Western Alliance Bancorporation (NYSE:WAL):

FIRST QUARTER 2025 FINANCIAL RESULTS

Quarter Highlights:

Net income	Earnings per share	PPNR¹	Net interest margin	Efficiency ratio	Book value per common share
$199.1 million	$1.79	$277.6 million	3.47%	63.5%	$60.03
$199.1 million	$1.79	$277.6 million	3.47%	55.8%¹, adjusted for deposit costs	$54.10¹, excluding goodwill and intangibles

CEO COMMENTARY:

"Western Alliance delivered solid first quarter results led by continued loan and deposit growth following the completion of our balance sheet repositioning efforts in 2024," said Kenneth A. Vecchione, President and Chief Executive Officer. "Our deep segment and product expertise enables our business to adapt quickly to an evolving macro environment, while our fortified capital and liquidity levels position the firm to maintain business momentum and prudent credit risk management. Quarterly loan and deposit growth of $1.1 billion and $3.0 billion, respectively, continued their upward trajectory and produced PPNR¹ of $277.6 million. Asset quality remained stable with nonperforming assets declining to 0.60% of total assets and net loan charge-offs declining to 0.20% of average loans. Overall, we achieved net income of $199.1 million and earnings per share of $1.79 for the first quarter 2025, which resulted in a return on tangible common equity¹ of 13.4%. Tangible book value per share¹ climbed 14.4% year-over-year to $54.10 with a CET 1 ratio of 11.1%."

LINKED-QUARTER BASIS	YEAR-OVER-YEAR

FINANCIAL HIGHLIGHTS:
Net income of $199.1 million and earnings per share of $1.79, each down 8.2% from $216.9 million and $1.95, respectively	Net income of $199.1 million and earnings per share of $1.79, up 12.2% and 11.9%, from $177.4 million and $1.60, respectively
Net revenue of $778.0 million, a decrease of 7.2%, or $60.4 million, compared to a decrease in non-interest expenses of 3.6%, or $18.6 million	Net revenue of $778.0 million, an increase of 6.8%, or $49.2 million, compared to an increase in non-interest expenses of 3.9%, or $18.6 million
Pre-provision net revenue¹ of $277.6 million, down $41.8 million from $319.4 million	Pre-provision net revenue¹ of $277.6 million, up $30.6 million from $247.0 million
Effective tax rate of 19.2%, compared to 16.4%	Effective tax rate of 19.2%, compared to 23.5%

FINANCIAL POSITION RESULTS:
HFI loans of $54.8 billion, up $1.1 billion, or 2.0%	Increase in HFI loans of $4.1 billion, or 8.0%
Total deposits of $69.3 billion, up $3.0 billion, or 4.5%	Increase in total deposits of $7.1 billion, or 11.4%
HFI loan-to-deposit ratio of 79.0%, down from 80.9%	HFI loan-to-deposit ratio of 79.0%, down from 81.5%
Equity of $7.2 billion, up $508 million	Increase in equity of $1.0 billion

LOANS AND ASSET QUALITY:
Nonperforming assets (nonaccrual loans and repossessed assets) to total assets of 0.60%, compared to 0.65%	Nonperforming assets to total assets of 0.60%, compared to 0.53%
Annualized net loan charge-offs to average loans outstanding of 0.20%, compared to 0.25%	Annualized net loan charge-offs to average loans outstanding of 0.20%, compared to 0.08%

KEY PERFORMANCE METRICS:
Net interest margin of 3.47%, decreased from 3.48%	Net interest margin of 3.47%, decreased from 3.60%
Return on average assets and on tangible common equity¹ of 0.97% and 13.4%, compared to 1.04% and 14.6%, respectively	Return on average assets and on tangible common equity¹ of 0.97% and 13.4%, compared to 0.98% and 13.4%, respectively
Tangible common equity ratio¹ of 7.2%, flat from prior quarter	Tangible common equity ratio¹ of 7.2%, increased from 6.8%
CET 1 ratio of 11.1%, compared to 11.3%	CET 1 ratio of 11.1%, compared to 11.0%
Tangible book value per share¹, net of tax, of $54.10, an increase of 3.5% from $52.27	Tangible book value per share¹, net of tax, of $54.10, an increase of 14.4% from $47.30
Adjusted efficiency ratio¹ of 55.8%,compared to 51.1%	Adjusted efficiency ratio¹ of 55.8%, compared to 57.3%

See reconciliation of Non-GAAP Financial Measures.

Income Statement

Net interest income totaled $650.6 million in the first quarter 2025, a decrease of $15.9 million, or 2.4%, from $666.5 million in the fourth quarter 2024, and an increase of $51.7 million, or 8.6%, compared to the first quarter 2024. The decrease in net interest income from the fourth quarter 2024 is primarily due to a shorter day count in the first quarter 2025. The increase in net interest income from the first quarter 2024 was driven by an increase in average interest earning asset balances and lower rates on deposits, partially offset by decreased yields on interest earning assets.

The Company recorded a provision for credit losses of $31.2 million in the first quarter 2025, a decrease of $28.8 million from $60.0 million in the fourth quarter 2024, and an increase of $16.0 million from $15.2 million in the first quarter 2024. The provision for credit losses during the first quarter 2025 is primarily reflective of net charge-offs of $25.8 million and loan growth, as well as incremental qualitative adjustments on the CRE and construction portfolios.

The Company's net interest margin in the first quarter 2025 was 3.47%, a decrease from 3.48% in the fourth quarter 2024, and a decrease from 3.60% in the first quarter 2024. The decrease in net interest margin from the fourth quarter 2024 was driven by lower yields on interest earning assets, partially offset by lower rates on interest-bearing liabilities due to a reduction in the federal funds target rate. The decrease in net interest margin from the first quarter 2024 was driven primarily by higher loan and securities balances, coupled with a lower rate environment that reduced yields on interest earning assets.

Non-interest income was $127.4 million for the first quarter 2025, compared to $171.9 million for the fourth quarter 2024, and $129.9 million for the first quarter 2024. The $44.5 million decrease in non-interest income from the fourth quarter 2024 was primarily due to decreases in net gain on loan origination and sale activities of $18.4 million, income from equity investments of $15.9 million, and other non-interest income of $5.6 million. The $2.5 million decrease in non-interest income from the first quarter 2024 was primarily driven by decreases in net loan servicing revenue and income from equity investments, partially offset by increases in service charges and loan fees and income from bank owned life insurance.

Net revenue totaled $778.0 million for the first quarter 2025, a decrease of $60.4 million or 7.2%, compared to $838.4 million for the fourth quarter 2024, and an increase of $49.2 million or 6.8%, compared to $728.8 million for the first quarter 2024.

Non-interest expense was $500.4 million for the first quarter 2025, compared to $519.0 million for the fourth quarter 2024, and $481.8 million for the first quarter 2024. The $18.6 million decrease in non-interest expense from the fourth quarter 2024 is due primarily to a decrease of $37.7 million in deposit costs driven by lower ECR rates, partially offset by an increase in salaries and employee benefits of $17.0 million. The $18.6 million increase in non-interest expense from the first quarter 2024 is primarily attributable to increased salaries and employee benefits of $27.5 million and data processing costs of $9.2 million. These increases were partially offset by decreased insurance costs of $21.0 million largely related to the FDIC special assessment charge of $17.6 million recognized in the first quarter 2024. The Company's efficiency ratio, adjusted for deposit costs¹, was 55.8% for the first quarter 2025, compared to 51.1% in the fourth quarter 2024, and 57.3% for the first quarter 2024.

Income tax expense was $47.3 million for the first quarter 2025, compared to $42.5 million for the fourth quarter 2024, and $54.4 million for the first quarter 2024. The increase in income tax expense from the fourth quarter 2024 is primarily related to decreased investment tax credit benefits and tax-exempt income. The decrease in income tax expense from the first quarter 2024 is primarily related to decreased nondeductible insurance premiums and increased investment tax credit benefits.

Net income was $199.1 million for the first quarter 2025, a decrease of $17.8 million from $216.9 million for the fourth quarter 2024, and an increase of $21.7 million from $177.4 million for the first quarter 2024. Earnings per share totaled $1.79 for the first quarter 2025, compared to $1.95 for the fourth quarter 2024, and $1.60 for the first quarter 2024.

The Company views its pre-provision net revenue¹ ("PPNR") as a key metric for assessing the Company's earnings power, which it defines as net revenue less non-interest expense. For the first quarter 2025, the Company's PPNR¹ was $277.6 million, down $41.8 million from $319.4 million in the fourth quarter 2024, and up $30.6 million from $247.0 million in the first quarter 2024.

The Company had 3,562 full-time equivalent employees and 56 offices at March 31, 2025, compared to 3,524 full-time equivalent employees and 56 offices at December 31, 2024, and 3,312 full-time equivalent employees and 56 offices at March 31, 2024.

See reconciliation of Non-GAAP Financial Measures.

Balance Sheet

HFI loans, net of deferred fees, totaled $54.8 billion at March 31, 2025, compared to $53.7 billion at December 31, 2024, and $50.7 billion at March 31, 2024. The increase in HFI loans of $1.1 billion from the prior quarter was primarily driven by increases of $989 million and $172 million in commercial and industrial and commercial real estate non-owner occupied loans, respectively. The increase in HFI loans of $4.1 billion from March 31, 2024 was primarily driven by increases of $4.4 billion and $403 million in commercial and industrial and commercial real estate non-owner occupied loans, respectively, partially offset by decreases of $349 million and $277 million in residential real estate and construction and land development loans, respectively. HFS loans totaled $3.2 billion at March 31, 2025, compared to $2.3 billion at December 31, 2024, and $1.8 billion at March 31, 2024.

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 0.71%, 0.70%, and 0.67% at March 31, 2025, December 31, 2024, and March 31, 2024, respectively. The allowance for credit losses, which includes the allowance for unfunded loan commitments, to funded HFI loans ratio was 0.77% at March 31, 2025 and December 31, 2024, and 0.74% at March 31, 2024. 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 $8.5 billion, $8.6 billion, and $9.0 billion as of March 31, 2025, December 31, 2024, and March 31, 2024, 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 $11.9 million as of March 31, 2025, $11.4 million as of December 31, 2024, and $14.2 million as of March 31, 2024. 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 0.92% at March 31, 2025 and December 31, 2024, and 0.90% at March 31, 2024.

Deposits totaled $69.3 billion at March 31, 2025, an increase of $3.0 billion from $66.3 billion at December 31, 2024, and an increase of $7.1 billion from $62.2 billion at March 31, 2024. By deposit type, the increase from the prior quarter is attributable to increases of $3.2 billion and $520 million from non-interest bearing and savings and money market deposits, respectively, partially offset by decreases of $371 million from interest-bearing demand deposits and $331 million from certificates of deposits. From March 31, 2024, savings and money market deposits increased $5.5 billion and non-interest bearing deposits increased $3.6 billion, while interest-bearing demand deposits decreased $1.5 billion and certificates of deposit decreased $592 million. Non-interest bearing deposits were $22.0 billion at March 31, 2025, compared to $18.8 billion at December 31, 2024, and $18.4 billion at March 31, 2024.

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

	Mar 31, 2025		Dec 31, 2024		Mar 31, 2024
Non-interest bearing	31.8	%	28.4	%	29.6	%
Interest-bearing demand	22.4		23.9		27.3
Savings and money market	31.3		32.0		26.0
Certificates of deposit	14.5		15.7		17.1

The Company's ratio of HFI loans to deposits was 79.0% at March 31, 2025, compared to 80.9% at December 31, 2024, and 81.5% at March 31, 2024.

Borrowings totaled $4.2 billion at March 31, 2025, $5.6 billion at December 31, 2024, and $6.2 billion at March 31, 2024. Borrowings decreased $1.4 billion from December 31, 2024 primarily due to decreases of $807 million in long-term and $615 million in short-term borrowings. The decrease in borrowings from March 31, 2024 is primarily due to a decrease in short-term borrowings of $3.2 billion, partially offset by an increase in long term borrowings of $1.2 billion.

Total equity was $7.2 billion at March 31, 2025, compared to $6.7 billion at December 31, 2024 and $6.2 billion at March 31, 2024. The increase in total equity from the prior quarter was due primarily to issuance of preferred stock from the Company's REIT subsidiary and net income of $199.1 million. Proceeds from the REIT preferred stock issuance totaled $293 million, net of issuance costs, and was recognized as a noncontrolling interest in subsidiary. These increases were offset in part by dividends to shareholders as cash dividends of $41.8 million ($0.38 per common share) and $3.2 million ($0.27 per depository share) were paid to stockholders during the first quarter 2025. The increase in equity from March 31, 2024 was primarily driven by the issuance of preferred stock from the Company's REIT subsidiary, net income, and net unrealized fair value gains on available-for-sale securities recorded in other comprehensive loss, net of tax, partially offset by dividends to stockholders.

The Company's common equity tier 1 capital ratio was 11.1% at March 31, 2025, compared to 11.3%, and 11.0% at December 31, 2024 and March 31, 2024, respectively. At March 31, 2025, tangible common equity, net of tax¹, was 7.2% of tangible assets¹ and total capital was 14.5% of risk-weighted assets. The Company's tangible book value per share¹ was $54.10 at March 31, 2025, an increase of 3.5% from $52.27 at December 31, 2024, and an increase of 14.4% from $47.30 at March 31, 2024. The increase in tangible book value per share from December 31, 2024 and March 31, 2024 is primarily attributable to net income.

Total assets increased $2.1 billion, or 2.6%, to $83.0 billion at March 31, 2025 from $80.9 billion at December 31, 2024, and increased 7.9% from $77.0 billion at March 31, 2024. The increase in total assets from December 31, 2024 was primarily driven by increases in HFI and HFS loans coupled with investment securities, partially offset by a decrease in cash and due from banks. The increase in total assets from March 31, 2024 was primarily driven by increases in HFI and HFS loans and bank owned life insurance.

See reconciliation of Non-GAAP Financial Measures.

Asset Quality

Provision for credit losses totaled $31.2 million for the first quarter 2025, compared to $60.0 million for the fourth quarter 2024, and $15.2 million for the first quarter 2024. Net loan charge-offs in the first quarter 2025 totaled $25.8 million, or 0.20% of average loans (annualized), compared to $34.1 million, or 0.25%, in the fourth quarter 2024, and $9.8 million, or 0.08%, in the first quarter 2024.

Nonaccrual loans decreased $25 million to $451 million during the quarter and increased $52 million from March 31, 2024. Loans past due 90 days and still accruing interest totaled $44 million at March 31, 2025, zero at December 31, 2024, and $6 million at March 31, 2024 (excluding government guaranteed loans of $275 million, $326 million, and $349 million, respectively). Loans past due 30-89 days and still accruing interest totaled $182 million at March 31, 2025, an increase from $92 million at December 31, 2024, and from $117 million at March 31, 2024 (excluding government guaranteed loans of $161 million, $183 million, and $224 million, respectively).

Repossessed assets totaled $51 million at March 31, 2025, compared to $52 million at December 31, 2024, and $8 million at March 31, 2024. Classified assets totaled $1.2 billion at March 31, 2025, an increase of $186 million from $1.0 billion at December 31, 2024, and an increase of $414 million from $781 million at March 31, 2024.

The ratio of classified assets to Tier 1 capital plus the allowance for credit losses², a common regulatory measure of asset quality, was 15.9% at March 31, 2025, compared to 14.2% at December 31, 2024, and 12.0% at March 31, 2024.

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 2025 financial results at 12:00 p.m. ET on Tuesday, April 22, 2025. Participants may access the call by dialing 1-833-470-1428 and using access code 146564 or via live audio webcast using the website link https://events.q4inc.com/attendee/859895963. 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 11:59 p.m. ET April 29th by dialing 1-855-762-8306, using access code 474821.

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, 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, 2024, 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; 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; 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 federal securities laws. 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

With more than $80 billion in assets, Western Alliance Bancorporation (NYSE:WAL) is one of the country's top-performing banking companies. Through its primary subsidiary, Western Alliance Bank, Member FDIC, clients benefit from a full spectrum of tailored commercial banking solutions and consumer products, all delivered with outstanding service by industry experts who put customers first. Major accolades include being ranked as a top U.S. bank in 2024 by American Banker and Bank Director and receiving #1 rankings on Extel's (previously Institutional Investor's) All-America Executive Team Midcap 2024 for Best CEO, Best CFO and Best Company Board of Directors. Serving clients across the country wherever business happens, Western Alliance Bank operates individual, full-service banking and financial brands with offices in key markets nationwide. For more information, visit westernalliancebank.com.

Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited

Selected Balance Sheet Data:
	As of March 31,
	2025		2024		Change %
	(in millions)
Total assets	$	83,043	$	76,989	7.9	%
Loans held for sale		3,238		1,841	75.9
HFI loans, net of deferred fees		54,761		50,700	8.0
Investment securities		15,868		16,092	(1.4	)
Total deposits		69,322		62,228	11.4
Borrowings		4,151		6,221	(33.3	)
Qualifying debt		898		896	0.2
Equity		7,215		6,172	16.9
Tangible common equity, net of tax (1)		5,973		5,213	14.6
Common equity Tier 1 capital		6,425		5,787	11.0

Selected Income Statement Data:
	For the Three Months Ended March 31,
	2025		2024		Change %
	(in millions, except per share data)
Interest income	$	1,095.6	$	1,055.0	3.8	%
Interest expense		445.0		456.1	(2.4	)
Net interest income		650.6		598.9	8.6
Provision for credit losses		31.2		15.2	NM
Net interest income after provision for credit losses		619.4		583.7	6.1
Non-interest income		127.4		129.9	(1.9	)
Non-interest expense		500.4		481.8	3.9
Income before income taxes		246.4		231.8	6.3
Income tax expense		47.3		54.4	(13.1	)
Net income		199.1		177.4	12.2
Dividends on preferred stock		3.2		3.2	—
Net income available to common stockholders	$	195.9	$	174.2	12.5
Diluted earnings per common share	$	1.79	$	1.60	11.9

(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,
	2025			2024			Change %
Diluted earnings per common share	$	1.79		$	1.60		11.9	%
Book value per common share		60.03			53.33		12.6
Tangible book value per common share, net of tax (1)		54.10			47.30		14.4
Average common shares outstanding (in millions):
Basic		108.8			108.5		0.3
Diluted		109.6			109.0		0.6
Common shares outstanding		110.4			110.2		0.2

Selected Performance Ratios:
Return on average assets (2)		0.97	%		0.98	%	(1.0	)%
Return on average tangible common equity (1, 2)		13.4			13.4		—
Net interest margin (2)		3.47			3.60		(3.6	)
Efficiency ratio, adjusted for deposit costs (1)		55.8			57.3		(2.6	)
HFI loan to deposit ratio		79.0			81.5		(3.1	)

Asset Quality Ratios:
Net charge-offs to average loans outstanding (2)		0.20	%		0.08	%	NM
Nonaccrual loans to funded HFI loans		0.82			0.79		3.8
Nonaccrual loans and repossessed assets to total assets		0.60			0.53		13.2
Allowance for loan losses to funded HFI loans		0.71			0.67		6.0
Allowance for loan losses to nonaccrual HFI loans		86			85		1.2

Capital Ratios:
	Mar 31, 2025			Dec 31, 2024			Mar 31, 2024
Tangible common equity (1)		7.2	%		7.2	%	6.8	%
Common Equity Tier 1 (3)		11.1			11.3		11.0
Tier 1 Leverage ratio (3)		8.6			8.1		8.5
Tier 1 Capital (3)		12.3			11.9		11.7
Total Capital (3)		14.5			14.1		14.0

(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, 2025 are preliminary.
NM		Changes +/- 100% are not meaningful.

Western Alliance Bancorporation and Subsidiaries
Condensed Consolidated Income Statements
Unaudited

	Three Months Ended March 31,
	2025			2024
	(in millions, except per share data)
Interest income:
Loans	$	881.0		$	871.9
Investment securities		168.0			144.0
Other		46.6			39.1
Total interest income		1,095.6			1,055.0
Interest expense:
Deposits		378.3			380.6
Qualifying debt		9.3			9.5
Borrowings		57.4			66.0
Total interest expense		445.0			456.1
Net interest income		650.6			598.9
Provision for credit losses		31.2			15.2
Net interest income after provision for credit losses		619.4			583.7
Non-interest income:
Service charges and loan fees		37.2			16.4
Net gain on loan origination and sale activities		49.5			45.3
Net loan servicing revenue		21.8			46.4
Income from bank owned life insurance		11.4			1.0
Gain (loss) on sales of investment securities		2.1			(0.9	)
Fair value gain adjustments, net		1.0			0.3
(Loss) income from equity investments		(4.8	)		17.1
Other		9.2			4.3
Total non-interest income		127.4			129.9
Non-interest expenses:
Salaries and employee benefits		182.4			154.9
Deposit costs		136.8			137.0
Data processing		45.2			36.0
Insurance		37.9			58.9
Legal, professional, and directors' fees		28.9			30.1
Occupancy		17.2			17.5
Loan servicing expenses		16.4			15.0
Business development and marketing		5.9			5.5
Loan acquisition and origination expenses		5.2			4.8
Other		24.5			22.1
Total non-interest expense		500.4			481.8
Income before income taxes		246.4			231.8
Income tax expense		47.3			54.4
Net income		199.1			177.4
Dividends on preferred stock		3.2			3.2
Net income available to common stockholders	$	195.9		$	174.2

Earnings per common share:
Diluted shares		109.6			109.0
Diluted earnings per share	$	1.79		$	1.60

Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Income Statements
Unaudited

	Three Months Ended
	Mar 31, 2025			Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
	(in millions, except per share data)
Interest income:
Loans	$	881.0		$	915.2	$	945.3	$	896.7	$	871.9
Investment securities		168.0			179.4		197.1		190.5		144.0
Other		46.6			44.0		57.6		60.3		39.1
Total interest income		1,095.6			1,138.6		1,200.0		1,147.5		1,055.0
Interest expense:
Deposits		378.3			387.2		422.1		410.3		380.6
Qualifying debt		9.3			9.4		9.5		9.6		9.5
Borrowings		57.4			75.5		71.5		71.0		66.0
Total interest expense		445.0			472.1		503.1		490.9		456.1
Net interest income		650.6			666.5		696.9		656.6		598.9
Provision for credit losses		31.2			60.0		33.6		37.1		15.2
Net interest income after provision for credit losses		619.4			606.5		663.3		619.5		583.7
Non-interest income:
Service charges and loan fees		37.2			31.7		30.1		17.8		16.4
Net gain on loan origination and sale activities		49.5			67.9		46.3		46.8		45.3
Net loan servicing revenue		21.8			24.7		12.3		38.1		46.4
Income from bank owned life insurance		11.4			12.1		13.0		1.7		1.0
Gain (loss) on sales of investment securities		2.1			7.2		8.8		2.3		(0.9	)
Fair value gain adjustments, net		1.0			2.4		4.1		0.7		0.3
(Loss) income from equity investments		(4.8	)		11.1		5.8		4.2		17.1
Other		9.2			14.8		5.8		3.6		4.3
Total non-interest income		127.4			171.9		126.2		115.2		129.9
Non-interest expenses:
Salaries and employee benefits		182.4			165.4		157.8		153.0		154.9
Deposit costs		136.8			174.5		208.0		173.7		137.0
Data processing		45.2			39.3		38.7		35.7		36.0
Insurance		37.9			36.7		35.4		33.8		58.9
Legal, professional, and directors' fees		28.9			28.7		24.8		25.8		30.1
Occupancy		17.2			19.6		17.6		18.4		17.5
Loan servicing expenses		16.4			17.8		18.7		16.6		15.0
Business development and marketing		5.9			11.1		9.7		6.4		5.5
Loan acquisition and origination expenses		5.2			5.7		5.9		5.1		4.8
Other		24.5			20.2		20.8		18.3		22.1
Total non-interest expense		500.4			519.0		537.4		486.8		481.8
Income before income taxes		246.4			259.4		252.1		247.9		231.8
Income tax expense		47.3			42.5		52.3		54.3		54.4
Net income		199.1			216.9		199.8		193.6		177.4
Dividends on preferred stock		3.2			3.2		3.2		3.2		3.2
Net income available to common stockholders	$	195.9		$	213.7	$	196.6	$	190.4	$	174.2

Earnings per common share:
Diluted shares		109.6			109.6		109.5		109.1		109.0
Diluted earnings per share	$	1.79		$	1.95	$	1.80	$	1.75	$	1.60

Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Balance Sheets
Unaudited

	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
	(in millions)
Assets:
Cash and due from banks	$	3,279		$	4,096		$	2,592		$	4,077		$	3,550
Investment securities		15,868			15,095			16,382			17,268			16,092
Loans held for sale		3,238			2,286			2,327			2,007			1,841
Loans held for investment:
Commercial and industrial		24,117			23,128			22,551			21,690			19,749
Commercial real estate - non-owner occupied		10,040			9,868			9,801			9,647			9,637
Commercial real estate - owner occupied		1,787			1,825			1,817			1,886			1,859
Construction and land development		4,504			4,479			4,727			4,712			4,781
Residential real estate		14,275			14,326			14,395			14,445			14,624
Consumer		38			50			55			50			50
Loans HFI, net of deferred fees		54,761			53,676			53,346			52,430			50,700
Allowance for loan losses		(389	)		(374	)		(357	)		(352	)		(340	)
Loans HFI, net of deferred fees and allowance		54,372			53,302			52,989			52,078			50,360
Mortgage servicing rights		1,241			1,127			1,011			1,145			1,178
Premises and equipment, net		361			361			354			351			344
Operating lease right-of-use asset		125			128			127			133			139
Other assets acquired through foreclosure, net		51			52			8			8			8
Bank owned life insurance		1,022			1,011			1,000			187			187
Goodwill and other intangibles, net		656			659			661			664			666
Other assets		2,830			2,817			2,629			2,663			2,624
Total assets	$	83,043		$	80,934		$	80,080		$	80,581		$	76,989
Liabilities and stockholders' equity:
Liabilities:
Deposits
Non-interest bearing deposits	$	22,009		$	18,846		$	24,965		$	21,522		$	18,399
Interest bearing:
Demand		15,507			15,878			13,846			17,267			16,965
Savings and money market		21,728			21,208			19,575			17,087			16,194
Certificates of deposit		10,078			10,409			9,654			10,368			10,670
Total deposits		69,322			66,341			68,040			66,244			62,228
Borrowings		4,151			5,573			2,995			5,587			6,221
Qualifying debt		898			899			898			897			896
Operating lease liability		154			159			159			165			172
Accrued interest payable and other liabilities		1,303			1,255			1,311			1,354			1,300
Total liabilities		75,828			74,227			73,403			74,247			70,817
Equity:
Preferred stock		295			295			295			295			295
Common stock and additional paid-in capital		2,125			2,120			2,110			2,099			2,087
Retained earnings		4,980			4,826			4,654			4,498			4,348
Accumulated other comprehensive loss		(478	)		(534	)		(382	)		(558	)		(558	)
Total stockholders' equity		6,922			6,707			6,677			6,334			6,172
Noncontrolling interest in subsidiary		293			—			—			—			—
Total equity		7,215			6,707			6,677			6,334			6,172
Total liabilities and equity	$	83,043		$	80,934		$	80,080		$	80,581		$	76,989

Western Alliance Bancorporation and Subsidiaries
Changes in the Allowance For Credit Losses on Loans
Unaudited

	Three Months Ended
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
	(dollars in millions)
Allowance for loan losses
Balance, beginning of period	$	373.8	$	356.6	$	351.8	$	340.3	$	336.7
Provision for credit losses (1)		40.6		51.3		31.4		34.3		13.4
Recoveries of loans previously charged-off:
Commercial and industrial		1.0		0.1		0.5		0.1		0.4
Commercial real estate - non-owner occupied		0.6		—		0.7		—		—
Commercial real estate - owner occupied		0.1		0.2		—		—		—
Construction and land development		—		—		—		—		—
Residential real estate		—		—		—		—		—
Consumer		—		—		—		—		—
Total recoveries		1.7		0.3		1.2		0.1		0.4
Loans charged-off:
Commercial and industrial		13.0		24.8		4.3		5.3		2.3
Commercial real estate - non-owner occupied		14.5		9.6		21.7		17.6		7.9
Commercial real estate - owner occupied		—		—		0.3		—		—

Western Alliance Bancorporation Reports First Quarter 2025 Financial Results