# EDGAR Filing Document

**Accession Number:** 0001212545
**File Stem:** 0001212545-23-000072
**Filing Date:** 2023-2
**Character Count:** 42043
**Document Hash:** 2ee351003444105bcdbabddf5de1d532
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001212545-23-000072.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001212545-23-000072

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 39

**CONFORMED PERIOD OF REPORT**: 20230214

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WESTERN ALLIANCE BANCORPORATION
- **CENTRAL INDEX KEY:** 0001212545
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32550
- **FILM NUMBER:** 23629973

**BUSINESS ADDRESS:**
- **STREET 1:** ONE E. WASHINGTON STREET
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85004
- **BUSINESS PHONE:** 602-389-3500

**MAIL ADDRESS:**
- **STREET 1:** ONE E. WASHINGTON STREET
- **STREET 2:** SUITE 1400
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85004

?xml version="1.0" ? wal-20230214

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): February 14, 2023

**WESTERN ALLIANCE BANCORPORATION** 

(Exact name of registrant as specified in its charter)

Delaware 001-32550 88-0365922 <br> (State or other jurisdictionof incorporation) (CommissionFile Number) (IRS EmployerIdentification No.)

One E. Washington Street, Phoenix, Arizona 85004

(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip Code)

(602) 389-3500

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.0001 Par Value | WAL | New York Stock Exchange |
| Depositary Shares, Each Representing a 1/400<sup>th</sup> Interest in a Share of <br>4.250% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A | WAL PrA | New York Stock Exchange |

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

Emerging growth company ☐

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

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**ITEM 7.01. Regulation FD Disclosure.**

Western Alliance Bancorporation (the "Company") intends to discuss the information contained in the presentation attached hereto as Exhibit 99.1 and incorporated by reference herein at investor conferences throughout the first quarter of 2023. To the extent updates are made to this presentation, these updates will be made available on the Company's investor relations page of its website at www.westernalliancebancorporation.com.

The information in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed subject to the requirements of amended Item 10 of Regulation S-K, nor shall it be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing. The furnishing of this information hereby shall not be deemed an admission as to the materiality of any such information.

**ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.**

**(d) Exhibits.**

99.1 <u>[Investor Presentation](wal_1q23investorpresxfin.htm)</u> <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

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**SIGNATURES**

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

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| | |
|:---|:---|
| | WESTERN ALLIANCE BANCORPORATION<br>(Registrant)<br>/s/ Dale Gibbons |
| | Dale Gibbons |
| | Vice Chairman and |
| | Chief Financial Officer |
| Date: | February 14, 2023 |

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## Exhibit 99.1

![](wal_1q23investorpresxfin001.jpg)

INVESTOR UPDATE 1Q 2023

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Forward-Looking Statements This presentation contains forward-looking statements that relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. 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, 2021 and the Company's subsequent Quarterly Reports on Form 10-Q, each as filed with the Securities and Exchange Commission; the potential adverse effects of unusual and infrequently occurring events such as the COVID-19 pandemic 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 war between Russia and Ukraine; inflation, interest rate, market and monetary fluctuations; increases in competitive pressures among financial institutions and businesses offering similar products and services; higher defaults on our loan portfolio than we expect; changes in management's estimate of the adequacy of the allowance for credit losses; legislative or regulatory changes or changes in accounting principles, policies or guidelines; 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 presentation is based only on information currently available to us and speaks only as of the date on which it is made. We do not intend and disclaim any duty or obligation to update or revise any industry information or forward-looking statements, whether written or oral, that may be made from time to time, set forth in this press release to reflect new information, future events or otherwise. Non-GAAP Financial Measures This presentation contains both financial measures based on GAAP and non-GAAP based financial measures, which are used where management believes them to be helpful in understanding the Company's results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the Company's press release as of and for the quarter ended December 31, 2022. 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. 2

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Note: Financial data as of December 31, 2022; 1) Market data as of February 10, 2023; 2) Refer to slide 2 for further discussion of Non-GAAP financial measures. 3) Nonperforming assets includes nonaccrual loans and repossessed assets 3 Western Alliance Bancorporation Overview Summary The Bank for All Seasons A national banking platform of specialized financial services paired with attractive regional markets provides complementary, diversified revenue streams and high operating leverage to produce industry-leading financial results Serving a wide range of commercial and consumer related clients nationwide, from corporate and small business to public and non-profit borrowers Diversified business model provides flexibility and responsiveness to changing winds and market conditions to provide long-term superior risk- adjusted returns NYSE WAL Headquarters Phoenix, AZ IPO 2005 Market Cap1 $8.2bn Offices 56 Employees 3,300+ NPAs/Assets3 0.14% LTM NCOs/ Avg. Loans 0.00% Total Assets $67.7bn LTM PPNR Growth 25.7% LTM ROTCE2 25.4% TBV per Share 5-Year CAGR 16.2% S&P GLOBAL MI #2 Best-Performing of the 50 Largest Public U.S. Banks, 2021 BANK DIRECTOR #1 Best Emerging Regional Bank & Top 10 U.S. Banks for Growth Strategy One of Forbes' "America's Best Banks" Year After Year FORBES INSTITUTIONAL INVESTOR MAG 2022 All-America Executive Team Best CEO & Best CFO #1 Bank Above $50B, 2022 AMERICAN BANKER

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4th Quarter 2022 \| Financial Highlights Earnings & Profitability Q4-22 Q3-22 Q4-21 Earnings per Share $2.67 $2.42 $2.32 Net Income $293.0 $264.0 $246.0 Net Revenue $701.2 $663.9 $561.0 Pre Provision Net Revenue1 $367.8 $358.1 $323.2 Net Interest Margin 3.98% 3.78% 3.33% Efficiency Ratio1 46.9% 45.5% 41.8% ROAA 1.67% 1.53% 1.69% ROTCE1 27.0% 24.9% 25.8% Balance Sheet & Capital Total Loans $51,862 $52,201 $39,075 Total Deposits $53,644 $55,589 $47,612 CET1 Ratio 9.3% 8.7% 9.1% TCE Ratio1 6.5% 5.9% 7.3% Tangible Book Value per Share1 $40.25 $37.16 $37.84 Asset Quality Provision for Credit losses $3.1 $28.5 $13.2 Net Charge-Offs (Recoveries) $1.8 $(1.9) $1.4 Net Charge-Offs (Recoveries) /Avg. Loans 0.01% (0.02)% 0.02% Total Loan ACL/Funded HFI Loans3 0.69% 0.68% 0.74% NPAs2/Total Assets 0.14% 0.15% 0.15% Net Income $293.0 million EPS $2.67 PPNR1 Q4: $367.8 million 14% YoY ROTCE / (ex. AOCI)1 27.0% / 23.1% Loan Growth Q4: $(0.3) billion 28% YoY4 Deposit Growth Q4: $(1.9) billion 13% YoY Tangible Book Value PER SHARE1 $40.25 6% YoY NPAs2/ Total Assets 0.14% 4 Dollars in millions, except EPS 1) Refer to slide 2 for further discussion of Non-GAAP financial measures. 2) Nonperforming assets includes nonaccrual loans and repossessed assets. 3) Ratio includes an allowance for credit losses of $21.9 million as of December 31, 2022 related to a $12.0 billion pool of loans covered under 5 separate credit linked notes. 4) YoY loan growth excludes Early Buyout loans that were transferred from HFS to HFI during 2022, with a balance of $1.9 billion at December 31, 2022. Highlights

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WAL's Value Proposition 5 1 Flexible business model – sustainable growth across market cycles 2 Specialized, high quality loan portfolio – deep client segment expertise and underwriting acumen 3 Differentiated deposit franchise – specialized, national channels serving secularly strong industries 6 Demonstrated conservative credit culture – superior through-cycle asset quality 5 Leading efficiency produces strong operating leverage 7 Shareholder-focused capital management – robust TBV per share accumulation Leading national commercial bank with unique combination of sustained high-quality growth, leading profitability, and dependable earnings 4 Industry-leading profitability – sustained PPNR growth 8 Consistent, superior earnings performance

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WAL's Thoughtful Evolution 6 Deliberate evolution from a Nevada-focused community bank to a national commercial bank Nevada Community Bank (1994 – 2002) Regional Bank with a National Reach (2010 – 2017) 1994 Founded as Bank West of Nevada 2003 Opened de novo Torrey Pines Bank in SoCal 2005 IPO 2015 Acquisition of Bridge Bank 2021 Partnership with TassatPay to offer blockchain payments 2021 Crossed $50B in assets 2021 Acquisition of AmeriHome Mortgage 2016 Acquisition of GE Hotel Finance Portfolio 2003 Opened de novo Alliance Bank of AZ Ke y Co rp or at e Ev en ts N ew B us in es s Li ne s Total Assets ($Bn) 4Q'02 $0.9 4Q'09 $5.8 2Q'14 $10.0 4Q'17 $20.3 2Q'19 $25.3 3Q'21 $52.8 4Q'22 $67.7 National Business Lines Nascent Regional Bank (2003 – 2009) Dec-2002 WAL investors acquire to expand regionally 2Q'05 $2.6 National Commercial Bank (2018 – Present)

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Branch-Lite, National Commercial Bank 7 A national banking platform of specialized financial services, paired with attractive regional markets, provides complementary, diversified revenue streams and high operating leverage to produce superior financial returns WAL's branch network represented by major MSAs Physical office location of business development employees Remote locations of business development employees Business development offices primarily driven by loan and deposit initiatives for: - Bridge Bank / Tech & Innovation - Warehouse Lending - National CRE - Settlement Services - Business Escrow Services - HOA Services National Business Line Growth

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8 WAL actively adapts business and capital allocation in response to changing external environment Note: Illustrative as business objectives are not mutually exclusive and image does not represent full suite of WAL divisions, products and services. Capital Call Lines Residential Mortgages Geographic Diversification Growth Trajectory Risk- Adjusted Yields Operating Leverage Risk Management Capital Allocation Lot Banking Hotel Franchise Finance HOA Corporate Finance Municipal & Nonprofit National Business Lines Regional Banking Divisions Organic Growth Dividends M&A Share Repurchases Ample growth potential Deep segment & product expertise supports cyclical business lines Highly efficient lending & deposit platforms Pristine asset quality Superior total shareholder returns Growth trajectory maintained with prudent credit risk management CRE Technology & Innovation Warehouse Lending Mortgage Banking Diversified Business Model Allows Flexibility to Sustain Growth

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9 • Deliberate, decade-long business transformation strategy • Nearly 70% of GFC losses from Q4-09 to Q4-12 came from categories comprising 44% of portfolio at Q4-09, which today makes up <6% of loans • Losses concentrated in Nevada and consumer lending during GFC • Since year-end 2013, cumulative NCOs of $29mm vs total ACL of $357mm today • No quarterly NCO >$8.2mm (13bps) • Diverse mix of regionally-focused commercial banking divisions and nationally-oriented, specialized businesses • National reach and deep segment expertise enables selective relationships with strong counterparties, leading profitability and superior company risk management • Nevada loan concentration reduction: 40% to 5% • National lending diversification: 21% to 49% • CRE loan concentration reduction: 54% to 21% • 53% of loans in low-to-no-loss categories today Highlights Deliberate business transformation emphasizes underwriting specialization and diversification strategy, which sustains superior asset quality Loan Portfolio: 2010 G eo gr ap hy Ch ar ac te ris tic s • Community banking focused • Nevada concentrated • Local business C&I and HNW developers 40.4% 21.9% 17.0% 20.7% NV CA AZ Other Other C&I 20% CRE, Owner Occupied 28% CRE, Non-Owner Occupied 24% Hotel 2% Warehouse Lending 1% Residential 11% C&D 10% Other 4% • National, specialized commercial bank • Regional footprint • Specialized C&I and institutional sponsor-backed developers Loan Portfolio: Q4 2022 27% of Loans Credit Protected $51.9 Bn$4.2 Bn Co m po si tio n Municipal & Nonprofit 3% Tech & Innovation 4% Other C&I 14% CRE, Owner Occupied 3% CRE, Non- Owner Occupied 11% Hotel Franchise Finance 8% Warehouse Lending 11% Residential 31% Equity Fund Resources 7% C&D 8% Business Transformation 37.0% 8.2% 5.4% 49.4% CA AZ NV Other

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Peers1 Median: 13.0% Top Quart.: 14.7% Specialized, High Quality Loan Portfolio 10 Highlights Diversified by product, client-type and geography emphasizing underwriting discipline 31% 8% 18%3% 40% Resi. & Consumer Const. & Land CRE, NOO CRE, OO C&I Loans by Product Type Warehouse Lending 11% Municipal & Nonprofit 3% Tech & Innovation 4% Other C&I 14% CRE, OO 3% CRE, NOO 11%Hotel Franchise Finance 8% Residential 31% Equity Fund Resources 7% C&D 8% $6.8 $8.4 $11.1 $13.2 $15.1 $17.7 $21.1 $27.1 $39.1 $51.9 5.43% 5.23% 5.18% 5.40% 5.62% 5.82% 5.83% 4.79% 4.32% 4.74% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Loans and Loan Yields • Diverse mix of regionally-focused commercial banking divisions & nationally-oriented specialized businesses • Leverages deep segment expertise to provide specialized banking services to niche markets across the country • Segment-focused model supports superior client value and company risk management • National reach enables selective relationships with highest asset quality and profitability Dollars in billions WAL 25.3% 1) Peers consist of 33 publicly traded banks headquartered in the US with total assets between $25B and $150B, excluding target banks of pending acquisitions, as of December 31, 2022; Source: S&P Global Market Intelligence. Loan CAGR Sources of Loan Growth (1Q20 – 4Q22) Loans by Borrower Type 45% Residential 11% EFR 12% Warehouse Lending 16% Other NBLs 16% Regional Banking • Accelerated growth in NBLs and Residential has contributed to loan diversification and evolution of strategy into low-to- no-loss loan categories • ~68% of 3-year growth in low-to-no-loss categories

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11 • A decade of business transformation has resulted in consistent relative outperformance in asset quality and credit metrics • Asset quality remained strong during height of the pandemic • Improvement / stabilization in non- accruals reflects timely identification and resolution of problem loans before realizing losses • Credit mitigation expertise is critical with a weaker macro backdrop • 27% of loan portfolio is now credit protected, consisting of government guaranteed, Credit Linked Notes-protected, and cash secured assets1 Net Charge-Offs / Average Loans Non-Accrual Loans / Loans Note: Peers consist of 33 publicly traded banks headquartered in the US with total assets between $25B and $150B, excluding target banks of pending acquisitions, as of December 31, 2022; Source: S&P Global Market Intelligence. 1) As of December 31, 2022, CLNs cover a substantial portion of Equity Fund Resources ($1.6 billion), Residential ($9.7 billion) and Warehouse Lending ($689 million) loans outstanding. 2) MRQ is Q4-22 for WAL and most peers and Q3-22 for the remainder. Classified Loans / Loans Demonstrated Conservative Credit Culture Highlights 0.01%0.02% 0.06% 0.02% 0.06% 0.01% 0.02% -0.06%-0.07% 0.14% 0.07%0.06% 0.18% 0.15%0.16%0.17% 0.21% 0.11% 0.11% 0.24% MRQ202120202019201820172016201520142013 0.16%0.19% 0.43% 0.27% 0.16% 0.29%0.31% 0.44% 0.81% 1.11% 0.27% 0.33% 0.55% 0.40%0.44% 0.55% 0.70%0.73% 0.56% 0.77% MRQ202120202019201820172016201520142013 0.71%0.74%0.82%0.70% 1.18%1.14%1.14% 1.50% 1.87% 2.99% 1.31%1.44% 1.80% 1.39%1.41% 1.63% 2.07%2.18%2.09% 2.40% MRQ202120202019201820172016201520142013 2 22

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Demonstrated Conservative Credit Culture 12 Deliberate business transformation, emphasizing underwriting specialization and diversification strategy, has produced sustained superior asset quality with reduced dispersion in realized credit losses Note: Peers consist of 33 publicly traded banks headquartered in the US with total assets between $25B and $150B, excluding target banks of pending acquisitions, as of December 31, 2022; Source: S&P Global Market Intelligence. 0.00% 0.30% 0.60% 0.90% 1.20% Annualized Net Charge-Offs (1Q14 - 4Q22) Max Average 5.25% 3.00% Peer Group Maximum of Peers Avg of Peers Minimum of Peers Amount Bank Amount Amount Bank Average 38 bps HWC 15 bps < 1 bp WAL Maximum 525 bps HWC 78 bps 13 bps WAL

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13 Specialized underwriting expertise and conservative sector allocations position portfolio to withstand economic uncertainty Conservative, Economically Resilient Portfolio Positioning Insured (27%) • Residential • Equity Fund Resources • Warehouse Lending • Early Buyout ("EBO") Resi. & Other Government-Guaranteed or Cash-Secured Assets • Warehouse Lending • Includes Core WH Lending, Note Financing, MSR financing • Residential • Low LTVs; DQs significantly below national percentages • Equity Fund Resources • Capital Call & Subscription LOCs • Underwrite LPs behind private funds • Municipal / Public Finance • CRE – Industrial & Medical • HOA • Extremely low LTVs; lien in front of homeowner's first mortgage Resilient (33%) • Regional CRE – Investor • Regional C&I • Hotel Franchise Finance (ex-Central Business District) • Regional CRE - Owner Occupied • Corporate Finance • Lot Banking • Specialized NBLs • Gaming – Off-strip, middle market gaming companies and tribal gaming enterprises • Resort – Timeshare resort developers; hypothecation of consumer receivables • Other NBLs 19% 3% 1% 4% 8% 9% 4% 2% • Construction (ex-Lot Banking) • Focused on note-on-note financing and Built-to-Rent developments • Tech & Innovation • Established tech firms with operating and financial flexibility, validated product, path to profitability • Hotel Franchise Finance (CBD only) • Large, sophisticated hotel sponsors who operate >25 hotels • 90% operate >10 properties with top franchisor flags • Small Business, CRA-Related, and Consumer Resistant (27%) More Sensitive (13%) 6% 4% 2% 1% 2% 2% 6% 3% 7% 6% 3% Credit protected, government guaranteed and cash-secured Historically low-to-no-loss loan categories Limited uncovered collateral risk, underwriting expertise, and strong counterparties Categories more directly correlated to economic growth 7% 1% Avg Loss Rate: 0.05% Max Loss Rate: 0.71% Avg Loss Rate: 0.02% Max Loss Rate: 0.16% Avg Loss Rate: 0.00% Max Loss Rate: 0.10% Avg Loss Rate: 0.00% Max Loss Rate: 0.00% Note: Average and maximum loss rates are quarterly annualized and from the period of Q1 2014 – Q4 2022.

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14 • WAL remains appropriately reserved, especially when considering credit protection from Credit Linked Notes (CLNs) and historically low loss loan categories • Total Loan ACL / Funded Loans increased to 0.69% in Q4 as a result of heightened economic uncertainty • Total Loan ACL / Funded Loans less loans covered by CLNs is 0.89% • Total Loan ACL / Funded Loans less loans covered by CLNs and select no-to- low-loss loan categories (EFR, Residential, and Mortgage Warehouse) is 1.34% • > 7.5x historical maximum annual loss rate4 • Reserves are a multiple of average losses times portfolio duration • Estimated weighted average duration of the loan portfolio is < 4 years • Adj. total ACL covers > 25x of historical average annual loss rate4 x duration Substantial Reserve Levels Highlights Reserve levels enhanced by credit protection and low loss loan categories 0.89% 0.94% 1.13% 1.34% 0.69% Total Loan ACL / Funded Loans1,2 - Loans Covered by CLNs 1 2 - EFR Loans 3 4 - Residential Loans 5 - Mortgage Warehouse Loans 0.06% EBOs3 Adjusted Total Loan ACL / Funded Loans: 4Q22 1) Total Loan ACL includes allowance for unfunded commitments. 2) Ratio includes an allowance for credit losses of $21.9 million as of December 31, 2022 related to a $12.0 billion pool of loans covered under 5 separate credit linked notes. 3) Early Buyout Loans are government guaranteed. 4) Historical weighted average loss rates from the period of Q1 2014 – Q4 2022, per slide 13. 0.13% Resi 0.21% 0.05% 0.20%

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Note: Borrowings include customer repurchase agreements; Cost of Funds defined as total expense paid on interest bearing liabilities divided by the sum of average interest- bearing liabilities and average non-interest bearing demand deposits. Diversified funding channels provide secular growth trends and reflect long- term relationships Scalable, Differentiated Deposit Franchise 15 • $53.6Bn in total deposits, typically tied to lending relationships • WAL benefits from holding customer's primary relationship • Scalable national funding channels, such as HOA, Settlement Services, Business Escrow Services, and Tech & Innovation • Core deposits fund balance sheet growth • Deposits comprise 88% of total funding • 97% Loan-to-Deposit ratio • 37% of total deposits are noninterest- bearing • ~40% of which are Earnings Credit Rate-related • Earnings Credit Rate-related deposit balances of $12.9 billion • ~62% associated with non-interest bearing accounts Deposit Base $5.6 $6.6 $7.9 $8.9 $9.5 $11.7 $14.3 $18.5 $26.3 $33.9 $2.2 $2.3 $4.1 $5.6 $7.4 $7.5 $8.5 $13.4 $21.3 $19.7 $0.5 $0.5 $0.4 $0.4 $0.8 $0.9 $0.4 $1.0 $2.4 $7.2 0.39% 0.36% 0.30% 0.31% 0.37% 0.64% 0.86% 0.34% 0.25% 0.80% -2.00% -1.20% -0.40% 0.40% $0.0 $20.0 $40.0 $60.0 $80.0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Interest Bearing Deposits Non-Interest Bearing Deposits Total Borrowings Cost of Funds Deposits, Borrowings, and Cost of Funds 27.6% CAGR 2.1% CAGR Dollars in billions Highlights Deposit Composition 39% 16% 14% 12% 6% 1% 12%Regions Mtg WH Tech & Innov. HOA Sttlmt Svcs Bus. Escrow Svcs Other 37% 36% 18% 9% Nonint. Bearing DDA MMDA & Savings Interest Bearing DDA CDs ~40% of NIB DDAs are ECR-related

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Leading Efficiency Produces Strong Operating Leverage 16 • Continued focus on expense management, while investing in growth initiatives and scalable infrastructure to become a leading nationwide banking platform • Efficiency ratio1 increased 200 bps to 44.9% compared to 2021 • Increased 140 bps to 46.9% in Q4 from Q3 • Deposit costs increased $26.0 million in Q4 from the prior quarter, primarily related to higher earnings credit rates • Efficiency ratio1 adjusted to reclassify deposit costs as interest expense was 41.1%, compared to 42.0% in 2021 • 40.0% in Q4, compared to 40.5% in Q3 Track record of simultaneously driving industry-leading growth and efficiency Note: Efficiency ratio for WAL and Peers as calculated and reported by S&P Global Market Intelligence. Peers consist of 33 publicly traded banks headquartered in the US with total assets between $25B and $150B, excluding target banks of pending acquisitions, as of December 31, 2022; Source: S&P Global Market Intelligence. 1) Refer to slide 2 for further discussion of Non-GAAP financial measures. Highlights Efficiency Ratio Breakdown of Non-Interest Expenses Other Operating Expenses Deposit Costs Salaries & Employee Benefits $108.1 $101.0 $111.8 $113.1 $125.5 $120.6 $138.3 $139.0 $136.5 $125.7 $9.1 $9.3 $18.1 $56.2 $82.2 $237.8 $248.6 $268.9 $305.8 $333.4 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Dollars in millions 53.3% 47.8% 47.0% 45.0% 41.4% 43.3% 42.6% 38.8% 42.9% 44.9% 53.2% 47.6% 46.9% 44.7% 40.7% 42.2% 41.0% 37.9% 42.0% 41.1% 63.0% 62.7% 60.3% 59.9% 58.8% 56.2% 55.6% 56.5% 57.2% 53.2% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 WAL WAL Adjusted Peers

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ROAA Industry-Leading Profitability 17 • Outstanding performance compared to peers with ROAA and ROATCE among highest in industry • Net Interest Income continues to rise through strong earning asset growth • Net Interest Income increased $668 million, or 43.1%, from 2021 due to strong loan growth and the rising rate environment • NIM increased 26 bps, driven by higher yields on interest earning assets • PPNR increased $283 million, or 25.7%, from 2021 ROATCE Note: Peers consist of 33 publicly traded banks headquartered in the US with total assets between $25B and $150B, excluding target banks of pending acquisitions, as of December 31, 2022; Source: S&P Global Market Intelligence. 1) FY2022 for WAL and most peers and Q3-22 four quarter average for the remainder. Pre-Provision Net Revenue ($MM) Net Interest Income $159 $202 $262 $369 $469 $533 $624 $746 $1,102 $1,384 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 $333 $385 $493 $657 $785 $916 $1,040 $1,167 $1,549 $2,216 4.39% 4.42% 4.51% 4.58% 4.65% 4.68% 4.52% 3.97% 3.41% 3.67% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% $0.0$5.0$10.0$15.0$20.0$25.0$30.0$35.0$40.0$45.0$50.0$55.0$60.0$65.0$70.0$75.0$80.0$85.0$90.0$95.0$100.0$105.0$110.0$115.0$120.0$125.0$130.0$135.0$140.0$145.0$150.0$155.0$160.0$165.0$170.0$175.0$180.0$185.0$190.0$195.0$200.0$205.0$210.0$215.0$220.0$225.0$230.0$235.0$240.0$245.0$250.0$255.0$260.0$265.0$270.0$275.0$280.0$285.0$290.0$295.0$300.0$305.0$310.0$315.0$320.0$325.0$330.0$335.0$340.0$345.0$350.0$355.0$360.0$365.0$370.0$375.0$380.0$385.0$390.0$395.0$400.0$405.0$410.0$415.0$420.0$425.0$430.0$435.0$440.0$445.0$450.0$455.0$460.0$465.0$470.0$475.0$480.0$485.0$490.0$495.0$500.0$505.0$510.0$515.0$520.0$525.0$530.0$535.0$540.0$545.0$550.0$555.0$560.0$565.0$570.0$575.0$580.0$585.0$590.0$595.0$600.0$605.0$610.0$615.0$620.0$625.0$630.0$635.0$640.0$645.0$650.0$655.0$660.0$665.0$670.0$675.0$680.0$685.0$690.0$695.0$700.0$705.0$710.0$715.0$720.0$725.0$730.0$735.0$740.0$745.0$750.0$755.0$760.0$765.0$770.0$775.0$780.0$785.0$790.0$795.0$800.0$805.0$810.0$815.0$820.0$825.0$830.0$835.0$840.0$845.0$850.0$855.0$860.0$865.0$870.0$875.0$880.0$885.0$890.0$895.0$900.0$905.0$910.0$915.0$920.0$925.0$930.0$935.0$940.0$945.0$950.0$955.0$960.0$965.0$970.0$975.0$980.0$985.0$990.0$995.0$1,000.0$1,005.0$1,010.0$1,015.0$1,020.0$1,025.0$1,030.0$1,035.0$1,040.0$1,045.0$1,050.0$1,055.0$1,060.0$1,065.0$1,070.0$1,075.0$1,080.0$1,085.0$1,090.0$1,095.0$1,100.0$1,105.0$1,110.0$1,115.0$1,120.0$1,125.0$1,130.0$1,135.0$1,140.0$1,145.0$1,150.0$1,155.0$1,160.0$1,165.0$1,170.0$1,175.0$1,180.0$1,185.0$1,190.0$1,195.0$1,200.0$1,205.0$1,210.0$1,215.0$1,220.0$1,225.0$1,230.0$1,235.0$1,240.0$1,245.0$1,250.0$1,255.0$1,260.0$1,265.0$1,270.0$1,275.0$1,280.0$1,285.0$1,290.0$1,295.0$1,300.0$1,305.0$1,310.0$1,315.0$1,320.0$1,325.0$1,330.0$1,335.0$1,340.0$1,345.0$1,350.0$1,355.0$1,360.0$1,365.0$1,370.0$1,375.0$1,380.0$1,385.0$1,390.0$1,395.0$1,400.0$1,405.0$1,410.0$1,415.0$1,420.0$1,425.0$1,430.0$1,435.0$1,440.0$1,445.0$1,450.0$1,455.0$1,460.0$1,465.0$1,470.0$1,475.0$1,480.0$1,485.0$1,490.0$1,495.0$1,500.0$1,505.0$1,510.0$1,515.0$1,520.0$1,525.0$1,530.0$1,535.0$1,540.0$1,545.0$1,550.0$1,555.0$1,560.0$1,565.0$1,570.0$1,575.0$1,580.0$1,585.0$1,590.0$1,595.0$1,600.0$1,605.0$1,610.0$1,615.0$1,620.0$1,625.0$1,630.0$1,635.0$1,640.0$1,645.0$1,650.0$1,655.0$1,660.0$1,665.0$1,670.0$1,675.0$1,680.0$1,685.0$1,690.0$1,695.0$1,700.0$1,705.0$1,710.0$1,715.0$1,720.0$1,725.0$1,730.0$1,735.0$1,740.0$1,745.0$1,750.0$1,755.0$1,760.0$1,765.0$1,770.0$1,775.0$1,780.0$1,785.0$1,790.0$1,795.0$1,800.0$1,805.0$1,810.0$1,815.0$1,820.0$1,825.0$1,830.0$1,835.0$1,840.0$1,845.0$1,850.0$1,855.0$1,860.0$1,865.0$1,870.0$1,875.0$1,880.0$1,885.0$1,890.0$1,895.0$1,900.0$1,905.0$1,910.0$1,915.0$1,920.0$1,925.0$1,930.0$1,935.0$1,940.0$1,945.0$1,950.0$1,955.0$1,960.0$1,965.0$1,970.0$1,975.0$1,980.0$1,985.0$1,990.0$1,995.0$2,000.0$2,005.0$2,010.0$2,015.0$2,020.0$2,025.0$2,030.0$2,035.0$2,040.0$2,045.0$2,050.0$2,055.0$2,060.0$2,065.0$2,070.0$2,075.0$2,080.0$2,085.0$2,090.0$2,095.0$2,100.0$2,105.0$2,110.0$2,115.0$2,120.0$2,125.0$2,130.0$2,135.0$2,140.0$2,145.0$2,150.0$2,155.0$2,160.0$2,165.0$2,170.0$2,175.0$2,180.0$2,185.0$2,190.0$2,195.0$2,200.0$2,205.0$2,210.0$2,215.0$2,220.0$2,225.0$2,230.0$2,235.0$2,240.0$2,245.0$2,250.0$2,255.0$2,260.0$2,265.0$2,270.0$2,275.0$2,280.0$2,285.0$2,290.0$2,295.0$2,300.0$2,305.0$2,310.0$2,315.0$2,320.0$2,325.0$2,330.0$2,335.0$2,340.0$2,345.0$2,350.0$2,355.0$2,360.0$2,365.0$2,370.0$2,375.0$2,380.0$2,385.0$2,390.0$2,395.0$2,400.0$2,405.0$2,410.0$2,415.0$2,420.0$2,425.0$2,430.0$2,435.0$2,440.0$2,445.0$2,450.0$2,455.0$2,460.0$2,465.0$2,470.0$2,475.0$2,480.0$2,485.0$2,490.0$2,495.0$2,500.0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 NII NIM Highlights 1.35% 1.50% 1.56% 1.61% 1.72% 2.05% 2.00% 1.61% 1.83% 1.62% 0.93% 0.99% 0.96% 0.96% 0.97% 1.27% 1.21% 0.90% 1.19% 1.10% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 WAL Peers 18.3% 18.5% 17.8% 17.7% 18.3% 20.6%19.6% 17.7% 26.2% 25.4% 11.9% 11.7% 11.2% 11.6% 11.5% 15.0% 14.6% 11.2% 15.1% 16.2% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 WAL Peers 1 1

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Total Investments and Yield Interest Bearing Deposits and Cost Loans and HFI Yield Deposits, Borrowings & Cost of Liability Funding Net Interest Drivers 18 • Loan yields increased 86 bps in Q4 due to a higher rate environment • Yield on Loans Held for Sale of 5.63% increased from 4.87% in Q3 • Investment yields increased 79 bps in Q4, primarily related to floating-rate securities • Cost of interest-bearing deposits increased 94 bps, and total cost of funds increased 69 bps in Q4 to 1.57% due to higher costs on deposits and borrowings $26.3 $28.6 $30.0 $30.7 $33.9 $21.3 $23.5 $23.7 $24.9 $19.7 $2.4 $1.7 $6.1 $7.2 $7.2 0.25% 0.27% 0.38% 0.88% 1.57% Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 $26.3 $28.6 $30.0 $30.7 $33.9 0.20% 0.21% 0.37% 1.03% 1.97% Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 $7.5 $8.3 $8.8 $8.6 $8.8 2.51% 2.77% 2.94% 3.66% 4.45% Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Non-Interest Bearing Deposits Total Borrowings Highlights $39.1 $41.1 $48.6 $52.2 $51.9 $1.2 4.03% 3.98% 4.19% 4.84% 5.70% Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Loans Loans, HFS $5.6 $4.8 Interest Bearing DepositsInterest Bearing Deposits Dollars in billions, unless otherwise indicated Total Investments $2.8 $2.2 Spot Rate 4.56% Spot Rate 6.26% Spot Rate 2.21% Spot Rate 1.88%

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Net Interest Income Sensitivity 19 • WAL expects a 3.1% increase in NII under a +100 bps rate shock on a static balance sheet • 52% of loans (ex-HFS) are contractually variable ($27.1 billion) • 73% of variable rate loans have rate floors • Moderate NII sensitivity, driven primarily by balance sheet movement rather than changes in the rate environment NII Sensitivity – Shock Scenario, -100 bps NII Sensitivity – Shock Scenario, +100 bps 3.1% >20% 12 months Static Balance Sheet Growth Balance Sheet -3.0% >10% 12 months Static Balance Sheet Growth Balance Sheet 1 1 1) For illustrative purposes only and not intended as guidance. Highlights

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411% 461% 99% 130% 2013 2014 2015 2016 2017 2018 2019 2020 2021 MRQ Note: Peers consist of 33 publicly traded banks headquartered in the US with total assets between $25B and $150B, excluding target banks of pending acquisitions, as of December 31, 2022. TSR through February 10, 2023. Source: S&P Global Market Intelligence. 1) MRQ is Q4-22 for WAL and most peers and Q3-22 for the remainder. 2) Refer to slide 2 for further discussion of Non-GAAP financial measures. 20 Shareholder-Focused Capital Management Robust Capital Levels Long Term Growth in TBV per Share CET1 Peer CET11 TCE/TA Peer TCE/TA1 WAL WAL with Dividends Added Back Peer Avg Peer Avg with Dividends Added Back WAL consistently generates more capital than needed to support organic growth Common Equity Tier 1 • CET1 remains healthy at 9.3% Tangible Common Equity / Tangible Assets2 • TCE / TA decreased 80 bps from 2021 to 6.5%, primarily due to strong asset growth and AOCI loss impact TBV Growth and Total Shareholder Return • 19.9% TBVPS CAGR since year end 2013 • TBVPS has increased more than 4x that of peers • Strong returns bolster capital appreciation above peers • WAL produces ~45 bps of CET1 per quarter on a static balance sheet • WAL produced 60 bps of CET1 during Q4-22 through strategic capital management levers Total Shareholder Return 1 Highlights 8.8% 9.3% 9.7% 10.0% 10.4% 10.7% 10.6% 9.9% 9.1% 9.3% 7.4% 8.6% 9.2% 9.4% 9.6% 10.2% 10.3% 8.6% 7.3% 6.5% 8.1% 8.3% 8.5% 8.6% 9.1% 8.8% 9.0% 8.1% 7.9% 7.1% 11.4% 11.5% 11.3% 11.5… 11.1% 11.1% 10.9% 11.1… 11.5% 10.5% 2013 2014 2015 2016 2017 2018 2019 2020 2021 MRQ1 WAL Peer Top Quartile Peer Median 1 Year -23% -1% -7% 3 Year 40% 41% 26% 5 Year 38% 31% 17% 10-Year 516% 206% 129%

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Consistently Strong Earnings Trajectory 21 Profitability Leadership Maintained Through Business Diversification • WAL's risk-adjusted net income growth has significantly outperformed peers since 2013 • Strong earnings growth has been accompanied by lower-than-peer earnings volatility • WAL is No. 3 in excess earnings growth and No. 11 in low volatility • WAL is No. 1 in the two metrics combined, with the strongest consistency of earnings • Closest competitors scored 0.93-0.96 with peer median > 3.5x below WAL • WAL is No. 1 on valuation (P/E multiple to earnings growth) Highlights Note: Peers consist of 33 publicly traded banks headquartered in the US with total assets between $25B and $150B, excluding target banks of pending acquisitions, as of December 31, 2022. YTD results annualized for full year comparisons with consensus EPS projections. Risk-free rate is the average daily 10-year Treasury rate. P/E multiples as of February 10, 2023. Source: S&P Global Market Intelligence. WAL's excess, risk-adjusted earnings growth normalized for historical volatility 10-Year Excess Bank Risk-Adj. EPS Growth WAL 1.31 Top-5 - Peer Median 0.80 Top Third - Peer Median 0.70 Top Two-Thirds - Peer Median 0.49 Peer Median 0.37 A B B / A Highest Lowest Consistency Valuation Combined Avg. EPS Avg. Std "EPS 2023 Rank Bank - Risk-Free Rate Dev. Sharpe" P/E WAL 3 11 = 1.31 7.3 1 FCNC.A 9 6 = 0.96 8.3 2 SBNY 8 8 = 0.93 8.6 3 ABCB 2 27 = 0.80 9.4 5 EWBC 12 9 = 0.76 8.4 4 PNFP 6 23 = 0.71 10.7 8 ASB 24 1 = 0.70 9.1 6 WTFC 14 15 = 0.58 8.7 7 GBCI 21 4 = 0.57 17.7 20 HWC 16 13 = 0.54 8.6 11 ZION 4 29 = 0.52 8.1 9 OZK 11 25 = 0.50 8.0 10 UMBF 15 18 = 0.49 10.8 14 CADE 18 17 = 0.45 9.3 13 CFR 22 5 = 0.44 12.3 17 PB 32 2 = 0.38 12.7 23 FULT 25 7 = 0.38 9.0 15 CMA 7 31 = 0.37 7.6 12 SFNC 17 22 = 0.36 11.0 19 CBSH 23 14 = 0.35 16.4 28 SSB 5 33 = 0.35 9.7 16 TCBI 1 34 = 0.31 16.5 30 WBS 20 26 = 0.28 7.9 18 PACW 19 28 = 0.26 8.2 21 SNV 13 30 = 0.26 8.2 22 BKU 10 32 = 0.25 9.7 25 UBSI 29 12 = 0.24 14.1 32 UMPQ 31 10 = 0.21 7.8 24 FIBK 28 20 = 0.20 10.5 31 VLY 30 16 = 0.20 8.7 27 ONB 27 21 = 0.19 8.2 26 FNB 26 24 = 0.18 8.8 29 BOKF 33 19 = 0.18 10.9 33 NYCB 34 3 = 0.07 8.5 34 Relative Rankings

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Appendix

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23 Unique Mortgage Banking Platform That Enhances Growth, Returns and Diversification Enhance Earning Asset Mix Enhance Deposit Franchise Optimize Mortgage Warehouse Franchise Maximize Client Relationships AmeriHome Stability Levers Correspondent Lending (GOS) Servicing / MSR Sales Consumer Direct (Refi. Recapture) Adjust "Win Rate" New Products Jumbo & Non-QM Early Buy Outs (EBOs) HFS Loans • Deploy excess liquidity into HFS loans as a higher yielding, equally liquid alternative to cash Warehouse Lending • Launch AMH referral process with WAL warehouse lending team • Cross-sell warehouse lending loans into AMH's clients Direct Mortgage Offering • Explore new customer acquisition strategies beyond WAL synergies - HOA leads - Lot banking - WAL client referrals Custodial Deposits • Augments stable funding • Access to $3.5 billion of core deposits 1 2 34

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24 Credit-Linked Note (CLN) Trade Dynamics Issuing CLNs enables WAL to optimize the amount of capital held against loans in the reference portfolio and reduces credit tail risk Agency Non- QMJumbo QM Risk-Weighted Asset Relief ($4.6Bn - $228MM) x (50% - 20%) = $1.3Bn Total RWA Relief: $114MM + $1.3Bn = $1.4Bn $1.4Bn x 10%2 = $140MM $228MM x 50% = $114MM Capital Savings Note: Representation of WAL's 4Q21 CLN transaction 1) Minimum risk weighting required to be applied to the exposure 2) 10% CET1 floor assumption 3) Assumes share price as of close date of CLN trade, 12/29/21 Residential Loan Portfolio $4.8B 50% RW Reference Portfolio / Retained Senior Risk $4.6B 20%1 RW CLN / Credit Protection $228MM @ 5.52% 0% RW Pre-Trade Post-Trade A B A B CLN Benefits • Supports incremental loan growth and earnings • Provides first loss credit protection • Serves as additional alternative to selling shares of common equity • Contributes to stability of CET1 ratio Prevented issuance of ~1.3MM common shares3

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