3rd Quarter 2026 Earnings Call Presentation

EARNINGS CALL

3rd Quarter 2026

October 20, 2026

• Remixed $4.5Bn of higher cost deposits over last two quarters; on track for +$5.0Bn in 2026

• Commercial Banking deposits helped offset optimization and grew $1.8Bn in Q3, increasing share of total deposits by 3% to 34%

• ECR-related Deposit Costs down $14mm (8%) & NII up $11mm since Q2

  Reported NIM Deposit Costs

  $(9.7)mm

  +4 bps

  3.57%

  $175.1 $179.2

  3.53% 3.53%

  $165.4

• NIM expanded 4bps quarterly to 3.57%; Adjusted NIM expanded 10bps quarterly

  Q3-25 Q2-26 Q3-26

  Q3-25 Q2-26 Q3-26

  2. Credit resolution strategy & increased reserve coverage

• Successful resolution of 4 of 6 Nonaccrual Loans discussed at Investor Day

• Nonaccrual Loans declined $77mm (14%) quarterly to 0.79% of funded HFI loans

• Continued reserve build of $35mm increased ACL coverage of funded HFI loans by 4bps to

  ACL / Loans, HFI ACL / Nonaccrual Loans

  +8 bps

  +26%

  0.93% 118%

  0.93%

• ACL coverage of nonaccrual loans increased to 118% from 96%

  0.85%

  0.89%

  92% 96%

• Net Charge-offs declined 7bps to 0.30% in 3Q, down $9mm from Q2

  Q3-25 Q2-26 Q3-26

  Q3-25 Q2-26 Q3-26

  3. Dynamic capital allocation strategy to balance growth profile & share repurchases

• Share repurchases of $92mm in Q3 of $150mm 2H 2026 target with TBVPS +6.3% year-over-year

• Loan-to-Deposit ratio to 75.3%, up 2% year-over-year

• Loans, HFI growth of $4.9Bn (8.7%) year-over-year with CET1 maintained at 10.9%

• ROAA of 1.12% and ROATCE of 15.5% continue to rise

  73.3%

  +2.0%

  74.4%

  75.3%

  Q3-25 Q2-26 Q3-26

  3

  Earnings & Profitability Q3 2026 Q2 2026 Q3 2025

  Q3 2026 Highlights

3rd Quarter 2026 | Financial Highlights

Earnings per Share $ 2.45 $ 2.36 $ 2.28

Net Income 277.2 268.8 260.5

Net Income Available to Common Stockholders 266.9 258.5 250.2

Net Revenue 1,014.2 995.7 938.2

Pre-Provision Net Revenue1 419.1 412.4 393.8

Net Interest Margin 3.57% 3.53% 3.53%

Efficiency Ratio1 58.1 58.0 57.4

Efficiency Ratio, Adjusted for Deposit Costs1 50.0 48.9 47.8

ROAA 1.12 1.09 1.13

Balance Sheet & Capital

ROATCE1 15.5 15.3 15.6

Total Loans (Held for Investment) $ 61,549 $ 60,949 $ 56,646 Total Deposits 81,755 81,874 77,247

CET1 Ratio 10.9% 11.0% 11.3%

TCE Ratio1 6.9 7.0 7.1

Asset Quality

Tangible Book Value per Share1 $ 62.22 $ 63.24 $ 58.56

Provision for Credit Losses $ 80.0 $ 80.4 $ 80.0

Net Loan Charge-Offs 45.8 55.0 31.1

Net Loan Charge-Offs/Avg. Loans 0.30% 0.37% 0.22%

Total Loan ACL/Funded HFI Loans 0.93 0.89 0.85

Total Loan ACL/Nonaccrual Loans 118 96 92

Nonaccrual Loans/Funded HFI Loans 0.79 0.92 0.92

Dollars in millions, except EPS

1. Refer to slide 2 for further discussion of non-GAAP financial measures.

Q3-26 Q2-26 Q3-25

Earnings Per Share3 $ 2.45 $ 2.36 $ 2.28

4

Diluted Shares 107.8 108.0 109.8

Dollars in millions, except EPS

Net Interest Income increased $10.7 million, or 1.3%, from Q2 as average HFI loans increased $1.5 billion or 2.5%

1

Q3-26 Q2-26 Q3-25

Securities and Cash decreased $991 million, or 3.7%, to $25.6 billion, and increased $970 million, or 3.9%, over prior year

1

2

Loans, HFS decreased $396 million and increased

$449 million, or 12.8%, over prior year primarily related to timing of loan production and increased early buyout activity

3

Loans, HFI increased $600 million and increased

$4.9 billion, or 8.7%, over prior year

4 Deposits decreased $119 million, or 0.1%, driven by deposit optimization efforts, partially offset by

robust growth in commercial banking deposits

5

Equity decreased $188 million primarily driven by the change in AOCI related to higher interest rates and share repurchases

6

Tangible Book Value/Share1 decreased $1.02, or 1.6%, to $62.22 and increased $3.66, or 6.3%, over prior year

Loans, HFI to Deposits Ratio 75.3% 74.4% 73.3%

Dollars in millions, except per share data

1. Refer to slide 2 for further discussion of non-GAAP financial measures.

$4.9 Billion Year-over-Year Growth

YoY

QoQ

(in millions)

Q3-26 Avg.

Yields1

CRE, Non-OO $ 396 $ 210

Residential & Consumer

Construction & Land

CRE, Non-Owner Occupied

CRE, Owner Occupied

Commercial & Industrial

25.9%

7.2%

18.5%

3.0%

45.4%

$4.1

$10.3

$29.8 48.8%

$1.7

$27.9

$4.1

$10.3

$1.7

$28.2

$4.2

$1.6

24.7%

7.0%

16.9%

2.6%

$4.2

$10.7

$1.6

$30.1

24.3%

6.9%

17.4%

2.5%

Commercial Banking

Mortgage Banking Residential Mortgages

24%

48.9%

60%

16%

Q3-25 Q4-25 Q1-26 Q2-26 Q3-26

Dollars in billions, unless otherwise indicated

1) Interest income includes a reduction for earnings credits totaling $56.7 million, $52.5 million, $48.7 million, $56.6 million, and $64.9 million for the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025, respectively.

Q3 deposit trends reflect $4.5 billion of cumulative optimization since inception, primarily from non-interest bearing ECR-related deposits

$9.6

12.4%

$9.8

$9.8

$9.9

12.1%

$10.7

13.1%

Q3-26 Avg.

Costs

Total $ (119) $ 4,508

CDs

Savings and MMA Interest Bearing DDA Non-Interest Bearing

$24.6

$16.4

31.9%

21.2%

$24.6

$18.4

$25.2

$20.1

30.8%

24.6%

Commercial Banking Specialty Escrow Svcs¹ HOA

Consumer Digital Mortgage Banking Other

21%

7%

8%

14%

34%

16%

$26.6

34.5%

$24.4

$25.8

31.5%

• Commercial banking deposits grew $1.8 billion QoQ in Q3-26, increasing from 31% to 34% of deposits from Q2

Q3-25 Q4-25 Q1-26 Q2-26 Q3-26

Dollars in billions, unless otherwise indicated

• 32% of total deposits are non-interest bearing

  • Approximately 39% have no ECRs

    1. Specialty Escrow Services includes: Business Escrow Services, Corporate Trust, Juris Banking, and other deposit initiatives.

4.72% 4.54% 4.59% 4.64% 4.62%

Q3-25 Q4-25 Q1-26 Q2-26 Q3-26

Total Investments

3.19% 2.96% 2.75% 2.74% 2.76%

6.18% 6.01% 5.85% 5.82% 5.84%

$3.5 $3.9 $4.3 $4.0

$58.7

$59.1

Q3-25 Q4-25 Q1-26 Q2-26 Q3-26

HFI Loans HFS Loans

2.29% 2.11% 1.99% 1.96% 2.02%

$4.5 $6.3 $6.7 $7.3 $6.7

• Securities Portfolio yields decreased 2 bps

  Loans and HFI Yield1, 2

reflecting a mix shift

• Loan yields increased 2 bps from higher commercial loan yields

• Average Earning Asset yield increased 10 bps from continued remixing of cash into loans

- Loans, HFI / Deposits ratio increased from 74.4% to 75.3%

• Cost of interest-bearing deposits increased 2 bps due to active remixing into IBD commercial accounts in place of higher cost ECR-related deposits

• Cost of liability funding increased 6 bps as borrowing and debt costs increased, partially from a sub debt rate reset late in Q2

$26.6

$24.4

$28.1

$27.8

$25.8

$50.6

$52.8

$54.6

$54.1

$56.0

Q3-25 Q4-25 Q1-26 Q2-26 Q3-26

Interest Bearing Deposits

Dollars in billions

Q3-25 Q4-25 Q1-26 Q2-26 Q3-26

Interest Bearing Deposits

Non-Interest Bearing Deposits Total Borrowings

1. Balances are as of each respective period end.

2. Interest income includes a reduction for earnings credits totaling $56.7 million, $52.5 million, $48.7 million, $56.6 million, and $64.9 million for the three months ended September 30, 2026,

June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025, respectively. 9

Dollars in millions

3.53% 3.51% 3.54% 3.53% 3.57%

Dollars in billions

5.74% 5.54% 5.46% 5.43% 5.53%

$87.8 $89.0

• Average Earning Assets declined $785 million, or 3.4% annualized, primarily reflecting a $1.7 billion reduction in average cash and partially offset by deployment in loans

- Average Loans, HFI balances increased $1.5

$750.4

$766.2 $766.3

$796.9 $807.6

$85.3

$4.1 5%

$20.0 23%

$5.0 6%

$5.6

$19.9

$5.2

$5.3

$20.0

$5.5

$5.7 6%

$5.9 6%

billion to $60.8 billion (67% of Avg. Earning Assets)

• NIM increased 4 bps, due to increased yields on interest earning assets (+10 bps) partially offset by higher funding costs (+6 bps)

  $56.2 66%

  $57.1

  $58.2

  $59.3 65%

  $60.8 67%

  • Net Interest Income increased $10.7 million, primarily due to expanding NIM and increased Average Loans, HFI balances

Q3-25 Q4-25 Q1-26 Q2-26 Q3-26

Net Interest Margin Net Interest Income

Q3-25 Q4-25 Q1-26 Q2-26 Q3-26

Loans Loans HFS

Securities Cash & Other

Average Yield

1) Interest income includes a reduction for earnings credits totaling $56.7 million, $52.5 million, $48.7 million, $56.6 million, and $64.9 million for the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025, respectively.

57.4%

55.7%

55.8%

58.0%

58.1%

47.8%

46.5%

47.5%

48.9%

50.0%

$544.4

$552.2

$574.4

$583.3

$595.1

Q3-25

Q4-25

Q1-26

Q2-26

Q3-26

Non-Interest Expenses Adj. Efficiency Ratio

Efficiency Ratio

Dollars in millions

• Efficiency ratio1 increased 10 bps compared to the prior quarter, and increased 70 bps from the same period last year

• Adjusted efficiency ratio1 (excluding deposit costs) increased 110 bps to 50.0%, and increased 220 bps from the same period last year

• Deposit Costs decreased $13.8 million to $165.4 million, primarily from lower average ECR-related deposit balances, resulting from the Company's deposit optimization efforts

  • Total ECR-related deposit balances of $26.7 billion in Q3-26 compared to $29.9 billion in Q2-26

  • Average ECR-related deposits of $30.1 billion in Q3-26, compared to $31.6 billion in Q2-26 and

    $28.3 billion in Q3-25

    Breakdown of Non-Interest Expenses
    $163.3 $179.2 $165.4 $175.1 $171.2 $25.5 $24.7 $28.3 $24.5 $17.7 $178.1 $151.3 $161.6 $180.9 $171.5 $193.5 $201.7 $205.5 $204.3 $226.1 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Deposit Costs Insurance Other Operating Expenses Salaries & Employee Benefits
    	Non-Interest Expenses (Ex. Deposit Costs)
    	$369.3 $381.0 $411.1 $404.1 $429.7

    1. Refer to slide 2 for further discussion of non-GAAP financial measures.

       11

       Q3 2026 Highlights

(2.5)%

-%

2.6%

Down 100 Up 100

0.4%

- -100bps ramp to reduce NII by (2.5)%

- +100bps ramp to increase NII by 2.6%

• Of total earning assets, 66% are variable with 52% repricing to SOFR

• Variable liabilities represent 86% of total earning assets and are primarily modeled to changes in Fed Funds

- Non-Maturity Deposit rates, including ECRs, are estimated to have a 65% beta over the next 12 months

• The reduction in asset sensitivity from NII to EaR is driven by the estimated impact of ECR-related deposit costs and Mortgage Banking revenue

Down 100

Up 100

1. Projected using a simulation model that calculates the difference between a baseline forecast using forward yield curves, compared to forecasted results from a gradual, parallel change in rates over a 12-month period ("Ramp").

2. Earnings defined as pre-tax net interest income adjusted for rate-sensitive non-interest income and expense accounts. 12

0.52% 0.55% 0.68%

0.62%

Q1-26

0.79%

0.92%

0.83%

1.24%

0.52%

0.65%

0.92%

0.85%

0.72%

0.69%

• Classified Assets decreased $37 million to less than

  Asset Quality Ratios

$1.1 billion

0.66%

0.70%

1.11%

1.14%

1.08%

1.17%

Q3-25 Q4-25 Q1-26 Q2-26 Q3-26

Special Mention Loans SM / Funded Loans

12%

$1,129 $1,088 $1,070 $1,128 $1,091

130 137 123 126 165

Q3-25 Q4-25 Q1-26 Q2-26 Q3-26

OREO Nonaccrual Loans Classified Accruing Assets

Dollars in millions

- Supported by 'as-is' valuations and aggregate operating revenues in excess of expenses

Q3-26

Q2-26

Q4-25

Q3-25

• Special Mention Loans increased $81 million to $397 million (65 bps to Funded Loans)

18% Other

39%

25% Office

• Criticized Loans were relatively flat at $1.3 billion

  CRE Investor

  C&I Construction Resi

  CRE OO

  13

  Q3 2026 Highlights

$62

Loan Charge-offs and Recoveries

1.45%

0.22%

$31.8

0.31%

$48.3

$209.1

0.39%

$56.6

0.37% 0.30%

$57.6

$48.0

compared to $55.0 million, or 37 bps in Q2

- Total Loan ACL3 / Funded Loans less loans covered by CLNs is 1.07%

11.3% 11.0% 11.0% 11.0% 10.9%

Regulatory Capital Ratios

• Continue to exceed "well-capitalized" levels with CET1 of 10.9%

  Tangible Common Equity / Tangible Assets1

  7.1%

  7.3%

  6.8%

  7.0%

  6.9%

  • TCE/TA decreased 10 bps to 6.9%, primarily from the change in AOCI due to higher rates and share repurchases, partially offset by earnings growth

Capital Return

Q3-25 Q4-25 Q1-26 Q2-26 Q3-26

CET1 TCE/TA 1

14.2%

14.5%

14.4%

14.1%

14.0%

12.4%

12.1%

12.0%

12.0%

11.9%

• Completed $92 million in repurchases or ~1.15 million shares at an average price of $79.78

  Regulatory Capital Ratios

• Completed $212.5 million in cumulative repurchases since program inception on September 15, 2025 through September 30, 2026, or approximately 2.7 million shares, at an average price of $77.92

• Quarterly Common Dividend per share of $0.42

  8.1%

  8.2%

  8.1%

  8.1%

  8.2%

  Q3-25

  Q4-25

  Q1-26

  Q2-26

  Q3-26

  Tier 1 Leverage

  Tier 1 Capital

  Total RBC

  1. Refer to slide 2 for further discussion of non-GAAP financial measures.

5x

WAL

WAL with Dividends Added Back Peer Median

Peer Median with Dividends Added Back

4x

3x

2x

478%

396%

175%

• TBVPS decreased $1.02 to $62.22 from AOCI changes and share repurchases, partially offset by organic earnings

  • Increased 6.3% year-over-year

  • 16.1% CAGR since year end 2015

• TBVPS has increased approximately 4x that of peers

- Quarterly common stock cash dividend of

$0.42 per share

106%

1x

0x

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 MRQ 2

Source: S&P Global Market Intelligence. Peers consist of the other 23 major exchange-traded US banks with total assets between $50 and $350 billion as of June 30, 2026, excluding target banks of pending acquisitions.

1. Refer to slide 2 for further discussion of non-GAAP financial measures. 16

2. MRQ is Q3-26 for WAL and Q2-26 for peers.

• Deposit range subject to ongoing optimization strategy & mix shift into Commercial Banking Deposits

  ~ 11%

• Capital target remains comfortably above well-capitalized thresholds even including AOCI position

  Net Interest Income		$2.86 bn		Up 12% - 14% Assumes (1) 25 bp rate hike in Sept.		Up 11% - 12% Assumes (1) more 25 bp rate hike in Dec.
  Non-interest Income		$678 mm		Up 13% - 17%		Up 18% - 21%
  Non-interest Expense		$2.11 bn		Up 7% - 11%		Up 7% - 10%
  NIE (Ex. Deposit Costs) Deposit Costs		$1,481 mm $631 mm		$1,600 - $1,650 mm $650 - $700 mm		$1,600 - $1,650 mm $650 - $675 mm
  Net Charge-Offs		24 bps		25 - 35 bps		25 - 35 bps
  Effective Tax Rate		18%		~ 19%		~ 19%

• Reflects outperformance on deposit optimization and related impact on AEA

• Q4: Flat to slightly up from Q3

• Strong YTD performance supported by steady growth in commercial banking service charges

• NIE (ex. Deposit Costs) tracking to upper end of range

• Deposit optimization effectively reducing ECR Deposit Costs and

  helping to offset rate hike

• Core NCO guidance (ex-fraud) tracking to upper half of range

  17

  Questions & Answers Appendix WAL's Industry-Leading Performance

  10-Year Loan Growth1

• Growth-oriented business model, focused on low risk, high return loan composition, has produced consistent, superior financial

  14% 2

  13%

  9% 8%

  15%

  7% 6%

  4%

  17%

  14%

  9%

  5%

  results

  WAL

  WAL

  • Above peer median profitability has bolstered TBVPS accumulation, a key driver

WAL

Top Quartile

Median Bottom

Quartile

Top Quartile

Median Bottom

Quartile

Top Quartile

Median Bottom

Quartile

19%

14%

10%

7%

19%

13%

9%

WAL

WAL

6%

3.54% 3.62% 3.28% 3.16%

WAL

Top Quartile

Median Bottom

Quartile

Top Quartile

Median Bottom

Quartile

Top Quartile

Median Bottom

Quartile

56.9%

48.2% 4

52.2%

56.1% 61.2%

15.5% 2

18.1%

15.2%

13.3%

1.13% 2

1.30%

1.23% 1.05%

WAL

Top Quartile

Median Bottom

Quartile

Top Quartile

Median Bottom

Quartile

Top Quartile

Median Bottom

Quartile

WAL

WAL

Source: S&P Global Market Intelligence. Peers consist of the other 23 major exchange-traded US banks with total assets between $50 and $350 billion as of June 30, 2026, excluding target banks of pending acquisitions. 1) 10-year period through Q3-26 for WAL and Q2-26 for peers. 2) WAL EPS, LTM ROAA and LTM ROATCE incorporate Q1-26 adjusted

net income and adjusted net income available to common stockholders. Refer to slide 2 for further discussion of non-GAAP financial measures. 3) 1-Year period through Q3-26 for 20

WAL and Q2-26 for peers. 4) Adjusted to exclude deposit costs.