8-K

UNITED STATESSECURITIES 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 25, 2011

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

Arizona	001-32550	88-0365922
(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))

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On April 25, 2011, Western Alliance Bancorporation issued a press release reporting results for the fiscal quarter ended March 31, 2011 and posted on its website its first quarter 2011 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 for the by specific reference in such filing.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.

99.1	Press Release dated April 25, 2011.
99.2	First Quarter 2011 Earnings Conference Call Presentation dated April 25, 2011.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	WESTERN ALLIANCE BANCORPORATION
	(Registrant)
	/s/ Dale Gibbons
	--------------------------------
	Dale Gibbons
	Executive Vice President and
	Chief Financial Officer
Date: April 25, 2011

EX-99.1

Exhibit 99.1

Western Alliance Reports Profit of $5.2 million for the First Quarter 2011

PHOENIX--(BUSINESS WIRE)--April 25, 2011--Western Alliance Bancorporation (NYSE:WAL) announced today its financial results for the first quarter 2011.

First Quarter 2011 Highlights:

• Net income of $0.03 per common share, compared to net loss of $0.17 for the fourth quarter 2010 and $0.03 net loss for the first quarter of 2010
• Pre-tax, pre-provision operating earnings of $25.3 million, up from $25.0 million in fourth quarter 2010 and up 32.4% from $19.1 million in first quarter 2010¹
• Record net interest income of $61.1 million, compared to $60.9 million in prior quarter and $54.7 million in same quarter last year
• Net interest margin of 4.35%, compared to 4.26% in fourth quarter of 2010 and 4.17% in first quarter last year
• Total loans of $4.28 billion, up $37 million from December 31, 2010 and up $219 million from March 31, 2010
• Total deposits of $5.50 billion, up $159 million from December 31, 2010 and up $307 million from March 31, 2010
• Nonperforming assets (nonaccrual loans and repossessed assets) of 3.3% of total assets, compared to 3.6% in fourth quarter 2010 and 4.2% in first quarter 2010
• Total watch and classified loans (including nonaccrual) of $445 million at March 31, 2011, compared to $452 million at December 31, 2010 and $603 million at March 31, 2010
• Provision for credit losses of $10.0 million, compared to $18.4 million in the fourth quarter 2010 and $28.7 million in first quarter last year
• Net loan charge-offs of $14.6 million, down from $15.9 million for the fourth quarter 2010 and $24.6 million in first quarter last year
• Net income of $5.2 million, including pre-tax loss on repossessed asset valuations/sales of $6.1 million
• Tier I Leverage capital of 9.6% and Total Risk-Based Capital ratio of 13.2%, compared to 9.5% and 14.6% a year ago

Financial Performance

“I’m pleased with our strong start in 2011 with an increase in our top line performance, driven by loan and deposit growth and an expanding margin, and our bottom line performance through increased efficiency and improved asset quality,” said Robert Sarver, Chairman and Chief Executive Officer of Western Alliance Bancorporation. “For the first time in three years, each of our operating units was profitable. We continue to make important strides on multiple fronts simultaneously as we achieve total loan growth while reducing higher risk construction and land exposure, and growing our deposits while reducing our funding costs. These successes demonstrate our continued progress toward achieving our full operating potential.”

Ken Vecchione, President and Chief Operating Officer, added, “Western Alliance continues to demonstrate predictability along with improving credit metrics. Over the last several quarters our Company has shown consistent loan growth, improving quarter-to-quarter net interest income, expense discipline, increasing operating leverage, and strong core profitability dynamics. Focus on our long-term objectives, adhering to our straight-forward business model, and the improving backdrop of credit quality help produce our best quarterly financial results since 2007.”

Western Alliance Bancorporation reported net income of $5.2 million in the first quarter 2011, including a net loss from sales/valuation of repossessed assets of $6.1 million and a loss on discontinued operations net of tax of $0.6 million.

The Company reported net income per common share of $0.03 in the first quarter 2011. The income included $0.05 loss from sales/valuations of repossessed assets after tax and a net loss from discontinued affinity credit card operations held for sale net of tax of $0.01.

Total loans increased $37 million to $4.28 billion at March 31, 2011 from $4.24 billion on December 31, 2010. This increase was driven by growth in commercial real estate loans and commercial leases; partially offset by reductions in all other loan types. Geographically, loans outstanding at our Las Vegas, Nevada affiliate decreased by $42 million and increased by $79 million at our other affiliates. Loans increased $219 million from March 31, 2010.

Total deposits increased $159 million to $5.50 billion at March 31, 2011 from $5.34 billion at December 31, 2010, with significant growth in money market/savings accounts and, non-interest bearing demand deposits offset by a decline in certificates of deposits and interest bearing demand deposits. Deposits increased $307 million from March 31, 2010.

Income Statement

Net interest income increased slightly to $61.1 million in the first quarter 2011 from $60.9 million in the fourth quarter 2010 and 11.7 percent compared to the first quarter 2010, propelled by reductions in cost of funds. The net interest margin in the first quarter 2011 was 4.35 percent compared to 4.26 percent in the fourth quarter 2010 and 4.17 percent in the first quarter of 2010.

Operating non-interest income was $6.0 million for the first quarter 2011.¹ This performance was a decrease from $6.2 million for the same period in 2010 and the same as fourth quarter of 2010, resulting from the disposition of the majority of our asset management businesses.¹

Net revenue was $67.1 million for the first quarter 2011, a slight increase from $66.9 million for the fourth quarter of 2010 and 10.2 percent from net revenue of $60.9 million for the first quarter 2010.¹

Operating non-interest expense was $41.8 million for the first quarter 2011, compared to $41.9 million for the fourth quarter of 2010 and the same period in 2010.¹ The operating efficiency ratio was 62 percent for the first quarter 2011, compared to 68 percent for the first quarter 2010.¹ The Company had 894 full-time equivalent employees at March 31, 2011, compared to 948 one year ago.

A key performance metric for the Company is its pre-tax, pre-provision operating earnings, which it defines as net revenue less its operating non-interest expense.¹ For the first quarter 2011, the Company’s performance was $25.3 million, compared to $25.0 million in the fourth quarter 2010 and $19.1 million in the first quarter 2010.¹

The provision for credit losses was $10.0 million for the first quarter 2011 compared to $18.4 million for the fourth quarter 2010 and $28.7 million for the first quarter 2010. Nonaccrual loans and repossessed assets were $213 million or 3.3 percent of total assets at March 31, 2011, down from $225 million or 3.6 percent of total assets at December 31, 2010 and $254 million or 4.2 percent of total assets at March 31, 2010. Net loan charge-offs in the first quarter 2011 were $14.6 million or 1.39 percent of average loans (annualized), down from $15.9 million or 1.52 percent of average loans (annualized) for the fourth quarter 2010 and $24.6 million or 2.43% of average loans (annualized) for the first quarter 2010. Loans past due 90 days and still accruing totaled $1.1 million at March 31, 2011, down from $1.5 million at December 31, 2010 and down from $8.4 million at March 31, 2010. Loans past due 30-89 days totaled $30.7 million at quarter end, up from $18.2 million at December 31, 2010 and down from $38.6 million at March 31, 2010. Classified assets to Tier I capital plus allowance for credit losses, a common regulatory measure of asset quality, improved to 48 percent at March 31, 2011 from 70 percent one year ago.¹

Net loss on sales and valuation of repossessed assets (primarily other real estate) was $6.1 million for the first quarter 2011 compared to $13.0 million in the prior quarter. At March 31, 2011, other repossessed assets were valued at $98 million compared to $108 million at December 31, 2010.

During the first quarter 2011, the Company completed its consolidations of its Alta Alliance Bank subsidiary into Torrey Pines Bank and its First Independent Bank of Nevada subsidiary into Alliance Bank of Arizona doing business as Western Alliance Bank and incurred $0.2 million in merger charges related to these transactions.

Balance Sheet

Gross loans totaled $4.28 billion at March 31, 2011, an increase of $37 million from December 31, 2010 and an increase of $219 million from $4.06 billion at March 31, 2010. At March 31, 2011 the allowance for credit losses was 2.48 percent of total loans down from 2.61 percent at December 31, 2010 and 2.78 percent at March 31, 2010.

Deposits totaled $5.50 billion at March 31, 2011, an increase of $159 million from $5.34 billion at December 31, 2010 and an increase of $307 million from $5.19 billion at March 31, 2010.

Non-interest bearing deposits increased by $11.8 million to $1.46 billion at March 31, 2011 from December 31, 2010 and increased $106.3 million from $1.35 billion at March 31, 2010. Non-interest bearing deposits comprised 26.5 percent of total deposits at March 31, 2011, compared to 26 percent a year ago.

At March 31, 2011 the Company’s loans were 77.8 percent of deposits, compared to 78.2 percent one year earlier and 79.4 percent at December 31, 2010.

Stockholders’ equity at March 31, 2011 was essentially flat at $601.6 million from $602.2 million at December 31, 2010. At March 31, 2011, tangible common equity was 6.8 percent of tangible assets¹ and total risk-based capital was 13.2 percent of risk-weighted assets.

Total assets increased 5 percent to $6.40 billion at March 31, 2011 from $6.10 billion at March 31, 2010 and increased 3.4 percent from $6.19 billion at December 31, 2010.

Operating Unit Highlights

Bank of Nevada reported that loans declined $42 million during the first quarter of 2011 and declined $141 million during the last 12 months to $1.87 billion at March 31, 2011. Deposits increased slightly since December 31, 2010 and increased $123 million over the last twelve months to $2.39 billion. Net income for Bank of Nevada was $0.9 million during the first quarter 2011, compared with net losses of $5.8 million for the fourth quarter of 2010 and $3.0 million during the first quarter 2010.

Western Alliance Bank reported loan growth of $39 million during the first quarter 2011 and an increase of $190 million during the last 12 months to $1.34 billion. Deposits increased $22 million in the first quarter and decreased $18 million during the last 12 months to $1.69 billion. Net income for Western Alliance Bank was $4.9 million during the first quarter 2011 compared with net income of $3.6 million during the fourth quarter of 2010 and a net income of $1.1 million during the first quarter 2010.

Torrey Pines Bank segment, which excludes discontinued operations, reported that loans increased $40 million during the first quarter 2011 and increased $169 million during the last 12 months to $1.10 billion. Deposits increased $135 million and $201 million to $1.42 billion during the same periods, respectively. Net income for Torrey Pines Bank was $4.0 million during the first quarter 2011 compared with net income of $3.2 million for the fourth quarter of 2010 and net income of $0.5 million during the first quarter 2010.

Attached to this press release is summarized financial information for the quarter ended March 31, 2011.

Conference Call and Webcast

Western Alliance Bancorporation will host a conference call and live audio webcast to discuss its first quarter 2011 financial results at 12:00 p.m. ET on Monday, April 25, 2011. Participants may access the call by dialing 1-866-843-0890 and using passcode: 1293839 or via live audio webcast using the website link: http://www.talkpoint.com/viewer/starthere.asp?Pres=135049. The webcast is also available via our website at www.westernalliancebancorp.com. Participants should log in at least 15 minutes early to receive instructions. The call will be recorded and made available for replay after 2:00 p.m. ET, April 25, until 9 a.m. ET, May 9, by dialing 1-877-344-7529 and using the passcode: 449879.

About Western Alliance Bancorporation

Western Alliance Bancorporation is the parent company of Bank of Nevada, Western Alliance Bank doing business as Alliance Bank of Arizona and First Independent Bank, Torrey Pines Bank, and Shine Investment Advisory Services. These dynamic organizations provide a broad array of deposit and credit services to clients in Nevada, Arizona and California, and investment services in Colorado. Staffed with experienced financial professionals, these organizations deliver a broader product array and larger credit capacity than community banks, yet are empowered to be more responsive to customers' needs than larger institutions. Additional investor information can be accessed on the Investor Relations page of the company's website, www.westernalliancebancorp.com.

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. 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: factors listed in the Form 10-K as filed with the Securities and Exchange Commission; changes in general economic conditions, either nationally or locally in the areas in which we conduct or will conduct our business; inflation, interest rate, market and monetary fluctuations; increases in competitive pressures among financial institutions and businesses offering similar products and services; higher defaults on our loan portfolio than we expect; changes in management’s estimate of the adequacy of the allowance for credit losses; legislative or regulatory changes or changes in accounting principles, policies or guidelines; management’s estimates and projections of interest rates and interest rate policy; the execution of our business plan; and other factors affecting the financial services industry generally or the banking industry in particular.

We do not intend and disclaim any duty or obligation to update or revise any industry information or forward-looking statements set forth in this press release to reflect new information, future events or otherwise.

This press release contains both financial measures based on accounting principles generally accepted in the United States (“GAAP”) and non-GAAP based financial measures, which are used where management believes it to be helpful in understanding Western Alliance Bancorporation’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconcilement 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.

¹ See Reconciliation of Non-GAAP Financial Measures beginning on page 15

Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited
	At or for the Three Months
	Ended March 31,
	2011			2010			Change %
	(in thousands, except per share data)
Selected Balance Sheet Data:
(dollars in millions)
Total assets	$	6,404.8		$	6,096.2		5.1		%
Loans, net of deferred fees		4,278.0			4,059.1		5.4
Securities and money market investments		1,319.6			781.1		68.9
Federal funds sold		-			2.4		(100.0	)
Total deposits		5,497.5			5,190.1		5.9
Borrowings		73.0			20.0		265.0
Junior subordinated and subordinated debt		43.0			102.3		(58.0	)
Stockholders' equity		601.6			575.7		4.5
Selected Income Statement Data:
(dollars in thousands)
Interest income	$	71,966		$	68,734		4.7		%
Interest expense		10,868			14,016		(22.5	)
Net interest income		61,098			54,718		11.7
Provision for loan losses		10,041			28,747		(65.1	)
Net interest income after provision for credit losses		51,057			25,971		96.6
Non-interest income		6,830			14,629		(53.3	)
Non-interest expense		48,146			40,843		17.9
Income (loss) from continuing operations before income taxes		9,741			(243	)	(4,108.6	)
Income tax expense (benefit)		4,029			(1,562	)	(357.9	)
Income from continuing operations		5,712			1,319		333.1
Loss on discontinued operations, net		(559	)		(935	)	(40.2	)
Net income	$	5,153		$	384		1,241.9		%
Diluted net income (loss) from continuing operations	$	0.04		$	(0.02	)
Diluted net loss from discontinued operations, net of tax	$	(0.01	)	$	(0.01	)
Diluted net income (loss) per common share	$	0.03		$	(0.03	)	(200.0	)	%
Common Share Data:
Diluted net income (loss) per common share	$	0.03		$	(0.03	)	(200.0	)	%
Book value per common share	$	5.72		$	6.12		(6.5	)	%
Tangible book value per share, net of tax (1)	$	5.30		$	5.62		(5.7	)	%
Average shares outstanding (in thousands):
Basic		80,794			71,965		12.3
Diluted		81,103			71,965		12.7
Common shares outstanding		82,237			73,031		12.6
(1) See Reconciliation of Non-GAAP Financial Measures

Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data (continued)
Unaudited
	At or for the Three Months
	Ended March 31,
	2011		2010		Change %
	(in thousands, except per share data)
Selected Performance Ratios:
Return on average assets (1)	0.33	%	0.03	%	1,000.0		%
Return on average stockholders' equity (1)	3.41		0.27		1,163.0
Net interest margin (1)	4.35		4.17		4.3
Net interest spread	4.06		3.84		5.7
Efficiency ratio - tax equivalent basis (2)	61.89		68.42		(9.5	)
Loan to deposit ratio	77.82		78.21		(0.5	)
Capital Ratios:
Tangible equity (2)	8.8	%	8.8	%	0.4		%
Tangible common equity (2)	6.8		6.7		1.4
Tier one common equity (2)	8.5		8.2		3.5
Tier 1 Leverage ratio (3)	9.6		9.5		1.1
Tier 1 Risk Based Capital (3)	12.0		12.0		0.0
Total Risk Based Capital (3)	13.2		14.6		(9.6	)
Asset Quality Ratios:
Net charge-offs to average loans outstanding (1)	1.39	%	2.43	%	(42.8	)	%
Nonaccrual loans to gross loans	2.67		3.66		(27.0	)
Nonaccrual loans and repossessed assets to total assets	3.32		4.17		(20.4	)
Loans past due 90 days and still accruing to total loans	0.03		0.21		(85.7	)
Allowance for credit losses to loans	2.48		2.78		(10.8	)
Allowance for credit losses to nonaccrual loans	92.90		75.78		22.6
(1) Annualized for the three month periods ended March 31, 2011 and 2010.
(2) See Reconciliation of Non-GAAP Financial Measures.
(3) Capital ratios are preliminary until Call Reports are filed.

Western Alliance Bancorporation and Subsidiaries
Condensed Consolidated Statements of Operations
Unaudited	Three Months Ended
	March 31,
	2011			2010
Interest income:	(dollars in thousands)
Loans	$	63,882		$	62,350
Investment securities		7,930			6,121
Federal funds sold and other		154			263
Total interest income		71,966			68,734
Interest expense:
Deposits		7,898			12,079
Customer repurchase agreements		86			284
Borrowings		2,182			449
Junior subordinated and subordinated debt		702			1,204
Total interest expense		10,868			14,016
Net interest income		61,098			54,718
Provision for credit losses		10,041			28,747
Net interest income after provision for credit losses		51,057			25,971
Non-interest income
Unrealized (losses) gains on assets/liabilities measured at fair value,net		(509	)		301
Securities impairment charges		-			(103	)
Gains on sales of investment securities, net		1,379			8,218
Trust and investment advisory services		636			1,213
Service charges		2,284			2,197
Operating lease income		671			964
Bank owned life insurance		1,184			719
Other		1,185			1,120
		6,830			14,629
Non-interest expenses:
Salaries and employee benefits		22,840			21,440
Occupancy		4,854			4,787
Insurance		3,863			3,492
Net loss on sales and valuations of repossessed assets		6,129			(1,014	)
Repossessed asset and loan expenses		2,122			2,364
Legal, professional and director's fees		1,366			1,868
Merger related expenses		217			-
Customer service		892			1,065
Intangible amortization		890			907
Marketing		1,157			1,156
Data Processing		848			791
Operating lease depreciation		421			689
Other		2,547			3,298
		48,146			40,843
Income (loss) from continuing operations before income taxes		9,741			(243	)
Income tax expense (benefit)		4,029			(1,562	)
Income from continuing operations		5,712			1,319
Loss from discontinued operations net of tax benefit		(559	)		(935	)
Net income		5,153			384
Preferred stock dividends		1,750			1,750
Accretion on preferred stock discount		753			716
Net income (loss) available to common stockholders	$	2,650		$	(2,082	)
Diluted net income (loss) per share	$	0.03		$	(0.03	)

Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Statements of Operations
Unaudited	Three Months Ended
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2011			2010			2010			2010			2010
Interest income:	(in thousands, except per share data)
Loans	$	63,882		$	64,985		$	64,273		$	64,201		$	62,350
Investment securities		7,930			7,054			6,047			5,327			6,121
Federal funds sold and other		154			335			385			472			263
Total interest income		71,966			72,374			70,705			70,000			68,734
Interest expense:
Deposits		7,898			8,652			9,531			11,067			12,079
Borrowings and customer repurchase agreements		2,268			2,097			970			483			733
Junior subordinated and subordinated debt		702			714			736			994			1,204
Total interest expense		10,868			11,463			11,237			12,544			14,016
Net interest income		61,098			60,911			59,468			57,456			54,718
Provision for credit losses		10,041			18,384			22,965			23,115			28,747
Net interest income after provision for credit losses		51,057			42,527			36,503			34,341			25,971
Non-interest income
Mark-to-market (losses) gains, net		(509	)		(6,710	)		(210	)		6,250			301
Gains on sales of investment securities, net		1,379			-			5,460			6,079			8,218
Gain on extinguishment of debt		-			-			-			3,000			-
Securities impairment charges		-			(12	)		-			(1,071	)		(103	)
Trust and investment advisory services		636			608			1,001			1,181			1,213
Service charges		2,284			2,177			2,276			2,319			2,197
Operating lease income		671			864			998			967			964
Bank owned life insurance		1,184			1,027			773			780			719
Other		1,185			1,326			1,869			1,255			1,120
		6,830			(720	)		12,167			20,760			14,629
Non-interest expenses:
Salaries and employee benefits		22,840			21,125			21,860			22,161			21,440
Occupancy		4,854			5,075			4,890			4,828			4,787
Insurance		3,863			4,109			4,115			3,759			3,492
Repossessed asset and loan expenses		2,122			2,230			1,918			1,564			2,364
Net (gain) loss on sales and valuations of repossessed assets		6,129			12,991			4,855			11,994			(1,014	)
Legal, professional and director's fees		1,366			2,038			1,546			2,139			1,868
Marketing		1,157			982			878			1,045			1,156
Intangible amortization		890			889			901			907			907
Customer service		892			1,050			987			1,154			1,065
Data Processing		848			948			842			793			791
Operating lease depreciation		421			542			627			647			689
Merger related expense		217			1,651			-			-			-
Other		2,547			2,915			2,690			2,271			3,298
		48,146			56,545			46,109			53,262			40,843
Income (loss) from continuing operations before income taxes		9,741			(14,738	)		2,561			1,839			(243	)
Income tax expense (benefit)		4,029			(4,580	)		(79	)		(190	)		(1,562	)
Income (loss) from continuing operations	$	5,712		$	(10,158	)	$	2,640		$	2,029		$	1,319
Loss from discontinued operations, net of tax		(559	)		(657	)		(631	)		(802	)		(935	)
Net income (loss)	$	5,153		$	(10,815	)	$	2,009		$	1,227		$	384
Preferred stock dividends		1,750			1,750			1,750			1,750			1,750
Accretion on preferred stock		753			734			716			716			716
Net Income (loss) available to common stockholders	$	2,650		$	(13,299	)	$	(457	)	$	(1,239	)	$	(2,082	)
Diluted net income (loss) per share	$	0.03		$	(0.17	)	$	(0.01	)	$	(0.02	)	$	(0.03	)

Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Balance Sheets
Unaudited
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2011			2010			2010			2010			2010
Assets:	(in millions)
Cash and due from banks	$	363.3		$	215.8		$	615.0		$	560.6		$	827.6
Federal funds sold		-			0.9			1.0			-			2.4
Cash and cash equivalents		363.3			616.0			616.0			560.6			830.0
Securities and money market investments		1,319.6			1,273.1			929.7			848.6			781.1
Loans:
Commercial		935.9			934.6			876.8			832.8			757.9
Commercial real estate - owner occupied		1,299.5			1,223.1			1,227.7			1,234.1			1,209.3
Construction and land development		391.7			451.5			488.3			532.4			556.9
Commercial real estate - non-owner occupied		1,086.9			1,038.5			981.4			926.0			902.9
Residential real estate		504.5			527.3			533.6			536.1			560.2
Consumer		65.7			71.5			71.4			74.6			77.6
Deferred fees, net		(6.2	)		(6.0	)		(5.7	)		(6.0	)		(5.7	)
		4,278.0			4,240.5			4,173.5			4,130.0			4,059.1
Allowance for credit losses		(106.1	)		(110.7	)		(108.2	)		(110.0	)		(112.7	)
Loans, net		4,171.9			4,129.8			4,065.3			4,020.0			3,946.4
Premises and equipment, net		112.0			114.4			116.5			118.7			121.2
Other repossessed assets		98.3			107.7			110.1			104.4			105.6
Bank owned life insurance		131.0			129.8			94.8			94.0			93.2
Goodwill and other intangibles		38.4			39.3			40.2			41.3			42.2
Other assets		170.3			183.1			206.5			171.9			176.5
Total assets	$	6,404.8		$	6,193.9		$	6,179.1		$	5,959.5		$	6,096.2
Liabilities and Stockholders' Equity:
Liabilities:
Deposits:
Non-interest bearing demand deposits	$	1,455.1		$	1,443.3		$	1,421.7		$	1,330.4		$	1,348.7
Interest bearing
Demand		521.2			523.8			645.4			611.4			510.2
Savings and money market		2,100.6			1,926.1			1,892.2			1,845.9			1,798.5
Time certificates		1,420.6			1,445.2			1,369.2			1,442.5			1,532.7
Total deposits		5,497.5			5,338.4			5,328.5			5,230.2			5,190.1
Customer repurchase agreements		163.4			109.4			86.8			87.1			169.1
Total customer funds		5,660.9			5,447.8			5,415.3			5,317.3			5,359.2
Borrowings		73.0			73.0			72.9			-			20.0
Junior subordinated and subordinated debt		43.0			43.0			36.3			36.3			102.3
Accrued interest payable and other liabilities		26.3			27.9			34.8			30.0			39.0
Total liabilities		5,803.2			5,591.7			5,559.3			5,383.6			5,520.5
Stockholders' Equity
Common stock and additional paid-in capital		740.9			739.6			737.8			688.2			686.0
Preferred Stock		131.6			130.8			130.1			129.4			128.7
Retained earnings (deficit)		(256.2	)		(258.8	)		(245.5	)		(245.0	)		(243.7	)
Accumulated other comprehensive income (loss)		(14.7	)		(9.4	)		(2.6	)		3.3			4.7
Total stockholders' equity		601.6			602.2			619.8			575.9			575.7
Total liabilities and stockholders' equity	$	6,404.8		$	6,193.9		$	6,179.1		$	5,959.5		$	6,096.2

Western Alliance Bancorporation and Subsidiaries
Changes in the Allowance For Credit Losses
Unaudited
	Three Months Ended
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2011			2010			2010			2010			2010
	(in thousands)
Balance, beginning of period	$	110,699		$	108,170		$	110,013		$	112,724		$	108,623
Provision for credit losses		10,041			18,384			22,965			23,115			28,747
Recoveries of loans previously charged-off:
Construction and land development		416			773			214			1,801			409
Commercial real estate		471			13			160			808			22
Residential real estate		269			304			1,209			295			231
Commercial and industrial		829			800			389			573			1,238
Consumer		25			36			47			14			67
Total recoveries		2,010			1,926			2,019			3,491			1,967
Loans charged-off:
Construction and land development		4,198			3,221			3,843			7,921			8,638
Commercial real estate		6,114			7,297			12,813			7,827			5,884
Residential real estate		3,282			3,278			3,695			7,835			5,855
Commercial and industrial		1,407			2,823			5,036			4,602			4,757
Consumer		1,616			1,162			1,440			1,132			1,479
Total loans charged-off		16,617			17,781			26,827			29,317			26,613
Net loans charged-off		14,607			15,855			24,808			25,826			24,646
Balance, end of period	$	106,133		$	110,699		$	108,170		$	110,013		$	112,724
Net charge-offs (annualized) to average loans outstanding		1.39	%		1.52	%		2.41	%		2.53	%		2.43	%
Allowance for credit losses to gross loans		2.48			2.61			2.59			2.66			2.78
Nonaccrual loans	$	114,246		$	116,999		$	130,905		$	134,264		$	148,760
Repossessed assets		98,312			107,655			110,096			104,365			105,637
Loans past due 90 days, still accruing		1,087			1,458			5,667			8,233			8,437
Loans past due 30 to 89 days, still accruing		30,689			18,164			20,432			20,343			38,611
Classified loans (including nonaccrual)		240,737			256,657			285,972			304,270			336,624
Watch loans		204,470			194,905			205,114			257,715			266,734

Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
	Three Months Ended March 31,
	2011							2010
	Average Balance			Interest		Average Yield/Cost		Average Balance			Interest		Average Yield/Cost
Interest earning assets	($ in millions)			($ in thousands)				($ in millions)			($ in thousands)
Investment securities (1)	$	1,277.2		$	7,930	2.67	%	$	823.5		$	6,304	3.22	%
Federal funds sold and other		0.2			1	2.03	%		32.6			53	0.66	%
Loans (1)		4,203.2			63,882	6.16	%		4,053.5			62,167	6.22	%
Short term investments		228.1			131	0.23	%		389.8			183	0.19	%
Investment in restricted stock		36.8			22	0.24	%		41.4			27	0.26	%
Total interest earning assets		5,745.5			71,966	5.11	%		5,340.8			68,734	5.24	%
Non-interest earning assets
Cash and due from banks		121.6							98.2
Allowance for credit losses		(110.5	)						(117.7	)
Bank owned life insurance		130.2							92.8
Other assets		408.9							400.5
Total assets	$	6,295.7						$	5,814.6
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing transaction accounts	$	501.5		$	533	0.43	%	$	450.0		$	783	0.71	%
Savings and money market		2,007.4			3,566	0.72	%		1,784.2			4,676	1.06	%
Time certificates of deposit		1,438.9			3,799	1.07	%		1,482.6			6,620	1.81	%
Total interest-bearing deposits		3,947.8			7,898	0.81	%		3,716.8			12,079	1.32	%
Borrowings		220.8			2,268	4.17	%		229.5			733	1.30	%
Junior subordinated and subordinated debt		43.0			702	6.62	%		102.4			1,204	4.77	%
Total interest-bearing liabilities		4,211.6			10,868	1.05	%		4,048.7			14,016	1.40	%
Noninterest-bearing liabilities
Noninterest-bearing demand deposits		1,441.4							1,150.2
Other liabilities		29.6							28.8
Stockholders’ equity		613.1							586.9
Total liabilities and stockholders' equity	$	6,295.7						$	5,814.6
Net interest income and margin				$	61,098	4.35	%				$	54,718	4.17	%
Net interest spread						4.06	%						3.84	%
(1) Yields on loans and securities have been adjusted to a tax equivalent basis. The taxable-equivalent adjustment was $481 and $244 for the first quarter ended 2011 and 2010, respectively.

Western Alliance Bancorporation and Subsidiaries
Operating Segment Results
Unaudited													Inter-
													segment			Consoli-
	Bank			Western			Torrey						elimi-			dated
	of Nevada			Alliance Bank			Pines Bank*			Other			nations			Company
At March 31, 2011	(in millions)
Assets	$	2,778.3		$	1,979.8		$	1,590.7		$	728.4		$	(672.4	)	$	6,404.8
Gross loans and deferred fees, net		1,872.1			1,344.6			1,104.1			-			(42.8	)		4,278.0
Less: Allowance for credit losses		(70.6	)		(19.7	)		(15.8	)		-			-			(106.1	)
Net loans		1,801.5			1,324.9			1,088.3			-			(42.8	)		4,171.9
Goodwill		23.2			-			-			2.7			-			25.9
Deposits		2,390.2			1,693.1			1,416.7			-			(2.5	)		5,497.5
Stockholders' equity		310.4			165.8			137.0			608.7			(620.3	)		601.6
No. of branches		12			16			11			-			-			39
No. of FTE		407			210			193			84			-			894
Three Months Ended March 31, 2011:
	(in thousands)
Net interest income	$	26,428		$	19,656		$	17,317			(2,303	)	$	-		$	61,098
Provision for credit losses		7,003			1,600			1,437			-			-			10,041
Net interest income (loss) after provision for credit losses		19,425			18,056			15,880			(2,303	)		-			51,057
Non-interest income		3,392			2,031			1,739			(332	)		-			6,830
Non-interest expense		(21,672	)		(12,383	)		(10,491	)		(3,600	)		-			(48,146	)
Income (loss) from continuing operations before income taxes		1,145			7,704			7,128			(6,235	)		-			9,741
Income tax expense (benefit)		251			2,849			3,106			(2,177	)		-			4,029
Income (loss) from continuing operations		894			4,855			4,022			(4,058	)		-			5,712
Loss from discontinued operations, net		-			-			-			(559	)		-			(559	)
Net income (loss)	$	894		$	4,855		$	4,022		$	(4,617	)	$	-		$	5,153
* Excludes discontinued operations

Western Alliance Bancorporation and Subsidiaries
Operating Segment Results
Unaudited													Inter-
													segment			Consoli-
	Bank			Western			Torrey						elimi-			dated
	of Nevada			Alliance Bank			Pines Bank*			Other			nations			Company
At March 31, 2010:	(in millions)
Assets	$	2,775.7		$	1,911.4		$	1,393.5		$	621.5		$	(605.9	)	$	6,096.2
Gross loans and deferred fees, net		2,013.1			1,154.3			934.7			-			(43.0	)		4,059.1
Less: Allowance for credit losses		(70.2	)		(25.8	)		(16.7	)		-			-			(112.7	)
Net loans		1,942.9			1,128.5			918.0			-			(43.0	)		3,946.4
Goodwill		23.2			-			-			2.7			-			25.9
Deposits		2,267.1			1,710.7			1,215.7			-			(3.4	)		5,190.1
Stockholders' equity		295.9			130.5			127.7			580.9			(559.2	)		575.8
No. of branches		12			17			9			-			-			38
No. of FTE		441			238			206			63			-			948
Three Months Ended March 31, 2010:	(in thousands)
Net interest income	$	25,657		$	14,886		$	14,314		$	(139	)	$	-		$	54,718
Provision for credit losses		22,034			3,988			2,725			0			-			28,747
Net interest income after provision for credit losses		3,623			10,898			11,589			(139	)		-			25,971
Non-interest income		7,964			1,866			896			3,446			457			14,629
Noninterest expense		(16,170	)		(10,761	)		(11,368	)		(4,248	)		1,704			(40,843	)
Income (loss) from continuing operations before income taxes		(4,583	)		2,003			1,117			(941	)		2,161			(243	)
Income tax expense (benefit)		(1,583	)		861			628			(1,468	)		-			(1,562	)
Income (loss) from continuing operations		(3,000	)		1,142			489			527			2,161			1,319
Loss from discontinued operations, net		-			-			-			(935	)		-			(935	)
Net income (loss)	$	(3,000	)	$	1,142		$	489		$	(408	)	$	2,161		$	384
* Excludes discontinued operations

Western Alliance Bancorporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures (Unaudited)
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2011			2010			2010			2010			2010
	(dollars in thousands)
Total stockholder's equity	$	601,576		$	602,174		$	619,764		$	575,858		$	575,779
Less:
Goodwill and intangible assets		38,401			39,291			40,180			41,307			42,214
Total tangible stockholders' equity		563,175			562,883			579,584			534,551			533,565
Less:
Preferred stock		131,580			130,827			130,094			129,378			128,661
Total tangible common equity		431,595			432,056			449,490			405,173			404,904
Add:
Deferred tax		4,461			4,774			5,087			5,400			5,713
Total tangible common equity, net of tax	$	436,056		$	436,830		$	454,577		$	410,573		$	410,617
Total assets	$	6,404,838		$	6,193,883		$	6,179,146		$	5,959,479		$	6,096,238
Less:
Goodwill and intangible assets		38,401			39,291			40,180			41,307			42,214
Tangible assets		6,366,437			6,154,592			6,138,966			5,918,172			6,054,024
Add:
Deferred tax		4,461			4,774			5,087			5,400			5,713
Total tangible assets, net of tax	$	6,370,898		$	6,159,366		$	6,144,053		$	5,923,572		$	6,059,737
Tangible equity ratio (1)		8.8	%		9.1	%		9.4	%		9.0	%		8.8	%
Tangible common equity ratio (2)		6.8	%		7.0	%		7.3	%		6.8	%		6.7	%
Common shares outstanding		82,237			81,669			81,503			73,344			73,031
Tangible book value per share, net of tax (3)	$	5.30		$	5.35		$	5.58		$	5.60		$	5.62
	Three Months Ended
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2011			2010			2010			2010			2010
	(in thousands)
Total non-interest income	$	6,830		$	(720	)	$	12,167		$	20,760		$	14,629
Less:
Mark-to-market (losses) gains, net		(509	)		(6,710	)		(210	)		6,250			301
Securities impairment charges		-			(12	)		-			(1,071	)		(103	)
Gains on sales of investment securities, net		1,379			-			5,460			6,079			8,218
Gain on extinguishment of debt		-			-			-			3,000			-
Gain on sale of subsidiary		-			-			568			-			-
Total operating non-interest income		5,960			6,002			6,349			6,502			6,213
Add: net interest income		61,098			60,911			59,468			57,456			54,718
Net revenue (4)	$	67,058		$	66,913		$	65,817		$	63,958		$	60,931
Total non-interest expense	$	48,146		$	56,545		$	46,109		$	53,262		$	40,843
Less:
Net loss (gain) on sales/valuations of repossessed assets		6,129			12,991			4,855			11,994			(1,014	)
Merger related		217			1,651			-			-			-
Goodwill impairment		-			-			-			-			-
Total operating non-interest expense (4)	$	41,800		$	41,903		$	41,254		$	41,268		$	41,857
Net revenue	$	67,058		$	66,913		$	65,817		$	63,958		$	60,931
Less:
Operating non-interest expense		41,800			41,903			41,254			41,268			41,857
Pre-tax, pre-provision operating earnings (5)	$	25,258		$	25,010		$	24,563		$	22,690		$	19,074

Western Alliance Bancorporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures (Unaudited)
	Three Months Ended
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2011			2010			2010			2010			2010
	(in thousands)
Total operating non-interest expense	$	41,800		$	41,903		$	41,254		$	41,268		$	41,857
Divided by:
Total net interest income	$	61,098		$	60,911		$	59,468		$	57,456		$	54,718
Add:
Tax equivalent interest adjustment		481			464			307			149			244
Operating non-interest income		5,960			6,002			6,349			6,502			6,213
	$	67,539		$	67,377		$	66,124		$	64,107		$	61,175
Efficiency ratio - tax equivalent basis (6)		61.9	%		62.2	%		62.4	%		64.4	%		68.4	%

	Three Months Ended
	March 31,			March 31,
	2011			2010
	(in thousands)
Stockholder's equity	$	601,576		$	575,779
Less:
Accumulated other comprehensive (loss) income		(14,741	)		4,683
Non-qualifying goodwill and intangibles		34,663			37,269
Other non-qualifying assets		24,057			28,240
Disallowed unrealized losses on equity securities		19			-
Add:
Qualifying trust preferred securities		43,034			42,320
Tier 1 capital (regulatory) (7)		600,612			547,907
Less:
Qualifying non-controlling interests		122			178
Qualifying trust preferred securities		43,034			42,320
Preferred stock		131,580			128,661
Estimated Tier 1 common equity (8)	$	425,876		$	376,748
Divided by:
Estimated risk-weighted assets (regulatory (8)	$	4,996,916		$	4,575,838
Tier 1 common equity ratio (8)		8.5	%		8.2	%
	March 31,			March 31,
	2011			2010
	(in thousands)
Classified assets	$	341,618		$	461,823
Divide:
Tier 1 capital (regulatory) (7)		600,612			547,907
Plus: Allowance for credit losses		106,133			112,724
Total Tier 1 capital plus allowance for credit losses	$	706,745		$	660,631
Classified assets to Tier 1 capital plus allowance (9)		48	%		70	%

(1) We believe this non-GAAP ratio provides a critical metric with which to analyze and evaluate financial condition and capital strength.

(2) We believe this non-GAAP ratio provides critical metrics with which to analyze and evaluate financial condition and capital strength.

(3) We believe this non-GAAP ratio improves the comparability to other institutions that have not engaged in acquisitions that resulted in recorded goodwill and other intangibles.

(4) We believe this non-GAAP measurement is better indicative of the cash generating capacity of the Company.

(5) We believe this non-GAAP measurement is a key indicator of the earnings power of the Company which is otherwise obscured by the asset quality issues.

(6) We believe this non-GAAP ratio provides understanding of the operating efficiency of the Company.

(7) Under the guidelines of the Federal Reserve and the FDIC in effect at December 31, 2010, Tier 1 capital consisted of common stock, retained earnings, non-cumulative perpetual preferred stock, trust preferred securities up to a certain limit, and minority interests in certain subsidiaries, less most other intangible assets.

(8) Tier 1 common equity is often expressed as a percentage of risk-weighted assets. Under the risk-based capital framework, a bank's balance sheet assets and credit equivalent amounts of off-balance sheet items, are assigned to one of four broad risk categories. The aggregated dollar amount in each category is then multiplied by the risk weighting assigned to that category. The resulting weighted values from each of the four categories are added together and this sum is the risk-weighted assets total that, as adjusted, comprises the denominator (risk-weighted assets) to determine the Tier 1 capital ratio. Adjustments are made to Tier 1 capital to arrive at Tier 1 common equity. Tier 1 common equity is also divided by the risk-weighted assets to determine the Tier 1 common equity ratio. We believe this non-GAAP ratio provides a critical metric with which to analyze and evaluate financial condition and capital strength.

(9) We believe this non-GAAP ratio provides a critical regulatory metric in which to analyze asset quality.

EX-99.2

Exhibit 99.2

Robert Sarver Chairman & CEO Ken Vecchione President & COO Dale Gibbons Executive Vice President & CFO 1st Quarter 2011 Earnings Call Western Alliance Bancorporation (NYSE: WAL) April 25, 2011

Forward-Looking Information 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. 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: factors listed in the Company’s annual report on Form 10-K as filed with the Securities and Exchange Commission; changes in general economic conditions, either nationally or locally in the areas in which we conduct or will conduct our business; inflation, interest rate, market and monetary fluctuations; increases in competitive pressures among financial institutions and businesses offering similar products and services; higher defaults on our loan portfolio than we expect; changes in management’s estimate of the adequacy of the allowance for loan losses; legislative or regulatory changes or changes in accounting principles, policies or guidelines; supervisory actions by regulatory agencies which may limit our ability to pursue certain growth opportunities; management’s estimates and projections of interest rates and interest rate policy; the execution of our business plan; and other factors affecting the financial services industry generally or the banking industry in particular.We do not intend and disclaim any duty or obligation to update or revise any industry information or forward-looking statements set forth in this presentation to reflect new information, future events or otherwise.

1st Quarter 2011 Highlights Increasing Earning Power Net income of $5.2 million, up from $0.4 million from last year Net interest income of $61.1 million, up $6.4 million or 11.7% from last year Net interest margin of 4.35%, up 0.18% from 4.17% last year Operating expense(1) of $41.8 million, down 0.1% compared to last year Strong Balance Sheet Loan growth of $37 million for the quarter and $219 million from Q1-2010 Deposit growth of $159 million for the quarter and $307 million from Q1-2010 Tier 1 Common Equity of 8.52%, Tier 1 Leverage Ratio of 9.60%(2) Improved Asset Quality Provision expense of $10.0 million, down 65.1% from last year Net charge offs of $14.6 million, down 40.7% compared to last year Non-performing assets of $214 million, down $49 million or 18.7% from Q1-2010 (1) Excludes securities and goodwill impairment, mark-to-market gains/losses, gains/losses on sale of investment securities and repossessed assets, merger related expenses and gain on extinguishment of debt. (2) Capital ratios are estimates until Call Reports are filed.

Key Financial Metrics (in Millions)  (in Millions)  (in Millions)  (in Millions)  Net Interest Income Operating Expense⁽¹⁾ Pre-Tax, Pre-Credit Income(2)  Provision Expense Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q1-10 Q2-10 Q3- 10 Q4-10 Q1-11 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 $54.7 $57.5 $59.5 $60.9 $61.1 $41.9 $41.3 $41.3 $41.9 $41.8 $19.1 $22.7 $24.6 $25.0 $25.3 $28.7 $23.1 $23.0 $18.4 $10.0 (1) Operating expenses exclude goodwill impairment, merger related expenses and gains/losses on sale of repossessed assets. (2) Pre-tax, pre-credit income is a non-GAAP number, for definition, see table on page 5.

Continued Pre-Tax, Pre Credit Income Growth(1)  Pre-tax, pre-credit income growth of 1.0% from Q4-2010; growth of 32.4% since Q1-2010 7th consecutive quarterly increase  % of Average Total Assets (in Thousands) Q1-2010 Q2-2010 Q3-2010 Q4-2010 Q1-2011 2.00% 1.80% 1.60% 1.40% 1.20% 1.00% 1.33% 1.50% 1.62% 1.59% 1.63% Net Interest Income Non-Interest Income⁽²⁾ Non-Interest Expense⁽²⁾ 54,718 6,213 41,857 57,456 6,502 41,268 59,468 6,349 41,254 60,911 6,002 41,903 61,098 5,960 41,800 Pre-Tax, Pre-Credit Income⁽¹⁾ $19,074 $22,690 $24,563 $25,010 $25,258 (1) Pre-tax, pre-credit income is a non-GAAP number. (2) Excludes securities and goodwill impairment, mark-to-market gains/losses, gains/losses on sale of investment securities and repossessed assets, merger related expenses and gain on extinguishment of debt.

s

1st Quarter Net Income Comparison (in Millions) Pre-Tax, Pre-Credit Income⁽¹⁾Provision for loan and lease losses Income Net of Provision Expense Securities gains/ losses & valuation Repossessed & other asset valuation Merger related expenses Pre-Tax Income Income tax Income from disc. operations Net Income Q1-2011 Q1-2010 $ Change $25.3 (10.0) $19.1 (28.7) $6.2 18.7 $15.2 0.9 (6.1) (0.2) ($9.7) 8.4 1.0 - $24.9 (7.5) (7.1) (0.2) $9.7 (4.0) (0.6) ($0.2) 1.6 (0.9) $10.0 (5.6) 0.4 $5.2 $0.4 $4.8 (1) Pre-tax pre-credit income is a non-GAAP number, for definition see table on page 5.

Net Interest Margin Summary Loan Yield  Cost of Funding Net Interest Margin⁽¹⁾ Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 6.50% 6.00% 5.50% 5.00% 6.22% 6.31% 6.20% 6.18% 6.16% Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 1.10% 1.00% 0.90% 0.80% 0.70% 0.60% 0.50% 1.06% 0.90% 0.81% 0.80% 0.77% Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 4.40% 4.30% 4.20% 4.10% 4.00% 4.17% 4.16% 4.32% 4.26% 4.35% (1) Net Interest Margin is reported on a tax-equivalent basis.

Improvement in Efficiency(1) 72% 69% 66% 63% 60% Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 68.4% 64.4% 62.4% 62.2% 61.9% Efficiency Ratio Future Opportunities Expense Savings FDIC premium assessment base Legacy asset costs Merger benefits Asset quality improvement Reinvestment: Branch office expansion Business development teams Technology infrastructure (1) The Efficiency Ratio is calculated on a tax equivalent basis. (2) Operating expenses exclude goodwill impairment, merger related expenses and gains/losses on sale of repossessed assets.

Loan Portfolio Composition  (in Millions)  $4,059 14% 22% 14% 30% 18% $4,241 12% 24% 11% 29% 22% $4,278 12% 25% 9% 30% 22% 2% 2% 2% $5,000 $4,000 $3,000 $2,000 $1,000 $0 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Commerical CRE, Non-Owner Occpd CRE, Owner Occupied Residential RE Construction & Land Consumer Continued loan growth: Total loan growth of $37 million or 0.9% from Q4-2010 Total loan growth of $219 million or 5.4% since Q1-2010 Continued improvement in loan concentrations: Commercial loans increased by $1.3 million or 0.1% from Q4-2010 Construction & Land loans declined $60 million or 13.2% from Q4-2010

Summary of Deposits(1)  $5,190  30% 35% 10% 26% $5,338  27% 36% 10% 27% $5,497 26% 38% 9% 26% Total deposits grew by $159 million or 3.0% since Q4-2010 Over $307 million total deposit growth since Q1-2010 Non-interest bearing DDAs: Up $12 million or 0.8% since Q4-2010 Up $106 million or 7.9% since Q1-2010 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 (in Millions) Non-Int Bearing DDA NOW MMDA and Savings CDs (1) CDs include CDARS deposits.

Recent Asset Quality Trends  (in Millions)  $866  $678  $659 $1,000 $900 $800 $700 $600 $500 $400 $300 $200 $100 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 NPAs Classified Watch Continued improvement in asset quality: NPAs were 3.3% of total assets compared to 3.6% at year end and 4.2% a year ago Classified loans were 5.63% of total loans, down from 6.05% at year end and 8.29% a year ago Watch loans were 4.78% of total loans, up from 4.60% at year end and down from 6.57% a year ago Repossessed assets were $98.3 million, down from $107.7 million at year end Accruing TDR loans were $84.1 million compared to $116.7 million at year end

Expanding Gap of Earning Power Over Credit Costs(1)  PTPC Income vs. Provision Expense $25 Million $10 Million Pre-Tax Pre-Credit Income Provision Expense Pre-tax, pre-credit income surpassed provision expense by $15 million in Q1-2011. Third consecutive quarterly surplus.  $30.0 $25.0 $20.0 $15.0 $10.0 $5.0 $0.0 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 (in Millions)  Charge-Offs vs. Reserves  2.78% 2.66% 2.59% 2.61% 2.48% 2.43% 2.53% 2.41% 1.52% 1.39% Net Charge Offs/Avg Total Loans Reserve/Total Loans Reserves significantly exceed charge-offs compared to outstanding loans. 3.0% 2.5% 2.0% 1.5% 1.0% Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 (1) Pre-tax pre-credit income is a non-GAAP number, for definition see table on page 5.

Annualized Net Charge-Offs / Average Total Loans Western Alliance Bancorporation 1.72% 3.60% 2.43% 1.39% Bank of Nevada 1.65% 5.12% 3.82% 2.09% Western Alliance Bank 2.13% 3.00% 1.61% 0.71% Torrey Pines Bank 1.33% 1.97% 0.25% 0.91% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11

Classified Assets/ Tier 1 Capital + ALLL  Western Alliance Bancorporation Total classified assets(1) declined by $25.3 million or 6.9% in Q1-2011 75% 70% 65% 60% 55% 50% 45% 69.9% 63.6% 57.0% 52.2% 48.5% Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Bank of Nevada 96.6% 89.8% 70.0% 64.9% 56.6% Western Alliance Bank 65.3% 62.2% 48.8% 42.6% 41.3% Torrey Pines Bank 43.6% 34.3% 29.8% 24.1% 24.9% Western Alliance Bancorporation 69.9% 63.6% 57.0% 52.2% 48.5% Q1-2010 Q2-2010 Q3-2010 Q4-2010 Q1-2011 (1) Classified Assets include repossessed assets, non-accrual loans and classified securities.

1st Quarter OREO Valuation(1)  Total OREO Outstanding: $97.2 Million as of 3/31/11  (in Millions) Reconciliation of OREOOREO at 12/31/10 $106.6 Q1-2011 Changes: Additions to OREO 11.8 Sales of OREO -13.8 Valuation Adjustments⁽²⁾ -7.4 OREO at 3/31/11 $97.2 65% 23% 12% New OREO Added During Q1-11 OREO Appraised Q1-11 OREO To Be Appraised Q2-11 (1) Excludes other repossessed assets of $1 million and loss on sale of other repossessed assets of $0.3 million. (2) Includes charge-offs that were booked to the Loan Loss Reserve.

Composition of OREO(1)  $1.3 Billion  Total OREO Outstanding: $97.2 Million as of 3/31/11  (in Millions) Q1-2011 OREO Sales Valuation prior to sale $16.6 Net proceeds $13.8 Net proceeds as % of valuation 84% Average sales price to 89% valuation since 2009 Current OREO Portfolio Original appraised amount $420.8 Original loan amount $172.8 Valuation as of 3/31/11 $97.2 Current valuation as a % of 23% original appraisal 62% 14% 11% 6% 4% 3% Land Office Other Industrial Retail Single Family Home (1) Excludes other repossessed assets of $1 million.

Composition of Liquid Assets Liquid Assets Cash and Due From Banks $828 $561 $615 $216 $363 Fed Funds Sold 2 - 1 1 - Non-Pledged Marketable Securities & MMDA 327 440 522 793 699 Total Liquid Assets $1,157 $1,001 $1,139 $1,010 $1,062 Total Assets $6,096 $5,959 $6,179 $6,194 $6,405 Primary Liquidity Ratio 19.0% 16.8% 18.4% 16.3% 16.6% Minimum Liquidity Guideline $366 $358 $371 $372 $384 Excess Liquidity $791 $643 $768 $638 $678 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11

Strong Capital Ratios(1) Tier 1 Leverage Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Bank of Nevada 8.5% 8.1% 9.1% 9.2% 9.3% Western Alliance Bank 6.9% 6.8% 8.3% 8.3% 8.7% Torrey Pines Bank 9.8% 9.7% 10.0% 9.5% 9.3% Western Alliance Bancorporation 9.5% 9.1% 10.0% 9.5% 9.6%  Tier 1 Common(2) Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Bank of Nevada 10.2% 9.9% 11.1% 11.4% 11.9% Western Alliance Bank 9.5% 9.7% 11.2% 10.9% 10.9% Torrey Pines Bank 11.7% 11.4% 11.7% 11.1% 11.0% Western Alliance Bancorporation 8.2% 8.2% 9.0% 8.5% 8.5% (1) Capital ratios are considered estimates until Call Reports are filed. (2) Tier 1 Common is a non-GAAP ratio.

Dividend Capacity by Affiliate (in Millions) Q1-2011 Tier 1 Capital(1)  Target Tier 1 Capital Capital Surplus Last 4 Qtr's Net Income Dividend Capacity(2) Bank of Nevada $255.4 $246.4 $8.9 ($22.5) $0 Western Alliance Bank $168.0 $154.6 $13.5 $16.5 $13.5 Torrey Pines Bank $138.7 $119.6 $19.1 $11.2 $11.2 Total Dividend Capacity as of 3/31/11 $24.7 (1) Tier 1 Capital is considered an estimate until Call Reports are filed. (2) Dividend capacity is the lesser of  the previous four quarters net income or capital surplus and are subject to regulatory approval.

Performance Focus: Increase Earning Power Strong capital and ability to redeploy securities into loans to businesses Continuing deployment of excess liquidity Diversifying into municipal bonds Maximizing return on new deposit growth with real-time acquisition of securities Stable/expanding interest margin Normalization of NPA levels Expense reductions resulting from improvement in asset quality/economic recovery FDIC insurance OREO expenses and related valuation adjustments Legal and professional

Performance Focus: Improve Asset Quality Growing portfolio while reducing risk profile Moving up market and attracting stronger credits Loan grades on new loan relationships exceeds the current portfolio average Growth coming from stronger economic markets Reducing classified assets Incentivizing loan work-out and charge-off recovery teams to improve success rates Disposing and redeploying non-performing assets Proactively marketing OREO Increase in buyer activity Stepping down charge-offs

Performance Focus: Grow Market Share Four consecutive quarters of loan growth Targeting larger higher quality relationships Attracting and recruiting established, high performing business development teams from competitors Five consecutive quarters of deposit growth Leveraging off reduced competition from local bank failures Planned branch expansion in California Top four local market share position in Arizona, Nevada and San Diego Continuing to gain market share as the best “big bank” alternative in our markets