Western Alliance Bancorporation · NYSE:WAL
Western Alliance Bancorporation — Investor Day (May 2026)
125 slides from Western Alliance Bancorporation's investor day presentation, May 12, 2026
Slide 1: Investor Day 2026: Where Diversification Meets Innovation
Investor Day 2026 Where Diversification Meets Innovation MAY 12, 2026
Slide 2: Forward-Looking Statements and Non-GAAP Financials
Forward-Looking Statements and Non-GAAP Financials 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
Slide 3: Executives in Attendance
Executives in Attendance Executive Leadership Team Senior Executives in Attendance Ken Vecchione David Bernard Francesca President & Chief Specialized Mortgage Castagnola Executive Officer Services Juris Banking Brent Edgecumbe David Fragale Lender Finance Digital Asset Group Dale Gibbons Tim Bruckn
Slide 4: Board of Directors
Board of Directors Experienced Board delivering sound strategic guidance to support long-term value creation Bruce Beach Juan R. Figuereo Howard N. Gould* Greta Guggenheim Christopher A. Halmy Chairman Chair, Audit Chair, Risk Chair, Finance & Investment Mary Chris Marianne Boyd Mary Tuuk Robert P.
Slide 5: Investor Day Agenda
8:30 AM Company & Strategy Overview Ken Vecchione Deposit Initiatives 9:00 AM Dale Gibbons Investor Day • Spotlight: HOA Banking (Craig Lee Huntington) 9:20 AM Q&A Agenda 9:30 AM 9:40 AM BREAK Commercial Banking Tim Bruckner • Spotlight: Innovation Banking (Mike Lederman) 10:00 AM Lender Finance & C
Slide 6: Company & Strategy Overview
Company & Strategy Overview Ken Vecchione President & Chief Executive Officer 6
Slide 7: Western Alliance is a premier national commercial bank
Western Scaled National Commercial Bank1 Alliance is a 75% Commercial Loans $99Bn Total Assets / Loans (HFI) 50 States with Commercial Relationships premier national Industry Leading Profitability Metrics 15.3% ROATCE 1.12% ROAA 23.1% EPS Growth commercial 2 bank with Disciplined Growth and Efficien
Slide 8: Built through disciplined, primarily organic growth
Built through disciplined, primarily organic growth Nevada Regional Regional Bank with Premier National Community Bank Bank National Reach Commercial Bank 1994 – 2002 2003 – 2009 2010 – 2017 2018 onwards Acquired by Bridge Bank Hotel Finance AmeriHome Specialized Homeowners Founded WAL acquisition a
Slide 9: 16th largest publicly traded U.S. commercial bank by assets
Scaled with purpose, 16th largest publicly traded U.S. Commercial Bank by Assets Assets ($Bn) $4,900 $3,496 $2,778 $2,206 $701 $603 $549 $297 $285 $236 $228 $215 $189 $161 $123 $99 $88 $87 $861 $84 Note: Data as of March 31, 2026. Represents publicly traded, U.S. headquartered commercial banks exclu
Slide 10: Diversified, relationship-driven model supports stability and growth
Diversified, relationship-driven model supports stability and growth Deposit Mix Loan (HFI) Mix 37% Deposit Initiatives - Specialty Escrow1 (15%) Commercial Banking Residential Mortgages - HOA (14%) Community, Specialty, CRE 1 – 4 Family - Consumer Digital (8%) Commercial Banking 15% 24% 31% 14% $82
Slide 11: National franchise with broad client reach
National franchise with broad client reach Commercial Relationships by Geography ($Bn)2 Region3 Loans (HFI) Deposits California $13 $18 Nevada $2 $11 Arizona $5 $9 Southeast $8 $11 Midwest $4 $11 Northeast $9 $8 Texas (& OK/NM) $3 $4 West (PacNW/Mtn.) $2 $3 Total Commercial4 $44 $76 Consumer $15 $7
Slide 12: Leadership in high-value specialty markets
Leadership in high-value specialty markets Leadership in high-value specialty markets HOA Banking AmeriHome Innovation Banking CLO Trustee Leading HOA Bank in the U.S. #2 Correspondent Leading Bank Serving the #6 Largest CLO Trustee in the Mortgage Lender Innovation Economy U.S. 44,000+ HOA clients
Slide 13: Highly differentiated businesses where diversification meets innovation
Highly differentiated businesses where diversification meets innovation Highly differentiated businesses where diversification meets innovation Commercial Banking AmeriHome Corporate Trust as a Relationship & Correspondent Specialized Funding Expertise-Based Mortgage Platform Platform Narrow and dee
Slide 14: The S-curve growth engine: from idea to scaled growth
The S-curve growth engine: from idea to scaled growth A disciplined framework for launching and scaling durable business lines Evaluate Build Launch Scale Identify established Determine implementation Launch at controlled scale Accelerate the model once industry verticals with strategy proven unders
Slide 15: Flagship deposit S-curve: HOA Banking
Flagship deposit S-curve: HOA Banking A market leading, deposit-rich vertical fortified by a deep and growing client base and continued innovation Industry-leading ~$11Bn HOA Bank in the US HOA Deposits HOA Services Deposit Growth Deposit CAGR ~$11Bn Technology-driven focus powers success Technology
Slide 16: Disciplined S-curve deposit strategy driving scalable, durable funding
Disciplined S-curve deposit strategy driving scalable, durable funding Deposit CAGR HOA Services (2010) Our approach 25% CAGR1 Business Banking (2009) 8% CAGR1 Focus on underserved markets Innovation Banking (2015) Technology-driven products and 19% CAGR2 services Mortgage Banking (2009) 40% CAGR3 N
Slide 17: Flagship lending S-curve: Resort Finance
Flagship lending S-curve: Resort Finance S-curve lending vertical demonstrates how innovation and diversification can produce scalable, capital-efficient returns $1.8Bn ~66% Loan Balance PPNR1 CAGR Resort Finance Loan Growth2 What we look for $2.0 Bn ~$1.8Bn $1.8 Bn Few Competitors – Limited competi
Slide 18: Disciplined S-curve lending strategy sustaining high-return performance
Disciplined S-curve lending strategy sustaining high-return performance Loan CAGR Our approach Lender Finance (2012) Focus on underserved markets 32% CAGR Municipal Finance (2009) 43% CAGR Establish deep sector expertise Mortgage Banking (2009) 52% CAGR New lines are seasoned before Resort Finance (
Slide 19: Industry leading growth and returns driving long-term value creation
Industry leading growth and returns driving long-term value creation Our 10-Year TBVPS growth of 17% reinforces the credibility of executing our long-term strategy throughout cycles Top-tier growth with strong returns1 Superior tangible book value2 growth 20 Peer Median Peer Median WAL 389% 18 17% T
Slide 20: Leading long-term Total Shareholder Return vs. peers
Leading long-term Total Shareholder Return vs. peers WAL’s TSR has outperformed peers’ by >3.4x over the last 15 years 15-Year TSR 1,036% 301% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 WAL Peer Median Note: Peers consist of the other 22 major exchange-traded US
Slide 21: Sustained credit discipline supports durable performance
Sustained credit discipline supports durable performance Classified Loans / Loans (HFI) Criticized Loans / Loans (HFI) Net Charge-Offs / Average Loans 4.3% 22bps 18bps 17bps 2.6% 2.3% 10bps 1.5% 5 year 10 year Western Alliance Peer Median1 Note: Data as of March 31, 2026. NCO inclusive of Q1 2026 fr
Slide 22: Why we win: Differentiated client model with disciplined execution
Why we win: Differentiated client model with disciplined execution Engineered for growth Specialist, not generalist Timely decision making • Focused on a defined set of high- • Senior management utperfor value commercial verticals ilt to o m develops deep relationships Bu with largest clients • Repe
Slide 23: Expectation of top quartile growth and returns
Expectation of top quartile growth and returns Medium-term financial guidance Six visible strategic drivers underpin our confidence 1 Return on Average Tangible S-Curve Strategy S-curve approach has been thoroughly tested, Common Equity1 demonstrating consistent and reliable performance 16% – 17% 1
Slide 24: Key Messages
Key Messages Commercial banking model built to scale 1 National platform anchored in specialized verticals drives consistent growth and top-tier returns Specialty focused and product specific deposit verticals are a structural advantage 2 Technology-enabled deposits across targeted sectors deliver d
Slide 25: Deposit Initiatives
Deposit Initiatives Dale Gibbons Vice Chairman & Chief Banking Officer 25
Slide 26: Key Messages
Key Messages Embedded client Purpose-built Disciplined Scalable relationships and technology and execution across infrastructure value-added digital integrations deposit verticals enables business services drive enable client drive a repeatable expansion without stickier deposits business growth gro
Slide 27: Deposit Initiatives represent the largest growth driver
Deposits Cost of Deposits1 37% 1.82% Deposit Initiatives represent the largest growth driver of our Deposit Growth Share2 Fee Income overall deposit base 51% 19% Note: Data as of March 31, 2026 1. Cost of Deposits for Q1 2026 is comprised of HOA Banking, Juris Banking, Digital Asset Group, Corporate
Slide 28: Leadership in high-value specialty verticals
Leadership in high-value specialty verticals Deposit Mix Reinforcing a Continuous Six Differentiated Verticals (~$29Bn) Innovation Platform Homeowners Association Banking $11Bn 1 An industry-leader providing integrations across management and accounting systems Embedded in client Juris Banking workf
Slide 29: Deposit Growth Multiple
Newer deposit verticals demonstrate accelerated compounding from inception Digital Asset Group 313% CAGR (FY22-FY25) 60x Business Escrow Services 79% CAGR (FY19-FY25) 30x Juris Banking 59% Deposit Growth Multiple CAGR (FY18-FY25) HOA Banking 25% CAGR (FY13-FY25) 15x Corporate Trust 165% CAGR (FY23-F
Slide 30: Escrow and trust franchises combine scale with cross-sell driven growth
Escrow and trust franchises combine scale with cross-sell driven growth Business Escrow Services Corporate Trust ~43% 1,900+ ~$43Bn 6th Largest Total Deposits Growth (YoY)1 # of Deals Administered2 AUM Administered CLO Trustee Bank4 3 Avg. Deposit Per Deal growth ($MM) Total Deposit growth ($Bn) 2.5
Slide 31: Digital Asset banking offerings are purpose-built for institutional complexities
Digital Asset banking offerings are purpose-built for institutional complexities ~$2Bn 130+ $15MM Digital Asset Deposits # of Institutional Clients Average Deposit Balance Market Opportunity Why Western Alliance Wins Institutional compliance & regulatory readiness Institutional activity is consolida
Slide 32: Juris Banking drives repeatable fee income growth
Juris Banking drives repeatable fee income growth Juris Banking Digital Disbursements Transaction Volume (#MM) Proprietary settlement disbursement platform +139% YoY Strong fee income growth driven by processing payments to mass tort and legal settlement claimants Adding Value to top settlement admi
Slide 33: Spotlight: Homeowners Association Banking
Spotlight: Homeowners Association Banking Craig Lee Huntington Head of HOA Banking 33
Slide 34: HOA Banking continues to scale with durable, sticky deposits
HOA Banking continues to scale with durable, sticky deposits ~$11Bn 44,000+ Leading ~$242K HOA Deposits # of HOAs Banked Market Share Average Deposit Balance Market Opportunity Why Deposits Are Sticky Proprietary technology platform ~373,000 community associations Online banking, payment portals, as
Slide 35: Right business, right markets, right clients
Right business, right markets, right clients HOA Deposit Balance Top 10 HOA >$750MM growth states1 $250MM – $750MM $50MM – $250MM $5MM – $50MM <$5MM No Deposits 73% of HOA deposit balances are in markets with leading association growth and continued expansion potential Note: Data as of December 31,
Slide 36: HOA Banking growth is driven by client expansion and deeper wallet penetration
HOA Banking growth is driven by client expansion and deeper wallet penetration Growth is driven by both Western Alliance gaining market share and our clients expanding their own market positions, resulting in accelerating, compounding growth # of Individual HOAs Banked Average Deposit Balance per HO
Slide 37: Integration creates customer value and reinforces retention
Integration creates customer value and reinforces retention HOA Financial Systems of Record Opportunity to embed within HOA management company API Integration Enables seamless account and transaction management Multi-Segment Platform Facilitates efficient scaling of deposits Integrated Payment Capab
Slide 38: Q&A
Q&A Dale Gibbons – Vice Chairman & Chief Banking Officer Craig Lee Huntington – Head of HOA Banking 38
Slide 39: Commercial Banking
Commercial Banking Tim Bruckner Chief Banking Officer 39
Slide 40: Key Messages
Key Messages Our commercial Focused on Technology and Relationship- banking platform is industries where Treasury driven origination built around a full we have a Management helps us meet our relationship model strategic enhancements return thresholds differentiator and enable greater expertise cros
Slide 41: Commercial Banking represents the single largest component of lending
Loans (HFI) Deposits Loan Yield Commercial Banking 60% 31% 6.92% represents the single largest component of our lending franchise Loan Growth Share1 Deposit Growth Share1 Cost Of Deposits and is on a proven path to scale 69% 26% 2.22% Note: Data as of March 31, 2026 1. Loan & Deposit Growth Share is
Slide 42: A foundation for targeted growth
A foundation for targeted growth Our journey Path forward Position Community Expand reach in Banking into a priority scalable tech- Established enabled growth geographies and Upgraded payment commercial engine client segments technology banking engine Continued Drive lower cost of Expand fee income
Slide 43: Three complementary business segments to fully serve our clients
Three complementary business segments to fully serve our clients Relationships Team members Commercial Community Banking Banking Branch & Small Business Banking 8% Business Banking 26k+ 450+ Private Client Group Total Loans 53% 60% 39% (HFI) Specialty Commercial Banking Innovation Banking
Slide 44: Community Banking is designed to retain and grow client relationships
Community Banking is designed to retain and grow our client relationships Branch & Small Business Private Business Banking Banking Client Group High Value Small to Mid Size Clients Business Revenue Business Revenue Consumer Relationships ~26K+ $0MM – $5MM $5MM – $35MM $5MM Net Worth How We Win How W
Slide 45: Specialty Banking is powered by sector expertise and specialized capabilities
Specialty Banking is powered by sector expertise and specialized capabilities Innovation Banking | Acq. 2015 Enterprise software, AI, consumer tech, hardware and life sciences Loans (HFI) 2% Fund Banking | Est. 2015 Capital Call & Subscription lines for PE, VC, and CRE Funds 4% Sponsor Finance | Est
Slide 46: Commercial Real Estate Finance delivering scale, yield and resilience
Commercial Real Estate Finance delivering scale, yield and resilience Loan Portfolio Diversification Builder Finance Homebuilders and developers across CRE Finance Loans residential construction projects $18.3Bn $5.1Bn 28% Resort Finance $1.8Bn 10% Resort developers and owners of Total Loans timesha
Slide 47: Commercial fee income expansion through cross selling and new capabilities
Commercial fee income expansion through cross selling and new capabilities Commercial fee income expansion through cross selling and new capabilities Treas k e ts ur yM Global Markets ar Trade Finance Accounts a Receivable / • Tailored solutions for international growth and risk lM na Foreign Payabl
Slide 48: Treasury management momentum is accelerating across the business
Treasury management momentum is accelerating across the business Treasury management momentum is accelerating across the business Dedicated product coverage to grow Scaling our Elite Members “One Expanding treasury usage across client penetration Card” adoption clients • Improved client onboarding a
Slide 49: Continuing to build scale in our established commercial markets
Continuing to build scale in our established commercial markets New York Industry-Led Expansion Illinois Nevada Colorado Building depth, not breadth, by scaling in priority markets through Southeast targeted specialties and full-relationship execution Arizona Texas Established Presence Emerging Geog
Slide 50: Spotlight: Innovation & Sponsor Finance
Spotlight: Innovation & Sponsor Finance Mike Lederman Head of Innovation Banking 50
Slide 51: Innovation Banking & Tech Sponsor Finance excellence
Innovation Banking & Tech Sponsor Finance excellence $5Bn 20+ 1,800+ Loan portfolio Years serving the Client Relationships innovation economy Loan Portfolio Highlights Life Deep Sector Expertise Science 4% Sponsor Fund Finance Banking 43% Hardware and Frontier Tech AI and Fintech Software and Intern
Slide 52: We serve businesses where innovation happens – from emerging to maturity
We serve businesses where innovation happens – from emerging to maturity Providing deep sector knowledge and building long-term relationships supporting “Tech-Hub” States WA - Innovation Banking Presence tech founders and their VC sponsors on their build to scale journey across the innovation bankin
Slide 53: Software risk is idiosyncratic, renewal-based & actively managed
Software risk is idiosyncratic, renewal-based & actively managed 60% Outstanding SaaS Balances Mix Innovation Banking Sponsor Finance Innovation Banking Short duration, rapid deleveraging and frequent re- validation 2.5% • Balances shrink as borrowing base contracts of Loans (HFI) 57% • Monthly perf
Slide 54: Lender Finance & Corporate Trust
Lender Finance & Corporate Trust Brent Edgecumbe Senior Managing Director, Commercial Banking Jocelyn Lynch President and CEO, Western Alliance Trust Company 54
Slide 55: Key Messages
Key Messages Strong Differentiated Diversified, Scaled, Resilience relationships middle market institutional repeatable driven by with institutional structure and exposure with platform with structural counterparties integrated highly structured proven low-loss protections, not create durable corpor
Slide 56: Deep expertise, diverse clients, and a targeted product suite
Deep expertise, diverse clients, and a targeted product suite ~$2.3Bn1 ~85% Minimal ~$39MM3 Industry exposure by Of loan commitments Charge-offs2 In 2025 fees, ~50% funded amount result in trustee fee Since inception increase over prior year Clients We Serve Portfolio Metrics & Credit Highlights Est
Slide 57: Diversified portfolio mitigates risk tied to individual obligors or industries
Diversified portfolio mitigates risk tied to individual obligors or industries Industry Exposure by Funded Amount Consumer Services, 6% ~2,000 differentiated underlying Technology, 11% Banking & Finance, 5% obligors spread across 50+ facilities Industrial & Capital Equipment, 5% Construction & Build
Slide 58: Lending is structurally protected with minimal exposure to fringe credit
Lending is structurally protected and has minimal exposure to fringe credit Loan From Structure % of Western Alliance Funded by Customer Type (as of April 30, 2026) Structure Stats Obligor Stats 2% Asset Based Lending 1.9 years 2.3x 9% Short Expected 60% Borrowing W.A. Interest Coverage Duration (Q4
Slide 59: Multiple structural protections limit risk
Multiple structural protections limit risk Structural, not Effective advance rate is ~53%, discretionary Conservative creating an equity cushion where Advance Rates losses are first absorbed by PE and Multi-layered first loss manager capital protection built in Daily Independent Trust monitoring & T
Slide 60: Frequent monitoring with automatic controls enables borrower line of sight
Frequent monitoring with automatic controls enables borrower line of sight …Triggers alerts & automatic High-frequency monitoring… risk controls Daily Credit deterioration triggers Reporting on funding levels, collection amounts, and interest exposure adjustments and payments from obligors cashflow
Slide 61: Western Alliance Trust Company
Western Alliance Trust Company Jocelyn Lynch President & CEO 61
Slide 62: Differentiated Corporate Trust franchise with scale, expertise, and momentum
Differentiated Corporate Trust franchise with scale, expertise, and momentum Deposits have grown from 6th Largest ~50 ~$200MM to $1.5Bn CLO trustee in the U.S. Full-time trust employees 2023 to 2025 Fee revenue grew from Active mandates grew from ~60% ~$2MM to $6.3MM 50 to 133 of Lender Finance loan
Slide 63: An extra layer of risk oversight for structured products and borrowing base
An extra layer of risk oversight for structured products and borrowing base How Corporate Trust Enhances Risk Oversight Independent Collateral Aligned incentives, Deep structural trustee role administration separated functions familiarity An independent oversight Provider of collateral Credit events
Slide 64: Mortgage Banking
Mortgage Banking David Bernard Head of Specialized Mortgage Services 64
Slide 65: Key Messages
Key Messages Leading full- Diversified Embedded upside Scalable model AmeriHome’s service provider to multi-stream through refinance with strong scaled platform mortgage industry business model cycles provides operating leverage offers earnings that produces counter-cyclical upside from stable resul
Slide 66: Mortgage Banking consists of complementary, countercyclical businesses
Loans (HFI) Deposits Loan Yield1 Mortgage Banking consists of 16% 25% 6.68% complementary, countercyclical businesses that Loan Growth Share2 Deposit Growth Share2 are entirely self- funded 25% 34% Note: Data as of March 31, 2026 1. Excludes ECR offset 2. Proportion of bank-wide loans and deposit gr
Slide 67: Western Alliance offers mortgage companies a full-service banking partnership
Western Alliance offers mortgage companies a full-service banking partnership Growth is driven by both Western Alliance gaining market share and our clients expanding their own market positions, resulting in accelerating, compounding growth d specialty m se ort -ba ga Warehouse Lending et $3.5Bn Loa
Slide 68: Warehouse Lending: Low risk gateway product
Warehouse Lending: Low risk gateway product $3.5Bn Premium Zero 2010 Loans Product & Service Credit Losses since Founded $0.9Bn Provider founding in 2010 Non-Custodial Deposits Structurally Low Risk Loan Balances ($Bn) 15–30 day average dwell time with loans sold to high quality counterparties and l
Slide 69: MSR Finance: Asset-backed lending with durable earnings
MSR Finance: Asset-backed lending with durable earnings $3.8Bn 45+ 2013 Loans Conservative Active MSR Founded $13.8Bn agreements Advance rates (60-65%) Custodial Deposits Cash-Flowing Assets How MSR Finance Works MSRs generate predictable recurring servicing income that is valued as a Servicer Retai
Slide 70: Warehouse Lending creates opportunities to expand relationship
Warehouse Lending creates opportunities to expand relationship Warehouse Lines MSR Financing Deposits Loan Purchases Full-Service Top 15 Independent Mortgage Bank 12+ Year Client · Began with $15MM MSR loans Served as a trusted financial partner from early stage through scaling — progressively layer
Slide 71: Spotlight: AmeriHome
Spotlight: AmeriHome Josh Adler CEO, AmeriHome 71
Slide 72: Scaled mortgage platform with significant upside
Scaled mortgage platform with significant upside ~$58Bn ~$78Bn 6th Largest 2nd Largest MSR Portfolio Production volume Mortgage Lender in U.S. Correspondent Lender (LTM 3/31/2026) $1.6Bn Deposits 2025 Total 1st Lien Mortgage AmeriHome Production Volume Business Profile $1.9Tn $57.9Bn Founded in 2013
Slide 73: Business model centered around three primary revenue drivers
Business model centered around three primary revenue drivers A scalable, high-volume correspondent model driven by capital markets expertise and premier service Three Primary Revenue Drivers (2025) 11 Gain on Sale Production Gain on Sale Secondary/Trading/EBO Loan Servicing • Baseline profit earned
Slide 74: AmeriHome's loan production and servicing act as a Macro Hedge
AmeriHome’s loan production and servicing segments act as a “Macro Hedge” Significant opportunity from origination volume if mortgage rates fall below 6% Expected/Typical Impacts to Earnings Percent Mortgages Outstanding by Interest Rate at Origination Falling Origination volumes increase ~$13T Tota
Slide 75: AmeriHome's interest rate risk management is rate neutral
AmeriHome’s interest rate risk management is rate neutral The combination of our business model, diversified and complementary channels, and active hedging strategy has generated consistent returns in all rate environments MSR Hedging - 99.9% effective Disciplined rate hedging 1 5% MSR Value Δ Hedge
Slide 76: AmeriHome is a scalable mortgage business positioned for growth
AMERIHOME AmeriHome is a scalable mortgage business positioned for growth Highly scalable mortgage business with multiple growth levers and significant upside in refinance environments Scalability Refinance Upside Future Growth Drivers 1 Scaled Infrastructure: 1 Embedded Recapture: 1 Non-Agency Prod
Slide 77: Q&A
Q&A Tim Bruckner – Chief Banking Officer Mike Lederman– Innovation Banking Brent Edgecumbe – Lender Finance Jocelyn Lynch – Corporate Trust, CEO Western Alliance Trust David Bernard – Head of Specialized Mortgage Services Josh Adler – CEO AmeriHome 77
Slide 78: Risk Management & Credit
Risk Management & Credit Emily Nachlas Chief Risk Officer Lynne Herndon Chief Credit Officer 78
Slide 79: Key Messages
Key Messages Our risk ownership culture is Risk Management serves as Risk oversight, internal a franchise asset a competitive advantage to controls, and governance enable safe business growth structures are effective and and innovation scalable 79
Slide 80: Risk Management is a strategic differentiator
Risk Management is a strategic differentiator A differentiated risk culture underpins A scalable model guides disciplined the franchise growth • Balanced risk-return discipline with measured • Supported rapid, sound bank expansion from risk-taking aligned to expected returns $50Bn in 2021 to over $9
Slide 81: 2026 & Beyond: optimization and enablement
2026 & Beyond: optimization and enablement We worked alongside the Now, we’re positioned to optimize business to build sound risk our core capabilities and infrastructure and guardrails accelerate growth and innovation 2021 – 2025 2026 – Future • Leadership team with proven LFI experience • Maturing
Slide 82: Credit
Credit Lynne Herndon Chief Credit Officer 82
Slide 83: Key Messages
Key Messages Highly diversified Deep sector Disciplined Leading credit track portfolio expertise underwriting record Managed sector Specialty knowledge advantage Strong historical concentrations and expertise is a Significant equity charge-off support consistent durable competitive requirements and
Slide 84: A diversified loan mix supports resilient credit quality
A diversified loan mix supports resilient credit quality across the franchise Excluding residential, no single segment exceeds 15%; most <10% Total Loans (HFI)2 7% 6% Warehouse Lending MSR Lending ~67% of HFI loans 6% Municipal & Nonprofit Technology & Innovation Historically, no or minimal losses 3
Slide 85: Our C&I loan portfolio transformation aligns with sector expertise
Our C&I loan portfolio transformation aligns with Commercial Banking’s deep sector expertise C&I CRE (ex-CLD) Residential CLD Other Q1 2010 Q1 2022 Q1 2026 2% 0.4% 0.2% 8% 7% 14% 19% 24% 14% 27% 44% 48% $4.1Bn $41.1Bn $59.1Bn 21% 52% 21% 85
Slide 86: Commercial loan portfolio is also geographically diverse
Commercial loan portfolio is also geographically diverse Commercial Loan Balance >$5,000MM Commercial Loans (HFI) (by State) $1,000MM - $5,000MM $500MM - $1,000MM State Amount ($Bn) $100MM - $500MM California $12.9 ≤$100MM New York $5.1 No balance Arizona $4.6 Florida $3.4 Texas $2.8 Nevada $2.0 Geo
Slide 87: Conservative underwriting and asset expertise underpin the Credit function
Conservative underwriting and asset expertise underpin the Credit function Multiple sources of repayment minimize uncovered risks Collateral and Selective Deep vertical Diversified Conservative Direct obligor Structure are client and knowledge collateral underwriting limits prioritized sponsor suppo
Slide 88: Conservative underwriting and asset expertise – Topical areas
Conservative underwriting and asset expertise – Topical areas Note Finance – 2012 Lender Finance – 2015 Credit Characteristics: Credit Characteristics: • Total commitments – $2.2Bn • Funded Balance – $2.3Bn1 • Loan-to-Bal. (LTB) Average – 48% • Structured borrowing bases • Loan-to-Value (LTV) Averag
Slide 89: Moderate NDFI exposure relative to peers
Moderate NDFI exposure relative to peers NDFI Loans (Excl. Mtg. Credit & Private Equity Funds) as % of Total Loans1 vs. Peers 20% 15% 13% 12% 12% 11% 10% 9% 9% 9% 7% 7% 7% 7% 6% 5% 5% 4% 5% 3% 3% 3% 3% 3% 3% 2% 2% 1% 1% 1% 1% 1% 1% 1% 0% 0% Note: Peers consist of 29 publicly traded banks with total
Slide 90: Consistent growth with disciplined credit performance
Consistent growth with disciplined credit performance Over 10 years, our asset quality have consistently outpaced our peers WAL Peer Median Special Mention Loans / Loans Classified Loans / Loans Criticized Loans / Loans 3.00% 3.00% 5.00% 2.6% 4.3% 4.00% 2.00% 2.00% 3.00% 1.5% 2.3% 1.3% 2.00% 1.00% 1
Slide 91: Peak quarterly level of criticized loans is best among peers
Peak quarterly level of criticized loans is best among peers over last 10 years Criticized Loans / Loans (HFI) (Q2-16 to Q1-26) 22% 13% 12% 11% 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% Max Average Note: Peers consist of the other 22 major exchange-traded US banks with total assets between $50Bn and $300Bn
Slide 92: Long-term NCO track record has outperformed peers
Long-term NCO track record has outperformed peers Net Charge Offs / Average Loans 10-Year Average 5-Year Average 0.50% 0.40% 0.25% 0.22% 0.20% 0.17% 0.18% 0.12% 0.10% 0.07% 0.00% 0.00% 10-Year 5-Year WAL WAL (Adj. – Ex-LAM / Cantor)1 Peer Median Note: Peers consist of the other 22 major exchange-tra
Slide 93: Expect improvement in NPLs in 2H26 on nonperforming office loans
Expect improvement in NPLs in 2H26 as we reach resolution on nonperforming office loans 2020 – 2022 Vintages Total Commitments - $2Bn Total CRE Office Portfolio (Q1 2026) 2020 – 2022 Office Vintages • 43% Appraised within last 18 months • All Substandard loans are reappraised 20% 31% 30% 29% Stabili
Slide 94: High concentration in low-loss loan categories compared to peers
High concentration in low-loss loan categories compared to peers Estimated Composite Risk Score (Lower = Less Risk) Illustrative Loan Portfolio Risk Profile Risk Loan Category1 Loss Content WAL (%) Peer 1 1.42 Score 1.43 Residential 1 Low 27% Peer 2 1.46 CRE Ex- Peer 3 1.64 2 Normal 24% Multifamily
Slide 95: Technology
Technology Sonny Sonnenstein Chief Information Officer 95
Slide 96: Key Messages
Key Messages We have built a strong We build technology that Our technology and AI technology foundation to creates distinctive investments drive serve and protect our advantage, drives efficiency innovation, productivity clients and lowers the marginal and growth cost of growth 96
Slide 97: Strong foundation protects clients and creates value
Strong foundation protects clients and creates value A scalable technology estate underpinned by the …supports and extends our 24x7x365 right talent and capabilities… capabilities nationally Increased investment in tech and innovation ~90% increase in tech spend over the last 5 years Tech spend is 1
Slide 98: Technology investment to build a differentiated, resilient franchise
Technology investment to build a differentiated, resilient, and valuable franchise ~$250MM has been invested in technology from 2024 to 2026, a growing proportion of overall spend Grow the Bank 2024 2026 New Businesses Underpinned by Technology 25% 30% Advanced Payment & API Capabilities Grow-The-Ba
Slide 99: Purpose built technology enables specialty business success
Purpose built technology enables specialty business success Business- Tech- Led enabled HOA Banking Juris / DST Corporate Trust Business Note Finance Other specialties Escrow Services Digital capabilities Digital Client portal, workflow Data integration Customer facing empower disbursements and auto
Slide 100: Innovating to drive productivity & efficiency gains while investing to protect
Innovating to drive productivity & efficiency gains while investing to protect AI-Enabled Team & Personal Today: AI-Powered Enterprise Productivity & Insights Productivity Initial use cases have enabled efficiency Last 12 Months Preferred and Vendor Credit Agreement Industry Small Business Due Dilig
Slide 101: Scaling innovation where we have a unique opportunity to win
Scaling innovation where we have a unique opportunity to win Throughout the journey, we develop tools with our clients and prioritize products with tangible, immediate impact Current 2026 2027 2028 Beyond Empowering our Continue Accelerate Evolve forward- Business-led, tech- business segments invest
Slide 102: Financial Outlook
Financial Outlook A Fortified Franchise with Durable Earnings and Compelling Upside Vishal Idnani Chief Financial Officer 102
Slide 103: Key Messages
Key Messages Fortified balance Earnings Diversified growth Resilient earnings Valuation Medium-term sheet: momentum is engines driving across rate and disconnect outlook supported Capital, liquidity building: peer credit cycles: creates by visible earnings and deposits Demonstrated outperformance: D
Slide 104: Transformational change in capital, liquidity and deposits
Fortified Balance Sheet Earnings Momentum Peer Outperformance Cycle Resilience Compelling Valuation Outlook Transformational change in capital, liquidity and deposits Capital Liquidity Deposits CET1 Loans (HFI)/ Insured / Collateralized +1.7% Deposits -26% Deposits +25% 11.0% 97% 71% 9.3% 71% 46% Q4
Slide 105: Capital levels compare favorably to peers and sit well above regulatory minimums
Fortified Balance Sheet Earnings Momentum Peer Outperformance Cycle Resilience Compelling Valuation Outlook Capital levels compare favorably to peers and sit well above regulatory minimums Excess Capital CET1 vs. Peers Regulatory Minimum 15.9% 11.1% 11.0% 11.0% 9.8% 4.0% 7.0% ~$2.1Bn excess capital
Slide 106: Strong balance sheet liquidity & high-quality portfolio are flexible across cycles
Fortified Balance Sheet Earnings Momentum Peer Outperformance Cycle Resilience Compelling Valuation Outlook Strong balance sheet liquidity & high-quality portfolio are flexible across cycles Sources of Liquidity ($Bn) Available for Sale Securities Portfolio Composition Q1 2026 Off-Balance Sheet Liqu
Slide 107: Earnings momentum is building
Fortified Balance Sheet Earnings Momentum Peer Outperformance Cycle Resilience Compelling Valuation Outlook Earnings momentum is building Net Interest Income ($Bn) Non-Interest Income ($Bn) Total Revenue ($Bn) +11% +16% +55% $2.9 $0.7 $3.5 $2.6 $3.2 $2.3 $0.5 $2.6 $0.3 2023 2024 2025 2023 2024 2025
Slide 108: Positive operating leverage continuing
Fortified Balance Sheet Earnings Momentum Peer Outperformance Cycle Resilience Compelling Valuation Outlook Positive operating leverage continuing Revenue growth materially outpaced expense growth in 2025, driving meaningful efficiency improvement Total Revenue ($Bn) Total Expenses ($Bn) $381MM +12%
Slide 109: Branch-lite model drives operating leverage and a structurally efficient cost base
Fortified Balance Sheet Earnings Momentum Peer Outperformance Cycle Resilience Compelling Valuation Outlook Branch-lite model drives operating leverage and a structurally efficient cost base Branch-Lite Strategy Efficiency Ratio1 vs. Peers (FY25) Anchored in attractive regional markets with specialt
Slide 110: Organic deposit and loan growth has outpaced peers materially
Fortified Balance Sheet Earnings Momentum Peer Outperformance Cycle Resilience Compelling Valuation Outlook Organic deposit and loan growth has outpaced peers materially Deposits 16.3% 2025 YoY Growth1 3.3% Peer Peer Peer Peer Peer Peer Peer Peer Peer Peer Peer Peer Peer Peer Peer Peer Peer Peer 1 2
Slide 111: PPNR per share and TBVPS growth has compounded at a leading rate
Fortified Balance Sheet Earnings Momentum Peer Outperformance Cycle Resilience Compelling Valuation Outlook PPNR per share and TBVPS growth has compounded at a leading rate Sustained PPNR per share growth underscores our scalable operating leverage; TBVPS growth is >2.8x that of peers 10-Year PPNR1
Slide 112: Earnings remain resilient across modeled rate scenarios
Fortified Balance Sheet Earnings Momentum Peer Outperformance Cycle Resilience Compelling Valuation Outlook Earnings remain resilient across modeled rate scenarios Mortgage banking and deposit costs offset rate sensitivity, stabilizing earnings Scenario NII Sensitivity Earnings-at-Risk1 (12 Mo. from
Slide 113: Capital provides substantial loss-absorption capacity
Fortified Balance Sheet Earnings Momentum Peer Outperformance Cycle Resilience Compelling Valuation Outlook Capital provides substantial loss-absorption capacity Internal stress testing demonstrates capital remains well above regulatory minimums even under severely-adverse scenario CET1 Capital Rati
Slide 114: Western Alliance vs. Peers: The Performance Gap is Clear
Fortified Balance Sheet Earnings Momentum Peer Outperformance Cycle Resilience Compelling Valuation Outlook Western Alliance vs. Peers: The Performance Gap is Clear Metric (FY25) WAL Peer Median2 WAL Rank Deposit Growth +16% +3% ✓ 1st Loan (HFI) Growth +9% +3% 3rd PPNR1 Growth +26% +8% 2nd Fee Incom
Slide 115: Western Alliance is a compelling investment
Fortified Balance Sheet Earnings Momentum Peer Outperformance Cycle Resilience Compelling Valuation Outlook Western Alliance is a compelling investment Disconnect between strong fundamentals and discounted valuation P/E (NTM) vs. Peers 19.6x 10.9x 7.7x Peer Peer Peer Peer Peer Peer Peer Peer Peer Pe
Slide 116: Western Alliance trades at a meaningful discount to its growth and returns
Fortified Balance Sheet Earnings Momentum Peer Outperformance Cycle Resilience Compelling Valuation Outlook Western Alliance trades at a meaningful discount to its growth and returns 2027E (Consensus) ROATCE to P/TBV Regression¹ Post-GFC EPS CAGR to Post-GFC Price Performance CAGR² y = 10.88x – 0.04
Slide 117: Reserves reflect the low-risk profile of the portfolio
Fortified Balance Sheet Earnings Momentum Peer Outperformance Cycle Resilience Compelling Valuation Outlook Reserves reflect the low-risk profile of the portfolio Portfolio composition, structural credit protection, and limited loss history support current reserve levels Adjusted Total Loan ACL / Fu
Slide 118: Funding costs poised to improve through deposit optimization
Fortified Balance Sheet Earnings Momentum Peer Outperformance Cycle Resilience Compelling Valuation Outlook Funding costs poised to improve through deposit optimization Deposit Optimization Strategy Q1 2026 Medium-Term Deposit Composition Change 7% Commercial Banking 8% Specialty Escrow Services ∆ +
Slide 119: 2026 Outlook and Near-Term Financial Trajectory
Fortified Balance Sheet Earnings Momentum Peer Outperformance Cycle Resilience Compelling Valuation Outlook 2026 Outlook and Near-Term Financial Trajectory Q1 2026 Guidance 2025 Baseline 2026 Outlook Commentary Loans (HFI): $58.7Bn Loans (HFI): +$6Bn Strong Q1 deposit growth positions us for Balance
Slide 120: Medium-Term Financial Targets
Fortified Balance Sheet Earnings Momentum Peer Outperformance Cycle Resilience Compelling Valuation Outlook Medium-Term Financial Targets Key Medium-Term Profitability Targets ROATCE1 ROAA Adjusted Efficiency1 XX% - XX% X.X% - X.X% XX% - XX% 16% - 17% 1.20% - 1.30% ~ 48% WAL’s Value Proposition: A l
Slide 121: Disciplined and dynamic capital allocation
Fortified Balance Sheet Earnings Momentum Peer Outperformance Cycle Resilience Compelling Valuation Outlook Disciplined and dynamic capital allocation Capital is flexibly deployed across organic growth, dividends, and share Excess capital to be deployed across key priorities repurchases based on mar
Slide 122: Clear path to sustained 16-17% ROATCE through visible levers
Fortified Balance Sheet Earnings Momentum Peer Outperformance Cycle Resilience Compelling Valuation Outlook Clear path to sustained 16-17% ROATCE through visible levers ROATCE1 16-17% 15.3% ROATCE Expansion Lower Increased Operating B/S FY25 1 Cost of Deposits 2 3 4 Medium-Term Fee Income Leverage O
Slide 123: Macro and regulatory tailwinds provide incremental upside opportunities
Fortified Balance Sheet Earnings Momentum Peer Outperformance Cycle Resilience Compelling Valuation Outlook Macro and regulatory tailwinds provide incremental upside opportunities ✓ ~80 bps RWA optimization expected under current proposal ✓ Potential reductions in MSR risk weights (currently ~250%)
Slide 124: Key Messages
Key Messages Commercial banking model built to scale 1 National platform anchored in specialized verticals drives consistent growth and top-tier returns Specialty focused and product specific deposit verticals are a structural advantage 2 Technology-enabled deposits across targeted sectors deliver d
Slide 125: Q&A
Q&A Ken Vecchione – President & CEO Vishal Idnani – Chief Financial Officer Dale Gibbons – Vice Chairman & Chief Banking Officer Tim Bruckner – Chief Banking Officer Josh Adler – CEO, AmeriHome Emily Nachlas – Chief Risk Officer Lynne Herndon – Chief Credit Officer Sonny Sonnenstein– Chief Informati
Western Alliance Bancorporation — Investor Day (May 2026) on 6ix