First Quarter 2026 Presentation: Q1 Results

Published: 2026-04-21 16:52:12 ET WAL

Published on 04/21/2026 at 04:52 pm EDT

EARNINGS CALL

1st Quarter 2026

April 22, 2026

Q1 2026 Highlights

Net Income

$189.2 million

$251.3 million, Adjusted1

EPS

$1.65

$2.22, Adjusted1

PPNR1

Q1: $444.5 million

$394.0 million, Adjusted1

ROATCE1

10.5%

14.2%, Adjusted1

Loan Growth Q1: $465 million 8.0% Y-o-Y

Capital

CET1 Ratio: 11.0%

TCE Ratio1: 6.8%

Tangible Book Value PER SHARE1

NPLs / Total Loans

$61.14

0.83%

13.0% Y-o-Y

Earnings & Profitability Q1 2026 Q4 2025

Q1 2025

Earnings per Share / Adjusted1

$ 1.65

$ 2.22

$ 2.59

$ 1.79

Net Income / Adjusted1

189.2

251.3

293.2

199.1

Net Income Available to Common

178.9

241.0

282.9

195.9

Net Revenue / Adjusted1

1,018.9

968.4

980.9

778.0

Pre-Provision Net Revenue1 / Adjusted

444.5

394.0

428.7

277.6

Net Interest Margin

3.54%

3.51%

3.47%

Efficiency Ratio1

55.8

55.7

63.5

Efficiency Ratio, Adjusted for Deposit Costs1

47.5

46.5

55.8

ROAA / Adjusted1

0.80

1.07

1.23

0.97

ROATCE1 / Adjusted

10.5

14.2

16.9

13.4

Balance Sheet & Capital

Total Loans (Held for Investment)

$ 59,142

$ 58,677

$ 54,761

Total Deposits

82,723

77,159

69,322

CET1 Ratio

11.0%

11.1%

TCE Ratio1

6.8

7.3

7.2

Tangible Book Value per Share1

$ 61.14

$ 61.29

$ 54.10

Asset Quality

Provision for Credit Losses

$ 213.2

$ 73.0

$ 31.2

Net Loan Charge-Offs / Adjusted2

208.5

56.0

44.6

25.8

Net Loan Charge-Offs/Avg. Loans / Adjusted2

1.45%

0.39%

0.31%

0.20%

Total Loan ACL/Funded HFI Loans3

0.87

0.77

NPLs/Funded HFI Loans

0.83

0.85

0.82

1st Quarter 2026 | Financial Highlights

Stockholders / Adjusted1

Q1-26 Items

Amount

Provision for credit losses on LAM $ 126.4

Income

Gain on sales of investment securities (50.5)

Pre-Tax Total:

75.9

Statement

Adjustments

Tax Effect (13.8)

After-Tax Total: 62.1

Adjustment to EPS

$ 0.57

Dollars in millions, except EPS

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

Excludes $152.5 million for two fraud-related charge-offs on the Leucadia Asset Management LLC ("LAM") and Cantor Group V, LLC ("Cantor") loans.

Total Loan ACL includes an allowance for credit losses of $11.2 million as of March 31, 2026 related to a pool of loans covered under 3 separate credit linked notes.

Q1-26

Q4-25

Q1-25

Interest Income1

$ 1,188.2

$ 1,217.4 $

1,095.6

Interest Expense

(421.9)

(451.2)

(445.0)

Net Interest Income

$ 766.3

$ 766.2 $

650.6

Service Charges and Fees

88.5

73.6

40.5

Mortgage Banking Revenue

71.4

89.7

71.3

Gains on Securities Sales and FV Adj., Net

53.6

10.9

3.1

Quarterly Income Statement

Other 39.1 40.5 12.5

Q1 2026 Highlights

Net Interest Income was flat from the prior quarter, primarily due to lower liability costs as well as average earning asset growth of

$1.1 billion, largely offset by lower yields on earning assets, higher deposit balances and two fewer days in the quarter

Increased $115.7 million or 18% from Q1-25

Non-Interest Income increased $37.9 million from Q4 primarily driven by a series of well-executed security sales generating gains of $50.5 million

Mortgage Banking Metrics

Non-Interest Income

252.6

$ 214.7 $

127.4

Net Revenue / Adjusted2

$1,018.9

/ $ 968.4

$ 980.9 $

778.0

Salaries and Employee Benefits

(205.5)

(201.7)

(182.4)

Deposit Costs

(163.3)

(171.2)

(136.8)

Insurance

(24.7)

(17.7)

(37.9)

Other

(180.9)

(161.6)

(143.3)

Non-Interest Expense

(574.4)

$ (552.2) $

(500.4)

Pre-Provision Net Revenue2 / Adjusted

$ 444.5

/ $ 394.0

$ 428.7 $

277.6

Provision for Credit Losses

(213.2)

(73.0)

(31.2)

$14.2 billion in mortgage loan production in Q1 (61% purchase / 39% refinance), down 4% compared to Q4 and up 18% to Q1-25

$14.2 billion interest rate lock commitment volume in Q1, down 8% compared to Q4 and up 13% to Q1-25

Gain on Sale margin3 of 37 bps in Q1, compared to 30 bps in Q4 and 19 bps in Q1-25

$75.1 billion in servicing portfolio UPB at end of Q1

Non-Interest Expense increased $22.2 million from Q4 primarily driven by increases from:

Pre-Tax Income

$ 231.3

$ 355.7 $

246.4

Income Tax

(42.1)

(62.5)

(47.3)

•

Diluted Shares

108.7

109.3

109.6

Salaries and Employee Benefits of $3.8 million related to annual merit increases and seasonal compensation costs

Net Income / Adjusted2 $ 189.2 / $ 251.3

$ 293.2 $

199.1

Net Income Avail. to Common Stockholders / Adj.2 $ 178.9 / $ 241.0

$ 282.9 $

195.9

Insurance Costs normalizing after a one-time rebate in the FDIC special assessment of $7.5 million in Q4

Earnings Per Share / Adjusted2 $ 1.65 / $ 2.22 $ 2.59 $ 1.79

Other Non-Interest Expense of $19.3 primarily related to the Company's Juris Banking business

During Q1 2026, completed $50.0 million in repurchases, or 0.7 million shares, at an average price of $71.61

Dollars in millions, except EPS

Interest income includes a reduction for earnings credits totaling $48.7 million, $56.6 million, and $58.1 million for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.

Refer to slide 2 for further discussion of non-GAAP financial measures. Refer to slide 3 for a description of income statement adjustments made in Q1-26, where applicable.

Gain on Sale margin represents spread as of the interest rate lock commitment date.

Consolidated Balance Sheet

Q1-26 Q4-25 Q1-25

Securities and Cash

$ 28,946

$ 24,034

$ 19,147

Loans, HFS

3,936

3,498

3,238

Loans, HFI

59,142

58,677

54,761

Allowance for Loan Losses

(461)

(389)

Mortgage Servicing Rights

1,516

1,494

1,241

Goodwill and Intangibles

646

649

656

Other Assets

5,128

4,883

4,389

Total Assets

$ 98,853

$ 92,774

$ 83,043

Deposits

$ 82,723

$ 77,159

$ 69,322

Borrowings

5,610

5,240

4,151

Qualifying Debt

1,072

1,076

898

Other Liabilities

1,540

1,353

1,457

Total Liabilities

$ 90,945

$ 84,828

$ 75,828

Total Equity

7,908

7,946

7,215

Total Liabilities and Equity

$ 98,853

$ 92,774

$ 83,043

Dollars in millions, except per share data

Q1 2026 Highlights

Securities and Cash increased $4.9 billion, or 20.4%, to $28.9 billion, and increased $9.8 billion, or 51.2%, over prior year

Loans, HFS increased $438 million and increased

$698 million, or 21.6%, over prior year primarily related to government insured or guaranteed mortgage loans

Loans, HFI increased $465 million and increased

$4.4 billion, or 8.0%, over prior year

4 Deposits increased $5.6 billion, or 7.2%, and increased $13.4 billion, or 19.3%, over prior year

Equity decreased $38 million primarily due to AOCI, dividends and share repurchases, partially offset by net income

Tangible Book Value/Share1 was in line with Q4 at

$61.14 and increased $7.04, or 13.0%, over prior year

Completed $120.4 million in cumulative repurchases through April 7, 2026 since program inception on September 15, 2025, or approximately 1.6 million shares, at an average price of $76.55

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

Tangible Book Value Per Share1

61.14

61.29 $

54.10

Q1 2026 Highlights

Loan Composition

Increase (Decrease) by Loan Type:

$4.4 Billion Year-over-Year Growth

Loan growth from C&I businesses within Regional Banking and National Business Lines

Total Loans, HFI

$54.8

$55.9

$56.6

$58.7

$59.1

Qtr Change

+t1.1

+t0.7

+$2.0

+t0.5

YoY

QoQ

(in millions)

Q1-26 Avg.

Yields1

C&I $ 295 $ 4,106

Residential & Consumer

Construction & Land

CRE, Non-Owner Occupied

CRE, Owner Occupied

Commercial & Industrial

26.1%

$24.1

$1.8

$10.1

$4.5

$14.3

$10.3

$1.7

$14.5

8.2%

18.4%

3.3%

44.0%

$4.1

$4.5

$14.6

$10.3

$1.7

24.9%

$4.1 7.0% $4.1

$14.8

$14.6

17.6%

$27.9

2.9%

47.6%

$10.3

25.0%

4.19%

7.79%

6.68%

6.00%

6.13%

Residential & Consumer

113

471

CRE, OO

(76)

Construction & Land

(424)

CRE, Non-OO

304

Total

465

4,381

6.9%

Loan Composition

17.5%

$28.2

$1.7

2.9%

Regional Banking

National Business Lines Residential

24%

47.7%

50%

26%

$25.7

$1.7

$10.5

$24.9

Total Avg.

Yield

5.85%

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

Dollars in billions, unless otherwise indicated

1) Interest income includes a reduction for earnings credits totaling $48.7 million, $56.6 million, $64.9 million, $61.3 million, and $58.1 million for the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively.

Q1 2026 Highlights

Deposit Composition

Diversified deposit growth across Specialty Escrow Services and National Business Lines

Increase (Decrease) by Deposit Type:

$13.4 Billion Year-over-Year Growth

(in millions)

QoQ

YoY

Total Deposits Qtr Change

$69.3

+t3.0

$71.1

+t1.8

$77.2

+t6.1

$77.2

t(0.1)

$82.7

+t5.6

Q1-26 Avg.

Costs

Non-Interest Bearing $ 3,725 $ 6,069

Interest-Bearing DDA 969 3,878

CDs

(232)

Total

$ 5,564

$ 13,401

Savings and MMA 828 3,686

CDs

Savings and MMA Interest Bearing DDA

$10.1

$21.7

14.5%

31.3%

$10.2

$22.2

$15.7

$9.6

$24.6

$16.4

$9.8

$24.6

$18.4

12.7%

31.9%

23.9%

$9.8

$25.4

$19.4

11.9%

30.7%

23.4%

Deposit Composition

National Business Lines

Regional Banking

40%

Non-Interest Bearing

$15.5

$22.0

22.4%

31.8%

$23.0

$26.6

$24.4

31.5%

$28.1

34.0%

Specialty Escrow Svcs¹ Consumer Digital Other

15%

30%

3.86%

2.78%

2.13%

0.00%

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

Total Avg. Cost

34% of total deposits are non-interest bearing

- Approximately 33% have no ECRs

Dollars in billions, unless otherwise indicated

1.93%

1.81%

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

Q1 2026 Highlights

Net Interest Drivers

4.63% 4.81% 4.72% 4.54% 4.59%

$15.9

$18.6

$18.8

$20.4

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

Total Investments

3.26% 3.19% 3.19% 2.96% 2.75%

Securities Portfolio and Yield1

6.20% 6.17% 6.18% 6.01% 5.85%

$56.6

$3.5

$59.1

$3.5 $3.9

$55.9

$58.7

$3.2 $3.0

$54.8

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

Interest Bearing Deposits and Cost1

HFI Loans HFS Loans

2.42% 2.37% 2.29% 2.11% 1.99%

Securities Portfolio yields increased 5 bps, as a result of consistent interest income over a lower day count

Loans and HFI Yield1, 2

Loan yields decreased 16 bps, due to the impact of rate cuts by the Federal Reserve

Cost of interest-bearing deposits decreased 21 bps, reflecting the impact of rate cuts, while cost of liability funding decreased 12 bps primarily due to reduced reliance on higher cost funding including FHLB borrowings

Deposits, Borrowings, and Cost of Liability Funding1

Total interest cost of funding earning assets decreased 12 bps to 1.92%, primarily driven by a reduction in deposit rates and borrowing costs

$47.3

$48.1

$50.6

$52.8

$54.6

$5.0

$22.0

$47.3

$6.7

$23.0

$48.1

$4.5

$26.6

$50.6

$6.3

$24.4

$52.8

$6.7

$28.1

$54.6

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

Interest Bearing Deposits

Dollars in billions

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

Interest Bearing Deposits

Non-Interest Bearing Deposits Total Borrowings

Balances are as of each respective period end.

Interest income includes a reduction for earnings credits totaling $48.7 million, $56.6 million, $64.9 million, $61.3 million, and $58.1 million for the three months ended March 31, 2026,

December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively. 8

Q1 2026 Highlights

Net Interest Income

Net Interest Income1 and Net Interest Margin

Dollars in millions

3.47% 3.53% 3.53% 3.51% 3.54%

Average Earning Assets & Average Yield1

Dollars in billions

5.46%

$89.0

$5.3

$20.0

23%

$5.5

5.81% 5.80% 5.74% 5.54%

$85.3 $87.8

Average Earning Assets increased $1.1 billion, or 5.1% annualized, primarily from growth in average C&I loans and HFS loan balances

NIM increased 3 bps, due to lower rates on deposits and short-term borrowings, partially offset by

$650.6

$697.6

$750.4 $766.2 $766.3

$77.2

$4.1 5%

$15.3 20%

$80.5

$3.5

$17.3

$4.1 $5.6 6%

$20.0 $19.9 23%

decreased yields on interest earning assets

Net Interest Income flat over prior quarter, primarily due to lower deposit and borrowing costs and an

$4.3 6%

$4.9

$5.0

$5.2 6%

increase in average earning assets by $1.1 billion, partially offset by decreased yields on interest earning assets

$53.5 69%

$54.9

$56.2

$57.1 65%

$58.2 65%

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

Net Interest Margin Net Interest Income

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

Loans Loans HFS

Securities Cash & Other

Average Yield

Non-Interest Expense and Efficiency Ratio1

Q1 2026 Highlights

Non-Interest Expense and Efficiency

63.5%

60.1%

57.4%

55.7%

55.8%

51.8%

$500.4

$514.7

47.8%

$544.4

46.5%

$552.2

47.5%

$574.4

Q1-25

Q2-25

Q3-25

Q4-25

Q1-26

Non-Interest Expenses Adj. Efficiency Ratio

Efficiency Ratio

Dollars in millions

Efficiency ratio1 held steady compared to the prior quarter, and decreased 770 bps from the same period last year

Adjusted efficiency ratio1 (excluding deposit costs) increased 100 bps to 47.5%, and decreased 830 bps from the same period last year

Total Non-Interest Expense (Ex. Deposit Costs) increased $30.1 million to $411.1 million

Deposit Costs decreased $7.9 million to $163.3 million, primarily from lower ECR rates

Total ECR-related deposit balances of $30.2 billion in Q1-26

Average ECR-related deposits of $29.4 billion in Q1-26 compared to $28.9 billion in Q4-25 and

$24.2 billion in Q1-25

Breakdown of Non-Interest Expenses

$163.3

$175.1 $171.2

$136.8 $147.4

$24.7

$17.7

$37.9 $37.4 $24.5

$151.3 $161.6 $180.9

$143.3 $150.0

$182.4 $179.9 $193.5 $201.7 $205.5

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

Deposit Costs Insurance

Other Operating Expenses Salaries & Employee Benefits

Non-Interest Expenses (Ex. Deposit Costs)

$363.6 $367.3 $369.3 $381.0 $411.1

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

Q1 2026 Highlights

Interest Rate Sensitivity

(2.4)%

1.7%

3.6%

Down 100 Up 100

0.9%

Down 100 Up 100

A Ramp Scenario assumes a dynamic balance sheet and reflects an asset sensitive position on NII and a relatively neutral position on EaR

NII Sensitivity - Ramp Scenario1

- WAL estimates a -100 bps ramp to reduce NII by 2.4%

EaR is liability sensitive, with +1.7% impact to earnings2 from a -100 bps ramp

Earnings-at-Risk - Ramp Scenario1

- The reduction in asset sensitivity from NII to EaR is driven by the estimated decrease in ECR-related deposit costs and increase in Mortgage Banking Revenue

Of total earning assets, 67% are variable with 50% 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 62% beta over the next 12 months

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").

Earnings defined as pre-tax net interest income adjusted for rate-sensitive non-interest income and expense accounts. 11

Asset Quality

Special Mention Loans

1.44%

1.45%

0.76%

0.74%

0.82%

0.92%

0.84% 0.79% 0.52% 0.55% 0.68%

Q1 2026 Highlights

Criticized Loans increased $75 million quarterly to

Asset Quality Ratios

$1.4 billion

Special Mention Loans increased $78 million to

$403 million (68 bps to Funded Loans)

0.69%

Total Classified Accruing Loans increased $5

0.72%

0.83%

0.85%

1.08%

1.17%

1.24%

$460 $444

Q1-26

Q4-25

Q3-25

Q2-25

Q1-25

$292 $325

$403

0.60%

million to $455 million (77 bps to Funded Loans)

Classified Assets / Total Assets

NPLs / Funded HFI Loans

Non-Performing Loans decreased $8 million to

0.62%

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

Special Mention Loans SM / Funded Loans

Classified Assets

$1,129

$1,195 $1,261

$218

$427

$616

$451

$51

$693

CRE Investor

$1,088 $1,070

$492 million (83 bps to Funded HFI Loans)

NPLs + OREO / Total Assets

Classified Assets Mix

OREO decreased $14 million to $123 million (12 bps to Total Assets)

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

$500

$451

$492

$455

12%

$130

$522

$477

Resi

CRE OO

32%

C&I

Construction

38% Office

$137 $123

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

10% Other

OREO Non-Performing Loans Classified Accruing Assets

Dollars in millions

Credit Losses and ACL Ratios

Allowance for Credit Losses on Loans

Loan Charge-offs and Recoveries

$209.1

1.45%

Q1 2026 Highlights

Provision Expense of $213.2 million, primarily reflective of net-charge-offs

Net Loan Charge-Offs of $208.5 million, or 145 bps,

compared to $44.6 million, or 31 bps, in Q4, largely

$35 $39

$42

$440

$50

$461

$53

$461

0.20% 0.22% 0.22% 0.31%

0.39%

attributable to two fraud-related charge offs:

$126.4 million related to LAM and

$26.1 million Cantor Group V

$389

$395

$27.5 $35.3 $31.8 $48.3

$56.6

Net Loan Charge-Offs Adjusted5 for LAM and

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

$(1.7) $(5.7) $(0.7) $(3.7) $(0.6) Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

Gross C/O Recoveries

Cantor of $56.0 million, or 39 bps

Total Loan ACL / Funded Loans3 remained

Loan Losses Unfunded Loan Commits.1

Gross C/O, Adjusted 5

Net C/O Rate, Adjusted 5

Net C/O Rate

consistent at 0.87%

- Total Loan ACL / Funded Loans3 less loans covered by CLNs is 1.00%

15% of the loan portfolio is credit protected, consisting of government guaranteed, CLN protected4, and cash secured assets

Loan ACL Adequacy Ratios 2,3

94%

102%

92%

102% 105%

0.77%

0.78%

0.85%

0.87% 0.87%

Q1-25

Q2-25

Q3-25

Q4-25 Q1-26

Total Loan ACL / Funded Loans

Total Loan ACL / Non-Performing Loans

Dollars in millions

Included as a component of other liabilities on the balance sheet.

Total Loan ACL includes allowance for unfunded commitments.

Total Loan ACL includes an allowance for credit losses of $11.2 million as of March 31, 2026 related to a pool of loans covered under 3 separate credit linked notes. 13

As of March 31, 2026, CLNs cover a substantial portion of Residential ($7.9 billion) loans outstanding.

Q1-26 excludes $152.5 million for two fraud-related charge-offs on the LAM and Cantor loans. Refer to slide 2 for further discussion of non-GAAP financial measures.

Q1 2026 Highlights

Capital Accumulation

Common Capital Ratios

11.1% 11.2% 11.3% 11.0% 11.0%

Regulatory Capital Ratios

Continue to exceed "well-capitalized" levels with CET1 of 11.0%

Tangible Common Equity / Tangible Assets1

7.2%

7.1%

7.3%

6.8%

TCE/TA decreased 50 bps to 6.8%, due to asset growth of $6.1 billion, $50 million of share repurchases, and change in AOCI due to rate impacts

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

CET1 TCE/TA 1

Regulatory Capital Ratios

14.5%

14.1%

14.2%

14.5%

14.4%

12.3%

12.4%

12.1%

12.0%

8.6%

8.4%

8.1%

8.2%

8.1%

Q1-25

Q2-25

Q3-25

Q4-25

Q1-26

Tier 1 Leverage

Tier 1 Capital

Total RBC

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

Capital Strength

CET1 held steady as earnings supported loan growth and share repurchases

Q1 2026 Highlights

Tangible Book Value Growth

Long-Term Growth in TBV per Share1

WAL

WAL with Dividends Added Back Peer Median

Peer Median with Dividends Added Back

461%

388%

Tangible Book Value per Share1

TBVPS was relatively flat at $61.14

Increased 13.0% year-over-year

18.3% CAGR since year end 2015

TBVPS has increased more than 4.0x that of peers

Quarterly common stock cash dividend of

$0.42 per share

159%

1x 96%

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 MRQ2

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

MRQ is Q1-26 for WAL and Q4-25 for peers.

Source: S&P Global Market Intelligence. Peers consist of the other 22 major exchange-traded US banks with total assets between $50 and $300 billion as of December 31, 15

2025, excluding target banks of pending acquisitions.

WAL's Industry-Leading Performance

10-Year TBVPS Growth2

Total shareholder returns driven by top-tier balance sheet growth and profitability

10-Year TSR1

10-Year EPS Growth2

Highlights

Growth-oriented business model, focused on low risk, high return loan composition, has

145%

287%

167%

109%

14%

15%

11%

17%

8% 6%

produced consistent, superior financial

results

WAL

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

WAL

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of long-term total shareholder returns

10-Year Loan Growth2

10-Year Deposit Growth2

10-Year Revenue Growth2

18%

13%

10%

WAL

21%

13% 11%

20%

12%

10%

WAL

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LTM NIM4

LTM Efficiency4

LTM ROATCE4

LTM ROAA4

0.98%

3.53% 3.60%

3.25% 3.10%

57.2%

48.3%

54.4%

57.1% 61.4%

15.4%3

16.3% 14.7%

12.5%

1.13%3 1.22% 1.11%

WAL

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WAL

Source: S&P Global Market Intelligence. Peers consist of the other 22 major exchange-traded US banks with total assets between $50 and $300 billion as of December 31, 2025, excluding target banks of pending acquisitions. 1) 10-Year period from 3/31/2016 to 3/31/2026. 2) 10-year period through Q1-26 for WAL and Q4-25 for peers. 3) 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 16

measures. 4) 1-Year period through Q1-26 for WAL and Q4-25 for peers. 5) Adjusted to exclude deposit costs.

Management Outlook

2025 Baseline

2026 Outlook

Revised 2026 Outlook

Commentary

L (HFI): Up $6.0 bn

D: Up $8.0 bn

L (HFI): Up $6.0 bn

D: Up $8.0 bn

Loans (HFI): $58.7 bn Deposits: $77.2 bn

Balance Sheet Growth

Strong Q1 deposit growth positions us for deposit optimization

~ 11%

11.0%

Capital (CET1)

Opportunistically repurchased $50 million in Q1

Up 11% - 14%

Assumes no rate cuts in 2026

Up 11% - 14%

Assumes (2) 25 bps rate cuts later in 2026

$2.86 bn

Net Interest Income

Tracking towards upper end of range. Variable-rate loans benefit from fewer rate cuts

Up 20% - 25%

Up 13% to 17% ex. $51 mm sec. gains

Up 2% - 4%

$678 mm

Non-interest Income

Strong Q1 performance from Juris Banking

Non-interest Expense

$2.11 bn

Up 2% - 7%

Up 7% - 11%

NIE (Ex. Deposit Costs) Deposit Costs

$1,481 mm

$631 mm

$1,620 - $1,670 mm

$535 - $585 mm

$1,600 - $1,650 mm

$650 - $700 mm

Net Charge-Offs

24 bps

25 - 35 bps

Effective Tax Rate

18%

~ 19%

Operating Expense mitigating actions partially offset by higher variable comp. for production

Deposit Costs affected by fewer rate cuts & Q1 deposit

outperformance

NCO guidance excludes resolution of 2 recent fraud-related credits

Questions & Answers

Appendix

Lender Finance Overview

Diversified portfolio, structural protections and high frequency monitoring mitigates risks

Industry Exposure by Funded Amount1 ($2.3 billion)

Healthcare & Pharma 17%

Other 5%

Chemicals 1%

Insurance 2%

Telecommunications 2%

Automotive 2%

Aerospace & Defense 3% Transportation & Distribution 3%

Food, Beverage & Tobacco 4%

Business Services 15%

Media 4%

Gaming, Lodging & Leisure 4%

Industrial & Capital Equipment 5%

Technology 11%

Consumer Goods 5%

Consumer Services 6%

Construction & Building Products 5%

Banking & Finance 5%

Highlights

Target clients are established private credit funds: Scaled middle-market funds with a proven track record (W.A. AUM: $125 billion)

Diversified Portfolio Mitigates Risk Tied to Individual Obligors or Industries

~2,000 differentiated, underlying obligors spread across 50+ facilities

Avg. obligor granularity: <$2MM funded; No underlying obligor >$30MM funded

Low software exposure: <5% of funded balance relates to software companies

Multi-Layered, Structural First Lost Protection

Conservative advance rates: ~60% LTV = 40% built-in loss buffer (W.A. Effective Adv. Rate: ~53%2)

Dynamic borrowing base: Adjusts monthly with credit quality - revaluation triggers reduce exposure automatically (Avg. Expected Loan Duration: 1.9 years)

Kick-out provisions: Deteriorating loans removed from borrowing base before default occur

Corporate Trust oversight: ~60% served by WA Corporate Trust with daily monitoring & controls of cash flow

Based on most recent data for each obligor, as reported by each facility.

As of Q4-25.

Key Reserve Level Ratios

Concentration in low-loss loan categories skews ACL lower relative to peers

Adjusted Total Loan ACL / Funded Loans: Q1-26

1.43%

0.24%

1.19%

0.14%

1.00% 1.03%

0.02% EBOs2

0.03%

0.13%

0.87%

Q1 2026 Highlights

Reserve levels enhanced by credit protection and no-to-low-loss loan categories (Fund Banking, Residential & Mortgage Warehouse)

Total Loan ACL / Funded Loans1 of 0.87%

CLNs offer credit protection from first losses on covered reference pools in historically low loss loan categories

Total Loan ACL / Funded Loans less loans covered by CLNs is 1.00%

Total Loan ACL / Funded Loans1

Loans Covered by CLNs

Fund Banking Loans Residential Loans

Mortgage Warehouse and MSR Loans

Total Loan ACL / Funded Loans less loans covered by CLNs & select no-to-low-loss loan

1 2 3 4 5

categories is 1.43%

Reserves are a multiple of average losses times portfolio duration

Normalizing for Loan Composition

Loan ACL > 1%

Loan mix matters for reserves due to embedded loss content

Embedded Losses

WAL vs. Peer Loan Composition4

(in millions)

WAL

Peer Median

Mtg. Warehouse & MSR

$7,155

12 %

$232

1 %

Low

Residential

14,765

25 %

10,456

22 %

High

Consumer

- %

3,351

7 %

Typical

Other Commercial

37,203

63 %

32,910

70 %

Total

$59,142

$46,949

Dollars in millions

Total Loan ACL includes allowance for unfunded commitments.

Early Buyout Loans are government guaranteed.

Loss rates are based on the period from Q1-14 to Q1-26. 21

Q1-26 for WAL and Q4-25 for peers. Source: S&P Global Market Intelligence. Peers consist of the other 22 major exchange-traded US banks with total assets between $50 and

$300 billion as of December 31, 2025, excluding target banks of pending acquisitions.

Commercial Real Estate Investor Statistics

$10.3 billion; 17% of Total Loans

Underwriting Criteria and Mitigating Factors

48%

47%

36%

Limited Multi-Family Exposure

Only $736 million of Multi-Family, concentrated in western regional markets

No exposure to NYC area Multi-Family

Low LTV & LTC (50% to low 60%) range underwriting in areas minimizes tail risk

44%

LTV

CRE Investor Portfolio (At Origination or Most Recent Appraisal)

59%

62%

53%

56%

52%

Outstanding

38%

41%

22%

1% 1% 1%

Simple capital structure - no junior liens or mezzanine debt permitted within our structures

Majority of CRE Investor (bulk of total CRE) is located in our core footprint states

Hotel

Office

Multifamily

Retail

Industrial

Time Share

Data Center

Medical

Mini-Storage

Senior Care

Other

Early elevation, proactive and comprehensive review of CRE portfolio and re-margin discussions with sponsors where sweep/re-margin provisions have been triggered

37%

24%

17%

14%

<=40%

41-50%

51-60%

61-70%

71-80%

>80%

Distribution by LTV

Low uncovered risk with re-margin provisions

Note: LTV data assumes all loans are fully funded; based on most recent appraisals or appraisals at origination and utilizing, in most cases, "as stabilized" values for

income producing properties.

Commercial Real Estate Investor: Office

$2.2 Billion; 21% of Total CRE Investor; 4% of Total Loans

Underwriting Criteria and Mitigating Factors

>80%

71-80%

61-70%

51-60%

41-50%

<=40%

12%

16%

18%

40%

Distribution by LTV (At Origination or Most Recent Appraisal)

Primarily shorter-term bridge loans for repositioning or redevelopment projects

Strong sponsorship from institutional equity and large regional and national developers

All direct relationships generated by WAL

Significant up-front cash equity required from sponsors

Conservative loan-to-cost underwriting

Average LTV < 55%; Average LTC < 65%

90%

Suburban

Midtown

10%

Key MSA Exposures

No junior debt / mezzanine

Largely suburban exposure

Negligible exposure in CBD and Small City/Town, 10% in Midtown and 90% in Suburban MSAs

Focused on B+ properties accompanied by attractive amenities or those in core locations with appropriate business plans to reposition

Class A: 63%, Class B: 33%, Class C: 4%

Dispersed maturities

43% to mature in 2026, 31% to mature in 2027 and 26% to mature in 2028+

Note: LTV data assumes all loans are fully funded; based on most recent appraisals or, in most cases, appraisals at origination and utilizing "as stabilized" values for

income producing properties.

Non-Depository Financial Institution (NDFI) Loans

NDFI loan mix adjusted for low-loss Mortgage Credit Intermediaries aligns with peer average

% Total Loans1

Commercial Banks

Mtg Credit

Bus. Credit

Private Equity

Cons. Credit

Other NDFI

(>$50 bn Assets)

Ticker

Intermediaries

Funds

Intermediaries

NDFIs

Ex-Mtg Credit

Ex-Mtg Credit & PE

KeyCorp

KEY

17%

13%

Wells Fargo & Co.

WFC

17%

12%

The PNC Financial Services Group, Inc.

PNC

19%

12%

Regions Financial Corp.

12%

11%

Citigroup, Inc.

11%

Bank of America Corp.

BAC

12%

Truist Financial Corp.

TFC

10%

U.S. Bancorp

USB

11%

JPMorgan Chase & Co.

JPM

10%

East West Bancorp, Inc.

EWBC

Citizens Financial Group, Inc.

CFG

13%

Pinnacle Financial Partners, Inc.

PNFP

Western Alliance Bancorporation

WAL

16%

First Horizon Corp.

FHN

Huntington Bancshares, Inc.

HBAN

UMB Financial Corp.

UMBF

Fifth Third Bancorp

FITB

Cullen/Frost Bankers, Inc.

CFR

M&T Bank Corp.

MTB

Flagstar Bank, N.A.

FLG

Zions Bancorporation, N.A.

ZION

First Citizens BancShares, Inc.

FCNC.A

23%

25%

Popular Inc.

BPOP

Valley National Bancorp

VLY

F.N.B. Corp.

FNB

SouthState Bank Corp.

SSB

Columbia Banking System, Inc.

COLB

BOK Financial Corp.

BOKF

Old National Bancorp

ONB

Wintrust Financial Corp.

WTFC

MEDIAN

AVERAGE

Source: S&P Global Market Intelligence (peer data). Western Alliance data are preliminary as of March 31, 2026. Peer data as of December 31, 2025. Peers consist of US-

based commercial banks with assets >$50 billion, as of December 31, 2025 using primary bank subsidiary Call Report data.

1)Total loans includes Loans HFI, Loans HFS, and Loans eligible for repurchase held in domestic offices of reporting banks

Disclaimer

Western Alliance Bancorporation published this content on April 21, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 21, 2026 at 20:47 UTC.