Western Alliance Bancorporation (NYSE:WAL) said its third-quarter 2026 results reflected improved credit quality, lower deposit costs and increased capital returns as the bank advanced strategic priorities set at its May Investor Day.
Chairman, President and Chief Executive Officer Ken Vecchione said the company entered the quarter focused on improving asset quality, reducing funding costs by transitioning higher-cost deposits, and accelerating share repurchases. “We exited the quarter having made significant strides against each of these goals,” Vecchione said.
Credit Metrics Improve as Non-Accrual Loans Decline Western Alliance reported that non-accrual loans declined 14%, or $77 million, from the prior quarter to $485 million. The company said the balance represented 79 basis points of funded held-for-investment loans, down 13 basis points sequentially. Net charge-offs decreased $9 million from the second quarter to $46 million, or 30 basis points. The allowance for credit losses on total loans rose to 93 basis points of funded held-for-investment loans, while total loan allowance coverage of non-accrual loans increased to 118% from 96% in the prior quarter.
Western Alliance had identified six credits for resolution at its Investor Day. During the third quarter, it resolved two additional credits, leaving two remaining resolutions expected before year-end. Chief Credit Officer Lynne Herndon said the four previously resolved credits involved sales of assets outside the bank and did not include seller financing from Western Alliance.
Classified assets declined $37 million to less than $1.1 billion, while classified accruing loans were essentially flat at $441 million. Real estate owned rose $39 million to $165 million. Special mention loans increased $81 million as the bank continued to migrate credits into that category for earlier identification and management.
Vecchione said management expects non-accrual loans to decline further in the fourth quarter as the remaining two identified credits are resolved. The company reaffirmed its full-year core net charge-off outlook of 25 to 35 basis points and said it expects fourth-quarter performance to be similar to the third quarter.
Deposit Optimization Supports Margin Expansion The bank transitioned $3 billion of higher-cost earnings credit rate, or ECR-related, deposits during the quarter while keeping total deposits nearly unchanged from the second quarter. Commercial banking deposits increased $1.8 billion, helping offset the planned reduction in higher-cost balances.
Across the past two quarters, Western Alliance remixed $4.5 billion in deposits, exceeding its original goal by $1.5 billion and completing the initiative one quarter earlier than planned. The company expects another $500 million of deposits to transition in the fourth quarter, bringing total optimization to at least $5 billion for the year.
Deposit costs declined $14 million from the second quarter, contributing to a 10-basis-point quarterly expansion in adjusted net interest margin, according to management. Reported net interest margin increased four basis points to 3.57% as average earning-asset yields increased 10 basis points, partly offset by a six-basis-point rise in funding costs.
Total deposits were $81.8 billion at quarter-end, down just $119 million from the prior quarter despite the optimization efforts. Commercial banking deposits represented 34% of total deposits, up from 31% in the second quarter. Securities and cash declined about $1 billion to $25.6 billion as the bank deployed funds into loans and reduced excess liquidity.
Western Alliance said its held-for-investment loan-to-deposit ratio increased about one percentage point to 75%, moving toward its medium-term target range of 77% to 80%.
Management expects deposit costs to decline again in the fourth quarter, even after accounting for the September interest-rate increase. However, it expects net interest margin to face a seasonal headwind of roughly three to four basis points as warehouse-related deposits decline and are replaced with higher-cost borrowings. Chief Financial Officer Vishal Idnani said net interest income dollars are expected to be flat to modestly higher sequentially.
Earnings, Loan Growth and Fees Pre-provision net revenue rose 6% year over year to $419 million, while earnings per share increased 7.5% to $2.45. Net income was $277 million, up 6% from a year earlier, and return on average tangible common equity increased 20 basis points from the second quarter to 15.5%.
Net interest income totaled $808 million, increasing $57 million, or 8%, from a year earlier. On a sequential basis, the company said net interest income increased $11 million, supported by higher average held-for-investment loan balances.
Held-for-investment loans grew $600 million during the quarter. Commercial and industrial loans increased nearly $350 million, and C&I lending has accounted for about 90% of the company’s $4.9 billion of held-for-investment loan growth over the past year. Growth in commercial lending and select commercial real estate businesses was partly offset by an approximately $350 million decline in mortgage warehouse and mortgage servicing rights balances as mortgage demand softened.
Non-interest income increased 10% year over year and rose $8 million sequentially to $207 million. Commercial banking fees increased $6 million from the prior quarter and $26 million from a year earlier. Mortgage banking revenue was $80 million, down $5 million sequentially, as mortgage production declined 4% and rate-lock volume fell 14% from a year earlier. The bank said private-label securitizations helped support secondary-market revenue.
Updated Outlook and Capital Returns Western Alliance lowered its 2026 deposit-growth outlook to $3.5 billion to $4 billion from $6 billion, reflecting the larger-than-expected optimization program. It also reduced its loan-growth outlook by $1 billion as it transitions excess deposits off the balance sheet and anticipates seasonal weakness in warehouse lending.
Net interest income growth is expected to be 11% to 12%, compared with prior guidance of 12% to 14%. Non-interest income is expected to grow 18% to 21%, up from prior guidance of 13% to 17%. Fourth-quarter mortgage banking revenue is expected to be about $70 million. Deposit costs are projected at $650 million to $675 million for the year, with the upper end of the prior range lowered. Total operating expense guidance remains $1.6 billion to $1.65 billion, with management expecting to finish near the upper end. The company repurchased $92.1 million of stock during the third quarter, or approximately 1.15 million shares at an average price of $79.78. Cumulative repurchases since the program began totaled $212.5 million through Sept. 30. Western Alliance said it remains on track to meet its $150 million second-half repurchase target and continued buying shares in the fourth quarter.
Its CET1 ratio declined 10 basis points sequentially to 10.9%, while tangible common equity to tangible assets declined 10 basis points to 6.9%, reflecting higher interest rates’ impact on accumulated other comprehensive income and share repurchases. Vecchione said the company intends to balance repurchases with its goal of maintaining CET1 near 11% and improving its tangible common equity ratio toward peer levels.
About Western Alliance Bancorporation (NYSE:WAL) Western Alliance Bancorporation (NYSE:WAL) is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides banking and financial services to businesses, professionals, entrepreneurs, and individual customers.
Western Alliance Bank offers commercial and industrial lending, commercial real estate financing, construction loans, residential mortgage warehouse lending, and consumer banking services. Its deposit products include checking, savings, money market, and time deposit accounts, while its other services include treasury management, online banking, payments, and wealth management solutions.
The bank serves customers through a combination of regional banking divisions and specialized businesses, with operations focused on markets including Arizona, California, and Nevada as well as nationwide industry-based lending and financial services.
On its third-quarter 2026 earnings call, held on Oct. 20, 2026, Western Alliance (WAL +0.33%) announced a major reduction in its higher-cost deposit balances. This strategic shift expands net interest margin, which measures the spread between interest earned on loans and paid on deposits, while improving balance sheet durability.
Management highlighted three key takeaways for the path forward.
1. Shifting Higher-Cost Deposits Restructures Funding CostsWestern Alliance completed $4.5 billion of deposit remixing over two quarters to reduce expensive funding. The move lowered deposit expenses and expanded net interest margin, which measures lending profitability relative to funding costs.
During the quarter, we transitioned $3 billion of higher cost ECR related deposits while keeping total deposits essentially flat compared with the prior quarter.
-- Kenneth A. Vecchione, Chairman, President and Chief Executive Officer2. Lowering Nonaccrual Loans Improves Balance Sheet QualityAsset quality improved as problem loans dropped sharply across the portfolio. Nonaccrual loans, which are nonperforming loans where interest collection is uncertain, fell as management resolved troubled credits.
Nonaccrual loans declined 14% or $77 million from the prior quarter to $485 million exceeding the expectations outlined in our guidance update last month.
-- Kenneth A. Vecchione, Chairman, President and Chief Executive Officer3. Repurchasing Shares Returns Excess Capital to ShareholdersSlower balance sheet expansion generated surplus capital for management to allocate toward buybacks. The bank bought back roughly 1% of its outstanding shares during the third quarter at price levels it considered attractive.
According to Kenneth A. Vecchione, Chairman, President and Chief Executive Officer, “In Q3, we repurchased shares of $92 million against our $150 million target for the second half of 2026, representing approximately 1.15 million shares or roughly 1% of shares outstanding.”
Looking AheadCommercial banking deposit growth is building momentum across specialized channels, supporting lower structural funding costs. Specialized verticals like homeowner association accounts and corporate trust services provide low-cost funding that protects profitability.
Strong momentum in commercial banking deposits combined with encouraging growth from our newer deposit verticals continues to support a lower cost and more durable funding base.
-- Kenneth A. Vecchione, Chairman, President and Chief Executive OfficerManagement is balancing capital distribution with credit rating objectives to expand commercial deposit relationships. Discipline around loan growth creates flexibility to reward investors while keeping capital levels strong.
Given our current valuation, we continue to view share repurchases as an attractive and disciplined use of capital.
-- Kenneth A. Vecchione, Chairman, President and Chief Executive OfficerThe Motley Fool recommends Western Alliance Bancorporation. The Motley Fool has a disclosure policy.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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Western Alliance Bancorporation (WAL) Q3 2026 Earnings Call October 20, 2026 12:00 PM EDT
Company Participants
Miles Pondelik - Director of Investor Relations & Corporate Development
Kenneth Vecchione - Chairman, President & CEO
Vishal Idnani - Chief Financial Officer
Lynnee Herndon - Chief Credit Officer
Timothy Bruckner - Chief Banking Officer For Regional Banking
Conference Call Participants
David Feaster - Raymond James & Associates, Inc., Research Division
Matthew Clark - Piper Sandler & Co., Research Division
Jared David Shaw - Barclays Bank PLC, Research Division
Benjamin Gerlinger - Citigroup Inc., Research Division
Timur Braziler - UBS Investment Bank, Research Division
Christopher McGratty - Keefe, Bruyette, & Woods, Inc., Research Division
David Smith - Truist Securities, Inc., Research Division
Jon Arfstrom - RBC Capital Markets, Research Division
Casey Haire
Sun Young Lee - TD Cowen, Research Division
Bernard Von Gizycki - Deutsche Bank AG, Research Division
Anthony Elian - JPMorgan Chase & Co, Research Division
Presentation
Operator
Good day, everyone. Welcome to Western Alliance Bancorporation's Third Quarter 2026 Earnings Call. [Operator Instructions]. I would now like to turn the call over to Miles Pondelik, Head of Investor Relations and Corporate Development.
Miles Pondelik
Director of Investor Relations & Corporate Development
Thank you. Welcome to Western Alliance Bank's third quarter 2026 conference call. Our speakers today are Ken Vecchione, Chairman, President and Chief Executive Officer; and Vishal Idnani, Chief Financial Officer. Before I hand the call over to Ken, please note that today's presentation contains forward-looking statements, which are subject to risks, uncertainties and assumptions. Except as required by law, the company does not undertake any obligation to update any forward-looking statements.
For a more complete discussion of the risks and uncertainties that could cause actual results to differ materially from any forward-looking statements, please refer to the company's SEC filings, including the Form 8-K filed yesterday, which are available on the company's website. Now, for opening remarks, I'd like to
Banc of California Bets on Short-Term PainWestern Alliance Bancorporation NYSE: WAL said its third-quarter 2026 results reflected improved credit quality, lower deposit costs and increased capital returns as the bank advanced strategic priorities set at its May Investor Day.
Chairman, President and Chief Executive Officer Ken Vecchione said the company entered the quarter focused on improving asset quality, reducing funding costs by transitioning higher-cost deposits, and accelerating share repurchases. “We exited the quarter having made significant strides against each of these goals,” Vecchione said.
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Credit Metrics Improve as Non-Accrual Loans Decline 3 Regional Bank Stocks That Crushed Q3 EarningsWestern Alliance reported that non-accrual loans declined 14%, or $77 million, from the prior quarter to $485 million. The company said the balance represented 79 basis points of funded held-for-investment loans, down 13 basis points sequentially.
Net charge-offs decreased $9 million from the second quarter to $46 million, or 30 basis points. The allowance for credit losses on total loans rose to 93 basis points of funded held-for-investment loans, while total loan allowance coverage of non-accrual loans increased to 118% from 96% in the prior quarter.
Banking and trucking: Is the economy rolling toward troubles?Western Alliance had identified six credits for resolution at its Investor Day. During the third quarter, it resolved two additional credits, leaving two remaining resolutions expected before year-end. Chief Credit Officer Lynne Herndon said the four previously resolved credits involved sales of assets outside the bank and did not include seller financing from Western Alliance.
Classified assets declined $37 million to less than $1.1 billion, while classified accruing loans were essentially flat at $441 million. Real estate owned rose $39 million to $165 million. Special mention loans increased $81 million as the bank continued to migrate credits into that category for earlier identification and management.
Vecchione said management expects non-accrual loans to decline further in the fourth quarter as the remaining two identified credits are resolved. The company reaffirmed its full-year core net charge-off outlook of 25 to 35 basis points and said it expects fourth-quarter performance to be similar to the third quarter.
Deposit Optimization Supports Margin Expansion The bank transitioned $3 billion of higher-cost earnings credit rate, or ECR-related, deposits during the quarter while keeping total deposits nearly unchanged from the second quarter. Commercial banking deposits increased $1.8 billion, helping offset the planned reduction in higher-cost balances.
Across the past two quarters, Western Alliance remixed $4.5 billion in deposits, exceeding its original goal by $1.5 billion and completing the initiative one quarter earlier than planned. The company expects another $500 million of deposits to transition in the fourth quarter, bringing total optimization to at least $5 billion for the year.
Deposit costs declined $14 million from the second quarter, contributing to a 10-basis-point quarterly expansion in adjusted net interest margin, according to management. Reported net interest margin increased four basis points to 3.57% as average earning-asset yields increased 10 basis points, partly offset by a six-basis-point rise in funding costs.
Total deposits were $81.8 billion at quarter-end, down just $119 million from the prior quarter despite the optimization efforts. Commercial banking deposits represented 34% of total deposits, up from 31% in the second quarter. Securities and cash declined about $1 billion to $25.6 billion as the bank deployed funds into loans and reduced excess liquidity.
Western Alliance said its held-for-investment loan-to-deposit ratio increased about one percentage point to 75%, moving toward its medium-term target range of 77% to 80%.
Management expects deposit costs to decline again in the fourth quarter, even after accounting for the September interest-rate increase. However, it expects net interest margin to face a seasonal headwind of roughly three to four basis points as warehouse-related deposits decline and are replaced with higher-cost borrowings. Chief Financial Officer Vishal Idnani said net interest income dollars are expected to be flat to modestly higher sequentially.
Earnings, Loan Growth and Fees Pre-provision net revenue rose 6% year over year to $419 million, while earnings per share increased 7.5% to $2.45. Net income was $277 million, up 6% from a year earlier, and return on average tangible common equity increased 20 basis points from the second quarter to 15.5%.
Net interest income totaled $808 million, increasing $57 million, or 8%, from a year earlier. On a sequential basis, the company said net interest income increased $11 million, supported by higher average held-for-investment loan balances.
Held-for-investment loans grew $600 million during the quarter. Commercial and industrial loans increased nearly $350 million, and C&I lending has accounted for about 90% of the company’s $4.9 billion of held-for-investment loan growth over the past year. Growth in commercial lending and select commercial real estate businesses was partly offset by an approximately $350 million decline in mortgage warehouse and mortgage servicing rights balances as mortgage demand softened.
Non-interest income increased 10% year over year and rose $8 million sequentially to $207 million. Commercial banking fees increased $6 million from the prior quarter and $26 million from a year earlier. Mortgage banking revenue was $80 million, down $5 million sequentially, as mortgage production declined 4% and rate-lock volume fell 14% from a year earlier. The bank said private-label securitizations helped support secondary-market revenue.
Updated Outlook and Capital Returns Western Alliance lowered its 2026 deposit-growth outlook to $3.5 billion to $4 billion from $6 billion, reflecting the larger-than-expected optimization program. It also reduced its loan-growth outlook by $1 billion as it transitions excess deposits off the balance sheet and anticipates seasonal weakness in warehouse lending.
Net interest income growth is expected to be 11% to 12%, compared with prior guidance of 12% to 14%. Non-interest income is expected to grow 18% to 21%, up from prior guidance of 13% to 17%. Fourth-quarter mortgage banking revenue is expected to be about $70 million. Deposit costs are projected at $650 million to $675 million for the year, with the upper end of the prior range lowered. Total operating expense guidance remains $1.6 billion to $1.65 billion, with management expecting to finish near the upper end. The company repurchased $92.1 million of stock during the third quarter, or approximately 1.15 million shares at an average price of $79.78. Cumulative repurchases since the program began totaled $212.5 million through Sept. 30. Western Alliance said it remains on track to meet its $150 million second-half repurchase target and continued buying shares in the fourth quarter.
Its CET1 ratio declined 10 basis points sequentially to 10.9%, while tangible common equity to tangible assets declined 10 basis points to 6.9%, reflecting higher interest rates’ impact on accumulated other comprehensive income and share repurchases. Vecchione said the company intends to balance repurchases with its goal of maintaining CET1 near 11% and improving its tangible common equity ratio toward peer levels.
About Western Alliance Bancorporation (NYSE:WAL)Western Alliance Bancorporation NYSE: WAL is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides banking and financial services to businesses, professionals, entrepreneurs, and individual customers.
Western Alliance Bank offers commercial and industrial lending, commercial real estate financing, construction loans, residential mortgage warehouse lending, and consumer banking services. Its deposit products include checking, savings, money market, and time deposit accounts, while its other services include treasury management, online banking, payments, and wealth management solutions.
The bank serves customers through a combination of regional banking divisions and specialized businesses, with operations focused on markets including Arizona, California, and Nevada as well as nationwide industry-based lending and financial services.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Western Alliance is upgraded to "Strong Buy" with over 35% upside potential, trading below 7x earnings versus peers at 9x. WAL demonstrates robust deposit and loan growth, improved credit quality, and effective balance sheet optimization amid sector headwinds. Credit normalization continues, with allowances now covering 118% of nonaccrual loans and reserves at 93bps of loans, supporting a stable outlook.
Western Alliance (WAL - Free Report) came out with quarterly earnings of $2.45 per share, beating the Zacks Consensus Estimate of $2.43 per share. This compares to earnings of $2.28 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +0.82%. A quarter ago, it was expected that this bank holding company would post earnings of $2.33 per share when it actually produced earnings of $2.22, delivering a surprise of -4.72%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Western Alliance, which belongs to the Zacks Banks - West industry, posted revenues of $1.02 billion for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 3.61%. This compares to year-ago revenues of $947.9 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Western Alliance shares have lost about 11.4% since the beginning of the year versus the S&P 500's gain of 11.9%.
What's Next for Western Alliance?While Western Alliance has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Western Alliance was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.62 on $1 billion in revenues for the coming quarter and $8.98 on $4.01 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - West is currently in the top 18% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Avidbank Holdings Inc. (AVBH - Free Report) , has yet to report results for the quarter ended September 2026. The results are expected to be released on October 26.
This company is expected to post quarterly earnings of $0.88 per share in its upcoming report, which represents a year-over-year change of +22.2%. The consensus EPS estimate for the quarter has been revised 0.8% higher over the last 30 days to the current level.
Avidbank Holdings Inc.'s revenues are expected to be $28.94 million, up 19.6% from the year-ago quarter.
For the quarter ended September 2026, Western Alliance (WAL - Free Report) reported revenue of $1.02 billion, up 8.1% over the same period last year. EPS came in at $2.45, compared to $2.28 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $988.95 million, representing a surprise of +3.61%. The company delivered an EPS surprise of +0.82%, with the consensus EPS estimate being $2.43.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Western Alliance performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net charge-offs to average loans - annualized: 0.3% compared to the 0.3% average estimate based on six analysts.Efficiency Ratio: 58.1% versus 56.5% estimated by six analysts on average.Net Interest Margin: 3.6% compared to the 3.5% average estimate based on five analysts.Average Balance - Total interest earning assets: $90.88 billion compared to the $92.19 billion average estimate based on four analysts.Tier 1 Leverage Ratio: 8.2% versus the two-analyst average estimate of 8.3%.Total Capital Ratio: 14% versus 14.1% estimated by two analysts on average.Tier 1 Capital Ratio: 11.9% versus 12% estimated by two analysts on average.Total non-interest income: $206.6 million compared to the $169.06 million average estimate based on six analysts.Net interest income: $807.6 million compared to the $811.14 million average estimate based on four analysts.Net Interest Income (FTE): $818 million versus the four-analyst average estimate of $822.05 million.Net loan servicing revenue: $23.8 million compared to the $30.98 million average estimate based on four analysts.Income from equity investments: $7.8 million versus the three-analyst average estimate of $9.4 million.View all Key Company Metrics for Western Alliance here>>>
Shares of Western Alliance have returned -5.1% over the past month versus the Zacks S&P 500 composite's +1.5% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
Net income of $277.2 million and earnings per share of $2.45, up 3.1% and 3.8%, from $268.8 million and $2.36, respectively Net revenue of $1.0 billion, increased 1.9%, or $18.5 million, from $995.7 million
Pre-provision net revenue1 of $419.1 million, up $6.7 million, or 1.6%, from $412.4 million
Effective tax rate of 18.3%, compared to 19.0%
Repurchased $92.1 million, or 1.15 million shares at an average price of $79.78 per share
Net income of $277.2 million and earnings per share of $2.45, up 6.4% and 7.5%, from $260.5 million and $2.28, respectively Net revenue of $1.0 billion, increased 8.1%, or $76.0 million, from $938.2 million
Pre-provision net revenue1 of $419.1 million, up $25.3 million, or 6.4%, from $393.8 million
Effective tax rate of 18.3%, compared to 17.0%
FINANCIAL POSITION RESULTS:
HFI loans of $61.5 billion, up $600 million, or 1.0% Total deposits of $81.8 billion, down $119 million, or 0.1%
HFI loan-to-deposit ratio of 75.3%, up from 74.4%
Total equity of $7.9 billion, down $188 million, or 2.3%
Increase in HFI loans of $4.9 billion, or 8.7% Increase in total deposits of $4.5 billion, or 5.8%
HFI loan-to-deposit ratio of 75.3%, up from 73.3%
Increase in total equity of $257 million, or 3.3%
LOANS AND ASSET QUALITY:
Nonaccrual loans to funded HFI loans of 0.79%, decreased from 0.92% Nonaccrual loans and repossessed assets to total assets of 0.66%, decreased from 0.70%
Allowance for credit losses to funded HFI loans of 0.93%, increased 4 basis points from 0.89%
Allowance for credit losses to nonaccrual loans of 118%, increased 22% from 96%
Annualized net loan charge-offs to average loans outstanding of 0.30%, compared to 0.37%
Nonaccrual loans to funded HFI loans of 0.79%, decreased from 0.92% Nonaccrual loans and repossessed assets to total assets of 0.66%, decreased from 0.72%
Allowance for credit losses to funded HFI loans of 0.93%, increased 8 basis points from 0.85%
Allowance for credit losses to nonaccrual loans of 118%, increased 26% from 92%
Annualized net loan charge-offs to average loans outstanding of 0.30%, compared to 0.22%
KEY PERFORMANCE METRICS:
Net interest margin of 3.57%, increased from 3.53% Return on average assets and on tangible common equity1 of 1.12% and 15.5%, compared to 1.09% and 15.3%, respectively
Tangible common equity ratio1 of 6.9%, decreased from 7.0%
CET1 ratio of 10.9%, compared to 11.0%
Tangible book value per share1, net of tax, of $62.22, decreased 1.6% from $63.24
Efficiency ratio1 of 58.1%, increased 0.1%, from 58.0%, while the efficiency ratio, adjusted for deposit costs1 increased 1.1% to 50.0% from 48.9%
Net interest margin of 3.57%, increased from 3.53% Return on average assets and on tangible common equity1 of 1.12% and 15.5%, compared to 1.13% and 15.6%, respectively
Tangible common equity ratio1 of 6.9%, decreased from 7.1%
CET1 ratio of 10.9%, compared to 11.3%
Tangible book value per share1, net of tax, of $62.22, increased 6.3% from $58.56
Efficiency ratio1 of 58.1%, increased 0.7%, from 57.4%, while the efficiency ratio, adjusted for deposit costs1 increased 2.2% to 50.0% from 47.8%
Income Statement
Net interest income totaled $807.6 million in the third quarter 2026, an increase of $10.7 million, or 1.3%, from $796.9 million in the second quarter 2026, and an increase of $57.2 million, or 7.6%, compared to $750.4 million in the third quarter 2025. The increase from the second quarter 2026 was primarily due to higher yields on interest earning assets and higher average HFI loan balances, partially offset by lower average balances in cash and other interest earning assets and an increase in average interest bearing liabilities and the related costs of these liabilities. The increase in net interest income from the third quarter 2025 was primarily driven by an increase in average interest earning asset balances of $5.5 billion and lower rates on interest bearing liabilities, partially offset by declining yields on interest earning assets.
The Company recorded a provision for credit losses of $80.0 million in the third quarter 2026, compared with $80.4 million in the second quarter 2026, and $80.0 million in the third quarter 2025. The provision for credit losses during the third quarter 2026 was primarily driven by net charge-offs totaling $45.8 million, loan growth, and proactive provisioning for macroeconomic risks associated with the higher interest rate environment. These factors increased the total allowance for credit losses to funded HFI loans ratio from 89 basis points in the prior quarter to 93 basis points.
The Company’s net interest margin increased to 3.57% in the third quarter 2026 from 3.53% in both the second quarter 2026 and the third quarter 2025. Net interest margin increased from the second quarter 2026 due to higher yields on interest earning assets, partially offset by higher costs on interest bearing liabilities. Net interest margin increased from the third quarter 2025 as an increase of $5.5 billion in average interest earning assets and lower interest bearing liability costs more than offset declining yields on interest earning assets.
Non-interest income was $206.6 million for the third quarter 2026, compared to $198.8 million for the second quarter 2026, and $187.8 million for the third quarter 2025. The increase in non-interest income of $7.8 million from the second quarter 2026 was primarily due to increases in gain on sales of investment securities of $13.8 million, partially offset by a decrease in mortgage banking revenue of $5.2 million. The increase in non-interest income of $18.8 million from the third quarter 2025 was primarily driven by increases in service charges and fees and gain on sales of investment securities, partially offset by a decrease in mortgage banking revenue.
Net revenue totaled $1.0 billion for the third quarter 2026, up $18.5 million, or 1.9%, from $995.7 million in the second quarter 2026, and $76.0 million, or 8.1%, from $938.2 million in the third quarter 2025.
Non-interest expense was $595.1 million for the third quarter 2026, compared to $583.3 million for the second quarter 2026, and $544.4 million for the third quarter 2025. The increase in non-interest expense of $11.8 million from the second quarter 2026 was primarily due to an increase in salaries and employee benefits of $21.8 million, partially offset by a decrease of $13.8 million in deposit costs driven by decreased average ECR-related deposit balances. The increase in non-interest expense of $50.7 million from the third quarter 2025 was primarily attributable to increased salaries and employee benefits of $32.6 million and increased data processing costs of $7.7 million. These increases were partially offset by decreased deposit costs of $9.7 million driven by decreased average ECR-related deposit balances.
The Company's efficiency ratio was 58.1% for the third quarter 2026, compared to 58.0% for the second quarter 2026, and 57.4% for the third quarter 2025. The Company’s efficiency ratio, adjusted for deposit costs1, was 50.0% for the third quarter 2026, compared to 48.9% for the second quarter 2026, and 47.8% for the third quarter 2025.
Income tax expense was $61.9 million for the third quarter 2026, compared to $63.2 million for the second quarter 2026, and $53.3 million for the third quarter 2025. The decrease in income tax expense from the second quarter 2026 was primarily driven by increases in investment tax credits. The increase in income tax expense from the third quarter 2025 was primarily driven by an increase in pretax income.
Net income was $277.2 million for the third quarter 2026, an increase of $8.4 million from $268.8 million for the second quarter 2026, and an increase of $16.7 million from $260.5 million for the third quarter 2025. Earnings per share totaled $2.45 for the third quarter 2026, compared to $2.36 for the second quarter 2026, and $2.28 for the third quarter 2025.
The Company believes its pre-provision net revenue1 ("PPNR"), which it defines as net revenue less non-interest expense, is a key metric for assessing the Company’s earnings power. For the third quarter 2026, the Company’s PPNR1 was $419.1 million, up $6.7 million from $412.4 million in the second quarter 2026, and up $25.3 million from $393.8 million in the third quarter 2025.
Balance Sheet
HFI loans, net of deferred fees, totaled $61.5 billion at September 30, 2026, compared to $60.9 billion at June 30, 2026, and $56.6 billion at September 30, 2025. The $600 million increase from the prior quarter end primarily reflected increases of $396 million in commercial real estate non-owner occupied loans and $336 million in commercial and industrial loans, partially offset by a $111 million decrease in residential real estate loans. The $4.9 billion increase from September 30, 2025 was primarily attributable to increases of $4.4 billion in commercial and industrial loans, $286 million in residential real estate loans, $210 million in commercial real estate non-owner occupied loans, and $173 million in construction and land development loans, partially offset by a $121 million decrease in commercial real estate owner occupied loans. HFS loans totaled $4.0 billion at September 30, 2026, compared to $4.3 billion at June 30, 2026, and $3.5 billion at September 30, 2025. The $396 million decrease from the prior quarter end primarily reflected lower loan funding volume during the quarter and unfavorable fair value changes resulting from higher interest rates. The $449 million increase from September 30, 2025 was primarily attributable to higher period-end inventory levels resulting from the timing of loan production and sales activity, as well as increased early buyout activity.
The Company's allowance for credit losses on HFI loans comprises allowances for funded HFI loans and unfunded loan commitments. The allowance for loan losses as a percentage of funded HFI loans was 0.83% at September 30, 2026, 0.80% at June 30, 2026, and 0.78% at September 30, 2025. Including the allowance for unfunded loan commitments, the allowance for credit losses as a percentage of funded HFI loans was 0.93% at September 30, 2026, 0.89% at June 30, 2026, and 0.85% at September 30, 2025. Through credit linked note transactions, the Company effectively transfers a portion of the risk of losses on reference pools of loans to the purchasers of the notes. These transactions provide first-loss protection on reference pools of loans that totaled $7.6 billion, $7.8 billion, and $8.2 billion as of September 30, 2026, June 30, 2026, and September 30, 2025, respectively. However, as these note transactions are considered freestanding credit enhancements, the allowance for credit losses cannot be reduced for expected credit losses that these notes may mitigate. Accordingly, the allowance ratios include $11.6 million, $10.2 million, and $11.8 million related to these pools of loans as of September 30, 2026, June 30, 2026, and September 30, 2025, respectively. The allowance for credit losses to funded HFI loans ratio, adjusted to reduce the HFI loan balance by the amount of loans in covered reference pools, was 1.07% at September 30, 2026, 1.01% at June 30, 2026, and 1.00% at September 30, 2025.
Deposits totaled $81.8 billion at September 30, 2026, a decrease of $119 million from June 30, 2026, and an increase of $4.5 billion from $77.2 billion at September 30, 2025. The decline in deposits from the prior quarter primarily reflected a $2.1 billion decrease in non-interest bearing deposits, partially offset by increases of $871 million in interest bearing demand deposits, $754 million in certificates of deposit, and $324 million in savings and money market accounts. Deposit optimization efforts drove the decline in non-interest bearing deposits, partially offset by strong commercial banking growth in interest bearing deposits. From September 30, 2025, interest bearing demand deposits, certificates of deposit, and savings and money market accounts increased $3.7 billion, $1.1 billion, and $583 million, respectively, while non-interest bearing deposits decreased $876 million. Non-interest bearing deposits totaled $25.8 billion at September 30, 2026, compared to $27.8 billion at June 30, 2026, and $26.6 billion at September 30, 2025.
The Company’s ratio of HFI loans to deposits was 75.3% at September 30, 2026, compared to 74.4% at June 30, 2026, and 73.3% at September 30, 2025.
Borrowings totaled $5.6 billion at September 30, 2026, compared with $6.2 billion at June 30, 2026, and $3.9 billion at September 30, 2025. Borrowings decreased $623 million from June 30, 2026, reflecting declines of $515 million in short-term borrowings and $108 million in long-term borrowings. Borrowings increased $1.8 billion from September 30, 2025, as a $3.3 billion increase in short-term borrowings was partially offset by a $1.5 billion decrease in long-term borrowings.
Qualifying debt totaled $1.1 billion at both September 30, 2026 and June 30, 2026, compared with $681 million at September 30, 2025. The increase from September 30, 2025 primarily reflects the issuance of $400 million of subordinated debt during the quarter ended December 31, 2025.
Total equity was $7.9 billion at September 30, 2026, compared to $8.1 billion at June 30, 2026, and $7.7 billion at September 30, 2025. The decrease from the prior quarter was primarily due to changes in AOCI related to higher interest rates, unrealized fair value losses of $338.0 million on the Company's available-for-sale securities, which are recorded in other comprehensive loss, net of tax, the repurchase of 1.15 million shares for $92.1 million, and dividends, partially offset by net income of $277.2 million. Third quarter cash dividends paid included $45.7 million, or $0.42 per share, for common stockholders; $3.2 million, or $0.27 per depositary share, for preferred stockholders; and $7.1 million on preferred stock of the Company's REIT subsidiary. The increase in equity from September 30, 2025 was primarily driven by net income, partially offset by dividends to stockholders and share repurchases. Since inception of the share repurchase program through September 30, 2026, the Company has repurchased 2.7 million shares for $212.5 million under its $300 million authorization.
The Company's common equity tier 1 capital ratio was 10.9% at September 30, 2026, compared with 11.0% at June 30, 2026, and 11.3% at September 30, 2025. At September 30, 2026, tangible common equity, net of tax1, was 6.9% of tangible assets1, while total capital was 14.0% of risk-weighted assets. The Company’s tangible book value per share1 was $62.22 at September 30, 2026, down 1.6% from $63.24 at June 30, 2026, and up 6.3% from $58.56 at September 30, 2025. The increase in tangible book value per share from September 30, 2025 was primarily attributable to net income.
Total assets were $98.1 billion at September 30, 2026, down $629 million, or 0.6%, from $98.7 billion at June 30, 2026, and up 7.8% from $91.0 billion at September 30, 2025. The decrease in total assets from the prior quarter end reflected lower cash, HFS loans, and investment securities, partially offset by higher HFI loans. The increase in total assets from September 30, 2025 was primarily driven by growth in HFI and HFS loans and investment securities.
Asset Quality
Provision for credit losses totaled $80.0 million for the third quarter 2026, compared to $80.4 million for the second quarter 2026, and $80.0 million for the third quarter 2025. Net loan charge-offs in the third quarter 2026 totaled $45.8 million, or 0.30% of average loans on an annualized basis, compared to $55.0 million, or 0.37% in the second quarter 2026, and $31.1 million, or 0.22%, in the third quarter 2025. The allowance for credit losses to funded HFI loans was 0.93% at September 30, 2026 compared to 0.89% and 0.85% at June 30, 2026 and September 30, 2025, respectively.
Nonaccrual loans decreased $77 million during the quarter and $37 million from September 30, 2025, to $485 million. The decline in nonaccrual loans, combined with the increase in the allowance for credit losses, increased coverage of nonaccrual loans to 118%, from 96% at June 30, 2026, and 92% at September 30, 2025. Loans past due 90 days and still accruing interest totaled $58 million at September 30, 2026, compared with $55 million at June 30, 2026, and $49 million at September 30, 2025 (excluding government guaranteed loans of $214 million, $248 million, and $282 million, respectively). Loans past due 30-89 days and still accruing interest totaled $138 million at September 30, 2026, compared with $122 million at June 30, 2026, and $196 million at September 30, 2025 (excluding government guaranteed loans of $101 million, $102 million, and $149 million, respectively) a year-over-year decrease of $58 million. Criticized loans totaled $1.3 billion, an increase of $5 million during the quarter and $33 million from September 30, 2025.
Repossessed assets totaled $165 million at September 30, 2026, compared to $126 million at June 30, 2026, and $130 million at September 30, 2025. Classified assets of $1.1 billion at September 30, 2026 decreased $37 million from June 30, 2026, and $38 million from September 30, 2025.
Conference Call and Webcast
Western Alliance Bancorporation will host a conference call and live webcast to discuss its third quarter 2026 financial results at 12:00 p.m. ET on Tuesday, October 20, 2026. Participants may access the call by dialing 1-833-461-5787 and using access code 788268041 or via live audio webcast using the website link https://events.q4inc.com/attendee/788268041. The webcast is also available via the Company’s website at www.westernalliancebancorporation.com. Participants should log in at least 15 minutes early to receive instructions. The call will be recorded, and the webcast replay will remain available for one year.
Reclassifications
Certain amounts in the Consolidated Income Statements for the prior periods have been reclassified to conform to the current presentation. Gains and losses related to the Company’s back-to-back interest rate swaps, risk participation agreements, and foreign exchange derivative contracts with customers have been reclassified to Commercial banking income and related fees in the Consolidated Income Statement. The reclassifications have no effect on net income or stockholders’ equity as previously reported.
Use of Non-GAAP Financial Information
This press release contains both financial measures based on GAAP and non-GAAP based financial measures, which are used where management believes them to be helpful in understanding the Company’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
This release contains forward-looking statements that relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Examples of forward-looking statements include, among others, statements we make regarding our expectations with regard to our business, financial and operating results, including our deposits and deposit optimization strategy, liquidity and funding, changes in economic conditions and related impacts on the Company's business, future economic performance and dividends. The forward-looking statements contained herein reflect our current views about future events and financial performance and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from historical results and those expressed in any forward-looking statement. Some factors that could cause actual results to differ materially from historical or expected results include, among others: the risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and the Company's subsequent Quarterly Reports on Form 10-Q, each as filed with the Securities and Exchange Commission; adverse developments in the financial services industry generally and any related impact on depositor behavior; risks related to the sufficiency of liquidity; changes in international trade policies, tariffs and treaties affecting imports and exports, trade disputes, barriers to trade or the emergence of other trade restrictions, and their related impacts on macroeconomic conditions and customer behavior; the potential adverse effects of unusual and infrequently occurring events and any governmental or societal responses thereto; changes in general economic conditions, either nationally or locally in the areas in which we conduct or will conduct our business; the impact on financial markets from geopolitical conflicts; inflation, interest rate, market and monetary fluctuations; increases in competitive pressures among financial institutions and businesses offering similar products and services; higher defaults on our loan portfolio than we expect; increased foreclosures and ownership of real property; changes in management’s estimate of the adequacy of the allowance for credit losses; technological risks and developments and cyber threats, attacks or events; emerging external focus among regulators and other officials related to risks in connection with the development and use of artificial intelligence; legislative or regulatory changes or changes in accounting principles, policies or guidelines; supervisory actions by regulatory agencies which may limit our ability to pursue certain growth opportunities, including expansion through acquisitions; additional regulatory requirements resulting from our continued growth; management’s estimates and projections of interest rates and interest rate policy; the execution of our business plan; the outcome of legal proceedings, the amount of funds and/or collateral that may be available for repayment of such loans, and any adverse economic or other events impacting the collateral, borrower or guarantors with respect to such loans; and other factors affecting the financial services industry generally or the banking industry in particular.
Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We do not intend and disclaim any duty or obligation to update or revise any industry information or forward-looking statements, whether written or oral, that may be made from time to time, set forth in this press release to reflect new information, future events or otherwise, except to the extent required by applicable law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur, and you should not put undue reliance on any forward-looking statements.
About Western Alliance Bancorporation
Western Alliance Bancorporation (NYSE:WAL) is one of the country’s top-performing banking companies. Its primary subsidiary, Western Alliance Bank, Member FDIC, is a leading national bank for business that puts customers first, delivering tailored business banking solutions and consumer products backed by outstanding, personalized service and specific expertise in more than 30 industries and sectors. With more than $90 billion in assets and offices nationwide, Western Alliance has ranked as a top U.S. bank by American Banker and Bank Director since 2016. In 2025, Western Alliance Bancorporation was #2 for Best CEO, Best CFO and Best Company Board of Directors on Extel’s All-America Executive Team Midcap Banks list. For more information on offerings, subsidiaries and affiliates, visit www.westernalliancebank.com or follow Western Alliance Bank on LinkedIn.
Western Alliance Bancorporation and Subsidiaries.
Summary Consolidated Financial Data
Unaudited
Selected Balance Sheet Data:
As of September 30,
2026
2025
Change %
(in millions)
Total assets
$
98,072
$
90,970
7.8
%
Loans held for sale
3,951
3,502
12.8
Loans HFI, net of deferred fees
61,549
56,646
8.7
Investment securities
20,239
18,841
7.4
Total deposits
81,755
77,247
5.8
Borrowings
5,613
3,862
45.3
Qualifying debt
1,053
681
54.6
Total equity
7,947
7,690
3.3
Tangible common equity, net of tax (1)
6,720
6,453
4.1
Common equity Tier 1 capital
7,389
6,736
9.7
Selected Income Statement Data:
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2026
2025
Change %
2026
2025
Change %
(in millions, except per share data)
(in millions, except per share data)
Interest income
$
1,257.3
$
1,225.5
2.6
%
$
3,677.4
$
3,475.5
5.8
%
Interest expense
449.7
475.1
(5.3
)
1,306.6
1,376.9
(5.1
)
Net interest income
807.6
750.4
7.6
2,370.8
2,098.6
13.0
Provision for credit losses
80.0
80.0
—
373.6
151.1
NM
Net interest income after provision for credit losses
727.6
670.4
8.5
1,997.2
1,947.5
2.6
Non-interest income
206.6
187.8
10.0
658.0
463.5
42.0
Non-interest expense
595.1
544.4
9.3
1,752.8
1,559.5
12.4
Income before income taxes
339.1
313.8
8.1
902.4
851.5
6.0
Income tax expense
61.9
53.3
16.1
167.2
154.1
8.5
Net income
277.2
260.5
6.4
735.2
697.4
5.4
Net income attributable to noncontrolling interest
7.1
7.1
—
21.3
14.5
46.9
Net income attributable to Western Alliance
270.1
253.4
6.6
713.9
682.9
4.5
Dividends on preferred stock
3.2
3.2
—
9.6
9.6
—
Net income available to common stockholders
$
266.9
$
250.2
6.7
$
704.3
$
673.3
4.6
Diluted earnings per common share
$
2.45
$
2.28
7.5
$
6.43
$
6.14
4.7
Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited
Common Share Data:
At or For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2026
2025
Change % (1)
2026
2025
Change % (1)
Diluted earnings per common share (2) / as adjusted (3)
$
2.45
$
2.28
7.5
%
$
6.43
/
$
7.01
$
6.14
4.7
%
Book value per common share
68.14
64.45
5.7
Tangible book value per common share, net of tax (3)
62.22
58.56
6.3
Average common shares outstanding
(in millions):
Basic
107.4
109.0
(1.5
)
107.8
108.9
(1.0
)
Diluted
107.8
109.8
(1.8
)
108.1
109.6
(1.4
)
Common shares outstanding
108.0
110.2
(2.0
)
Selected Performance Ratios:
Return on average assets / as adjusted (3, 4)
1.12
%
1.13
%
(0.9
)%
1.01
%
/
1.10
%
1.07
%
(5.6
)%
Return on average tangible common equity / as adjusted (3, 4)
15.5
15.6
(0.6
)
13.8
/
15.0
14.7
(6.1
)
Net interest margin (4)
3.57
3.53
1.1
3.55
3.51
1.1
Efficiency ratio (3)
58.1
57.4
1.2
57.3
60.2
(4.8
)
Efficiency ratio, adjusted for deposit costs (3)
50.0
47.8
4.6
48.8
51.6
(5.4
)
HFI loan to deposit ratio
75.3
73.3
2.7
Asset Quality Ratios:
Net charge-offs to average loans outstanding / as adjusted (3, 4)
0.30
%
0.22
%
36.4
0.70
%
/
0.35
%
0.21
%
NM
Nonaccrual loans to funded HFI loans
0.79
0.92
(14.1
)
Nonaccrual loans and repossessed assets to total assets
0.66
0.72
(8.3
)
Allowance for loan losses to funded HFI loans
0.83
0.78
6.4
Allowance for credit losses to funded HFI loans
0.93
0.85
9.4
Allowance for loan losses to nonaccrual HFI loans
106
84
26.2
Allowance for credit losses to nonaccrual loans
118
92
28.3
Capital Ratios: Sep 30, 2026
Jun 30, 2026
Sep 30, 2025
Tangible common equity (3)
6.9
%
7.0
%
7.1
%
Common Equity Tier 1 (5)
10.9
11.0
11.3
Tier 1 Leverage ratio (5)
8.2
8.1
8.1
Tier 1 Capital (5)
11.9
12.0
12.4
Total Capital (5)
14.0
14.1
14.2
(1)
Represents percentage change in reported metric from the prior period.
(2)
Diluted earnings per share for the three and nine months ended September 30, 2026 includes a reduction for earnings allocated to participating stock awards of $3.4 million and $9.0 million, respectively.
(3)
See Reconciliation of Non-GAAP Financial Measures.
(4)
Annualized on an actual/actual basis for periods less than 12 months.
(5)
Capital ratios for September 30, 2026 are preliminary.
NM Changes +/- 100% are not meaningful.
Western Alliance Bancorporation and Subsidiaries
Condensed Consolidated Income Statements
Unaudited
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
(in millions, except per share data)
Interest income:
Loans
$
981.5
$
948.3
$
2,838.7
$
2,743.6
Investment securities
238.1
231.7
703.4
601.2
Other
37.7
45.5
135.3
130.7
Total interest income
1,257.3
1,225.5
3,677.4
3,475.5
Interest expense:
Deposits
382.5
398.2
1,113.7
1,154.3
Qualifying debt
17.4
6.3
44.3
23.8
Borrowings
49.8
70.6
148.6
198.8
Total interest expense
449.7
475.1
1,306.6
1,376.9
Net interest income
807.6
750.4
2,370.8
2,098.6
Provision for credit losses
80.0
80.0
373.6
151.1
Net interest income after provision for credit losses
727.6
670.4
1,997.2
1,947.5
Non-interest income:
Commercial banking income and related fees
78.7
52.4
248.2
139.5
Net gain on mortgage loan origination and sale activities
55.7
75.5
181.8
164.4
Net loan servicing revenue
23.8
19.1
53.8
79.2
Gain on sales of investment securities
16.8
8.5
70.3
22.0
Income from bank owned life insurance
12.9
11.8
34.4
34.2
Fair value gain (loss) adjustments, net
0.5
2.9
8.4
(0.7
)
Income from equity investments
7.8
7.8
33.0
5.9
Other
10.4
9.8
28.1
19.0
Total non-interest income
206.6
187.8
658.0
463.5
Non-interest expenses:
Salaries and employee benefits
226.1
193.5
635.9
555.8
Deposit costs
165.4
175.1
507.9
459.3
Data processing
55.8
48.1
161.0
138.3
Legal, professional, and directors' fees
34.4
28.1
97.8
82.3
Insurance
25.5
24.5
78.5
99.8
Occupancy
22.4
16.8
62.7
50.9
Loan servicing expenses
17.0
15.0
51.3
51.5
Business development and marketing
10.2
5.6
28.0
17.6
Loan acquisition and origination expenses
8.5
7.3
25.2
18.3
Other
29.8
30.4
104.5
85.7
Total non-interest expense
595.1
544.4
1,752.8
1,559.5
Income before income taxes
339.1
313.8
902.4
851.5
Income tax expense
61.9
53.3
167.2
154.1
Net income
277.2
260.5
735.2
697.4
Net income attributable to noncontrolling interest
7.1
7.1
21.3
14.5
Net income attributable to Western Alliance
270.1
253.4
713.9
682.9
Dividends on preferred stock
3.2
3.2
9.6
9.6
Net income available to common stockholders
$
266.9
$
250.2
$
704.3
$
673.3
Earnings per common share:
Diluted shares
107.8
109.8
108.1
109.6
Diluted earnings per share (1)
$
2.45
$
2.28
$
6.43
$
6.14
Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Income Statements
Unaudited
Three Months Ended
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
(in millions, except per share data)
Interest income:
Loans
$
981.5
$
941.5
$
915.7
$
936.2
$
948.3
Investment securities
238.1
245.4
219.9
221.6
231.7
Other
37.7
45.0
52.6
59.6
45.5
Total interest income
1,257.3
1,231.9
1,188.2
1,217.4
1,225.5
Interest expense:
Deposits
382.5
370.5
360.7
383.5
398.2
Qualifying debt
17.4
13.8
13.1
9.0
6.3
Borrowings
49.8
50.7
48.1
58.7
70.6
Total interest expense
449.7
435.0
421.9
451.2
475.1
Net interest income
807.6
796.9
766.3
766.2
750.4
Provision for credit losses
80.0
80.4
213.2
73.0
80.0
Net interest income after provision for credit losses
727.6
716.5
553.1
693.2
670.4
Non-interest income:
Commercial banking income and related fees
78.7
73.1
96.4
80.7
52.4
Net gain on mortgage loan origination and sale activities
55.7
53.4
72.7
91.1
75.5
Net loan servicing revenue (loss)
23.8
31.3
(1.3
)
(1.4
)
19.1
Gain on sales of investment securities
16.8
3.0
50.5
7.4
8.5
Income from bank owned life insurance
12.9
10.8
10.7
11.8
11.8
Fair value gain (loss) adjustments, net
0.5
8.3
(0.4
)
(0.4
)
2.9
Income from equity investments
7.8
11.9
13.3
12.2
7.8
Other
10.4
7.0
10.7
13.3
9.8
Total non-interest income
206.6
198.8
252.6
214.7
187.8
Non-interest expenses:
Salaries and employee benefits
226.1
204.3
205.5
201.7
193.5
Deposit costs
165.4
179.2
163.3
171.2
175.1
Data processing
55.8
52.1
53.1
48.9
48.1
Legal, professional, and directors' fees
34.4
32.8
30.6
33.6
28.1
Insurance
25.5
28.3
24.7
17.7
24.5
Occupancy
22.4
21.1
19.2
19.7
16.8
Loan servicing expenses
17.0
17.6
16.7
17.7
15.0
Business development and marketing
10.2
8.3
9.5
11.1
5.6
Loan acquisition and origination expenses
8.5
8.8
7.9
7.9
7.3
Other
29.8
30.8
43.9
22.7
30.4
Total non-interest expense
595.1
583.3
574.4
552.2
544.4
Income before income taxes
339.1
332.0
231.3
355.7
313.8
Income tax expense
61.9
63.2
42.1
62.5
53.3
Net income
277.2
268.8
189.2
293.2
260.5
Net income attributable to noncontrolling interest
7.1
7.1
7.1
7.1
7.1
Net income attributable to Western Alliance
270.1
261.7
182.1
286.1
253.4
Dividends on preferred stock
3.2
3.2
3.2
3.2
3.2
Net income available to common stockholders
$
266.9
$
258.5
$
178.9
$
282.9
$
250.2
Earnings per common share:
Diluted shares
107.8
108.0
108.7
109.3
109.8
Diluted earnings per share (1)
$
2.45
$
2.36
$
1.65
$
2.59
$
2.28
Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Balance Sheets
Unaudited
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
(in millions)
Assets:
Cash and due from banks
$
5,328
$
5,936
$
8,554
$
3,596
$
5,756
Investment securities
20,239
20,622
20,392
20,438
18,841
Loans held for sale
3,951
4,347
3,936
3,498
3,502
Loans held for investment:
Commercial and industrial
30,101
29,765
28,223
27,928
25,734
Commercial real estate - non-owner occupied
10,697
10,301
10,344
10,340
10,487
Commercial real estate - owner occupied
1,561
1,578
1,711
1,683
1,682
Construction and land development
4,238
4,241
4,080
4,055
4,065
Residential real estate
14,937
15,048
14,765
14,652
14,651
Consumer
15
16
19
19
27
Loans HFI, net of deferred fees
61,549
60,949
59,142
58,677
56,646
Allowance for loan losses
(513
)
(487
)
(461
)
(461
)
(440
)
Loans HFI, net of deferred fees and allowance
61,036
60,462
58,681
58,216
56,206
Mortgage servicing rights
1,576
1,500
1,516
1,494
1,213
Premises and equipment, net
478
479
480
442
416
Operating lease right-of-use asset
114
119
125
131
134
Other assets acquired through foreclosure, net
165
126
123
137
130
Bank owned life insurance
1,084
1,075
1,067
1,057
1,045
Goodwill and other intangibles, net
642
644
646
649
651
Other assets
3,459
3,391
3,333
3,116
3,076
Total assets
$
98,072
$
98,701
$
98,853
$
92,774
$
90,970
Liabilities and stockholders' equity:
Liabilities:
Deposits
Non-interest bearing deposits
$
25,752
$
27,820
$
28,078
$
24,353
$
26,628
Interest bearing:
Demand
20,130
19,259
19,385
18,416
16,422
Savings and money market
25,210
24,886
25,414
24,586
24,627
Certificates of deposit
10,663
9,909
9,846
9,804
9,570
Total deposits
81,755
81,874
82,723
77,159
77,247
Borrowings
5,613
6,236
5,610
5,240
3,862
Qualifying debt
1,053
1,069
1,072
1,076
681
Operating lease liability
141
148
154
160
164
Accrued interest payable and other liabilities
1,563
1,239
1,386
1,193
1,326
Total liabilities
90,125
90,566
90,945
84,828
83,280
Equity:
Preferred stock
295
295
295
295
295
Common stock and additional paid-in capital
1,972
2,046
2,036
2,095
2,140
Retained earnings
6,173
5,952
5,740
5,607
5,371
Accumulated other comprehensive loss
(786
)
(451
)
(456
)
(344
)
(409
)
Total Western Alliance stockholders' equity
7,654
7,842
7,615
7,653
7,397
Noncontrolling interest in subsidiary
293
293
293
293
293
Total equity
7,947
8,135
7,908
7,946
7,690
Total liabilities and equity
$
98,072
$
98,701
$
98,853
$
92,774
$
90,970
Western Alliance Bancorporation and Subsidiaries
Changes in the Allowance For Credit Losses on Loans
Unaudited
Three Months Ended
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
(dollars in millions)
Allowance for loan losses
Balance, beginning of period
$
487.4
$
461.1
$
460.6
$
440.4
$
394.7
Provision for credit losses (1)
71.2
81.3
209.0
64.8
76.8
Recoveries of loans previously charged-off:
Commercial and industrial
0.7
1.6
0.6
1.7
0.7
Commercial real estate - non-owner occupied
1.3
1.0
—
—
—
Commercial real estate - owner occupied
—
—
—
0.4
—
Construction and land development
—
—
—
1.5
—
Residential real estate
—
—
—
—
—
Consumer
0.2
—
—
0.1
—
Total recoveries
2.2
2.6
0.6
3.7
0.7
Loans charged-off:
Commercial and industrial
16.2
25.4
181.4
28.9
12.4
Commercial real estate - non-owner occupied
25.7
32.0
27.7
10.7
12.9
Commercial real estate - owner occupied
—
0.1
—
—
—
Construction and land development
6.1
0.1
—
8.6
6.3
Residential real estate
—
—
—
—
—
Consumer
—
—
—
0.1
0.2
Total loans charged-off
48.0
57.6
209.1
48.3
31.8
Net loan charge-offs
45.8
55.0
208.5
44.6
31.1
Balance, end of period
$
512.8
$
487.4
$
461.1
$
460.6
$
440.4
Allowance for unfunded loan commitments
Balance, beginning of period
$
52.0
$
53.3
$
49.6
$
42.3
$
39.2
Provision for (recovery of) credit losses (1)
9.6
(1.3
)
3.7
7.3
3.1
Balance, end of period (2)
$
61.6
$
52.0
$
53.3
$
49.6
$
42.3
Components of the allowance for credit losses on loans
Allowance for loan losses
$
512.8
$
487.4
$
461.1
$
460.6
$
440.4
Allowance for unfunded loan commitments
61.6
52.0
53.3
49.6
42.3
Total allowance for credit losses on loans
$
574.4
$
539.4
$
514.4
$
510.2
$
482.7
Net charge-offs to average loans - annualized
0.30
%
0.37
%
1.45
%
0.31
%
0.22
%
Allowance ratios
Allowance for loan losses to funded HFI loans (3)
0.83
%
0.80
%
0.78
%
0.78
%
0.78
%
Allowance for credit losses to funded HFI loans (3)
0.93
0.89
0.87
0.87
0.85
Allowance for loan losses to nonaccrual loans
106
87
94
92
84
Allowance for credit losses to nonaccrual loans
118
96
105
102
92
(1)
The above tables reflect only the provision for credit losses on funded and unfunded loans. For the three months ended September 30, 2026, the release of provision for credit losses for HTM investment securities totaled $0.8 million. The allowance for credit losses on HTM investment securities totaled $13.0 million as of September 30, 2026.
(2)
The allowance for unfunded loan commitments is included as part of accrued interest payable and other liabilities on the balance sheet.
(3)
Ratio includes an allowance for credit losses of $11.6 million as of September 30, 2026 related to a pool of loans covered under three separate credit linked note transactions.
Western Alliance Bancorporation and Subsidiaries
Asset Quality Metrics
Unaudited
Three Months Ended
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
(dollars in millions)
Nonaccrual loans and repossessed assets
Nonaccrual loans
$
485
$
562
$
492
$
500
$
522
Nonaccrual loans to funded HFI loans
0.79
%
0.92
%
0.83
%
0.85
%
0.92
%
Repossessed assets
$
165
$
126
$
123
$
137
$
130
Nonaccrual loans and repossessed assets to total assets
0.66
%
0.70
%
0.62
%
0.69
%
0.72
%
Loans Past Due
Loans past due 90 days, still accruing (1)
$
58
$
55
$
56
$
66
$
49
Loans past due 90 days, still accruing to funded HFI loans (1)
0.09
%
0.09
%
0.09
%
0.11
%
0.09
%
Loans past due 30 to 89 days, still accruing (2)
$
138
$
122
$
157
$
108
$
196
Loans past due 30 to 89 days, still accruing to funded HFI loans (2)
0.22
%
0.20
%
0.27
%
0.18
%
0.35
%
Other credit quality metrics
Special mention loans
$
397
$
316
$
403
$
325
$
292
Special mention loans to funded HFI loans
0.65
%
0.52
%
0.68
%
0.55
%
0.52
%
Classified accruing loans
$
441
$
440
$
455
$
450
$
476
Classified accruing loans to funded HFI loans
0.72
%
0.72
%
0.77
%
0.77
%
0.84
%
Classified assets
$
1,091
$
1,128
$
1,070
$
1,088
$
1,129
Classified assets to total assets
1.11
%
1.14
%
1.08
%
1.17
%
1.24
%
Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
Three Months Ended
September 30, 2026
June 30, 2026
Average
Balance
Interest
Average Yield /
Cost
Average
Balance
Interest
Average Yield /
Cost
(dollars in millions)
Interest earning assets
Loans HFS
$
5,858
$
90.3
6.12
%
$
5,653
$
84.9
6.02
%
Loans HFI:
Commercial and industrial
29,591
451.2
6.09
28,364
426.4
6.07
CRE - non-owner occupied
10,417
172.6
6.57
10,296
169.6
6.61
CRE - owner occupied
1,557
24.2
6.18
1,574
23.8
6.07
Construction and land development
4,212
82.1
7.79
4,191
80.8
7.78
Residential real estate
15,002
160.8
4.25
14,879
155.7
4.20
Consumer
15
0.3
7.14
17
0.3
6.57
Total HFI loans (1), (2), (3), (4)
60,794
891.2
5.84
59,321
856.6
5.82
Investment securities:
Taxable
18,675
213.8
4.54
19,474
220.2
4.54
Tax-exempt
2,349
24.3
5.21
2,312
25.2
5.50
Total investment securities (1)
21,024
238.1
4.62
21,786
245.4
4.64
Cash and other
3,200
37.7
4.68
4,901
45.0
3.68
Total interest earning assets
90,876
1,257.3
5.53
91,661
1,231.9
5.43
Non-interest earning assets
Cash and due from banks
426
544
Allowance for loan losses
(509
)
(482
)
Bank owned life insurance
1,078
1,069
Other assets
5,933
5,692
Total assets
$
97,804
$
98,484
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing demand accounts
$
19,766
$
110.9
2.22
%
$
19,316
$
102.5
2.13
%
Savings and money market
25,052
177.3
2.81
24,995
174.4
2.80
Certificates of deposit
10,088
94.3
3.71
9,873
93.6
3.80
Total interest-bearing deposits
54,906
382.5
2.76
54,184
370.5
2.74
Short-term borrowings
2,678
28.3
4.19
3,329
33.9
4.08
Long-term debt
1,601
21.5
5.33
1,158
16.8
5.83
Qualifying debt
1,067
17.4
6.48
1,071
13.8
5.17
Total interest-bearing liabilities
60,252
449.7
2.96
59,742
435.0
2.92
Interest cost of funding earning assets
1.96
1.90
Non-interest-bearing liabilities
Non-interest-bearing deposits
27,919
29,351
Other liabilities
1,554
1,379
Equity
8,079
8,012
Total liabilities and equity
$
97,804
$
98,484
Net interest income and margin (5)
$
807.6
3.57
%
$
796.9
3.53
%
(1)
Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $10.4 million and $10.1 million for the three months ended September 30, 2026 and June 30, 2026, respectively.
(2)
Included in the yield computation are net loan fees of $23.9 million and $25.5 million for the three months ended September 30, 2026 and June 30, 2026, respectively.
(3)
Interest income includes a reduction for earnings credits totaling $56.7 million and $52.5 million for the three months ended September 30, 2026 and June 30, 2026, respectively.
(4)
Includes nonaccrual loans.
(5)
Net interest margin is computed by dividing net interest income on a tax equivalent basis by total average earning assets, annualized on an actual/actual basis.
Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
Three Months Ended
September 30, 2026
September 30, 2025
Average
Balance
Interest
Average Yield /
Cost
Average
Balance
Interest
Average Yield /
Cost
(dollars in millions)
Interest earning assets
Loans HFS
$
5,858
$
90.3
6.12
%
$
5,009
$
77.1
6.11
%
Loans HFI:
Commercial and industrial
29,591
451.2
6.09
25,216
410.9
6.51
CRE - non-owner occupied
10,417
172.6
6.57
10,473
190.8
7.23
CRE - owner occupied
1,557
24.2
6.18
1,688
25.2
6.05
Construction and land development
4,212
82.1
7.79
4,233
88.8
8.32
Residential real estate
15,002
160.8
4.25
14,557
155.1
4.23
Consumer
15
0.3
7.14
24
0.4
7.43
Total loans HFI (1), (2), (3), (4)
60,794
891.2
5.84
56,191
871.2
6.18
Investment securities:
Taxable
18,675
213.8
4.54
17,794
208.2
4.64
Tax-exempt
2,349
24.3
5.21
2,193
23.5
5.32
Total investment securities (1)
21,024
238.1
4.62
19,987
231.7
4.72
Cash and other
3,200
37.7
4.68
4,147
45.5
4.35
Total interest earning assets
90,876
1,257.3
5.53
85,334
1,225.5
5.74
Non-interest earning assets
Cash and due from banks
426
397
Allowance for loan losses
(509
)
(414
)
Bank owned life insurance
1,078
1,038
Other assets
5,933
4,957
Total assets
$
97,804
$
91,312
Interest bearing liabilities
Interest bearing deposits:
Interest bearing demand accounts
$
19,766
$
110.9
2.22
%
$
16,071
$
101.4
2.50
%
Savings and money market accounts
25,052
177.3
2.81
23,373
189.4
3.21
Certificates of deposit
10,088
94.3
3.71
10,124
107.4
4.21
Total interest bearing deposits
54,906
382.5
2.76
49,568
398.2
3.19
Short-term borrowings
2,678
28.3
4.19
2,577
30.2
4.66
Long-term debt
1,601
21.5
5.33
2,905
40.4
5.52
Qualifying debt
1,067
17.4
6.48
678
6.3
3.63
Total interest bearing liabilities
60,252
449.7
2.96
55,728
475.1
3.38
Interest cost of funding earning assets
1.96
2.21
Non-interest bearing liabilities
Non-interest bearing deposits
27,919
26,438
Other liabilities
1,554
1,539
Equity
8,079
7,607
Total liabilities and equity
$
97,804
$
91,312
Net interest income and margin (5)
$
807.6
3.57
%
$
750.4
3.53
%
(1)
Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $10.4 million and $9.7 million for the three months ended September 30, 2026 and 2025, respectively.
(2)
Included in the yield computation are net loan fees of $23.9 million and $28.1 million for the three months ended September 30, 2026 and 2025, respectively.
(3)
Interest income includes a reduction for earnings credits totaling $56.7 million and $64.9 million for the three months ended September 30, 2026 and 2025, respectively.
(4)
Includes nonaccrual loans.
(5)
Net interest margin is computed by dividing net interest income on a tax equivalent basis by total average earning assets, annualized on an actual/actual basis.
Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
Nine Months Ended
September 30, 2026
September 30, 2025
Average
Balance
Interest
Average Yield /
Cost
Average
Balance
Interest
Average Yield /
Cost
(dollars in millions)
Interest earning assets
Loans HFS
$
5,661
$
255.4
6.03
%
$
4,725
$
217.7
6.16
%
Loans HFI:
Commercial and industrial
28,512
1,290.9
6.10
24,056
1,168.9
6.55
CRE - non-owner occupied
10,343
512.0
6.62
10,247
547.8
7.15
CRE - owner occupied
1,608
72.9
6.08
1,785
80.7
6.15
Construction and land development
4,130
239.3
7.78
4,309
269.2
8.36
Residential real estate
14,832
467.3
4.21
14,435
457.5
4.24
Consumer
17
0.9
7.07
34
1.8
6.99
Total loans HFI (1), (2), (3), (4)
59,442
2,583.3
5.84
54,866
2,525.9
6.18
Investment securities:
Taxable
18,618
629.4
4.52
15,322
529.2
4.62
Tax-exempt
2,314
74.0
5.40
2,221
72.0
5.44
Total investment securities (1)
20,932
703.4
4.62
17,543
601.2
4.72
Cash and other
4,469
135.3
4.05
3,909
130.7
4.47
Total interest earning assets
90,504
3,677.4
5.48
81,043
3,475.5
5.78
Non-interest earning assets
Cash and due from banks
504
358
Allowance for loan losses
(485
)
(405
)
Bank owned life insurance
1,069
1,026
Other assets
5,713
4,862
Total assets
$
97,305
$
86,884
Interest bearing liabilities
Interest bearing deposits:
Interest bearing demand accounts
$
19,346
$
312.9
2.16
%
$
15,883
$
298.5
2.51
%
Savings and money market accounts
24,887
520.5
2.80
22,113
524.7
3.17
Certificates of deposit
9,897
280.3
3.79
10,076
331.1
4.39
Total interest bearing deposits
54,130
1,113.7
2.75
48,072
1,154.3
3.21
Short-term borrowings
2,984
91.6
4.10
2,452
86.7
4.72
Long-term debt
1,371
57.0
5.56
2,686
112.1
5.58
Qualifying debt
1,072
44.3
5.52
800
23.8
3.97
Total interest bearing liabilities
59,557
1,306.6
2.93
54,010
1,376.9
3.41
Interest cost of funding earning assets
1.93
2.27
Non-interest bearing liabilities
Non-interest bearing deposits
28,209
24,051
Other liabilities
1,469
1,534
Equity
8,070
7,289
Total liabilities and equity
$
97,305
$
86,884
Net interest income and margin (5)
$
2,370.8
3.55
%
$
2,098.6
3.51
%
(1)
Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $30.7 million and $30.1 million for the nine months ended September 30, 2026 and 2025, respectively.
(2)
Included in the yield computation are net loan fees of $73.3 million and $77.4 million for the nine months ended September 30, 2026 and 2025, respectively.
(3)
Interest income includes a reduction for earnings credits totaling $157.9 million and $184.3 million for the nine months ended September 30, 2026 and 2025, respectively.
(4)
Includes nonaccrual loans.
(5)
Net interest margin is computed by dividing net interest income on a tax equivalent basis by total average earning assets, annualized on an actual/actual basis.
Western Alliance Bancorporation and Subsidiaries
Income Statement Classification of Earnings Credit and Referral Costs
Unaudited
The below table presents the income statement classification for total earnings credit and referral costs incurred on deposits:
Three Months Ended
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Income statement line item
(in millions)
Interest income (1)
$
56.7
$
52.5
$
48.7
$
56.6
$
64.9
Commercial banking income and related fees (1)
8.6
8.4
8.3
7.2
5.4
Deposit costs (2)
158.4
173.3
157.3
165.0
169.1
Total earnings credit and referral costs
$
223.7
$
234.2
$
214.3
$
228.8
$
239.4
Western Alliance Bancorporation and Subsidiaries Reconciliation of Non-GAAP Financial Measures
Unaudited
Pre-Provision Net Revenue by Quarter:
Three Months Ended
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
(in millions)
Net interest income
$
807.6
$
796.9
$
766.3
$
766.2
$
750.4
Total non-interest income
206.6
198.8
252.6
214.7
187.8
Net revenue
$
1,014.2
$
995.7
$
1,018.9
$
980.9
$
938.2
Total non-interest expense
595.1
583.3
574.4
552.2
544.4
Pre-provision net revenue (1)
$
419.1
$
412.4
$
444.5
$
428.7
$
393.8
Less:
Provision for credit losses
80.0
80.4
213.2
73.0
80.0
Income tax expense
61.9
63.2
42.1
62.5
53.3
Net income
$
277.2
$
268.8
$
189.2
$
293.2
$
260.5
Efficiency Ratio (Tax Equivalent Basis) by Quarter:
Three Months Ended
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
(dollars in millions)
Total non-interest expense
$
595.1
$
583.3
$
574.4
$
552.2
$
544.4
Less: Deposit costs
165.4
179.2
163.3
171.2
175.1
Total non-interest expense, excluding deposit costs
429.7
404.1
411.1
381.0
369.3
Divided by:
Total net interest income
807.6
796.9
766.3
766.2
750.4
Plus:
Tax equivalent interest adjustment
10.4
10.1
10.1
9.9
9.7
Total non-interest income
206.6
198.8
252.6
214.7
187.8
Less: Deposit costs
165.4
179.2
163.3
171.2
175.1
$
859.2
$
826.6
$
865.7
$
819.6
$
772.8
Efficiency ratio (2)
58.1
%
58.0
%
55.8
%
55.7
%
57.4
%
Efficiency ratio, adjusted for deposit costs (2)
50.0
%
48.9
%
47.5
%
46.5
%
47.8
%
Western Alliance Bancorporation and Subsidiaries Reconciliation of Non-GAAP Financial Measures
Unaudited
Tangible Common Equity:
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
(in millions, except per share data)
Total equity
$
7,947
$
8,135
$
7,908
$
7,946
$
7,690
Less:
Goodwill and intangible assets, net
642
644
646
649
651
Preferred stock
295
295
295
295
295
Noncontrolling interest in subsidiary
293
293
293
293
293
Total tangible common equity
6,717
6,903
6,674
6,709
6,451
Plus: deferred tax - attributed to intangible assets
3
3
3
2
2
Total tangible common equity, net of tax
$
6,720
$
6,906
$
6,677
$
6,711
$
6,453
Total assets
$
98,072
$
98,701
$
98,853
$
92,774
$
90,970
Less: goodwill and intangible assets, net
642
644
646
649
651
Tangible assets
97,430
98,057
98,207
92,125
90,319
Plus: deferred tax - attributed to intangible assets
3
3
3
2
2
Total tangible assets, net of tax
$
97,433
$
98,060
$
98,210
$
92,127
$
90,321
Tangible common equity ratio (3)
6.9
%
7.0
%
6.8
%
7.3
%
7.1
%
Common shares outstanding
108.0
109.2
109.2
109.5
110.2
Tangible book value per share, net of tax (3)
$
62.22
$
63.24
$
61.14
$
61.29
$
58.56
Return on Average Tangible Common Equity:
Three Months Ended
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
(in millions)
Net income available to common shareholders
$
266.9
$
258.5
$
178.9
$
282.9
$
250.2
Divided by:
Average equity
8,079
8,012
8,121
7,864
7,607
Less:
Average goodwill and intangible assets
643
646
648
650
652
Average preferred stock
295
295
295
295
295
Average noncontrolling interest in subsidiary
293
293
293
293
293
Average tangible common equity
$
6,848
$
6,778
$
6,885
$
6,626
$
6,367
Return on average tangible common equity (1)
15.5
%
15.3
%
10.5
%
16.9
%
15.6
%
Net Revenue and Pre-Provision Net Revenue, As Adjusted
Nine Months Ended
September 30, 2026
(in millions)
Net revenue
$
3,028.8
Adjusted for:
Gain on sales of investment securities
(50.5
)
Net revenue, as adjusted
$
2,978.3
Total non-interest expense
1,752.8
Pre-provision net revenue, as adjusted (1)
$
1,225.5
Less:
Provision for credit losses
373.6
Income tax expense
167.2
Gain on sales of investment securities
(50.5
)
Net income
$
735.2
Earnings per Share, As Adjusted:
Nine Months Ended
September 30, 2026
(in millions, except per share data)
Net income
$
735.2
Adjusted for:
Gain on sales of investment securities
(50.5
)
Provision for credit losses on LAM
126.4
Tax effect of adjustments
(13.8
)
Net income, as adjusted
797.3
Net income attributable to noncontrolling interest
21.3
Dividends on preferred stock
9.6
Net income available to common stockholders, as adjusted
$
766.4
Diluted shares
108.1
Diluted earnings per share, as adjusted (1)
$
7.01
Return on Average Assets, As Adjusted:
Nine Months Ended
September 30, 2026
(dollars in millions)
Net income, as adjusted
$
797.3
Divided by:
Average assets
$
97,305
Return on average assets, as adjusted (1)
1.10
%
Western Alliance Bancorporation and Subsidiaries Reconciliation of Non-GAAP Financial Measures
Unaudited
Return on Average Tangible Common Equity, As Adjusted:
Nine Months Ended
September 30, 2026
(dollars in millions)
Net income available to common stockholders, as adjusted
$
766.4
Divided by: Average equity
8,070
Less:
Average goodwill and intangible assets
646
Average preferred stock
295
Average noncontrolling interest in subsidiary
293
Average tangible common equity
$
6,836
Return on average tangible common equity (1)
13.8
%
Return on average tangible common equity, as adjusted (1)
15.0
%
Net Charge-Offs and Net Charge-Offs to Average Loans, As Adjusted:
Nine Months Ended
September 30, 2026
(dollars in millions)
Net charge-offs
$
309.3
Adjusted for fraud related charge-offs:
LAM
(126.4
)
Cantor
(26.1
)
Net charge-offs, as adjusted
$
156.8
Divided by: Average HFI loans
59,442
Net charge-offs to average loans - annualized, as adjusted
0.35
%
Non-GAAP Financial Measures Footnotes
(1)
We believe this non-GAAP measurement is a key indicator of the earnings power of the Company.
(2)
We believe this non-GAAP ratio provides a useful metric to measure the efficiency of the Company.
(3)
We believe this non-GAAP metric provides an important metric with which to analyze and evaluate the financial condition and capital strength of the Company.
Western Alliance Bancorporation (NYSE:WAL – Get Free Report) has been given an average recommendation of “Moderate Buy” by the sixteen research firms that are covering the firm, MarketBeat.com reports. Four research analysts have rated the stock with a hold recommendation and twelve have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $92.18.
Several research analysts have issued reports on the company. Piper Sandler boosted their target price on Western Alliance Bancorporation from $92.00 to $97.00 and gave the company an “overweight” rating in a research report on Friday, July 24th. Wells Fargo & Company cut their target price on Western Alliance Bancorporation from $90.00 to $84.00 and set an “equal weight” rating on the stock in a research note on Tuesday, September 29th. Weiss Ratings upgraded Western Alliance Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Citigroup reduced their price target on Western Alliance Bancorporation from $98.00 to $95.00 and set a “buy” rating on the stock in a report on Tuesday, September 22nd. Finally, Barclays raised their price target on Western Alliance Bancorporation from $88.00 to $93.00 and gave the stock an “overweight” rating in a research note on Monday, October 5th.
Check Out Our Latest Analysis on Western Alliance Bancorporation
Western Alliance Bancorporation stock opened at $72.19 on Thursday. Western Alliance Bancorporation has a 12-month low of $65.82 and a 12-month high of $97.23. The company has a current ratio of 0.86, a quick ratio of 0.81 and a debt-to-equity ratio of 0.93. The firm has a 50-day moving average price of $78.41 and a 200-day moving average price of $79.01. The firm has a market capitalization of $7.88 billion, a PE ratio of 8.13, a price-to-earnings-growth ratio of 0.75 and a beta of 1.42.
Western Alliance Bancorporation (NYSE:WAL – Get Free Report) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $2.36 EPS for the quarter, meeting the consensus estimate of $2.36. Western Alliance Bancorporation had a net margin of 17.20% and a return on equity of 13.40%. The company had revenue of $995.70 million for the quarter, compared to the consensus estimate of $980.53 million. During the same period in the prior year, the firm posted $2.07 EPS. The firm’s revenue was up 17.7% compared to the same quarter last year. As a group, equities research analysts forecast that Western Alliance Bancorporation will post 9.06 EPS for the current year.
Western Alliance Bancorporation Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Thursday, August 13th were given a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend was Thursday, August 13th. Western Alliance Bancorporation’s dividend payout ratio is 18.92%.
Institutional Trading of Western Alliance Bancorporation
Several institutional investors and hedge funds have recently made changes to their positions in WAL. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Western Alliance Bancorporation in the second quarter valued at about $26,000. Fortitude Family Office LLC grew its holdings in Western Alliance Bancorporation by 173.5% during the 3rd quarter. Fortitude Family Office LLC now owns 361 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 229 shares in the last quarter. Assetmark Inc. grew its holdings in Western Alliance Bancorporation by 86.0% during the 1st quarter. Assetmark Inc. now owns 560 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 259 shares in the last quarter. Compound Global Advisors LLC bought a new position in Western Alliance Bancorporation during the 2nd quarter worth about $41,000. Finally, PenderFund Capital Management Ltd. purchased a new position in Western Alliance Bancorporation during the 2nd quarter valued at about $43,000. 79.15% of the stock is currently owned by institutional investors.
About Western Alliance Bancorporation
(Get Free Report)
Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Its principal subsidiary, Western Alliance Bank, provides commercial and consumer banking services to businesses, institutions, entrepreneurs and individuals.
The company offers a range of financial products and services, including commercial and industrial loans, commercial real estate lending, residential mortgage warehouse financing, deposit accounts, treasury management, digital banking, payment services and personal banking products.
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Analysts on Wall Street project that Western Alliance (WAL - Free Report) will announce quarterly earnings of $2.43 per share in its forthcoming report, representing an increase of 6.6% year over year. Revenues are projected to reach $989.04 million, increasing 4.3% from the same quarter last year.
The current level reflects a downward revision of 5.2% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.
Before a company reveals its earnings, it is vital to take into account any changes in earnings projections. These revisions play a pivotal role in predicting the possible reactions of investors toward the stock. Multiple empirical studies have consistently shown a strong association between trends in earnings estimates and the short-term price movements of a stock.
While investors typically use consensus earnings and revenue estimates as a yardstick to evaluate the company's quarterly performance, scrutinizing analysts' projections for some of the company's key metrics can offer a more comprehensive perspective.
Bearing this in mind, let's now explore the average estimates of specific Western Alliance metrics that are commonly monitored and projected by Wall Street analysts.
The average prediction of analysts places 'Efficiency Ratio' at 56.3%. The estimate is in contrast to the year-ago figure of 57.4%.
The consensus estimate for 'Net Interest Margin' stands at 3.5%. Compared to the present estimate, the company reported 3.5% in the same quarter last year.
Based on the collective assessment of analysts, 'Total Non-Performing - Loan' should arrive at $507.20 million. Compared to the present estimate, the company reported $679.00 million in the same quarter last year.
Analysts predict that the 'Average Balance - Total interest earning assets' will reach $92.52 billion. Compared to the present estimate, the company reported $85.33 billion in the same quarter last year.
It is projected by analysts that the 'Total Non-Performing - Assets' will reach $590.78 million. Compared to the present estimate, the company reported $809.00 million in the same quarter last year.
The collective assessment of analysts points to an estimated 'Tier 1 Leverage Ratio' of 8.3%. The estimate compares to the year-ago value of 8.1%.
Analysts forecast 'Total Capital Ratio' to reach 14.1%. The estimate compares to the year-ago value of 14.2%.
Analysts' assessment points toward 'Tier 1 Capital Ratio' reaching 12.0%. Compared to the current estimate, the company reported 12.4% in the same quarter of the previous year.
The consensus among analysts is that 'Total non-interest income' will reach $169.15 million. The estimate compares to the year-ago value of $187.80 million.
Analysts expect 'Net interest income' to come in at $811.62 million. The estimate is in contrast to the year-ago figure of $750.40 million.
The combined assessment of analysts suggests that 'Net Interest Income (FTE)' will likely reach $822.73 million. The estimate compares to the year-ago value of $760.10 million.
According to the collective judgment of analysts, 'Service charges and fees' should come in at $45.90 million. Compared to the present estimate, the company reported $35.40 million in the same quarter last year.
View all Key Company Metrics for Western Alliance here>>>
Western Alliance shares have witnessed a change of -6.7% in the past month, in contrast to the Zacks S&P 500 composite's +2.1% move. With a Zacks Rank #4 (Sell), WAL is expected underperform the overall market performance in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Wall Street expects a year-over-year increase in earnings on higher revenues when Western Alliance (WAL - Free Report) reports results for the quarter ended September 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on October 19, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis bank holding company is expected to post quarterly earnings of $2.43 per share in its upcoming report, which represents a year-over-year change of +6.6%.
Revenues are expected to be $989.04 million, up 4.3% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 5.19% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Western Alliance?For Western Alliance, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -1.54%.
On the other hand, the stock currently carries a Zacks Rank of #4.
So, this combination makes it difficult to conclusively predict that Western Alliance will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Western Alliance would post earnings of $2.33 per share when it actually produced earnings of $2.22, delivering a surprise of -4.72%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Western Alliance doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Integrated Wealth Concepts LLC lifted its position in shares of Western Alliance Bancorporation (NYSE:WAL – Free Report) by 191.2% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 11,738 shares of the financial services provider’s stock after purchasing an additional 7,707 shares during the quarter. Integrated Wealth Concepts LLC’s holdings in Western Alliance Bancorporation were worth $965,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently bought and sold shares of WAL. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Western Alliance Bancorporation during the 2nd quarter valued at $26,000. Clearstead Advisors LLC raised its position in Western Alliance Bancorporation by 144.6% in the fourth quarter. Clearstead Advisors LLC now owns 411 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 243 shares during the period. Assetmark Inc. raised its position in Western Alliance Bancorporation by 86.0% in the first quarter. Assetmark Inc. now owns 560 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 259 shares during the period. Compound Global Advisors LLC acquired a new position in shares of Western Alliance Bancorporation during the second quarter worth about $41,000. Finally, PenderFund Capital Management Ltd. purchased a new stake in shares of Western Alliance Bancorporation in the second quarter worth about $43,000. Hedge funds and other institutional investors own 79.15% of the company’s stock.
Western Alliance Bancorporation Stock Down 1.1% NYSE:WAL opened at $78.54 on Friday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.81 and a current ratio of 0.86. The company has a market capitalization of $8.57 billion, a price-to-earnings ratio of 8.84, a price-to-earnings-growth ratio of 0.77 and a beta of 1.33. Western Alliance Bancorporation has a one year low of $65.82 and a one year high of $97.23. The stock has a 50-day simple moving average of $80.73 and a 200 day simple moving average of $78.48.
Western Alliance Bancorporation (NYSE:WAL – Get Free Report) last released its earnings results on Tuesday, July 21st. The financial services provider reported $2.36 EPS for the quarter, hitting analysts’ consensus estimates of $2.36. Western Alliance Bancorporation had a return on equity of 13.40% and a net margin of 17.20%.The company had revenue of $995.70 million for the quarter, compared to the consensus estimate of $980.53 million. During the same quarter last year, the business posted $2.07 EPS. Western Alliance Bancorporation’s quarterly revenue was up 17.7% compared to the same quarter last year. Sell-side analysts predict that Western Alliance Bancorporation will post 9.16 EPS for the current fiscal year. Western Alliance Bancorporation Announces Dividend The firm also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Thursday, August 13th were given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Thursday, August 13th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is presently 18.92%.
Analysts Set New Price Targets Several equities analysts recently commented on WAL shares. JPMorgan Chase & Co. boosted their price target on Western Alliance Bancorporation from $90.00 to $93.00 and gave the stock a “neutral” rating in a research report on Thursday, July 23rd. Wells Fargo & Company boosted their target price on shares of Western Alliance Bancorporation from $79.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Monday, August 10th. Truist Financial raised their price target on shares of Western Alliance Bancorporation from $90.00 to $93.00 and gave the company a “buy” rating in a report on Monday, July 27th. Mizuho set a $96.00 price target on shares of Western Alliance Bancorporation in a research note on Thursday, July 23rd. Finally, Citigroup upped their price objective on shares of Western Alliance Bancorporation from $96.00 to $98.00 and gave the company a “buy” rating in a research report on Thursday, June 25th. Ten equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $95.47.
Check Out Our Latest Stock Analysis on Western Alliance Bancorporation
Western Alliance Bancorporation Company Profile (Free Report)
Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking and financial services to businesses, entrepreneurs, professionals and individual customers.
Western Alliance Bank offers commercial and industrial lending, commercial real estate financing, treasury management, deposit products, mortgage warehouse lending and other specialized banking services. Its business lines also serve technology companies, life sciences firms, entertainment businesses, homeowners’ associations, institutional investors and other niche markets.
The company serves customers through a combination of relationship-focused regional banking and specialized national platforms.
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Western Alliance Bancorporation (WAL) Barclays 24th Annual Global Financial Services Conference September 16, 2026 10:30 AM EDT
Company Participants
Kenneth Vecchione - Chairman, President & CEO
Presentation
Unknown Analyst
Good morning, everybody. Thank you for joining us on day 3 of our Financial Services Conference. This morning, we're excited to have Western Alliance joining us and Ken Vecchione, the Chairman, President and CEO.
Ken, thanks for being here. Appreciate you making the trip out.
Kenneth Vecchione
Chairman, President & CEO
My pleasure. Thank you for inviting me.
Question-and-Answer Session
Unknown Analyst
Well, I think there's a lot to discuss clearly with Western Alliance. Maybe we just kick it off with, at Investor Day in May, you laid out medium-term targets. And later in the second quarter, you began acting on them, reframing the story from maximizing balance sheet growth towards optimizing profitability and returning capital. Walk us through what changed and how you think about growth versus value creation and what you want us to understand about the kind of company that Western Alliance is becoming over the next 2 to 3 years.
Kenneth Vecchione
Chairman, President & CEO
Yes. There's a lot to unpack in that simple question. So let me start with why did we pivot? We are generally an organic -- strong organic growth company. And what we found was that we weren't being paid for our excess growth, and it wasn't being reflected in the share price. In addition, the excess growth was being considered as risky growth, which also weighed on our share price.
And we saw our share price where it is and we said, look, the best thing we can do is buy back our shares, and we started to do that. So we took that excess capital and repurchased our shares with it. And we continue
Chairman, President and CEO Ken Vecchione to participate in investor conference discussion on Sept. 16
PHOENIX--(BUSINESS WIRE)--Western Alliance Bancorporation (NYSE: WAL) today announced that Chairman, President and Chief Executive Officer Ken Vecchione will participate in a fireside chat at the Barclays Global Financial Services Conference on Wednesday, September 16, 2026.
The fireside chat is scheduled to begin at 10:30 a.m. Eastern Time (7:30 a.m. Arizona time). A live audio webcast of the presentation will be available at investors.westernalliancebancorporation.com under Events & Presentations. A replay of the webcast will be available following the event.
About Western Alliance Bancorporation
Western Alliance Bancorporation (NYSE: WAL) is one of the country’s top-performing banking companies. Its primary subsidiary, Western Alliance Bank, Member FDIC, is a leading national bank for business that puts customers first, delivering tailored business banking solutions and consumer products backed by outstanding, personalized service and specific expertise in more than 30 industries and sectors. With more than $90 billion in assets and offices nationwide, Western Alliance has ranked as a top U.S. bank by American Banker and Bank Director since 2016. In 2025, Western Alliance Bancorporation was #2 for Best CEO, Best CFO and Best Company Board of Directors on Extel’s All-America Executive Team Mid-Cap Banks list. For more information on offerings, subsidiaries and affiliates, visit www.westernalliancebank.com or follow Western Alliance Bank on LinkedIn.
Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of Western Alliance Bancorporation (NYSE:WAL – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,120,791 shares of the financial services provider’s stock, valued at approximately $174,329,000. Barrow Hanley Mewhinney & Strauss LLC owned about 1.94% of Western Alliance Bancorporation as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors have also modified their holdings of the company. Northwestern Mutual Wealth Management Co. bought a new position in shares of Western Alliance Bancorporation during the 2nd quarter worth approximately $26,000. Clearstead Advisors LLC grew its holdings in Western Alliance Bancorporation by 144.6% in the fourth quarter. Clearstead Advisors LLC now owns 411 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 243 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in Western Alliance Bancorporation in the fourth quarter worth $38,000. Assetmark Inc. increased its position in shares of Western Alliance Bancorporation by 86.0% during the first quarter. Assetmark Inc. now owns 560 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 259 shares in the last quarter. Finally, Compound Global Advisors LLC acquired a new position in shares of Western Alliance Bancorporation during the second quarter worth $41,000. 79.15% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets Several brokerages recently weighed in on WAL. Truist Financial boosted their target price on Western Alliance Bancorporation from $90.00 to $93.00 and gave the stock a “buy” rating in a research note on Monday, July 27th. Piper Sandler raised their price target on Western Alliance Bancorporation from $92.00 to $97.00 and gave the stock an “overweight” rating in a report on Friday, July 24th. Stifel Nicolaus set a $95.00 price target on Western Alliance Bancorporation in a research note on Thursday, July 23rd. Wells Fargo & Company upped their price objective on shares of Western Alliance Bancorporation from $79.00 to $90.00 and gave the company an “equal weight” rating in a report on Monday, August 10th. Finally, Stephens set a $95.00 price objective on shares of Western Alliance Bancorporation and gave the company an “overweight” rating in a research report on Thursday, July 23rd. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $95.47.
View Our Latest Stock Analysis on Western Alliance Bancorporation Insider Buying and Selling In related news, CAO Ben Mucha sold 5,946 shares of Western Alliance Bancorporation stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $81.00, for a total transaction of $481,626.00. Following the completion of the transaction, the chief accounting officer directly owned 3,485 shares in the company, valued at approximately $282,285. This trade represents a 63.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.76% of the stock is currently owned by company insiders.
Western Alliance Bancorporation Price Performance NYSE:WAL opened at $79.78 on Monday. Western Alliance Bancorporation has a one year low of $65.82 and a one year high of $97.23. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.81 and a current ratio of 0.86. The firm has a market cap of $8.70 billion, a price-to-earnings ratio of 8.98, a PEG ratio of 0.77 and a beta of 1.34. The firm’s fifty day moving average is $81.41 and its two-hundred day moving average is $80.15.
Western Alliance Bancorporation (NYSE:WAL – Get Free Report) last released its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $2.36 earnings per share for the quarter, meeting analysts’ consensus estimates of $2.36. The business had revenue of $995.70 million during the quarter, compared to analyst estimates of $980.53 million. Western Alliance Bancorporation had a return on equity of 13.40% and a net margin of 17.20%.The company’s revenue was up 17.7% on a year-over-year basis. During the same quarter last year, the business posted $2.07 EPS. Research analysts expect that Western Alliance Bancorporation will post 9.16 EPS for the current year.
Western Alliance Bancorporation Announces Dividend The business also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Thursday, August 13th will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Thursday, August 13th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is 18.92%.
(Free Report)
Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.
The company’s core offerings include deposit products, treasury management and a variety of lending services.
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Amundi cut its stake in Western Alliance Bancorporation (NYSE:WAL – Free Report) by 21.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 94,836 shares of the financial services provider’s stock after selling 25,776 shares during the period. Amundi owned approximately 0.09% of Western Alliance Bancorporation worth $6,719,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Western Alliance Bancorporation in the fourth quarter valued at about $125,482,000. Price T Rowe Associates Inc. MD increased its position in shares of Western Alliance Bancorporation by 9.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,746,867 shares of the financial services provider’s stock valued at $735,350,000 after purchasing an additional 777,369 shares during the period. Barrow Hanley Mewhinney & Strauss LLC increased its position in shares of Western Alliance Bancorporation by 7.9% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,450,408 shares of the financial services provider’s stock valued at $542,286,000 after purchasing an additional 470,492 shares during the period. AQR Capital Management LLC raised its stake in shares of Western Alliance Bancorporation by 2,331.6% in the fourth quarter. AQR Capital Management LLC now owns 485,508 shares of the financial services provider’s stock valued at $40,817,000 after purchasing an additional 465,541 shares in the last quarter. Finally, M&T Bank Corp raised its stake in shares of Western Alliance Bancorporation by 7,920.9% in the fourth quarter. M&T Bank Corp now owns 315,624 shares of the financial services provider’s stock valued at $26,535,000 after purchasing an additional 311,689 shares in the last quarter. 79.15% of the stock is currently owned by institutional investors and hedge funds.
Western Alliance Bancorporation Stock Performance Shares of NYSE:WAL opened at $82.98 on Thursday. The business has a fifty day moving average of $81.26 and a 200-day moving average of $80.82. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.80 and a current ratio of 0.86. Western Alliance Bancorporation has a twelve month low of $65.82 and a twelve month high of $97.23. The firm has a market cap of $9.05 billion, a PE ratio of 9.34, a price-to-earnings-growth ratio of 0.81 and a beta of 1.34.
Western Alliance Bancorporation (NYSE:WAL – Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $2.36 EPS for the quarter, hitting analysts’ consensus estimates of $2.36. The firm had revenue of $995.70 million for the quarter, compared to analyst estimates of $980.53 million. Western Alliance Bancorporation had a net margin of 17.20% and a return on equity of 13.40%. The company’s revenue was up 17.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.07 EPS. On average, equities research analysts predict that Western Alliance Bancorporation will post 9.16 EPS for the current fiscal year.
Western Alliance Bancorporation Dividend Announcement The company also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Thursday, August 13th will be issued a $0.42 dividend. The ex-dividend date is Thursday, August 13th. This represents a $1.68 annualized dividend and a yield of 2.0%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is currently 18.92%.
Wall Street Analysts Forecast Growth WAL has been the topic of several recent analyst reports. UBS Group boosted their price target on Western Alliance Bancorporation from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. TD Cowen increased their price objective on Western Alliance Bancorporation from $89.00 to $90.00 and gave the stock a “hold” rating in a research note on Monday, July 27th. Keefe, Bruyette & Woods lifted their price objective on Western Alliance Bancorporation from $93.00 to $94.00 and gave the company an “outperform” rating in a report on Thursday, April 23rd. Weiss Ratings upgraded shares of Western Alliance Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, May 26th. Finally, Truist Financial upped their target price on shares of Western Alliance Bancorporation from $90.00 to $93.00 and gave the stock a “buy” rating in a report on Monday, July 27th. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Western Alliance Bancorporation has a consensus rating of “Moderate Buy” and an average target price of $94.82.
Read Our Latest Research Report on WAL
Insider Buying and Selling In other Western Alliance Bancorporation news, CAO Ben Mucha sold 5,946 shares of the business’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $81.00, for a total transaction of $481,626.00. Following the completion of the sale, the chief accounting officer directly owned 3,485 shares of the company’s stock, valued at approximately $282,285. The trade was a 63.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.76% of the stock is currently owned by insiders.
About Western Alliance Bancorporation (Free Report)
Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.
The company’s core offerings include deposit products, treasury management and a variety of lending services.
Read More Five stocks we like better than Western Alliance Bancorporation SpaceX: Love the Company, But the Stock Is a Harder Call Ulta’s Growth Is Real, But So Are the Risks BWX Technologies Is Turning the AI Power Problem Into a Nuclear Growth Story Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth Want to see what other hedge funds are holding WAL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Western Alliance Bancorporation (NYSE:WAL – Free Report).
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First Trust Advisors LP lowered its stake in Western Alliance Bancorporation (NYSE: WAL) by 30.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 220,556 shares of the financial services provider's stock after selling 94,515 shares during the period. First
California Public Employees Retirement System lifted its holdings in shares of Western Alliance Bancorporation (NYSE:WAL – Free Report) by 7.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 207,199 shares of the financial services provider’s stock after acquiring an additional 14,305 shares during the period. California Public Employees Retirement System owned approximately 0.19% of Western Alliance Bancorporation worth $14,680,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. NewEdge Advisors LLC raised its stake in shares of Western Alliance Bancorporation by 71.2% in the first quarter. NewEdge Advisors LLC now owns 7,815 shares of the financial services provider’s stock worth $600,000 after purchasing an additional 3,249 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in Western Alliance Bancorporation by 513.5% during the first quarter. Jones Financial Companies Lllp now owns 1,730 shares of the financial services provider’s stock worth $133,000 after buying an additional 1,448 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Western Alliance Bancorporation by 24.0% during the first quarter. Goldman Sachs Group Inc. now owns 111,883 shares of the financial services provider’s stock worth $8,596,000 after buying an additional 21,642 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Western Alliance Bancorporation by 11.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,529 shares of the financial services provider’s stock valued at $26,701,000 after buying an additional 35,276 shares during the last quarter. Finally, Cetera Investment Advisers raised its position in Western Alliance Bancorporation by 11.3% in the 2nd quarter. Cetera Investment Advisers now owns 7,017 shares of the financial services provider’s stock valued at $547,000 after buying an additional 713 shares during the last quarter. Institutional investors own 79.15% of the company’s stock.
Analyst Ratings Changes A number of equities analysts have issued reports on WAL shares. Stephens set a $95.00 price objective on shares of Western Alliance Bancorporation in a report on Thursday. Weiss Ratings raised shares of Western Alliance Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, May 26th. Citigroup upped their price objective on shares of Western Alliance Bancorporation from $96.00 to $98.00 and gave the stock a “buy” rating in a research report on Thursday, June 25th. UBS Group lifted their target price on shares of Western Alliance Bancorporation from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Monday, April 27th. Finally, DA Davidson set a $36.00 target price on Western Alliance Bancorporation in a report on Wednesday. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $94.41.
Check Out Our Latest Stock Report on Western Alliance Bancorporation
Trending Headlines about Western Alliance Bancorporation Here are the key news stories impacting Western Alliance Bancorporation this week:
Positive Sentiment: Western Alliance’s Q2 earnings call highlighted strong loan growth and profitable growth, reinforcing the view that core business momentum remains healthy. Western Alliance Bancorp (WAL) Q2 2026 Earnings Call Highlights: Strong Loan Growth and … Positive Sentiment: JPMorgan raised its price target on Western Alliance to $93 from $90, suggesting further upside even though it kept a neutral rating. JPMorgan price target update for Western Alliance Bancorporation Positive Sentiment: DA Davidson reaffirmed a buy rating and maintained a $90 price target, signaling continued analyst confidence in the bank’s earnings power and valuation. DA Davidson rating update for Western Alliance Bancorporation Neutral Sentiment: Analyst coverage remains mixed across regional financial stocks, with Western Alliance included among names that still have differing views on credit quality and valuation. Analysts’ Opinions Are Mixed on These Financial Stocks: Western Alliance (WAL), GooseHead Insurance (GSHD) and KeyCorp (KEY) Neutral Sentiment: Regional bank earnings generally showed strong loan and deposit growth, which helped ease industry-wide credit concerns and created a more favorable backdrop for WAL. Regional banks report Q2 2026 earnings, easing credit concerns Western Alliance Bancorporation Price Performance WAL opened at $82.84 on Friday. The firm has a market cap of $9.04 billion, a P/E ratio of 9.33, a PEG ratio of 0.76 and a beta of 1.34. The firm has a 50-day moving average of $80.40 and a 200 day moving average of $81.20. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.81 and a current ratio of 0.85. Western Alliance Bancorporation has a fifty-two week low of $65.82 and a fifty-two week high of $97.23.
Western Alliance Bancorporation (NYSE:WAL – Get Free Report) last posted its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $2.36 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $2.36. The business had revenue of $995.70 million during the quarter, compared to the consensus estimate of $980.53 million. Western Alliance Bancorporation had a net margin of 17.20% and a return on equity of 13.40%. The firm’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same quarter last year, the company posted $2.07 earnings per share. On average, research analysts expect that Western Alliance Bancorporation will post 9.5 EPS for the current year.
Western Alliance Bancorporation Announces Dividend The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Thursday, May 14th were paid a dividend of $0.42 per share. The ex-dividend date was Thursday, May 14th. This represents a $1.68 annualized dividend and a dividend yield of 2.0%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is presently 18.92%.
Insider Activity at Western Alliance Bancorporation In related news, CAO Ben Mucha sold 5,946 shares of Western Alliance Bancorporation stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $81.00, for a total value of $481,626.00. Following the sale, the chief accounting officer owned 3,485 shares of the company’s stock, valued at approximately $282,285. The trade was a 63.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 2.76% of the company’s stock.
Western Alliance Bancorporation Company Profile (Free Report)
Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.
The company’s core offerings include deposit products, treasury management and a variety of lending services.
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PHOENIX--(BUSINESS WIRE)--Western Alliance Bank (NYSE: WAL), a leading national commercial bank with over $90 billion in assets, today formally announced the launch of WA VenueX™, an institutional financial platform that provides real-time U.S. dollar liquidity and supports digital asset activity within a regulated banking environment. WA VenueX Network™ is Western Alliance Bank's 24/7 U.S. dollar (USD) instant settlement network for approved institutional digital asset businesses. Since its in.
Western Alliance Bancorporation remains a 'buy' as revenue and profitability continue to climb, with shares trading at compelling valuation multiples. WAL's Q2 2026 results featured net interest income of $716.5M, revenue above expectations, and net profit growth, despite a slight EPS miss. Asset quality is robust, with ROA at 1.09% and ROE at 10.83%, though non-performing loans rose to 0.92%, exceeding preferred thresholds.
3 Regional Bank Stocks That Crushed Q3 EarningsWestern Alliance Bancorporation NYSE: WAL reported stronger second-quarter 2026 earnings, with management pointing to commercial loan growth, higher net interest income and stable credit trends while outlining a shift toward greater share repurchases and deposit cost optimization.
Chairman, President and Chief Executive Officer Ken Vecchione said the quarter reflected “broad-based C&I-driven loan growth, strong net interest income, PP&R expansion, stable net interest margin, and continued balance sheet strength.” He said the company has begun executing several initiatives discussed at its May Investor Day, including reducing higher-cost deposits and expanding its share repurchase program.
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Banking and trucking: Is the economy rolling toward troubles?Western Alliance is approaching the $100 billion asset threshold, with total assets remaining just below $99 billion at quarter-end. Vecchione said the bank is entering its next phase “from a position of strength,” citing growth, improving profitability and greater capital returns.
Loan Growth Led by Commercial and Industrial Lending Held-for-investment loans increased by $1.8 billion during the quarter, with more than 80% of the growth coming from commercial and industrial categories, according to Chief Financial Officer Vishal Idnani. Average HFI loan growth was $1.1 billion, contributing to average earning asset growth of $2.7 billion.
PacWest, First Horizon Shares Plummet On Continued Bank WorriesIdnani said commercial banking grew by $950 million, led by specialty commercial banking verticals and Hotel Franchise Finance within commercial real estate. C&I loans now account for nearly 49% of the HFI portfolio, while CRE excluding construction has declined to 19.5% of the portfolio.
Management said the company continues to see a strong loan origination pipeline, but it revised its full-year loan growth outlook to $5 billion from a higher prior expectation. Vecchione said the reduction reflects a capital allocation decision rather than a lack of demand, allowing the bank to direct more capital toward share repurchases while still producing growth expected to rank near the top of its peer group.
Net Interest Income Rises as Margin Holds Steady Net interest income rose to $797 million, up 4% from the prior quarter and 14% from a year earlier. Idnani attributed the increase primarily to earning asset growth, including loan growth and higher average securities balances.
The net interest margin was essentially stable, declining one basis point from the prior quarter to 3.53%. Idnani said lower funding costs helped offset the modest impact of remixing loans toward C&I from CRE and slightly lower average earning asset yields.
Western Alliance’s securities yield increased five basis points to 4.64%, while HFI loan yields declined three basis points to 5.82%. Interest-bearing deposit costs declined one basis point to 2.74%, and overall liability funding costs fell three basis points to 1.96%.
Management said deposit optimization efforts should continue to lower interest expense and deposit costs. Vecchione said the bank reduced higher-cost deposits by more than $1 billion late in the second quarter and another $1 billion in the first few weeks of the third quarter.
Deposit Optimization Drives Revised Growth Outlook Total deposits ended the quarter at $81.9 billion, up $10.8 billion from a year earlier but down $849 million from the prior quarter. Idnani said the linked-quarter decline reflected the intentional reduction of about $1.2 billion in higher-cost deposits.
Vecchione said Western Alliance expects to transition roughly $3 billion of higher-cost deposits off the balance sheet for the year. He said the bank is taking a “finesse” approach with clients, helping them transition certain balances while maintaining broader relationships that may include loans, operating accounts and treasury management services.
Management lowered its full-year deposit growth outlook to $6 billion, citing reduced funding needs and continued efforts to remix the deposit base. The company expects total deposits to grow by about $1 billion in the third quarter despite additional higher-cost deposit reductions, with fourth-quarter deposits expected to be roughly flat.
Executives highlighted lower-cost deposit channels such as HOA, Business Escrow Services, Corporate Trust, Juris Banking and digital assets as areas expected to grow faster than traditional deposit channels.
Fee Income Outlook Trimmed on Mortgage Headwinds Non-interest income was $199 million, essentially unchanged from the first quarter when excluding $50.5 million of securities gains recorded in that period. Year-over-year, non-interest income increased by about $51 million, or 34%, supported by commercial banking, treasury management and foreign exchange offerings.
Mortgage banking revenue improved from the prior quarter and from a year earlier, but management cited higher rates and tighter spreads as headwinds. Loan production and lock commitment volume were both up double-digit percentages from the prior quarter and year earlier, while the gain-on-sale margin compressed eight basis points from the first quarter to 29 basis points.
Idnani said servicing revenue rebounded to $31 million, mainly because of slower prepayment speeds in a higher-rate environment. He also said Western Alliance generated $6 million in gains from selling covered call options on mortgage bonds as a hedge against mortgage market volatility, with an additional $3 million of income realized in July.
The company reduced its full-year non-interest income growth outlook to 13% to 17%, down from 20% to 25%. Vecchione said mortgage banking revenue is expected to remain in line with second-quarter levels in the third and fourth quarters, citing geopolitical conditions and higher Treasury and mortgage rates.
Credit Trends and Capital Returns in Focus Western Alliance reported provision expense of $80 million, which Idnani said replenished net charge-offs and supported loan growth, primarily in C&I. Net charge-offs declined to 37 basis points. The company reaffirmed its core net charge-off guidance of 25 to 35 basis points for 2026.
Special mention loans declined by $87 million to $316 million, while classified accruing loans fell by $15 million to $440 million. Non-accrual loans increased by $70 million, but management said nearly all of the increase came from a previously disclosed loan that is current on contractual payments.
Vecchione said two of six non-accrual loans discussed at Investor Day have been resolved, with the remaining four expected to be addressed in the second half of 2026. Chief Credit Officer Lynne Herndon said management has “high confidence” in those asset resolutions.
The allowance for loan losses increased to $487 million, or 80 basis points of funded HFI loans, while the allowance for credit losses rose to 89 basis points. Idnani said the reserve ratio is expected to move higher incrementally as the loan portfolio continues to remix toward C&I.
Capital levels remained a central part of the company’s updated outlook. Western Alliance maintained its common equity tier 1 ratio at its targeted 11% level, and its tangible common equity to tangible assets ratio rose to 7%. Tangible book value per share increased $2.10 from the end of the first quarter to $63.24, up 13% year over year.
Vecchione said the company plans $150 million of share repurchases in the second half of 2026. He said Western Alliance’s shares trade at a “meaningful discount” to management’s view of intrinsic value and that buybacks represent an attractive use of capital. In response to analyst questions, he said the bank will continue evaluating the balance between loan growth, risk-adjusted returns, maintaining its 11% CET1 target and repurchasing stock.
Western Alliance now expects 2026 net interest income growth of 12% to 14%, compared with its prior forecast of 11% to 14%. The outlook includes an assumed 25-basis-point rate hike in September, which was not included in previous guidance. The company kept its deposit cost guidance at $650 million to $700 million and operating expense outlook at $1.6 billion to $1.65 billion. Management also said it expects a full-year effective tax rate of 19%.
About Western Alliance Bancorporation (NYSE:WAL)Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.
The company's core offerings include deposit products, treasury management and a variety of lending services.
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Western Alliance Bancorporation (WAL) Q2 2026 Earnings Call July 22, 2026 12:00 PM EDT
Company Participants
Miles Pondelik - Director of Investor Relations & Corporate Development
Kenneth Vecchione - Chairman, President & CEO
Vishal Idnani - Chief Financial Officer
Dale Gibbons - Vice Chairman and Chief Banking Officer, Deposit Initiatives & Innovation
Lynnee Herndon - Chief Credit Officer
Timothy Bruckner - Chief Banking Officer For Regional Banking
Conference Call Participants
David Smith - Truist Securities, Inc., Research Division
Anthony Elian - JPMorgan Chase & Co, Research Division
Jared David Shaw - Barclays Bank PLC, Research Division
Ebrahim Poonawala - BofA Securities, Research Division
Sun Young Lee - TD Cowen, Research Division
Casey Haire
Bernard Von Gizycki - Deutsche Bank AG, Research Division
Gary Tenner - D.A. Davidson & Co., Research Division
Timur Braziler - UBS Investment Bank, Research Division
Christopher McGratty - Keefe, Bruyette, & Woods, Inc., Research Division
Presentation
Operator
Good day, everyone. Welcome to Western Alliance Bancorporation's Second Quarter 2026 Earnings Call. You may also view the presentation today via webcast through the company's website at www.westernalliancebancorporation.com. I would now like to turn the call over to Miles Pondelik, Director of Investor Relations and Corporate Development. Please go ahead, Miles.
Miles Pondelik
Director of Investor Relations & Corporate Development
Good day, everyone. Welcome to Western Alliance Bancorporation's Second Quarter 2026 Earnings Call. You may also view the presentation today via webcast through the company's website at www.westernalliancebancorporation.com.
Our speakers today are Ken Vecchione, Chairman, President and Chief Executive Officer; and Vishal Idnani, Chief Financial Officer. Before I hand the call over to Ken, please note that today's presentation contains forward-looking statements, which are subject to risks, uncertainties and assumptions. Except as required by law, the company does not undertake any obligation to update any forward-looking statements. For a more complete discussion of the risks and uncertainties that could cause actual results to differ materially from any forward-looking statements, please refer to the
Western Alliance (WAL - Free Report) came out with quarterly earnings of $2.22 per share, missing the Zacks Consensus Estimate of $2.33 per share. This compares to earnings of $2.07 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -4.72%. A quarter ago, it was expected that this bank holding company would post earnings of $1.48 per share when it actually produced earnings of $2.22, delivering a surprise of +50%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Western Alliance, which belongs to the Zacks Banks - West industry, posted revenues of $1.01 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 3.28%. This compares to year-ago revenues of $856.1 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Western Alliance shares have lost about 3.7% since the beginning of the year versus the S&P 500's gain of 8.7%.
What's Next for Western Alliance?While Western Alliance has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Western Alliance was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.67 on $1.02 billion in revenues for the coming quarter and $9.50 on $4.06 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - West is currently in the top 20% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Northrim BanCorp (NRIM - Free Report) , is yet to report results for the quarter ended June 2026.
This holding company for Northrim Bank is expected to post quarterly earnings of $0.62 per share in its upcoming report, which represents a year-over-year change of +19.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Northrim BanCorp's revenues are expected to be $53.1 million, up 5.7% from the year-ago quarter.
Western Alliance (WAL - Free Report) reported $1.01 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 17.5%. EPS of $2.22 for the same period compares to $2.07 a year ago.
The reported revenue represents a surprise of +3.28% over the Zacks Consensus Estimate of $973.85 million. With the consensus EPS estimate being $2.33, the EPS surprise was -4.72%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Western Alliance performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Efficiency Ratio: 58% versus the three-analyst average estimate of 55.3%.Net Interest Margin: 3.5% versus 3.3% estimated by three analysts on average.Average Balance - Total interest earning assets: $91.66 billion versus $91.25 billion estimated by two analysts on average.Net charge-offs to average loans - annualized: 0.4% versus 0.4% estimated by two analysts on average.Total non-interest income: $198.8 million versus the three-analyst average estimate of $182.88 million.Service charges and fees: $63.1 million compared to the $65.54 million average estimate based on two analysts.Net gain on loan origination and sale activities: $53.4 million versus $68.1 million estimated by two analysts on average.View all Key Company Metrics for Western Alliance here>>>
Shares of Western Alliance have returned +2.8% over the past month versus the Zacks S&P 500 composite's -0.6% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
Analysts on Wall Street project that Western Alliance (WAL - Free Report) will announce quarterly earnings of $2.33 per share in its forthcoming report, representing an increase of 12.6% year over year. Revenues are projected to reach $973.85 million, increasing 13.8% from the same quarter last year.
Over the last 30 days, there has been a downward revision of 3.2% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.
Before a company reveals its earnings, it is vital to take into account any changes in earnings projections. These revisions play a pivotal role in predicting the possible reactions of investors toward the stock. Multiple empirical studies have consistently shown a strong association between trends in earnings estimates and the short-term price movements of a stock.
While investors typically use consensus earnings and revenue estimates as a yardstick to evaluate the company's quarterly performance, scrutinizing analysts' projections for some of the company's key metrics can offer a more comprehensive perspective.
Given this perspective, it's time to examine the average forecasts of specific Western Alliance metrics that are routinely monitored and predicted by Wall Street analysts.
The consensus among analysts is that 'Net Interest Margin' will reach 3.3%. The estimate compares to the year-ago value of 3.5%.
It is projected by analysts that the 'Efficiency Ratio' will reach 55.3%. Compared to the present estimate, the company reported 60.1% in the same quarter last year.
The combined assessment of analysts suggests that 'Total Non-Performing - Loan' will likely reach $467.40 million. Compared to the current estimate, the company reported $613.00 million in the same quarter of the previous year.
According to the collective judgment of analysts, 'Average Balance - Total interest earning assets' should come in at $91.25 billion. The estimate is in contrast to the year-ago figure of $80.53 billion.
Analysts' assessment points toward 'Total Non-Performing - Assets' reaching $528.29 million. The estimate is in contrast to the year-ago figure of $831.00 million.
Analysts predict that the 'Total non-interest income' will reach $182.88 million. The estimate compares to the year-ago value of $148.30 million.
The consensus estimate for 'Net gain on loan origination and sale activities' stands at $68.10 million. Compared to the present estimate, the company reported $39.40 million in the same quarter last year.
Analysts expect 'Net Interest Income (FTE)' to come in at $801.28 million. The estimate compares to the year-ago value of $707.80 million.
The collective assessment of analysts points to an estimated 'Service charges and fees' of $65.54 million. Compared to the present estimate, the company reported $36.90 million in the same quarter last year.
View all Key Company Metrics for Western Alliance here>>>
Shares of Western Alliance have experienced a change of +4.3% in the past month compared to the +0.5% move of the Zacks S&P 500 composite. With a Zacks Rank #4 (Sell), WAL is expected to underperform the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
PHOENIX--(BUSINESS WIRE)--Western Alliance Bank (NYSE: WAL) has been named one of Arizona's “Most Admired Companies” for 2026 by Az Business magazine and BestCompaniesAZ, recognizing the company's reputation and impact in five areas: workplace culture, innovation, social responsibility, customer opinion and leadership. The annual “Most Admired Companies” awards recognize the contributions and impact that Arizona's best employers bring to the state. For Western Alliance Bank, the recognition ref.
The market expects Western Alliance (WAL - Free Report) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 21. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis bank holding company is expected to post quarterly earnings of $2.33 per share in its upcoming report, which represents a year-over-year change of +12.6%.
Revenues are expected to be $973.85 million, up 13.8% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 3.16% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Western Alliance?For Western Alliance, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -2.98%.
On the other hand, the stock currently carries a Zacks Rank of #4.
So, this combination makes it difficult to conclusively predict that Western Alliance will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Western Alliance would post earnings of $1.48 per share when it actually produced earnings of $2.22, delivering a surprise of +50.00%.
Over the last four quarters, the company has beaten consensus EPS estimates four times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Western Alliance doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Expected Results of an Industry PlayerAnother stock from the Zacks Banks - West industry, RBB (RBB - Free Report) , is soon expected to post earnings of $0.53 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of +1.9%. Revenues for the quarter are expected to be $33.06 million, down 7.7% from the year-ago quarter.
The consensus EPS estimate for RBB has been revised 0.4% higher over the last 30 days to the current level. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -4.49%.
When combined with a Zacks Rank of #1 (Strong Buy), this Earnings ESP makes it difficult to conclusively predict that RBB will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
PHOENIX--(BUSINESS WIRE)--Western Alliance Bank (NYSE: WAL) today announced $33 million in construction financing for Marble Manor Phase I, a 138-unit, mixed-income housing redevelopment located less than two miles northwest of downtown Las Vegas, Nevada. The financing package includes a construction loan consisting of $31 million tax-exempt bonds and $2 million taxable bonds and $19.46 million in tax-exempt permanent bonds. R4 Capital Funding is Western Alliance's originations partner and is t.
PHOENIX--(BUSINESS WIRE)--Western Alliance Bank (NYSE: WAL) today announced that Matt Griesbach, Commercial & Industrial Industry Executive for Aerospace, Defense & Government Contracting, has been named a 2026 Defense & Aerospace Business Visionary by the LA Times Studios, recognizing his role in expanding access to capital across the aerospace and defense sector. Since founding Western Alliance Bank's Aerospace, Defense & Government Contracting Group in late 2023, Griesbach an.
PHOENIX--(BUSINESS WIRE)--Western Alliance Bank (NYSE: WAL) today announced that it has been named to the Forbes 2026 America's Best-in-State Banks List, ranking #1 in Arizona and standing as the only Arizona-based bank included. In its ninth year, the Forbes Best-In-State Banks list is among the industry's most prestigious recognitions. In partnership with market research firm Statista, Forbes surveyed 26,000 U.S. consumers and analyzed more than 1.2 million public online reviews collected bet.
[url="]Western Alliance Bank[/url] (NYSE: WAL) today announced that it has been named to the Forbes 2026 America's Best-in-State Banks List, ranking #1 in Ariz
Award Recognizes Access to Justice Efforts, Commitment to IOLTA Program
PHOENIX--(BUSINESS WIRE)--Western Alliance Bank (NYSE: WAL) has been named a Lyons Den Awardee by the Arizona Bar Foundation for its work in supporting access to justice through the Interest on Lawyers’ Trust Accounts (IOLTA) program. The Lyons Den list represents banks that partner with the Arizona Bar Foundation in demonstrating strong, ongoing support of IOLTA.
The award is named after George Lyons, an Arizona attorney who recognized the importance of strong collaboration between IOLTA institutions and the Foundation.
Western Alliance Bank will be honored at the Foundation’s Annual Awards luncheon at the State Bar’s convention in Tucson on June 25th, 2026, along with other legal leaders who are advancing access to justice.
“At Western Alliance Bank, we are dedicated to improving access to justice for those in Arizona and around the country, and funds from IOLTA accounts are a powerful way to ensure justice is served,” said Paul Hawkins, managing director of Western Alliance Bank’s Juris Banking Group. “It is an honor to be named part of the Lyons Den.”
Along with its work on IOLTA accounts, Western Alliance Bank works with nearly 200,000 Arizona students through Junior Achievement, helping them to gain a foundation in personal finance and career readiness. Western Alliance Bank’s access to justice work also includes Digital Disbursements, the proprietary technology platform that battles fraud and payment options for claimants in class action settlements, helping ensure that more money from these cases reaches claimants more efficiently.
The Arizona Foundation for Legal Services & Education (Arizona Bar Foundation) provides technical and financial assistance to legal aid organizations, schools and community groups and promotes “Access to Justice for All Arizonans” by supporting law-related education and free legal services and by promoting statewide collaborative efforts.
About Us
Western Alliance Bank Western Alliance Bancorporation (NYSE:WAL) is one of the country’s top-performing banking companies. Its primary subsidiary, Western Alliance Bank, Member FDIC, is a leading national bank for business that puts customers first, delivering tailored business banking solutions and consumer products backed by outstanding, personalized service and specific expertise in more than 30 industries and sectors. With $90 billion in assets and offices nationwide, Western Alliance has ranked as a top U.S. bank by American Banker and Bank Director since 2016. In 2025, Western Alliance Bancorporation was #2 for Best CEO, Best CFO and Best Company Board of Directors on Extel’s All-America Executive Team Midcap Banks list.
Western Alliance Juris Banking Solutions, a national banking group within Western Alliance Bank, Member FDIC, brings together a full range of legal industry services and expertise under the same umbrella, including Settlement Services for class action, mass torts and bankruptcy attorneys, claims administrators and related businesses; bankruptcy solutions for court-appointed trustees, debtors in possession, receivers and fiduciaries; Digital Disbursements to facilitate payments to claimants in these matters; and NewLaw Banking, which offers creative, full-service banking solutions for modern law firms and legal technology providers. The Juris Banking Group is part of Western Alliance Bancorporation, which has $90 billion in assets and has ranked as a top U.S. bank by American Banker and Bank Director since 2016. With significant national capabilities, the Juris Banking Group delivers the reach, resources and deep industry knowledge to help businesses capitalize on their opportunities to solve today and succeed tomorrow.
PHOENIX--(BUSINESS WIRE)--Western Alliance Bank today announced that Matthew Leivian has joined as senior managing director of the Institutional Commercial Real Estate Finance team, based in Phoenix, as the bank continues to expand its national CRE lending platform.Leivian will lead a Phoenix-based team focused on building and growing a high-quality institutional loan portfolio. He will originate and structure construction, acquisition, bridge and mini-permanent financing for commercial real est.
Recognition highlights leaders shaping entertainment finance, production funding and music industry growth
PHOENIX--(BUSINESS WIRE)--Western Alliance Bank (NYSE:WAL) today announced that Melanie Krinsky, Senior Managing Director and Head of its Entertainment & Media Group, has been named a 2026 Entertainment Business Visionary by the LA Times Studios, recognizing her role in expanding access to film, television and music financing across North America.
Since founding the Los Angeles-based group in 2021, Krinsky has led more than $2.5 billion in financing for production, post-production, distribution and music clients. The group expanded into music industry financing in 2025, reflecting growing demand for capital across the broader entertainment ecosystem.
Krinsky’s recognition reflects the growing importance of specialized financing in bringing film, television and music projects to market. Her work supports independent studios, distributors and music companies seeking flexible capital to fund production, acquisition and distribution.
“Melanie has redefined how entertainment and media businesses access capital,” said Tim Bruckner, Chief Banking Officer, Regional Banking, Western Alliance Bank. “Her work is enabling clients to move projects forward in a market that continues to grow more complex.”
Recent financing supported award-winning films including “Anora,” the Academy Award® Best Picture 2025 winner distributed in North America by Western Alliance client Neon, and “Everything Everywhere All at Once,” the Academy Award® Best Picture 2023 winner produced and distributed by Western Alliance client A24.
Over a 40-year career, Krinsky has advised clients across film, television and music while mentoring industry professionals and advocating for greater representation across the creative economy. She is a frequent speaker on entertainment and finance panels in the U.S. and internationally.
Read Krinsky’s Entertainment Business Visionary profile:
Melanie Krinsky - Entertainment Business Visionary - Los Angeles Times
View the complete list of 2026 Entertainment Visionaries:
Entertainment Industry's Business Visionaries - Los Angeles Times
About Western Alliance Bank
Western Alliance Bancorporation (NYSE: WAL) is one of the country’s top-performing banking companies and has ranked as a top U.S. bank by American Banker and Bank Director since 2016. Its primary subsidiary, Western Alliance Bank, is a leading national bank for business that puts customers first, delivering tailored business banking solutions and consumer products backed by outstanding, personalized service and specific expertise in more than 30 industries and sectors. With $90 billion in assets and offices nationwide, Western Alliance excels at helping businesses of all sizes capitalize on their opportunities to solve today and succeed tomorrow. For more information on our offerings, subsidiaries and affiliates, visit Western Alliance Bank, Member FDIC, or follow us on LinkedIn.
[url="]Western Alliance Bank[/url] (NYSE: WAL) today announced that Melanie Krinsky, Senior Managing Director and Head of its Entertainment and Media Group, has b
Western Alliance Bancorporation (NYSE: WAL) the parent company of Western Alliance Bank, announced today that Kenneth A. Vecchione, President and Chief Executive Officer, has been appointed Chairman of its Board of Directors, effective as of June 10, 2026. Mr. Vecchione succeeds Bruce Beach, who will continue to serve as a Director and return to the role of Lead Independent Director, which he held from 2010 to 2022.
“Ken has led the company through a number of important milestones in the company’s history during the past eight years as CEO and in two separate tenures as President,” Beach said. “His stewardship has been instrumental in navigating our growth from a small, regionally focused bank to one of the largest commercial banking companies in the U.S. We appreciate his continued commitment to the company and are excited he has agreed to assume this expanded role on our Board of Directors.”
“Bruce brings deep institutional knowledge and proven leadership to the Lead Independent Director role,” said Don Snyder, Chair of the Board’s Nominating and Corporate Governance Committee. “The independent directors have strong confidence in his ability to provide effective oversight and support the Board’s continued focus on performance and accountability.”
Mr. Vecchione was appointed CEO in April 2018 after rejoining the Company in July 2017 as President. He has served in a variety of executive roles in large financial institutions over the past 36 years along with a number of board directorships, including the past 19 years as a Director of Western Alliance.
“It has been my honor to lead Western Alliance through a significant growth period as it has developed into a larger, diversified franchise,” Vecchione said. “As discussed at our recent, inaugural Investor Day, I am proud of the foundation we have built and am eager to lead us through the next phase of our growth and evolution. We are well-positioned to continue generating strong financial results for our shareholders and serving the needs of our extensive client base. I also want to thank Bruce for his four years of service as our Chairman. I appreciate his counsel and am grateful he will continue to serve the Company as a Lead Independent Director.”
About Western Alliance Bancorporation
Western Alliance Bancorporation (NYSE: WAL) is one of the country’s top-performing banking companies. Its primary subsidiary, Western Alliance Bank, Member FDIC, is a leading national bank for business that puts customers first, delivering tailored business banking solutions and consumer products backed by outstanding, personalized service and specific expertise in more than 30 industries and sectors. With over $90 billion in assets and offices nationwide, Western Alliance has ranked as a top U.S. bank by American Banker and Bank Director since 2016. In 2025, Western Alliance Bancorporation was #2 for Best CEO, Best CFO and Best Company Board of Directors on Extel’s All-America Executive Team Mid-Cap Banks list. For more information on offerings, subsidiaries and affiliates, visit www.westernalliancebank.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260615498168/en/
PHOENIX--(BUSINESS WIRE)--Western Alliance Bancorporation (NYSE: WAL) the parent company of Western Alliance Bank, announced today that Kenneth A. Vecchione, President and Chief Executive Officer, has been appointed Chairman of its Board of Directors, effective as of June 10, 2026. Mr. Vecchione succeeds Bruce Beach, who will continue to serve as a Director and return to the role of Lead Independent Director, which he held from 2010 to 2022.“Ken has led the company through a number of important.
Western Alliance Bancorporation (NYSE:WAL – Get Free Report) saw a large drop in short interest in the month of March. As of March 13th, there was short interest totaling 3,688,093 shares, a drop of 22.2% from the February 26th total of 4,739,356 shares. Based on an average daily trading volume, of 2,312,505 shares, the short-interest ratio is presently 1.6 days. Approximately 3.5% of the company’s stock are sold short.
Analyst Ratings Changes A number of analysts have recently weighed in on WAL shares. Weiss Ratings lowered Western Alliance Bancorporation from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, March 20th. National Alliance Securities reiterated a “buy” rating on shares of Western Alliance Bancorporation in a report on Friday, March 6th. TD Cowen cut Western Alliance Bancorporation from a “buy” rating to a “hold” rating and set a $83.00 target price for the company. in a research note on Monday, March 9th. Wells Fargo & Company upgraded Western Alliance Bancorporation from an “underweight” rating to an “equal weight” rating and cut their price target for the stock from $83.00 to $79.00 in a report on Monday, March 9th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $105.00 price target (up from $100.00) on shares of Western Alliance Bancorporation in a research report on Wednesday, January 28th. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Western Alliance Bancorporation has a consensus rating of “Moderate Buy” and an average target price of $97.73.
Get Our Latest Report on Western Alliance Bancorporation
Institutional Inflows and Outflows Several institutional investors and hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its holdings in Western Alliance Bancorporation by 1.6% in the third quarter. Dimensional Fund Advisors LP now owns 3,674,518 shares of the financial services provider’s stock valued at $318,655,000 after purchasing an additional 58,535 shares in the last quarter. William Blair Investment Management LLC lifted its position in shares of Western Alliance Bancorporation by 3.5% during the 3rd quarter. William Blair Investment Management LLC now owns 2,394,722 shares of the financial services provider’s stock worth $207,670,000 after buying an additional 81,386 shares during the last quarter. Congress Asset Management Co. boosted its holdings in shares of Western Alliance Bancorporation by 14.5% in the 3rd quarter. Congress Asset Management Co. now owns 215,419 shares of the financial services provider’s stock valued at $18,681,000 after buying an additional 27,329 shares in the last quarter. MidWestOne Financial Group Inc. grew its position in shares of Western Alliance Bancorporation by 42.4% in the 3rd quarter. MidWestOne Financial Group Inc. now owns 36,559 shares of the financial services provider’s stock valued at $3,170,000 after buying an additional 10,887 shares during the last quarter. Finally, SG Americas Securities LLC raised its stake in Western Alliance Bancorporation by 568.0% during the 3rd quarter. SG Americas Securities LLC now owns 17,355 shares of the financial services provider’s stock worth $1,505,000 after acquiring an additional 14,757 shares in the last quarter. 79.15% of the stock is owned by institutional investors and hedge funds.
Western Alliance Bancorporation Trading Down 3.5% Shares of NYSE:WAL opened at $67.70 on Friday. Western Alliance Bancorporation has a 52 week low of $57.05 and a 52 week high of $97.23. The company’s 50 day moving average is $83.11 and its two-hundred day moving average is $83.26. The company has a current ratio of 0.85, a quick ratio of 0.80 and a debt-to-equity ratio of 0.83. The company has a market cap of $7.44 billion, a PE ratio of 7.76, a P/E/G ratio of 0.59 and a beta of 1.34.
Western Alliance Bancorporation (NYSE:WAL – Get Free Report) last released its quarterly earnings data on Tuesday, January 27th. The financial services provider reported $2.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.19. The business had revenue of $890.80 million during the quarter, compared to analysts’ expectations of $912.69 million. Western Alliance Bancorporation had a net margin of 18.04% and a return on equity of 13.33%. The company’s revenue for the quarter was up 17.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.95 EPS. Equities analysts predict that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.
Western Alliance Bancorporation Announces Dividend The firm also recently declared a quarterly dividend, which was paid on Friday, March 6th. Shareholders of record on Friday, February 20th were issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Friday, February 20th. Western Alliance Bancorporation’s payout ratio is 19.24%.
Western Alliance Bancorporation Company Profile (Get Free Report)
Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.
The company’s core offerings include deposit products, treasury management and a variety of lending services.
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Experienced industry bankers added to support law firms and legal organizations nationwide
PHOENIX--(BUSINESS WIRE)--Western Alliance Bank (NYSE: WAL) today announced the expansion of its Full-Service Juris Banking team, strengthening Juris Banking Group’s capabilities to support law firms, legal technology providers and other legal businesses across the country.
Western Alliance Bank expands its Juris Banking Group banking team, bringing deeper industry experience to support law firms nationwide.
Share The expanded team is led by Paul Hawkins, Managing Director, and supports the bank’s Juris Banking group, which provides comprehensive banking solutions tailored to the legal industry.
Launched in 2019, Western Alliance’s Juris Banking Group delivers specialized services across full-service banking settlement services, digital disbursements and specialized banking for bankruptcy matters and professional fiduciaries.
Hawkins reports to Francesca Castagnola, Senior Managing Director of the Juris Banking Group, and leads a nationwide team focused on meeting the complete banking needs of legal services organizations. He brings more than 25 years of banking experience working with law firms and law-adjacent businesses nationwide.
As part of the expansion, Western Alliance added the following leaders to its Full-Service Juris Banking team, each responsible for defined regional territories:
Eric Thompson, Senior Director – Pennsylvania, West Virginia, Ohio and Michigan Kameron Cochran, Director – Texas, New Mexico, Kansas, Arkansas and Louisiana Jamal Galehdari, Director – Indiana, Illinois, Wisconsin, Minnesota, Iowa and Missouri Jennifer McWilliams, Director – North Carolina, South Carolina, Georgia, Kentucky, Tennessee, Alabama and Mississippi Alana Scanlan, Director – Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Florida and Washington, D.C. Ken Weinland, Director – Colorado, Arizona and California They join an established Full-Service Juris Banking team that includes Sarah Guindy, Senior Director, Nevada; Ken Vrana, Senior Director, New York; and Donna Jackson, Vice President, Southern California.
In addition, Jon‑Michael Agli, Director; Lefteri Giasemis, Vice President; and Nicholas Krebs, Relationship Manager, joined Western Alliance to support the expanded team and deliver tailored banking solutions and personalized service to legal industry clients.
“The Juris Banking Group is dedicated to providing law firms and other organizations in the legal sector address complex financial needs and support their long‑term growth,” said Castagnola. “This expanded team brings deep experience and a strong understanding of the legal industry, which allows us to serve clients with greater focus and scale.”
Hawkins added, “Western Alliance Bank’s Juris Banking Group brings together industry knowledge and full‑service banking capabilities designed for legal professionals. We’re excited to support law firms and legal businesses as they grow and adapt in a changing environment.”
To learn more about Western Alliance’s Juris Banking Group Bank visit westernalliancebank.com/legal.
About Western Alliance Bank
Western Alliance Bancorporation (NYSE: WAL) is one of the country’s top-performing banking companies and has ranked as a top U.S. bank by American Banker and Bank Director since 2016. Its primary subsidiary, Western Alliance Bank, is a leading national bank for business that puts customers first, delivering tailored business banking solutions and consumer products backed by outstanding, personalized service and specific expertise in more than 30 industries and sectors. With $90 billion in assets and offices nationwide, Western Alliance excels at helping businesses of all sizes capitalize on their opportunities to solve today and succeed tomorrow. For more information on our offerings, subsidiaries and affiliates, visit Western Alliance Bank, Member FDIC, or follow us on LinkedIn.
About Western Alliance Juris Banking Solutions
Western Alliance Juris Banking Solutions, a national banking group within Western Alliance Bank, Member FDIC, brings together a full range of legal industry services and expertise under the same umbrella, including Full-Service Juris Banking, which offers creative, full-service banking solutions for modern law firms and legal technology providers; Settlement Services for class action, mass torts and bankruptcy attorneys, claims administrators and related businesses; bankruptcy solutions for court-appointed trustees, debtors in possession, receivers and fiduciaries; and Digital Disbursements to facilitate payments to claimants in these matters. The Juris Banking Group is part of Western Alliance Bancorporation, which has $90 billion in assets and has ranked as a top U.S. bank by American Banker and Bank Director since 2016. With significant national capabilities, the Juris Banking Group delivers the reach, resources and deep industry knowledge to help businesses capitalize on their opportunities to solve today and succeed tomorrow.
Award recognizes Western Alliance Bank’s transformation into a unified national commercial brand
PHOENIX--(BUSINESS WIRE)--Western Alliance Bank (NYSE: WAL) today announced it has earned a 2026 Portfolio Award from the Financial Communications Society (FCS) for its successful Brand Unity initiative.
Western Alliance earns a 2026 Financial Communications Society Portfolio Award for its Brand Unity initiative, recognizing the bank’s transformation into a single, unified national commercial brand.
Share In 2025, Western Alliance Bank completed a major strategic milestone with the rollout of Brand Unity, an enterprise-wide marketing and communications effort that clearly articulated why, how and when six division bank brands would align under the Western Alliance name. The initiative supported the bank’s National Commercial Bank Strategy by delivering a more seamless, consistent brand experience for customers across touchpoints.
“Western Alliance is a people-first organization, and our teams across all divisions delivered an extraordinary effort to ensure Brand Unity would be frictionless for the bank’s thousands of customers with hundreds of thousands of accounts,” said Tim Boothe, Chief Administration Officer, Western Alliance Bank. “We are proud to preserve the market-leading service and agility of our legacy brands, while elevating awareness for Western Alliance’s powerful capabilities as one bank with one brand.”
According to the Financial Communications Society, more than 140 companies submitted over 600 entries for consideration in the 32nd Annual FCS Portfolio Awards, which will be held in NYC on May 7, 2026.
The full list of financial institutions earning 2026 FCS Portfolio Awards can be found here: 2026 FCS Portfolio Award Winners.
About Western Alliance Bank
Western Alliance Bancorporation (NYSE: WAL) is one of the country’s top-performing banking companies and has ranked as a top U.S. bank by American Banker and Bank Director since 2016. Its primary subsidiary, Western Alliance Bank, is a leading national bank for business that puts customers first, delivering tailored business banking solutions and consumer products backed by outstanding, personalized service and specific expertise in more than 30 industries and sectors. With $90 billion in assets and offices nationwide, Western Alliance excels at helping businesses of all sizes capitalize on their opportunities to solve today and succeed tomorrow. For more information on our offerings, subsidiaries and affiliates, visit Western Alliance Bank, Member FDIC, or follow us on LinkedIn.
Returning Partner to Mission Housing Provides $78M in Construction Financing and Tax Credit Equity for 136-Unit Permanent Supportive Housing Development at 16th and Mission
SAN FRANCISCO--(BUSINESS WIRE)--Western Alliance Bank (NYSE: WAL) is providing $77.9 million in construction financing and Low Income Housing Tax Credit equity for The Marvel in the Mission, the largest affordable housing development in San Francisco’s Mission District. The 136‑unit permanent supportive housing community will serve low‑income families and formerly unhoused residents at the intersection of 16th and Mission streets.
Western Alliance Bank is providing $78 million in construction financing and tax credit equity for The Marvel in the Mission, a 136-unit permanent supportive housing development at 16th and Mission.
Share Western Alliance will join Mission Housing Development Corporation, the Mission Economic Development Agency (MEDA) and community leaders on April 23 for a groundbreaking ceremony marking the start of construction on Phase 1 at 1979 Mission Street, steps from the 16th Street BART Plaza.
The Marvel in the Mission addresses San Francisco’s ongoing shortage of affordable housing and supportive services for residents experiencing or at risk of homelessness. Phase 1 will deliver 136 units for households earning 30% to 50% of area median income. When fully complete, the multi-building development will provide nearly 400 deeply affordable homes across the Mission district.
Permanent supportive housing, which combines long-term affordable housing with on-site services, will be delivered by Mission Housing and Lutheran Social Services to support resident stability.
Western Alliance Bank’s Financing Role
Western Alliance Bank’s Affordable Housing Finance Group is providing a $56.3 million tax-exempt construction loan, which will convert to a $5.6 million permanent loan at stabilization. The bank is also investing $21.6 million in Low Income Housing Tax Credit (LIHTC) equity, representing 49% of the project’s total equity, through the SFMH Club Fund.
“Sixteenth and Mission is one of the most storied intersections in San Francisco, and one of the most in need,” said Mieke Holkeboer, Director, Affordable Housing Finance, Western Alliance Bank. “Mission Housing and MEDA have designed a community that offers more than housing. It offers stability, dignity and support. It has been a privilege to work alongside this team on a project that will have a lasting impact in the Mission.”
The Marvel in the Mission marks a return partnership for Western Alliance Bank and Mission Housing, following their Scattered Sites project, which renovated 69 public housing units across five San Francisco buildings. That project reinforced a shared commitment to doing complex, community-driven deals that go beyond the typical. With The Marvel in the Mission, Western Alliance serves as both senior lender and, through a partnership with LIHTC syndicator Merritt Community Capital Corporation, as the project’s largest equity participant.
“The Marvel in the Mission is a historic development that required true financial partners and community allies, not just banks who present themselves as such in order to underwrite a deal,” said The Marvel’s co-developers Mission Housing and Mission Economic Development Agency. “We’re very fortunate to have found these partners. They all truly care about the future and well-being of our neighborhood and the people who will live here in the future. The Marvel in the Mission would not have been built without them so we’re truly grateful for their partnership and commitment to our communities.”
The project also reflects Western Alliance Bank’s expanding presence in San Francisco. The bank recently opened a full‑service banking office at 201 Montgomery St. in the Financial District, reinforcing its long‑term commitment to the city.
“Western Alliance Bank is continuing to invest in San Francisco in a meaningful and sustained way from affordable housing to our growing local banking presence,” said Philipp Smaczny, Senior Managing Director, Affordable Housing Finance, Western Alliance Bank. “The Marvel in the Mission reflects the role we aim to play, bringing capital, expertise and trusted partnerships together to deliver outcomes that strengthen communities.”
Construction is underway, with completion expected in December 2027 and leasing anticipated to begin in March 2027. Future phases will include 134 units of family housing on Mission Street and 121 units on Capp Street. Additional project details and information on The Marvel in the Mission and the April 23 groundbreaking are available at www.1979missionsf.com.
About Western Alliance Bank
Western Alliance Bancorporation (NYSE: WAL) is one of the country’s top-performing banking companies and has ranked as a top U.S. bank by American Banker and Bank Director since 2016. Its primary subsidiary, Western Alliance Bank, is a leading national bank for business that puts customers first, delivering tailored business banking solutions and consumer products backed by outstanding, personalized service and specific expertise in more than 30 industries and sectors. With $90 billion in assets and offices nationwide, Western Alliance excels at helping businesses of all sizes capitalize on their opportunities to solve today and succeed tomorrow. For more information on our offerings, subsidiaries and affiliates, visit Western Alliance Bank, Member FDIC, or follow us on LinkedIn.
Western Alliance (WAL - Free Report) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.
The earnings report, which is expected to be released on April 21, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis bank holding company is expected to post quarterly earnings of $1.48 per share in its upcoming report, which represents a year-over-year change of -17.3%.
Revenues are expected to be $959.46 million, up 21.7% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 1.95% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Western Alliance?For Western Alliance, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -6.71%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that Western Alliance will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Western Alliance would post earnings of $2.4 per share when it actually produced earnings of $2.59, delivering a surprise of +7.92%.
Over the last four quarters, the company has beaten consensus EPS estimates four times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Western Alliance doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Expected Results of an Industry PlayerAnother stock from the Zacks Banks - West industry, WaFd (WAFD - Free Report) , is soon expected to post earnings of $0.74 per share for the quarter ended March 2026. This estimate indicates a year-over-year change of +13.9%. Revenues for the quarter are expected to be $190.66 million, up 6.1% from the year-ago quarter.
The consensus EPS estimate for WaFd has remained unchanged over the last 30 days. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -0.45%.
This Earnings ESP, combined with its Zacks Rank #4 (Sell), makes it difficult to conclusively predict that WaFd will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates two times.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Analysts on Wall Street project that Western Alliance (WAL - Free Report) will announce quarterly earnings of $1.48 per share in its forthcoming report, representing a decline of 17.3% year over year. Revenues are projected to reach $959.46 million, increasing 21.7% from the same quarter last year.
Over the last 30 days, there has been an upward revision of 1.9% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.
Prior to a company's earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation between trends in earnings estimate revision and the short-term price performance of a stock.
While it's common for investors to rely on consensus earnings and revenue estimates for assessing how the business may have performed during the quarter, exploring analysts' forecasts for key metrics can yield valuable insights.
In light of this perspective, let's dive into the average estimates of certain Western Alliance metrics that are commonly tracked and forecasted by Wall Street analysts.
The combined assessment of analysts suggests that 'Net Interest Margin' will likely reach 3.2%. The estimate is in contrast to the year-ago figure of 3.5%.
According to the collective judgment of analysts, 'Efficiency Ratio' should come in at 55.7%. The estimate compares to the year-ago value of 63.5%.
The consensus estimate for 'Total Non-Performing - Loan' stands at $487.50 million. Compared to the present estimate, the company reported $630.00 million in the same quarter last year.
The collective assessment of analysts points to an estimated 'Average Balance - Total interest earning assets' of $88.95 billion. The estimate is in contrast to the year-ago figure of $77.18 billion.
Analysts predict that the 'Total Non-Performing - Assets' will reach $555.32 million. Compared to the present estimate, the company reported $681.00 million in the same quarter last year.
Analysts forecast 'Total non-interest income' to reach $176.02 million. The estimate compares to the year-ago value of $127.40 million.
The average prediction of analysts places 'Net gain on loan origination and sale activities' at $77.29 million. The estimate is in contrast to the year-ago figure of $49.50 million.
Based on the collective assessment of analysts, 'Net Interest Income (FTE)' should arrive at $767.77 million. Compared to the present estimate, the company reported $660.80 million in the same quarter last year.
Analysts' assessment points toward 'Service charges and fees' reaching $55.09 million. Compared to the present estimate, the company reported $37.20 million in the same quarter last year.
View all Key Company Metrics for Western Alliance here>>>
Shares of Western Alliance have demonstrated returns of +17.7% over the past month compared to the Zacks S&P 500 composite's +6% change. With a Zacks Rank #3 (Hold), WAL is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Western Alliance Bancorp remains a 'buy' as shares are attractively valued and operational momentum continues. WAL has demonstrated robust deposit and loan growth, improved profitability, and prudent capital management, despite some margin compression. Asset quality is solid, with non-accrual loans at 0.85%, and uninsured deposit exposure remains just under the 30% threshold.
Nonperforming (nonaccrual) loans to funded HFI loans of 0.83%, decreased from 0.85% Nonperforming (nonaccrual) loans to funded HFI loans of 0.83%, increased from 0.82% Criticized loans of $1.4 billion, up $75 million Criticized loans of $1.4 billion, down $254 million Repossessed assets of $123 million, down $14 million from $137 million Repossessed assets of $123 million, up $72 million from $51 million Annualized net loan charge-offs to average loans outstanding of 1.45% (or 0.39%, as adjusted1), compared to 0.31% Annualized net loan charge-offs to average loans outstanding of 1.45% (or 0.39%, as adjusted1), compared to 0.20% 1See Reconciliation of Non-GAAP Financial Measures.
FIRST QUARTER 2026 FINANCIAL RESULTS
KEY PERFORMANCE METRICS:
Net interest margin of 3.54%, increased from 3.51% Net interest margin of 3.54%, increased from 3.47% Return on average assets and on tangible common equity1 of 0.80% (or 1.07%, as adjusted1) and 10.5% (or 14.2%, as adjusted1), compared to 1.23% and 16.9%, respectively Return on average assets and on tangible common equity1 of 0.80% (or 1.07%, as adjusted1) and 10.5% (or 14.2%, as adjusted1), compared to 0.97% and 13.4%, respectively Tangible common equity ratio1 of 6.8%, decreased from 7.3% Tangible common equity ratio1 of 6.8%, decreased from 7.2% CET 1 ratio of 11.0%, flat from the prior quarter CET 1 ratio of 11.0%, compared to 11.1% Tangible book value per share1, net of tax, of $61.14, relatively flat from $61.29 Tangible book value per share1, net of tax, of $61.14, an increase of 13.0% from $54.10 Efficiency ratio1 of 55.8%, compared to 55.7% Efficiency ratio1 of 55.8%, a decrease of 7.7%, from 63.5% Efficiency ratio, adjusted for deposit costs1 of 47.5%, compared to 46.5% Efficiency ratio, adjusted for deposit costs1 of 47.5%, a decrease of 8.3%, from 55.8% Share repurchases of $50.0 million, or 0.7 million shares at $71.61 per share 1 See Reconciliation of Non-GAAP Financial Measures.
Income Statement
The Company's first quarter 2026 financial results reflect the impact to provision for credit losses, arising from the charge-off of the remaining $126.4 million balance of the LAM loan. This impact was partially offset by $50.5 million in gains from security sales for the quarter. For reconciliations of the non-GAAP financial measures that exclude the effects of these actions, refer to the reconciliations.
Net interest income totaled $766.3 million in the first quarter 2026, which was relatively flat from $766.2 million in the fourth quarter 2025, but represented an increase of $115.7 million, or 17.8%, compared to the first quarter 2025. The slight increase in net interest income from the fourth quarter 2025 was primarily due to lower deposit and borrowing costs and an increase in average interest bearing assets, which were largely offset by declining yields on interest earning assets. The increase in net interest income from the first quarter 2025 was driven by an increase in average interest earning asset balances and lower rates on interest bearing liabilities, partially offset by an increase in average interest bearing liabilities balances and declining yields on interest earning assets.
The Company recorded a provision for credit losses of $213.2 million in the first quarter 2026, an increase of $140.2 million from $73.0 million in the fourth quarter 2025, and an increase of $182.0 million from $31.2 million in the first quarter 2025. The provision for credit losses during the first quarter 2026 was primarily driven by higher net charge-offs totaling $208.5 million, which included a charge-off of $126.4 million for the remaining balance of the LAM loan and a $26.1 million charge-off from the specific reserve previously established on the Cantor loan.
The Company’s net interest margin was 3.54% in the first quarter 2026, an increase from 3.51% in the fourth quarter 2025, and an increase from 3.47% in the first quarter 2025. Net interest margin increased from the fourth quarter 2025 due to lower rates on deposits and short-term borrowings, partially offset by declining yields on interest earning assets. The increase in net interest margin from the first quarter 2025 was primarily driven by a reduction in interest bearing liability costs resulting from a lower rate environment, partially offset by declining yields on interest earning assets.
Non-interest income was $252.6 million for the first quarter 2026, compared to $214.7 million for the fourth quarter 2025, and $127.4 million for the first quarter 2025. The increase in non-interest income of $37.9 million from the fourth quarter 2025 was primarily due to increases in gain on sales of investment securities of $43.1 million and service charges and fees of $14.9 million, partially offset by a lower net gain on mortgage loan origination and sale activities of $18.4 million. The increase in non-interest income of $125.2 million from the first quarter 2025 was primarily driven by increases in gain on sales of investment securities, service charges and fees, net gain on mortgage loan origination and sale activities, and income from equity investments. These increases were partially offset by a decrease in net loan servicing revenue.
Net revenue totaled $1.0 billion for the first quarter 2026, an increase of $38.0 million, or 3.9%, compared to $980.9 million for the fourth quarter 2025, and an increase of $240.9 million, or 31.0%, compared to $778.0 million for the first quarter 2025.
Non-interest expense was $574.4 million for the first quarter 2026, compared to $552.2 million for the fourth quarter 2025, and $500.4 million for the first quarter 2025. The increase in non-interest expense of $22.2 million from the fourth quarter 2025 was primarily due to an increase of $21.2 million in other non-interest expense and $7.0 million in insurance costs. The increase in other non-interest expense was primarily driven by costs associated with Juris banking, which had comparable growth in service charges and fees within non-interest income, as well as OREO-related charges. Insurance costs increased primarily due to a reduction in the FDIC special assessment recognized in the fourth quarter 2025. These increases were partially offset by a $7.9 million reduction in deposit costs. The increase in non-interest expense of $74.0 million from the first quarter 2025 was primarily attributable to increased deposit costs of $26.5 million, increased salaries and employee benefits of $23.1 million, and a $19.4 million increase in other non-interest expense largely related to Juris banking. These increases were partially offset by decreased insurance costs of $13.2 million. The Company's efficiency ratio was 55.8% for the first quarter 2026, compared to 55.7% for the fourth quarter 2025, and 63.5% for the first quarter 2025. The Company’s efficiency ratio, adjusted for deposit costs1, was 47.5% for the first quarter 2026, compared to 46.5% in the fourth quarter 2025, and 55.8% for the first quarter 2025.
Income tax expense was $42.1 million for the first quarter 2026, compared to $62.5 million for the fourth quarter 2025, and $47.3 million for the first quarter 2025. The decrease in income tax expense from the fourth quarter 2025 and the first quarter 2025 was primarily driven by lower pre-tax income.
Net income was $189.2 million (or $251.3 million, as adjusted1) for the first quarter 2026, a decrease of $104.0 million from $293.2 million for the fourth quarter 2025, and a decrease of $9.9 million from $199.1 million for the first quarter 2025. Earnings per share totaled $1.65 (or $2.22, as adjusted1) for the first quarter 2026, compared to $2.59 for the fourth quarter 2025, and $1.79 for the first quarter 2025.
The Company believes its pre-provision net revenue1 ("PPNR") is a key metric for assessing the Company’s earnings power, which it defines as net revenue less non-interest expense. For the first quarter 2026, the Company’s PPNR1 was $444.5 million, up $15.8 million from $428.7 million in the fourth quarter 2025, and up $166.9 million from $277.6 million in the first quarter 2025.
1 See Reconciliation of Non-GAAP Financial Measures.
Balance Sheet
HFI loans, net of deferred fees, totaled $59.1 billion at March 31, 2026, compared to $58.7 billion at December 31, 2025, and $54.8 billion at March 31, 2025. The increase in HFI loans of $465 million from the prior quarter was primarily driven by increases of $295 million and $113 million in commercial and industrial loans and residential real estate loans, respectively. The increase in HFI loans of $4.4 billion from March 31, 2025 was primarily driven by increases of $4.1 billion, $490 million, and $304 million in commercial and industrial, residential real estate, and commercial real estate non-owner occupied loans, respectively, partially offset by a decrease of $424 million in construction and land development loans. HFS loans totaled $3.9 billion at March 31, 2026, $3.5 billion at December 31, 2025, and $3.2 billion at March 31, 2025. The increase in HFS loans of $438 million from December 31, 2025 was primarily driven by increases of $345 million and $113 million in government-insured or guaranteed and agency-conforming mortgage loans, respectively. The increase in HFS loans of $698 million from March 31, 2025 was primarily driven by increases of $689 million and $110 million in government-insured or guaranteed and non-agency mortgage loans, respectively, partially offset by a $167 million decrease in agency-conforming mortgage loans.
The Company's allowance for credit losses on HFI loans consists of an allowance for funded HFI loans and an allowance for unfunded loan commitments. The allowance for loan losses to funded HFI loans ratio was 0.78% at both at March 31, 2026 and December 31, 2025, and 0.71% , and March 31, 2025. The allowance for credit losses, which includes the allowance for unfunded loan commitments, to funded HFI loans ratio was 0.87% at both March 31, 2026 and December 31, 2025, and 0.77% at March 31, 2025. The Company is a party to credit linked note transactions which effectively transfer a portion of the risk of losses on reference pools of loans to the purchasers of the notes. The Company is protected from first credit losses on reference pools of loans totaling $7.9 billion, $8.1 billion, and $8.5 billion as of March 31, 2026, December 31, 2025, and March 31, 2025, respectively, under these transactions. However, as these note transactions are considered to be free standing credit enhancements, the allowance for credit losses cannot be reduced by the expected credit losses that may be mitigated by these notes. Accordingly, the allowance for loan and credit losses ratios include an allowance related to these pools of loans of $11.2 million as of March 31, 2026, $11.8 million as of December 31, 2025, and $11.9 million as of March 31, 2025. The allowance for credit losses to funded HFI loans ratio, adjusted to reduce the HFI loan balance by the amount of loans in covered reference pools, was 1.00% at March 31, 2026, 1.01% at December 31, 2025, and 0.92% at March 31, 2025.
Deposits totaled $82.7 billion at March 31, 2026, an increase of $5.6 billion from December 31, 2025, and an increase of $13.4 billion from $69.3 billion at March 31, 2025. By deposit type, the increase from the prior quarter is primarily attributable to increases of $3.7 billion, $969 million, and $828 million from non-interest bearing deposits, interest-bearing demand deposits and savings and money market accounts, respectively. From March 31, 2025, non-interest bearing deposits, interest-bearing demand deposits, and savings and money market accounts increased $6.1 billion, $3.9 billion, and $3.7 billion, respectively. Non-interest bearing deposits totaled $28.1 billion at March 31, 2026, compared to $24.4 billion at December 31, 2025, and $22.0 billion at March 31, 2025.
The table below shows the Company's deposit types as a percentage of total deposits:
Mar 31, 2026
Dec 31, 2025
Mar 31, 2025
Non-interest bearing
34.0
%
31.5
%
31.8
%
Interest-bearing demand
23.4
23.9
22.4
Savings and money market
30.7
31.9
31.3
Certificates of deposit
11.9
12.7
14.5
The Company’s ratio of HFI loans to deposits was 71.5% at March 31, 2026, compared to 76.0% at December 31, 2025, and 79.0% at March 31, 2025.
Borrowings totaled $5.6 billion at March 31, 2026, $5.2 billion at December 31, 2025, and $4.2 billion at March 31, 2025. Borrowings increased $370 million from December 31, 2025 driven by a $676 million increase in short-term borrowings, partially offset by a $307 million decrease in long-term borrowings. Borrowings increased $1.5 billion from March 31, 2025, reflecting an increase in short-term borrowings of $2.0 billion, partially offset by a $529 million decrease in long-term borrowings.
Qualifying debt totaled $1.1 billion at March 31, 2026, consistent with the balance at December 31, 2025, and up from $898 million at March 31, 2025. The increase in qualifying debt from March 31, 2025 was primarily due to the issuance of $400 million of subordinated debt during the quarter ended December 31, 2025, partially offset by the repayment of $225 million of subordinated debt during the quarter ended June 30, 2025.
Total equity was $7.9 billion at March 31, 2026, relatively flat from December 31, 2025, and up from $7.2 billion at March 31, 2025. Total equity was flat from the prior quarter, primarily due to net income of $189.2 million, partially offset by changes in accumulated other comprehensive income of $112 million and cash dividends paid during the first quarter, comprised of $46.1 million, or $0.42 per common share, $3.2 million or $0.27 per depositary share, and $7.1 million on preferred stock of the Company's REIT subsidiary. In addition, the Company repurchased 0.7 million shares for $50.0 million during the first quarter of 2026 under the Company's $300 million share repurchase program. The increase in equity from March 31, 2025 was primarily driven by net income, partially offset by dividends to stockholders and share repurchases.
The Company's common equity tier 1 capital ratio was 11.0% at March 31, 2026 and December 31, 2025, compared to 11.1% at March 31, 2025. At March 31, 2026, tangible common equity, net of tax1, was 6.8% of tangible assets1 and total capital was 14.4% of risk-weighted assets. The Company’s tangible book value per share1 was $61.14 at March 31, 2026, relatively flat from $61.29 at December 31, 2025, and an increase of 13.0% from $54.10 at March 31, 2025. The increase in tangible book value per share from March 31, 2025 was primarily attributable to net income.
Total assets increased $6.1 billion, or 6.6%, to $98.9 billion at March 31, 2026 from $92.8 billion at December 31, 2025, and increased 19.0% from $83.0 billion at March 31, 2025. The increase in total assets from December 31, 2025 was primarily driven by increased cash as well as HFI and HFS loans. The increase in total assets from March 31, 2025 was primarily driven by increased cash, investment securities, and HFI and HFS loans.
1 See Reconciliation of Non-GAAP Financial Measures.
Asset Quality
Provision for credit losses totaled $213.2 million for the first quarter 2026, compared to $73.0 million for the fourth quarter 2025, and $31.2 million for the first quarter 2025. Net loan charge-offs in the first quarter 2026 totaled $208.5 million, or 1.45% of average loans (annualized), compared to $44.6 million, or 0.31%, in the fourth quarter 2025, and $25.8 million, or 0.20%, in the first quarter 2025. Net loan charge-offs for the first quarter 2026 included charge-offs for the LAM and Cantor loans totaling $152.5 million. Excluding these two fraud-related charge-offs, net loan charge-offs1 were $56.0 million, or 0.39% of average loans (annualized)1 in the first quarter 2026.
Nonaccrual loans decreased $8 million to $492 million during the quarter and increased $41 million from March 31, 2025. Loans past due 90 days and still accruing interest totaled $56 million at March 31, 2026, $66 million at December 31, 2025, and $44 million at March 31, 2025 (excluding government guaranteed loans of $288 million, $290 million, and $275 million, respectively). Loans past due 30-89 days and still accruing interest totaled $157 million at March 31, 2026, an increase from $108 million at December 31, 2025, and a decrease from $182 million at March 31, 2025 (excluding government guaranteed loans of $94 million, $145 million, and $161 million, respectively). Criticized loans of $1.4 billion increased $75 million during the quarter and decreased $254 million from March 31, 2025.
Repossessed assets totaled $123 million at March 31, 2026, compared to $137 million at December 31, 2025, and $51 million at March 31, 2025. Classified assets of $1.1 billion at March 31, 2026 decreased $18 million from December 31, 2025, and decreased $125 million from March 31, 2025.
The ratio of classified assets to Tier 1 capital plus the allowance for credit losses2, a common regulatory measure of asset quality, was 13.0% at March 31, 2026, compared to 13.3% at December 31, 2025, and 15.9% at March 31, 2025.
1 See Reconciliation of Non-GAAP Financial Measures.
2 The allowance for credit losses used in this ratio is calculated in accordance with regulatory capital rules.
Conference Call and Webcast
Western Alliance Bancorporation will host a conference call and live webcast to discuss its first quarter 2026 financial results at 12:00 p.m. ET on Wednesday, April 22, 2026. Participants may access the call by dialing 1-888-596-4144 and using access code 9350603 or via live audio webcast using the website link https://events.q4inc.com/attendee/403697580. The webcast is also available via the Company’s website at www.westernalliancebancorporation.com. Participants should log in at least 15 minutes early to receive instructions. The call will be recorded and made available for replay after 3:00 p.m. ET April 22nd through 1:00 p.m. ET April 29th by dialing 1-800-770-2030, using access code 9350603.
Reclassifications
Certain amounts in the Consolidated Income Statements for the prior periods have been reclassified to conform to the current presentation. The reclassifications have no effect on net income or stockholders’ equity as previously reported.
Use of Non-GAAP Financial Information
This press release contains both financial measures based on GAAP and non-GAAP based financial measures, which are used where management believes them to be helpful in understanding the Company’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
This release contains forward-looking statements that relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Examples of forward-looking statements include, among others, statements we make regarding our expectations with regard to our business, financial and operating results, including our deposits, liquidity and funding, changes in economic conditions and related impacts on the Company's business, future economic performance and dividends. The forward-looking statements contained herein reflect our current views about future events and financial performance and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from historical results and those expressed in any forward-looking statement. Some factors that could cause actual results to differ materially from historical or expected results include, among others: the risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission; adverse developments in the financial services industry generally and any related impact on depositor behavior; risks related to the sufficiency of liquidity; changes in international trade policies, tariffs and treaties affecting imports and exports, trade disputes, barriers to trade or the emergence of other trade restrictions, and their related impacts on macroeconomic conditions and customer behavior; the potential adverse effects of unusual and infrequently occurring events and any governmental or societal responses thereto; changes in general economic conditions, either nationally or locally in the areas in which we conduct or will conduct our business; the impact on financial markets from geopolitical conflicts such as the wars in Ukraine and the Middle East; inflation, interest rate, market and monetary fluctuations; increases in competitive pressures among financial institutions and businesses offering similar products and services; higher defaults on our loan portfolio than we expect; increased foreclosures and ownership of real property; changes in management’s estimate of the adequacy of the allowance for credit losses; technological risks and developments and cyber threats, attacks or events; emerging external focus among regulators and other officials related to risks in connection with the development and use of artificial intelligence; legislative or regulatory changes or changes in accounting principles, policies or guidelines; supervisory actions by regulatory agencies which may limit our ability to pursue certain growth opportunities, including expansion through acquisitions; additional regulatory requirements resulting from our continued growth; management’s estimates and projections of interest rates and interest rate policy; the execution of our business plan; the outcome of legal proceedings regarding the Cantor Group V loan and the Leucadia Asset Management LLC loan, the amount of funds and/or collateral that may be available for repayment of such loans, and any adverse economic or other events impacting the collateral, borrower or guarantors with respect to such loans; and other factors affecting the financial services industry generally or the banking industry in particular.
Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We do not intend and disclaim any duty or obligation to update or revise any industry information or forward-looking statements, whether written or oral, that may be made from time to time, set forth in this press release to reflect new information, future events or otherwise, except to the extent required by applicable law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur, and you should not put undue reliance on any forward-looking statements.
About Western Alliance Bancorporation
Western Alliance Bancorporation (NYSE:WAL) is one of the country’s top-performing banking companies. Its primary subsidiary, Western Alliance Bank, Member FDIC, is a leading national bank for business that puts customers first, delivering tailored business banking solutions and consumer products backed by outstanding, personalized service and specific expertise in more than 30 industries and sectors. With $90 billion in assets and offices nationwide, Western Alliance has ranked as a top U.S. bank by American Banker and Bank Director since 2016. In 2025, Western Alliance Bancorporation was #2 for Best CEO, Best CFO and Best Company Board of Directors on Extel’s All-America Executive Team Midcap Banks list. For more information on offerings, subsidiaries and affiliates, visit www.westernalliancebank.com or follow Western Alliance Bank on LinkedIn.
Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited
Selected Balance Sheet Data:
As of March 31,
2026
2025
Change %
(in millions)
Total assets
$
98,853
$
83,043
19.0
%
Loans held for sale
3,936
3,238
21.6
Loans HFI, net of deferred fees
59,142
54,761
8.0
Investment securities
20,392
15,868
28.5
Total deposits
82,723
69,322
19.3
Borrowings
5,610
4,151
35.1
Qualifying debt
1,072
898
19.4
Total equity
7,908
7,215
9.6
Tangible common equity, net of tax (1)
6,677
5,973
11.8
Common equity Tier 1 capital
7,050
6,311
11.7
Selected Income Statement Data:
For the Three Months Ended March 31,
2026
2025
Change %
(in millions, except per share data)
Interest income
$
1,188.2
$
1,095.6
8.5
%
Interest expense
421.9
445.0
(5.2
)
Net interest income
766.3
650.6
17.8
Provision for credit losses
213.2
31.2
NM
Net interest income after provision for credit losses
553.1
619.4
(10.7
)
Non-interest income
252.6
127.4
98.3
Non-interest expense
574.4
500.4
14.8
Income before income taxes
231.3
246.4
(6.1
)
Income tax expense
42.1
47.3
(11.0
)
Net income
189.2
199.1
(5.0
)
Net income attributable to noncontrolling interest
7.1
—
NM
Net income attributable to Western Alliance
182.1
199.1
(8.5
)
Dividends on preferred stock
3.2
3.2
—
Net income available to common stockholders
$
178.9
$
195.9
(8.7
)
Diluted earnings per common share
$
1.65
$
1.79
(7.8
)
(1)
See Reconciliation of Non-GAAP Financial Measures.
NM
Changes +/- 100% are not meaningful.
Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited
Common Share Data:
At or For the Three Months Ended March 31,
2026
2025
Change %
Diluted earnings per common share / as adjusted (1)
$
1.65
/
$
2.22
$
1.79
(7.8
)%
Book value per common share
67.03
60.03
11.7
Tangible book value per common share, net of tax (1)
61.14
54.10
13.0
Average common shares outstanding
(in millions):
Basic
108.2
108.8
(0.6
)
Diluted
108.7
109.6
(0.8
)
Common shares outstanding
109.2
110.4
(1.1
)
Selected Performance Ratios:
Return on average assets / as adjusted (1, 2)
0.80% /
1.07
%
0.97
%
(17.5
)%
Return on average tangible common equity / as adjusted (1, 2)
10.5 /
14.2
13.4
(21.6
)
Net interest margin (2)
3.54
3.47
2.0
Efficiency ratio (1)
55.8
63.5
(12.1
)
Efficiency ratio, adjusted for deposit costs (1)
47.5
55.8
(14.9
)
HFI loan to deposit ratio
71.5
79.0
(9.5
)
Asset Quality Ratios:
Net charge-offs to average loans outstanding / as adjusted (1, 2)
1.45% /
0.39
%
0.20
%
NM
Nonaccrual loans to funded HFI loans
0.83
0.82
1.2
Nonaccrual loans and repossessed assets to total assets
0.62
0.60
3.3
Allowance for loan losses to funded HFI loans
0.78
0.71
9.9
Allowance for credit losses to funded HFI loans
0.87
0.77
13.0
Allowance for loan losses to nonaccrual HFI loans
94
86
9.3
Allowance for credit losses to nonaccrual HFI loans
105
94
11.7
Capital Ratios:
Mar 31, 2026
Dec 31, 2025
Mar 31, 2025
Tangible common equity (1)
6.8
%
7.3
%
7.2
%
Common Equity Tier 1 (3)
11.0
11.0
11.1
Tier 1 Leverage ratio (3)
8.1
8.2
8.6
Tier 1 Capital (3)
12.0
12.1
12.3
Total Capital (3)
14.4
14.5
14.5
(1)
See Reconciliation of Non-GAAP Financial Measures.
(2)
Annualized on an actual/actual basis for periods less than 12 months.
(3)
Capital ratios for March 31, 2026 are preliminary.
NM
Changes +/- 100% are not meaningful. Western Alliance Bancorporation and Subsidiaries
Condensed Consolidated Income Statements
Unaudited
Three Months Ended March 31,
2026
2025
(in millions, except per share data)
Interest income:
Loans
$
915.7
$
881.0
Investment securities
219.9
168.0
Other
52.6
46.6
Total interest income
1,188.2
1,095.6
Interest expense:
Deposits
360.7
378.3
Qualifying debt
13.1
9.3
Borrowings
48.1
57.4
Total interest expense
421.9
445.0
Net interest income
766.3
650.6
Provision for credit losses
213.2
31.2
Net interest income after provision for credit losses
553.1
619.4
Non-interest income:
Service charges and fees
88.5
40.5
Net gain on mortgage loan origination and sale activities
72.7
49.5
Net loan servicing (loss) revenue
(1.3
)
21.8
Income from bank owned life insurance
10.7
11.4
Gain on sales of investment securities
50.5
2.1
Fair value gain adjustments, net
3.1
1.0
Income (loss) from equity investments
13.3
(4.8
)
Other
15.1
5.9
Total non-interest income
252.6
127.4
Non-interest expenses:
Salaries and employee benefits
205.5
182.4
Deposit costs
163.3
136.8
Data processing
53.1
45.2
Legal, professional, and directors' fees
30.6
28.9
Insurance
24.7
37.9
Occupancy
19.2
17.2
Loan servicing expenses
16.7
16.4
Business development and marketing
9.5
5.9
Loan acquisition and origination expenses
7.9
5.2
Other
43.9
24.5
Total non-interest expense
574.4
500.4
Income before income taxes
231.3
246.4
Income tax expense
42.1
47.3
Net income
189.2
199.1
Net income attributable to noncontrolling interest
7.1
—
Net income attributable to Western Alliance
182.1
199.1
Dividends on preferred stock
3.2
3.2
Net income available to common stockholders
$
178.9
$
195.9
Earnings per common share:
Diluted shares
108.7
109.6
Diluted earnings per share
$
1.65
$
1.79
Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Income Statements
Unaudited
Three Months Ended
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
(in millions, except per share data)
Interest income:
Loans
$
915.7
$
936.2
$
948.3
$
914.3
$
881.0
Investment securities
219.9
221.6
231.7
201.5
168.0
Other
52.6
59.6
45.5
38.6
46.6
Total interest income
1,188.2
1,217.4
1,225.5
1,154.4
1,095.6
Interest expense:
Deposits
360.7
383.5
398.2
377.8
378.3
Qualifying debt
13.1
9.0
6.3
8.2
9.3
Borrowings
48.1
58.7
70.6
70.8
57.4
Total interest expense
421.9
451.2
475.1
456.8
445.0
Net interest income
766.3
766.2
750.4
697.6
650.6
Provision for credit losses
213.2
73.0
80.0
39.9
31.2
Net interest income after provision for credit losses
553.1
693.2
670.4
657.7
619.4
Non-interest income:
Service charges and fees
88.5
73.6
40.5
39.7
40.5
Net gain on mortgage loan origination and sale activities
72.7
91.1
75.5
39.4
49.5
Net loan servicing (loss) revenue
(1.3
)
(1.4
)
19.1
38.3
21.8
Income from bank owned life insurance
10.7
11.8
11.8
11.0
11.4
Gain on sales of investment securities
50.5
7.4
8.5
11.4
2.1
Fair value gain adjustments, net
3.1
3.5
8.3
0.1
1.0
Income (loss) from equity investments
13.3
12.2
7.8
2.9
(4.8
)
Other
15.1
16.5
16.3
5.5
5.9
Total non-interest income
252.6
214.7
187.8
148.3
127.4
Non-interest expenses:
Salaries and employee benefits
205.5
201.7
193.5
179.9
182.4
Deposit costs
163.3
171.2
175.1
147.4
136.8
Data processing
53.1
48.9
48.1
45.0
45.2
Legal, professional, and directors' fees
30.6
33.6
28.1
25.3
28.9
Insurance
24.7
17.7
24.5
37.4
37.9
Occupancy
19.2
19.7
16.8
16.9
17.2
Loan servicing expenses
16.7
17.7
15.0
20.1
16.4
Business development and marketing
9.5
11.1
5.6
6.1
5.9
Loan acquisition and origination expenses
7.9
7.9
7.3
5.8
5.2
Other
43.9
22.7
30.4
30.8
24.5
Total non-interest expense
574.4
552.2
544.4
514.7
500.4
Income before income taxes
231.3
355.7
313.8
291.3
246.4
Income tax expense
42.1
62.5
53.3
53.5
47.3
Net income
189.2
293.2
260.5
237.8
199.1
Net income attributable to noncontrolling interest
7.1
7.1
7.1
7.4
—
Net income attributable to Western Alliance
182.1
286.1
253.4
230.4
199.1
Dividends on preferred stock
3.2
3.2
3.2
3.2
3.2
Net income available to common stockholders
$
178.9
$
282.9
$
250.2
$
227.2
$
195.9
Earnings per common share:
Diluted shares
108.7
109.3
109.8
109.6
109.6
Diluted earnings per share
$
1.65
$
2.59
$
2.28
$
2.07
$
1.79
Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Balance Sheets
Unaudited
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
(in millions)
Assets:
Cash and due from banks
$
8,554
$
3,596
$
5,756
$
2,767
$
3,279
Investment securities
20,392
20,438
18,841
18,601
15,868
Loans held for sale
3,936
3,498
3,502
3,022
3,238
Loans held for investment:
Commercial and industrial
28,223
27,928
25,734
24,920
24,117
Commercial real estate - non-owner occupied
10,344
10,340
10,487
10,255
10,040
Commercial real estate - owner occupied
1,711
1,683
1,682
1,749
1,787
Construction and land development
4,080
4,055
4,065
4,526
4,504
Residential real estate
14,765
14,652
14,651
14,465
14,275
Consumer
19
19
27
24
38
Loans HFI, net of deferred fees
59,142
58,677
56,646
55,939
54,761
Allowance for loan losses
(461
)
(461
)
(440
)
(395
)
(389
)
Loans HFI, net of deferred fees and allowance
58,681
58,216
56,206
55,544
54,372
Mortgage servicing rights
1,516
1,494
1,213
1,044
1,241
Premises and equipment, net
480
442
416
365
361
Operating lease right-of-use asset
125
131
134
130
125
Other assets acquired through foreclosure, net
123
137
130
218
51
Bank owned life insurance
1,067
1,057
1,045
1,033
1,022
Goodwill and other intangibles, net
646
649
651
653
656
Other assets
3,333
3,116
3,076
3,348
2,830
Total assets
$
98,853
$
92,774
$
90,970
$
86,725
$
83,043
Liabilities and stockholders' equity:
Liabilities:
Deposits
Non-interest bearing deposits
$
28,078
$
24,353
$
26,628
$
22,997
$
22,009
Interest bearing:
Demand
19,385
18,416
16,422
15,674
15,507
Savings and money market
25,414
24,586
24,627
22,231
21,728
Certificates of deposit
9,846
9,804
9,570
10,205
10,078
Total deposits
82,723
77,159
77,247
71,107
69,322
Borrowings
5,610
5,240
3,862
6,052
4,151
Qualifying debt
1,072
1,076
681
678
898
Operating lease liability
154
160
164
160
154
Accrued interest payable and other liabilities
1,386
1,193
1,326
1,321
1,303
Total liabilities
90,945
84,828
83,280
79,318
75,828
Equity:
Preferred stock
295
295
295
295
295
Common stock and additional paid-in capital
2,036
2,095
2,140
2,136
2,125
Retained earnings
5,740
5,607
5,371
5,165
4,980
Accumulated other comprehensive loss
(456
)
(344
)
(409
)
(482
)
(478
)
Total Western Alliance stockholders' equity
7,615
7,653
7,397
7,114
6,922
Noncontrolling interest in subsidiary
293
293
293
293
293
Total equity
7,908
7,946
7,690
7,407
7,215
Total liabilities and equity
$
98,853
$
92,774
$
90,970
$
86,725
$
83,043
Western Alliance Bancorporation and Subsidiaries
Changes in the Allowance For Credit Losses on Loans
Unaudited
Three Months Ended
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
(dollars in millions)
Allowance for loan losses
Balance, beginning of period
$
460.6
$
440.4
$
394.7
$
388.6
$
373.8
Provision for credit losses (1)
209.0
64.8
76.8
35.7
40.6
Recoveries of loans previously charged-off:
Commercial and industrial
0.6
1.7
0.7
0.6
1.0
Commercial real estate - non-owner occupied
—
—
—
5.1
0.6
Commercial real estate - owner occupied
—
0.4
—
—
0.1
Construction and land development
—
1.5
—
—
—
Residential real estate
—
—
—
—
—
Consumer
—
0.1
—
—
—
Total recoveries
0.6
3.7
0.7
5.7
1.7
Loans charged-off:
Commercial and industrial
181.4
28.9
12.4
17.0
13.0
Commercial real estate - non-owner occupied
27.7
10.7
12.9
17.4
14.5
Commercial real estate - owner occupied
—
—
—
0.2
—
Construction and land development
—
8.6
6.3
0.6
—
Residential real estate
—
—
—
0.1
—
Consumer
—
0.1
0.2
—
—
Total loans charged-off
209.1
48.3
31.8
35.3
27.5
Net loan charge-offs
208.5
44.6
31.1
29.6
25.8
Balance, end of period
$
461.1
$
460.6
$
440.4
$
394.7
$
388.6
Allowance for unfunded loan commitments
Balance, beginning of period
$
49.6
$
42.3
$
39.2
$
35.1
$
39.5
Provision for (recovery of) credit losses (1)
3.7
7.3
3.1
4.1
(4.4
)
Balance, end of period (2)
$
53.3
$
49.6
$
42.3
$
39.2
$
35.1
Components of the allowance for credit losses on loans
Allowance for loan losses
$
461.1
$
460.6
$
440.4
$
394.7
$
388.6
Allowance for unfunded loan commitments
53.3
49.6
42.3
39.2
35.1
Total allowance for credit losses on loans
$
514.4
$
510.2
$
482.7
$
433.9
$
423.7
Net charge-offs to average loans - annualized
1.45
%
0.31
%
0.22
%
0.22
%
0.20
%
Allowance ratios
Allowance for loan losses to funded HFI loans (3)
0.78
%
0.78
%
0.78
%
0.71
%
0.71
%
Allowance for credit losses to funded HFI loans (3)
0.87
0.87
0.85
0.78
0.77
Allowance for loan losses to nonaccrual HFI loans
94
92
84
92
86
Allowance for credit losses to nonaccrual HFI loans
105
102
92
102
94
(1)
The above tables reflect only the provision for credit losses on funded and unfunded loans. For the three months ended March 31, 2026, provision for credit losses for HTM investment securities totaled $0.5 million. The allowance for credit losses on HTM investment securities totaled $13.4 million as of March 31, 2026
(2)
The allowance for unfunded loan commitments is included as part of accrued interest payable and other liabilities on the balance sheet.
(3)
Ratio includes an allowance for credit losses of $11.2 million as of March 31, 2026 related to a pool of loans covered under three separate credit linked note transactions.
Western Alliance Bancorporation and Subsidiaries
Asset Quality Metrics
Unaudited
Three Months Ended
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
(dollars in millions)
Nonaccrual loans and repossessed assets
Nonaccrual loans (1)
$
492
$
500
$
522
$
427
$
451
Nonaccrual loans to funded HFI loans
0.83
%
0.85
%
0.92
%
0.76
%
0.82
%
Repossessed assets
$
123
$
137
$
130
$
218
$
51
Nonaccrual loans and repossessed assets to total assets
0.62
%
0.69
%
0.72
%
0.74
%
0.60
%
Loans Past Due
Loans past due 90 days, still accruing (2)
$
56
$
66
$
49
$
51
$
44
Loans past due 90 days, still accruing to funded HFI loans (2)
0.09
%
0.11
%
0.09
%
0.09
%
0.08
%
Loans past due 30 to 89 days, still accruing (3)
$
157
$
108
$
196
$
175
$
182
Loans past due 30 to 89 days, still accruing to funded HFI loans (2)
0.27
%
0.18
%
0.35
%
0.31
%
0.33
%
Other credit quality metrics
Special mention loans
$
403
$
325
$
292
$
444
$
460
Special mention loans to funded HFI loans
0.68
%
0.55
%
0.52
%
0.79
%
0.84
%
Classified loans on accrual
$
455
$
450
$
476
$
615
$
693
Classified loans on accrual to funded HFI loans
0.77
%
0.77
%
0.84
%
1.10
%
1.27
%
Classified assets (1)
$
1,070
$
1,088
$
1,129
$
1,261
$
1,195
Classified assets to total assets
1.08
%
1.17
%
1.24
%
1.45
%
1.44
%
(1)
Includes senior liens acquired to protect the Company's position with respect to its Cantor Group V loan of $13 million as of March 31, 2026.
(2)
Excludes government guaranteed residential mortgage loans of $288 million, $290 million, $282 million, $326 million, and $275 million as of each respective date in the table above.
(3)
Excludes government guaranteed residential mortgage loans of $94 million, $145 million, $149 million, $168 million, and $161 million as of each respective date in the table above.
Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
Three Months Ended
March 31, 2026
December 31, 2025
Average
Balance
Interest
Average Yield /
Cost
Average
Balance
Interest
Average Yield /
Cost
(dollars in millions)
Interest earning assets
Loans HFS
$
5,469
$
80.2
5.95
%
$
5,195
$
75.2
5.74
%
Loans HFI:
Commercial and industrial
27,560
413.3
6.13
26,246
415.1
6.32
CRE - non-owner occupied
10,317
169.9
6.68
10,454
182.5
6.93
CRE - owner occupied
1,694
24.8
6.00
1,695
24.0
5.74
Construction and land development
3,983
76.4
7.79
4,003
82.5
8.17
Residential real estate
14,611
150.8
4.19
14,690
156.6
4.23
Consumer
19
0.3
7.48
21
0.3
5.34
Total HFI loans (1), (2), (3), (4)
58,184
835.5
5.85
57,109
861.0
6.01
Investment securities:
Taxable
17,696
195.4
4.48
17,690
197.8
4.44
Tax-exempt
2,278
24.5
5.50
2,212
23.8
5.39
Total investment securities (1)
19,974
219.9
4.59
19,902
221.6
4.54
Cash and other
5,327
52.6
4.01
5,633
59.6
4.20
Total interest earning assets
88,954
1,188.2
5.46
87,839
1,217.4
5.54
Non-interest earning assets
Cash and due from banks
543
462
Allowance for loan losses
(464
)
(459
)
Bank owned life insurance
1,060
1,049
Other assets
5,509
5,310
Total assets
$
95,602
$
94,201
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing demand accounts
$
18,946
$
99.5
2.13
%
$
17,374
$
102.2
2.33
%
Savings and money market
24,611
168.7
2.78
24,113
180.9
2.98
Certificates of deposit
9,724
92.5
3.86
9,834
100.4
4.05
Total interest-bearing deposits
53,281
360.7
2.75
51,321
383.5
2.96
Short-term borrowings
2,948
29.5
4.05
3,243
33.7
4.13
Long-term debt
1,353
18.6
5.59
1,723
25.0
5.75
Qualifying debt
1,077
13.1
4.92
845
9.0
4.27
Total interest-bearing liabilities
58,659
421.9
2.92
57,132
451.2
3.13
Interest cost of funding earning assets
1.92
2.04
Non-interest-bearing liabilities
Non-interest-bearing deposits
27,352
27,524
Other liabilities
1,470
1,681
Equity
8,121
7,864
Total liabilities and equity
$
95,602
$
94,201
Net interest income and margin (5)
$
766.3
3.54
%
$
766.2
3.51
%
(1)
Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $10.1 million and $9.9 million for the three months ended March 31, 2026 and December 31, 2025, respectively.
(2)
Included in the yield computation are net loan fees of $23.9 million and $25.0 million for the three months ended March 31, 2026 and December 31, 2025, respectively
(3)
Interest income includes a reduction for earnings credits totaling $48.7 million and $56.6 million for the three months ended March 31, 2026 and December 31, 2025, respectively.
(4)
Includes non-accrual loans.
(5)
Net interest margin is computed by dividing net interest income by total average earning assets, annualized on an actual/actual basis.
Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
Three Months Ended
March 31, 2026
March 31, 2025
Average
Balance
Interest
Average Yield /
Cost
Average
Balance
Interest
Average Yield /
Cost
(dollars in millions)
Interest earning assets
Loans HFS
$
5,469
$
80.2
5.95
%
$
4,300
$
66.6
6.28
%
Loans HFI:
Commercial and industrial
27,560
413.3
6.13
22,831
365.8
6.56
CRE - non-owner occupied
10,317
169.9
6.68
10,011
175.1
7.10
CRE - owner occupied
1,694
24.8
6.00
1,880
28.7
6.30
Construction and land development
3,983
76.4
7.79
4,407
91.8
8.45
Residential real estate
14,611
150.8
4.19
14,346
152.2
4.30
Consumer
19
0.3
7.48
46
0.8
6.69
Total loans HFI (1), (2), (3), (4)
58,184
835.5
5.85
53,521
814.4
6.20
Investment securities:
Taxable
17,696
195.4
4.48
13,020
143.5
4.47
Tax-exempt
2,278
24.5
5.50
2,255
24.5
5.52
Total investment securities (1)
19,974
219.9
4.59
15,275
168.0
4.63
Cash and other
5,327
52.6
4.01
4,083
46.6
4.63
Total interest earning assets
88,954
1,188.2
5.46
77,179
1,095.6
5.81
Non-interest earning assets
Cash and due from banks
543
331
Allowance for loan losses
(464
)
(397
)
Bank owned life insurance
1,060
1,015
Other assets
5,509
4,720
Total assets
$
95,602
$
82,848
Interest bearing liabilities
Interest bearing deposits:
Interest bearing demand accounts
$
18,946
$
99.5
2.13
%
$
15,870
$
99.9
2.55
%
Savings and money market accounts
24,611
168.7
2.78
21,206
164.8
3.15
Certificates of deposit
9,724
92.5
3.86
10,018
113.6
4.60
Total interest bearing deposits
53,281
360.7
2.75
47,094
378.3
3.26
Short-term borrowings
2,948
29.5
4.05
1,722
20.8
4.89
Long-term debt
1,353
18.6
5.59
2,652
36.6
5.60
Qualifying debt
1,077
13.1
4.92
899
9.3
4.18
Total interest bearing liabilities
58,659
421.9
2.92
52,367
445.0
3.45
Interest cost of funding earning assets
1.92
2.34
Non-interest bearing liabilities
Non-interest bearing deposits
27,352
22,097
Other liabilities
1,470
1,485
Equity
8,121
6,899
Total liabilities and equity
$
95,602
$
82,848
Net interest income and margin (5)
$
766.3
3.54
%
$
650.6
3.47
%
(1)
Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $10.1 million and $10.2 million for the three months ended March 31, 2026 and 2025, respectively.
(2)
Included in the yield computation are net loan fees of $23.9 million and $23.8 million for the three months ended March 31, 2026 and 2025, respectively.
(3)
Interest income includes a reduction for earnings credits totaling of $48.7 million and $58.1 million for the three months ended March 31, 2026 and 2025, respectively.
(4)
Includes non-accrual loans.
(5)
Net interest margin is computed by dividing net interest income by total average earning assets, annualized on an actual/actual basis.
The below table presents the income statement classification for total earnings credit and referral costs incurred on deposits:
Three Months Ended
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
Income statement line item
(in millions)
Interest income (1)
$
48.7
$
56.6
$
64.9
$
61.3
$
58.1
Service charges and fees (1)
8.3
7.2
5.4
4.4
4.2
Deposit costs (2)
157.3
165.0
169.1
142.8
129.9
Total earnings credit and referral costs
$
214.3
$
228.8
$
239.4
$
208.5
$
192.2
(1)
Earnings credits recorded as a reduction to Interest income and Service charges and fees.
(2)
Deposit costs also included $6.0 million, $6.2 million, $6.0 million, $4.6 million, and $6.9 million in other deposit related costs for each respective period in the table above, primarily associated with reciprocal deposits.
Pre-Provision Net Revenue by Quarter:
Three Months Ended
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
(in millions)
Net interest income
$
766.3
$
766.2
$
750.4
$
697.6
$
650.6
Total non-interest income
252.6
214.7
187.8
148.3
127.4
Net revenue
$
1,018.9
$
980.9
$
938.2
$
845.9
$
778.0
Total non-interest expense
574.4
552.2
544.4
514.7
500.4
Pre-provision net revenue (1)
$
444.5
$
428.7
$
393.8
$
331.2
$
277.6
Less:
Provision for credit losses
213.2
73.0
80.0
39.9
31.2
Income tax expense
42.1
62.5
53.3
53.5
47.3
Net income
$
189.2
$
293.2
$
260.5
$
237.8
$
199.1
Efficiency Ratio (Tax Equivalent Basis) by Quarter:
Three Months Ended
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
(dollars in millions)
Total non-interest expense
$
574.4
$
552.2
$
544.4
$
514.7
$
500.4
Less: Deposit costs
163.3
171.2
175.1
147.4
136.8
Total non-interest 27expense, excluding deposit costs
411.1
381.0
369.3
367.3
363.6
Divided by:
Total net interest income
766.3
766.2
750.4
697.6
650.6
Plus:
Tax equivalent interest adjustment
10.1
9.9
9.7
10.2
10.2
Total non-interest income
252.6
214.7
187.8
148.3
127.4
Less: Deposit costs
163.3
171.2
175.1
147.4
136.8
$
865.7
$
819.6
$
772.8
$
708.7
$
651.4
Efficiency ratio (2)
55.8
%
55.7
%
57.4
%
60.1
%
63.5
%
Efficiency ratio, adjusted for deposit costs (2)
47.5
%
46.5
%
47.8
%
51.8
%
55.8
%
Tangible Common Equity:
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
(in millions, except per share data)
Total equity
$
7,908
$
7,946
$
7,690
$
7,407
$
7,215
Less:
Goodwill and intangible assets, net
646
649
651
653
656
Preferred stock
295
295
295
295
295
Noncontrolling interest in subsidiary
293
293
293
293
293
Total tangible common equity
6,674
6,709
6,451
6,166
5,971
Plus: deferred tax - attributed to intangible assets
3
2
2
2
2
Total tangible common equity, net of tax
$
6,677
$
6,711
$
6,453
$
6,168
$
5,973
Total assets
$
98,853
$
92,774
$
90,970
$
86,725
$
83,043
Less: goodwill and intangible assets, net
646
649
651
653
656
Tangible assets
98,207
92,125
90,319
86,072
82,387
Plus: deferred tax - attributed to intangible assets
3
2
2
2
2
Total tangible assets, net of tax
$
98,210
$
92,127
$
90,321
$
86,074
$
82,389
Tangible common equity ratio (3)
6.8
%
7.3
%
7.1
%
7.2
%
7.2
%
Common shares outstanding
109.2
109.5
110.2
110.4
110.4
Tangible book value per share, net of tax (3)
$
61.14
$
61.29
$
58.56
$
55.87
$
54.10
Return on Average Tangible Common Equity:
Three Months Ended
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
(in millions)
Net income available to common shareholders
$
178.9
$
282.9
$
250.2
$
227.2
$
195.9
Divided by:
Average stockholders' equity
8,121
7,864
7,607
7,355
6,899
Less:
Average goodwill and intangible assets
648
650
652
655
658
Average preferred stock
295
295
295
295
295
Average noncontrolling interest
293
293
293
293
16
Average tangible common equity
$
6,885
$
6,625
$
6,366
$
6,112
$
5,930
Return on average tangible common equity (1)
10.5
%
16.9
%
15.6
%
14.9
%
13.4
%
The adjusted revenue, earnings and return metrics presented below for the three months ended March 31, 2026 exclude the impact to provision for credit losses of charging off the remaining balance of the LAM loan as well as gains from sales of investment securities that were executed as part of the Company's mitigation strategy, as applicable. In addition, net charge-offs for the three months ended March 31, 2026 have been adjusted to exclude the impact of fraud related charge-offs associated with the LAM and Cantor loans.
Net Revenue and Pre-Provision Net Revenue, As Adjusted
(in millions)
Net revenue
$
1,018.9
Adjusted for:
Gain on sales of investment securities
(50.5
)
Net revenue, as adjusted
$
968.4
Total non-interest expense
574.4
Pre-provision net revenue, as adjusted (1)
$
394.0
Less:
Provision for credit losses
213.2
Income tax expense
42.1
Gain on sales of investment securities
(50.5
)
Net income
$
189.2
Earnings per Share, As Adjusted:
(in millions, except per share data)
Net income
$
189.2
Adjusted for:
Gain on sales of investment securities
(50.5
)
Provision for credit losses on LAM
126.4
Tax effect of adjustments
(13.8
)
Net income, as adjusted
251.3
Net income attributable to noncontrolling interest
7.1
Dividends on preferred stock
3.2
Net income available to common stockholders, as adjusted
$
241.0
Diluted shares
108.7
Diluted earnings per share, as adjusted (1)
$
2.22
Return on Average Assets, As Adjusted:
(dollars in millions)
Net income, as adjusted
$
251.3
Divided by:
Average Assets
$
95,602
Return on average assets, as adjusted (1)
1.07
%
Return on Average Tangible Common Equity, As Adjusted:
(dollars in millions)
Net income available to common stockholders, as adjusted
$
241.0
Divided by: Average equity
8,121
Less:
Average goodwill and intangible assets
648
Average preferred stock
295
Average noncontrolling interest
293
Average tangible common equity
$
6,885
Return on average tangible common equity (1)
10.5
%
Return on average tangible common equity, as adjusted (1)
14.2
%
Net Charge-Offs and Net Charge-Offs to Average Loans, As Adjusted:
(dollars in millions)
Net charge-offs
$
208.5
Adjusted for fraud related charge-offs:
LAM
(126.4
)
Cantor
(26.1
)
Net charge-offs, as adjusted
$
56.0
Divided by: Average HFI loans
58,184
Net charge-offs to average loans - annualized, as adjusted
0.39
%
Non-GAAP Financial Measures Footnotes
(1)
We believe this non-GAAP measurement is a key indicator of the earnings power of the Company.
(2)
We believe this non-GAAP ratio provides a useful metric to measure the efficiency of the Company.
(3)
We believe this non-GAAP metric provides an important metric with which to analyze and evaluate the financial condition and capital strength of the Company.
