Western Alliance Bancorporation : WAL 2023 Annual Report

ANNUAL REPORT 2023

DIVERSIFIED MODEL | DIVERSIFIED EARNINGS

Being trusted advisors to our customers is our highest calling. Our mission is to help clients achieve success and fulfill their objectives in all economic and business environments."

Kenneth A. Vecchione

President and Chief Executive Officer

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Diversified

Model.

Diversified

Earnings.

Letter from President and Chief Executive Officer Kenneth A. Vecchione

Dear Fellow Shareholders,

While 2023 was an eventful year for the banking industry and for Western Alliance Bank, the past year highlighted the core strengths and distinct differentiators that enabled us to not only successfully navigate the turmoil, but also to emerge as a better, even stronger company today and for the long term.

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So, How Did We Do It?

Chiefly, our diversified business model proved uniquely agile as we steered through the changing environment. The banks that failed were monoline companies, each with a very concentrated, interconnected client base. In sharp contrast, Western Alliance's deliberate transformation of our business over more than a decade to become a national commercial bank focused on deep segment expertise, underwriting specialization and business diversification - including a broad range of differentiated deposit-generating businesses - drove our solid performance.

Next, while few could have anticipated the speed and magnitude of the coming banking industry stress, we were early to recognize this challenge, having already pivoted to a deposit-centric strategy in the second half of 2022. This prudent approach, coupled with our longstanding culture of disciplined credit underwriting and commitment to risk management, allowed us to fortify our balance sheet while continuing to deliver superior financial results.

For the year, Western Alliance produced Net Revenue of $2.8 billion1, Net Income of $854 million1 and an adjusted Return on Tangible Common Equity of 17.7%1, once again demonstrating the durability and flexibility of our business model. Net Interest Income rose $123 million, or approximately 6%, to over $2.3 billion. Remarkably, despite the industry's challenges, our total deposits increased

3% year over year in 2023.

1 Annual income statement metrics were adjusted to exclude certain pre-tax items, including fair value loss adjustments of $116.0 million, loss on sales of investment securities of $40.8 million, FDIC special assessment of $66.3 million, and gain on extinguishment of debt of $52.7 million. These items were tax effected at the Company's annual effective tax rate of 22.6%. Refer to page 21 for unadjusted Net Income and Return on Tangible Common Equity amounts.

$2.8B1

NET REVENUE 2023

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EXECUTIVE PERSPECTIVES |

Dale M. Gibbons

Vice Chairman, Chief Financial Officer

Bank for All Seasons

Drives Shareholder Returns

In last year's annual report, I wrote that Western Alliance is truly a "bank for all seasons" - and our performance in 2023, despite the industry's challenges, showed this yet again.

Our sustainable, diversified business model has produced consistent Tangible Book Value Per Share (TBVPS) growth over the past 10 years, leading to a track record of above-peer total shareholder return over both short- and long-term time horizons.

Western Alliance is not reliant on any one customer type, industry or product to generate superior financial results. Our broad range of national businesses includes a number of specialty lines, such as Juris Banking and Western Alliance Trust Company, that deliver stable, lower-cost deposits as well

as fee-based revenue.

Our diversified business model has not only produced strong growth during different parts of the economic cycle, but also fosters the resilience to navigate difficult times, as we prominently demonstrated

in early 2023.

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| EXECUTIVE PERSPECTIVES

Steve R. Curley

Chief Banking Officer, National Business Lines

President, Alliance Association Bank

Boosting Deposit Diversification

In 2023, Western Alliance Bank demonstrated the flexibility and "can do" spirit we are known for when it came to boosting deposit diversification. Certainly, our teams worked hard and smart to deepen opportunities within our powerful set of deposit-focused verticals, including HOA banking - where we already are the #1 bank serving this growing segment nationwide - as well as Juris Banking, Specialized Mortgage Services

and others.

But then we added something entirely new to our mix: Digital Consumer.

We began by offering High Yield Savings Accounts (HYSA) via an outsourced model, which generated $2.9 billion in new, granular, fully insured deposits

in just the first year. Now, we're focused on building our own proprietary HYSA product, and over time we look forward to creating a fully scalable national business line with a variety of product types and new ways to build comprehensive relationships with our clients.

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Through careful capital management practices and strategic capital allocation, the bank significantly bolstered its capital adequacy, increasing its CET1 capital ratio 150 basis points to reach 10.8% at year-end 2023. After reprioritizing accelerated capital building following the third quarter of 2022, CET1 capital has increased 210 basis points. We also ended 2023 with a notable 16% year-over-year increase in Tangible Book Value Per Share to $46.72. Our consistent upward trajectory in Tangible Book Value Per Share has outpaced peers by six times since 2013, including strong growth in 2023. Over most time periods, Western Alliance continues to generate a top-quartile total shareholder return relative to both asset peers and the S&P Regional Banking ETF (KRE).

Finally, as an organization that is fiercely devoted to fostering relationships with our various stakeholders - including customers, investors, regulators and our own people - our teams were resilient, resourceful and relentless in working together to address issues quickly and ensure timely, transparent communication to reassure all of our strong and sound financial position.

I am tremendously proud of the way Western Alliance Bank handled the unique challenges of 2023. As in the past, our ability to successfully navigate turbulent waters revealed the core strengths of our franchise and our management team - diversification and extraordinary experience managing through difficult times. These qualities will serve us well in 2024 and for years to come.

TOTAL DEPOSITS

2022

$53.6B $552023.3B

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NET INTEREST

INCOME

2022

$2.2B

2023

$2.3B

I am tremendously proud of the way Western Alliance Bank handled the unique challenges of 2023. As in the past, our ability to successfully navigate turbulent waters revealed the core strengths of our franchise and our management team - diversification and extraordinary experience managing through difficult times."

Kenneth A. Vecchione

President and Chief Executive Officer

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