Western Alliance Bancorporation (WAL)

Western Alliance Bank Named Phoenix Business of the Year by Greater Phoenix ChamberJune 10, 2026 5:37 PM
Business Wire Top honor recognizes growth, community investment and workplace culture Western Alliance Bank (NYSE:WAL) has been named Phoenix Business of the Year, the top honor given in the Greater Phoenix Chamber’s Excellence in Business Awards, announced June 9, 2026. Western Alliance was the winner in the midsize-to-large-business category of the Excellence in Business Awards. The award recognizes Western Alliance as Arizona’s largest local bank and highlights its business growth, national banking capabilities, workplace culture and investment in the Phoenix community. Headquartered in Phoenix, Western Alliance serves businesses and consumers nationwide through specialized, industry-focused banking groups. The company employs more than 3,500 people across 34 states. “We are proud to receive this recognition from the Greater Phoenix Chamber,” said Kenneth Vecchione, President and CEO of Western Alliance Bank. “Our focus stays simple: strong relationships, specialized expertise and a clear commitment to helping clients grow, while contributing meaningfully to Arizona’s economy.” The Excellence in Business Awards have recognized companies that drive growth and opportunity in Arizona for nearly four decades. Western Alliance’s community impact includes: Financial literacy and workforce readiness: Supporting students and early-career talent through Junior Achievement and broader workforce development investments, including more than $266,000 in workforce and financial literacy initiatives and $6.5 million in community development loans supporting schools, and more than $100 million in small business loans. National service leadership: Serving as a major national sponsor of 9/11 Day, the country’s largest annual day of charitable service, mobilizing community engagement at scale. Affordable housing and community development: Delivering meaningful impact through more than $980 million in affordable housing and community development loans, helping create over 4,400 housing units in Phoenix and across its national footprint. Local investment: $100,000 contribution to expand dental care access for Arizona veterans. Public safety support: Donation of 10 electric patrol bikes to the Phoenix Police Department. About Western Alliance Bank Western Alliance Bancorporation (NYSE: WAL) is one of the country’s top-performing banking companies and has ranked as a top U.S. bank by American Banker and Bank Director since 2016. Its primary subsidiary, Western Alliance Bank, is a leading national bank for business that puts customers first, delivering tailored business banking solutions and consumer products backed by outstanding, personalized service and specific expertise in more than 30 industries and sectors. With $90 billion in assets and offices nationwide, Western Alliance excels at helping businesses of all sizes capitalize on their opportunities to solve today and succeed tomorrow. For more information on our offerings, subsidiaries and affiliates, visit Western Alliance Bank, Member FDIC, or follow us on LinkedIn. View source version on businesswire.com: https://www.businesswire.com/news/home/20260610129572/en/ Media Contact:
Nicole Johnson
Director, Brand & PR
602.661.6053
Nicole.johnson@westernalliancebank.com Original: Western Alliance Bank Named Phoenix Business of the Year by Greater Phoenix Chamber

Western Alliance Bank Names Brad Alvarez to Lead National Business Development for Business Escrow Services and M&A Specialty ServicesJune 9, 2026 12:33 PM
Business Wire Move accelerates expansion and growth of M&A escrow and sponsor services Western Alliance Bank (NYSE: WAL) today announced the promotion of Brad Alvarez to Managing Director, Business Development and Strategic Partnerships for its national Business Escrow Services Group and M&A specialty services platform. He will lead the national sales team focused on expanding client relationships and driving continued growth across the platform. The move comes as demand grows for specialized escrow and transaction support. Alvarez, who joined Western Alliance in 2025, is an attorney with deep expertise in private equity, portfolio company operations and mergers and acquisitions. Since joining the bank, he has been instrumental in the strategic growth of the Business Escrow Services Group, combining strong client conversion with a proven ability to scale and lead high performing teams. His insight into transaction execution and complex deal structures has positioned the platform for continued international expansion. “Brad made an immediate impact with his legal and transactional experience and his ability to connect with clients navigating complex deals,” said Dale Gibbons, Vice Chairman, Chief Banking Officer, Deposits and Innovation, Western Alliance Bank. In addition to leading business development, Alvarez will continue to play a central role in advancing the bank’s Sponsor Services offering, applying his expertise in sponsor expectations and operational pain points to inform the team’s product development and delivery. "Brad brings a unique combination of technical expertise and real client credibility in the market,” said Heather Kelly, Senior Managing Director and Head of Business Escrow Services. “He understands how complex transactions come together and how to translate them into consistent results for clients, raising the standard in our space.” Before joining Western Alliance, Alvarez was Vice President of Legal for Percheron Capital, a high-growth private equity firm specializing in platform investments and roll-up acquisition strategies. Previously, he practiced M&A law at Latham & Watkins, advising strategic acquirers on transactions totaling more than $30 billion. He began his career in the investment banking division at Credit Suisse. “In today’s competitive M&A environment, clients value speed, clarity and access,” Alvarez said. “We focus on delivering all three by connecting clients with key decision-makers, enabling faster execution and more responsive support than traditional providers, helping them execute complex and international transactions with confidence.” Western Alliance Business Escrow Services, a national specialty banking group within Western Alliance Bank, is a trusted resource for strategic buyers, top-tier law firms, private equity firms and other stakeholders in mergers, acquisitions, asset purchases and other business escrow transactions. The group tailors paying agent and escrow services related to these complex transactions at every stage of the deal, from pre-closing to post-closing, with a flexible client-first approach. For more information, visit Western Alliance Business Escrow Services. About Western Alliance Bank Western Alliance Bancorporation (NYSE:WAL) is one of the country’s top-performing banking companies and has ranked as a top U.S. bank by American Banker and Bank Director since 2016. Its primary subsidiary, Western Alliance Bank, is a leading national bank for business that puts customers first, delivering tailored business banking solutions and consumer products backed by outstanding, personalized service and specific expertise in more than 30 industries and sectors. With $90 billion in assets and offices nationwide, Western Alliance excels at helping businesses of all sizes capitalize on their opportunities to solve today and succeed tomorrow. For more information on our offerings, subsidiaries and affiliates, visit Western Alliance Bank, Member FDIC, or follow us on LinkedIn. View source version on businesswire.com: https://www.businesswire.com/news/home/20260609806218/en/ Media contact: Nicole Johnson, nicole.johnson@westernalliancebank.com Original: Western Alliance Bank Names Brad Alvarez to Lead National Business Development for Business Escrow Services and M&A Specialty Services

AmeriHome Correspondent Named #2 Mortgage Lender from Scotsman Guide's 2026 Top Mortgage LendersJune 8, 2026 6:01 PM
Business Wire Recognized as one of the nation’s highest-producing residential mortgage lenders in 2026 AmeriHome Mortgage Company, a subsidiary of Western Alliance Bank, is proud to announce its inclusion in Scotsman Guide’s highly acclaimed 2026 Top Mortgage Lenders rankings in the following categories: This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260608357527/en/ #2 Overall Ranking, Top Mortgage Lenders #2 Correspondent Ranking, Top Mortgage Lenders #2 FHA Ranking, Top Mortgage Lenders #3 VA Ranking, Top Mortgage Lenders Scotsman Guide’s Top Mortgage Lenders rankings have set the standard for organizational excellence in residential lending. Now in their second decade, these rankings have become a trusted industry benchmark. The data undergoes a rigorous verification process, making it a comprehensive measure of performance in the mortgage space. For the 2026 rankings, Scotsman Guide received entries from residential mortgage lenders across the country. Collectively, ranked lenders closed 2,120,340 loans totaling more than $750 billion in volume during 2025, underscoring the scale and significance of the ranked companies. “We are very proud to be included in the 2026 Scotsman Guide Top Mortgage Lender® Rankings,” said Steve Kolker, Managing Director and Chief Production Officer of AmeriHome Mortgage. “Being recognized for this achievement reflects our team's continued dedication, expertise, and commitment to providing exceptional service to our clients. At AmeriHome, we believe that our client’s reputation is our business and we strive to deliver operational excellence that supports their long-term growth goals.” All submissions require written verification of volume and closed loan data from a financial officer or a similar source. This process ensures that Scotsman Guide’s Top Mortgage Lenders rankings remain the most thoroughly reviewed and trusted of their kind. View the full Top Mortgage Lenders rankings at scotsmanguide.com/rankings/top-mortgage-lenders. About AmeriHome AmeriHome is a leading U.S. producer and servicer of residential mortgage loans. Thriving communities are made of homes filled with individuals, families, pets, passions, belongings, and personal stories created over time. At AmeriHome, we are committed to building these communities by empowering people to make informed decisions that lead to financial success and security. We are your partner throughout your home financing journey. With our unique technology platform and unwavering commitment to relationships, reliability, and results, as a subsidiary of Western Alliance Bank, one of the country’s top-performing banking companies, AmeriHome is one of the largest mortgage lenders and correspondent producers in the country. For more information, visit amerihome.com. About Western Alliance Bank Western Alliance Bancorporation (NYSE: WAL) is one of the country’s top-performing banking companies and has ranked as a top U.S. bank by American Banker and Bank Director since 2016. Its primary subsidiary, Western Alliance Bank, is a leading national bank for business that puts customers first, delivering tailored business banking solutions and consumer products backed by outstanding, personalized service and specific expertise in more than 30 industries and sectors. With $90 billion in assets and offices nationwide, Western Alliance excels at helping businesses of all sizes capitalize on their opportunities to solve today and succeed tomorrow. For more information on our offerings, subsidiaries and affiliates, visit Western Alliance Bank, Member FDIC, or follow us on LinkedIn. About Scotsman Guide Scotsman Guide is the only platform built for mortgage professionals that combines vetted direct lenders, curated mortgage news and verified rankings. For more than 30 years, we have empowered mortgage professionals to make informed decisions and grow their business. Our rankings are the gold standard in the mortgage profession. The data verification, comprehensive scope and a legacy of integrity that has made Scotsman Guide’s rankings the most sought-after distinctions in the industry. View source version on businesswire.com: https://www.businesswire.com/news/home/20260608357527/en/ Media Contact
Kristal Bogle
kristal.bogle@amerihome.com Original: AmeriHome Correspondent Named #2 Mortgage Lender from Scotsman Guide's 2026 Top Mortgage Lenders

Western Alliance Bancorporation Reports First Quarter 2026 Financial ResultsApril 21, 2026 4:26 PM
Business Wire
Western Alliance Bancorporation (NYSE:WAL):




Quarter Highlights:








 






 






 






 






 






 






 






 






 






 






 








Net income






 






Earnings per share






 






PPNR1






 






Net interest margin






 






Efficiency ratio1






 






Book value per




common share








$189.2 million






 






$1.65






 






$444.5 million






 






3.54%






 






55.8%






 






$67.03








$251.3 million, as adjusted1






 






$2.22, as adjusted1






 






$394.0 million, as adjusted1






 






 






47.5%, adjusted for deposit costs1






 






$61.14, excluding




goodwill and intangibles1









CEO COMMENTARY:








Western Alliance achieved solid first quarter results featuring robust deposit growth, net interest margin expansion, and core earnings momentum, while taking decisive action to resolve two fraud-related credits, partially offset by gains from a series of well-executed security sales,” said Kenneth A. Vecchione, President and Chief Executive Officer. “Continued business strength drove quarterly loan and deposit growth of $465 million and $5.6 billion, respectively, and generated adjusted earnings per share1 of $2.22, excluding $0.57 of notable items. Net interest margin of 3.54% expanded 3 basis points as the cost of interest-bearing deposits declined 21 basis points, which sustained net interest income despite two fewer days in the quarter. Core asset quality remained stable and steady as the total classified assets ratio declined 9 basis points to 1.08% and net loan charge-offs to average loans1 were 0.39%, excluding fraud-related charge-offs. Overall, tangible book value per share1 climbed 13.0% year-over-year to $61.14 with a stable CET1 ratio of 11.0%, while we completed opportunistic quarterly share repurchases of $50.0 million."









LINKED-QUARTER BASIS






YEAR-OVER-YEAR








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









FINANCIAL HIGHLIGHTS:










Net income of $189.2 million (or $251.3 million, as adjusted1) and earnings per share of $1.65 (or $2.22, as adjusted1), down 35.5% and 36.3%, from $293.2 million and $2.59, respectively







Net income of $189.2 million (or $251.3 million, as adjusted1) and earnings per share of $1.65 (or $2.22, as adjusted1), down 5.0% and 7.8%, from $199.1 million and $1.79, respectively









Net revenue of $1.0 billion, an increase of 3.9%, or $38.0 million, compared to an increase in non-interest expenses of 4.0%, or $22.2 million







Net revenue of $1.0 billion, an increase of 31.0%, or $240.9 million, compared to an increase in non-interest expenses of 14.8%, or $74.0 million









Pre-provision net revenue1 of $444.5 million, up $15.8 million from $428.7 million







Pre-provision net revenue1 of $444.5 million, up $166.9 million from $277.6 million









Effective tax rate of 18.2%, compared to 17.6%







Effective tax rate of 18.2%, compared to 19.2%









FINANCIAL POSITION RESULTS:









HFI loans of $59.1 billion, up $465 million







Increase in HFI loans of $4.4 billion, or 8.0%









Total deposits of $82.7 billion, up $5.6 billion, or 7.2%







Increase in total deposits of $13.4 billion, or 19.3%









HFI loan-to-deposit ratio of 71.5%, down from 76.0%







HFI loan-to-deposit ratio of 71.5%, down from 79.0%









Total equity of $7.9 billion, down $38 million







Increase in total equity of $693 million, or 9.6%









LOANS AND ASSET QUALITY:










Nonperforming (nonaccrual) loans to funded HFI loans of 0.83%, decreased from 0.85%







Nonperforming (nonaccrual) loans to funded HFI loans of 0.83%, increased from 0.82%









Criticized loans of $1.4 billion, up $75 million







Criticized loans of $1.4 billion, down $254 million









Repossessed assets of $123 million, down $14 million from $137 million







Repossessed assets of $123 million, up $72 million from $51 million









Annualized net loan charge-offs to average loans outstanding of 1.45% (or 0.39%, as adjusted1), compared to 0.31%







Annualized net loan charge-offs to average loans outstanding of 1.45% (or 0.39%, as adjusted1), compared to 0.20%








1See Reconciliation of Non-GAAP Financial Measures.







FIRST QUARTER 2026 FINANCIAL RESULTS




LINKED-QUARTER BASIS






YEAR-OVER-YEAR








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








 









KEY PERFORMANCE METRICS:










Net interest margin of 3.54%, increased from 3.51%







Net interest margin of 3.54%, increased from 3.47%









Return on average assets and on tangible common equity1 of 0.80% (or 1.07%, as adjusted1) and 10.5% (or 14.2%, as adjusted1), compared to 1.23% and 16.9%, respectively







Return on average assets and on tangible common equity1 of 0.80% (or 1.07%, as adjusted1) and 10.5% (or 14.2%, as adjusted1), compared to 0.97% and 13.4%, respectively









Tangible common equity ratio1 of 6.8%, decreased from 7.3%







Tangible common equity ratio1 of 6.8%, decreased from 7.2%









CET 1 ratio of 11.0%, flat from the prior quarter







CET 1 ratio of 11.0%, compared to 11.1%









Tangible book value per share1, net of tax, of $61.14, relatively flat from $61.29







Tangible book value per share1, net of tax, of $61.14, an increase of 13.0% from $54.10









Efficiency ratio1 of 55.8%, compared to 55.7%







Efficiency ratio1 of 55.8%, a decrease of 7.7%, from 63.5%









Efficiency ratio, adjusted for deposit costs1 of 47.5%, compared to 46.5%







Efficiency ratio, adjusted for deposit costs1 of 47.5%, a decrease of 8.3%, from 55.8%









Share repurchases of $50.0 million, or 0.7 million shares at $71.61 per share






 








 



1 See Reconciliation of Non-GAAP Financial Measures.







Income Statement


The Company's first quarter 2026 financial results reflect the impact to provision for credit losses, arising from the charge-off of the remaining $126.4 million balance of the LAM loan. This impact was partially offset by $50.5 million in gains from security sales for the quarter. For reconciliations of the non-GAAP financial measures that exclude the effects of these actions, refer to the reconciliations.


Net interest income totaled $766.3 million in the first quarter 2026, which was relatively flat from $766.2 million in the fourth quarter 2025, but represented an increase of $115.7 million, or 17.8%, compared to the first quarter 2025. The slight increase in net interest income from the fourth quarter 2025 was primarily due to lower deposit and borrowing costs and an increase in average interest bearing assets, which were largely offset by declining yields on interest earning assets. The increase in net interest income from the first quarter 2025 was driven by an increase in average interest earning asset balances and lower rates on interest bearing liabilities, partially offset by an increase in average interest bearing liabilities balances and declining yields on interest earning assets.


The Company recorded a provision for credit losses of $213.2 million in the first quarter 2026, an increase of $140.2 million from $73.0 million in the fourth quarter 2025, and an increase of $182.0 million from $31.2 million in the first quarter 2025. The provision for credit losses during the first quarter 2026 was primarily driven by higher net charge-offs totaling $208.5 million, which included a charge-off of $126.4 million for the remaining balance of the LAM loan and a $26.1 million charge-off from the specific reserve previously established on the Cantor loan.


The Company’s net interest margin was 3.54% in the first quarter 2026, an increase from 3.51% in the fourth quarter 2025, and an increase from 3.47% in the first quarter 2025. Net interest margin increased from the fourth quarter 2025 due to lower rates on deposits and short-term borrowings, partially offset by declining yields on interest earning assets. The increase in net interest margin from the first quarter 2025 was primarily driven by a reduction in interest bearing liability costs resulting from a lower rate environment, partially offset by declining yields on interest earning assets.


Non-interest income was $252.6 million for the first quarter 2026, compared to $214.7 million for the fourth quarter 2025, and $127.4 million for the first quarter 2025. The increase in non-interest income of $37.9 million from the fourth quarter 2025 was primarily due to increases in gain on sales of investment securities of $43.1 million and service charges and fees of $14.9 million, partially offset by a lower net gain on mortgage loan origination and sale activities of $18.4 million. The increase in non-interest income of $125.2 million from the first quarter 2025 was primarily driven by increases in gain on sales of investment securities, service charges and fees, net gain on mortgage loan origination and sale activities, and income from equity investments. These increases were partially offset by a decrease in net loan servicing revenue.


Net revenue totaled $1.0 billion for the first quarter 2026, an increase of $38.0 million, or 3.9%, compared to $980.9 million for the fourth quarter 2025, and an increase of $240.9 million, or 31.0%, compared to $778.0 million for the first quarter 2025.


Non-interest expense was $574.4 million for the first quarter 2026, compared to $552.2 million for the fourth quarter 2025, and $500.4 million for the first quarter 2025. The increase in non-interest expense of $22.2 million from the fourth quarter 2025 was primarily due to an increase of $21.2 million in other non-interest expense and $7.0 million in insurance costs. The increase in other non-interest expense was primarily driven by costs associated with Juris banking, which had comparable growth in service charges and fees within non-interest income, as well as OREO-related charges. Insurance costs increased primarily due to a reduction in the FDIC special assessment recognized in the fourth quarter 2025. These increases were partially offset by a $7.9 million reduction in deposit costs. The increase in non-interest expense of $74.0 million from the first quarter 2025 was primarily attributable to increased deposit costs of $26.5 million, increased salaries and employee benefits of $23.1 million, and a $19.4 million increase in other non-interest expense largely related to Juris banking. These increases were partially offset by decreased insurance costs of $13.2 million. The Company's efficiency ratio was 55.8% for the first quarter 2026, compared to 55.7% for the fourth quarter 2025, and 63.5% for the first quarter 2025. The Company’s efficiency ratio, adjusted for deposit costs1, was 47.5% for the first quarter 2026, compared to 46.5% in the fourth quarter 2025, and 55.8% for the first quarter 2025.


Income tax expense was $42.1 million for the first quarter 2026, compared to $62.5 million for the fourth quarter 2025, and $47.3 million for the first quarter 2025. The decrease in income tax expense from the fourth quarter 2025 and the first quarter 2025 was primarily driven by lower pre-tax income.


Net income was $189.2 million (or $251.3 million, as adjusted1) for the first quarter 2026, a decrease of $104.0 million from $293.2 million for the fourth quarter 2025, and a decrease of $9.9 million from $199.1 million for the first quarter 2025. Earnings per share totaled $1.65 (or $2.22, as adjusted1) for the first quarter 2026, compared to $2.59 for the fourth quarter 2025, and $1.79 for the first quarter 2025.


The Company believes its pre-provision net revenue1 ("PPNR") is a key metric for assessing the Company’s earnings power, which it defines as net revenue less non-interest expense. For the first quarter 2026, the Company’s PPNR1 was $444.5 million, up $15.8 million from $428.7 million in the fourth quarter 2025, and up $166.9 million from $277.6 million in the first quarter 2025.


1 See Reconciliation of Non-GAAP Financial Measures.


Balance Sheet


HFI loans, net of deferred fees, totaled $59.1 billion at March 31, 2026, compared to $58.7 billion at December 31, 2025, and $54.8 billion at March 31, 2025. The increase in HFI loans of $465 million from the prior quarter was primarily driven by increases of $295 million and $113 million in commercial and industrial loans and residential real estate loans, respectively. The increase in HFI loans of $4.4 billion from March 31, 2025 was primarily driven by increases of $4.1 billion, $490 million, and $304 million in commercial and industrial, residential real estate, and commercial real estate non-owner occupied loans, respectively, partially offset by a decrease of $424 million in construction and land development loans. HFS loans totaled $3.9 billion at March 31, 2026, $3.5 billion at December 31, 2025, and $3.2 billion at March 31, 2025. The increase in HFS loans of $438 million from December 31, 2025 was primarily driven by increases of $345 million and $113 million in government-insured or guaranteed and agency-conforming mortgage loans, respectively. The increase in HFS loans of $698 million from March 31, 2025 was primarily driven by increases of $689 million and $110 million in government-insured or guaranteed and non-agency mortgage loans, respectively, partially offset by a $167 million decrease in agency-conforming mortgage loans.


The Company's allowance for credit losses on HFI loans consists of an allowance for funded HFI loans and an allowance for unfunded loan commitments. The allowance for loan losses to funded HFI loans ratio was 0.78% at both at March 31, 2026 and December 31, 2025, and 0.71% , and March 31, 2025. The allowance for credit losses, which includes the allowance for unfunded loan commitments, to funded HFI loans ratio was 0.87% at both March 31, 2026 and December 31, 2025, and 0.77% at March 31, 2025. The Company is a party to credit linked note transactions which effectively transfer a portion of the risk of losses on reference pools of loans to the purchasers of the notes. The Company is protected from first credit losses on reference pools of loans totaling $7.9 billion, $8.1 billion, and $8.5 billion as of March 31, 2026, December 31, 2025, and March 31, 2025, respectively, under these transactions. However, as these note transactions are considered to be free standing credit enhancements, the allowance for credit losses cannot be reduced by the expected credit losses that may be mitigated by these notes. Accordingly, the allowance for loan and credit losses ratios include an allowance related to these pools of loans of $11.2 million as of March 31, 2026, $11.8 million as of December 31, 2025, and $11.9 million as of March 31, 2025. The allowance for credit losses to funded HFI loans ratio, adjusted to reduce the HFI loan balance by the amount of loans in covered reference pools, was 1.00% at March 31, 2026, 1.01% at December 31, 2025, and 0.92% at March 31, 2025.


Deposits totaled $82.7 billion at March 31, 2026, an increase of $5.6 billion from December 31, 2025, and an increase of $13.4 billion from $69.3 billion at March 31, 2025. By deposit type, the increase from the prior quarter is primarily attributable to increases of $3.7 billion, $969 million, and $828 million from non-interest bearing deposits, interest-bearing demand deposits and savings and money market accounts, respectively. From March 31, 2025, non-interest bearing deposits, interest-bearing demand deposits, and savings and money market accounts increased $6.1 billion, $3.9 billion, and $3.7 billion, respectively. Non-interest bearing deposits totaled $28.1 billion at March 31, 2026, compared to $24.4 billion at December 31, 2025, and $22.0 billion at March 31, 2025.


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




 






 






Mar 31, 2026






 






Dec 31, 2025






 






Mar 31, 2025








Non-interest bearing






 






34.0






%






 






31.5






%






 






31.8






%








Interest-bearing demand






 






23.4






 






 






23.9






 






 






22.4






 








Savings and money market






 






30.7






 






 






31.9






 






 






31.3






 








Certificates of deposit






 






11.9






 






 






12.7






 






 






14.5






 







The Company’s ratio of HFI loans to deposits was 71.5% at March 31, 2026, compared to 76.0% at December 31, 2025, and 79.0% at March 31, 2025.


Borrowings totaled $5.6 billion at March 31, 2026, $5.2 billion at December 31, 2025, and $4.2 billion at March 31, 2025. Borrowings increased $370 million from December 31, 2025 driven by a $676 million increase in short-term borrowings, partially offset by a $307 million decrease in long-term borrowings. Borrowings increased $1.5 billion from March 31, 2025, reflecting an increase in short-term borrowings of $2.0 billion, partially offset by a $529 million decrease in long-term borrowings.


Qualifying debt totaled $1.1 billion at March 31, 2026, consistent with the balance at December 31, 2025, and up from $898 million at March 31, 2025. The increase in qualifying debt from March 31, 2025 was primarily due to the issuance of $400 million of subordinated debt during the quarter ended December 31, 2025, partially offset by the repayment of $225 million of subordinated debt during the quarter ended June 30, 2025.


Total equity was $7.9 billion at March 31, 2026, relatively flat from December 31, 2025, and up from $7.2 billion at March 31, 2025. Total equity was flat from the prior quarter, primarily due to net income of $189.2 million, partially offset by changes in accumulated other comprehensive income of $112 million and cash dividends paid during the first quarter, comprised of $46.1 million, or $0.42 per common share, $3.2 million or $0.27 per depositary share, and $7.1 million on preferred stock of the Company's REIT subsidiary. In addition, the Company repurchased 0.7 million shares for $50.0 million during the first quarter of 2026 under the Company's $300 million share repurchase program. The increase in equity from March 31, 2025 was primarily driven by net income, partially offset by dividends to stockholders and share repurchases.


The Company's common equity tier 1 capital ratio was 11.0% at March 31, 2026 and December 31, 2025, compared to 11.1% at March 31, 2025. At March 31, 2026, tangible common equity, net of tax1, was 6.8% of tangible assets1 and total capital was 14.4% of risk-weighted assets. The Company’s tangible book value per share1 was $61.14 at March 31, 2026, relatively flat from $61.29 at December 31, 2025, and an increase of 13.0% from $54.10 at March 31, 2025. The increase in tangible book value per share from March 31, 2025 was primarily attributable to net income.


Total assets increased $6.1 billion, or 6.6%, to $98.9 billion at March 31, 2026 from $92.8 billion at December 31, 2025, and increased 19.0% from $83.0 billion at March 31, 2025. The increase in total assets from December 31, 2025 was primarily driven by increased cash as well as HFI and HFS loans. The increase in total assets from March 31, 2025 was primarily driven by increased cash, investment securities, and HFI and HFS loans.


1 See Reconciliation of Non-GAAP Financial Measures.


Asset Quality


Provision for credit losses totaled $213.2 million for the first quarter 2026, compared to $73.0 million for the fourth quarter 2025, and $31.2 million for the first quarter 2025. Net loan charge-offs in the first quarter 2026 totaled $208.5 million, or 1.45% of average loans (annualized), compared to $44.6 million, or 0.31%, in the fourth quarter 2025, and $25.8 million, or 0.20%, in the first quarter 2025. Net loan charge-offs for the first quarter 2026 included charge-offs for the LAM and Cantor loans totaling $152.5 million. Excluding these two fraud-related charge-offs, net loan charge-offs1 were $56.0 million, or 0.39% of average loans (annualized)1 in the first quarter 2026.


Nonaccrual loans decreased $8 million to $492 million during the quarter and increased $41 million from March 31, 2025. Loans past due 90 days and still accruing interest totaled $56 million at March 31, 2026, $66 million at December 31, 2025, and $44 million at March 31, 2025 (excluding government guaranteed loans of $288 million, $290 million, and $275 million, respectively). Loans past due 30-89 days and still accruing interest totaled $157 million at March 31, 2026, an increase from $108 million at December 31, 2025, and a decrease from $182 million at March 31, 2025 (excluding government guaranteed loans of $94 million, $145 million, and $161 million, respectively). Criticized loans of $1.4 billion increased $75 million during the quarter and decreased $254 million from March 31, 2025.


Repossessed assets totaled $123 million at March 31, 2026, compared to $137 million at December 31, 2025, and $51 million at March 31, 2025. Classified assets of $1.1 billion at March 31, 2026 decreased $18 million from December 31, 2025, and decreased $125 million from March 31, 2025.


The ratio of classified assets to Tier 1 capital plus the allowance for credit losses2, a common regulatory measure of asset quality, was 13.0% at March 31, 2026, compared to 13.3% at December 31, 2025, and 15.9% at March 31, 2025.


1 See Reconciliation of Non-GAAP Financial Measures.

2 The allowance for credit losses used in this ratio is calculated in accordance with regulatory capital rules.


Conference Call and Webcast


Western Alliance Bancorporation will host a conference call and live webcast to discuss its first quarter 2026 financial results at 12:00 p.m. ET on Wednesday, April 22, 2026. Participants may access the call by dialing 1-888-596-4144 and using access code 9350603 or via live audio webcast using the website link https://events.q4inc.com/attendee/403697580. The webcast is also available via the Company’s website at www.westernalliancebancorporation.com. Participants should log in at least 15 minutes early to receive instructions. The call will be recorded and made available for replay after 3:00 p.m. ET April 22nd through 1:00 p.m. ET April 29th by dialing 1-800-770-2030, using access code 9350603.


Reclassifications


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


Use of Non-GAAP Financial Information


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


Cautionary Note Regarding Forward-Looking Statements


This release contains forward-looking statements that relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Examples of forward-looking statements include, among others, statements we make regarding our expectations with regard to our business, financial and operating results, including our deposits, liquidity and funding, changes in economic conditions and related impacts on the Company's business, future economic performance and dividends. The forward-looking statements contained herein reflect our current views about future events and financial performance and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from historical results and those expressed in any forward-looking statement. Some factors that could cause actual results to differ materially from historical or expected results include, among others: the risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission; adverse developments in the financial services industry generally and any related impact on depositor behavior; risks related to the sufficiency of liquidity; changes in international trade policies, tariffs and treaties affecting imports and exports, trade disputes, barriers to trade or the emergence of other trade restrictions, and their related impacts on macroeconomic conditions and customer behavior; the potential adverse effects of unusual and infrequently occurring events and any governmental or societal responses thereto; changes in general economic conditions, either nationally or locally in the areas in which we conduct or will conduct our business; the impact on financial markets from geopolitical conflicts such as the wars in Ukraine and the Middle East; inflation, interest rate, market and monetary fluctuations; increases in competitive pressures among financial institutions and businesses offering similar products and services; higher defaults on our loan portfolio than we expect; increased foreclosures and ownership of real property; changes in management’s estimate of the adequacy of the allowance for credit losses; technological risks and developments and cyber threats, attacks or events; emerging external focus among regulators and other officials related to risks in connection with the development and use of artificial intelligence; legislative or regulatory changes or changes in accounting principles, policies or guidelines; supervisory actions by regulatory agencies which may limit our ability to pursue certain growth opportunities, including expansion through acquisitions; additional regulatory requirements resulting from our continued growth; management’s estimates and projections of interest rates and interest rate policy; the execution of our business plan; the outcome of legal proceedings regarding the Cantor Group V loan and the Leucadia Asset Management LLC loan, the amount of funds and/or collateral that may be available for repayment of such loans, and any adverse economic or other events impacting the collateral, borrower or guarantors with respect to such loans; and other factors affecting the financial services industry generally or the banking industry in particular.


Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We do not intend and disclaim any duty or obligation to update or revise any industry information or forward-looking statements, whether written or oral, that may be made from time to time, set forth in this press release to reflect new information, future events or otherwise, except to the extent required by applicable law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur, and you should not put undue reliance on any forward-looking statements.


About Western Alliance Bancorporation


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




Western Alliance Bancorporation and Subsidiaries








Summary Consolidated Financial Data








Unaudited






 






 






 






 






 






 








 






 






 






 






 






 






 








 






 






 






 






 






 






 








Selected Balance Sheet Data:






 






 






 






 






 






 








 






 






As of March 31,








 






 






 






2026






 






 






2025






 






Change %








 






 






(in millions)






 






 








Total assets






 






$






98,853






 






$






83,043






 






19.0






%








Loans held for sale






 






 






3,936






 






 






3,238






 






21.6






 








Loans HFI, net of deferred fees






 






 






59,142






 






 






54,761






 






8.0






 








Investment securities






 






 






20,392






 






 






15,868






 






28.5






 








Total deposits






 






 






82,723






 






 






69,322






 






19.3






 








Borrowings






 






 






5,610






 






 






4,151






 






35.1






 








Qualifying debt






 






 






1,072






 






 






898






 






19.4






 








Total equity






 






 






7,908






 






 






7,215






 






9.6






 








Tangible common equity, net of tax (1)






 






 






6,677






 






 






5,973






 






11.8






 








Common equity Tier 1 capital






 






 






7,050






 






 






6,311






 






11.7






 








 






 






 






 






 






 






 








Selected Income Statement Data:






 






 






 






 






 






 








 






 






For the Three Months Ended March 31,








 






 






 






2026






 






 






2025






 






Change %








 






 






(in millions, except per share data)






 






 








Interest income






 






$






1,188.2






 






$






1,095.6






 






8.5






%








Interest expense






 






 






421.9






 






 






445.0






 






(5.2






)








Net interest income






 






 






766.3






 






 






650.6






 






17.8






 








Provision for credit losses






 






 






213.2






 






 






31.2






 






NM






 








Net interest income after provision for credit losses






 






 






553.1






 






 






619.4






 






(10.7






)








Non-interest income






 






 






252.6






 






 






127.4






 






98.3






 








Non-interest expense






 






 






574.4






 






 






500.4






 






14.8






 








Income before income taxes






 






 






231.3






 






 






246.4






 






(6.1






)








Income tax expense






 






 






42.1






 






 






47.3






 






(11.0






)








Net income






 






 






189.2






 






 






199.1






 






(5.0






)








Net income attributable to noncontrolling interest






 






 






7.1






 






 






—






 






NM






 








Net income attributable to Western Alliance






 






 






182.1






 






 






199.1






 






(8.5






)








Dividends on preferred stock






 






 






3.2






 






 






3.2






 






—






 








Net income available to common stockholders






 






$






178.9






 






$






195.9






 






(8.7






)








Diluted earnings per common share






 






$






1.65






 






$






1.79






 






(7.8






)









(1)






See Reconciliation of Non-GAAP Financial Measures.








NM






Changes +/- 100% are not meaningful.







 




Western Alliance Bancorporation and Subsidiaries








Summary Consolidated Financial Data








Unaudited






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 








Common Share Data:






 






 






 






 






 






 






 






 








 






 






At or For the Three Months Ended March 31,








 






 






2026






 






 






2025






 






Change %








Diluted earnings per common share / as adjusted (1)






 






$






1.65






/






$






2.22






 






$






1.79






 






(7.8






)%








Book value per common share






 






 






67.03






 






 






60.03






 






11.7






 








Tangible book value per common share, net of tax (1)






 






 






61.14






 






 






54.10






 






13.0






 








Average common shares outstanding




(in millions):






 






 






 






 






 






 






 






 








Basic






 






 






108.2






 






 






108.8






 






(0.6






)








Diluted






 






 






108.7






 






 






109.6






 






(0.8






)








Common shares outstanding






 






 






109.2






 






 






110.4






 






(1.1






)








 






 






 






 






 






 






 






 






 









Selected Performance Ratios:






 






 






 






 






 






 






 






 








Return on average assets / as adjusted (1, 2)






 






0.80% /






1.07






%






 






0.97






%






 






(17.5






)%








Return on average tangible common equity / as adjusted (1, 2)






 






10.5 /






14.2






 






 






13.4






 






 






(21.6






)








Net interest margin (2)






 






3.54






 






 






3.47






 






 






2.0






 








Efficiency ratio (1)






 






55.8






 






 






63.5






 






 






(12.1






)








Efficiency ratio, adjusted for deposit costs (1)






 






47.5






 






 






55.8






 






 






(14.9






)








HFI loan to deposit ratio






 






71.5






 






 






79.0






 






 






(9.5






)








 






 






 






 






 






 






 






 






 








Asset Quality Ratios:






 






 






 






 






 






 






 






 








Net charge-offs to average loans outstanding / as adjusted (1, 2)






 






1.45% /






0.39






%






 






0.20






%






 






NM






 








Nonaccrual loans to funded HFI loans






 






0.83






 






 






0.82






 






 






1.2






 








Nonaccrual loans and repossessed assets to total assets






 






0.62






 






 






0.60






 






 






3.3






 








Allowance for loan losses to funded HFI loans






 






0.78






 






 






0.71






 






 






9.9






 








Allowance for credit losses to funded HFI loans






 






0.87






 






 






0.77






 






 






13.0






 








Allowance for loan losses to nonaccrual HFI loans






 






94






 






 






86






 






 






9.3






 








Allowance for credit losses to nonaccrual HFI loans






 






105






 






 






94






 






 






11.7






 








 






 






 






 






 






 






 






 






 









Capital Ratios:






 






 






 






 






 






 








 






 






Mar 31, 2026






 






Dec 31, 2025






 






Mar 31, 2025








Tangible common equity (1)






 






6.8






%






 






7.3






%






 






7.2






%








Common Equity Tier 1 (3)






 






11.0






 






 






11.0






 






 






11.1






 








Tier 1 Leverage ratio (3)






 






8.1






 






 






8.2






 






 






8.6






 








Tier 1 Capital (3)






 






12.0






 






 






12.1






 






 






12.3






 








Total Capital (3)






 






14.4






 






 






14.5






 






 






14.5






 









(1)






See Reconciliation of Non-GAAP Financial Measures.








(2)






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








(3)






Capital ratios for March 31, 2026 are preliminary.








NM





Changes +/- 100% are not meaningful.




Western Alliance Bancorporation and Subsidiaries






 






 






 






 








Condensed Consolidated Income Statements






 






 






 






 








Unaudited






 






 






 






 








 






 






Three Months Ended March 31,








 






 






 






2026






 






 






 






2025






 








 






 






(in millions, except per share data)








Interest income:






 






 






 






 








Loans






 






$






915.7






 






 






$






881.0






 








Investment securities






 






 






219.9






 






 






 






168.0






 








Other






 






 






52.6






 






 






 






46.6






 








Total interest income






 






 






1,188.2






 






 






 






1,095.6






 








Interest expense:






 






 






 






 








Deposits






 






 






360.7






 






 






 






378.3






 








Qualifying debt






 






 






13.1






 






 






 






9.3






 








Borrowings






 






 






48.1






 






 






 






57.4






 








Total interest expense






 






 






421.9






 






 






 






445.0






 








Net interest income






 






 






766.3






 






 






 






650.6






 








Provision for credit losses






 






 






213.2






 






 






 






31.2






 








Net interest income after provision for credit losses






 






 






553.1






 






 






 






619.4






 








Non-interest income:






 






 






 






 








Service charges and fees






 






 






88.5






 






 






 






40.5






 








Net gain on mortgage loan origination and sale activities






 






 






72.7






 






 






 






49.5






 








Net loan servicing (loss) revenue






 






 






(1.3






)






 






 






21.8






 








Income from bank owned life insurance






 






 






10.7






 






 






 






11.4






 








Gain on sales of investment securities






 






 






50.5






 






 






 






2.1






 








Fair value gain adjustments, net






 






 






3.1






 






 






 






1.0






 








Income (loss) from equity investments






 






 






13.3






 






 






 






(4.8






)








Other






 






 






15.1






 






 






 






5.9






 








Total non-interest income






 






 






252.6






 






 






 






127.4






 








Non-interest expenses:






 






 






 






 








Salaries and employee benefits






 






 






205.5






 






 






 






182.4






 








Deposit costs






 






 






163.3






 






 






 






136.8






 








Data processing






 






 






53.1






 






 






 






45.2






 








Legal, professional, and directors' fees






 






 






30.6






 






 






 






28.9






 








Insurance






 






 






24.7






 






 






 






37.9






 








Occupancy






 






 






19.2






 






 






 






17.2






 








Loan servicing expenses






 






 






16.7






 






 






 






16.4






 








Business development and marketing






 






 






9.5






 






 






 






5.9






 








Loan acquisition and origination expenses






 






 






7.9






 






 






 






5.2






 








Other






 






 






43.9






 






 






 






24.5






 








Total non-interest expense






 






 






574.4






 






 






 






500.4






 








Income before income taxes






 






 






231.3






 






 






 






246.4






 








Income tax expense






 






 






42.1






 






 






 






47.3






 








Net income






 






 






189.2






 






 






 






199.1






 








Net income attributable to noncontrolling interest






 






 






7.1






 






 






 






—






 








Net income attributable to Western Alliance






 






 






182.1






 






 






 






199.1






 








Dividends on preferred stock






 






 






3.2






 






 






 






3.2






 








Net income available to common stockholders






 






$






178.9






 






 






$






195.9






 








 






 






 






 






 








Earnings per common share:






 






 






 






 








Diluted shares






 






 






108.7






 






 






 






109.6






 








Diluted earnings per share






 






$






1.65






 






 






$






1.79






 









Western Alliance Bancorporation and Subsidiaries








Five Quarter Condensed Consolidated Income Statements








Unaudited






 






 






 






 






 






 






 






 






 






 








 






 






Three Months Ended








 






 






Mar 31, 2026






 






Dec 31, 2025






 






Sep 30, 2025






 






Jun 30, 2025






 






Mar 31, 2025








 






 






(in millions, except per share data)








Interest income:






 






 






 






 






 






 






 






 






 






 








Loans






 






$






915.7






 






 






$






936.2






 






 






$






948.3






 






$






914.3






 






$






881.0






 








Investment securities






 






 






219.9






 






 






 






221.6






 






 






 






231.7






 






 






201.5






 






 






168.0






 








Other






 






 






52.6






 






 






 






59.6






 






 






 






45.5






 






 






38.6






 






 






46.6






 








Total interest income






 






 






1,188.2






 






 






 






1,217.4






 






 






 






1,225.5






 






 






1,154.4






 






 






1,095.6






 








Interest expense:






 






 






 






 






 






 






 






 






 






 








Deposits






 






 






360.7






 






 






 






383.5






 






 






 






398.2






 






 






377.8






 






 






378.3






 








Qualifying debt






 






 






13.1






 






 






 






9.0






 






 






 






6.3






 






 






8.2






 






 






9.3






 








Borrowings






 






 






48.1






 






 






 






58.7






 






 






 






70.6






 






 






70.8






 






 






57.4






 








Total interest expense






 






 






421.9






 






 






 






451.2






 






 






 






475.1






 






 






456.8






 






 






445.0






 








Net interest income






 






 






766.3






 






 






 






766.2






 






 






 






750.4






 






 






697.6






 






 






650.6






 








Provision for credit losses






 






 






213.2






 






 






 






73.0






 






 






 






80.0






 






 






39.9






 






 






31.2






 








Net interest income after provision for credit losses






 






 






553.1






 






 






 






693.2






 






 






 






670.4






 






 






657.7






 






 






619.4






 








Non-interest income:






 






 






 






 






 






 






 






 






 






 








Service charges and fees






 






 






88.5






 






 






 






73.6






 






 






 






40.5






 






 






39.7






 






 






40.5






 








Net gain on mortgage loan origination and sale activities






 






 






72.7






 






 






 






91.1






 






 






 






75.5






 






 






39.4






 






 






49.5






 








Net loan servicing (loss) revenue






 






 






(1.3






)






 






 






(1.4






)






 






 






19.1






 






 






38.3






 






 






21.8






 








Income from bank owned life insurance






 






 






10.7






 






 






 






11.8






 






 






 






11.8






 






 






11.0






 






 






11.4






 








Gain on sales of investment securities






 






 






50.5






 






 






 






7.4






 






 






 






8.5






 






 






11.4






 






 






2.1






 








Fair value gain adjustments, net






 






 






3.1






 






 






 






3.5






 






 






 






8.3






 






 






0.1






 






 






1.0






 








Income (loss) from equity investments






 






 






13.3






 






 






 






12.2






 






 






 






7.8






 






 






2.9






 






 






(4.8






)








Other






 






 






15.1






 






 






 






16.5






 






 






 






16.3






 






 






5.5






 






 






5.9






 








Total non-interest income






 






 






252.6






 






 






 






214.7






 






 






 






187.8






 






 






148.3






 






 






127.4






 








Non-interest expenses:






 






 






 






 






 






 






 






 






 






 








Salaries and employee benefits






 






 






205.5






 






 






 






201.7






 






 






 






193.5






 






 






179.9






 






 






182.4






 








Deposit costs






 






 






163.3






 






 






 






171.2






 






 






 






175.1






 






 






147.4






 






 






136.8






 








Data processing






 






 






53.1






 






 






 






48.9






 






 






 






48.1






 






 






45.0






 






 






45.2






 








Legal, professional, and directors' fees






 






 






30.6






 






 






 






33.6






 






 






 






28.1






 






 






25.3






 






 






28.9






 








Insurance






 






 






24.7






 






 






 






17.7






 






 






 






24.5






 






 






37.4






 






 






37.9






 








Occupancy






 






 






19.2






 






 






 






19.7






 






 






 






16.8






 






 






16.9






 






 






17.2






 








Loan servicing expenses






 






 






16.7






 






 






 






17.7






 






 






 






15.0






 






 






20.1






 






 






16.4






 








Business development and marketing






 






 






9.5






 






 






 






11.1






 






 






 






5.6






 






 






6.1






 






 






5.9






 








Loan acquisition and origination expenses






 






 






7.9






 






 






 






7.9






 






 






 






7.3






 






 






5.8






 






 






5.2






 








Other






 






 






43.9






 






 






 






22.7






 






 






 






30.4






 






 






30.8






 






 






24.5






 








Total non-interest expense






 






 






574.4






 






 






 






552.2






 






 






 






544.4






 






 






514.7






 






 






500.4






 








Income before income taxes






 






 






231.3






 






 






 






355.7






 






 






 






313.8






 






 






291.3






 






 






246.4






 








Income tax expense






 






 






42.1






 






 






 






62.5






 






 






 






53.3






 






 






53.5






 






 






47.3






 








Net income






 






 






189.2






 






 






 






293.2






 






 






 






260.5






 






 






237.8






 






 






199.1






 








Net income attributable to noncontrolling interest






 






 






7.1






 






 






 






7.1






 






 






 






7.1






 






 






7.4






 






 






—






 








Net income attributable to Western Alliance






 






 






182.1






 






 






 






286.1






 






 






 






253.4






 






 






230.4






 






 






199.1






 








Dividends on preferred stock






 






 






3.2






 






 






 






3.2






 






 






 






3.2






 






 






3.2






 






 






3.2






 








Net income available to common stockholders






 






$






178.9






 






 






$






282.9






 






 






$






250.2






 






$






227.2






 






$






195.9






 








 






 






 






 






 






 






 






 






 






 






 








Earnings per common share:






 






 






 






 






 






 






 






 






 






 








Diluted shares






 






 






108.7






 






 






 






109.3






 






 






 






109.8






 






 






109.6






 






 






109.6






 








Diluted earnings per share






 






$






1.65






 






 






$






2.59






 






 






$






2.28






 






$






2.07






 






$






1.79






 









Western Alliance Bancorporation and Subsidiaries








Five Quarter Condensed Consolidated Balance Sheets








Unaudited






 






 






 






 






 






 






 






 






 






 








 






 






Mar 31, 2026






 






Dec 31, 2025






 






Sep 30, 2025






 






Jun 30, 2025






 






Mar 31, 2025








 






 






(in millions)








Assets:






 






 






 






 






 






 






 






 






 






 








Cash and due from banks






 






$






8,554






 






 






$






3,596






 






 






$






5,756






 






 






$






2,767






 






 






$






3,279






 








Investment securities






 






 






20,392






 






 






 






20,438






 






 






 






18,841






 






 






 






18,601






 






 






 






15,868






 








Loans held for sale






 






 






3,936






 






 






 






3,498






 






 






 






3,502






 






 






 






3,022






 






 






 






3,238






 








Loans held for investment:






 






 






 






 






 






 






 






 






 






 








Commercial and industrial






 






 






28,223






 






 






 






27,928






 






 






 






25,734






 






 






 






24,920






 






 






 






24,117






 








Commercial real estate - non-owner occupied






 






 






10,344






 






 






 






10,340






 






 






 






10,487






 






 






 






10,255






 






 






 






10,040






 








Commercial real estate - owner occupied






 






 






1,711






 






 






 






1,683






 






 






 






1,682






 






 






 






1,749






 






 






 






1,787






 








Construction and land development






 






 






4,080






 






 






 






4,055






 






 






 






4,065






 






 






 






4,526






 






 






 






4,504






 








Residential real estate






 






 






14,765






 






 






 






14,652






 






 






 






14,651






 






 






 






14,465






 






 






 






14,275






 








Consumer






 






 






19






 






 






 






19






 






 






 






27






 






 






 






24






 






 






 






38






 








Loans HFI, net of deferred fees






 






 






59,142






 






 






 






58,677






 






 






 






56,646






 






 






 






55,939






 






 






 






54,761






 








Allowance for loan losses






 






 






(461






)






 






 






(461






)






 






 






(440






)






 






 






(395






)






 






 






(389






)








Loans HFI, net of deferred fees and allowance






 






 






58,681






 






 






 






58,216






 






 






 






56,206






 






 






 






55,544






 






 






 






54,372






 








Mortgage servicing rights






 






 






1,516






 






 






 






1,494






 






 






 






1,213






 






 






 






1,044






 






 






 






1,241






 








Premises and equipment, net






 






 






480






 






 






 






442






 






 






 






416






 






 






 






365






 






 






 






361






 








Operating lease right-of-use asset






 






 






125






 






 






 






131






 






 






 






134






 






 






 






130






 






 






 






125






 








Other assets acquired through foreclosure, net






 






 






123






 






 






 






137






 






 






 






130






 






 






 






218






 






 






 






51






 








Bank owned life insurance






 






 






1,067






 






 






 






1,057






 






 






 






1,045






 






 






 






1,033






 






 






 






1,022






 








Goodwill and other intangibles, net






 






 






646






 






 






 






649






 






 






 






651






 






 






 






653






 






 






 






656






 








Other assets






 






 






3,333






 






 






 






3,116






 






 






 






3,076






 






 






 






3,348






 






 






 






2,830






 








Total assets






 






$






98,853






 






 






$






92,774






 






 






$






90,970






 






 






$






86,725






 






 






$






83,043






 








Liabilities and stockholders' equity:






 






 






 






 






 






 






 






 






 






 








Liabilities:






 






 






 






 






 






 






 






 






 






 








Deposits






 






 






 






 






 






 






 






 






 






 








Non-interest bearing deposits






 






$






28,078






 






 






$






24,353






 






 






$






26,628






 






 






$






22,997






 






 






$






22,009






 








Interest bearing:






 






 






 






 






 






 






 






 






 






 








Demand






 






 






19,385






 






 






 






18,416






 






 






 






16,422






 






 






 






15,674






 






 






 






15,507






 








Savings and money market






 






 






25,414






 






 






 






24,586






 






 






 






24,627






 






 






 






22,231






 






 






 






21,728






 








Certificates of deposit






 






 






9,846






 






 






 






9,804






 






 






 






9,570






 






 






 






10,205






 






 






 






10,078






 








Total deposits






 






 






82,723






 






 






 






77,159






 






 






 






77,247






 






 






 






71,107






 






 






 






69,322






 








Borrowings






 






 






5,610






 






 






 






5,240






 






 






 






3,862






 






 






 






6,052






 






 






 






4,151






 








Qualifying debt






 






 






1,072






 






 






 






1,076






 






 






 






681






 






 






 






678






 






 






 






898






 








Operating lease liability






 






 






154






 






 






 






160






 






 






 






164






 






 






 






160






 






 






 






154






 








Accrued interest payable and other liabilities






 






 






1,386






 






 






 






1,193






 






 






 






1,326






 






 






 






1,321






 






 






 






1,303






 








Total liabilities






 






 






90,945






 






 






 






84,828






 






 






 






83,280






 






 






 






79,318






 






 






 






75,828






 








Equity:






 






 






 






 






 






 






 






 






 






 








Preferred stock






 






 






295






 






 






 






295






 






 






 






295






 






 






 






295






 






 






 






295






 








Common stock and additional paid-in capital






 






 






2,036






 






 






 






2,095






 






 






 






2,140






 






 






 






2,136






 






 






 






2,125






 








Retained earnings






 






 






5,740






 






 






 






5,607






 






 






 






5,371






 






 






 






5,165






 






 






 






4,980






 








Accumulated other comprehensive loss






 






 






(456






)






 






 






(344






)






 






 






(409






)






 






 






(482






)






 






 






(478






)








Total Western Alliance stockholders' equity






 






 






7,615






 






 






 






7,653






 






 






 






7,397






 






 






 






7,114






 






 






 






6,922






 








Noncontrolling interest in subsidiary






 






 






293






 






 






 






293






 






 






 






293






 






 






 






293






 






 






 






293






 








Total equity






 






 






7,908






 






 






 






7,946






 






 






 






7,690






 






 






 






7,407






 






 






 






7,215






 








Total liabilities and equity






 






$






98,853






 






 






$






92,774






 






 






$






90,970






 






 






$






86,725






 






 






$






83,043






 









Western Alliance Bancorporation and Subsidiaries








Changes in the Allowance For Credit Losses on Loans








Unaudited






 






 






 






 






 






 






 






 






 






 








 






 






Three Months Ended








 






 






Mar 31, 2026






 






Dec 31, 2025






 






Sep 30, 2025






 






Jun 30, 2025






 






Mar 31, 2025








 






 






(dollars in millions)








Allowance for loan losses






 






 






 






 






 






 






 






 






 






 








Balance, beginning of period






 






$






460.6






 






 






$






440.4






 






 






$






394.7






 






 






$






388.6






 






 






$






373.8






 








Provision for credit losses (1)






 






 






209.0






 






 






 






64.8






 






 






 






76.8






 






 






 






35.7






 






 






 






40.6






 








Recoveries of loans previously charged-off:






 






 






 






 






 






 






 






 






 






 








Commercial and industrial






 






 






0.6






 






 






 






1.7






 






 






 






0.7






 






 






 






0.6






 






 






 






1.0






 








Commercial real estate - non-owner occupied






 






 






—






 






 






 






—






 






 






 






—






 






 






 






5.1






 






 






 






0.6






 








Commercial real estate - owner occupied






 






 






—






 






 






 






0.4






 






 






 






—






 






 






 






—






 






 






 






0.1






 








Construction and land development






 






 






—






 






 






 






1.5






 






 






 






—






 






 






 






—






 






 






 






—






 








Residential real estate






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 








Consumer






 






 






—






 






 






 






0.1






 






 






 






—






 






 






 






—






 






 






 






—






 








Total recoveries






 






 






0.6






 






 






 






3.7






 






 






 






0.7






 






 






 






5.7






 






 






 






1.7






 








Loans charged-off:






 






 






 






 






 






 






 






 






 






 








Commercial and industrial






 






 






181.4






 






 






 






28.9






 






 






 






12.4






 






 






 






17.0






 






 






 






13.0






 








Commercial real estate - non-owner occupied






 






 






27.7






 






 






 






10.7






 






 






 






12.9






 






 






 






17.4






 






 






 






14.5






 








Commercial real estate - owner occupied






 






 






—






 






 






 






—






 






 






 






—






 






 






 






0.2






 






 






 






—






 








Construction and land development






 






 






—






 






 






 






8.6






 






 






 






6.3






 






 






 






0.6






 






 






 






—






 








Residential real estate






 






 






—






 






 






 






—






 






 






 






—






 






 






 






0.1






 






 






 






—






 








Consumer






 






 






—






 






 






 






0.1






 






 






 






0.2






 






 






 






—






 






 






 






—






 








Total loans charged-off






 






 






209.1






 






 






 






48.3






 






 






 






31.8






 






 






 






35.3






 






 






 






27.5






 








Net loan charge-offs






 






 






208.5






 






 






 






44.6






 






 






 






31.1






 






 






 






29.6






 






 






 






25.8






 








Balance, end of period






 






$






461.1






 






 






$






460.6






 






 






$






440.4






 






 






$






394.7






 






 






$






388.6






 








 






 






 






 






 






 






 






 






 






 






 








Allowance for unfunded loan commitments






 






 






 






 






 






 






 






 






 






 








Balance, beginning of period






 






$






49.6






 






 






$






42.3






 






 






$






39.2






 






 






$






35.1






 






 






$






39.5






 








Provision for (recovery of) credit losses (1)






 






 






3.7






 






 






 






7.3






 






 






 






3.1






 






 






 






4.1






 






 






 






(4.4






)








Balance, end of period (2)






 






$






53.3






 






 






$






49.6






 






 






$






42.3






 






 






$






39.2






 






 






$






35.1






 








 






 






 






 






 






 






 






 






 






 






 








Components of the allowance for credit losses on loans






 






 






 






 






 






 






 






 






 






 








Allowance for loan losses






 






$






461.1






 






 






$






460.6






 






 






$






440.4






 






 






$






394.7






 






 






$






388.6






 








Allowance for unfunded loan commitments






 






 






53.3






 






 






 






49.6






 






 






 






42.3






 






 






 






39.2






 






 






 






35.1






 








Total allowance for credit losses on loans






 






$






514.4






 






 






$






510.2






 






 






$






482.7






 






 






$






433.9






 






 






$






423.7






 








 






 






 






 






 






 






 






 






 






 






 








Net charge-offs to average loans - annualized






 






 






1.45






%






 






 






0.31






%






 






 






0.22






%






 






 






0.22






%






 






 






0.20






%








 






 






 






 






 






 






 






 






 






 






 








Allowance ratios






 






 






 






 






 






 






 






 






 






 








Allowance for loan losses to funded HFI loans (3)






 






 






0.78






%






 






 






0.78






%






 






 






0.78






%






 






 






0.71






%






 






 






0.71






%








Allowance for credit losses to funded HFI loans (3)






 






 






0.87






 






 






 






0.87






 






 






 






0.85






 






 






 






0.78






 






 






 






0.77






 








Allowance for loan losses to nonaccrual HFI loans






 






 






94






 






 






 






92






 






 






 






84






 






 






 






92






 






 






 






86






 








Allowance for credit losses to nonaccrual HFI loans






 






 






105






 






 






 






102






 






 






 






92






 






 






 






102






 






 






 






94






 









(1)






The above tables reflect only the provision for credit losses on funded and unfunded loans. For the three months ended March 31, 2026, provision for credit losses for HTM investment securities totaled $0.5 million. The allowance for credit losses on HTM investment securities totaled $13.4 million as of March 31, 2026








(2)






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








(3)






Ratio includes an allowance for credit losses of $11.2 million as of March 31, 2026 related to a pool of loans covered under three separate credit linked note transactions.








 










Western Alliance Bancorporation and Subsidiaries








Asset Quality Metrics








Unaudited






 






 






 






 






 






 






 






 






 






 








 






 






Three Months Ended








 






 






Mar 31, 2026






 






Dec 31, 2025






 






Sep 30, 2025






 






Jun 30, 2025






 






Mar 31, 2025








 






 






(dollars in millions)








Nonaccrual loans and repossessed assets






 






 






 






 






 






 






 






 






 






 








Nonaccrual loans (1)






 






$






492






 






 






$






500






 






 






$






522






 






 






$






427






 






 






$






451






 








Nonaccrual loans to funded HFI loans






 






 






0.83






%






 






 






0.85






%






 






 






0.92






%






 






 






0.76






%






 






 






0.82






%








Repossessed assets






 






$






123






 






 






$






137






 






 






$






130






 






 






$






218






 






 






$






51






 








Nonaccrual loans and repossessed assets to total assets






 






 






0.62






%






 






 






0.69






%






 






 






0.72






%






 






 






0.74






%






 






 






0.60






%








 






 






 






 






 






 






 






 






 






 






 








Loans Past Due






 






 






 






 






 






 






 






 






 






 








Loans past due 90 days, still accruing (2)






 






$






56






 






 






$






66






 






 






$






49






 






 






$






51






 






 






$






44






 








Loans past due 90 days, still accruing to funded HFI loans (2)






 






 






0.09






%






 






 






0.11






%






 






 






0.09






%






 






 






0.09






%






 






 






0.08






%








Loans past due 30 to 89 days, still accruing (3)






 






$






157






 






 






$






108






 






 






$






196






 






 






$






175






 






 






$






182






 








Loans past due 30 to 89 days, still accruing to funded HFI loans (2)






 






 






0.27






%






 






 






0.18






%






 






 






0.35






%






 






 






0.31






%






 






 






0.33






%








 






 






 






 






 






 






 






 






 






 






 








Other credit quality metrics






 






 






 






 






 






 






 






 






 






 








Special mention loans






 






$






403






 






 






$






325






 






 






$






292






 






 






$






444






 






 






$






460






 








Special mention loans to funded HFI loans






 






 






0.68






%






 






 






0.55






%






 






 






0.52






%






 






 






0.79






%






 






 






0.84






%








 






 






 






 






 






 






 






 






 






 






 








Classified loans on accrual






 






$






455






 






 






$






450






 






 






$






476






 






 






$






615






 






 






$






693






 








Classified loans on accrual to funded HFI loans






 






 






0.77






%






 






 






0.77






%






 






 






0.84






%






 






 






1.10






%






 






 






1.27






%








Classified assets (1)






 






$






1,070






 






 






$






1,088






 






 






$






1,129






 






 






$






1,261






 






 






$






1,195






 








Classified assets to total assets






 






 






1.08






%






 






 






1.17






%






 






 






1.24






%






 






 






1.45






%






 






 






1.44






%









(1)






Includes senior liens acquired to protect the Company's position with respect to its Cantor Group V loan of $13 million as of March 31, 2026.








(2)






Excludes government guaranteed residential mortgage loans of $288 million, $290 million, $282 million, $326 million, and $275 million as of each respective date in the table above.








(3)






Excludes government guaranteed residential mortgage loans of $94 million, $145 million, $149 million, $168 million, and $161 million as of each respective date in the table above.








 










Western Alliance Bancorporation and Subsidiaries






 






 






 






 






 






 






 






 






 






 








Analysis of Average Balances, Yields and Rates






 






 






 






 






 






 






 






 






 






 








Unaudited






 






 






 






 






 






 






 






 






 






 






 






 








 






 






Three Months Ended








 






 






March 31, 2026






 






December 31, 2025








 






 






Average




Balance






 






Interest






 






Average Yield /




Cost






 






Average




Balance






 






Interest






 






Average Yield /




Cost








 






 






(dollars in millions)








Interest earning assets






 






 






 






 






 






 






 






 






 






 






 






 








Loans HFS






 






$






5,469






 






 






$






80.2






 






5.95






%






 






$






5,195






 






 






$






75.2






 






5.74






%








Loans HFI:






 






 






 






 






 






 






 






 






 






 






 






 








Commercial and industrial






 






 






27,560






 






 






 






413.3






 






6.13






 






 






 






26,246






 






 






 






415.1






 






6.32






 








CRE - non-owner occupied






 






 






10,317






 






 






 






169.9






 






6.68






 






 






 






10,454






 






 






 






182.5






 






6.93






 








CRE - owner occupied






 






 






1,694






 






 






 






24.8






 






6.00






 






 






 






1,695






 






 






 






24.0






 






5.74






 








Construction and land development






 






 






3,983






 






 






 






76.4






 






7.79






 






 






 






4,003






 






 






 






82.5






 






8.17






 








Residential real estate






 






 






14,611






 






 






 






150.8






 






4.19






 






 






 






14,690






 






 






 






156.6






 






4.23






 








Consumer






 






 






19






 






 






 






0.3






 






7.48






 






 






 






21






 






 






 






0.3






 






5.34






 








Total HFI loans (1), (2), (3), (4)






 






 






58,184






 






 






 






835.5






 






5.85






 






 






 






57,109






 






 






 






861.0






 






6.01






 








Investment securities:






 






 






 






 






 






 






 






 






 






 






 






 








Taxable






 






 






17,696






 






 






 






195.4






 






4.48






 






 






 






17,690






 






 






 






197.8






 






4.44






 








Tax-exempt






 






 






2,278






 






 






 






24.5






 






5.50






 






 






 






2,212






 






 






 






23.8






 






5.39






 








Total investment securities (1)






 






 






19,974






 






 






 






219.9






 






4.59






 






 






 






19,902






 






 






 






221.6






 






4.54






 








Cash and other






 






 






5,327






 






 






 






52.6






 






4.01






 






 






 






5,633






 






 






 






59.6






 






4.20






 








Total interest earning assets






 






 






88,954






 






 






 






1,188.2






 






5.46






 






 






 






87,839






 






 






 






1,217.4






 






5.54






 








Non-interest earning assets






 






 






 






 






 






 






 






 






 






 






 






 








Cash and due from banks






 






 






543






 






 






 






 






 






 






 






462






 






 






 






 






 








Allowance for loan losses






 






 






(464






)






 






 






 






 






 






 






(459






)






 






 






 






 








Bank owned life insurance






 






 






1,060






 






 






 






 






 






 






 






1,049






 






 






 






 






 








Other assets






 






 






5,509






 






 






 






 






 






 






 






5,310






 






 






 






 






 








Total assets






 






$






95,602






 






 






 






 






 






 






$






94,201






 






 






 






 






 








Interest-bearing liabilities






 






 






 






 






 






 






 






 






 






 






 






 








Interest-bearing deposits:






 






 






 






 






 






 






 






 






 






 






 






 








Interest-bearing demand accounts






 






$






18,946






 






 






$






99.5






 






2.13






%






 






$






17,374






 






 






$






102.2






 






2.33






%








Savings and money market






 






 






24,611






 






 






 






168.7






 






2.78






 






 






 






24,113






 






 






 






180.9






 






2.98






 








Certificates of deposit






 






 






9,724






 






 






 






92.5






 






3.86






 






 






 






9,834






 






 






 






100.4






 






4.05






 








Total interest-bearing deposits






 






 






53,281






 






 






 






360.7






 






2.75






 






 






 






51,321






 






 






 






383.5






 






2.96






 








Short-term borrowings






 






 






2,948






 






 






 






29.5






 






4.05






 






 






 






3,243






 






 






 






33.7






 






4.13






 








Long-term debt






 






 






1,353






 






 






 






18.6






 






5.59






 






 






 






1,723






 






 






 






25.0






 






5.75






 








Qualifying debt






 






 






1,077






 






 






 






13.1






 






4.92






 






 






 






845






 






 






 






9.0






 






4.27






 








Total interest-bearing liabilities






 






 






58,659






 






 






 






421.9






 






2.92






 






 






 






57,132






 






 






 






451.2






 






3.13






 








Interest cost of funding earning assets






 






 






 






1.92






 






 






 






 






 






 






2.04






 








Non-interest-bearing liabilities






 






 






 






 






 






 






 






 






 






 






 






 








Non-interest-bearing deposits






 






 






27,352






 






 






 






 






 






 






 






27,524






 






 






 






 






 








Other liabilities






 






 






1,470






 






 






 






 






 






 






 






1,681






 






 






 






 






 








Equity






 






 






8,121






 






 






 






 






 






 






 






7,864






 






 






 






 






 








Total liabilities and equity






 






$






95,602






 






 






 






 






 






 






$






94,201






 






 






 






 






 








Net interest income and margin (5)






 






 






 






$






766.3






 






3.54






%






 






 






 






$






766.2






 






3.51






%









(1)






Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $10.1 million and $9.9 million for the three months ended March 31, 2026 and December 31, 2025, respectively.








(2)






Included in the yield computation are net loan fees of $23.9 million and $25.0 million for the three months ended March 31, 2026 and December 31, 2025, respectively








(3)






Interest income includes a reduction for earnings credits totaling $48.7 million and $56.6 million for the three months ended March 31, 2026 and December 31, 2025, respectively.








(4)






Includes non-accrual loans.








(5)






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









Western Alliance Bancorporation and Subsidiaries






 






 






 






 






 






 






 






 








Analysis of Average Balances, Yields and Rates






 






 






 






 






 






 






 






 








Unaudited






 






 






 






 






 






 






 






 






 






 






 






 








 






 






Three Months Ended








 






 






March 31, 2026






 






March 31, 2025








 






 






Average




Balance






 






Interest






 






Average Yield /




Cost






 






Average




Balance






 






Interest






 






Average Yield /




Cost








 






 






(dollars in millions)








Interest earning assets






 






 






 






 






 






 






 






 






 






 






 






 








Loans HFS






 






$






5,469






 






 






$






80.2






 






5.95






%






 






$






4,300






 






 






$






66.6






 






6.28






%








Loans HFI:






 






 






 






 






 






 






 






 






 






 






 






 








Commercial and industrial






 






 






27,560






 






 






 






413.3






 






6.13






 






 






 






22,831






 






 






 






365.8






 






6.56






 








CRE - non-owner occupied






 






 






10,317






 






 






 






169.9






 






6.68






 






 






 






10,011






 






 






 






175.1






 






7.10






 








CRE - owner occupied






 






 






1,694






 






 






 






24.8






 






6.00






 






 






 






1,880






 






 






 






28.7






 






6.30






 








Construction and land development






 






 






3,983






 






 






 






76.4






 






7.79






 






 






 






4,407






 






 






 






91.8






 






8.45






 








Residential real estate






 






 






14,611






 






 






 






150.8






 






4.19






 






 






 






14,346






 






 






 






152.2






 






4.30






 








Consumer






 






 






19






 






 






 






0.3






 






7.48






 






 






 






46






 






 






 






0.8






 






6.69






 








Total loans HFI (1), (2), (3), (4)






 






 






58,184






 






 






 






835.5






 






5.85






 






 






 






53,521






 






 






 






814.4






 






6.20






 








Investment securities:






 






 






 






 






 






 






 






 






 






 






 






 








Taxable






 






 






17,696






 






 






 






195.4






 






4.48






 






 






 






13,020






 






 






 






143.5






 






4.47






 








Tax-exempt






 






 






2,278






 






 






 






24.5






 






5.50






 






 






 






2,255






 






 






 






24.5






 






5.52






 








Total investment securities (1)






 






 






19,974






 






 






 






219.9






 






4.59






 






 






 






15,275






 






 






 






168.0






 






4.63






 








Cash and other






 






 






5,327






 






 






 






52.6






 






4.01






 






 






 






4,083






 






 






 






46.6






 






4.63






 








Total interest earning assets






 






 






88,954






 






 






 






1,188.2






 






5.46






 






 






 






77,179






 






 






 






1,095.6






 






5.81






 








Non-interest earning assets






 






 






 






 






 






 






 






 






 






 






 






 








Cash and due from banks






 






 






543






 






 






 






 






 






 






 






331






 






 






 






 






 








Allowance for loan losses






 






 






(464






)






 






 






 






 






 






 






(397






)






 






 






 






 








Bank owned life insurance






 






 






1,060






 






 






 






 






 






 






 






1,015






 






 






 






 






 








Other assets






 






 






5,509






 






 






 






 






 






 






 






4,720






 






 






 






 






 








Total assets






 






$






95,602






 






 






 






 






 






 






$






82,848






 






 






 






 






 








Interest bearing liabilities






 






 






 






 






 






 






 






 






 






 






 






 








Interest bearing deposits:






 






 






 






 






 






 






 






 






 






 






 






 








Interest bearing demand accounts






 






$






18,946






 






 






$






99.5






 






2.13






%






 






$






15,870






 






 






$






99.9






 






2.55






%








Savings and money market accounts






 






 






24,611






 






 






 






168.7






 






2.78






 






 






 






21,206






 






 






 






164.8






 






3.15






 








Certificates of deposit






 






 






9,724






 






 






 






92.5






 






3.86






 






 






 






10,018






 






 






 






113.6






 






4.60






 








Total interest bearing deposits






 






 






53,281






 






 






 






360.7






 






2.75






 






 






 






47,094






 






 






 






378.3






 






3.26






 








Short-term borrowings






 






 






2,948






 






 






 






29.5






 






4.05






 






 






 






1,722






 






 






 






20.8






 






4.89






 








Long-term debt






 






 






1,353






 






 






 






18.6






 






5.59






 






 






 






2,652






 






 






 






36.6






 






5.60






 








Qualifying debt






 






 






1,077






 






 






 






13.1






 






4.92






 






 






 






899






 






 






 






9.3






 






4.18






 








Total interest bearing liabilities






 






 






58,659






 






 






 






421.9






 






2.92






 






 






 






52,367






 






 






 






445.0






 






3.45






 








Interest cost of funding earning assets






 






 






 






1.92






 






 






 






 






 






 






2.34






 








Non-interest bearing liabilities






 






 






 






 






 






 






 






 






 






 






 






 








Non-interest bearing deposits






 






 






27,352






 






 






 






 






 






 






 






22,097






 






 






 






 






 








Other liabilities






 






 






1,470






 






 






 






 






 






 






 






1,485






 






 






 






 






 








Equity






 






 






8,121






 






 






 






 






 






 






 






6,899






 






 






 






 






 








Total liabilities and equity






 






$






95,602






 






 






 






 






 






 






$






82,848






 






 






 






 






 








Net interest income and margin (5)






 






 






 






$






766.3






 






3.54






%






 






 






 






$






650.6






 






3.47






%









(1)






Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $10.1 million and $10.2 million for the three months ended March 31, 2026 and 2025, respectively.








(2)






Included in the yield computation are net loan fees of $23.9 million and $23.8 million for the three months ended March 31, 2026 and 2025, respectively.








(3)






Interest income includes a reduction for earnings credits totaling of $48.7 million and $58.1 million for the three months ended March 31, 2026 and 2025, respectively.








(4)






Includes non-accrual loans.








(5)






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







 




Western Alliance Bancorporation and Subsidiaries








Income Statement Classification of Earnings Credit and Referral Costs








Unaudited







The below table presents the income statement classification for total earnings credit and referral costs incurred on deposits:




 






Three Months Ended








 






Mar 31, 2026






 






Dec 31, 2025






 






Sep 30, 2025






 






Jun 30, 2025






 






Mar 31, 2025








Income statement line item






(in millions)








Interest income (1)






$






48.7






 






$






56.6






 






$






64.9






 






$






61.3






 






$






58.1








Service charges and fees (1)






 






8.3






 






 






7.2






 






 






5.4






 






 






4.4






 






 






4.2








Deposit costs (2)






 






157.3






 






 






165.0






 






 






169.1






 






 






142.8






 






 






129.9








Total earnings credit and referral costs






$






214.3






 






$






228.8






 






$






239.4






 






$






208.5






 






$






192.2









(1)






Earnings credits recorded as a reduction to Interest income and Service charges and fees.








(2)






Deposit costs also included $6.0 million, $6.2 million, $6.0 million, $4.6 million, and $6.9 million in other deposit related costs for each respective period in the table above, primarily associated with reciprocal deposits.









Western Alliance Bancorporation and Subsidiaries








Reconciliation of Non-GAAP Financial Measures








Unaudited









Pre-Provision Net Revenue by Quarter:






 






 






 






 






 






 






 






 






 








 






Three Months Ended








 






Mar 31, 2026






 






Dec 31, 2025






 






Sep 30, 2025






 






Jun 30, 2025






 






Mar 31, 2025








 






(in millions)








Net interest income






$






766.3






 






$






766.2






 






$






750.4






 






$






697.6






 






$






650.6








Total non-interest income






 






252.6






 






 






214.7






 






 






187.8






 






 






148.3






 






 






127.4








Net revenue






$






1,018.9






 






$






980.9






 






$






938.2






 






$






845.9






 






$






778.0








Total non-interest expense






 






574.4






 






 






552.2






 






 






544.4






 






 






514.7






 






 






500.4








Pre-provision net revenue (1)






$






444.5






 






$






428.7






 






$






393.8






 






$






331.2






 






$






277.6








Less:






 






 






 






 






 






 






 






 






 








Provision for credit losses






 






213.2






 






 






73.0






 






 






80.0






 






 






39.9






 






 






31.2








Income tax expense






 






42.1






 






 






62.5






 






 






53.3






 






 






53.5






 






 






47.3








Net income






$






189.2






 






$






293.2






 






$






260.5






 






$






237.8






 






$






199.1









Efficiency Ratio (Tax Equivalent Basis) by Quarter:






 






 






 






 






 






 






 






 






 








 






Three Months Ended








 






Mar 31, 2026






 






Dec 31, 2025






 






Sep 30, 2025






 






Jun 30, 2025






 






Mar 31, 2025








 






(dollars in millions)








Total non-interest expense






$






574.4






 






 






$






552.2






 






 






$






544.4






 






 






$






514.7






 






 






$






500.4






 








Less: Deposit costs






 






163.3






 






 






 






171.2






 






 






 






175.1






 






 






 






147.4






 






 






 






136.8






 








Total non-interest 27expense, excluding deposit costs






 






411.1






 






 






 






381.0






 






 






 






369.3






 






 






 






367.3






 






 






 






363.6






 








Divided by:






 






 






 






 






 






 






 






 






 








Total net interest income






 






766.3






 






 






 






766.2






 






 






 






750.4






 






 






 






697.6






 






 






 






650.6






 








Plus:






 






 






 






 






 






 






 






 






 








Tax equivalent interest adjustment






 






10.1






 






 






 






9.9






 






 






 






9.7






 






 






 






10.2






 






 






 






10.2






 








Total non-interest income






 






252.6






 






 






 






214.7






 






 






 






187.8






 






 






 






148.3






 






 






 






127.4






 








Less: Deposit costs






 






163.3






 






 






 






171.2






 






 






 






175.1






 






 






 






147.4






 






 






 






136.8






 








 






$






865.7






 






 






$






819.6






 






 






$






772.8






 






 






$






708.7






 






 






$






651.4






 








Efficiency ratio (2)






 






55.8






%






 






 






55.7






%






 






 






57.4






%






 






 






60.1






%






 






 






63.5






%








Efficiency ratio, adjusted for deposit costs (2)






 






47.5






%






 






 






46.5






%






 






 






47.8






%






 






 






51.8






%






 






 






55.8






%









Western Alliance Bancorporation and Subsidiaries








Reconciliation of Non-GAAP Financial Measures








Unaudited









Tangible Common Equity:






 






 






 






 






 






 






 






 






 








 






Mar 31, 2026






 






Dec 31, 2025






 






Sep 30, 2025






 






Jun 30, 2025






 






Mar 31, 2025








 






(in millions, except per share data)








Total equity






$






7,908






 






 






$






7,946






 






 






$






7,690






 






 






$






7,407






 






 






$






7,215






 








Less:






 






 






 






 






 






 






 






 






 








Goodwill and intangible assets, net






 






646






 






 






 






649






 






 






 






651






 






 






 






653






 






 






 






656






 








Preferred stock






 






295






 






 






 






295






 






 






 






295






 






 






 






295






 






 






 






295






 








Noncontrolling interest in subsidiary






 






293






 






 






 






293






 






 






 






293






 






 






 






293






 






 






 






293






 








Total tangible common equity






 






6,674






 






 






 






6,709






 






 






 






6,451






 






 






 






6,166






 






 






 






5,971






 








Plus: deferred tax - attributed to intangible assets






 






3






 






 






 






2






 






 






 






2






 






 






 






2






 






 






 






2






 








Total tangible common equity, net of tax






$






6,677






 






 






$






6,711






 






 






$






6,453






 






 






$






6,168






 






 






$






5,973






 








Total assets






$






98,853






 






 






$






92,774






 






 






$






90,970






 






 






$






86,725






 






 






$






83,043






 








Less: goodwill and intangible assets, net






 






646






 






 






 






649






 






 






 






651






 






 






 






653






 






 






 






656






 








Tangible assets






 






98,207






 






 






 






92,125






 






 






 






90,319






 






 






 






86,072






 






 






 






82,387






 








Plus: deferred tax - attributed to intangible assets






 






3






 






 






 






2






 






 






 






2






 






 






 






2






 






 






 






2






 








Total tangible assets, net of tax






$






98,210






 






 






$






92,127






 






 






$






90,321






 






 






$






86,074






 






 






$






82,389






 








Tangible common equity ratio (3)






 






6.8






%






 






 






7.3






%






 






 






7.1






%






 






 






7.2






%






 






 






7.2






%








Common shares outstanding






 






109.2






 






 






 






109.5






 






 






 






110.2






 






 






 






110.4






 






 






 






110.4






 








Tangible book value per share, net of tax (3)






$






61.14






 






 






$






61.29






 






 






$






58.56






 






 






$






55.87






 






 






$






54.10






 









Return on Average Tangible Common Equity:






 






 






 






 






 






 






 






 








 






Three Months Ended








 






Mar 31, 2026






 






Dec 31, 2025






 






Sep 30, 2025






 






Jun 30, 2025






 






Mar 31, 2025








 






(in millions)








Net income available to common shareholders






$






178.9






 






 






$






282.9






 






 






$






250.2






 






 






$






227.2






 






 






$






195.9






 








Divided by:






 






 






 






 






 






 






 






 






 








Average stockholders' equity






 






8,121






 






 






 






7,864






 






 






 






7,607






 






 






 






7,355






 






 






 






6,899






 








Less:






 






 






 






 






 






 






 






 






 








Average goodwill and intangible assets






 






648






 






 






 






650






 






 






 






652






 






 






 






655






 






 






 






658






 








Average preferred stock






 






295






 






 






 






295






 






 






 






295






 






 






 






295






 






 






 






295






 








Average noncontrolling interest






 






293






 






 






 






293






 






 






 






293






 






 






 






293






 






 






 






16






 








Average tangible common equity






$






6,885






 






 






$






6,625






 






 






$






6,366






 






 






$






6,112






 






 






$






5,930






 








Return on average tangible common equity (1)






 






10.5






%






 






 






16.9






%






 






 






15.6






%






 






 






14.9






%






 






 






13.4






%









Western Alliance Bancorporation and Subsidiaries








Reconciliation of Non-GAAP Financial Measures








Unaudited







The adjusted revenue, earnings and return metrics presented below for the three months ended March 31, 2026 exclude the impact to provision for credit losses of charging off the remaining balance of the LAM loan as well as gains from sales of investment securities that were executed as part of the Company's mitigation strategy, as applicable. In addition, net charge-offs for the three months ended March 31, 2026 have been adjusted to exclude the impact of fraud related charge-offs associated with the LAM and Cantor loans.




Net Revenue and Pre-Provision Net Revenue, As Adjusted






 








 






(in millions)








Net revenue






$






1,018.9






 








Adjusted for:






 








Gain on sales of investment securities






 






(50.5






)








Net revenue, as adjusted






$






968.4






 








Total non-interest expense






 






574.4






 








Pre-provision net revenue, as adjusted (1)






$






394.0






 








Less:






 








Provision for credit losses






 






213.2






 








Income tax expense






 






42.1






 








Gain on sales of investment securities






 






(50.5






)








Net income






$






189.2






 









Earnings per Share, As Adjusted:






 








 






(in millions, except per share data)








Net income






$






189.2






 








Adjusted for:






 








Gain on sales of investment securities






 






(50.5






)








Provision for credit losses on LAM






 






126.4






 








Tax effect of adjustments






 






(13.8






)








Net income, as adjusted






 






251.3






 








Net income attributable to noncontrolling interest






 






7.1






 








Dividends on preferred stock






 






3.2






 








Net income available to common stockholders, as adjusted






$






241.0






 








Diluted shares






 






108.7






 








Diluted earnings per share, as adjusted (1)






$






2.22






 









Return on Average Assets, As Adjusted:






 








 






(dollars in millions)








Net income, as adjusted






$






251.3






 








Divided by:






 








Average Assets






$






95,602






 








Return on average assets, as adjusted (1)






 






1.07






%









Return on Average Tangible Common Equity, As Adjusted:






 








 






(dollars in millions)








Net income available to common stockholders, as adjusted






$






241.0






 








Divided by: Average equity






 






8,121






 








Less:






 








Average goodwill and intangible assets






 






648






 








Average preferred stock






 






295






 








Average noncontrolling interest






 






293






 








Average tangible common equity






$






6,885






 








Return on average tangible common equity (1)






 






10.5






%








Return on average tangible common equity, as adjusted (1)






 






14.2






%









Western Alliance Bancorporation and Subsidiaries








Reconciliation of Non-GAAP Financial Measures








Unaudited









Net Charge-Offs and Net Charge-Offs to Average Loans, As Adjusted:






 








 






(dollars in millions)








Net charge-offs






$






208.5






 








Adjusted for fraud related charge-offs:






 








LAM






 






(126.4






)








Cantor






 






(26.1






)








Net charge-offs, as adjusted






$






56.0






 








Divided by: Average HFI loans






 






58,184






 








Net charge-offs to average loans - annualized, as adjusted






 






0.39






%









Non-GAAP Financial Measures Footnotes








 






 






 






 






 






 






 






 






 








(1)






We believe this non-GAAP measurement is a key indicator of the earnings power of the Company.








(2)






We believe this non-GAAP ratio provides a useful metric to measure the efficiency of the Company.








(3)






We believe this non-GAAP metric provides an important metric with which to analyze and evaluate the financial condition and capital strength of the Company.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260420993284/en/
Investors: Miles Pondelik, 602-346-7462

Email: MPondelik@westernalliancebank.com


Media: Stephanie Whitlow, 480-998-6547

Email: SWhitlow@westernalliancebank.com


Original: Western Alliance Bancorporation Reports First Quarter 2026 Financial Results