8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  January 21, 2021

WESTERN ALLIANCE BANCORPORATION

(Exact name of registrant as specified in its charter)

Delaware	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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.0001 Par Value	WAL	New York Stock Exchange
6.25% Subordinated Debentures due 2056	WALA	New York Stock Exchange

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

Emerging growth company ☐

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

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On January 21, 2021, Western Alliance Bancorporation (the “Company”) issued a press release reporting results for the fiscal quarter ended December 31, 2020 and posted on its website its fourth quarter 2020 Earnings Conference Call Presentation, which contains certain additional historical and forward-looking information relating to the Company.  Copies of the press release and presentation slides are attached hereto as Exhibits 99.1 and 99.2, respectively.  

The information in this report (including Exhibits 99.1 and 99.2 hereto) is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.

99.1	Press Release dated January 21, 2021
99.2	Fourth Quarter 2020 Earnings Conference Call dated January 22, 2021
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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

	WESTERN ALLIANCE BANCORPORATION
	(Registrant)
	/s/ Dale Gibbons
	Dale Gibbons
	Executive Vice President and
	Chief Financial Officer
Date:	January 21, 2021

EX-99.1

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

PHOENIX--(BUSINESS WIRE)--January 21, 2021

FOURTH QUARTER AND FULL YEAR 2020 FINANCIAL RESULTS

Net income	Earnings per share	PPNR1	Net interest margin	Efficiency ratio1	Book value per common share
$193.6 million	$1.93	$206.4 million	3.84%	38.2%	$33.85
					$30.901, excluding goodwill and intangibles

CEO COMMENTARY:

“Western Alliance continued on the successful path it has paved from the start of the year and closed out the year with record revenues, PPNR1 and earnings,” said Kenneth Vecchione, President and Chief Executive Officer. “Our strategy to align the Company with strong borrowers nationwide provided us the strength and flexibility to navigate the economic volatility as we grew our balance sheet and earnings, while simultaneously managing asset quality. We achieved a record $193.6 million in net income and earnings per share of $1.93 for the quarter, an increase of over 50% from the prior year, benefiting from a $34.2 million release in loan loss reserves. Quarterly loan and deposit growth of $1.0 billion and $3.1 billion, respectively, lifted total assets to $36.5 billion and PPNR1 by 13.9% to $206.4 million. Quarterly net interest margin of 3.84% rose 13 basis points from the prior quarter and tangible book value per share1 rose 6.4% to $30.90. Asset quality also improved with classified assets declining $102 million to 61 basis points of total assets."

“Reflecting on full year results, PPNR1 climbed 19.7% over the prior year to $746.1 million, with net income of $506.6 million and earnings per share up 4.1% to $5.04, inclusive of a higher provision expense for the year of $124 million. Capital levels also remain strong with tangible common equity ratio1 of 8.6% and a total ACL to funded loans ratio of 1.24%, excluding PPP loans. I’m appreciative of the immense efforts made by the people of Western Alliance to successfully respond to the challenging COVID-19 environment, which has strongly positioned and prepared the Company for whatever may come our way as we enter into 2021.”

LINKED-QUARTER BASIS	FULL YEAR
FINANCIAL HIGHLIGHTS:

▪Net income of $193.6 million and earnings per share of $1.93, compared to $135.8 million and $1.36, respectively

▪Net revenue of $338.6 million, an increase of 10.9%, or $33.3 million, compared to an increase in non-interest expenses of 6.5%, or $8.1 million

▪Pre-provision net revenue1 of $206.4 million, up $25.2 million from $181.2 million

▪Effective tax rate of 19.53%, compared to 18.50%

▪Net income of $506.6 million and earnings per share of $5.04, up 1.5% and 4.1%, from $499.2 million and $4.84, respectively

▪Net revenue of $1.2 billion, an increase of 12.0%, or $132.2 million, compared to an increase in non-interest expenses of $9.6 million

▪Pre-provision net revenue1 of $746.1 million, up $122.6 million from $623.5 million

▪Effective tax rate of 18.62%, compared to 17.39%

FINANCIAL POSITION RESULTS:

▪Total loans of $27.1 billion, up $1.0 billion,or 15.9% annualized

▪Total deposits of $31.9 billion, up $3.1 billion, or 42.6% annualized

▪Stockholders' equity of $3.4 billion, up $190 million

▪Increase in total loans of $5.9 billion, or 28.1%

▪Increase in total deposits of $9.1 billion, or 40.1%

▪Increase in stockholders' equity of $397 million

LOANS AND ASSET QUALITY:

▪Nonperforming assets (nonaccrual loans and repossessed assets) to total assets of 0.32%, compared to 0.47%

▪Annualized net loan charge-offs to average loans outstanding of 0.06%, compared to 0.13%

▪Nonperforming assets to total assets of 0.32%, compared to 0.26%

▪Net loan charge-offs to average loans outstanding of 0.06%, compared to 0.02%

KEY PERFORMANCE METRICS:

▪Net interest margin of 3.84%, compared to 3.71%

▪Return on average assets and on tangible common equity1 of 2.22% and 25.7%, compared to 1.66% and 18.7%, respectively

▪Tangible common equity ratio1 of 8.6%, compared to 8.9%

▪Tangible book value per share1, net of tax, of $30.90, an increase of 6.4% from $29.03

▪Efficiency ratio1 of 38.2%,compared to 39.7%

▪Net interest margin of 3.97%, compared to 4.52%

▪Return on average assets and on tangible common equity1 of 1.61% and 17.8%, compared to 2.00% and 19.6%, respectively

▪Tangible common equity ratio1 of 8.6%, compared to 10.3%

▪Tangible book value per share1, net of tax, of $30.90, an increase of 16.4% from $26.54

▪Efficiency ratio1 of 38.8%, compared to 42.7%

1     See reconciliation of Non-GAAP Financial Measures on page 18.

Income Statement

Net interest income was $314.8 million in the fourth quarter 2020, an increase of $30.1 million from $284.7 million in the third quarter 2020, and an increase of $42.8 million, or 15.7%, compared to the fourth quarter 2019. For 2020, net interest income was $1.2 billion, an increase of $126.5 million, or 12.2%, compared to $1.0 billion in 2019. Continued loan growth and net deferred loan fee accretion on PPP (which totaled $28.2 million for the year) and other loans drove the increase in net interest income from 2019.

The Company recognized a reversal of a portion of credit loss provisions2 taken earlier in the year of $34.2 million in the fourth quarter 2020, a decrease of $48.8 million from a provision for credit losses of $14.6 million in the third quarter 2020, and a decrease of $38.2 million from a provision for credit losses of $4.0 million in the fourth quarter 2019. The reversal of credit losses during the fourth quarter 2020 is due to continued improvement in economic forecasts relative to September 30, 2020 and concentration of loan growth in portfolio segments with lower expected loss rates. The CECL standard, adopted by the Company in the first quarter of 2020, changed the methodology for estimating credit losses on financial instruments from an incurred loss model to an expected total loss model. This results in the recognition of expected losses over the life of a loan at the time that the loan is originated, rather than after a loss has been incurred, which results in an acceleration in the timing of loss recognition. Further, as the Company's CECL models incorporate historical experience, current conditions, and reasonable and supportable forecasts in measuring expected credit losses, the current uncertainty in the overall economy contributed to an overall increased provision for credit losses in 2020.

The Company’s net interest margin in the fourth quarter 2020 was 3.84%, an increase from 3.71% in the third quarter 2020 and a decrease from 4.39% in the fourth quarter 2019. The increase in net interest margin from the prior period is largely a result of an increase in loan yields, primarily related to increased loan fee accretion on PPP loans after the timing recognition adjustment in the third quarter 2020. In addition, deposit costs on certificates of deposit also decreased during the quarter due to repricing efforts in a lower rate environment. The decrease in net interest margin from the fourth quarter 2019 was driven by the lower rate environment, which lowered loan and investment security yields, but also decreased deposit and funding costs.

Non-interest income was $23.8 million for the fourth quarter 2020, compared to $20.6 million for the third quarter 2020, and $16.0 million for the fourth quarter 2019. The increase in non-interest income from the fourth quarter 2019 is primarily attributable to an increase in income from equity investments and fair value gains on equity securities. For 2020, non-interest income was $70.8 million, an increase of $5.7 million, or 8.8%, compared to $65.1 million in 2019. The increase in non-interest income from 2019 primarily relates to an increase in bank owned life insurance and income from equity investments. The increase in bank owned life insurance is attributable to a one-time enhancement fee of $5.6 million from the surrender and replacement of certain policies, which was intended to offset the increase in tax expense related to the surrender. The increase in income from equity investments relates to increased income from SBIC investments and warrants during the year.

Net revenue was $338.6 million for the fourth quarter 2020, an increase of $33.3 million, compared to $305.3 million for the third quarter 2020, and an increase of $50.6 million, or 17.6%, compared to $288.0 million for the fourth quarter 2019.For 2020, net revenue was $1.2 billion, an increase of $132.2 million, or 12.0%, compared to $1.1 billion in 2019. The increase in net revenue was driven by a decrease in interest expense on deposits resulting from a lower rate environment, coupled with an increase in loan interest income generated from loan growth throughout the year.

Non-interest expense was $132.2 million for the fourth quarter 2020, compared to $124.1 million for the third quarter 2020, and $129.7 million for the fourth quarter 2019. The Company’s efficiency ratio1 was 38.2% for the fourth quarter 2020, compared to 39.7% in the third quarter 2020, and 44.1% for the fourth quarter 2019. For 2020, non-interest expense was $491.6 million, an increase of $9.6 million, or 2.0%, compared to $482.0 million in 2019. The increase in non-interest expense from 2019 primarily relates to short-term incentive accruals and technology costs, which were partially offset by lower deposit costs.

Income tax expense was $47.0 million for the fourth quarter 2020, compared to $30.8 million for the third quarter 2020, and $26.2 million for the fourth quarter 2019. Income tax expense for 2020 was $115.9 million, an increase of $10.9 million, or 10.4%, compared to $105.0 million in 2019.

Net income was $193.6 million for the fourth quarter 2020, an increase of $57.8 million from $135.8 million for the third quarter 2020, and an increase of $65.5 million, or 51.1%, from $128.1 million for the fourth quarter 2019. Earnings per share was $1.93 for the fourth quarter 2020, compared to $1.36 for the third quarter 2020, and $1.25 for the fourth quarter 2019. As discussed above, the increase in net income and earnings per share for the fourth quarter 2020 compared to the prior quarter was driven by a release in the provision for credit losses. For 2020, net income was $506.6 million, an increase of $7.4 million, or 1.5%, compared to $499.2 million in 2019. Earnings per share for 2020 was $5.04, an increase of 4.1%, compared to $4.84 in 2019. Earnings per share for 2020 benefited from a lower diluted share count related to repurchase of 2.1 million shares of the Company's common stock during the year.

The Company views its pre-provision net revenue1 ("PPNR") as a key metric for assessing the Company’s earnings power, which it defines as net revenue less non-interest expense. For the fourth quarter 2020, the Company’s PPNR1 was $206.4 million, up $25.2 million from $181.2 million in the third quarter 2020, and up $48.1 million from $158.3 million in the fourth quarter 2019. For 2020, PPNR1 was $746.1 million, an increase of $122.6 million, or 19.7%, from $623.5 million in 2019. The increase in PPNR from 2019 was driven by an increase in net interest income.

The Company had 1,915 full-time equivalent employees and 49 offices at December 31, 2020, compared to 1,885 employees and 49 offices at September 30, 2020, and 1,835 employees and 47 offices at December 31, 2019.

1    See reconciliation of Non-GAAP Financial Measures on page 18.

2Upon adoption of CECL on January 1, 2020, Provision for credit losses has been modified to also include amounts related to unfunded loan commitments and investment securities. Prior period amounts have been restated to conform to the current presentation.

2

Balance Sheet

Gross loans totaled $27.1 billion at December 31, 2020, an increase of $1.0 billion from $26.0 billion at September 30, 2020, and an increase of $5.9 billion from $21.1 billion at December 31, 2019. By loan type, the largest increases from the prior quarter include $655 million in commercial and industrial loans, $247 million in CRE non-owner occupied loans, and $131 million in construction and land development loans. From December 31, 2019, the largest increases in the loan balance were driven by commercial and industrial loans of $4.9 billion (includes $1.5 billion of PPP loans), construction and land development loans of $479 million, CRE non-owner occupied loans of $409 million, and residential real estate loans of $287 million. These increases were offset by a decrease in CRE owner occupied loans of $160 million. The Company's allowance for credit losses on loans consists of an allowance for funded loans and an allowance for unfunded loan commitments. At December 31, 2020, the allowance for loan losses to funded loans was 1.03%, compared to 1.19% at September 30, 2020, and 0.80% at December 31, 2019. The allowance for credit losses, which includes the allowance for unfunded loan commitments, to funded loans was 1.17% at December 31, 2020, compared to 1.37% at September 30, 2020, and 0.84% at December 31, 2019.

Deposits totaled $31.9 billion at December 31, 2020, an increase of $3.1 billion from $28.8 billion at September 30, 2020, and an increase of $9.1 billion from $22.8 billion at December 31, 2019. By deposit type, the largest increases from the prior quarter include $1.8 billion from savings and money market accounts, $842 million from interest bearing demand deposits, and $450 million from non-interest bearing demand deposits. These increases were offset by a decrease in certificates of deposit of $43 million. From December 31, 2019, deposits increased across most deposit types, with increases in non-interest bearing demand deposits of $4.9 billion, savings and money market accounts of $3.3 billion, and interest-bearing demand deposits of $1.6 billion. These increases were partially offset by a decrease in certificates of deposit of $720 million. Non-interest bearing deposits were $13.5 billion at December 31, 2020, compared to $13.0 billion at September 30, 2020, and $8.5 billion at December 31, 2019.

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

	Dec 31, 2020		Sep 30, 2020		Dec 31, 2019
Non-interest bearing	42.1	%	45.1	%	37.5	%
Savings and money market	38.9		36.7		40.0
Interest-bearing demand	13.8		12.3		12.1
Certificates of deposit	5.2		5.9		10.4

The Company’s ratio of loans to deposits was 84.7% at December 31, 2020, compared to 90.2% at September 30, 2020, and 92.7% at December 31, 2019.

Borrowings were $5 million at December 31, 2020, compared to $10 million at September 30, 2020, and zero at December 31, 2019. The increase in borrowings from December 31, 2019 is due to an increase in short-term borrowings from the FHLB.

Qualifying debt totaled $549 million at December 31, 2020, compared to $619 million at September 30, 2020, and $394 million at December 31, 2019. The increase in qualifying debt from December 31, 2019 is primarily due to the issuance of $225 million in subordinated debt in May 2020 and the decrease in qualifying debt from September 30, 2020 is largely due to redemption of $75 million in subordinated debt during the quarter.

Stockholders’ equity was $3.4 billion at December 31, 2020, compared to $3.2 billion at September 30, 2020, and $3.0 billion at December 31, 2019. The increase in stockholders' equity from December 31, 2019 is primarily a function of net income, partially offset by share repurchases and dividends to shareholders as well as the adoption impact of CECL. During the fourth quarter 2020, the Company's Board of Directors approved a cash dividend of $0.25 per share. The dividend payment to shareholders totaled $25.2 million, and was paid on November 27, 2020.

At December 31, 2020, tangible common equity, net of tax, was 8.6% of tangible assets1 and total capital was 12.5% of risk-weighted assets. The Company’s tangible book value per share1 was $30.90 at December 31, 2020, up 16.4% from December 31, 2019.

Total assets increased 9.4% to $36.5 billion at December 31, 2020, from $33.3 billion at September 30, 2020, and increased 35.9% from $26.8 billion at December 31, 2019. The increase in total assets from the prior year was driven by organic loan and deposit growth.

Asset Quality

Recovery of credit losses totaled $(34.2) million for the fourth quarter 2020, compared to provision for credit losses of $14.6 million for the third quarter 2020, and $4.0 million for the fourth quarter 2019. Net loan charge-offs in the fourth quarter 2020 were $3.9 million, or 0.06% of average loans (annualized), compared to $8.2 million, or 0.13%, in the third quarter 2020, and $1.2 million, or 0.02%, in the fourth quarter 2019.

Nonaccrual loans decreased $31.3 million to $115.2 million during the quarter and increased $59.2 million from December 31, 2019. Loans past due 90 days and still accruing interest were zero at December 31, 2020 and 2019, compared to $28.1 million at September 30, 2020. Loans past due 30-89 days and still accruing interest totaled $11.2 million at December 31, 2020, a decrease from $24.3 million at September 30, 2020, and from $14.5 million at December 31, 2019.

Repossessed assets totaled $1.4 million at December 31, 2020, a decrease of $7.2 million from $8.6 million at September 30, 2020, and a decrease of $12.5 million from $13.9 million at December 31, 2019. Classified assets totaled $223.7 million at December 31, 2020, a decrease of $102.0 million from $325.7 million at September 30, 2020, and an increase of $52.5 million from $171.2 million at December 31, 2019.

The ratio of classified assets to Tier 1 capital plus the allowance for credit losses, a common regulatory measure of asset quality, was 6.5% at December 31, 2020, compared to 9.9% at September 30, 2020, and 5.8% at December 31, 2019.

1     See reconciliation of Non-GAAP Financial Measures on page 18.

3

Segment Highlights

As disclosed in the Company's Form 8-K, filed on January 19, 2021, the Company has made changes to its reportable segments, which have been reflected in the Company's operating segment results as of October 1, 2020.

Prior to October 1, 2020, the Company's reportable segments were aggregated primarily based on geographic location, services offered, and markets served and consisted of the following:

–Four regional banking segments: Arizona, Nevada, Southern California, and Northern California;

–Five National Business Lines ("NBL") segments: Homeowner Associations ("HOA") Services, Hotel Franchise Finance ("HFF"), Public & Nonprofit Finance, Technology & Innovation, and Other NBLs; and

–A Corporate & Other segment.

As of October 1, 2020, the Company's reportable segments are aggregated with a focus on products and services offered and consist of three reportable segments:

–Commercial segment: provides commercial banking and treasury management products and services to small and middle-market businesses, specialized banking services to sophisticated commercial institutions and investors within niche industries, as well as financial services to the real estate industry.

–Consumer Related segment: offers both commercial banking services to enterprises in consumer-related sectors and consumer banking services, such as residential mortgage banking.

–Corporate & Other segment: consists of the Company's investment portfolio, Corporate borrowings and other related items, income and expense items not allocated to our other reportable segments, and inter-segment eliminations.

Key management metrics for evaluating the performance of the Company's Commercial and Consumer Related segments include loan and deposit growth, asset quality, and pre-tax income.

The Commercial segment reported a gross loan balance of $20.2 billion at December 31, 2020, an increase of $656 million during the quarter, and an increase of $3.5 billion during the last year. Deposits for the Commercial segment totaled $21.4 billion at December 31, 2020, an increase of $1.6 billion during the quarter, and an increase of $4.4 billion during the last year.

Pre-tax income for the Commercial segment was $246.2 million for the three months ended December 31, 2020, an increase of $84.7 million from the three months ended September 30, 2020, and an increase of $94.9 million from the three months ended December 31, 2019. For the year ended December 31, 2020, the Commercial segment reported total pre-tax income of $612.7 million, an increase of $56.8 million compared to the year ended December 31, 2019.

The Consumer Related segment reported a gross loan balance of $6.8 billion at December 31, 2020, an increase of $379 million during the quarter, and an increase of $2.4 billion during the last year. Deposits for the Consumer Related segment totaled $9.9 billion, an increase of $1.9 billion during the quarter, and an increase of $5.3 billion during the last year.

Pre-tax income for the Consumer Related segment was $67.2 million for the three months ended December 31, 2020, an increase of $3.3 million from the three months ended September 30, 2020, and an increase of $36.1 million from the three months ended December 31, 2019. Pre-tax income for the Consumer Related segment for the year ended December 31, 2020 totaled $220.5 million, an increase of $114.2 million compared to the year ended December 31, 2019.

Total loans and deposits as of December 31, 2020 under the Company's previous reportable segments are as follows:

	As of December 31, 2020:
	Total Loans, net		Total Deposits
Regional Segments	($ in millions)
Arizona	$	4,559.8	$	8,262.2
Nevada	2,530.1		5,929.2
Southern California	2,443.1		4,469.8
Northern California	1,676.5		2,857.0
Regional Segments Total	11,209.5		21,518.2
National Business Lines
HOA Services	275.5		3,916.5
Public & Nonprofit Finance	1,712.9		—
Technology & Innovation	2,562.5		5,450.5
Hotel Franchise Finance	2,118.9		—
Other NBLs	8,886.0		499.7
NBL Segments Total	15,555.8		9,866.7
Corporate & Other	8.8		545.6
Consolidated Total	$	26,774.1	$	31,930.5

4

Conference Call and Webcast

Western Alliance Bancorporation will host a conference call and live webcast to discuss its fourth quarter 2020 financial results at 12:00 p.m. ET on Friday, January 22, 2021. Participants may access the call by dialing 1-833-236-2753 and using the conference ID 9490267 or via live audio webcast using the website link https://event.on24.com/wcc/r/2928095/355DC0E5938CE1195BD005E82EA3D638. The webcast is also available via the Company’s website at www.westernalliancebancorporation.com. Participants should log in at least 15 minutes early to receive instructions. The call will be recorded and made available for replay after 3:00 p.m. ET January 22nd through 11:00 p.m. ET February 22nd by dialing 1-800-585-8637, conference ID: 9490267.

Reclassifications

Certain amounts in the Consolidated Income Statements for the prior periods have been reclassified to conform to the current presentation. The reclassifications have no effect on net income or stockholders’ equity as previously reported.

Use of Non-GAAP Financial Information

This press release contains both financial measures based on GAAP and non-GAAP based financial measures, which are used where management believes them to be helpful in understanding the Company’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Adoption of Accounting Standards

During the first quarter of 2020, the Company adopted the Accounting Standards Updates ("ASU") related to credit losses, which include ASU 2016-13, Measurement of Credit Losses on Financial Instruments, ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, ASU 2019-05, Financial Instruments - Credit Losses, and ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses.

The new standards significantly change the impairment model for most financial assets that are measured at amortized cost, including off-balance sheet credit exposures, from an incurred loss model to an expected loss model. The amendments in ASU 2016-13 require that an organization measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The Company adopted the amendments within ASU 2016-13 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. The Company recorded a cumulative effect adjustment to retained earnings, which resulted in a total decrease to retained earnings of $24.9 million as of January 1, 2020. This adjustment was due primarily to expected total losses under the new model in the Company's loan portfolio and its off-balance sheet credit exposures.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements that relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Examples of forward-looking statements include, among others, statements we make regarding our expectations with regard to our business, financial and operating results, future economic performance and dividends, and the impact of the COVID-19 pandemic and related economic conditions. The forward-looking statements contained herein reflect our current views about future events and financial performance and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from historical results and those expressed in any forward-looking statement. Some factors that could cause actual results to differ materially from historical or expected results include, among others: the risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 as filed with the Securities and Exchange Commission; the potential adverse effects of the ongoing COVID-19 pandemic and any governmental or societal responses thereto, including the distribution and effectiveness of COVID-19 vaccines, or other unusual and infrequently occurring events; 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 including in response to the COVID-19 pandemic such as the Coronavirus Aid, Relief and Economic Security Act and the rules and regulations that may be promulgated thereunder; or changes in accounting principles, policies or guidelines; supervisory actions by regulatory agencies which may limit our ability to pursue certain growth opportunities, including expansion through acquisitions; additional regulatory requirements resulting from our continued growth; management’s estimates and projections of interest rates and interest rate policy; the execution of our business plan; and other factors affecting the financial services industry generally or the banking industry in particular.

Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We do not intend and disclaim any duty or obligation to update or revise any industry information or forward-looking statements, whether written or oral, that may be made from time to time, set forth in this press release to reflect new information, future events or otherwise.

About Western Alliance Bancorporation

With more than $35 billion in assets, Western Alliance Bancorporation (NYSE:WAL) is one of the country’s top-performing banking companies. The company has ranked in the top 10 on the Forbes “Best Banks in America” list for five consecutive years, 2016-2020, and was named #1 best-performing of the 50 largest public U.S. banks for 2019 by S&P Global Market Intelligence. Its primary subsidiary, Western Alliance Bank, Member FDIC, helps business clients realize their ambitions with teams of experienced bankers who deliver superior service and a full spectrum of customized loan, deposit and treasury management capabilities. Business clients also benefit from a powerful array of specialized financial services that provide strong expertise and tailored solutions for a wide variety of industries and sectors. Serving clients across the country wherever business happens, Western Alliance Bank operates individually branded, full-service banking divisions and has offices in key markets nationwide. For more information, visit westernalliancebank.com.

5

Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited
Selected Balance Sheet Data:
							As of December 31,
							2020		2019		Change %
							(in millions)
Total assets							$	36,461.0	$	26,821.9	35.9	%
Gross loans, net of deferred fees							27,053.0		21,123.3		28.1
Investment securities							5,504.8		4,036.6		36.4
Total deposits							31,930.5		22,796.5		40.1
Qualifying debt							548.7		393.6		39.4
Stockholders' equity							3,413.5		3,016.7		13.2
Tangible common equity, net of tax (1)							3,116.6		2,721.0		14.5
Selected Income Statement Data:
	For the Three Months Ended December 31,						For the Year Ended December 31,
	2020		2019		Change %		2020		2019		Change %
	(in millions, except per share data)						(in millions, except per share data)
Interest income	$	331.6	$	315.4	5.1	%	$	1,261.8	$	1,225.0	3.0	%
Interest expense	16.8		43.4		(61.3)		94.9		184.6		(48.6)
Net interest income	314.8		272.0		15.7		1,166.9		1,040.4		12.2
(Recovery of) provision for credit losses	(34.2)		4.0		NM		123.6		19.3		NM
Net interest income after provision for credit losses	349.0		268.0		30.2		1,043.3		1,021.1		2.2
Non-interest income	23.8		16.0		48.8		70.8		65.1		8.8
Non-interest expense	132.2		129.7		1.9		491.6		482.0		2.0
Income before income taxes	240.6		154.3		55.9		622.5		604.2		3.0
Income tax expense	47.0		26.2		79.1		115.9		105.0		10.4
Net income	$	193.6	$	128.1	51.1		$	506.6	$	499.2	1.5
Diluted earnings per share	$	1.93	$	1.25	54.4		$	5.04	$	4.84	4.1

(1)    See Reconciliation of Non-GAAP Financial Measures.

NM    Changes +/- 100% are not meaningful.

6

Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited
Common Share Data:
	At or For the Three Months Ended December 31,						For the Year Ended December 31,
	2020		2019		Change %		2020		2019		Change %
Diluted earnings per share	$	1.93	$	1.25	54.4	%	$	5.04	$	4.84	4.1	%
Book value per common share	33.85		29.42		15.1
Tangible book value per share, net of tax (1)	30.90		26.54		16.4
Average shares outstanding (in millions):
Basic	99.9		101.6		(1.7)		100.2		102.7		(2.4)
Diluted	100.4		102.1		(1.7)		100.5		103.1		(2.5)
Common shares outstanding	100.8		102.5		(1.6)

Selected Performance Ratios:
Return on average assets (2)	2.22	%	1.92	%	15.6	%	1.61	%	2.00	%	(19.5)	%
Return on average tangible common equity (1, 2)	25.7		18.9		35.9		17.8		19.6		(9.4)
Net interest margin (2)	3.84		4.39		(12.5)		3.97		4.52		(12.2)
Efficiency ratio - tax equivalent basis (1)	38.2		44.1		(13.4)		38.8		42.7		(9.1)
Loan to deposit ratio	84.7		92.7		(8.6)
Asset Quality Ratios:
Net charge-offs to average loans outstanding (2)	0.06	%	0.02	%	NM		0.06	%	0.02	%	NM
Nonaccrual loans to funded loans	0.43		0.27		59.3
Nonaccrual loans and repossessed assets to total assets	0.32		0.26		23.1
Allowance for loan losses to funded loans	1.03		0.80		28.8
Allowance for loan losses to nonaccrual loans	242		300		(19.3)

Capital Ratios:
	Dec 31, 2020		Sep 30, 2020		Dec 31, 2019
Tangible common equity (1)	8.6	%	8.9	%	10.3	%
Common Equity Tier 1 (3)	9.9		10.0		10.6
Tier 1 Leverage ratio (3)	9.2		9.3		10.6
Tier 1 Capital (3)	10.2		10.3		10.9
Total Capital (3)	12.5		13.0		12.8

(1)    See Reconciliation of Non-GAAP Financial Measures.

(2)    Annualized on an actual/actual basis for periods less than 12 months.

(3)    Capital ratios for December 31, 2020 are preliminary.

NM    Changes +/- 100% are not meaningful.

7

Western Alliance Bancorporation and Subsidiaries
Condensed Consolidated Income Statements
Unaudited
	Three Months Ended December 31,				Year Ended December 31,
	2020		2019		2020		2019
	(dollars in millions, except per share data)
Interest income:
Loans	$	301.2	$	285.0	$	1,144.3	$	1,093.0
Investment securities	29.4		28.2		112.4		115.9
Other	1.0		2.2		5.1		16.1
Total interest income	331.6		315.4		1,261.8		1,225.0
Interest expense:
Deposits	10.7		37.4		70.4		158.4
Qualifying debt	6.0		5.5		23.9		23.4
Borrowings	0.1		0.5		0.6		2.8
Total interest expense	16.8		43.4		94.9		184.6
Net interest income	314.8		272.0		1,166.9		1,040.4
(Recovery of) provision for credit losses (1)	(34.2)		4.0		123.6		19.3
Net interest income after provision for credit losses	349.0		268.0		1,043.3		1,021.1
Non-interest income:
Income from equity investments	6.4		1.7		12.7		8.3
Service charges and fees	5.9		6.2		23.3		23.3
Card income	1.7		1.8		6.5		7.0
Foreign currency income	1.3		1.4		5.6		5.0
Income from bank owned life insurance	1.2		1.0		10.2		3.9
Lending related income and (losses) gains on sale of loans, net	(1.0)		1.8		1.0		3.2
Gain on sales of investment securities, net	—		—		0.2		3.1
Fair value gain adjustments on assets measured at fair value, net	4.7		0.5		3.8		5.1
Other	3.6		1.6		7.5		6.2
Total non-interest income	23.8		16.0		70.8		65.1
Non-interest expenses:
Salaries and employee benefits	83.1		73.9		303.6		279.3
Legal, professional, and directors' fees	11.1		10.1		42.2		37.0
Data processing	9.6		10.0		35.7		30.6
Occupancy	8.4		8.3		34.1		32.5
Deposit costs	4.5		6.8		18.5		31.7
Insurance	3.8		3.2		13.3		11.9
Loan and repossessed asset expenses	1.8		2.1		7.1		7.6
Marketing	1.5		1.6		4.1		4.2
Business development	1.4		2.1		5.5		7.0
Card expense	0.6		0.4		2.2		2.3
Intangible amortization	0.4		0.4		1.6		1.6
Net (gain) loss on sales and valuations of repossessed and other assets	(0.2)		1.0		(1.5)		3.8
Other	6.2		9.8		25.2		32.5
Total non-interest expense	132.2		129.7		491.6		482.0
Income before income taxes	240.6		154.3		622.5		604.2
Income tax expense	47.0		26.2		115.9		105.0
Net income	$	193.6	$	128.1	$	506.6	$	499.2
Earnings per share:
Diluted shares	100.4		102.1		100.5		103.1
Diluted earnings per share	$	1.93	$	1.25	$	5.04	$	4.84

(1)    Upon adoption of CECL on January 1, 2020, provision for credit losses has been modified to also include amounts related to unfunded loan commitments and investment securities. Prior period amounts have been restated to conform to the current presentation.

8

Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Income Statements
Unaudited
	Three Months Ended
	Dec 31, 2020		Sep 30, 2020		Jun 30, 2020		Mar 31, 2020		Dec 31, 2019
	(in millions, except per share data)
Interest income:
Loans	$	301.2	$	276.6	$	289.6	$	276.9	$	285.0
Investment securities	29.4		27.4		28.2		27.4		28.2
Other	1.0		0.8		0.4		2.9		2.2
Total interest income	331.6		304.8		318.2		307.2		315.4
Interest expense:
Deposits	10.7		12.2		15.0		32.5		37.4
Qualifying debt	6.0		7.9		4.7		5.3		5.5
Borrowings	0.1		0.0		0.1		0.4		0.5
Total interest expense	16.8		20.1		19.8		38.2		43.4
Net interest income	314.8		284.7		298.4		269.0		272.0
(Recovery of) provision for credit losses (1)	(34.2)		14.6		92.0		51.2		4.0
Net interest income after provision for credit losses	349.0		270.1		206.4		217.8		268.0
Non-interest income:
Income from equity investments	6.4		1.2		1.3		3.8		1.7
Service charges and fees	5.9		5.9		5.1		6.4		6.2
Card income	1.7		1.9		1.2		1.7		1.8
Foreign currency income	1.3		1.8		1.2		1.3		1.4
Income from bank owned life insurance	1.2		1.3		6.7		1.0		1.0
Lending related income and (losses) gains on sale of loans, net	(1.0)		0.7		0.7		0.6		1.8
Gain on sales of investment securities, net	—		—		0.1		0.1		—
Fair value gain (loss) adjustments on assets measured at fair value, net	4.7		5.9		4.5		(11.3)		0.5
Other	3.6		1.9		0.5		1.5		1.6
Total non-interest income	23.8		20.6		21.3		5.1		16.0
Non-interest expenses:
Salaries and employee benefits	83.1		78.8		69.6		72.1		73.9
Legal, professional, and directors' fees	11.1		10.0		10.7		10.4		10.1
Data processing	9.6		8.9		8.6		8.6		10.0
Occupancy	8.4		9.4		8.1		8.2		8.3
Deposit costs	4.5		3.2		3.5		7.3		6.8
Insurance	3.8		3.1		3.4		3.0		3.2
Loan and repossessed asset expenses	1.8		1.8		2.0		1.5		2.1
Marketing	1.5		0.8		0.9		0.9		1.6
Business development	1.4		1.0		0.8		2.3		2.1
Card expense	0.6		0.5		0.4		0.7		0.4
Intangible amortization	0.4		0.4		0.4		0.4		0.4
Net (gain) loss on sales and valuations of repossessed and other assets	(0.2)		0.1		0.0		(1.4)		1.0
Other	6.2		6.1		6.4		6.5		9.8
Total non-interest expense	132.2		124.1		114.8		120.5		129.7
Income before income taxes	240.6		166.6		112.9		102.4		154.3
Income tax expense	47.0		30.8		19.6		18.5		26.2
Net income	$	193.6	$	135.8	$	93.3	$	83.9	$	128.1
Earnings per share:
Diluted shares	100.4		100.1		100.0		101.7		102.1
Diluted earnings per share	$	1.93	$	1.36	$	0.93	$	0.83	$	1.25

(1)    Upon adoption of CECL on January 1, 2020, provision for credit losses has been modified to also include amounts related to unfunded loan commitments and investment securities. Prior period amounts have been restated to conform to the current presentation.

9

Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Balance Sheets
Unaudited
	Dec 31, 2020		Sep 30, 2020		Jun 30, 2020		Mar 31, 2020		Dec 31, 2019
	(in millions)
Assets:
Cash and due from banks	$	2,671.7	$	1,418.7	$	1,518.5	$	415.7	$	434.6
Investment securities	5,504.8		4,701.1		4,193.8		4,355.3		4,036.6
Loans held for sale	—		20.8		20.2		20.9		21.8
Loans held for investment:
Commercial and industrial	14,324.4		13,648.6		12,756.8		11,204.3		9,382.0
Commercial real estate - non-owner occupied	5,654.7		5,407.4		5,344.3		5,292.7		5,245.6
Commercial real estate - owner occupied	2,156.8		2,213.5		2,257.1		2,289.0		2,316.9
Construction and land development	2,431.3		2,300.5		2,197.5		2,059.4		1,952.2
Residential real estate	2,434.6		2,387.1		2,404.8		2,239.7		2,147.7
Consumer	51.2		36.1		48.7		60.2		57.1
Gross loans, net of deferred fees	27,053.0		25,993.2		25,009.2		23,145.3		21,101.5
Allowance for credit losses	(278.9)		(310.5)		(310.5)		(235.3)		(167.8)
Loans, net	26,774.1		25,682.7		24,698.7		22,910.0		20,933.7
Premises and equipment, net	134.1		128.3		127.8		125.9		125.8
Operating lease right-of-use asset	72.5		71.4		70.3		72.3		72.6
Other assets acquired through foreclosure, net	1.4		8.6		9.4		10.6		13.9
Bank owned life insurance	176.3		175.5		174.9		175.0		174.0
Goodwill and other intangibles, net	298.5		299.0		296.9		297.2		297.6
Other assets	827.6		829.4		795.9		775.3		711.3
Total assets	$	36,461.0	$	33,335.5	$	31,906.4	$	29,158.2	$	26,821.9
Liabilities and Stockholders' Equity:
Liabilities:
Deposits
Non-interest bearing demand deposits	$	13,463.3	$	13,013.0	$	12,236.0	$	9,886.5	$	8,537.9
Interest bearing:
Demand	4,396.4		3,554.6		3,508.1		3,578.8		2,760.9
Savings and money market	12,413.4		10,574.9		9,823.2		8,978.1		9,120.7
Certificates of deposit	1,657.4		1,700.9		1,977.3		2,387.3		2,377.0
Total deposits	31,930.5		28,843.4		27,544.6		24,830.7		22,796.5
Customer repurchase agreements	16.0		19.7		25.4		23.0		16.7
Total customer funds	31,946.5		28,863.1		27,570.0		24,853.7		22,813.2
Borrowings	5.0		10.0		10.0		308.0		—
Qualifying debt	548.7		618.8		617.7		389.9		393.6
Operating lease liability	79.9		78.6		76.9		78.7		78.1
Accrued interest payable and other liabilities	467.4		541.0		529.4		528.3		520.3
Total liabilities	33,047.5		30,111.5		28,804.0		26,158.6		23,805.2
Stockholders' Equity:
Common stock and additional paid-in capital	1,319.8		1,312.4		1,306.3		1,300.3		1,311.4
Retained earnings	2,001.4		1,833.0		1,722.4		1,661.8		1,680.3
Accumulated other comprehensive income	92.3		78.6		73.7		37.5		25.0
Total stockholders' equity	3,413.5		3,224.0		3,102.4		2,999.6		3,016.7
Total liabilities and stockholders' equity	$	36,461.0	$	33,335.5	$	31,906.4	$	29,158.2	$	26,821.9

10

Western Alliance Bancorporation and Subsidiaries
Changes in the Allowance For Credit Losses on Loans
Unaudited
	Three Months Ended
	Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Dec 31, 2019
	(in millions)
Allowance for loan losses
Balance, beginning of period	$	310.5		$	310.5		$	235.3		$	167.8		$	165.0
Beginning balance adjustment from adoption of CECL	—			—			—			19.1			—
(Recovery of) Provision for credit losses (1)	(27.7)			8.2			80.7			45.2			4.0
Recoveries of loans previously charged-off:
Commercial and industrial	1.5			0.2			0.6			1.3			0.7
Commercial real estate - non-owner occupied	0.1			—			(0.4)			2.0			—
Commercial real estate - owner occupied	0.1			—			—			—			—
Construction and land development	—			—			—			—			—
Residential real estate	0.1			0.4			—			—			0.2
Consumer	—			—			—			—			—
Total recoveries	1.8			0.6			0.2			3.3			0.9
Loans charged-off:
Commercial and industrial	5.6			7.1			4.8			0.1			2.0
Commercial real estate - non-owner occupied	—			1.3			0.9			—			—
Commercial real estate - owner occupied	0.1			0.1			—			—			—
Construction and land development	—			—			—			—			—
Residential real estate	—			0.3			—			—			—
Consumer	—			—			—			—			0.1
Total loans charged-off	5.7			8.8			5.7			0.1			2.1
Net loan charge-offs (recoveries)	3.9			8.2			5.5			(3.2)			1.2
Balance, end of period	$	278.9		$	310.5		$	310.5		$	235.3		$	167.8
Allowance for unfunded loan commitments
Balance, beginning of period	$	44.4		$	36.3		$	29.7		$	9.0		$	9.0
Beginning balance adjustment from adoption of CECL	—			—			—			15.1			—
(Recovery of) Provision for credit losses (1)	(7.4)			8.1			6.6			5.6			—
Balance, end of period (2)	$	37.0		$	44.4		$	36.3		$	29.7		$	9.0
Components of the allowance for credit losses on loans
Allowance for loan losses	$	278.9		$	310.5		$	310.5		$	235.3		$	167.8
Allowance for unfunded loan commitments	37.0			44.4			36.3			29.7			9.0
Total allowance for credit losses on loans	$	315.9		$	354.9		$	346.8		$	265.0		$	176.8
Net charge-offs (recoveries) to average loans - annualized	0.06		%	0.13		%	0.09		%	(0.06)		%	0.02		%
Allowance for loan losses to funded loans	1.03		%	1.19		%	1.24		%	1.02		%	0.80		%
Allowance for credit losses to funded loans	1.17			1.37			1.39			1.14			0.84
Allowance for loan losses to nonaccrual loans	242			212			222			272			300
Allowance for credit losses to nonaccrual loans	274			242			248			306			316

(1)    Upon adoption of CECL on January 1, 2020, the provision for credit losses presented in the income statement has been modified to include amounts related to unfunded loan commitments and investment securities. The above tables reflect the provision for credit losses on funded and unfunded loans. A provision for credit losses on investment securities totaled $0.8 million, resulting in an ending allowance for credit losses on investment securities of $6.8 million.

(2)    The allowance for unfunded loan commitments is included as part of accrued interest payable and other liabilities on the balance sheet.

11

Western Alliance Bancorporation and Subsidiaries
Asset Quality Metrics
Unaudited
	Three Months Ended
	Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Dec 31, 2019
	(in millions)
Nonaccrual loans	$	115.2		$	146.5		$	139.7		$	86.6		$	56.0
Nonaccrual loans to funded loans	0.43		%	0.56		%	0.56		%	0.37		%	0.27		%
Repossessed assets	$	1.4		$	8.6		$	9.4		$	10.6		$	13.9
Nonaccrual loans and repossessed assets to total assets	0.32		%	0.47		%	0.47		%	0.33		%	0.26		%
Loans past due 90 days, still accruing	$	—		$	28.1		$	—		$	—		$	—
Loans past due 90 days and still accruing to funded loans	—		%	0.11		%	—		%	—		%	—		%
Loans past due 30 to 89 days, still accruing	$	11.2		$	24.3		$	9.3		$	38.5		$	14.5
Loans past due 30 to 89 days, still accruing to funded loans	0.04		%	0.09		%	0.04		%	0.17		%	0.07		%
Special mention loans	$	451.1		$	476.8		$	395.5		$	104.2		$	180.5
Special mention loans to funded loans	1.67		%	1.83		%	1.58		%	0.45		%	0.86		%
Classified loans on accrual	$	107.0		$	170.5		$	149.3		$	149.8		$	91.3
Classified loans on accrual to funded loans	0.40		%	0.66		%	0.60		%	0.65		%	0.43		%
Classified assets	$	223.7		$	325.7		$	298.5		$	247.1		$	171.2
Classified assets to total assets	0.61		%	0.98		%	0.94		%	0.85		%	0.64		%

12

Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
	Three Months Ended
	December 31, 2020						September 30, 2020
	Average Balance		Interest		Average Yield / Cost		Average Balance		Interest		Average Yield / Cost
	($ in millions)						($ in millions)
Interest earning assets
Loans:
Commercial and industrial	$	13,448.1	$	152.9	4.61	%	$	12,687.9	$	130.0	4.17	%
CRE - non-owner occupied	5,502.5		64.6		4.68		5,393.1		63.8		4.72
CRE - owner occupied	2,191.6		26.5		4.92		2,232.7		26.6		4.85
Construction and land development	2,387.7		34.5		5.76		2,209.3		32.3		5.83
Residential real estate	2,389.4		22.2		3.70		2,396.0		23.4		3.88
Consumer	40.6		0.5		5.07		38.5		0.5		4.89
Loans held for sale	16.0		—		—		20.3		—		—
Total loans (1), (2), (3)	25,975.9		301.2		4.67		24,977.8		276.6		4.47
Securities:
Securities - taxable	3,265.6		14.9		1.81		2,811.6		14.8		2.09
Securities - tax-exempt	1,773.4		14.5		4.10		1,556.4		12.6		4.07
Total securities (1)	5,039.0		29.4		2.61		4,368.0		27.4		2.79
Cash and other	2,393.1		1.0		0.16		1,926.4		0.8		0.17
Total interest earning assets	33,408.0		331.6		4.04		31,272.2		304.8		3.97
Non-interest earning assets
Cash and due from banks	163.1						163.8
Allowance for credit losses	(321.0)						(325.0)
Bank owned life insurance	175.7						175.0
Other assets	1,266.0						1,237.4
Total assets	$	34,691.8					$	32,523.4
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing transaction accounts	$	3,718.7	$	1.5	0.15	%	$	3,636.3	$	1.5	0.16	%
Savings and money market	11,386.7		6.0		0.21		10,170.1		5.6		0.22
Certificates of deposit	1,654.0		3.2		0.78		1,845.5		5.1		1.10
Total interest-bearing deposits	16,759.4		10.7		0.25		15,651.9		12.2		0.31
Short-term borrowings	29.2		0.1		0.21		36.0		—		0.20
Qualifying debt	554.7		6.0		4.38		616.2		7.9		5.08
Total interest-bearing liabilities	17,343.3		16.8		0.38		16,304.1		20.1		0.49
Interest cost of funding earning assets					0.20						0.26
Non-interest-bearing liabilities
Non-interest-bearing demand deposits	13,408.3						12,422.2
Other liabilities	641.0						617.0
Stockholders’ equity	3,299.2						3,180.1
Total liabilities and stockholders' equity	$	34,691.8					$	32,523.4
Net interest income and margin (4)			$	314.8	3.84	%			$	284.7	3.71	%

(1)     Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $7.7 million and $7.2 million for the three months ended December 31, 2020 and September 30, 2020, respectively.

(2)    Included in the yield computation are net loan fees of $33.4 million and $18.2 million for the three months ended December 31, 2020 and September 30, 2020, respectively.

(3)    Includes non-accrual loans.

(4)    Net interest margin is computed by dividing net interest income by total average earning assets, annualized on an actual/actual basis.

13

Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
	Three Months Ended
	December 31, 2020						December 31, 2019
	Average Balance		Interest		Average Yield / Cost		Average Balance		Interest		Average Yield / Cost
	($ in millions)						($ in millions)
Interest earning assets
Loans:
Commercial and industrial	$	13,448.1	$	152.9	4.61	%	$	8,927.4	$	121.1	5.52	%
CRE - non-owner occupied	5,502.5		64.6		4.68		5,107.9		71.0		5.53
CRE - owner occupied	2,191.6		26.5		4.92		2,299.2		30.5		5.36
Construction and land development	2,387.7		34.5		5.76		2,076.9		36.8		7.05
Residential real estate	2,389.4		22.2		3.70		2,042.1		24.4		4.74
Consumer	40.6		0.5		5.07		63.7		0.9		5.40
Loans held for sale	16.0		—		—		21.8		0.3		6.41
Total loans (1), (2), (3)	25,975.9		301.2		4.67		20,539.0		285.0		5.58
Securities:
Securities - taxable	3,265.6		14.9		1.81		3,020.2		18.5		2.43
Securities - tax-exempt	1,773.4		14.5		4.10		1,094.6		9.7		4.43
Total securities (1)	5,039.0		29.4		2.61		4,114.8		28.2		2.96
Cash and other	2,393.1		1.0		0.16		493.4		2.2		1.81
Total interest earning assets	33,408.0		331.6		4.04		25,147.2		315.4		5.08
Non-interest earning assets
Cash and due from banks	163.1						180.5
Allowance for credit losses	(321.0)						(166.1)
Bank owned life insurance	175.7						173.4
Other assets	1,266.0						1,108.6
Total assets	$	34,691.8					$	26,443.6
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing transaction accounts	$	3,718.7	$	1.5	0.15	%	$	2,646.5	$	4.8	0.72	%
Savings and money market	11,386.7		6.0		0.21		8,929.8		22.3		0.99
Certificates of deposit	1,654.0		3.2		0.78		2,124.6		10.3		1.93
Total interest-bearing deposits	16,759.4		10.7		0.25		13,700.9		37.4		1.08
Short-term borrowings	29.2		0.1		0.21		150.2		0.5		1.53
Qualifying debt	554.7		6.0		4.38		390.1		5.5		5.59
Total interest-bearing liabilities	17,343.3		16.8		0.38		14,241.2		43.4		1.21
Interest cost of funding earning assets					0.20						0.69
Non-interest-bearing liabilities
Non-interest-bearing demand deposits	13,408.3						8,624.5
Other liabilities	641.0						590.0
Stockholders’ equity	3,299.2						2,987.9
Total liabilities and stockholders' equity	$	34,691.8					$	26,443.6
Net interest income and margin (4)			$	314.8	3.84	%			$	272.0	4.39	%

(1)    Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $7.7 million and $6.4 million for the three months ended December 31, 2020 and 2019, respectively.

(2)    Included in the yield computation are net loan fees of $33.4 million and $18.3 million for the three months ended December 31, 2020 and 2019, respectively.

(3)    Includes non-accrual loans.

(4)    Net interest margin is computed by dividing net interest income by total average earning assets, annualized on an actual/actual basis.

14

Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
	Year Ended December 31,
	2020						2019
	Average Balance		Interest		Average Yield / Cost		Average Balance		Interest		Average Yield / Cost
	($ in millions)						($ in millions)
Interest earning assets
Loans:
Commercial and industrial	$	12,032.1	$	549.6	4.67	%	$	8,200.5	$	461.9	5.78	%
CRE - non-owner occupied	5,370.1		262.9		4.91		4,629.6		270.3		5.85
CRE - owner occupied	2,244.6		109.8		5.00		2,284.7		120.6		5.38
Construction and land development	2,183.5		129.9		5.97		2,176.6		155.5		7.16
Residential real estate	2,318.6		89.4		3.85		1,663.5		80.7		4.85
Consumer	47.0		2.4		5.19		64.3		3.7		5.77
Loans held for sale	20.0		0.3		1.63		5.6		0.3		6.29
Total loans (1), (2), (3)	24,215.9		1,144.3		4.79		19,024.8		1,093.0		5.83
Securities:
Securities - taxable	2,936.5		63.1		2.15		2,904.6		79.1		2.72
Securities - tax-exempt	1,476.4		49.3		4.20		1,008.7		36.8		4.57
Total securities (1)	4,412.9		112.4		2.84		3,913.3		115.9		3.20
Cash and other	1,452.1		5.1		0.36		648.4		16.1		2.48
Total interest earning assets	30,080.9		1,261.8		4.29		23,586.5		1,225.0		5.30
Non-interest earning assets
Cash and due from banks	171.2						214.5
Allowance for credit losses	(277.7)						(159.9)
Bank owned life insurance	177.9						171.9
Other assets	1,221.1						1,101.1
Total assets	$	31,373.4					$	24,914.1
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing transaction accounts	$	3,488.3	$	9.0	0.26	%	$	2,545.8	$	21.0	0.82	%
Savings and money market	10,008.9		34.8		0.35		8,125.8		95.5		1.18
Certificates of deposit	1,997.6		26.6		1.33		2,117.2		41.9		1.98
Total interest-bearing deposits	15,494.8		70.4		0.45		12,788.8		158.4		1.24
Short-term borrowings	119.7		0.6		0.49		134.6		2.8		2.11
Qualifying debt	514.1		23.9		4.66		379.7		23.4		6.16
Total interest-bearing liabilities	16,128.6		94.9		0.59		13,303.1		184.6		1.39
Interest cost of funding earning assets					0.32						0.78
Non-interest-bearing liabilities
Non-interest-bearing demand deposits	11,465.5						8,246.2
Other liabilities	627.5						519.4
Stockholders’ equity	3,151.8						2,845.4
Total liabilities and stockholders' equity	$	31,373.4					$	24,914.1
Net interest income and margin (4)			$	1,166.9	3.97	%			$	1,040.4	4.52	%

(1)    Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $28.4 million and $25.1 million for the year ended December 31, 2020 and 2019, respectively.

(2)    Included in the yield computation are net loan fees of $94.9 million and $56.2 million for the year ended December 31, 2020 and 2019, respectively.

(3)    Includes non-accrual loans.

(4)    Net interest margin is computed by dividing net interest income by total average earning assets.

15

Western Alliance Bancorporation and Subsidiaries
Operating Segment Results
Unaudited
Balance Sheet:
	Consolidated Company		Commercial		Consumer Related		Corporate
At December 31, 2020:	(dollars in millions)
Assets:
Cash, cash equivalents, and investment securities	$	8,176.5	$	12.0	$	45.6	$	8,118.9
Loans, net of deferred loan fees and costs	27,053.0		20,245.8		6,798.2		9.0
Less: allowance for credit losses	(278.9)		(263.4)		(15.4)		(0.1)
Total loans	26,774.1		19,982.4		6,782.8		8.9
Other assets acquired through foreclosure, net	1.4		1.4		—		—
Goodwill and other intangible assets, net	298.5		296.1		2.4		—
Other assets	1,210.5		257.0		96.6		856.9
Total assets	$	36,461.0	$	20,548.9	$	6,927.4	$	8,984.7
Liabilities:
Deposits	$	31,930.5	$	21,448.0	$	9,936.8	$	545.7
Borrowings and qualifying debt	553.7		—		—		553.7
Other liabilities	563.3		170.4		3.3		389.6
Total liabilities	33,047.5		21,618.4		9,940.1		1,489.0
Allocated equity:	3,413.5		1,992.2		579.1		842.2
Total liabilities and stockholders' equity	$	36,461.0	$	23,610.6	$	10,519.2	$	2,331.2
Excess funds provided (used)	—		3,061.7		3,591.8		(6,653.5)
No. of offices	49		45		3		1
No. of full-time equivalent employees	1,915		581		156		1,178
Income Statement:
Three Months Ended December 31, 2020:	(in millions)
Net interest income	$	314.8	$	270.8	$	93.6	$	(49.6)
(Recovery of) provision for credit losses	(34.2)		(37.2)		2.2		0.8
Net interest income after provision for credit losses	349.0		308.0		91.4		(50.4)
Non-interest income	23.8		16.1		0.3		7.4
Non-interest expense	132.2		77.9		24.5		29.8
Income (loss) before income taxes	240.6		246.2		67.2		(72.8)
Income tax expense (benefit)	47.0		59.7		16.1		(28.8)
Net income	$	193.6	$	186.5	$	51.1	$	(44.0)
Year Ended December 31, 2020:	(in millions)
Net interest income	$	1,166.9	$	999.7	$	302.5	$	(135.3)
(Recovery of) provision for credit losses	123.6		128.6		(9.0)		4.0
Net interest income after provision for credit losses	1,043.3		871.1		311.5		(139.3)
Non-interest income	70.8		50.5		1.6		18.7
Non-interest expense	491.6		308.9		92.6		90.1
Income (loss) before income taxes	622.5		612.7		220.5		(210.7)
Income tax expense (benefit)	115.9		147.6		52.3		(84.0)
Net income	$	506.6	$	465.1	$	168.2	$	(126.7)

16

Western Alliance Bancorporation and Subsidiaries
Operating Segment Results
Unaudited
Balance Sheet:
	Consolidated Company		Commercial		Consumer Related		Corporate
At December 31, 2019:	(dollars in millions)
Assets:
Cash, cash equivalents, and investment securities	$	4,471.2	$	15.4	$	10.1	$	4,445.7
Loans, net of deferred loan fees and costs	21,123.3		16,767.3		4,352.5		3.5
Less: allowance for credit losses	(167.8)		(134.2)		(33.6)		—
Total loans	20,955.5		16,633.1		4,318.9		3.5
Other assets acquired through foreclosure, net	13.9		13.9		—		—
Goodwill and other intangible assets, net	297.6		297.6		—		—
Other assets	1,083.7		202.6		40.1		841.0
Total assets	$	26,821.9	$	17,162.6	$	4,369.1	$	5,290.2
Liabilities:
Deposits	$	22,796.5	$	17,067.6	$	4,644.7	$	1,084.2
Borrowings and qualifying debt	393.6		—		—		393.6
Other liabilities	615.1		95.4		9.2		510.5
Total liabilities	23,805.2		17,163.0		4,653.9		1,988.3
Allocated equity:	3,016.7		2,060.0		446.8		509.9
Total liabilities and stockholders' equity	$	26,821.9	$	19,223.0	$	5,100.7	$	2,498.2
Excess funds provided (used)	—		2,060.4		731.6		(2,792.0)
No. of offices	47		44		2		1
No. of full-time equivalent employees	1,835		547		136		1,152
Income Statements:
Three Months Ended December 31, 2019:	(in millions)
Net interest income	$	272.0	$	225.8	$	57.1	$	(10.9)
Provision for credit losses	4.0		3.4		0.6		—
Net interest income (expense) after provision for credit losses	268.0		222.4		56.5		(10.9)
Non-interest income	16.0		14.0		0.3		1.7
Non-interest expense	129.7		85.1		25.7		18.9
Income (loss) before income taxes	154.3		151.3		31.1		(28.1)
Income tax expense (benefit)	26.2		36.7		7.2		(17.7)
Net income	$	128.1	$	114.6	$	23.9	$	(10.4)
Year Ended December 31, 2019:	(in millions)
Net interest income	$	1,040.4	$	837.2	$	209.0	$	(5.8)
Provision for credit losses	19.3		11.1		7.4		0.8
Net interest income (expense) after provision for credit losses	1,021.1		826.1		201.6		(6.6)
Non-interest income	65.1		50.4		1.4		13.3
Non-interest expense	482.0		320.6		96.7		64.7
Income (loss) before income taxes	604.2		555.9		106.3		(58.0)
Income tax expense (benefit)	105.0		134.7		24.8		(54.5)
Net income	$	499.2	$	421.2	$	81.5	$	(3.5)

17

Western Alliance Bancorporation and Subsidiaries

Reconciliation of Non-GAAP Financial Measures

Unaudited

Pre-Provision Net Revenue by Quarter:
	Three Months Ended
	12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019
	(in millions)
Total non-interest income	$	23.8	$	20.6	$	21.3	$	5.1	$	16.0
Net interest income	314.8		284.7		298.4		269.0		272.0
Net revenue	$	338.6	$	305.3	$	319.7	$	274.1	$	288.0
Total non-interest expense	132.2		124.1		114.8		120.5		129.7
Pre-provision net revenue (1)	$	206.4	$	181.2	$	204.9	$	153.6	$	158.3
Less:
Provision for credit losses	(34.2)		14.6		92.0		51.2		4.0
Income tax expense	47.0		30.8		19.6		18.5		26.2
Net income	$	193.6	$	135.8	$	93.3	$	83.9	$	128.1

Efficiency Ratio by Quarter:
Total non-interest expense	$	132.2		$	124.1		$	114.8		$	120.5		$	129.7
Divided by:
Total net interest income	314.8			284.7			298.4			269.0			272.0
Plus:
Tax equivalent interest adjustment	7.7			7.2			7.0			6.5			6.4
Total non-interest income	23.8			20.6			21.3			5.1			16.0
	$	346.3		$	312.5		$	326.7		$	280.6		$	294.4
Efficiency ratio - tax equivalent basis (2)	38.2		%	39.7		%	35.1		%	42.9		%	44.1		%

Tangible Common Equity:
	12/31/2020			9/30/2020			6/30/2020			3/31/2020			12/31/2019
	(dollars and shares in millions)
Total stockholders' equity	$	3,413.5		$	3,224.0		$	3,102.4		$	2,999.6		$	3,016.7
Less: goodwill and intangible assets	298.5			299.0			296.9			297.2			297.6
Total tangible common equity	3,115.0			2,925.0			2,805.5			2,702.4			2,719.1
Plus: deferred tax - attributed to intangible assets	1.6			1.7			1.8			1.9			1.9
Total tangible common equity, net of tax	$	3,116.6		$	2,926.7		$	2,807.3		$	2,704.3		$	2,721.0
Total assets	$	36,461.0		$	33,335.5		$	31,906.4		$	29,158.2		$	26,821.9
Less: goodwill and intangible assets, net	298.5			299.0			296.9			297.2			297.6
Tangible assets	36,162.5			33,036.5			31,609.5			28,861.0			26,524.3
Plus: deferred tax - attributed to intangible assets	1.6			1.7			1.8			1.9			1.9
Total tangible assets, net of tax	$	36,164.1		$	33,038.2		$	31,611.3		$	28,862.9		$	26,526.2
Tangible common equity ratio (3)	8.6		%	8.9		%	8.9		%	9.4		%	10.3		%
Common shares outstanding	100.8			100.8			100.8			101.2			102.5
Tangible book value per share, net of tax (3)	$	30.90		$	29.03		$	27.84		$	26.73		$	26.54

Non-GAAP Financial Measures Footnotes
(1)	We believe this non-GAAP measurement is a key indicator of the earnings power of the Company.
(2)	We believe this non-GAAP ratio provides a useful metric to measure the efficiency of the Company.
(3)	We believe this non-GAAP metric provides an important metric with which to analyze and evaluate financial condition and capital strength. In addition, we believe that use of tangible equity and tangible assets improves the comparability to other institutions that have not engaged in acquisitions that resulted in recorded goodwill and other intangibles.

CONTACT:

Western Alliance Bancorporation

Dale Gibbons, 602-952-5476

18

EX-99.2

EARNINGS CALL 4th QUARTER 2020 January 22, 2020

2 2 This release contains forward-looking statements that relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Examples of forward-looking statements include, among others, statements we make regarding our expectations with regard to our business, financial and operating results, future economic performance and dividends, and the impact of the COVID-19 pandemic and related economic conditions. The forward-looking statements contained herein reflect our current views about future events and financial performance and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from historical results and those expressed in any forward-looking statement. Some factors that could cause actual results to differ materially from historical or expected results include, among others: the risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 as filed with the Securities and Exchange Commission; the potential adverse effects of the ongoing COVID-19 pandemic and any governmental or societal responses thereto, including the distribution and effectiveness of COVID-19 vaccines, or other unusual and infrequently occurring events; 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 including in response to the COVID-19 pandemic such as the Coronavirus Aid, Relief and Economic Security Act and the rules and regulations that may be promulgated thereunder; or changes in accounting principles, policies or guidelines; supervisory actions by regulatory agencies which may limit our ability to pursue certain growth opportunities, including expansion through acquisitions; additional regulatory requirements resulting from our continued growth; management’s estimates and projections of interest rates and interest rate policy; the execution of our business plan; and other factors affecting the financial services industry generally or the banking industry in particular. Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We do not intend and disclaim any duty or obligation to update or revise any industry information or forward-looking statements, whether written or oral, that may be made from time to time, set forth in this press release to reflect new information, future events or otherwise. Non-GAAP Financial Measures This presentation contains both financial measures based on GAAP and non-GAAP based financial measures, which are used where management believes them to be helpful in understanding the Company’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the Company's press release as of and for the quarter ended December 31, 2020. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Forward-Looking Statements 2

3 33 4th Quarter 2020 | Financial Highlights Dollars in millions, except EPS 1) Refer to slide 2 for further discussion of Non-GAAP financial measures. 2) Upon adoption of CECL on January 1, 2020, Provision for Credit Losses has been modified to also include amounts related to unfunded loan commitments and investment securities. Prior period amounts have been restated to conform to the current presentation. 3) Nonperforming assets includes nonaccrual loans and repossessed assets. Q4-20 Q3-20 Q4-19 Earnings & Profitability Net Interest Income $ 314.8 $ 284.7 $ 272.0 Pre Provision Net Revenue1 206.4 181.2 158.3 Net Income 193.6 135.8 128.1 EPS 1.93 1.36 1.25 Net Interest Margin 3.84% 3.71% 4.39% Efficiency Ratio1 38.2 39.7 44.1 ROAA 2.22 1.66 1.92 ROTCE1 25.7 18.7 18.9 Balance Sheet & Capital Total Loans, Gross $ 27,053 $ 26,014 $ 21,123 Total Deposits 31,931 28,843 22,797 CET1 Ratio 9.9% 10.0% 10.6% TCE Ratio1 8.6% 8.9% 10.3% Tangible Book Value per Share1 $ 30.90 $ 29.03 $ 26.54 Asset Quality (Recovery of) Provision for Credit losses2 $ (34.2) $ 14.6 $ 4.0 Net Charge-Offs 3.9 8.2 1.2 Net Charge-Offs / Avg. Loans 0.06% 0.13% 0.02% Total Loan ACL / Funded Loans 1.17 1.37 0.84 NPAs3 / Total Assets 0.32 0.47 0.26 Net Income EPS $193.6 million $1.93 PPNR1 Growth ROTCE1 Q4: $25.2million 30.4% Y-o-Y 25.7% Loan Growth Deposit Growth Q4: $1.0 billion Q4: $3.1 billion 28% Y-o-Y 40% Y-o-Y Tangible Book Value per Share1 NPAs3/ Total Assets $30.90 16.4% Y-o-Y 0.32%

4 4 Dollars in millions, except EPS Quarterly Consolidated Financial Results 4 1) Refer to slide 2 for further discussion of Non-GAAP financial measures. 2) Upon adoption of CECL on January 1, 2020, Provision for Credit Losses has been modified to also include amounts related to unfunded loan commitments and investment securities. Prior period amounts have been restated to conform to the current presentation. Q4 2020 Highlights • Net Interest Income increased $30.1 million, or 10.5% Q-o-Q, primarily as a result of loan growth, PPP loan fee recognition and lower interest costs • Investment Related Income and Gains consists of warrant income related to tech lending of $5.1 million in Q4, and other FMV gains on equity securities • Salaries & Employee benefits increased primarily related to short-term incentive accruals • PPNR increased $25.2 million, or 13.9% Q-o-Q, primarily as a result of an increase in net interest income • Provision for Credit Losses decreased $48.8 million due to improvement in economic forecasts relative to September 30th and loan growth in segments with lower loss rates Q4-20 Q3-20 Q4-19 Interest Income $ 331.6 $ 304.8 $ 315.4 Interest Expense (16.8) (20.1) (43.4) Net Interest Income $ 314.8 $ 284.7 $ 272.0 Investment Related Income and Gains 11.1 7.1 2.2 Other 12.7 13.5 13.8 Non-Interest Income $ 23.8 $ 20.6 $ 16.0 Net Revenue $ 338.6 $ 305.3 $ 288.0 Salaries and Employee Benefits (83.1) (78.8) (73.9) Deposit Costs (4.5) (3.2) (6.8) Gain (Loss) on OREO 0.21 (0.1) (1.0) Other (45.8) (42.0) (48.0) Non-Interest Expense $ (132.2) $ (124.1) $ (129.7) Pre-Provision Net Revenue1 $ 206.4 $ 181.2 $ 158.3 Recovery of (Provision for) Credit Losses2 34.20 (14.6) (4.0) Pre-Tax Income $ 240.6 $ 166.6 $ 154.3 Income Tax (47.0) (30.8) (26.2) Net Income $ 193.6 $ 135.8 $ 128.1 Diluted Shares 100.4 100.1 102.1 Earnings Per Share $ 1.93 $ 1.36 $ 1.25 1 1 2 3 3 2 4 4 5 5

5 5 Dollars in millions, except EPS Annual Consolidated Financial Results 5 2020 2019 Interest Income $ 1,261.8 $ 1,225.0 Interest Expense (94.9) (184.6) Net Interest Income $ 1,166.9 $ 1,040.4 Investment Related Income and Gains 16.7 16.5 BOLI 10.2 3.9) Other 43.9 44.7 Non-Interest Income $ 70.8 $ 65.1 Net Revenue $ 1,237.7 $ 1,105.5 Salaries and Employee Benefits (303.6) (279.3) Deposit Costs (18.5) (31.7) Gain (Loss) on OREO 1.51 (3.8) Other (171.0) (167.2) Non-Interest Expense $ (491.6) $ (482.0) Pre-Provision Net Revenue1 $ 746.1 $ 623.5 Provision for Credit Losses2 (123.6) (19.3) Pre-Tax Income $ 622.5 $ 604.2 Income Tax (115.9) (105.0) Net Income $ 506.6 $ 499.2 Diluted Shares 100.5 103.1 Earnings Per Share $ 5.04 $ 4.84 2020 Highlights • Net Interest Income increased $126.5 million, or 12.2%, primarily as a result of increased loan balances, PPP fees and a reduction in interest expense related to decline in deposit costs across all deposit types • Non-Interest Income increased $5.7 million, or 8.8%, driven by warrant income, gains on equity securities and BOLI program enhancements • Non-Interest Expense increased $9.6 million, or 2.0%, primarily related to short-term incentive accruals, technology costs and partially offset by lower deposit costs • PPNR increased $122.6 million, or 19.7%, primarily as a result of an increase in net interest income • Provision for Credit Losses increased $104.3 million due to the implementation of CECL in January and the changes in economic forecasts throughout 2020 1 3 2 4 5 1 3 2 4 5 1) Refer to slide 2 for further discussion of Non-GAAP financial measures. 2) Upon adoption of CECL on January 1, 2020, Provision for Credit Losses has been modified to also include amounts related to unfunded loan commitments and investment securities. Prior period amounts have been restated to conform to the current presentation.

6 6 $14.3 $14.9 $15.3 $15.8 $18.5 $8.5 $9.9 $12.2 $13.0 $13.4 0.75% 0.64% 0.30% 0.28% 0.22% -3.50% -3.00% -2.50% -2.00% -1.50% -1.00% -0.50% 0.00% 0.50% 1.00% 1.50% $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0 $50.0 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 $14.3 $14.9 $15.3 $15.8 $18.5 1.08% 0.90% 0.40% 0.31% 0.25% -2.50% -2.00% -1.50% -1.00% -0.50% 0.0 % 0.50% 1.00% 1.50% $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 $4.0 $4.4 $4.2 $4.7 $5.5 2.96% 2.98% 3.02% 2.79% 2.61% -1.00% 0.00% 1.00% 2.00% 3.00% 4.00% $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 $9.0 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Deposits, Borrowings, and Cost of Liability Funding Non-Interest Bearing DepositsDollars in billions, unless otherwise indicated Net Interest Drivers 6 Spot Rate 0.23% Total Borrowings Total Investments and Yield Loans and Yield Interest Bearing Deposits and Cost Spot Rate 0.23% $21.1 $23.2 $25.0 $26.0 $27.1 5.58% 5.27% 4.82% 4.47% 4.67% -0.50% 0.50% 1.50% 2.50% 3.50% 4.50% 5.50% 6.50% $0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Spot Rate 4.51% Q4 2020 Highlights • Loan yields rose 20bps following increases across most loan types and increased PPP yields related to prepayment assumptions on forgivable amounts – Yield on PPP loans of 3.67% (1.76% in Q3) • Cost of interest-bearing deposits decreased 6bps due to repricing efforts in a lower rate environment, driving total cost of funds down 6bps to 0.22% − CD rates declined 32bps for the quarter − Spot rate for cost of interest-bearing deposits of 23bps (13bps, including non-interest DDA) mainly driven by the roll-off of higher cost CDs Spot Rate 2.60%

7 7 Dollars in millions Net Interest Income 7 Net Interest Income, NIM, and Average Interest Earning Assets $13.9 $3.3 $11.0 $6.6 $4.1 $2.0 $1.5$0.0 $5.0 $10.0 $15.0 Q2-20 Q3-20 Q4-20 Q1-21E Q2-21E Q3-21E Q4-21E Current Assumptions $272.0 $269.0 $298.4 $284.7 $314.8 4.39% 4.22% 4.19% 3.71% 3.84% 4.22% 4.12% 3.79% 3.80% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% $200.0 $220.0 $240.0 $260.0 $280.0 $300.0 $320.0 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Net Interest Income Net Interest Margin NIM ex.PPP Avg. Int. Earning Assets $25,147 $26,267 $29,326 $31,272 Impacts on Quarterly NIM Components NIM Q3 – 20 3.71 % Impact of PPP Loans 0.11) Loan & Deposit Rates 0.07) Loan & Deposit Mix Shifts 0.04) Excess Liquidity (0.09) Q4 – 20 3.84 % Forecasted Accretion on PPP Loans Q4 2020 Highlights • NIM expansion mainly driven by Q3 adjustments related to PPP fee recognition assumptions, favorable deposit mix and improved rates related to lower CD costs • Higher liquidity levels from strong deposit growth drove a 9bps decline in NIM – Inclusive of 18 bps decrease in Q4 investment yields • Continue to have asymmetric interest rate sensitivity Net PPP loan fees of $42.9MM received in Q2-20 will be recognized over the estimated life of these loans $33,408

8 8 Expenses and Efficiency1 8 Dollars in millions Expenses and Efficiency Ratio 8 1) Refer to slide 2 for further discussion of Non-GAAP financial measures. Q4 2020 Highlights • Efficiency ratio1 improved 150bps to 38.2% compared to the prior quarter and 590bps from the same period last year • Lower efficiency ratio1 was driven by an increase in net interest income resulting from lower interest expense and PPP fee recognition, offset partially by higher compensation costs • Excluding PPP net loan fees and interest, efficiency ratio1 is 39.9% $129.7 $120.5 $114.8 $124.1 $132.2 44.1% 42.9% 35.1% 39.7% 38.2% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $140.0 $160.0 $180.0 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Non-Interest Expenses Efficiency Ratio

9 9 Dollars in millions Pre-Provision Net Revenue1, Net Income, and ROA 9 1) Refer to slide 2 for further discussion of Non-GAAP financial measures. $158.3 $153.6 $204.9 $181.2 $206.4 $128.1 $83.9 $93.3 $135.8 $193.6 2.37% 2.24% 2.69% 2.22% 2.37% 1.92% 1.22% 1.22% 1.66% 2.22% -2.50% -1.50% -0.50% 0.50% 1.50% 2.50% $0.0 $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 PPNR Net Income PPNR ROA ROA Q4 2020 Highlights • PPNR increased $25.2 million, or 13.9% from the prior quarter and 30.4% from the same period last year • PPNR ROA1 increased 15 basis points from the prior quarter and is flat from the same period last year • ROA increased 56 basis points from the prior quarter and increased 30 basis points from the same period last year

10 10 Q4 2020 Highlights • Loans increased $1.0 billion, or 4.0%, over prior quarter and $5.9 billion, or 28.1%, over prior year • Deposits increased $3.1 billion, or 10.7%, over prior quarter and $9.1 billion, or 40.1%, over prior year • Shareholders' Equity increased $190 million over prior quarter and increased $397 million over prior year as Net Income growth was partially offset by share repurchases, dividends and the adoption impact of CECL • Tangible Book Value/Share1 increased $1.87, or 6.4%, over prior quarter and $4.36, or 16.4% over prior year Dollars in millions Consolidated Balance Sheet 10 1) Refer to slide 2 for further discussion of Non-GAAP financial measures. Q4-20 Q3-20 Q4-19 Investments & Cash $ 8,177 $ 6,120 $ 4,471 Loans 27,053 26,014 21,123 Allowance for Credit Losses (279) (311) (168) Other Assets 1,510 1,513 1,396 Total Assets $ 36,461 $ 33,336 $ 26,822 Deposits $ 31,931 $ 28,843 $ 22,797 Borrowings 570 649 410 Other Liabilities 547 620 598 Total Liabilities $ 33,048 $ 30,112 $ 23,805 Shareholders' Equity 3,413 3,224 3,017 Total Liabilities and Equity $ 36,461 $ 33,336 $ 26,822 Tangible Book Value Per Share1 $ 30.90 $ 29.03 $ 26.54 1 3 2 4 1 3 2 4

11 11 $9.4 $11.2 $12.8 $13.7 $14.3 $2.3 $2.3 $2.3 $2.2 $2.2$5.2 $5.3 $5.3 $5.4 $5.7 $2.0 $2.1 $2.2 $2.3 $2.4 $2.2 $2.3 $2.5 $2.4 $2.5 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Commercial & Industrial CRE, Owner Occupied CRE, Non-Owner Occupied Construction & Land Residential & Consumer Highlights $21.1 +$1.0 Dollars in billions, unless otherwise indicated Five Quarter Loan Growth and Composition 11 Total Loans Qtr. Change $23.1 +$2.0 Total Loans: Quarter-over-quarter loan growth of $1.0 billion driven by (in millions): C&I $ 655 CRE, Non-OO 247 Construction & Land 131 Residential & Consumer 63 Offset by decrease in: CRE, OO (57) Total $ 1,039 Year-over-year loan growth of $5.9 billion driven by (in millions): C&I1 $ 4,921 Construction & Land 479 CRE, Non-OO 409 Residential & Consumer 281 Offset by decrease in: CRE, OO (160) Total $ 5,930 $5.9 Billion Year Over Year Growth 9.2% 24.8% 11.0% 44.5% 10.4% 9.0% 20.9% 8.0% 52.9% 9.2% $25.0 +$1.9 $26.0 +$1.0 1) Includes $1.5 billion of PPP loans as of December 31, 2020. $27.1 +$1.0

12 12 $24.8 +$2.0 Dollars in billions, unless otherwise indicated Five Quarter Deposit Growth and Composition Highlights 12 Total Deposits Qtr. Change $22.8 +$0.4 Quarter-over-quarter deposit growth of $3.1 billion driven by (in millions): Savings and MMDA $ 1,839 Interest-Bearing DDA 842 Non-Interest Bearing DDA 450 Offset by decreases in: CDs (43) Total $ 3,088 Year-over-year deposit growth of $9.1 billion driven by (in millions): Non-Interest Bearing DDA $ 4,925 Savings and MMDA 3,293 Interest-Bearing DDA 1,636 Offset by decreases in: CDs (720) Total $ 9,134 $9.1 Billion Year Over Year Growth $8.5 $9.9 $12.2 $13.0 $13.5 $2.8 $3.5 $3.5 $3.6 $4.4$9.1 $9.0 $9.8 $10.6 $12.4 $2.4 $2.4 $2.0 $1.7 $1.7 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Non-Interest Bearing DDA Interest Bearing DDA Savings and MMDA CDs 10.4% 40.0% 12.1% 37.5% 5.2% 38.9% 13.8% 42.1% $27.5 +$2.7 $28.8 +$1.3 $31.9 +$3.1

13 13 $180 $104 $396 $477 $451 0.86% 0.45% 1.58% 1.83% 1.67% -2.00% -1.00% 0.00% 1.00% 2.00% $0 $100 $200 $300 $400 $500 $600 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Special Mention Loans SM to Funded Loans $14 $11 $9 $9 $2 $56 $86 $140 $146 $115 $91 $150 $149 $171 $107 $0 $50 $100 $150 $200 $250 $300 $350 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 OREO Non-Performing Loans Classified Accruing Loans $298 1) Includes HFS loans Dollars in millions Asset Quality 13 0.64% 0.85% 0.94% 0.98% 0.61% 0.26% 0.33% 0.47% 0.47% 0.32% 0.00% 0.50% 1.00% Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Classified Assets to Total Assets Non-Performing Loans + OREO to Total Assets $247 $161 Asset Quality Ratios 1 Q4 2020 Highlights • At quarter end, total deferrals were $190MM (70bps of Total Loans) including $77.3MM of residential forbearance • Total Classified Assets of $224 million (61bps to Total Assets) decreased $102 million in Q4 – Classified Asset reduction due to credit upgrades and refinance activity away from WAL – Non-Performing Loans + OREO of $117 million (32bps to Total Assets) a decrease of $38 million in Q4 • Over last 5+ years, less than 1% of Special Mention loans have migrated to loss Classified Assets $224 $326 Special Mention Loans

14 14 0.84% 1.14% 1.39% 1.37% 1.17% 120% 112% 120% 112% 142% 50% 70% 90% 110% 130% 150% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Total Loan ACL / Funded Loans Total Loan ACL / Non-Performing Loans + Classified Loans $2.1 $0.1 $5.7 $8.8 $5.7 -$6.0 -$4.0 -$2.0 $0.0 $2.0 $4.0 $6.0 $8.0 Dollars in millions 14 Credit Losses and ACL Ratios Gross Charge-offs and Recoveries Q4 2020 Highlights • Provision expense release of $34.2 million, driven by improved macroeconomic factors and loan growth in lower loss segments • Total Loan ACL / Funded Loans decreased 20bps to 1.17% in Q4 as a result of provision expense release − Excluding PPP at 1.24% • Net Charge-Offs of $3.9 million, 6bps, compared to $8.2 million, 13bps, in Q3-20 ($0.9) ($3.3) ($0.2) ($0.6) ($1.8) ($8.0) ($6.0) ($4.0) ($2.0) . RecoveriesGross Charge-Offs Loan ACL Adequacy Ratios Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Allowance for Credit Losses 1) Included as a component of other liabilities on the balance sheet $168 $235 $311 $311 $279 $9 $30 $36 $44 $37 $7 $3 $7 $6 $7 $0 $50 $100 $150 $200 $250 $300 $350 $400 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Allowance for Loan & Lease Losses Unfunded Loan Commits. Credit Discounts HTM Securities 1

15 15 203% 218% 61% 81% 2014 2015 2016 2017 2018 2019 MRQ WAL WAL with Dividends Added Back Peer Avg Peer Avg with Dividends Added Back Capital Accumulation 15 1) Refer to slide 2 for further discussion of Non-GAAP financial measures 2) MRQ is Q4-20 for WAL and Q3-20 for WAL Peers Note: Peers consist of 60 major exchange traded banks with total assets between $15B and $150B as of September 30, 2020, excluding target banks of pending acquisitions; S&P Global Market Intelligence. 10.6% 10.0% 10.2% 10.0% 9.9% 11.3% 11.0% 11.2% 11.4% 10.3% 9.4% 8.9% 8.9% 8.6% 9.0% 8.7% 8.1% 8.3% Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 CET1 Peer CET1 TCE/TA Peer TCE/TA Robust Capital Levels Q4 2020 Highlights Common Equity Tier 1 • CET1 remains strong at 9.9% Tangible Common Equity / Tangible Assets1 • TCE / TA decreased 30bps from the prior quarter to 8.6% − Excluding PPP loans 8.9% Tangible Book Value per Share1 • Q4 TBVPS grew $1.87 to $30.90, or 16.4% year- over-year • Tangible book value per share has increased 3x that of peers over the last 6 years 1 1 Long Term Growth in TBV per Share1 2

16 16 Management Outlook 16 • Balance Sheet Growth • Interest Margin • Pre-Provision Net Revenue • Asset Quality • Capital and Liquidity

17 Questions and Answers 17

XML

DEI Document	Jan. 21, 2021
Entity Information [Line Items]
Entity Central Index Key	0001212545
Amendment Flag	false
Document Type	8-K
Document Period End Date	Jan. 21, 2021
Entity Incorporation, State or Country Code	DE
Entity File Number	001-32550
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Tax Identification Number	88-0365922
Entity Registrant Name	WESTERN ALLIANCE BANCORPORATION
Entity Address, Address Line One	One E. Washington Street
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85004
City Area Code	602
Local Phone Number	389-3500
Common Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.0001 Par Value
Trading Symbol	WAL
Security Exchange Name	NYSE
Subordinated Debt [Member]
Entity Information [Line Items]
Title of 12(b) Security	6.25% Subordinated Debentures due 2056
Trading Symbol	WALA
Security Exchange Name	NYSE