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WAL on NYSE

Western Alliance Bancorporation

Logo: https://www.westernalliancebancorporation.com/locations, Non-free logo, via Wikipedia5

Bank holding company headquartered in Phoenix

Western Alliance Bancorporation is a regional bank holding company headquartered in Phoenix. It is on the list of largest banks in the United States and is ranked 97th on the Forbes list of America's Best Banks.3 Its shares trade on NYSE under the symbol WAL.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

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  • TickerWAL on NYSE1
  • Industrybank1
  • HeadquartersPhoenix, United States1
  • Websitewww.westernalliancebancorporation.com
  • Legal formDelaware corporation1
  • Incorporated inDE6
  • Business addressOne E. Washington Street, Phoenix, Az 850046
  • Filer categoryLarge accelerated filer6
  • LEI5493003VJXZ5JXT9S7624
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressC/O UNITED AGENT GROUP INC., 19803 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 55409764

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Western Alliance Bancorporation is a regional bank holding company headquartered in Phoenix. It is on the list of largest banks in the United States and is ranked 97th on the Forbes list of America's Best Banks.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

713.5%Net margin9
99.7%Revenue growth, 20259
12.7%Return on equity9
0.18×Debt to equity9

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Income tax18¢$216.6M
  • Profit82¢$969.0M

Out of $135.8M in revenue.9

Financial statements

Revenue10119$135.8M in 2025+261% since 2021
0$50.0M$100.0M$150.0M2021: $37.6M$37.6M20212022: $44.1M$44.1M2022+17%2023: $98.6M$98.6M2023+124%2024: $68.0M$68.0M2024−31%2025: $135.8M$135.8M2025+100%
Net income121310119$969.0M in 2025+94% since 2019
0$500.0M$1.0B$1.5B2019: $499.2M$499.2M20192020: $506.6M$506.6M2020+1%2021: $899.2M$899.2M2021+77%2022: $1.1B$1.1B2022+18%2023: $722.4M$722.4M2023−32%2024: $787.7M$787.7M2024+9%2025: $969.0M$969.0M2025+23%

Every line of the income statement as filed: the last 3 fiscal years, latest first.9

Period ending2025-12-312024-12-312023-12-31
Loans, including fees$3.7B$3.6B$3.4B
Investment securities$815.9M$703.6M$459.9M
Dividends and other$197.2M$208.4M$165.7M
Total interest income$4.7B$4.5B$4.0B
Deposits$1.5B$1.6B$1.1B
Qualifying debt$32.8M$38.0M$37.9M
Other borrowings$257.5M$284.0M$515.9M
Total interest expense$1.8B$1.9B$1.7B
Net interest income$2.9B$2.6B$2.3B
Provision for (recovery of) credit losses$224.1M$145.9M$62.6M
Net interest income after provision for credit losses$2.6B$2.5B$2.3B
Service charges and fees$194.3M$109.6M$110.3M
Net gain on mortgage loan origination and sale activities$255.5M$206.3M$193.5M
Net loan servicing revenue$77.8M$121.5M$102.3M
Income from equity investments$18.1M$38.2M$15.7M
Income from bank owned life insurance$46.0M$27.8M$4.5M
Gain (loss) on sales of investment securities$29.4M$17.4M-$40.8M
Fair value gain (loss) adjustments, net$12.9M$7.5M-$116.0M
Other income$44.2M$14.9M$11.2M
Non-interest income$678.2M$543.2M$280.7M
Salaries and employee benefits$757.5M$631.1M$566.3M
Deposit costs$630.5M$693.2M$436.7M
Insurance$117.5M$164.8M$190.4M
Data processing$187.2M$149.7M$122.0M
Legal, professional, and directors' fees$115.9M$109.4M$107.2M
Occupancy$70.6M$73.1M$65.6M
Loan servicing expenses$69.2M$68.1M$58.8M
Business development and marketing$28.7M$32.7M$21.8M
Loan acquisition and origination expenses$26.2M$21.5M$20.4M
Extinguishment of debt$0$0-$52.7M
Other non-interest expense$108.4M$81.4M$86.9M
Total non-interest expense$2.1B$2.0B$1.6B
Income (loss) before provision for income taxes$1.2B$991.2M$933.6M
Income tax expense$216.6M$203.5M$211.2M
Net income$990.6M$787.7M$722.4M
Net income attributable to noncontrolling interest$21.6M$0$0
Net income attributable to Western Alliance$969.0M$787.7M$722.4M
Dividends on preferred stock$12.8M$12.8M$12.8M
Net income available to common stockholders$956.2M$774.9M$709.6M
Earnings per share, basic (dollars per share)$8.79$7.14$6.55
Earnings per share, diluted (dollars per share)$8.73$7.09$6.54
Weighted average number of common shares outstanding, basic (shares)108.8M shares108.6M shares108.3M shares
Weighted average number of common shares outstanding, diluted (shares)109.5M shares109.3M shares108.5M shares
Dividends declared per common share (dollars per share)$1.56$1.49$1.45

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Corporate structure

Western Alliance Bancorporation sits at the top of its group. 27 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Western Alliance Bancorporation

  • Western Alliance Bancorporation Phoenix, Arizona, United States
    • AmeriHome Mortgage Company, LLC Subsidiary · Delaware, United States
    • BankWest Nevada Capital Trust II Subsidiary · Delaware, United States
    • BES Comp Services Co. Subsidiary · Delaware, United States
    • Bridge Capital Holdings Trust I Subsidiary · Delaware, United States
    • Bridge Capital Holdings Trust II Subsidiary · Delaware, United States
    • BW Real Estate, Inc. Subsidiary · Nevada, United States
    • BWH, Inc. Subsidiary · Delaware, United States
    • CS Insurance Co. Subsidiary · Arizona, United States
    • Digital Settlement Technologies, LLC Subsidiary · Delaware, United States
    • First Independent Statutory Trust I Subsidiary · Delaware, United States
    • Helios Prime, Inc. Subsidiary · Delaware, United States
    • Intermountain First Statutory Trust I Subsidiary · Connecticut, United States
    • Las Vegas Sunset Properties Subsidiary · Nevada, United States
    • WA PWI, LLC Subsidiary · Arizona, United States
    • WAL Statutory Trust No. 2 Subsidiary · Connecticut, United States
    • WAL Statutory Trust No. 3 Subsidiary · Connecticut, United States
    • WAL Trust No. 1 Subsidiary · Delaware, United States
    • Western Alliance Bank Subsidiary · Phoenix, Arizona, United States
    • Western Alliance Business Trust Subsidiary · Delaware, United States
    • Western Alliance Equipment Finance, LLC Subsidiary · Arizona, United States
    • Western Alliance Mortgage Holding Company, LLC Subsidiary · Arizona, United States
    • Western Alliance Trust Company, National Association Subsidiary · Arizona, United States
    • Western Finance Company Subsidiary · Arizona, United States
    • Western One, LLC Subsidiary · Arizona, United States
    • Western Three, LLC Subsidiary · Arizona, United States
    • and 1 more

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Western Alliance Bancorporation reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land and buildings$44.0M9 Dec 31, 2025$32.0M9 Dec 31, 2024+37.5%
Buildings and improvements$138.0M9 Dec 31, 2025$96.0M9 Dec 31, 2024+43.8%
Furniture and fixtures$129.0M9 Dec 31, 2025$125.0M9 Dec 31, 2024+3.2%
Computer equipment and software$310.0M9 Dec 31, 2025$225.0M9 Dec 31, 2024+37.8%
Leasehold improvements$104.0M9 Dec 31, 2025$98.0M9 Dec 31, 2024+6.1%
Construction in progress$75.0M9 Dec 31, 2025$62.0M9 Dec 31, 2024+21.0%
Property and equipment, before depreciation$800.0M9 Dec 31, 2025$638.0M9 Dec 31, 2024+25.4%
Accumulated depreciation$358.0M9 Dec 31, 2025$277.0M9 Dec 31, 2024+29.2%
Property and equipment, net$442.0M9 Dec 31, 2025$361.0M9 Dec 31, 2024+22.4%
Operating-lease assets (leased space)$131.0M9 Dec 31, 2025$128.0M9 Dec 31, 2024+2.3%

Investments

ItemLatestA year beforeChange
Equity securities at fair value$79.0M9 Dec 31, 2025$117.0M9 Dec 31, 2024−32.5%
Loans, net of allowance$58.2B9 Dec 31, 2025$53.3B9 Dec 31, 2024+9.2%
Deposits held (banks)$77.2B9 Dec 31, 2025$66.3B9 Dec 31, 2024+16.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$527.0M9 Dec 31, 2025$527.0M9 Dec 31, 20240%
Finite-lived intangibles, gross$178.0M9 Dec 31, 2025$178.0M9 Dec 31, 20240%
Accumulated amortization$56.0M9 Dec 31, 2025$46.0M9 Dec 31, 2024+21.7%
Finite-lived intangibles, net$122.0M9 Dec 31, 2025$132.0M9 Dec 31, 2024−7.6%

Properties, in its own words

The Company and WAB are headquartered at One E. Washington Street in Phoenix, Arizona. WAB operates 38 domestic branch locations, which include six executive and administrative offices, of which 20 of these locations are owned and 18 are leased. The Company also owns an administrative office building and has several loan production and other offices across the United States. In addition, WAB owns and occupies a 36,000 square foot operations facility in Las Vegas, Nevada. See "Item 1. Business” in this Form 10-K for location cities. For information regarding rental payments, see "Note 8. Leases" in Item 8 included in this Form 10-K.

Item 2 of the 10-K filed Feb 23, 2026.17

The story

The bank was founded in 1994 in Las Vegas, Nevada.

In 2010, it moved its headquarters to Phoenix, Arizona.

In October 2012, it acquired Western Liberty Bancorp for $55 million.

In April 2021, the company acquired AmeriHome for $1.22 billion.

During the 2023 United States banking crisis, the company's share price fell due its exposure to the technology sector and its amount of uninsured deposits; however, the share price rallied to new highs quickly.

From Wikipedia’s article on Western Alliance Bancorporation, shared under CC BY-SA 4.0.7

Leadership

Who has led Western Alliance Bancorporation, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Robert Gary Sarver2006–2019

Chair

  1. Robert Gary Sarver2006–2022

President

  1. Robert Gary Sarver2006–2010

Chief financial officer

  1. Dale Gibbons2006–2025
  2. Vishal Idnani2025–now

Chief operating officer

  1. James Haught2017–2019
  2. Timothy W. Boothe2019–2024
2010201520202025
Board members and other officers (60)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • AmeriHome Mortgage Company, LLC Delaware8
  • BES Comp Services Co. Delaware8
  • BW Real Estate, Inc. Nevada8
  • BWH, Inc. Delaware8
  • BankWest Nevada Capital Trust II Delaware8
  • Bridge Capital Holdings Trust I Delaware8
  • Bridge Capital Holdings Trust II Delaware8
  • CS Insurance Co. Arizona8
  • Digital Settlement Technologies, LLC Delaware8
  • First Independent Statutory Trust I Delaware8
  • Helios Prime, Inc. Delaware8
  • Intermountain First Statutory Trust I Connecticut8
  • Las Vegas Sunset Properties Nevada8
  • WA PWI, LLC Arizona8
  • WAL Statutory Trust No. 2 Connecticut8
  • WAL Statutory Trust No. 3 Connecticut8
  • WAL Trust No. 1 Delaware8
  • Western Alliance Bank Arizona8
  • Western Alliance Business Trust Delaware8
  • Western Alliance Equipment Finance, LLC Arizona8
  • Western Alliance Mortgage Holding Company, LLC Arizona8
  • Western Alliance Trust Company, National Association Arizona8
  • Western Finance Company Arizona8
  • Western One, LLC Arizona8
All 26 listed subsidiaries
  • Western Three, LLC Arizona8
  • Western Two, LLC Arizona8

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Jul 30, 20268-K Other events82
  2. Jul 21, 20268-K Results of operations83
  3. Jun 11, 20268-K Shareholder vote84
  4. May 12, 20268-K Regulation FD disclosure85
  5. May 12, 20268-K Executive or director change86
  6. Apr 30, 20268-K Other events87
  7. Apr 21, 20268-K Results of operations88
  8. Mar 6, 20268-K Impairment; Regulation FD disclosure89
  9. Feb 20, 20268-K Other events90
  10. Feb 5, 20268-K Other events91
  11. Jan 27, 20268-K Results of operations92
  12. Dec 22, 20258-K Executive or director change93
  13. May 29, 2014Founded Western Alliance Bancorporation is founded4
  14. Jan 19, 2006New chief executive Robert Gary Sarver becomes CEO18

Calendar

When it reported results

  1. Jul 21, 2026Reported quarterly or annual results83
  2. Apr 21, 2026Reported quarterly or annual results88
  3. Jan 27, 2026Reported quarterly or annual results92
  4. Oct 21, 2025Reported quarterly or annual results94
  5. Jul 17, 2025Reported quarterly or annual results95
  6. Apr 21, 2025Reported quarterly or annual results96
  7. Jan 27, 2025Reported quarterly or annual results97
  8. Oct 17, 2024Reported quarterly or annual results98

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

704 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 81 major events, 525 insider forms, 38 large holders, 40 other. The latest 20:

  1. Sep 17, 20264 EDGAR
  2. Sep 17, 20264 EDGAR
  3. Sep 17, 20264 EDGAR
  4. Sep 17, 20264 EDGAR
  5. Sep 17, 20264 EDGAR
  6. Sep 17, 20264 EDGAR
  7. Sep 17, 20264 EDGAR
  8. Sep 17, 20264 EDGAR
  9. Sep 17, 20264 EDGAR
  10. Aug 18, 20264 EDGAR
  11. Aug 18, 20264 EDGAR
  12. Aug 18, 20264 EDGAR
  13. Aug 18, 20264 EDGAR
  14. Aug 18, 20264 EDGAR
  15. Aug 18, 20264 EDGAR
  16. Aug 18, 20264 EDGAR
  17. Aug 18, 20264 EDGAR
  18. Aug 18, 20264 EDGAR
  19. Aug 14, 2026SCHEDULE 13G/A EDGAR
  20. Aug 13, 2026SCHEDULE 13G EDGAR

The 704 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

32 open-market trades by officers, directors and large owners since October 2021: 10 buys and 22 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 9, 2026GIBBONS DALEVice Chair and CBO, DepositsSale40,000$82.39$3.3MForm 4
Jun 8, 2026Mucha BenChief Accounting OfficerSale5,946$81.00$481.6KForm 4
Feb 18, 2026Mucha BenChief Accounting OfficerSale641$95.62$61.3KForm 4
Dec 15, 2025JOHNSON MARIANNE BOYDDirectorSale23,142$87.05$2.0MForm 4
Oct 30, 2025GIBBONS DALEVice Chair and CBO, DepositsBuy4,000$77.00$308.0KForm 4
Jul 24, 2025Bruckner Tim RCBO for Regional BankingSale2,500$83.91$209.8KForm 4
Nov 13, 2024Segedi Bryan KDirectorSale1,000$94.36$94.4KForm 4
Sep 13, 2024LATTA ROBERT PDirectorSale2,955$81.12$239.7KForm 4
Sep 9, 2024LATTA ROBERT PDirectorSale2,996$82.75$247.9KForm 4
Aug 30, 2024JOHNSON MARIANNE BOYDDirectorSale12,516$81.00$1.0MForm 4
Aug 26, 2024Kennedy BarbaraChief Human Resources OfficerSale11,083$81.59$904.3KForm 4
Aug 1, 2024Curley Stephen RussellChief Banking Ofc.-NBLSale5,070$76.43$387.5KForm 4
Jul 22, 2024Ardrey J. Kelly Jr.Chief Accounting OfficerSale2,116$75.95$160.7KForm 4
May 23, 2024Ardrey J. Kelly Jr.Chief Accounting OfficerSale1,000$64.20$64.2KForm 4
May 22, 2024Ardrey J. Kelly Jr.Chief Accounting OfficerSale2,000$64.10$128.2KForm 4
Dec 11, 2023LATTA ROBERT PDirectorSale5,370$56.07$301.1KForm 4
Mar 13, 2023JOHNSON MARIANNE BOYDDirectorBuy2,475$25.79$63.8KForm 4
Feb 21, 2023Bruckner Tim RCBO for Regional BankingSale1,750$73.16$128.0KForm 4
Feb 2, 2023Ardrey J. Kelly Jr.Chief Accounting OfficerSale3,000$80.59$241.8KForm 4
Sep 12, 2022SNYDER DONALD DDirectorSale4,500$78.36$352.6KForm 4

All 32 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025KENNETH VECCHIONE$1.5M$11.0M111
2025DALE GIBBONS$919.3K$5.7M111
2025STEVE CURLEY$626.2K$3.6M111
2025TIM BRUCKNER$626.2K$3.4M111
2025TIM BOOTHE$542.5K$2.9M111
2024Chief Executive Officer$1.5M$10.3M111
2024Vice Chairman and$875.2K$5.6M111
2024Chief Banking Officer –$591.1K$3.3M111
2024Chief Administration$522.0K$2.5M111
2023Chief Executive Officer$1.4M$8.8M111
2023Chief Financial Officer$835.4K$4.3M111
2023National Business Lines$522.2K$2.1M111
2023Officer$496.0K$2.0M111
2023Regional Banks$517.5K$2.0M111

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.11,276,134$926.9M0.0%+297,557
Invesco Ltd.5,871,003$482.6M0.0%+652,089
Vanguard Portfolio Management LLC5,439,993$447.2M0.0%+228,862
Aqr Capital Management LLC5,151,917$423.0M0.1%+4,244,622
Vanguard Capital Management LLC4,673,084$384.1M0.0%+22,627
Wellington Management Group Llp4,389,690$360.8M0.1%−311,575
State Street Corp4,271,252$351.1M0.0%+70,612
Dimensional Fund Advisors LP4,024,180$330.8M0.1%+210,185
Davis Asset Management, L.P.3,336,000$274.2M6.9%+253,000
Fmr LLC2,373,997$195.1M0.0%−3,895
Barrow Hanley Mewhinney & Strauss LLC2,120,791$174.3M0.5%−242,148
Geode Capital Management, LLC2,112,323$173.7M0.0%−2,488
Bank Of Montreal /can/1,814,642$149.2M0.1%−54,030
Smead Capital Management, Inc.1,594,678$131.1M2.8%+239,087
Norges Bank1,458,937$119.9M0.0%New
Ameriprise Financial Inc1,241,477$102.1M0.0%+349,968
Jupiter Topco LLC1,240,773$102.0M0.0%New
Bank Of America Corp /de/1,179,771$97.0M0.0%+892,662
Charles Schwab Investment Management Inc986,650$81.1M0.0%+2,429
Morgan Stanley943,343$77.5M0.0%+26,423
Northern Trust Corp891,079$73.2M0.0%+7,089
Bank of New York Mellon Corp883,465$72.6M0.0%−36,274
Goldman Sachs Group Inc748,791$61.6M0.0%+286,741
Cincinnati Insurance Co725,000$59.6M0.9%No change
Victory Capital Management Inc710,635$58.4M0.0%+16,826

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

7 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jul 22, 2025Lisa C. McClainRepublican, HouseSale$1,001 - $15,000+32.1%Report
Jul 16, 2025Lisa C. McClainRepublican, HouseBuy$1,001 - $15,000−33.4%Report
Nov 15, 2024Lance GoodenRepublican, HouseSale$50,001 - $100,000+49.5%Report
Sep 21, 2023Pete RickettsRepublican, SenateSale$50,001 - $100,000+16.3%Report
Mar 6, 2023Daniel S. GoldmanDemocratic, HouseSale$1,001 - $15,000+92.2%Report
Sep 29, 2021Tommy TubervilleRepublican, SenateSale$1,001 - $15,000+109.3%Report
Mar 29, 2021Tommy TubervilleRepublican, SenateBuy$1,001 - $15,000−115.5%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Western Alliance Bancorporation is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARWESTERN ALLIANCE BANCORPORATION2
  • CIK0001212545
  • Employer ID (EIN)88-036592217
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company17
  • Incorporated inDelaware17
  • Fiscal year endsDecember 312
  • Industry code (SIC)6022 State Commercial Banks2
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance2
  • Business addressOne E. Washington Street, Phoenix, AZ 850042
  • Mailing addressOne E. Washington Street, Suite 1400, Phoenix, AZ 850042
  • Phone602-389-35002
  • Shares outstanding109,100,864 as of Jul 28, 202615
  • Public float$8.4B as of Jun 30, 202517
  • AuditorRSM US LLP, Austin, Texas PCAOB ID 49; it also attests to the company’s internal control over financial reporting17
  • On EDGAR sinceDec 31, 20022
  • Filings2,530 in all: 4 (1,701), 8-K (276), 3 (67), 10-Q (64), 4/A (62), SC 13G/A (49), UPLOAD (23), DEF 14A (22)2
    All 50 form types

    10-K (21), SC 13G (21), DEFA14A (19), CORRESP (17), 424B5 (16), 3/A (15), 144 (13), EFFECT (11), 425 (10), REGDEX (9), SC 13D/A (9), SCHEDULE 13G (9), 5 (8), S-8 (8), S-3 (7), FWP (6), PRE 14A (6), S-4/A (6), SCHEDULE 13G/A (6), 424B3 (5), ARS (4), S-3ASR (4), S-4 (4), 305B2 (3), 8-A12B (3), 8-K/A (3), S-1/A (3), 10-K/A (2), CERTNYS (2), DEFR14A (2), PX14A6G (2), SC 13D (2), 10-Q/A (1), 25-NSE (1), 424B2 (1), 424B4 (1), 8-A12B/A (1), CERT (1), POS AM (1), S-1 (1), S-1MEF (1), S-3/A (1)

  • Latest filingsAnnual report (10-K) Feb 23, 2026
    Quarterly report (10-Q) Jul 31, 2026
    Proxy statement (DEF 14A) Apr 22, 2026
    Latest 8-K (8-K) Jul 30, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.0001 Par ValueWALNew York Stock Exchange
Depositary Shares, Each Representing a 1/400th Interest in a Share of 4.250% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series AWAL PrANew York Stock Exchange

From the cover page of the 10-K filed Feb 23, 2026 (Section 12(b) of the Exchange Act).17

Risk factors and legal proceedings

The risks Western Alliance Bancorporation names in Item 1A of its 10-K filed Feb 23, 2026: 42 risks under these headings, as written.17

  • Market and Economic Risks
  • Our financial performance may be adversely affected by conditions in the financial markets, adverse developments or concerns affecting the financial services industry generally or financial institutions that are similar to us or may be viewed as being similar to us, and economic conditions generally.
  • Changes in interest rates and increased rate competition could adversely affect our profitability, business, and prospects.
  • The discontinuation of, or substantial change to, an interest rate benchmark we use in lending, borrowing or hedging may adversely affect our business.
  • Our financial instruments expose us to certain market risks and may increase the volatility of earnings and AOCI.
  • Due to the inherent risk associated with accounting estimates, our ACL may be insufficient, which could require us to raise additional capital or otherwise adversely affect our financial condition and results of operations.
  • A protracted shutdown of the United States government may result in reduced loan originations and other adverse effects that could negatively affect our financial condition and results of operations.
  • The markets in which we operate are subject to the risk of both natural and man-made disasters.
  • Climate change, societal responses and legislative and regulatory initiatives with respect to climate change could materially affect our business and performance, including indirectly through impacts on our customers and vendors.
  • Evolving scrutiny and expectations from customers, regulators, investors, and other stakeholders with respect to ESG practices may impose additional costs on the Company or expose it to new or additional risks.
  • Credit Risks
  • We are highly dependent on real estate and events negatively impacting the real estate market will hurt our business and earnings.
The other 32 risks
  • Our loan portfolio contains concentrations in certain business lines or product types that have unique risk characteristics and may expose us to increased lending risks.
  • Our credit linked notes do not ensure full protection against credit losses, and as such we could still incur significant credit losses on loans for which risk of loss has been transferred pursuant to these transactions.
  • We engage in lending secured by real estate and may be forced to foreclose on the collateral and own the underlying real estate, subjecting us to the costs and potential risks associated with the ownership of the real property, or consumer protection initiatives or changes in state or federal law may substantially raise the cost of foreclosure or prevent us from foreclosing at all.
  • Strategic Risks
  • Our future success depends on our ability to compete effectively in a highly competitive and rapidly evolving market.
  • Our expansion strategy may not prove to be successful and our market value and profitability may suffer.
  • There are substantial risks and uncertainties associated with the introduction or expansion of lines of business or new products and services within existing lines of business.
  • We are continuing to pursue digital payments initiatives which are subject to significant uncertainty and could adversely affect our business, reputation, or financial results.
  • Our success is dependent upon our ability to recruit and retain qualified employees, including members of our leadership and management teams.
  • We could be harmed if our succession planning is inadequate to mitigate the loss of key members of our senior management team.
  • Capital and Liquidity Risks
  • We are subject to capital adequacy standards and liquidity rules, and a failure to meet these standards could adversely affect our financial condition.
  • If we lose a significant portion of our core deposits, whether through a significant deposit relationship or concentrations in an industry, or our cost of funding deposits increases significantly, our liquidity and/or profitability would be adversely impacted.
  • We may be required to repurchase mortgage loans or indemnify investors under certain circumstances.
  • We utilize borrowings from the FHLB and the FRB, and there can be no assurance these programs will be available as needed.
  • A change in our creditworthiness could increase our cost of funding or adversely affect our liquidity.
  • Operational and Technological Risks
  • A failure in, or breach of, our security or technology systems, or those of our third-party service providers, including as a result of cyber-attacks, could disrupt our operations, result in the unauthorized disclosure or misuse of confidential or proprietary information, damage our reputation, increase our operating costs, and cause financial losses.
  • We rely on third parties to support critical business operations.
  • Our business may be adversely affected by fraud.
  • Our controls and processes, our reporting systems and procedures, and our operational infrastructure may not be able to keep pace with our growth, which could cause us to experience compliance and operational problems, lose customers, or incur additional expenditures, any one of which could adversely affect our financial results.
  • Our risk management practices may prove to be inadequate or ineffective, which could result in unexpected losses or other material adverse impacts.
  • Our internal controls and procedures may fail or be circumvented and the accuracy of judgments and estimates about financial and accounting matters may impact operating results and financial condition.
  • If we are unable to understand and adapt to technological change and implement new technology-driven products and services, our business could be adversely affected.
  • The development and use of AI presents risks and challenges that may adversely impact our business
  • Legal and Compliance Risks
  • We operate in a highly regulated environment and the laws and regulations that govern our operations, corporate governance, executive compensation, and accounting principles, or changes in them, or our failure to comply with them, may adversely affect us.
  • State and federal banking agencies periodically conduct examinations of our business, including compliance with laws and regulations, and our failure to comply with any supervisory actions to which we are or become subject as a result of such examinations may adversely affect us.
  • Regulatory compliance requirements and expense likely will increase when we reach $100 billion in assets.
  • Regulations addressing consumer privacy and data use and security could increase our costs and impact our reputation.
  • We could be subject to adverse changes or interpretations of tax laws, tax audits, or challenges to our tax positions.
  • Securities-Related Risks
  • The price of our common stock may fluctuate significantly in the future, which could result in losses to our investors and litigation against us.
  • There may be future sales or other dilution of our equity, which may adversely affect the market price of our common stock or depositary shares representing preferred stock.
  • There can be no assurance that we will continue to declare cash dividends or repurchase stock as we have in the past.
  • Offerings of debt, which would be senior to our common stock upon liquidation, and/or preferred equity securities that may be senior to our common stock for purposes of dividend distributions or upon liquidation, may adversely affect the market price of our common stock.
  • Anti-takeover provisions could negatively impact our stockholders.

Legal proceedings

In August 2025, the Bank initiated a lawsuit in connection with its note finance revolving credit facility to Cantor Group V, LLC, alleging fraud by the borrower for failing to provide collateral loans in first position, seeking appointment of a receiver and recovery of funds, and other forms of relief and damages related to claims against the borrower. Management evaluated the existing collateral based on “as is” appraisals and believes it covers the obligation. Updated collateral appraisals are expected in March 2026.

From time to time, the Company is involved in a variety of litigation matters in the ordinary course of its business and anticipates that it will become involved in new litigation matters in the future.

The opening of Item 3, Legal Proceedings.17

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