SOFR • Variable liabilities, represent 86% of total earning assets and are primarily modeled to changes in Fed Funds – Non-Maturity Deposit rates, including ECRs, are estimated to have a 62% beta over the next 12 months (2.4)% 3.6% Down 100 Up 100 1.7% 0.9% 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 change 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

 

12 1.44% 1.45% 1.24% 1.17% 1.08% 0.60% 0.74% 0.72% 0.69% 0.62% 0.82% 0.76% 0.92% 0.85% 0.83% Classified Assets / Total Assets NPLs + OREO / Total Assets NPLs / Funded HFI Loans Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 $1,195 $1,261 $1,129 $1,088 $1,070 $51 $218 $130 $137 $123 $451 $427 $522 $500 $492 $693 $616 $477 $451 $455 OREO Non-Performing Loans Classified Accruing Assets Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Dollars in millions Asset Quality RatiosSpecial Mention Loans • Criticized Loans increased $75 million quarterly to $1.4 billion – Special Mention Loans increased $78 million to $403 million (68 bps to Funded Loans) – Total Classified Accruing Loans increased $5 million to $455 million (77 bps to Funded Loans) – Non-Performing Loans decreased $8 million to $492 million (83 bps to Funded HFI Loans) ▪ OREO decreased $14 million to $123 million (12 bps to Total Assets) – Supported by 'as-is' valuations and aggregate operating revenues in excess of expenses Classified Assets $460 $444 $292 $325 $403 0.84% 0.79% 0.52% 0.55% 0.68% Special Mention Loans SM / Funded Loans Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q1 2026 Highlights Classified Assets Mix 32% 12% 5% 3% CRE Investor C&I Construction Resi CRE OO 10% Other 38% Office Asset Quality

 

13 $27.5 $35.3 $31.8 $48.3 $209.1 $(1.7) $(5.7) $(0.7) $(3.7) $(0.6) 0.20% 0.22% 0.22% 0.31% Gross C/O Recoveries Gross C/O, Adjusted Net C/O Rate Net C/O Rate, Adjusted Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 $389 $395 $440 $461 $461 $35 $39 $42 $50 $53 Loan Losses Unfunded Loan Commits. Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 0.77% 0.78% 0.85% 0.87% 0.87% 94% 102% 92% 102% 105% Total Loan ACL / Funded Loans Total Loan ACL / Non-Performing Loans Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Dollars in millions • Provision Expense of $213.2 million, primarily reflective of net-charge-offs • Net Loan Charge-Offs of $208.5 million, or 145 bps, compared to $44.6 million, or 31 bps, in Q4, largely attributable to two fraud-related charge offs: – $126.4 million related to LAM and – $26.1 million Cantor Group V • Net Loan Charge-Offs Adjusted5 for LAM and Cantor of $56.0 million, or 39 bps • Total Loan ACL / Funded Loans3 remained consistent at 0.87% – Total Loan ACL / Funded Loans3 less loans covered by CLNs is 1.00% • 15% of the loan portfolio is credit protected, consisting of government guaranteed, CLN protected4, and cash secured assets Credit Losses and ACL Ratios Q1 2026 Highlights Loan Charge-offs and RecoveriesAllowance for Credit Losses on Loans Loan ACL Adequacy Ratios 2,3 1) Included as a component of other liabilities on the balance sheet. 2) Total Loan ACL includes allowance for unfunded commitments. 3) Total Loan ACL includes an allowance for credit losses of $11.2 million as of March 31, 2026 related to a pool of loans covered under 3 separate credit linked notes. 4) As of March 31, 2026, CLNs cover a substantial portion of Residential ($7.9 billion) loans outstanding. 5) Q1-26 excludes $152.5 million for two fraud-related charge-offs on the LAM and Cantor loans. Refer to slide 2 for further discussion of non-GAAP financial measures. 1 $56.6 1.45% 0.39% 5 5

 

14 Regulatory Capital Ratios • Continue to exceed “well-capitalized” levels with CET1 of 11.0% Tangible Common Equity / Tangible Assets1 • TCE/TA decreased 50 bps to 6.8%, due to asset growth of $6.1 billion, $50 million of share repurchases, and change in AOCI due to rate impacts Capital Strength • CET1 held steady as earnings supported loan growth and share repurchases 11.1% 11.2% 11.3% 11.0% 11.0% 7.2% 7.2% 7.1% 7.3% 6.8% CET1 TCE/TA Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 1) Refer to slide 2 for further discussion of non-GAAP financial measures. 14.5% 14.1% 14.2% 14.5% 14.4% 12.3% 12.3% 12.4% 12.1% 12.0% 8.6% 8.4% 8.1% 8.2% 8.1% Tier 1 Leverage Tier 1 Capital Total RBC Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q1 2026 Highlights Common Capital Ratios Capital Accumulation Regulatory Capital Ratios 1

 

15 Tangible Book Value per Share1 • TBVPS was relatively flat at $61.14 – Increased 13.0% year-over-year – 18.3% CAGR since year end 2015 • TBVPS has increased more than 4.0x that of peers – Quarterly common stock cash dividend of $0.42 per share 1) Refer to slide 2 for further discussion of non-GAAP financial measures. 2) MRQ is Q1-26 for WAL and Q4-25 for peers. Source: S&P Global Market Intelligence. Peers consist of the other 22 major exchange-traded US banks with total assets between $50 and $300 billion as of December 31, 2025, excluding target banks of pending acquisitions. Q1 2026 Highlights Tangible Book Value Growth Long-Term Growth in TBV per Share1 2 388% 461% 96% 159% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 MRQ 0x 1x 2x 3x 4x 5x WAL Peer Median with Dividends Added Back Peer Median WAL with Dividends Added Back

 

16 • 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 22 major exchange-traded US banks with total assets between $50 and $300 billion as of December 31, 2025, excluding target banks of pending acquisitions. 1) 10-Year period from 3/31/2016 to 3/31/2026. 2) 10-year period through Q1-26 for WAL and Q4-25 for peers. 3) WAL EPS, LTM ROAA and LTM ROATCE incorporate Q1-26 adjusted net income and adjusted net income available to common stockholders. Refer to slide 2 for further discussion of non-GAAP financial measures. 4) 1-Year period through Q1-26 for WAL and Q4-25 for peers. 5) Adjusted to exclude deposit costs. WAL's Industry-Leading Performance Total shareholder returns driven by top-tier balance sheet growth and profitability 10-Year TSR1 10-Year EPS Growth2 10-Year TBVPS Growth2 145% 287% 167% 109% WAL Top Quartile Median Bottom Quartile 14% 15% 11% 8% WAL Top Quartile Median Bottom Quartile 17% 8% 6% 4% WAL Top Quartile Median Bottom Quartile 18% 13% 10% 5% WAL Top Quartile Median Bottom Quartile 21% 13% 11% 6% WAL Top Quartile Median Bottom Quartile 20% 12% 10% 6% WAL Top Quartile Median Bottom Quartile 15.4% 16.3% 14.7% 12.5% WAL Top Quartile Median Bottom Quartile WAL Top Quartile Median Bottom Quartile 3.53% 3.60% 3.25% 3.10% WAL Top Quartile Median Bottom Quartile 10-Year Loan Growth2 10-Year Deposit Growth2 10-Year Revenue Growth2 LTM NIM4 LTM Efficiency4 LTM ROATCE4 LTM ROAA4 1.13% 1.22% 1.11% 0.98% WAL Top Quartile Median Bottom Quartile 54.4% 57.1% 61.4%57.2% 48.3% 5 3 3 3

 

17 • Strong Q1 performance from Juris Banking • NCO guidance excludes resolution of 2 recent fraud-related credits Balance Sheet Growth Capital (CET1) Net Interest Income Non-interest Income Non-interest Expense Net Charge-Offs Effective Tax Rate 2025 Baseline 2026 Outlook Loans (HFI): $58.7 bn Deposits: $77.2 bn L (HFI): Up $6.0 bn D: Up $8.0 bn 11.0% ~ 11% $2.86 bn Up 11% - 14% $678 mm Up 2% - 4% $2.11 bn 24 bps Up 2% - 7% 25 - 35 bps 18% ~ 19% NIE (Ex. Deposit Costs) Deposit Costs $1,620 - $1,670 mm $535 - $585 mm $1,481 mm $631 mm Management Outlook Commentary • Opportunistically repurchased $50 million in Q1 Assumes (2) 25 bps rate cuts later in 2026 • Deposit Costs affected by fewer rate cuts & Q1 deposit outperformance • Tracking towards upper end of range. Variable-rate loans benefit from fewer rate cuts Revised 2026 Outlook L (HFI): Up $6.0 bn D: Up $8.0 bn ~ 11% Up 11% - 14% Up 20% - 25% Up 7% - 11% 25 - 35 bps ~ 19% $1,600 - $1,650 mm $650 - $700 mm • Operating Expense mitigating actions partially offset by higher variable comp. for production Assumes no rate cuts in 2026 Up 13% to 17% ex. $51 mm sec. gains • Strong Q1 deposit growth positions us for deposit optimization

 

Questions & Answers

 

Appendix

 

20 • Target clients are established private credit funds: Scaled middle-market funds with a proven track record (W.A. AUM: $125 billion) Diversified Portfolio Mitigates Risk Tied to Individual Obligors or Industries • ~2,000 differentiated, underlying obligors spread across 50+ facilities • Avg. obligor granularity: <$2MM funded; No underlying obligor >$30MM funded • Low software exposure: <5% of funded balance relates to software companies Multi-Layered, Structural First Lost Protection • Conservative advance rates: ~60% LTV = 40% built-in loss buffer (W.A. Effective Adv. Rate: ~53%2) • Dynamic borrowing base: Adjusts monthly with credit quality — revaluation triggers reduce exposure automatically (Avg. Expected Loan Duration: 1.9 years) • Kick-out provisions: Deteriorating loans removed from borrowing base before default occur • Corporate Trust oversight: ~60% served by WA Corporate Trust with daily monitoring & controls of cash flow Highlights Industry Exposure by Funded Amount1 ($2.3 billion) 1) Based on most recent data for each obligor, as reported by each facility. 2) As of Q4-25. Lender Finance Overview Diversified portfolio, structural protections and high frequency monitoring mitigates risks Other 5% Chemicals 1% Insurance 2% Telecommunications 2% Automotive 2% Aerospace & Defense 3% Transportation & Distribution 3% Food, Beverage & Tobacco 4% Media 4% Gaming, Lodging & Leisure 4% Industrial & Capital Equipment 5% Consumer Goods 5% Construction & Building Products 5% Banking & Finance 5%Consumer Services 6% Technology 11% Business Services 15% Healthcare & Pharma 17%

 

21 • Reserve levels enhanced by credit protection and no-to-low-loss loan categories (Fund Banking, Residential & Mortgage Warehouse) • Total Loan ACL / Funded Loans1 of 0.87% – CLNs offer credit protection from first losses on covered reference pools in historically low loss loan categories – Total Loan ACL / Funded Loans less loans covered by CLNs is 1.00% – Total Loan ACL / Funded Loans less loans covered by CLNs & select no-to-low-loss loan categories is 1.43% • Reserves are a multiple of average losses times portfolio duration Q1 2026 Highlights Adjusted Total Loan ACL / Funded Loans: Q1-26 1) Total Loan ACL includes allowance for unfunded commitments. 2) Early Buyout Loans are government guaranteed. 3) Loss rates are based on the period from Q1-14 to Q1-26. 4) Q1-26 for WAL and Q4-25 for peers. Source: S&P Global Market Intelligence. Peers consist of the other 22 major exchange-traded US banks with total assets between $50 and $300 billion as of December 31, 2025, excluding target banks of pending acquisitions. Key Reserve Level Ratios Concentration in low-loss loan categories skews ACL lower relative to peers 0.87% 1.00% 1.03% 1.19% 1.43% 0.13% 0.03% 0.24% Total Loan ACL / Funded Loans Loans Covered by CLNs Fund Banking Loans Residential Loans Mortgage Warehouse and MSR Loans 1 2 3 4 5 0.14% 1 Embedded Losses WAL vs. Peer Loan Composition4 (in millions) WAL Peer Median ~0 Mtg. Warehouse & MSR $7,155 12 % $232 1 % Low Residential 14,765 25 % 10,456 22 % High Consumer 19 — % 3,351 7 % Typical Other Commercial 37,203 63 % 32,910 70 % Total $59,142 $46,949 Loan mix matters for reserves due to embedded loss content Normalizing for Loan Composition = Loan ACL > 1% Dollars in millions 0.02% EBOs2

 

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 14% 24% 37% 17% 4% 4% <=40% 41-50% 51-60% 61-70% 71-80% >80% 44% 22% 7% 6% 4% 4% 3% 1% 1% 1% 7% 53% 59% 56% 52% 48% 47% 36% 62% 38% 41% 52% Outstanding LTV Hotel Offi ce Multif amily Retail Industr ial Tim e Share Data Center Medical Mini-S torage Senior C are Other Low uncovered risk with re-margin provisions • Only $736 million of Multi-Family, concentrated in western regional markets • No exposure to NYC area Multi-Family Limited Multi-Family Exposure $10.3 billion; 17% of Total Loans

 

23 Commercial Real Estate Investor: Office Distribution by LTV (At Origination or Most Recent Appraisal) 6% 18% 40% 16% 8% 12% <=40% 41-50% 51-60% 61-70% 71-80% >80% Key MSA Exposures $2.2 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 – Negligible exposure in CBD and Small City/Town, 10% in Midtown and 90% in Suburban MSAs • Focused on B+ properties accompanied by attractive amenities or those in core locations with appropriate business plans to reposition – Class A: 63%, Class B: 33%, Class C: 4% • Dispersed maturities – 43% to mature in 2026, 31% to mature in 2027 and 26% to mature in 2028+ 90% 10% Suburban Midtown 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.

 

24 Source: S&P Global Market Intelligence (peer data). Western Alliance data are preliminary as of March 31, 2026. Peer data as of December 31, 2025. Peers consist of US- based commercial banks with assets >$50 billion, as of December 31, 2025 using primary bank subsidiary Call Report data. 1)Total loans includes Loans HFI, Loans HFS, and Loans eligible for repurchase held in domestic offices of reporting banks Non-Depository Financial Institution (NDFI) Loans NDFI loan mix adjusted for low-loss Mortgage Credit Intermediaries aligns with peer average 1 % Total Loans1 Commercial Banks Mtg Credit Bus. Credit Private Equity Cons. Credit Other NDFI (>$50 bn Assets) Ticker Intermediaries Intermediaries Funds Intermediaries NDFIs Ex-Mtg Credit Ex-Mtg Credit & PE KeyCorp KEY 0% 9% 4% 0% 4% 17% 13% Wells Fargo & Co. WFC 4% 7% 4% 2% 3% 17% 12% The PNC Financial Services Group, Inc. PNC 0% 9% 8% 0% 3% 19% 12% Regions Financial Corp. RF 0% 3% 1% 1% 7% 12% 11% Citigroup, Inc. C 5% 5% 1% 3% 1% 11% 9% Bank of America Corp. BAC 2% 2% 3% 1% 6% 12% 9% Truist Financial Corp. TFC 1% 6% 2% 1% 1% 10% 9% U.S. Bancorp USB 2% 3% 4% 2% 2% 11% 7% JPMorgan Chase & Co. JPM 5% 2% 3% 2% 4% 10% 7% East West Bancorp, Inc. EWBC 2% 4% 2% 2% 1% 9% 7% Citizens Financial Group, Inc. CFG 0% 4% 6% 1% 3% 13% 7% Pinnacle Financial Partners, Inc. PNFP 1% 4% 1% 1% 2% 7% 6% Western Alliance Bancorporation WAL 16% 5% 2% 0% 0% 7% 5% First Horizon Corp. FHN 8% 1% 0% 3% 2% 5% 5% Huntington Bancshares, Inc. HBAN 2% 1% 2% 0% 3% 7% 4% UMB Financial Corp. UMBF 0% 2% 3% 0% 2% 6% 3% Fifth Third Bancorp FITB 2% 1% 2% 0% 2% 5% 3% Cullen/Frost Bankers, Inc. CFR 0% 1% 1% 0% 2% 4% 3% M&T Bank Corp. MTB 4% 1% 2% 1% 1% 5% 3% Flagstar Bank, N.A. FLG 1% 0% 0% 0% 2% 3% 3% Zions Bancorporation, N.A. ZION 1% 2% 0% 0% 0% 3% 2% First Citizens BancShares, Inc. FCNC.A 0% 1% 23% 0% 1% 25% 2% Popular Inc. BPOP 0% 0% 0% 0% 1% 1% 1% Valley National Bancorp VLY 0% 1% 1% 0% 0% 2% 1% F.N.B. Corp. FNB 0% 0% 0% 0% 1% 1% 1% SouthState Bank Corp. SSB 0% 0% 1% 0% 0% 1% 1% Columbia Banking System, Inc. COLB 0% 0% 0% 0% 1% 1% 1% BOK Financial Corp. BOKF 1% 0% 1% 0% 0% 2% 1% Old National Bancorp ONB 0% 0% 0% 0% 0% 1% 1% Wintrust Financial Corp. WTFC 0% 0% 0% 0% 0% 0% 0% MEDIAN 1% 1% 1% 0% 2% 6% 3% AVERAGE 2% 2% 3% 1% 2% 8% 5%

 

Source: View Original Filing on SEC EDGAR

FAQ

How did Western Alliance (WAL) perform financially in Q1 2026?

Western Alliance generated net income of $189.2 million and diluted EPS of $1.65 in Q1 2026. On an adjusted basis, net income was $251.3 million and EPS was $2.22, supported by higher revenue and net interest margin expansion.

What were Western Alliance’s Q1 2026 revenue and net interest margin?

Net revenue was $1.02 billion in Q1 2026, up 3.9% sequentially and 31.0% year over year. Net interest margin improved to 3.54%, benefiting from lower rates on deposits and short-term borrowings while average earning assets continued to grow.

How did credit quality and loan losses trend for Western Alliance in Q1 2026?

Provision for credit losses rose to $213.2 million and net loan charge-offs increased to $208.5 million, or 1.45% of average loans. Excluding two large problem credits, adjusted net charge-offs were $56.0 million, or 0.39% of average loans annualized.

What were Western Alliance’s capital ratios and tangible book value in Q1 2026?

The common equity Tier 1 capital ratio was 11.0% at March 31 2026, with total capital at 14.4% of risk-weighted assets. Tangible common equity ratio was 6.8%, and tangible book value per share reached $61.14, up 13.0% year over year.

How much did Western Alliance’s loans and deposits grow in Q1 2026?

Loans held for investment increased to $59.1 billion, up $465 million from the prior quarter and 8.0% year over year. Total deposits rose to $82.7 billion, growing $5.6 billion quarter over quarter and $13.4 billion year over year.

What was Western Alliance’s efficiency ratio in Q1 2026?

Western Alliance’s efficiency ratio was 55.8% in Q1 2026, improving from 63.5% a year earlier. On a basis adjusted for deposit costs, the efficiency ratio was 47.5%, down from 55.8% in Q1 2025, reflecting better operating leverage.

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