Western Alliance Bancorporation Reports Fourth Quarter and Full Year 2025 Financial Results

1/26/26 10:04:00 PM ET

Major Banks

Finance

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Western Alliance Bancorporation (NYSE:WAL):

Quarter Highlights:

Net income	Earnings per share	PPNR¹	Net interest margin	Efficiency ratio¹	Book value per common share
$293.2 million	$2.59	$428.7 million	3.51%	55.7%	$67.20
$293.2 million	$2.59	$428.7 million	3.51%	46.5%¹, adjusted for deposit costs	$61.29¹, excluding goodwill and intangibles

CEO COMMENTARY:

"Western Alliance delivered exceptional results to close out 2025, highlighted by record net interest income, revenues, and PPNR¹. Outstanding loan and deposit growth, gathering strength in commercial banking non-interest income, improved efficiency, and a steady net interest margin were key factors behind our solid operating leverage and strong financial performance. These results position us to sustain a strong earnings trajectory in 2026," said Kenneth A. Vecchione, President and Chief Executive Officer. "Impressive quarterly loan growth of $2.0 billion boosted total assets to approximately $93 billion and PPNR¹ by 35.4% annualized to $429 million. Asset quality remained steady as total criticized assets declined $8 million quarterly. Overall, we achieved earnings per share of $2.59 for the quarter, 32.8% higher than Q4 2024, which resulted in a return on assets of 1.23%, a return on tangible common equity¹ of 16.9%, while tangible book value per share¹ rose 17.3% year-over-year to $61.29."

"Our full year results directly reflect the success of our credit and deposit platforms, while maintaining our commitment to sound asset quality management. Net charge-offs to average loans were 0.24% for the year, with a nonperforming assets to total assets ratio of 0.69%. Our net revenue growth drove a substantial increase in earnings as PPNR¹ climbed 25.9% over the prior year to $1.4 billion, with net income of $991 million and earnings per share up 23.1% to $8.73."

LINKED-QUARTER BASIS	FULL YEAR
FINANCIAL HIGHLIGHTS:
Net income of $293.2 million and earnings per share of $2.59, up 12.6% and 13.6%, from $260.5 million and $2.28, respectively	Net income of $990.6 million and earnings per share of $8.73, up 25.8% and 23.1%, from $787.7 million and $7.09, respectively
Net revenue of $980.9 million, an increase of 4.6%, or $42.7 million, compared to an increase in non-interest expenses of 1.4%, or $7.8 million	Net revenue of $3.5 billion, an increase of 12.0%, or $380.9 million, compared to an increase in non-interest expenses of 4.3%, or $86.7 million
Pre-provision net revenue¹ of $428.7 million, up $34.9 million from $393.8 million	Pre-provision net revenue¹ of $1.4 billion, up $294.2 million from $1.1 billion
Effective tax rate of 17.6%, compared to 17.0%	Effective tax rate of 17.9%, compared to 20.5%
FINANCIAL POSITION RESULTS:
HFI loans of $58.7 billion, up $2.0 billion, or 3.6%	Increase in HFI loans of $5.0 billion, or 9.3%
Total deposits of $77.2 billion, down $88 million due to seasonality	Increase in total deposits of $10.8 billion, or 16.3%
HFI loan-to-deposit ratio of 76.0%, up from 73.3%	HFI loan-to-deposit ratio of 76.0%, down from 80.9%
Total equity of $7.9 billion, up $256 million, or 3.3%	HFI loan-to-deposit ratio of 76.0%, down from 80.9%
LOANS AND ASSET QUALITY:
Nonperforming (nonaccrual) loans to funded HFI loans of 0.85%, decreased from 0.92%	Nonperforming (nonaccrual) loans to funded HFI loans of 0.85% decreased from 0.89%
Criticized loans of $1.3 billion, down $15 million	Criticized loans of $1.3 billion, down $73 million
Repossessed assets of $137 million, up $7 million from $130 million	Repossessed assets of $137 million, up $85 million from $52 million
Annualized net loan charge-offs to average loans outstanding of 0.31%, compared to 0.22%	Net loan charge-offs to average loans outstanding of 0.24%, compared to 0.18%
KEY PERFORMANCE METRICS:
Net interest margin of 3.51%, decreased from 3.53%	Net interest margin of 3.51%, decreased from 3.58%
Return on average assets and on tangible common equity¹ of 1.23% and 16.9%, compared to 1.13% and 15.6%, respectively	Return on average assets and on tangible common equity¹ of 1.12% and 15.3%, compared to 0.99% and 14.0%, respectively
Tangible common equity ratio¹ of 7.3%, increased from 7.1%	Tangible common equity ratio¹ of 7.3%, increased from 7.2%
CET 1 ratio of 11.0%, compared to 11.3%	CET 1 ratio of 11.0%, compared to 11.3%
Tangible book value per share¹, net of tax, of $61.29, an increase of 4.7% from $58.56	Tangible book value per share¹, net of tax, of $61.29, an increase of 17.3% from $52.27
Efficiency ratio¹ of 55.7% and adjusted efficiency ratio¹ of 46.5%, compared to 57.4% and 47.8%, respectively	Efficiency ratio¹ of 58.9% and adjusted efficiency ratio¹ of 50.2%, compared to 63.2% and 53.1%, respectively
Share repurchases of $57.5 million, or 0.7 million shares at $79.55 per share	Share repurchases of $68.1 million, or 0.8 million shares at $80.82 per share

¹See Reconciliation of Non-GAAP Financial Measures.

Income Statement

Net interest income totaled $766.2 million in the fourth quarter 2025, an increase of $15.8 million, or 2.1%, from $750.4 million in the third quarter 2025, and an increase of $99.7 million, or 15.0%, compared to the fourth quarter 2024. The increase in net interest income from the third quarter 2025 was largely due to higher average interest earning asset balances. The increase in net interest income from the fourth quarter 2024 was driven by an increase in average interest earning asset balances and lower rates on interest bearing liabilities, partially offset by decreased yields on interest earning assets.

The Company recorded a provision for credit losses of $73.0 million in the fourth quarter 2025, a decrease of $7.0 million from $80.0 million in the third quarter 2025, and an increase of $13.0 million from $60.0 million in the fourth quarter 2024. The provision for credit losses during the fourth quarter 2025 was primarily driven by higher net charge-offs of $44.6 million and loan growth.

The Company's net interest margin was 3.51% in the fourth quarter 2025, a decrease from 3.53% in the third quarter 2025, and an increase from 3.48% in the fourth quarter 2024. Net interest margin decreased from the third quarter 2025 due to lower yields on interest earning assets, partially offset by lower rates on deposits and short-term borrowings. The decrease in net interest margin from the fourth quarter 2024 was primarily driven by the impact of a lower rate environment on interest earning asset yields, partially offset by lower rates on interest bearing liabilities.

Non-interest income was $214.7 million for the fourth quarter 2025, compared to $187.8 million for the third quarter 2025, and $171.9 million for the fourth quarter 2024. The increase in non-interest income of $26.9 million from the third quarter 2025 was primarily due to increases in service charges and fees of $33.1 million and net gain on mortgage loan origination and sale activities of $15.6 million. These increases were partially offset by a decrease in net loan servicing (loss) revenue of $20.5 million. The increase in non-interest income of $42.8 million from the fourth quarter 2024 was primarily driven by increases in service charges and fees, net gain on mortgage loan origination and sale activities, and other non-interest income, primarily due to an increase in rental income from OREO properties. These increases were partially offset by a decrease in net loan servicing (loss) revenue.

Net revenue totaled $980.9 million for the fourth quarter 2025, an increase of $42.7 million, or 4.6%, compared to $938.2 million for the third quarter 2025, and an increase of $142.5 million, or 17.0%, compared to $838.4 million for the fourth quarter 2024.

Non-interest expense was $552.2 million for the fourth quarter 2025, compared to $544.4 million for the third quarter 2025, and $519.0 million for the fourth quarter 2024. The increase in non-interest expense of $7.8 million from the third quarter 2025 was primarily due to increases of $8.2 million in salaries and employee benefits and $5.5 million in both legal, professional, and directors' fees and business development and marketing expenses, partially offset by decreases of $7.7 million in other non-interest expense, primarily related to OREO properties, and $6.8 million in insurance costs. The increase in non-interest expense of $33.2 million from the fourth quarter 2024 was primarily attributable to increased salaries and employee benefits of $36.3 million and data processing costs of $9.6 million, partially offset by decreased insurance costs of $19.0 million. The Company's efficiency ratio, adjusted for deposit costs¹, was 46.5% for the fourth quarter 2025, compared to 47.8% in the third quarter 2025, and 51.1% for the fourth quarter 2024.

Income tax expense was $62.5 million for the fourth quarter 2025, compared to $53.3 million for the third quarter 2025, and $42.5 million for the fourth quarter 2024. The increase in income tax expense from the third quarter 2025 and the fourth quarter 2024 was primarily driven by increased pre-tax income.

Net income was $293.2 million for the fourth quarter 2025, an increase of $32.7 million from $260.5 million for the third quarter 2025, and an increase of $76.3 million from $216.9 million for the fourth quarter 2024. Earnings per share totaled $2.59 for the fourth quarter 2025, compared to $2.28 for the third quarter 2025, and $1.95 for the fourth quarter 2024.

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 fourth quarter 2025, the Company's PPNR¹ was $428.7 million, up $34.9 million from $393.8 million in the third quarter 2025, and up $109.3 million from $319.4 million in the fourth quarter 2024.

The Company had 3,769 full-time equivalent employees and 57 offices at December 31, 2025, compared to 3,701 full-time equivalent employees and 57 offices at September 30, 2025, and 3,524 full-time equivalent employees and 56 offices at December 31, 2024.

¹See Reconciliation of Non-GAAP Financial Measures.

Balance Sheet

HFI loans, net of deferred fees, totaled $58.7 billion at December 31, 2025, compared to $56.6 billion at September 30, 2025, and $53.7 billion at December 31, 2024. The increase in HFI loans of $2.0 billion from the prior quarter was primarily driven by an increase of $2.2 billion in commercial and industrial loans, partially offset by a decrease in commercial real estate non-owner occupied loans of $147 million. The increase in HFI loans of $5.0 billion from December 31, 2024 was primarily driven by increases of $4.8 billion, $472 million, and $326 million in commercial and industrial, commercial real estate non-owner occupied, and residential real estate loans, respectively, partially offset by decreases of $424 million and $142 million in construction and land development and commercial real estate owner occupied loans, respectively. HFS loans totaled $3.5 billion at December 31, 2025 and September 30, 2025, and $2.3 billion at December 31, 2024. The increase in HFS loans of $1.2 billion from December 31, 2024 was primarily driven by increases of $793 million, $204 million, and $132 million in government-insured or guaranteed, agency-conforming, and non-agency mortgage loans, respectively.

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%, 0.78%, and 0.70% at December 31, 2025, September 30, 2025, and December 31, 2024, respectively. The allowance for credit losses, which includes the allowance for unfunded loan commitments, to funded HFI loans ratio was 0.87% at December 31, 2025, 0.85% at September 30, 2025, and 0.77% at December 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 $8.1 billion, $8.2 billion, and $8.6 billion as of December 31, 2025, September 30, 2025, and December 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 $11.8 million as of December 31, 2025 and September 30, 2025, and $11.4 million as of December 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 1.01% at December 31, 2025, 1.00% at September 30, 2025, and 0.92% at December 31, 2024.

Deposits totaled $77.2 billion at December 31, 2025, a decrease of $88 million from September 30, 2025, and an increase of $10.8 billion from $66.3 billion at December 31, 2024. By deposit type, the decrease from the prior quarter is primarily attributable to a decrease of $2.3 billion from non-interest bearing deposits, partially offset by increases of $2.0 billion and $234 million in interest-bearing demand deposits and certificates of deposit, respectively. The modest $88 million decrease reflects not only changes in customer deposit mix, but also the fourth-quarter seasonal runoff in mortgage related balances, which accounted for a $3.1 billion decrease. From December 31, 2024, non-interest bearing, savings and money market, and interest-bearing demand deposits increased $5.5 billion, $3.4 billion, and $2.5 billion, respectively, partially offset by a decrease in certificates of deposit of $605 million. Non-interest bearing deposits totaled $24.4 billion at December 31, 2025, compared to $26.6 billion at September 30, 2025, and $18.8 billion at December 31, 2024.

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

	Dec 31, 2025	Sep 30, 2025	Dec 31, 2024
Non-interest bearing	31.5 %	34.5 %	28.4 %
Interest-bearing demand	23.9	21.3	23.9
Savings and money market	31.9	31.9	32.0
Certificates of deposit	12.7	12.4	15.7

The Company's ratio of HFI loans to deposits was 76.0% at December 31, 2025, compared to 73.3% at September 30, 2025, and 80.9% at December 31, 2024.

Borrowings totaled $5.2 billion at December 31, 2025, $3.9 billion at September 30, 2025, and $5.6 billion at December 31, 2024. Borrowings increased $1.4 billion from September 30, 2025 driven by a $2.9 billion increase in short-term borrowings, partially offset by a $1.5 billion decrease in long-term borrowings. Borrowings decreased $333 million from December 31, 2024, reflecting a $1.0 billion decrease in long-term borrowings, partially offset by an increase in short-term borrowings of $696 million.

Qualifying debt totaled $1.1 billion at December 31, 2025, compared to $681 million and $899 million at September 30, 2025 and December 31, 2024, respectively. The increase in qualifying debt from September 30, 2025 was primarily due to the issuance of $400 million of subordinated debt during the quarter ended December 31, 2025. The increase in qualifying debt from December 31, 2024 was primarily due to the issuance of $400 million of subordinated debt, 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 December 31, 2025, compared to $7.7 billion at September 30, 2025, and $6.7 billion at December 31, 2024. The increase in total equity from the prior quarter was primarily due to net income of $293.2 million and net AOCI gains of $65 million, partially offset by cash dividends paid during the fourth 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 $57.5 million during the fourth quarter of 2025 under the Company's $300 million share repurchase program. The increase in equity from December 31, 2024 was primarily driven by net income and the issuance of preferred stock from the Company's REIT subsidiary, partially offset by dividends to stockholders and share repurchases.

The Company's common equity tier 1 capital ratio was 11.0% at December 31, 2025, compared to 11.3% at September 30, 2025 and December 31, 2024. At December 31, 2025, tangible common equity, net of tax¹, was 7.3% of tangible assets¹ and total capital was 14.5% of risk-weighted assets. The Company's tangible book value per share¹ was $61.29 at December 31, 2025, an increase of 4.7% from $58.56 at September 30, 2025, and an increase of 17.3% from $52.27 at December 31, 2024. The increase in tangible book value per share from September 30, 2025 and December 31, 2024 was primarily attributable to net income.

Total assets increased $1.8 billion, or 2.0%, to $92.8 billion at December 31, 2025 from $91.0 billion at September 30, 2025, and increased 14.6% from $80.9 billion at December 31, 2024. The increase in total assets from September 30, 2025 was primarily driven by increased HFI loans and investment securities, partially offset by a decrease in cash. The increase in total assets from December 31, 2024 was primarily driven by increases in HFI and HFS loans and investment securities.

Asset Quality

Provision for credit losses totaled $73.0 million for the fourth quarter 2025, compared to $80.0 million for the third quarter 2025, and $60.0 million for the fourth quarter 2024. Net loan charge-offs in the fourth quarter 2025 totaled $44.6 million, or 0.31% of average loans (annualized), compared to $31.1 million, or 0.22%, in the third quarter 2025, and $34.1 million, or 0.25%, in the fourth quarter 2024.

Nonaccrual loans decreased $22 million to $500 million during the quarter and increased $24 million from December 31, 2024. Loans past due 90 days and still accruing interest totaled $66 million at December 31, 2025, $49 million at September 30, 2025, and zero at December 31, 2024 (excluding government guaranteed loans of $290 million, $282 million, and $326 million, respectively). Loans past due 30-89 days and still accruing interest totaled $108 million at December 31, 2025, a decrease from $196 million at September 30, 2025, and an increase from $92 million at December 31, 2024 (excluding government guaranteed loans of $145 million, $149 million, and $183 million, respectively). Criticized loans of $1.3 billion decreased $15 million during the quarter and decreased $73 million from December 31, 2024.

Repossessed assets totaled $137 million at December 31, 2025, compared to $130 million at September 30, 2025, and $52 million at December 31, 2024. Classified assets of $1.1 billion at December 31, 2025 decreased $41 million from September 30, 2025, and increased $79 million from December 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 13.3% at December 31, 2025, compared to 14.3% at September 30, 2025, and 14.2% at December 31, 2024.

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 fourth quarter and full year 2025 financial results at 12:00 p.m. ET on Tuesday, January 27, 2026. Participants may access the call by dialing 1-833-470-1428 and using access code 336835 or via live audio webcast using the website link https://events.q4inc.com/attendee/372994694. The webcast is also available via the Company's website at www.westernalliancebancorporation.com. Participants should log in at least 15 minutes early to receive instructions. The call will be recorded and made available for replay after 3:00 p.m. ET January 27th through 1:00 p.m. ET February 3rd by dialing 1-866-813-9403, using access code 931710.

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, 2024 and the Company's subsequent Quarterly Reports on Form 10-Q, each 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; any adverse determination by a court regarding the Cantor Group V loan and any adverse economic or other events impacting the collateral, borrower or guarantors with respect to such loan; 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 December 31,
								2025		2024	Change %
							(in millions)
Total assets							$	92,774	$	80,934	14.6	%
Loans held for sale								3,498		2,286	53.0
HFI loans, net of deferred fees								58,677		53,676	9.3
Investment securities								20,438		15,095	35.4
Total deposits								77,159		66,341	16.3
Borrowings								5,240		5,573	(6.0	)
Qualifying debt								1,076		899	19.7
Total equity								7,946		6,707	18.5
Tangible common equity, net of tax (1)								6,711		5,755	16.6
Common equity Tier 1 capital								7,002		6,311	10.9

Selected Income Statement Data:
	For the Three Months Ended December 31,						For the Year Ended December 31,
		2025		2024	Change %			2025		2024	Change %
	(in millions, except per share data)						(in millions, except per share data)
Interest income	$	1,217.4	$	1,138.6	6.9	%	$	4,692.9	$	4,541.1	3.3	%
Interest expense		451.2		472.1	(4.4	)		1,828.1		1,922.2	(4.9	)
Net interest income		766.2		666.5	15.0			2,864.8		2,618.9	9.4
Provision for credit losses		73.0		60.0	21.7			224.1		145.9	53.6
Net interest income after provision for credit losses		693.2		606.5	14.3			2,640.7		2,473.0	6.8
Non-interest income		214.7		171.9	24.9			678.2		543.2	24.9
Non-interest expense		552.2		519.0	6.4			2,111.7		2,025.0	4.3
Income before income taxes		355.7		259.4	37.1			1,207.2		991.2	21.8
Income tax expense		62.5		42.5	47.1			216.6		203.5	6.4
Net income		293.2		216.9	35.2			990.6		787.7	25.8
Net income attributable to noncontrolling interest		7.1		—	NM			21.6		—	NM
Net income attributable to Western Alliance		286.1		216.9	31.9			969.0		787.7	23.0
Dividends on preferred stock		3.2		3.2	—			12.8		12.8	—
Net income available to common stockholders	$	282.9	$	213.7	32.4		$	956.2	$	774.9	23.4
Diluted earnings per common share	$	2.59	$	1.95	32.8		$	8.73	$	7.09	23.1

(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 December 31,						For the Year Ended December 31,
		2025		2024	Change %			2025		2024	Change %
Diluted earnings per common share	$	2.59	$	1.95	32.8	%	$	8.73	$	7.09	23.1	%
Book value per common share		67.20		58.24	15.4
Tangible book value per common share, net of tax (1)		61.29		52.27	17.3
Average common shares outstanding (in millions):
Basic		108.4		108.7	(0.3	)		108.8		108.6	0.2
Diluted		109.3		109.6	(0.3	)		109.5		109.3	0.2
Common shares outstanding		109.5		110.1	(0.5	)

Selected Performance Ratios:
Return on average assets (2)	1.23	%	1.04	%	18.3	%	1.12	%	0.99	%	13.1	%
Return on average tangible common equity (1, 2)	16.9		14.6		15.8		15.3		14.0		9.3
Net interest margin (2)	3.51		3.48		0.9		3.51		3.58		(2.0	)
Efficiency ratio (1)	55.7		61.2		(9.0	)	58.9		63.2		(6.8	)
Efficiency ratio, adjusted for deposit costs (1)	46.5		51.1		(9.0	)	50.2		53.1		(5.5	)
HFI loan to deposit ratio	76.0		80.9		(6.1	)
Asset Quality Ratios:
Net charge-offs to average loans outstanding (2)	0.31	%	0.25	%	24.0	%	0.24	%	0.18	%	33.3	%
Nonaccrual loans to funded HFI loans	0.85		0.89		(4.5	)
Nonaccrual loans and repossessed assets to total assets	0.69		0.65		6.2
Allowance for loan losses to funded HFI loans	0.78		0.70		11.4
Allowance for loan losses to nonaccrual HFI loans	92		79		16.5
Allowance for credit losses to nonaccrual HFI loans	102		87		17.2

Capital Ratios:
	Dec 31, 2025	Sep 30, 2025	Dec 31, 2024
Tangible common equity (1)	7.3 %	7.1 %	7.2 %
Common Equity Tier 1 (3)	11.0	11.3	11.3
Tier 1 Leverage ratio (3)	8.2	8.1	8.1
Tier 1 Capital (3)	12.1	12.4	11.9
Total Capital (3)	14.5	14.2	14.1

(1)		See Reconciliation of Non-GAAP Financial Measures.
(2)		Annualized on an actual/actual basis for periods less than 12 months.
(3)		Capital ratios for December 31, 2025 are preliminary.
NM		Changes +/- 100% are not meaningful.

Western Alliance Bancorporation and Subsidiaries
Condensed Consolidated Income Statements
Unaudited
	Three Months Ended December 31,					Year Ended December 31,
		2025			2024		2025		2024
	(in millions, except per share data)
Interest income:
Loans	$	936.2		$	915.2	$	3,679.8	$	3,629.1
Investment securities		221.6			179.4		822.8		711.0
Other		59.6			44.0		190.3		201.0
Total interest income		1,217.4			1,138.6		4,692.9		4,541.1
Interest expense:
Deposits		383.5			387.2		1,537.8		1,600.2
Qualifying debt		9.0			9.4		32.8		38.0
Borrowings		58.7			75.5		257.5		284.0
Total interest expense		451.2			472.1		1,828.1		1,922.2
Net interest income		766.2			666.5		2,864.8		2,618.9
Provision for credit losses		73.0			60.0		224.1		145.9
Net interest income after provision for credit losses		693.2			606.5		2,640.7		2,473.0
Non-interest income:
Service charges and fees		73.6			39.7		194.3		109.6
Net gain on mortgage loan origination and sale activities		91.1			67.9		255.5		206.3
Net loan servicing (loss) revenue		(1.4	)		24.7		77.8		121.5
Income from bank owned life insurance		11.8			12.1		46.0		27.8
Gain on sales of investment securities		7.4			7.2		29.4		17.4
Fair value gain adjustments, net		3.5			2.4		12.9		7.5
Income (loss) from equity investments		12.2			11.1		18.1		38.2
Other		16.5			6.8		44.2		14.9
Total non-interest income		214.7			171.9		678.2		543.2
Non-interest expenses:
Salaries and employee benefits		201.7			165.4		757.5		631.1
Deposit costs		171.2			174.5		630.5		693.2
Data processing		48.9			39.3		187.2		149.7
Legal, professional, and directors' fees		33.6			28.7		115.9		109.4
Insurance		17.7			36.7		117.5		164.8
Occupancy		19.7			19.6		70.6		73.1
Loan servicing expenses		17.7			17.8		69.2		68.1
Loan acquisition and origination expenses		7.9			5.7		26.2		21.5
Business development and marketing		11.1			11.1		28.7		32.7
Other		22.7			20.2		108.4		81.4
Total non-interest expense		552.2			519.0		2,111.7		2,025.0
Income before income taxes		355.7			259.4		1,207.2		991.2
Income tax expense		62.5			42.5		216.6		203.5
Net income		293.2			216.9		990.6		787.7
Net income attributable to noncontrolling interest		7.1			—		21.6		—
Net income attributable to Western Alliance		286.1			216.9		969.0		787.7
Dividends on preferred stock		3.2			3.2		12.8		12.8
Net income available to common stockholders	$	282.9		$	213.7	$	956.2	$	774.9

Earnings per common share:
Diluted shares		109.3			109.6		109.5		109.3
Diluted earnings per share	$	2.59		$	1.95	$	8.73	$	7.09

Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Income Statements
Unaudited
	Three Months Ended
	Dec 31, 2025			Sep 30, 2025		Jun 30, 2025		Mar 31, 2025			Dec 31, 2024
	(in millions, except per share data)
Interest income:
Loans	$	936.2		$	948.3	$	914.3	$	881.0		$	915.2
Investment securities		221.6			231.7		201.5		168.0			179.4
Other		59.6			45.5		38.6		46.6			44.0
Total interest income		1,217.4			1,225.5		1,154.4		1,095.6			1,138.6
Interest expense:
Deposits		383.5			398.2		377.8		378.3			387.2
Qualifying debt		9.0			6.3		8.2		9.3			9.4
Borrowings		58.7			70.6		70.8		57.4			75.5
Total interest expense		451.2			475.1		456.8		445.0			472.1
Net interest income		766.2			750.4		697.6		650.6			666.5
Provision for credit losses		73.0			80.0		39.9		31.2			60.0
Net interest income after provision for credit losses		693.2			670.4		657.7		619.4			606.5
Non-interest income:
Service charges and fees		73.6			40.5		39.7		40.5			39.7
Net gain on mortgage loan origination and sale activities		91.1			75.5		39.4		49.5			67.9
Net loan servicing (loss) revenue		(1.4	)		19.1		38.3		21.8			24.7
Income from bank owned life insurance		11.8			11.8		11.0		11.4			12.1
Gain on sales of investment securities		7.4			8.5		11.4		2.1			7.2
Fair value gain adjustments, net		3.5			8.3		0.1		1.0			2.4
Income (loss) from equity investments		12.2			7.8		2.9		(4.8	)		11.1
Other		16.5			16.3		5.5		5.9			6.8
Total non-interest income		214.7			187.8		148.3		127.4			171.9
Non-interest expenses:
Salaries and employee benefits		201.7			193.5		179.9		182.4			165.4
Deposit costs		171.2			175.1		147.4		136.8			174.5
Data processing		48.9			48.1		45.0		45.2			39.3
Legal, professional, and directors' fees		33.6			28.1		25.3		28.9			28.7
Insurance		17.7			24.5		37.4		37.9			36.7
Occupancy		19.7			16.8		16.9		17.2			19.6
Loan servicing expenses		17.7			15.0		20.1		16.4			17.8
Loan acquisition and origination expenses		7.9			7.3		5.8		5.2			5.7
Business development and marketing		11.1			5.6		6.1		5.9			11.1
Other		22.7			30.4		30.8		24.5			20.2
Total non-interest expense		552.2			544.4		514.7		500.4			519.0
Income before income taxes		355.7			313.8		291.3		246.4			259.4
Income tax expense		62.5			53.3		53.5		47.3			42.5
Net income		293.2			260.5		237.8		199.1			216.9
Net income attributable to noncontrolling interest		7.1			7.1		7.4		—			—
Net income attributable to Western Alliance		286.1			253.4		230.4		199.1			216.9
Dividends on preferred stock		3.2			3.2		3.2		3.2			3.2
Net income available to common stockholders	$	282.9		$	250.2	$	227.2	$	195.9		$	213.7

Earnings per common share:
Diluted shares		109.3			109.8		109.6		109.6			109.6
Diluted earnings per share	$	2.59		$	2.28	$	2.07	$	1.79		$	1.95

Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Balance Sheets
Unaudited
	Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024
	(in millions)
Assets:
Cash and due from banks	$	3,596		$	5,756		$	2,767		$	3,279		$	4,096
Investment securities		20,438			18,841			18,601			15,868			15,095
Loans held for sale		3,498			3,502			3,022			3,238			2,286
Loans held for investment:
Commercial and industrial		27,928			25,734			24,920			24,117			23,128
Commercial real estate - non-owner occupied		10,340			10,487			10,255			10,040			9,868
Commercial real estate - owner occupied		1,683			1,682			1,749			1,787			1,825
Construction and land development		4,055			4,065			4,526			4,504			4,479
Residential real estate		14,652			14,651			14,465			14,275			14,326
Consumer		19			27			24			38			50
Loans HFI, net of deferred fees		58,677			56,646			55,939			54,761			53,676
Allowance for loan losses		(461	)		(440	)		(395	)		(389	)		(374	)
Loans HFI, net of deferred fees and allowance		58,216			56,206			55,544			54,372			53,302
Mortgage servicing rights		1,494			1,213			1,044			1,241			1,127
Premises and equipment, net		442			416			365			361			361
Operating lease right-of-use asset		131			134			130			125			128
Other assets acquired through foreclosure, net		137			130			218			51			52
Bank owned life insurance		1,057			1,045			1,033			1,022			1,011
Goodwill and other intangibles, net		649			651			653			656			659
Other assets		3,116			3,076			3,348			2,830			2,817
Total assets	$	92,774		$	90,970		$	86,725		$	83,043		$	80,934
Liabilities and stockholders' equity:
Liabilities:
Deposits
Non-interest bearing deposits	$	24,353		$	26,628		$	22,997		$	22,009		$	18,846
Interest bearing:
Demand		18,416			16,422			15,674			15,507			15,878
Savings and money market		24,586			24,627			22,231			21,728			21,208
Certificates of deposit		9,804			9,570			10,205			10,078			10,409
Total deposits		77,159			77,247			71,107			69,322			66,341
Borrowings		5,240			3,862			6,052			4,151			5,573
Qualifying debt		1,076			681			678			898			899
Operating lease liability		160			164			160			154			159
Accrued interest payable and other liabilities		1,193			1,326			1,321			1,303			1,255
Total liabilities		84,828			83,280			79,318			75,828			74,227
Equity:
Preferred stock		295			295			295			295			295
Common stock and additional paid-in capital		2,095			2,140			2,136			2,125			2,120
Retained earnings		5,607			5,371			5,165			4,980			4,826
Accumulated other comprehensive loss		(344	)		(409	)		(482	)		(478	)		(534	)
Total Western Alliance stockholders' equity		7,653			7,397			7,114			6,922			6,707
Noncontrolling interest in subsidiary		293			293			293			293			—
Total equity		7,946			7,690			7,407			7,215			6,707
Total liabilities and equity	$	92,774		$	90,970		$	86,725		$	83,043		$	80,934

Western Alliance Bancorporation and Subsidiaries
Changes in the Allowance For Credit Losses on Loans
Unaudited
	Three Months Ended
	Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024
	(dollars in millions)
Allowance for loan losses
Balance, beginning of period	$	440.4		$	394.7		$	388.6		$	373.8		$	356.6
Provision for credit losses (1)		64.8			76.8			35.7			40.6			51.3
Recoveries of loans previously charged-off:
Commercial and industrial		1.7			0.7			0.6			1.0			0.1
Commercial real estate - non-owner occupied		—			—			5.1			0.6			—
Commercial real estate - owner occupied		0.4			—			—			0.1			0.2
Construction and land development		1.5			—			—			—			—
Residential real estate		—			—			—			—			—
Consumer		0.1			—			—			—			—
Total recoveries		3.7			0.7			5.7			1.7			0.3
Loans charged-off:
Commercial and industrial		28.9			12.4			17.0			13.0			24.8
Commercial real estate - non-owner occupied		10.7			12.9			17.4			14.5			9.6
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		48.3			31.8			35.3			27.5			34.4
Net loan charge-offs		44.6			31.1			29.6			25.8			34.1
Balance, end of period	$	460.6		$	440.4		$	394.7		$	388.6		$	373.8

Allowance for unfunded loan commitments
Balance, beginning of period	$	42.3		$	39.2		$	35.1		$	39.5		$	37.6
Provision for (recovery of) credit losses (1)		7.3			3.1			4.1			(4.4	)		1.9
Balance, end of period (2)	$	49.6		$	42.3		$	39.2		$	35.1		$	39.5

Components of the allowance for credit losses on loans
Allowance for loan losses	$	460.6		$	440.4		$	394.7		$	388.6		$	373.8
Allowance for unfunded loan commitments		49.6			42.3			39.2			35.1			39.5
Total allowance for credit losses on loans	$	510.2		$	482.7		$	433.9		$	423.7		$	413.3

Net charge-offs to average loans - annualized		0.31	%		0.22	%		0.22	%		0.20	%		0.25	%

Allowance ratios
Allowance for loan losses to funded HFI loans (3)		0.78	%		0.78	%		0.71	%		0.71	%		0.70	%
Allowance for credit losses to funded HFI loans (3)		0.87			0.85			0.78			0.77			0.77
Allowance for loan losses to nonaccrual HFI loans		92			84			92			86			79
Allowance for credit losses to nonaccrual HFI loans		102			92			102			94			87

(1)		The above tables reflect the provision for credit losses on funded and unfunded loans. For the three months ended December 31, 2025, provision for credit losses for HTM investment securities totaled $0.9 million. The allowance for credit losses on HTM investment securities totaled $12.9 million as of December 31, 2025.
(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 $11.8 million as of December 31, 2025 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
	Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024
	(dollars in millions)
Nonaccrual loans and repossessed assets
Nonaccrual loans	$	500		$	522		$	427		$	451		$	476
Nonaccrual loans to funded HFI loans		0.85	%		0.92	%		0.76	%		0.82	%		0.89	%
Repossessed assets	$	137		$	130		$	218		$	51		$	52
Nonaccrual loans and repossessed assets to total assets		0.69	%		0.72	%		0.74	%		0.60	%		0.65	%

Loans Past Due
Loans past due 90 days, still accruing (1)	$	66		$	49		$	51		$	44		$	—
Loans past due 90 days, still accruing to funded HFI loans		0.11	%		0.09	%		0.09	%		0.08	%		—	%
Loans past due 30 to 89 days, still accruing (2)	$	108		$	196		$	175		$	182		$	92
Loans past due 30 to 89 days, still accruing to funded HFI loans		0.18	%		0.35	%		0.31	%		0.33	%		0.17	%

Other credit quality metrics
Special mention loans	$	325		$	292		$	444		$	460		$	392
Special mention loans to funded HFI loans		0.55	%		0.52	%		0.79	%		0.84	%		0.73	%

Classified loans on accrual	$	450		$	476		$	615		$	693		$	480
Classified loans on accrual to funded HFI loans		0.77	%		0.84	%		1.10	%		1.27	%		0.89	%
Classified assets	$	1,088		$	1,129		$	1,261		$	1,195		$	1,009
Classified assets to total assets		1.17	%		1.24	%		1.45	%		1.44	%		1.25	%

(1)		Excludes government guaranteed residential mortgage loans of $290 million, $282 million, $326 million, $275 million, and $326 million as of each respective date in the table above.
(2)		Excludes government guaranteed residential mortgage loans of $145 million, $149 million, $168 million, $161 million, and $183 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
	December 31, 2025							September 30, 2025
	Average Balance			Interest		Average Yield / Cost		Average Balance			Interest		Average Yield / Cost
	(dollars in millions)
Interest earning assets
Loans HFS	$	5,195		$	75.2	5.74	%	$	5,009		$	77.1	6.11	%
Loans HFI:
Commercial and industrial		26,246			415.1	6.32			25,216			410.9	6.51
CRE - non-owner occupied		10,454			182.5	6.93			10,473			190.8	7.23
CRE - owner occupied		1,695			24.0	5.74			1,688			25.2	6.05
Construction and land development		4,003			82.5	8.17			4,233			88.8	8.32
Residential real estate		14,690			156.6	4.23			14,557			155.1	4.23
Consumer		21			0.3	5.34			24			0.4	7.43
Total HFI loans (1), (2), (3), (4)		57,109			861.0	6.01			56,191			871.2	6.18
Investment securities:
Taxable		17,690			197.8	4.44			17,794			208.2	4.64
Tax-exempt		2,212			23.8	5.39			2,193			23.5	5.32
Total investment securities (1)		19,902			221.6	4.54			19,987			231.7	4.72
Cash and other		5,633			59.6	4.20			4,147			45.5	4.35
Total interest earning assets		87,839			1,217.4	5.54			85,334			1,225.5	5.74
Non-interest earning assets
Cash and due from banks		462							397
Allowance for credit losses		(459	)						(414	)
Bank owned life insurance		1,049							1,038
Other assets		5,310							4,957
Total assets	$	94,201						$	91,312
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing demand accounts	$	17,374		$	102.2	2.33	%	$	16,071		$	101.4	2.50	%
Savings and money market		24,113			180.9	2.98			23,373			189.4	3.21
Certificates of deposit		9,834			100.4	4.05			10,124			107.4	4.21
Total interest-bearing deposits		51,321			383.5	2.96			49,568			398.2	3.19
Short-term borrowings		3,243			33.7	4.13			2,577			30.2	4.66
Long-term debt		1,723			25.0	5.75			2,905			40.4	5.52
Qualifying debt		845			9.0	4.27			678			6.3	3.63
Total interest-bearing liabilities		57,132			451.2	3.13			55,728			475.1	3.38
Interest cost of funding earning assets						2.04							2.21
Non-interest-bearing liabilities
Non-interest-bearing deposits		27,524							26,438
Other liabilities		1,681							1,539
Equity		7,864							7,607
Total liabilities and equity	$	94,201						$	91,312
Net interest income and margin (5)				$	766.2	3.51	%				$	750.4	3.53	%

(1)		Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $9.9 million and $9.7 million for the three months ended December 31, 2025 and September 30, 2025, respectively.
(2)		Included in the yield computation are net loan fees of $25.0 million and $28.1 million for the three months ended December 31, 2025 and September 30, 2025, respectively.
(3)		Interest income includes a reduction for earnings credits totaling $56.6 million and $64.9 million for the three months ended December 31, 2025 and September 30, 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
	December 31, 2025							December 31, 2024
	Average Balance			Interest		Average Yield / Cost		Average Balance			Interest		Average Yield / Cost
	(dollars in millions)
Interest earning assets
Loans HFS	$	5,195		$	75.2	5.74	%	$	4,542		$	67.3	5.90	%
Loans HFI:
Commercial and industrial		26,246			415.1	6.32			22,708			382.8	6.76
CRE - non-owner occupied		10,454			182.5	6.93			9,883			184.1	7.42
CRE - owner occupied		1,695			24.0	5.74			1,826			27.7	6.14
Construction and land development		4,003			82.5	8.17			4,571			100.1	8.72
Residential real estate		14,690			156.6	4.23			14,424			152.3	4.20
Consumer		21			0.3	5.34			52			0.9	6.57
Total loans HFI (1), (2), (3), (4)		57,109			861.0	6.01			53,464			847.9	6.34
Investment securities:
Taxable		17,690			197.8	4.44			13,550			155.0	4.55
Tax-exempt		2,212			23.8	5.39			2,269			24.4	5.36
Total investment securities (1)		19,902			221.6	4.54			15,819			179.4	4.67
Cash and other		5,633			59.6	4.20			3,481			44.0	5.03
Total interest earning assets		87,839			1,217.4	5.54			77,306			1,138.6	5.91
Non-interest earning assets
Cash and due from banks		462							316
Allowance for credit losses		(459	)						(364	)
Bank owned life insurance		1,049							1,003
Other assets		5,310							4,427
Total assets	$	94,201						$	82,688
Interest bearing liabilities
Interest bearing deposits:
Interest bearing demand accounts	$	17,374		$	102.2	2.33	%	$	14,555		$	101.3	2.77	%
Savings and money market accounts		24,113			180.9	2.98			19,895			167.8	3.36
Certificates of deposit		9,834			100.4	4.05			9,654			118.1	4.87
Total interest bearing deposits		51,321			383.5	2.96			44,104			387.2	3.49
Short-term borrowings		3,243			33.7	4.13			3,480			45.8	5.24
Long-term debt		1,723			25.0	5.75			1,861			29.7	6.34
Qualifying debt		845			9.0	4.27			898			9.4	4.19
Total interest bearing liabilities		57,132			451.2	3.13			50,343			472.1	3.73
Interest cost of funding earning assets						2.04							2.43
Non-interest bearing liabilities
Non-interest bearing deposits		27,524							24,200
Other liabilities		1,681							1,380
Equity		7,864							6,765
Total liabilities and equity	$	94,201						$	82,688
Net interest income and margin (5)				$	766.2	3.51	%				$	666.5	3.48	%

(1)		Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $9.9 million and $10.0 million for the three months ended December 31, 2025 and 2024, respectively.
(2)		Included in the yield computation are net loan fees of $25.0 million and $22.1 million for the three months ended December 31, 2025 and 2024, respectively.
(3)		Interest income includes a reduction for earnings credits totaling of $56.6 million and $61.4 million for the three months ended December 31, 2025 and 2024, 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
	Year Ended
	December 31, 2025							December 31, 2024
	Average Balance			Interest		Average Yield / Cost		Average Balance			Interest		Average Yield / Cost
	(dollars in millions)
Interest earning assets
Loans HFS	$	4,844		$	292.9	6.05	%	$	3,531		$	216.4	6.13	%
Loans HFI:
Commercial and industrial		24,608			1,583.9	6.49			20,845			1,490.6	7.21
CRE - non-owner occupied		10,299			730.3	7.10			9,681			744.7	7.70
CRE - owner occupied		1,762			104.7	6.05			1,833			111.2	6.17
Construction and land development		4,232			351.7	8.31			4,747			440.1	9.28
Residential real estate		14,499			614.2	4.24			14,529			622.3	4.28
Consumer		31			2.1	6.70			54			3.8	7.00
Total loans HFI (1), (2), (3), (4)		55,431			3,386.9	6.14			51,689			3,412.7	6.63
Investment securities:
Taxable		15,919			726.9	4.57			13,159			616.0	4.68
Tax-exempt		2,218			95.9	5.42			2,230			95.0	5.34
Total investment securities (1)		18,137			822.8	4.67			15,389			711.0	4.78
Cash and other		4,344			190.3	4.38			3,656			201.0	5.50
Total interest earning assets		82,756			4,692.9	5.72			74,265			4,541.1	6.17
Non-interest earning assets
Cash and due from banks		384							293
Allowance for credit losses		(418	)						(357	)
Bank owned life insurance		1,032							589
Other assets		4,974							4,483
Total assets	$	88,728						$	79,273
Interest bearing liabilities
Interest bearing deposits:
Interest bearing demand accounts	$	16,259		$	400.7	2.46	%	$	16,155		$	480.7	2.98	%
Savings and money market accounts		22,617			705.6	3.12			17,462			610.2	3.49
Certificates of deposit		10,015			431.5	4.31			10,085			509.3	5.05
Total interest bearing deposits		48,891			1,537.8	3.15			43,702			1,600.2	3.66
Short-term borrowings		2,651			120.4	4.54			3,893			216.3	5.56
Long-term debt		2,444			137.1	5.61			830			67.7	8.16
Qualifying debt		811			32.8	4.05			896			38.0	4.25
Total interest bearing liabilities		54,797			1,828.1	3.34			49,321			1,922.2	3.90
Interest cost of funding earning assets						2.21							2.59
Non-interest bearing liabilities
Non-interest bearing deposits		24,926							22,017
Other liabilities		1,571							1,455
Equity		7,434							6,480
Total liabilities and equity	$	88,728						$	79,273
Net interest income and margin (5)				$	2,864.8	3.51	%				$	2,618.9	3.58	%

(1)		Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $40.0 million and $39.5 million for the years ended December 31, 2025 and 2024, respectively.
(2)		Included in the yield computation are net loan fees of $102.4 million and $109.0 million for the years ended December 31, 2025 and 2024, respectively.
(3)		Interest income includes a reduction for earnings credits totaling $240.9 million and $239.8 million for the years ended December 31, 2025 and 2024, 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 Credits
Unaudited

The tables below show the income statement classification for earnings credit amounts earned on non-interest bearing DDA:

	Three Months Ended
	12/31/2025		9/30/2025		6/30/2025		3/31/2025		12/31/2024
Income statement line item	(in millions)
Interest income	$	56.6	$	64.9	$	61.3	$	58.1	$	61.4
Service charges and fees		7.2		5.4		4.4		4.2		6.3
Deposit costs (1)		123.6		126.3		101.7		90.9		133.3
Total ECR costs	$	187.4	$	196.6	$	167.4	$	153.2	$	201.0

	Year Ended December 31,
		2025		2024
Income statement line item	(in millions)
Interest income	$	240.9	$	239.8
Service charges and fees		21.2		26.1
Deposit costs (1)		442.5		489.2
Total ECR costs	$	704.6	$	755.1

(1)

Earnings credits are a subset of total Deposit costs, which also include referral, reciprocal deposit and other costs.

Western Alliance Bancorporation and Subsidiaries

Reconciliation of Non-GAAP Financial Measures

Unaudited

Pre-Provision Net Revenue by Quarter:
	Three Months Ended
	Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024
	(in millions)
Net interest income	$	766.2	$	750.4	$	697.6	$	650.6	$	666.5
Total non-interest income		214.7		187.8		148.3		127.4		171.9
Net revenue	$	980.9	$	938.2	$	845.9	$	778.0	$	838.4
Total non-interest expense		552.2		544.4		514.7		500.4		519.0
Pre-provision net revenue (1)	$	428.7	$	393.8	$	331.2	$	277.6	$	319.4
Adjusted for:
Provision for credit losses		73.0		80.0		39.9		31.2		60.0
Income tax expense		62.5		53.3		53.5		47.3		42.5
Net income	$	293.2	$	260.5	$	237.8	$	199.1	$	216.9

Western Alliance Bancorporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Unaudited

Efficiency Ratio (Tax Equivalent Basis) by Quarter:
	Three Months Ended
	Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024
	(dollars in millions)
Total non-interest expense	$	552.2		$	544.4		$	514.7		$	500.4		$	519.0
Less: Deposit costs		171.2			175.1			147.4			136.8			174.5
Total non-interest expense, excluding deposit costs		381.0			369.3			367.3			363.6			344.5
Divided by:
Total net interest income		766.2			750.4			697.6			650.6			666.5
Plus:
Tax equivalent interest adjustment		9.9			9.7			10.2			10.2			10.0
Total non-interest income		214.7			187.8			148.3			127.4			171.9
Less: Deposit costs		171.2			175.1			147.4			136.8			174.5
	$	819.6		$	772.8		$	708.7		$	651.4		$	673.9
Efficiency ratio (2)		55.7	%		57.4	%		60.1	%		63.5	%		61.2	%
Efficiency ratio, adjusted for deposit costs (2)		46.5	%		47.8	%		51.8	%		55.8	%		51.1	%

Tangible Common Equity:
	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024
	(dollars and shares in millions, except per share data)
Total equity	$ 7,946	$ 7,690	$ 7,407	$ 7,215	$ 6,707
Less:
Goodwill and intangible assets, net	649	651	653	656	659
Preferred stock	295	295	295	295	295
Noncontrolling interest in subsidiary	293	293	293	293	—
Total tangible common equity	6,709	6,451	6,166	5,971	5,753
Plus: deferred tax - attributed to intangible assets	2	2	2	2	2
Total tangible common equity, net of tax	$ 6,711	$ 6,453	$ 6,168	$ 5,973	$ 5,755
Total assets	$ 92,774	$ 90,970	$ 86,725	$ 83,043	$ 80,934
Less: goodwill and intangible assets, net	649	651	653	656	659
Tangible assets	92,125	90,319	86,072	82,387	80,275
Plus: deferred tax - attributed to intangible assets	2	2	2	2	2
Total tangible assets, net of tax	$ 92,127	$ 90,321	$ 86,074	$ 82,389	$ 80,277
Tangible common equity ratio (3)	7.3 %	7.1 %	7.2 %	7.2 %	7.2 %
Common shares outstanding	109.5	110.2	110.4	110.4	110.1
Tangible book value per share, net of tax (3)	$ 61.29	$ 58.56	$ 55.87	$ 54.10	$ 52.27

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/20260123692950/en/

Investors: Miles Pondelik, 602-346-7462

Email: [email protected]

Media: Stephanie Whitlow, 480-998-6547

Email: [email protected]

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Date	Price Target	Rating	Analyst
9/29/2025	$90.00	Equal Weight → Underweight	Wells Fargo
9/25/2025	$118.00	Buy	TD Cowen
5/21/2025	$95.00	Buy	Jefferies
5/13/2025	$92.00	Buy	Truist
12/17/2024		Buy	UBS
10/7/2024	$83.00 → $101.00	Hold → Buy	Deutsche Bank
4/22/2024	$75.00	Outperform	Hovde Group
3/8/2024	$91.00	Overweight	Barclays

Western Alliance Bancorporation Reports Fourth Quarter and Full Year 2025 Financial Results

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Vice Chair and CBO, Deposits Gibbons Dale returned $44,646 worth of shares to the company (497 units at $89.83) and converted options into 497 shares (SEC Form 4)

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Western Alliance Bancorporation filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

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