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):  January 19, 2012

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 January 19, 2012, Western Alliance Bancorporation issued a press release reporting results for the fiscal quarter ended and year to date ended December 31, 2011 and posted on its website its fourth 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 January 19, 2012.
99.2	Fourth Quarter 2011 Earnings Conference Call Presentation dated January 20, 2012.

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: January 19, 2012

EX-99.1

Exhibit 99.1

Western Alliance Reports Fourth Quarter 2011 Net Income of $7.1 million, or $0.07 per share
Full Year Net Income of $31.5 million, or $0.19 per shareFourth Quarter Loan Growth of $254 million2011 Loan Growth of $540 million, Deposit Growth of $320 millionFourth Quarter Net Interest Margin of 4.51 percentFull Year Net Interest Margin of 4.37 percent

PHOENIX--(BUSINESS WIRE)--January 19, 2012--Western Alliance Bancorporation (NYSE:WAL) announced today its financial results for the fourth quarter 2011.

Fourth Quarter 2011 Highlights:

• Net income of $7.1 million, including loss on repossessed assets valuations/sales of $5.0 million, net of tax
• Earnings per share of $0.07, compared to $0.04 per share for the third quarter 2011
• Pre-tax, pre-provision operating earnings of $31.5 million, up 12.1% from $28.1 million in third quarter 2011 and up 26.0% from $25.0 million in fourth quarter 2010¹
• Net interest margin of 4.51% compared to 4.29% in the third quarter 2011 and 4.26% in the fourth quarter 2010
• Total loans of $4.78 billion, up $254 million from September 30, 2011 and up $540 million from December 31, 2010
• Total deposits of $5.66 billion, up $26 million from September 30, 2011 and up $320 million from December 31, 2010
• Nonperforming assets (nonaccrual loans and repossessed assets) declined to 2.6% of total assets from 3.1% in third quarter 2011 and 3.6% in fourth quarter 2010
• Net loan charge-offs of $14.1 million, down from $15.3 million for the third quarter 2011 and from $15.9 million in fourth quarter 2010
• Tier I Leverage capital of 9.8% and Total Risk-Based Capital ratio of 12.6%, compared to 9.5% and 13.2% a year ago
• Total equity of $636.7 million, up $4.4 million from September 30, 2011 and up $34.5 million from December 31, 2010

Financial Performance

Robert Sarver, Chairman and Chief Executive Officer of Western Alliance Bancorporation, commented, “We are very pleased with our 2011 results as we substantially increased loans to small businesses, produced consistent quarterly net income while growing net interest margin and improving our efficiency ratio. Asset quality improved throughout the year as nonaccrual, watch, and classified loans all declined from the prior year. I am proud of the people at Western Alliance Bancorporation and the leadership they demonstrated in accomplishing these results.” Mr. Sarver also noted, “Fourth quarter results will position the Company for success in 2012 by riding the momentum of higher loan growth, along with a stable net interest margin, expense management, and continued improvement in asset quality.”

Ken Vecchione, President and Chief Operating Officer, added, “As the economy continues to recover, Western Alliance Bancorporation stands ready to support the businesses and communities we serve by providing continued access to credit. Our capital strength and commitment to serve our customers leads us to be optimistic regarding our loan and deposit pipelines in 2012.” Mr. Vecchione further added, “Our disciplined approach to pricing both loans and deposits, and the management of our investment portfolio produced a fourth quarter net interest margin of 4.51 percent and full year net interest margin of 4.37 percent. Higher net interest income and contained expenses supported our record $31.5 million pre-tax, pre-credit income.¹ Our core earnings momentum and favorable trends in asset quality, position us for increased operating net income in future quarters.”

Western Alliance Bancorporation reported net income of $7.1 million, or $0.7 per share in the fourth quarter 2011. Income from continuing operations before income tax was $9.6 million, including pre-tax net unrealized losses from assets/liabilities measured at fair value of $0.6 million. The income included a $0.06 per common share charge from repossessed assets valuations/sales.

Full year net income was $31.5 million compared to a $7.2 million loss in 2010. Full year earnings per share were $0.19 compared to a $0.23 per share loss for 2010.

Total loans increased $254 million to $4.78 billion at December 31, 2011 from $4.53 billion on September 30, 2011. This increase was driven by growth in commercial and industrial loans and commercial real estate loans. Loans increased $540 million, or 12.7 percent from December 31, 2010.

Total deposits increased $26 million to $5.66 billion at December 31, 2011 from $5.63 billion at September 30, 2011, with growth primarily in non-interest bearing demand, interest bearing demand and savings and money market accounts, partially offset by declines in certificates of deposit. Deposits increased $320 million, or 6.0 percent from December 31, 2010.

Income Statement

Net interest income of $68.7 million in the fourth quarter 2011 increased by 6.4 percent compared to the third quarter 2011 and 12.8 percent compared to the fourth quarter 2010. The net interest margin in the fourth quarter 2011 was 4.51 percent compared to 4.29 percent in the third quarter 2011 and 4.26 percent in the fourth quarter of 2010.

Operating non-interest income was $5.6 million for the fourth quarter 2011,¹ a decrease from $5.9 million for the third quarter of 2011 and $6.0 million for the fourth quarter of 2010.¹

Net revenue was $74.3 million for the fourth quarter 2011, a 5.4 percent increase from $70.5 million for the third quarter of 2011 and 11.1 percent from $66.9 million for the fourth quarter 2010.¹

Operating non-interest expense was $42.8 million for the fourth quarter 2011, compared to $42.4 million for the third quarter of 2011 and $41.9 million for the fourth quarter of 2010.¹ The Company’s operating efficiency ratio on a tax equivalent basis was 56.5 percent for the fourth quarter 2011, improved from 62.2 percent for the fourth quarter 2010.¹

The Company had 942 full-time equivalent employees at December 31, 2011, compared to 908 one year ago.

A key performance metric for the Company is its pre-tax, pre-provision operating earnings, which it defines as net operating revenue less its operating non-interest expense.¹ For the fourth quarter 2011, the Company’s performance on this metric was $31.5 million, up from $28.1 million in the third quarter 2011 and $25.0 million in the fourth quarter 2010.¹

The provision for credit losses was $13.1 million for the fourth quarter 2011 compared to $11.2 million for the third quarter 2011. The provision for the fourth quarter of 2010 was $18.4 million. Net loan charge-offs in the fourth quarter 2011 were $14.1 million or 1.24 percent of average loans (annualized), down from $15.3 million or 1.40 percent of average loans (annualized) for the third quarter 2011 due to decreased residential real estate loan charge-offs. Net charge-offs for the fourth quarter 2010 were $15.9 million or 1.52% of average loans (annualized).

Nonaccrual loans and repossessed assets decreased to $179.5 million or 2.6 percent of total assets at December 31, 2011, from $200.4 million or 3.1 percent of total assets at September 30, 2011, and from $224.7 million or 3.6 percent of total assets at December 31, 2010. Loans past due 90 days and still accruing totaled $2.6 million at December 31, 2011, up from $2.1 million at September 30, 2011 and $1.5 million at December 31, 2010. Loans past due 30-89 days totaled $13.7 million at quarter end, up slightly from $12.4 million at September 30, 2011 and down from $18.2 million at December 31, 2010.

Classified assets to Tier I capital plus allowance for credit losses, a common regulatory measure of asset quality, improved to 39 percent at December 31, 2011 from 52 percent at December 31, 2010.¹

Net loss on sales and valuation of repossessed assets (primarily other real estate) was $7.7 million for the fourth quarter 2011 compared to $2.1 million in the prior quarter. At December 31, 2011, other repossessed assets were valued at $89 million compared to $87 million at September 30, 2011 and $108 million one year ago.

Balance Sheet

Gross loans totaled $4.78 billion at December 31, 2011, an increase of $254 million from September 30, 2011 and an increase of $540 million from $4.24 billion at December 31, 2010. At December 31, 2011 the allowance for credit losses was 2.07 percent of total loans down from 2.21 percent at September 30, 2011 and 2.61 percent at December 31, 2010.

Deposits totaled $5.66 billion at December 31, 2011, an increase of $26 million from $5.63 billion at September 30, 2011 and an increase of $320 million from $5.34 billion at December 31, 2010.

Non-interest bearing deposits increased $39 million at December 31, 2011 from September 30, 2011 and increased $115 million from $1.44 billion at December 31, 2010. Non-interest bearing deposits comprised 27.5 percent of total deposits at December 31, 2011, compared to 27.0 percent a year ago.

At December 31, 2011, the Company’s loans were 84.5 percent of deposits compared to 80.4 percent at September 30, 2011 and 79.4 percent at December 31, 2010.

Stockholders’ equity at December 31, 2011 increased to $636.7 million from $632.3 million at September 30, 2011. At December 31, 2011, tangible common equity was 6.8 percent of tangible assets¹ and total risk-based capital was 12.6 percent of risk-weighted assets.

Total assets increased to $6.84 billion at December 31, 2011 from $6.55 billion at September 30, 2011 and increased 11 percent from $6.19 billion at December 31, 2010.

Operating Unit Highlights

Bank of Nevada reported that loans increased by $7 million during the fourth quarter of 2011 and declined $55 million during the last 12 months to $1.86 billion at December 31, 2011. Deposits decreased $89 million in the fourth quarter of 2011 and decreased $11 million over the last twelve months to $2.38 billion. Net income for Bank of Nevada was $1.2 million for the fourth quarter 2011, compared with net income of $1.7 million for the third quarter of 2011 and net loss of $5.8 million during the fourth quarter 2010.

Western Alliance Bank reported loan growth of $160 million during the fourth quarter 2011 and $340 million during the last 12 months to $1.64 billion. Deposits increased $109 million in the fourth quarter and $206 million during the last 12 months to $1.88 billion. Net income for Western Alliance Bank was $5.6 million during the fourth quarter 2011 compared with net income of $5.5 million during the third quarter of 2011 and net income of $3.6 million during the fourth quarter 2010.

The Torrey Pines Bank segment, which excludes discontinued operations, reported that loans increased $86 million during the fourth quarter 2011 and $255 million during the last 12 months to $1.32 billion. Deposits increased $17 million in the fourth quarter 2011 and $135 million over the last 12 months to $1.42 billion. Net income for Torrey Pines Bank was $5.9 million during the fourth quarter 2011 compared with net income of $5.4 million for the third quarter of 2011 and net income of $3.2 million during the fourth quarter 2010.

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

Conference Call and Webcast

Western Alliance Bancorporation will host a conference call and live webcast to discuss its fourth quarter 2011 financial results at 12:00 p.m. ET on Friday, January 20, 2012. Participants may access the call by dialing 1-866-843-0890 and using passcode: 2758674 or via live audio webcast using the website link: https://services.choruscall.com/links/wal120120.html. 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 January 20th through January 31st at 2:00 p.m. ET by dialing 1-877-344-7529 using the conference number 10008804.

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 16

Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited
	At or for the Three Months									For the Twelve Months
	Ended December 31,									Ended December 31,
	2011			2010			Change %			2011			2010			Change %
	(in thousands, except per share data)
Selected Balance Sheet Data:
(dollars in millions)
Total assets	$	6,844.5		$	6,193.9		10.5		%
Loans, net of deferred fees		4,780.1			4,240.5		12.7
Securities and money market investments		1,490.5			1,273.1		17.1
Federal funds sold		-			0.9
Total deposits		5,658.5			5,338.4		6.0
Borrowings		476.9			182.4		161.5
Junior subordinated debt		37.0			43.0		(14.0	)
Stockholders' equity		636.7			602.2		5.7
Selected Income Statement Data:
(dollars in thousands)
Interest income	$	76,846		$	72,374		6.2		%	$	296,591		$	281,813		5.2		%
Interest expense		8,147			11,463		(28.9	)			38,923			49,260		(21.0	)
Net interest income		68,699			60,911		12.8				257,668			232,553		10.8
Provision for loan losses		13,076			18,384		(28.9	)			46,188			93,211		(50.4	)
Net interest income after provision for credit losses		55,623			42,527		30.8				211,480			139,342		51.8
Non-interest income (loss)		4,948			(720	)	(787.2	)			34,457			46,836		(26.4	)
Non-interest expense		50,963			56,545		(9.9	)			195,598			196,758		(0.6	)
Income (loss) from continuing operations before income taxes		9,608			(14,738	)	(165.2	)			50,339			(10,580	)	(575.8	)
Income tax expense (benefit)		2,011			(4,580	)	143.9				16,849			(6,410	)	362.9
Income (loss) from continuing operations		7,597			(10,158	)	(174.8	)			33,490			(4,170	)	(903.1	)	%
Loss on discontinued operations, net		(496	)		(657	)	24.5				(1,996	)		(3,025	)
Net income (loss)	$	7,101		$	(10,815	)	(165.7	)	%	$	31,494		$	(7,195	)
Diluted net income (loss) from continuing operations	$	0.07		$	(0.16	)				$	0.21		$	(0.19	)
Diluted net loss from discontinued operations, net of tax	$	(0.01	)	$	(0.01	)				$	(0.02	)	$	(0.04	)
Diluted net income (loss) per common share	$	0.07		$	(0.17	)	141.2		%	$	0.19		$	(0.23	)	181.9		%
Common Share Data:
Diluted net income (loss) per common share	$	0.07		$	(0.17	)	141.2		%	$	0.19		$	(0.23	)	181.9		%
Book value per common share	$	6.02		$	5.77		4.3		%
Tangible book value per share, net of tax (1)	$	5.63		$	5.35		5.2		%
Average shares outstanding (in thousands):
Basic		81,026			80,522		0.6				80,909			75,083		7.8
Diluted		81,368			80,522		1.1				81,183			75,083		8.1
Common shares outstanding		82,362			81,669		0.8
(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								For the Twelve Months
	Ended December 31,								Ended December 31,
	2011		2010			Change %			2011		2010			Change %
	(in thousands, except per share data)
Selected Performance Ratios:
Return on average assets (1)	0.42	%	(0.69	)	%	(160.9	)	%	0.49	%	(0.12	)	%	(508.3	)	%
Return on average stockholders' equity (1)	4.34		(6.85	)		(163.4	)		4.99		(1.20	)		(515.8	)
Net interest margin (1)	4.51		4.26			5.9			4.37		4.23			3.3
Net interest spread	4.30		3.97			8.3			4.12		3.92			5.1
Efficiency ratio - tax equivalent basis (2)	56.49		62.19			(9.2	)
Loan to deposit ratio	84.48		79.43			6.4
Capital Ratios:
Tangible equity (2)	8.8	%	9.1		%	(3.5	)	%
Tangible common equity (2)	6.8		7.0			(3.7	)
Tier one common equity (2)	8.1		8.5			(4.9	)
Tier 1 Leverage ratio (3)	9.8		9.5			3.2
Tier 1 Risk Based Capital (3)	11.3		12.0			(5.8	)
Total Risk Based Capital (3)	12.6		13.2			(4.5	)
Asset Quality Ratios:
Net charge-offs to average loans outstanding (1)	1.24	%	1.52		%	(18.4	)	%	1.32	%	2.22		%	(40.5	)	%
Nonaccrual loans to gross loans	1.89		2.76			(31.5	)
Nonaccrual loans and repossessed assets to total assets	2.62		3.63			(27.8	)
Loans past due 90 days and still accruing to total loans	0.05		0.03			66.7
Allowance for credit losses to loans	2.07		2.61			(20.7	)
Allowance for credit losses to nonaccrual loans	109.71		94.62			15.9
(1) Annualized for the three month periods ended December 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						Twelve Months Ended
	December 31,						December 31,
	2011			2010			2011			2010
	(dollars in thousands)
Interest income:
Loans	$	67,102		$	64,985		$	261,443		$	255,626
Investment securities		9,591			7,054			34,419			24,916
Federal funds sold and other		153			335			729			1,271
Total interest income		76,846			72,374			296,591			281,813
Interest expense:
Deposits		5,549			8,652			27,977			41,329
Customer repurchase agreements		73			65			336			538
Borrowings		2,053			2,032			8,282			3,745
Junior subordinated and subordinated debt		472			714			2,328			3,648
Total interest expense		8,147			11,463			38,923			49,260
Net interest income		68,699			60,911			257,668			232,553
Provision for credit losses		13,076			18,384			46,188			93,211
Net interest income after provision for credit losses		55,623			42,527			211,480			139,342
Non-interest income (loss)
Unrealized gains (losses) on assets/liabilities measured at fair value,net		(626	)		(6,710	)		5,621			(369	)
Securities impairment charges		-			(12	)		(226	)		(1,186	)
Gains on sales of investment securities, net		(28	)		-			4,798			19,757
Trust and investment advisory services		583			608			2,537			4,003
Service charges		2,238			2,177			9,102			8,969
Operating lease income		274			864			1,878			3,793
Bank owned life insurance		1,177			1,027			5,372			3,299
Gain on extinguishment of debt		-			-			-			3,000
Other		1,330			1,326			5,375			5,570
		4,948			(720	)		34,457			46,836
Non-interest expenses:
Salaries and employee benefits		24,021			21,125			93,140			86,586
Occupancy		4,948			5,075			19,972			19,580
Insurance		2,166			4,109			11,045			15,475
Repossessed asset and loan expenses		1,661			2,230			8,126			8,076
Net loss on sales and valuations of repossessed assets		7,702			12,991			24,592			28,826
Legal, professional and director's fees		2,039			2,038			7,678			7,591
Marketing		1,294			982			4,676			4,061
Intangible amortization		889			889			3,559			3,604
Customer service		716			1,050			3,336			4,256
Data Processing		895			948			3,566			3,374
Operating lease depreciation		208			542			1,201			2,506
Merger/restructure expense		482			1,651			1,564			1,651
Other		3,942			2,915			13,143			11,172
		50,963			56,545			195,598			196,758
Income from continuing operations before income taxes		9,608			(14,738	)		50,339			(10,580	)
Income tax expense (benefit)		2,011			(4,580	)		16,849			(6,410	)
Income (loss) from continuing operations		7,597			(10,158	)		33,490			(4,170	)
Loss from discontinued operations net of tax benefit		(496	)		(657	)		(1,996	)		(3,025	)
Net income (loss)		7,101			(10,815	)		31,494			(7,195	)
Preferred stock dividends		1,781			1,750			7,033			7,000
Accretion on preferred stock discount		-			734			9,173			2,882
Net income (loss) available to common stockholders	$	5,320		$	(13,299	)	$	15,288		$	(17,077	)
Diluted net income (loss) per share	$	0.07		$	(0.17	)	$	0.19		$	(0.23	)

Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Statements of Operations
Unaudited
	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2011			2011			2011			2011			2010
	(in thousands, except per share data)
Interest income:
Loans	$	67,102		$	65,540		$	64,919		$	63,882		$	64,985
Investment securities		9,591			8,356			8,542			7,930			7,054
Federal funds sold and other		153			237			185			154			335
Total interest income		76,846			74,133			73,646			71,966			72,374
Interest expense:
Deposits		5,549			6,982			7,548			7,898			8,652
Borrowings and customer repurchase agreements		2,126			2,101			2,123			2,268			2,097
Junior subordinated and subordinated debt		472			465			689			702			714
Total interest expense		8,147			9,548			10,360			10,868			11,463
Net interest income		68,699			64,585			63,286			61,098			60,911
Provision for credit losses		13,076			11,180			11,891			10,041			18,384
Net interest income after provision for credit losses		55,623			53,405			51,395			51,057			42,527
Non-interest income
Mark-to-market gains (losses), net		(626	)		6,420			336			(509	)		(6,710	)
Securities impairment charges		-			-			(226	)		-			(12	)
Gains on sales of investment securities, net		(28	)		781			2,666			1,379			-
Trust and investment advisory services		583			661			657			636			608
Service charges		2,238			2,337			2,243			2,284			2,177
Operating lease income		274			353			580			671			864
Bank owned life insurance		1,177			1,189			1,822			1,184			1,027
Other		1,330			1,341			1,519			1,185			1,326
		4,948			13,082			9,597			6,830			(720	)
Non-interest expenses:
Salaries and employee benefits		24,021			23,319			22,960			22,840			21,125
Occupancy		4,948			5,126			5,044			4,854			5,075
Insurance		2,166			2,664			2,352			3,863			4,109
Repossessed asset and loan expenses		1,661			2,059			2,284			2,122			2,230
Net loss on sales and valuations of repossessed assets		7,702			2,128			8,633			6,129			12,991
Legal, professional and director's fees		2,039			1,912			2,361			1,366			2,038
Marketing		1,294			1,090			1,135			1,157			982
Intangible amortization		889			890			890			890			889
Customer service		716			900			828			892			1,050
Data Processing		895			895			928			848			948
Operating lease depreciation		208			245			327			421			542
Merger/restructure expense		482			974			(109	)		217			1,651
Other		3,942			3,279			3,375			2,547			2,915
		50,963			45,481			51,008			48,146			56,545
Income (loss) from continuing operations before income taxes		9,608			21,006			9,984			9,741			(14,738	)
Income tax expense (benefit)		2,011			7,514			3,295			4,029			(4,580	)
Income (loss) from continuing operations	$	7,597		$	13,492		$	6,689		$	5,712		$	(10,158	)
Loss from discontinued operations, net of tax		(496	)		(481	)		(460	)		(559	)		(657	)
Net income (loss)	$	7,101		$	13,011		$	6,229		$	5,153		$	(10,815	)
Preferred stock dividends		1,781			1,752			1,750			1,750			1,750
Accretion on preferred stock		-			7,667			753			753			734
Net Income (loss) available to common stockholders	$	5,320		$	3,592		$	3,726		$	2,650		$	(13,299	)
Diluted net income (loss) per share	$	0.07		$	0.04		$	0.05		$	0.03		$	(0.17	)

Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Balance Sheets
Unaudited
	December 31,			September 30,			June 30,			March 31,			December 31,
	2011			2011			2011			2011			2010
	(in millions)
Assets:
Cash and due from banks	$	155.0		$	306.0		$	534.6		$	363.3		$	215.8
Federal funds sold		-			-			-			-			0.9
Cash and cash equivalents		155.0			306.0			534.6			363.3			216.7
Securities and money market investments		1,490.5			1,304.6			1,138.2			1,319.6			1,273.1
Loans:
Commercial		1,336.6			1,152.9			1,029.5			935.9			934.6
Commercial real estate - owner occupied		1,252.2			1,225.4			1,285.3			1,299.5			1,223.1
Construction and land development		381.7			404.4			396.3			391.7			451.5
Commercial real estate - non-owner occupied		1,301.2			1,239.8			1,170.0			1,086.9			1,038.5
Residential real estate		443.0			450.2			473.9			504.5			527.3
Consumer		72.5			60.3			62.6			65.7			71.5
Deferred fees, net		(7.1	)		(6.5	)		(5.9	)		(6.2	)		(6.0	)
		4,780.1			4,526.5			4,411.7			4,278.0			4,240.5
Allowance for credit losses		(99.2	)		(100.2	)		(104.4	)		(106.1	)		(110.7	)
Loans, net		4,680.9			4,426.3			4,307.3			4,171.9			4,129.8
Premises and equipment, net		105.5			106.2			109.2			112.0			114.4
Other repossessed assets		89.1			86.7			85.7			98.3			107.7
Bank owned life insurance		133.9			132.7			131.5			131.0			129.8
Goodwill and other intangibles		35.7			36.6			37.5			38.4			39.3
Other assets		153.9			146.8			164.1			170.3			183.1
Total assets	$	6,844.5		$	6,545.9		$	6,508.1		$	6,404.8		$	6,193.9
Liabilities and Stockholders' Equity:
Liabilities:
Deposits:
Non-interest bearing demand deposits	$	1,558.2		$	1,519.0		$	1,516.8		$	1,455.1		$	1,443.3
Interest bearing
Demand		482.7			466.0			456.5			521.2			523.8
Savings and money market		2,166.6			2,151.9			2,105.4			2,100.6			1,926.1
Time certificates		1,451.0			1,496.0			1,509.6			1,420.6			1,445.2
Total deposits		5,658.5			5,632.9			5,588.3			5,497.5			5,338.4
Customer repurchase agreements		123.6			142.6			148.7			163.4			109.4
Total customer funds		5,782.1			5,775.5			5,737.0			5,660.9			5,447.8
Borrowings		353.3			73.2			73.1			73.0			73.0
Junior subordinated debt		37.0			36.3			42.7			43.0			43.0
Accrued interest payable and other liabilities		35.4			28.6			39.6			26.3			27.9
Total liabilities		6,207.8			5,913.6			5,892.4			5,803.2			5,591.7
Stockholders' Equity
Common stock and additional paid-in capital		743.8			743.0			741.6			740.9			739.6
Preferred Stock		141.0			141.0			132.3			131.6			130.8
Retained earnings (deficit)		(243.5	)		(248.8	)		(252.4	)		(256.2	)		(258.8	)
Accumulated other comprehensive income (loss)		(4.6	)		(2.9	)		(5.8	)		(14.7	)		(9.4	)
Total stockholders' equity		636.7			632.3			615.7			601.6			602.2
Total liabilities and stockholders' equity	$	6,844.5		$	6,545.9		$	6,508.1		$	6,404.8		$	6,193.9

Western Alliance Bancorporation and Subsidiaries
Changes in the Allowance For Credit Losses
Unaudited
	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2011			2011			2011			2011			2010
	(in thousands)
Balance, beginning of period	$	100,216		$	104,375		$	106,133		$	110,699		$	108,170
Provision for credit losses		13,076			11,180			11,891			10,041			18,384
Recoveries of loans previously charged-off:
Construction and land development		354			707			677			416			773
Commercial real estate		755			127			804			471			13
Residential real estate		179			440			172			269			304
Commercial and industrial		603			1,243			726			829			800
Consumer		64			41			44			25			36
Total recoveries		1,955			2,558			2,423			2,010			1,926
Loans charged-off:
Construction and land development		3,155			2,369			1,516			4,198			3,221
Commercial real estate		9,244			2,484			4,286			6,114			7,297
Residential real estate		1,895			10,555			3,339			3,282			3,278
Commercial and industrial		1,004			1,420			5,926			1,407			2,823
Consumer		779			1,069			1,005			1,616			1,162
Total loans charged-off		16,077			17,897			16,072			16,617			17,781
Net loans charged-off		14,122			15,339			13,649			14,607			15,855
Balance, end of period	$	99,170		$	100,216		$	104,375		$	106,133		$	110,699
Net charge-offs (annualized) to average loans outstanding		1.24	%		1.40	%		1.26	%		1.39	%		1.52	%
Allowance for credit losses to gross loans		2.07			2.21			2.37			2.48			2.61
Nonaccrual loans	$	90,392		$	113,713		$	112,750		$	114,246		$	116,999
Repossessed assets		89,104			86,692			85,732			98,312			107,655
Loans past due 90 days, still accruing		2,589			2,096			1,134			1,087			1,458
Loans past due 30 to 89 days, still accruing		13,731			12,414			11,581			30,689			18,164
Classified loans on accrual		112,147			110,654			126,681			128,434			140,377
Watch loans		147,112			167,571			190,045			204,470			194,905

Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
	Three Months Ended December 31,
	2011							2010
	Average Balance			Interest		Average Yield/ Cost		Average Balance			Interest		Average Yield/ Cost
	($ in millions)			($ in thousands)				($ in millions)			($ in thousands)
Interest earning assets
Investment securities (1)	$	1,452.8		$	9,591	3.01	%	$	1,122.8		$	7,054	2.66	%
Federal funds sold and other		2.4			-	0.00	%		3.0			9	1.19	%
Loans (1)		4,557.0			67,102	5.84	%		4,169.3			64,985	6.18	%
Short term investments		125.1			127	0.40	%		376.7			269	0.28	%
Investment in restricted stock		34.1			26	0.30	%		38.5			57	0.59	%
Total interest earning assets		6,171.4			76,846	5.03	%		5,710.3			72,374	5.06	%
Non-interest earning assets
Cash and due from banks		113.4							137.1
Allowance for credit losses		(100.8	)						(111.4	)
Bank owned life insurance		133.1							117.0
Other assets		351.9							406.9
Total assets	$	6,669.0						$	6,259.9
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing transaction accounts	$	475.8		$	333	0.28	%	$	632.5		$	676	0.42	%
Savings and money market		2,174.4			2,431	0.44	%		1,930.8			3,830	0.79	%
Time certificates of deposit		1,463.9			2,785	0.75	%		1,408.3			4,146	1.17	%
Total interest-bearing deposits		4,114.1			5,549	0.54	%		3,971.6			8,652	0.86	%
Borrowings		266.8			2,126	3.16	%		160.0			2,097	5.20	%
Junior subordinated and subordinated debt		36.4			472	5.14	%		36.4			714	7.78	%
Total interest-bearing liabilities		4,417.3			8,147	0.73	%		4,168.0			11,463	1.09	%
Noninterest-bearing liabilities
Noninterest-bearing demand deposits		1,575.0							1,434.4
Other liabilities		27.9							31.4
Stockholders’ equity		648.8							626.1
Total liabilities and stockholders' equity	$	6,669.0						$	6,259.9
Net interest income and margin				$	68,699	4.51	%				$	60,911	4.26	%
Net interest spread						4.30	%						3.97	%
(1) Yields on loans and securities have been adjusted to a tax equivalent basis. The taxable-equivalent adjustment was $1,425 and $464 for the fourth quarter ended 2011 and 2010, respectively.

Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
	Twelve Months Ended December 31,
	2011							2010
	Average Balance			Interest		Average Yield/Cost		Average Balance			Interest		Average Yield/Cost
	($ in millions)			($ in thousands)				($ in millions)			($ in thousands)
Interest earning Assets
Investment securities (1)	$	1,307.1		$	34,419	2.86	%	$	915.2		$	24,753	2.83	%
Federal funds sold & other		0.9			1	0.00	%		17.3			141	0.82	%
Loans (1)		4,373.5			261,443	5.98	%		4,105.0			255,626	6.23	%
Short term investments		247.0			629	0.25	%		448.8			1,130	0.25	%
Investment in restricted stock		35.6			99	0.28	%		40.2			163	0.41	%
Total interest earnings assets		5,964.1			296,591	5.02	%		5,526.5			281,813	5.12	%
Non-interest earning assets
Cash and due from banks		119.5							116.6
Allowance for credit losses		(105.9	)						(114.1	)
Bank owned life insurance		131.6							99.4
Other assets		377.1							402.2
Total assets	$	6,486.4						$	6,030.6
Interest-bearing liabilities
Interest-bearing deposits:
Interest bearing transaction accounts	$	478.3		$	1,759	0.37	%	$	581.1		$	2,898	0.50	%
Savings and money market		2,105.3			12,858	0.61	%		1,861.7			16,724	0.90	%
Time certificates of deposits		1,460.7			13,360	0.91	%		1,437.2			21,707	1.51	%
Total interest-bearing deposits		4,044.3			27,977	0.69	%		3,880.0			41,329	1.07	%
Borrowings		234.8			8,618	3.67	%		158.4			4,283	2.70	%
Junior subordinated and subordinated debt		41.3			2,328	5.64	%		62.3			3,648	5.86	%
Total interest-bearing liabilities	$	4,320.4			38,923	0.90	%	$	4,100.7			49,260	1.20	%
Noninterest-bearing liabilities
Noninterest-bearing demand deposits		1,509.4							1,296.6
Other liabilities		25.3							32.1
Stockholders’ equity		631.3							601.2
Total liabilities and stockholders' equity	$	6,486.4						$	6,030.6
Net interest income and margin				$	257,668	4.37	%				$	232,553	4.23	%
Net interest spread						4.12	%						3.92	%
(1) Yields on loans and securities have been adjusted to a tax equivalent basis. The taxable-equivalent adjustment was $3,014 and $1,164 for the twelve months December 31, 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 December 31, 2011	(dollars in millions)
Assets	$	2,877.6		$	2,234.7		$	1,728.4		$	762.3		$	(758.5	)	$	6,844.5
Gross loans and deferred fees, net		1,859.1			1,644.9			1,318.9			-			(42.8	)		4,780.1
Less: Allowance for credit losses		(61.0	)		(21.7	)		(16.5	)		-			-			(99.2	)
Net loans		1,798.1			1,623.2			1,302.4			-			(42.8	)		4,680.9
Goodwill		23.2			-			-			2.7			-			25.9
Deposits		2,377.3			1,877.5			1,416.8			-			(13.1	)		5,658.5
Stockholders' equity		320.8			192.7			152.8			644.0			(673.6	)		636.7
No. of branches		11			16			12			-			-			39
No. of FTE		405			222			214			101			-			942
Three Months Ended December 31, 2011:
	(in thousands)
Net interest income	$	27,734		$	22,499		$	20,554		$	(2,088	)	$	-		$	68,699
Provision for credit losses		9,000			3,470			606			-			-			13,076
Net interest income (loss) after provision for credit losses		18,734			19,029			19,948			(2,088	)		-			55,623
Non-interest income		3,450			1,491			1,028			1,248			(2,269	)		4,948
Non-interest expense		(21,159	)		(12,070	)		(10,970	)		(9,033	)		2,269			(50,963	)
Income (loss) from continuing operations before income taxes		1,025			8,450			10,006			(9,873	)		-			9,608
Income tax expense (benefit)		(142	)		2,807			4,078			(4,732	)		-			2,011
Income (loss) from continuing operations		1,167			5,643			5,928			(5,141	)		-			7,597
Loss from discontinued operations, net		-			-			-			(496	)		-			(496	)
Net income (loss)	$	1,167		$	5,643		$	5,928		$	(5,637	)	$	-		$	7,101
Twelve Months Ended December 31, 2011:
	(in thousands)
Net interest income	$	107,316		$	82,949		$	76,143		$	(8,740	)	$	-		$	257,668
Provision for credit losses		29,623			10,076			6,489			-			-			46,188
Net interest income (loss) after provision for credit losses		77,693			72,873			69,654			(8,740	)		-			211,480
Non-interest income		17,221			7,378			5,085			12,781			(8,008	)		34,457
Non-interest expense		(85,813	)		(49,517	)		(41,559	)		(26,717	)		8,008			(195,598	)
Income (loss) from continuing operations before income taxes		9,101			30,734			33,180			(22,676	)		-			50,339
Income tax expense (benefit)		1,626			10,890			13,676			(9,343	)		-			16,849
Income(loss) from continuing operations		7,475			19,844			19,504			(13,333	)		-			33,490
Loss from discontinued operations, net		-			-			-			(1,996	)		-			(1,996	)
Net income (loss)	$	7,475		$	19,844		$	19,504		$	(15,329	)	$	-		$	31,494
* Excludes discontinued operations

Western Alliance Bancorporation and Subsidiaries
Operating Segment Results
													Inter-
													segment			Consoli-
	Bank			Western			Torrey						elimi-			dated
	of Nevada			Alliance Bank			Pines Bank*			Other			nations			Company
At December 31, 2010:	(dollars in millions)
Assets	$	2,771.4		$	1,927.5		$	1,452.2		$	731.0		$	(714.2	)	$	6,167.9
Gross loans and deferred fees, net		1,914.1			1,305.4			1,063.8			-			(42.8	)		4,240.5
Less: Allowance for credit losses		(73.5	)		(20.4	)		(16.8	)		-			-			(110.7	)
Net loans		1,840.6			1,285.0			1,047.0			-			(42.8	)		4,129.8
Goodwill		23.2			-			-			2.7			-			25.9
Deposits		2,388.3			1,671.1			1,281.6			-			(2.6	)		5,338.4
Stockholders' equity		310.6			163.3			135.5			609.6			(616.8	)		602.2
No. of branches		12			16			11			-			-			39
No. of FTE		421			225			203			59			-			908
Three Months Ended December 31, 2010:
	(in thousands)
Net interest income	$	26,857		$	18,997		$	17,311		$	(2,254	)	$	-		$	60,911
Provision for credit losses		15,935			-			2,449			-			-			18,384
Net interest income after provision for credit losses		10,922			18,997			14,862			(2,254	)		-			42,527
Non-interest income		3,506			1,760			1,040			(4,853	)		(2,173	)		(720	)
Noninterest expense		(23,414	)		(14,840	)		(10,220	)		(10,244	)		2,173			(56,545	)
Income (loss) from continuing operations before income taxes		(8,986	)		5,917			5,682			(17,351	)		-			(14,738	)
Income tax expense (benefit)		(3,206	)		2,361			2,449			(6,184	)		-			(4,580	)
Income(loss) from continuing operations		(5,780	)		3,556			3,233			(11,167	)		-			(10,158	)
Loss from discontinued operations, net		-			-			-			(657	)		-			(657	)
Net income (loss)	$	(5,780	)	$	3,556		$	3,233		$	(11,824	)	$	-		$	(10,815	)
Twelve Months Ended December 31, 2010:
	(in thousands)
Net interest income	$	104,536		$	69,223		$	62,714		$	(3,920	)	$	-		$	232,553
Provision for credit losses		76,669			6,374			10,168			-			-			93,211
Net interest income after provision for credit losses		27,867			62,849			52,546			(3,920	)		-			139,342
Non-interest income		21,053			9,369			4,489			13,598			(1,673	)		46,836
Noninterest expense		(90,336	)		(51,270	)		(38,893	)		(17,932	)		1,673			(196,758	)
Income (loss) from continuing operations before income taxes		(41,416	)		20,948			18,142			(8,254	)		-			(10,580	)
Income tax expense (benefit)		(15,010	)		8,147			7,825			(7,372	)		-			(6,410	)
Income(loss) from continuing operations		(26,406	)		12,801			10,317			(882	)		-			(4,170	)
Loss from discontinued operations, net		-			-			-			(3,025	)		-			(3,025	)
Net income (loss)	$	(26,406	)	$	12,801		$	10,317		$	(3,907	)	$	-		$	(7,195	)
* Excludes discontinued operations

Western Alliance Bancorporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures (Unaudited)
	December 31,			September 30,			June 30,			March 31,			December 31,
	2011			2011			2011			2011			2010
	(dollars in thousands)
Total stockholder's equity	$	636,683		$	632,255		$	615,653		$	601,576		$	602,174
Less:
Goodwill and intangible assets		35,732			36,622			37,511			38,401			39,291
Total tangible stockholders' equity		600,951			595,633			578,142			563,175			562,883
Less:
Preferred stock		141,000			141,000			132,333			131,580			130,827
Total tangible common equity		459,951			454,633			445,809			431,595			432,056
Add:
Deferred tax		3,522			3,835			4,148			4,461			4,774
Total tangible common equity, net of tax	$	463,473		$	458,468		$	449,957		$	436,056		$	436,830
Total assets	$	6,844,541		$	6,545,890		$	6,508,089		$	6,404,838		$	6,193,883
Less:
Goodwill and intangible assets		35,732			36,622			37,511			38,401			39,291
Tangible assets		6,808,809			6,509,268			6,470,578			6,366,437			6,154,592
Add:
Deferred tax		3,522			3,835			4,148			4,461			4,774
Total tangible assets, net of tax	$	6,812,331		$	6,513,103		$	6,474,726		$	6,370,898		$	6,159,366
Tangible equity ratio (1)		8.8	%		9.1	%		8.9	%		8.8	%		9.1	%
Tangible common equity ratio (2)		6.8	%		7.0	%		6.9	%		6.8	%		7.0	%
Common shares outstanding		82,362			82,263			82,139			82,237			81,669
Tangible book value per share, net of tax (3)	$	5.63		$	5.57		$	5.48		$	5.30		$	5.35
	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2011			2011			2011			2011			2010
	(in thousands)
Total non-interest income	$	4,948		$	13,082		$	9,597		$	6,830		$	(720	)
Less:
Mark-to-market (losses) gains, net		(626	)		6,420			336			(509	)		(6,710	)
Securities impairment charges		-			-			(226	)		-			(12	)
Gains on sales of investment securities, net		(28	)		781			2,666			1,379			-
Total operating non-interest income		5,602			5,881			6,821			5,960			6,002
Add: net interest income		68,699			64,585			63,286			61,098			60,911
Net revenue (4)	$	74,301		$	70,466		$	70,107		$	67,058		$	66,913
Total non-interest expense	$	50,963		$	45,481		$	51,008		$	48,146		$	56,545
Less:
Net loss (gain) on sales/valuations of repossessed assets		7,702			2,128			8,633			6,129			12,991
Merger/restructure		482			974			(109	)		217			1,651
Total operating non-interest expense (4)	$	42,779		$	42,379		$	42,484		$	41,800		$	41,903
Net revenue	$	74,301		$	70,466		$	70,107		$	67,058		$	66,913
Less:
Operating non-interest expense		42,779			42,379			42,484			41,800			41,903
Pre-tax, pre-provision operating earnings (5)	$	31,522		$	28,087		$	27,623		$	25,258		$	25,010

Western Alliance Bancorporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures (Unaudited)
	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2011			2011			2011			2011			2010
	(in thousands)
Total operating non-interest expense	$	42,779		$	42,379		$	42,484		$	41,800		$	41,903
Divided by:
Total net interest income	$	68,699		$	64,585		$	63,286		$	61,098		$	60,911
Add:
Tax equivalent interest adjustment		1,425			634			473			481			464
Operating non-interest income		5,602			5,881			6,821			5,960			6,002
	$	75,726		$	71,100		$	70,580		$	67,539		$	67,377
Efficiency ratio - tax equivalent basis (6)		56.5	%		59.6	%		60.2	%		61.9	%		62.2	%
	Three Months Ended
	December 31,			December 31,
	2011			2010
	(in thousands)
Stockholder's equity	$	636,683		$	602,174
Less:
Accumulated other comprehensive (loss) income		(4,593	)		(9,422	)
Non-qualifying goodwill and intangibles		32,914			35,269
Other non-qualifying assets		3			25,730
Disallowed unrealized losses on equity securities		2,572			-
Add:
Qualifying trust preferred securities		45,317			41,037
Tier 1 capital (regulatory) (7) (10)		651,104			591,634
Less:
Qualifying non-controlling interests		61			214
Qualifying trust preferred securities		45,317			41,037
Preferred stock		141,000			130,827
Estimated Tier 1 common equity (8) (10)	$	464,726		$	419,556
Divided by:
Estimated risk-weighted assets (regulatory (8) (10)	$	5,752,981		$	4,940,918
Tier 1 common equity ratio (8) (10)		8.1	%		8.5	%
	December 31,			December 31,
	2011			2010
	(in thousands)
Classified assets	$	292,628		$	366,915
Divide:
Tier 1 capital (regulatory) (7) (10)		651,104			591,634
Plus: Allowance for credit losses		99,170			110,699
Total Tier 1 capital plus allowance for credit losses	$	750,274		$	702,333
Classified assets to Tier 1 capital plus allowance (9) (10)		39	%		52	%

(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, 2011, 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.

(10) Preliminary until Call Reports are filed.

CONTACT:
Western Alliance Bancorporation
Dale Gibbons, 602-952-5476

EX-99.2

Exhibit 99.2

Ken VecchionePresident & COODale GibbonsExecutive Vice President & CFO  4th Quarter 2011 Earnings Call  Western Alliance Bancorporation (NYSE: WAL)  January 20, 2012

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.

4th Quarter 2011 Financial Highlights Expanding Earning PowerNet income of $7.1 million, compared to net loss of $10.8 million last yearNet interest income of $68.7 million, up $7.8 million or 12.8% from last yearNet interest margin of 4.51%, compared to 4.29% in prior quarter and 4.26% last yearPre-tax, pre-credit income of $31.5 million compared to $28.1 million in prior quarter and $25 million last year(1)Strong Balance Sheet GrowthLoan growth of $254 million for the quarter, or 5.6%Deposit growth of $26 million for the quarter, or 0.5%Tier 1 Common Equity of 8.1%, Tier 1 Leverage Ratio of 9.8%(2)Improving Asset QualityProvision expense of $13.1 million, up $1.9 million, or 17% from last quarterNet charge offs of $14.1 million, down $1.2 million or 7.8% from last quarterNon-performing assets of $182.1 million, down $20.4 million or 10.0% from last quarter

(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.

Full Year 2011 Financial Highlights Expanding Earning PowerNet income of $31.5 million, compared to net loss of $7.2 million last yearNet interest income of $257.7 million, up $25.1 million, or 10.8% from last yearNet interest margin of 4.37% compared to 4.23% last yearPre-tax, pre-credit income of $112.5 million, up $21.2 million, or 23.2% from last year(1)Strong Balance Sheet GrowthLoan growth of $540 million, or 12.7%Deposit growth of $320 million, or 6%Improving Asset QualityProvision expense of $46.2 million, down $47 million, or 50.4% from last yearNet charge offs of $57.7 million, down $33.4 million, or 36.7% from last yearNon-performing assets of $182.1 million, down $44 million or 19.5% from last year (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.

Summary of Achievements  Q4 2011   Record loan growthRecord net interest incomeTenth consecutive quarter of Pre-Tax Pre-Credit Income growthRepurchased TARP warrants, precluding further share dilutionCommenced dividends to parent company from TPB and WAB  Calendar 2011Completed bank integration, reducing number of charters from 5 to 3First year of profitability at all three banks, during all four quarters, since 2007Recruited new business people in key markets and strategic hires in risk managementRepaid TARP and gained entry to SBLF program

Bank of Nevada Key Financial Metrics  ($ in millions) (1)  Reported on a tax-equivalent basis (2) Operating expenses exclude goodwill impairment, merger related expenses and gains/losses on sale of repossessed assets.  ($ in millions) Operating Expense(2)

Bank of Nevada Key Financial Metrics (cont’d)  Provision Expense  ($ in millions) (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

Western Alliance Bank Key Financial Metrics Body: (1)  Reported on a tax-equivalent basis (2) Operating expenses exclude goodwill impairment, merger related expenses and gains/losses on sale of repossessed assets. ($ in millions) ($ in millions) Operating Expense(2)

Western Alliance Bank Key Financial Metrics (cont’d) Body: (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  Provision Expense  ($ in millions) $0.1

Torrey Pines Bank Key Financial Metrics  ($ in millions) (1)  Reported on a tax-equivalent basis (2) Operating expenses exclude goodwill impairment, merger related expenses and gains/losses on sale of repossessed assets.  ($ in millions) Operating Expense(2)

Torrey Pines Bank Key Financial Metrics (cont’d)  ($ in millions) Provision Expense (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

2010 vs. 2011 Loan Portfolio Summary  (in millions)     2011 Loan Growth of $540 Million, primarily in CRE and Commercial

4th Quarter Change in Total Loans by Grade  4th Quarter net increase in Total Loans of $254 million (Gp:) Pass Watch (Gp:) Classified

Change in Composition of Pass Credits  12/31/10  12/31/11

2010 vs. 2011 Deposit Summary  2011 Deposit Growth of $320 Million   (in millions)

4th Quarter Net Income Comparison Body: (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

2011 Net Income Comparison Body: (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

WAL Key Financial Metrics  ($ in millions)     (1)  Reported on a tax-equivalent basis (2) Operating expenses exclude goodwill impairment, merger related expenses and gains/losses on sale of repossessed assets.  ($ in millions)     Operating Expense(2)

WAL Key Financial Metrics (cont’d) Body: (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  Provision Expense  ($ in millions)

Net Interest Margin Summary  (1) Reported on a tax-equivalent basis.  (in billions)

NIM grew from 4.29% in Q3 to 4.51% in Q4, an increase of 22 bps. Net Interest Margin Analysis Decline in cost of liabilities more than offset decline in loan yields; 2 bps net benefitReducing cash and reinvesting into higher yielding loans and securities added 16 bpsTax benefits from increased municipal securities investments contributes 4 bps  Key Drivers:

WAL Key Financial Metrics  ($ in billions)     (1)  Reported on a tax-equivalent basis (2) Operating expenses exclude goodwill impairment, merger related expenses and gains/losses on sale of repossessed assets.  ($ in billions)     ($ in billions)     $ in millions

Decline in Problem Loans & Repossessed Assets(1) Body: (1) Classified Accruing Loans are reported net of loans already counted as NPAs.  (in millions)

SBLF Dividend Rate  ($ in millions)  SBLF qualifying loan growth exceeded baseline by $91.5 million which is expected to result in a dividend rate of 3.7% for second quarter 2012

OREO Summary @ 12/31/11(1)    Body: (1) Excludes other repossessed assets of $0.8 million.  (2) Includes charge-offs that were booked to the Loan Loss Reserve.

Capital and Parent Liquidity(1) Body: (1) Capital ratios are considered estimates until Call Reports are filed. (2) Tier 1 Common is a non-GAAP ratio.  ($ in millions) Q4-10 Q4-11

Loan and deposit growthNet interest marginEfficiency ratioAsset QualityBranch Strategy Title: Outlook 2012

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