#1WA INVESTOR CALL PRESENTATION May 2020#2WA COMPANY OVERVIEW#3Western Alliance Bancorporation Overview Regional Footprint National Presence Top Performing Commercial Client Focused Bank $29B+ in assets 20.0% tangible book value 5-Year CAGR NYSE: WAL Headquarters: Phoenix, AZ IPO: 2005 Market Cap¹: $3.5B Consolidated Capital Ratios: TCE/TA: 9.4% CET1 Ratio: 10.0% Total RBC Ratio: 12.3% NCOs/ Avg. Loans²: (0.06)% Employees: 1,800+ Locations: 47 Serving a diverse range of commercial clients, from corporate and small business to public and non-profit borrowers, across numerous industries nationwide 5 regional banking divisions with a branch-light footprint serving attractive markets in Arizona, Nevada, and California $ 2.4% PPNR/ Avg. Assets² BANK DIRECTOR MAGAZINE #1 Regional Bank, 2019 Bank Performance Scorecard Note: Financial data as of March 31, 2020 1) Market data as of May 8, 2020; stock price of $34.39; shares outstanding as of April 30, 2020 WA 2) Annualized for the three months ended March 31, 2020 3) Nonperforming assets include nonaccrual loans and repossessed assets 0.33% NPAs/Assets 0.00% LTM NCOs/ Avg. Loans FORBES Top 10 "Best Banks in America" list 2016 - 2020 S&P GLOBAL MARKET INTELLIGENCE #1 Best-Performing of the 50 Largest Public U.S. Banks, 2019 10+ specialized National Business Lines 3#4WAL's Value Proposition 1 Seasoned leadership team 2 Diversified business model allows flexibility to sustain growth across market cycles 3 Stable, low-cost deposit franchise 4 Diverse, high quality loan portfolio 5 Conservative credit culture resulting in superior asset quality 6 Industry-leading profitability and efficiency drive capital generation 7 Fortress capital and liquidity position A highly adaptable and efficient model coupled with a conservative credit culture enables thoughtful growth and industry-leading profitability across market environments WA 4#51 Seasoned Leadership Team Management averages 25+ years of industry experience Kenneth A. Vecchione President & Chief Executive Officer 12 total years at WAL 35+ years experience, including senior positions in financial services Appointed CEO in April 2018 Has served on Western Alliance Board of Directors since 2007 and was WAL'S COO from 2010 - 2013 Previously, served in senior leadership positions at MBNA Corp., Apollo Global Management, and Citi card services • Dale M. Gibbons Vice Chairman, Chief Financial Officer 16 years at WAL 30+ years in commercial banking Ranked #1 Best CFO overall, among Mid-cap and Small-cap banks, by Institutional Investor magazine (2017 & 2018) CFO and Secretary of the Board at Zions Bancorporation (1996 - 2001) . Tim R. Bruckner Chief Credit Officer 3 years at WAL 15+ years in senior credit administration Previously, served as Managing Director of Arizona Commercial Banking at BMO Harris Bank and as a Senior Vice President in a variety of divisions including Manager of the Special Assets Division, President of M&I Business Credit and President of M&I Equipment Finance WA . Timothy W. Boothe Chief Operating Officer 4 years at WAL 20+ years in commercial banking • Previously, served as President of Bridge Bank, a division of Western Alliance Bank, from July 2015 through October 2019 Also served as Chief Operating Officer of Bridge Bank from 2006 until its acquisition by WAL in July 2015 LO 5#62 Diversified Business Model Allows Flexibility to Sustain Growth WAL can actively adapt business and capital allocation in response to changing external environment Trajectory maintained with prudent credit risk management Organic Growth Regional Banking Divisions Residential Mortgage Initiative Ample potential for expansion NBLs Geographic Diversification Growth Trajectory Optimized for Dividends evolving operating Capital Allocation environment Share Repurchases M&A WA C&D Risk- Adjusted Deep segment & product expertise Yields supports cyclical Hotel Franchise Finance business lines Risk Management Operating Leverage Mortgage Warehouse Pristine asset quality Capital Call Lines Corporate Finance HOA Illustrative as business objectives are not mutually exclusive and image does not represent full suite of WAL divisions, products and services. Highly efficient lending & deposit platforms CO 6#73 Stable, Low Cost Deposit Franchise Diversified funding channels reflect long-term, stable relationships . $24.8Bn in stable deposits, typically tied to lending relationship Scalable national funding channels, such as HOA, Tech & Innovation, Life Sciences and capital call lines Core deposits fund balance sheet growth Deposits compose 97.2% of total funding 93.3% Loan-to-Deposit ratio 40% of total deposits are noninterest-bearing Solid Noninterest-Bearing Deposit Base¹ CDs 10% Nonint. MMDA & Savings 36% Bearing DDA 40% Interest DDA 14% Deposits, Borrowings, and Cost of Funds 0.86% 0.64% 0.64% 0.30% 0.31% 0.37% $0.7 $0.4 $0.9 23.0% $0.8 $9.9 $0.5 $8.5 CAGR $0.4 $7.5 $7.4 $5.6 $4.1 16.2% $14.3 $14.9 $7.9 $8.9 $9.5 $11.7 CAGR 2015 2016 2017 2018 Interest Bearing Deposits Non-Interest Bearing Deposits 2019 Total Borrowings² Q1 2020 -Cost of Funds³ WA Dollars in billions 1) Deposit composition as of March 31, 2020 2) Borrowings include customer repurchase agreements 3) Cost of Funds defined as total expense paid on interest bearing liabilities divided by the sum of average interest bearing liabilities and average non-interest bearing demand deposits 7#84 National Bank With a Regional Footprint Diversified by product, client-type and geography emphasizing underwriting discipline • Diverse mix of regionally-focused commercial banking divisions & nationally-oriented specialized businesses Leverages deep segment expertise to provide specialized banking services to niche markets across the country NBLs support industry and nationwide geographic diversification with centralized, sophisticated management Segment-focused model supports superior client value, strong returns and company risk management Loan and Loan Yields Diversified Business Mix Loans by Product Type Resi & Consumer 1% NBL Composition Multifam. 1% Other CLD Hotel 8% 10% Franchise CRE - NOO Corp. Fin. 12% 15% 13% CRE - OO 9% National Business Lines 57% Tech & Innov. 15% Mtg. C&I 11% Public & NonProfit Warehouse 19% 13% Resi. Mortgage 16% 5.18% 5.40% 5.62% 5.82% 5.83% Loans by Rate Type 5.27% 18.9% $23.2 $21.1 Total Loan $17.7 CAGR $15.1 $10.0 Fixed Rate 29% $13.2 $9.6 LIBOR Based $11.1 $9.1 $8.4 35.8% 44% $7.5 $7.5 $11.5 $13.2 NBL $5.7 $6.7 $8.6 $3.6 CAGR Term Adjustable Prime Based 20% 7% 2015 2016 2017 2018 2019 Q1 2020 NBL Loans WA Dollars in billions Note: Loan product type percentages exclude exposures in National Business Lines 8#94 Conservative CRE and CLD portfolios CRE portfolio was $7.6bn (32.7%) of loan portfolio CRE Composition CLD portfolio was $2.1bn (8.9%) of loan portfolio CLD Composition Raw/Undeveloped Land OO CRE Const. 6% Other Senior Care 1% 18% HFF 23% Restaurant 3% CRE- Multifamily 3% School 4% Medical 4% C-Store 5% Retail 11% Industrial 11% Office 17% CRE Geographic Diversification 7% Multifamily. Const. 8% Hotel Const. 10% Investor CRE Const. 12% Institutional Lot Banking 30% 1-4 Family Const. 27% CLD Geographic Diversification TX 2% VA WA Other 2% 2% 5% FL WA 2% Other 3% 16% VA CA 2% 28% SC TX 7% 2% FL 3% SC 3% ཊྛསྶཚནྟི ཚཙྪོ NV 20% AZ 24% WA Note: CRE and CLD exposures include National Business Line loans Financial information as of March 31, 2020 NV 12% AZ 20% CA 47% 9#104 Hotel Franchise Finance Structured for Superior Through-Cycle Performance Financial flexibility is maximized through deep industry expertise, strong operating partners, and conservative underwriting structure Hotels By Product As of 3/31/2020 Avg. # of Hotels Commitment Outstanding Outstanding • Hotel Franchise Finance portfolio, focused on "select-service" hotels, was $1.98Bn (8.5%) of loan portfolio 65% LTC discipline, thoughtful structures, and strong operating partners support maximizes financial flexibility to hotel stabilization Direct dialogue with sophisticated hotel sponsors drives loan modification strategy to fund operations through economic trough to recovery ($ in million) CRE Investor (Term Loan) 163 $1,881 $1,810 $11.1 Proj. Improvements (PIPS) N/A¹ $122 $23 $0.8 Construction 12 $297 $126 $10.7 C&I 0 $25 $19 $19.0 - Total $1,978 $11.3 175 $2,325 Conservative underwriting provides meaningful cash flow cushion; focused on Loan-to-Cost Longer term, solutions-based modification approach combines mutual upfront client P&I contribution with bank deferment Successfully implemented: 12 mo. (42%), 9-6 mo. (22%), and other (5%) modifications with 12% making normal course payments All hotel relationships expected to have positive modification outcomes Geographic Diversification DSCR Debt Yield Weighted Avg.: 1.9x 10.8% LTV 60.9% 22.1% ■>12% ■≥1.60x 51.8% ■10% - 12.0% ■ <65% ■1.30x - 1.59x ■9.25% - 9.99% 72.6% ■1.00x - 1.29x 41.2% ■65% -75% <9.25% MA, 3% AZ, 11% CA, 6% States <3%, 26% NY, 7% GA, 7% ■ <1.0x PA, 4% ■Const. 21.4% ■Const. ■>75% 7.9% N/A LA, 4% FL, 6% ■ N/A 7.1% 20.5% IL,4% TX, 6% 7.9% 26.3% 6.3% NJ, 4% 5.4% 6.3% 1.9% IN, 4% MI, 5% TN, 5% 1.1% WA 1) PIP notes are always part of a larger hotel term loan facility; therefore, 28 hotels with PIPs are included in CRE Investor 52% of commitments in Top 25 MSAs ⚫ 70% in Top 50 MSAs 10#11Technology & Innovation Segment Serves Emerging Technology-Focused 4 Ventures & Investors Primarily focused on established growth companies with successful products and strong investor support, which provides greater operating and financial flexibility As of 3/31/2020, Tech. & Innovation portfolio was 8.9% ($2.1bn) of loan portfolio. Tech. & Innov. Loans by Segment Bridge Bank (acquired in Jun-15) has a long- standing, successful track-record in national technology lending dated back to 2001 Holistic banking relationship (TM, WC/AR lines, etc.) provides line-of-sight into business operations, performance against plan, and financial health 1 Finances established growth tech firms with strong risk profile . Validated Product: 97% with revenue > $5MM Minimal pre-revenue or mezzanine lending Strong Institutional Backing: 86% backed by one or more quality VC/PE Granular Portfolio: Avg. loan size $3.3MM Low Cost Deposit Franchise: Liquid borrowers with 2:1 deposit coverage Subscription & Capital Call Lines 21% Legacy Solar 4% Life Sciences 9% Technology 66% 2 Asset quality remains strong • EFR lending has never experienced a loss Net Recoveries of $312k for Tech. & Innov. in 2019 and no charge-offs in Q1 2020 77% of companies¹ with >6 months of liquidity 3 Since 2007, total warrant income >2x cumulative NCOs WA 1) Includes Technology and Life Sciences borrowers 11#125 Conservative Credit Culture Credit quality is placed before profitability Strong risk management culture and framework established throughout organization ACL1/Total Loans WAL Peer Median - Model focused on process-driven early elevation and speed to resolution 1.30% 1.07% 1.02% 0.93% 0.86% 0.80% - Leverage Segment Specialists to apply best practices to industry- or product-specific risks 1.05% 0.95% 1.02% 0.91% 0.86% 0.76% Balance sheet diversified since last credit cycle Non-Performing Assets² / Total Assets --WAL Peer Median 2015 2016 2017 2018 2019 Q1 2020 Net Charge-Offs / Average Loans --WAL Peers 0.15% 0.15% 0.13% 0.14% 0.16% 0.14% 0.65% 0.50% 0.43% 0.39% 0.40% 0.06% 0.35% 0.02% 0.01% 0.02% 0.56% 0.51% (0.06%) (0.06%) 0.36% 0.33% 0.20% 0.26% 2015 2016 2017 2018 2019 Q1 2020 2015 2016 2017 2018 2019 Q1 2020 WA 1) Includes on-balance sheet ACL 2) Nonperforming assets include nonaccrual loans and repossessed assets 12 Note: Peers consist of 56 publicly-traded banks with total assets between $15B and $150B, excludes companies headquartered in Puerto Rico, mutual holding companies, target banks of pending acquisitions, and the minority parties in pending MOES as of March 31, 2020; S&P Global Market Intelligence#135 Asset Quality Stable Relative to Overall Balance Sheet Growth While loans have historically seen double digit growth, adversely graded loans and non- performance assets have been consistent Non-Performing Assets and Adversely Graded Assets as a Percentage of Total Assets $353 2.5% Over last 5+ years, less than 1% of Special Mention loans have migrated to loss $343 2.1% $355 1.9% $316 $341 1.4% $351 1.3% 1.2% 0.4% 0.5% 0.3% 0.0% 2015 2016 2017 2018 2019 Q1 2020 ■OREO ■NPLs ■Classified Accruing Loans ■Special Mention Loans WA Dollars in millions Accruing TDRs total $22.1mm as of March 31, 2020 13#146 Industry-Leading Profitability Drives Capital Generation Pre-Provision Net Revenue/ Avg. Assets WAL Peer Median 2.49% 2.51% 2.50% 2.29% 2.11% 2.24% • • 1.86% 1.63% 1.65% 1.71% 1.79% . 1.62% Outstanding performance compared to peers with PPNR/AA and ROAA among highest in industry Leading earning asset yield of 4.80% Net Interest Income continues to rise through strong earning asset growth despite Fed rate actions 70bps linked quarter ROAA decline was primarily due to $51 million Provision 2015 2016 2017 2018 2019 Q1 2020 ROAA WAL Peer Median 2.05% 2.00% 1.72% 1.61% 1.56% Net Interest Margin -O-WAL Peer Median 4.58% 4.65% 4.68% 4.51% 4.52% 4.22% 1.22% 3.57% 1.30% 3.45% 3.48% 1.23% 3.31% 3.28% 3.30% 0.97% 0.97% 0.97% 0.55% 2015 2016 2017 2018 2019 Q1 2020 2015 2016 2017 2018 2019 Q1 2020 WA Note: Peers consist of 56 publicly-traded banks with total assets between $15B and $150B, excludes companies headquartered in Puerto Rico, mutual holding companies, target banks of pending acquisitions, and the minority parties in pending MOES as of March 31, 2020; S&P Global Market Intelligence 14#156 Top Decile Efficiency Contributes to Capital Generation Track record of simultaneously driving industry-leading growth and efficiency Branch-light model and continued focus on expense management, while investing in growth initiatives and scalable infrastructure to be a leading nationwide banking platform 60.1% 58.8% 57.3% 56.5% 55.4% 54.7% 45.2% 43.2% 43.0% 43.2% 41.5% 41.7% 2015 2016 2017 2018 2019 Q1 2020 -O-WAL Peer Median WA Efficiency ratio for WAL and Peers as calculated and reported by SNL Financial / S&P Global Market Intelligence 15 Note: Peers consist of 56 publicly-traded banks with total assets between $15B and $150B, excludes companies headquartered in Puerto Rico, mutual holding companies, target banks of pending acquisitions, and the minority parties in pending MOEs as of March 31, 2020; S&P Global Market Intelligence#166 Reduced Asset Sensitivity with Asymmetric Return Profile Percentage (Decrease) to Net Interest Income Shock Scenarios 8.1% 7.2% 7.0% 6.1% 4.3% -3.0% • -3.8% -4.8% -6.5% -6.6% Q1-19 Q2-19 Q3-19 Shock-100 Shock +100 Ramp Scenarios 2.9% 2.3% Q4-19 Q1-201 • • 4.1% 3.6% 3.0% • -1.8% -1.7% -1.3% -2.3% -2.4% As of 3/31/2020 $9.8Bn, or 66%, of variable rate loans have floors 82% of variable rate loans with floors are at floors Fixed rate loans are 29% of total loans Adjustable rate loans with more than 12 months. remaining on fixed term are 6% of total loans. Variable rate loans at floors, when combined with fixed rate and long-term adjustable rate loans, totals $16.2Bn 70% of loan portfolio is acting as fixed rate Reduced IRR sensitivity in a down shock scenario as: - - Shifting mix to fixed rate residential loans. Floors of variable rate loans have become increasingly in-the-money Increased deposit betas Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 2 ■Ramp -100 ■Ramp +100 WA 1) Assumes embedded floors on interest bearing deposits of 5bps and prevents market interest rates from moving below zero percent in down rate scenarios 2) Ramp up assumes a gradual monthly parallel shift of +8.3bps over a 12-month period 16#177 Fortress Capital and Liquidity Position Strategic positioning supports ongoing versatility of business model MRQ net charge-offs bottom decile versus peers Strategic balance sheet reallocation towards low LTV residential real High- Strong estate Quality Liquidity Assets Access Significant Robust TCE/TA ~80 bps higher than peer median Capital Cash Levels Generation TBV per share growth 2x peer group Strong regulatory capital Total RBC: 12.3% - CET1: 10.0% WA 1) As of May 12, 2020 Loan growth funded through core deposits $9.8Bn in unused borrowing capacity (correspondent banks, FHLB & FRB)1 $2.5Bn unpledged marketable securities¹ Leading ROA and Operating PPNR ROA Top decile LTM ROATCE High operating leverage Note: Peers consist of 56 publicly-traded banks with total assets between $15B and $150B, excludes companies headquartered in Puerto Rico, mutual holding companies, target banks of pending acquisitions, and the minority parties in pending MOES as of March 31, 2020; S&P Global Market Intelligence 17#18WA FIRST QUARTER RESULTS & FINANCIAL DETAIL#19Impact and Response to COVID-19 Pandemic Western Alliance is actively engaged with our people, customers and the communities we serve to help weather the current environment and be best positioned for future recovery. Overview of ■ Focusing on well-being of our people, customers and communities - Mandatory work from home, and COVID prevention recommendations - Employees remain healthy and engaged ■ Business continuity plan operating as expected Began preparing early (Mid- to late-January) - Assessed potential risks and mitigants - Segregated portfolio into risk segments with senior SMEs leading monitoring & mitigation strategy WAL'S COVID-19 Response - Accelerated implementing risk management actions in mid-February - Tightened underwriting standards ■ Prioritizing asset quality, capital, and liquidity access - Arrived in position of strength and uniquely prepared to address what's ahead - Current TCE / TA of 9.4%, in excess of peer levels - Significant liquidity access: Robust and diverse deposit sources and $10Bn of available liquidity - Stable asset quality entering into recession WA Note: Peers consist of 56 publicly-traded banks with total assets between $15B and $150B, excludes companies headquartered in Puerto Rico, mutual holding companies, target banks of pending acquisitions, and the minority parties in pending MOES as of March 31, 2020; S&P Global Market Intelligence 19#20Impact and Response to COVID-19 Pandemic (cont'd) Credit & Risk Management Strategy Implemented broad-based risk management strategy to manage credit segments on real-time basis Borrower-Level Strategies: Direct customer dialogue to develop long-term contingency financial plans Risk management conversations with all borrowers >$3MM exposure (86% of portfolio) - Focused on monitoring "Burn Months" through the crisis - Encouraging full use of borrower cash resources to solve shortfall Prioritized PPP loans guaranteed by SBA to provide expedient liquidity to impacted borrowers Streamlined Loan Modification Process: Partner with clients. Assess willingness and capacity to support business interests Successfully approved approx. 4,650 PPP applications totaling $1.9Bn Selectively implemented modifications on approx. 170 loans totaling $440 million COVID-19 Mitigating Action (as of May 11, 2020) CARES Act/PPP Modifications In 3/31/2020 Total Requested Process or Closed Outstanding # $MM # $MM CARES Segments Act Relief¹ Granted forbearance requests on Arizona $3,960 1,590 $490 156 $256 approx. 280 residential mortgage Nevada $2,297 1,400 $413 63 $310 loans totaling $160 million No Cal $1,429 651 $424 13 $37 So Cal $2,263 854 $266 21 $30 NBLS $13,217 396 $469 73 $793 Total $23,166 4,891 $2,062 326 $1,426 WA Note: Information as of May 11, 2020 20#211st Quarter 2020 | Financial Highlights Q1-20 Q4-20 Q1-19 Earnings & Profitability Net Income EPS Net Interest Income $ 269.0 $ 272.0 247.3 Operating PPNR1 Net Income EPS 163.4 158.7 148.1 $84.0 million $0.83 84.0 128.1 120.8 0.83 1.25 1.16 Net Interest Margin 4.22% 4.39% 4.71% Operating Efficiency Ratio¹ 41.8 43.8 42.0 ROAA 1.22 1.92 2.12 Operating PPNR1 ROTCE1 ROTCE1 Balance Sheet & Capital Total Loans, Gross 12.18 18.89 20.49 $163.4 million 12.18% SA $ 23,166 $ 21,123 $ 18,117 Total Deposits 24,831 22,797 20,209 TCE Ratio¹ Tangible Book Value per Share¹ Asset Quality 9.4% 10.3% 10.3% Loan Growth Deposit Growth SA $ 26.73 $ 26.54 $ 23.2 Provision for Credit losses² $ 51.2 $ 4.0 $ 4.5 $2.0 billion 9.7% $2.0 billion 8.9% Net (Recoveries) Charge-Offs (3.2) 1.2 1.2 Provision in Excess of Net Charge-Offs³ 54.4 2.8 3.3 Net (Recoveries) Charge-Offs / Avg. Loans (0.06)% 0.02% 0.03% CET1 Ratio Total RBC Ratio Allowance for Credit Losses / Funded Loans 1.14 0.84 0.91 10.0% 12.3% NPAs/Total Assets 0.33 0.26 0.26 Dollars in millions, except EPS WA 1) Refer to slide 31 for further discussion of Non-GAAP financial measures. 2) Upon adoption of CECL on January 1, 2020, Provision for Credit Losses has been modified to also include amounts related to unfunded loan commitments and investment securities. Prior period amounts have been restated to conform to the current presentation. 3) Q1-20 Provision in Excess of Net Charge-Offs represents $0.44 per share, net of tax. 21 4) Nonperforming assets includes nonaccrual loans and repossessed assets.#22Q1-20 Interest Income $ 307.2 $ Interest Expense (38.2) Net Interest Income $ 269.0 $ Operating Non-Interest Income 16.3 Net Operating Revenue¹ $ 285.3 $ Salaries and Employee Benefits 72.1 Deposit Costs 7.3 Other 42.5 Operating Non-Interest Expense¹ (121.9) $ Operating Pre-Provision Net Revenue¹ $ 163.4 $ Provision for Credit Losses² (51.2) (Loss) Gain on Sales & Valuation of Assets (9.8) Pre-Tax Income 102.4 $ Quarterly Consolidated Financial Results Q1 2020 Highlights • • • Net Interest Income decreased $3.0MM primarily as a result of decreased yields on loans and one less day in the quarter, partially offset by lower rates on deposits and interest expense on borrowings Provision for Credit Losses increased $47.2MM due to adoption of CECL and emerging risks in the pandemic crisis Operating PPNR increased $4.7MM primarily as a result of a decrease in operating expenses Loss on Sales and Valuation of Assets consists of FMV losses of $10.4MM on Q4-19 Q1-19 315.4 $ 291.2 (43.4) (43.8) 272.0 $ 247.3 15.5 12.6 287.5 $ 259.9 73.9 68.6 6.8 5.7 48.1 37.5 (128.8) $ (111.8) 158.7 $ 148.1 (4.0) (4.5) (0.5) 2.7 154.3 $ 146.3 Income Tax (18.5) (26.2) (25.5) Net Income Diluted Shares Earnings Per Share 84.0 $ 128.1 $ 120.8 equity securities and $0.9MM on HFS loans, partially offset by a $1.5MM gain on sale of OREO 101.7 102.1 104.5 . $ 0.83 $ 1.25 $ 1.16 Diluted shares decreased 1.7% as a result of opportunistic share Dollars in millions, except EPS WA repurchases 1) Refer to slide 31 for further discussion of Non-GAAP financial measures. 2) Upon adoption of CECL on January 1, 2020, Provision for Credit Losses has been modified to also include amounts related to unfunded loan commitments and investment securities. Prior period amounts have been restated to conform to the current presentation. 22#23$300 CECL and Allowance for Credit Losses ("ACL") ACL Reserve Build $30 $268 $250 $24 $37 $214 $200 $177 $150 $100 $50 $0 Q4-19 Q4-19 Adoption Impact 1/1/2020 PF Q4-19 Balance Sheet Growth Outlook Adjustment & Other Q1-20 Allowance for Credit Losses $268 $3 $30 $214 $3 $177 $180 $181 $184 $24 $13 $11 $9 $9 $9 $7 $7 $9 $235 $187 $155 $160 $165 $168 ACL Q1 2020 Highlights ⚫ CECL adoption impact of $37MM comprised of ACL for Loans, Unfunded Loan Commitments and HTM Securities, $19.1MM, $15.1MM and $2.6MM, respectively - Capital impact related to CECL adoption is phased in over 5 years Provision expense of $51.2MM for Q1, mainly driven by balance sheet growth ($24MM) and change in macroeconomic outlook ($30MM), offset by net recoveries of $3.2MM ACL balance of $268MM at Q1-20, an increase of $54MM, driven by the provision expense and $3.2MM of net recoveries Q1-19 Q2-19 Q3-19 Allowance for Loan & Lease Losses ■Credit Discounts Dollars in millions WA Q4-19 1/1/2020 Unfunded Loan Commits.¹ ■HTM Securities 1) Included as a component of other liabilities on the balance sheet Q1-20 23#24Consolidated Balance Sheet Q1-20 Q4-19 Q1-19 Investments & Cash Loans Allowance for Credit Losses Other Assets Total Assets $ 4,771 $ 4,471 $ 4,525 23,166 21,123 18,117 (235) (168) (155) 1,456 1,396 1,306 $ 29,158 $ 26,822 $ 23,793 Deposits $ 24,831 $ 22,797 $ 20,209 Borrowings 721 410 389 Other Liabilities 606 598 474 Total Liabilities $ 26,158 $ 23,805 $ 21,072 Shareholders' Equity 3,000 3,017 2,721 Total Liabilities and Equity 29,158 $ 26,822 $ 23,793 Tangible Book Value Per Share1 $ Q1 2020 Highlights Loans increased $2.0 billion (9.7%) over prior quarter and $5.0 billion (27.9%) over prior year Deposits increased $2.0 billion (8.9%) over prior quarter and $4.6 billion (22.9%) over prior year Shareholders' Equity decreased $17 million over prior quarter and increased $279 million over prior year as a function of Net Income, and an increase in the fair value of securities, offset by share. repurchases, dividends and the adoption impact of CECL 26.73 $ 26.54 $ 23.20 Tangible Book Value/Share1 Dollars in millions WA 1) Refer to slide 31 for further discussion of Non-GAAP financial measures. increased $0.19 (0.7%) over prior quarter and $3.53 (15.2%) over prior year 24#25Adversely Graded Loans and Non-Performing Assets Adversely Graded Loans and OREO $358 $399 $439 Q1 2020 Highlights .. Total Adversely Graded Loans plus OREO of $351MM (1.20% to Total Assets) increased $10MM in Q1 • NPAs of $97MM (33bps to Total Assets) increased $27MM in Q1 primarily due to HFS loan moving to non- accrual status $351 $341 $234 $198 $134 $104 $180 Asset Quality Ratios Adversely Graded Loans $162 $131 $139 $91 $150 1.67% 1.50% 1.58% 1.27% 1.20% $86 0.26% 0.27% 0.25% 0.26% 0.33% $44 $52 $50 $56 NPAs $18 $18 $16 $14 $11 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 ■ OREO ■Classified Accruing Loans Dollars in millions WA 1) Includes HFS loans ■Non-Performing Loans¹ ■Special Mention Loans Adversely Graded Loans and OREO to Total Assets NPAs to Total Assets 25#26Credit Losses and ACL Ratios Gross Charge-offs and Recoveries $2.6 $2.3 $2.1 $2.2 $0.1 ($1.1) ($1.0) ($0.9) ($2.7) ($3.3) Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Gross Charge-Offs Recoveries Q1 2020 Highlights • Net recoveries of $3.2MM, (6bps), compared to net charge-offs of $1.2MM, 3bps, in Q1-19 • Provision expense increased to $51.2MM, driven by the adoption of CECL and balance sheet growth in Q1 ACL/Funded Loans increased 30bps to 1.14% in Q1 as a result of CECL adoption and increased provision expense related to Q1-20 loan growth Provision for Credit Losses¹ ACL Adequacy Ratios $5.6 374% 306% 327% 346% 316% 48.3% 44.5% 41.1% 53.9% 77.8% $45.2 1.14% 0.91% 0.88% 0.86% 0.84% $1.0 $3.5 $7.0 $4.0 $4.0 ($0.2) Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 For Loan Losses ACL/Funded Loans ACL/Nonaccrual Loans ■For Unfunded Commitments² Dollars in millions WA 1) Does not include $0.3 million provision for HTM Investment Securities 2) Included as a component of provision for credit losses in the income statement ACL/Adversely Graded Loans 26 26#27Abundant Liquidity Access • · • Liquidity Access (as of May 12, 2020) Loan growth funded through core deposits Access to $12.9Bn of liquidity $9.8Bn in unused borrowing capacity - Federal Reserve: $2.1Bn - FHLB: $4.4Bn Correspondent banks: $1.4Bn - Unused PPP lending facility: $1.9Bn $2.5Bn unpledged marketable securities Cash of $580MM Investment Portfolio (as of March 31, 2020) Total Carrying Value of Investment Portfolio ($4.7Bn) 96.3% of the rated portfolio is investment grade Corporates, Preferreds, 1.9% 1.7% Other, 2.7% Agency CMBS, 2.2% Low Income Housing Tax Credit, 8.0% Low Income Housing Tax Agency MBS/ CMOS, 31.7% WA Exempt, 10.9% Munis, 15.9% Private Label CMOS, 25.0% 27#28WA APPENDIX#29Historical Bank-Level Income Statement ($Millions) For the Year Ended December 31, Annualized 2015 2016 2017 2018 2019 Q1-20 Interest Income 520 696 843 1,030 1,222 1,226 Interest Expense 26 36 49 104 170 140 Net Interest Income 494 660 793 927 1,052 1,086 Non-Interest Income 29 41 41 53 51 67 Net Revenue 523 700 835 979 1,103 1,153 Salaries and Employee Benefits 149 189 214 252 278 287 Other 102 130 141 162 206 172 Total Non-Interest Expense 251 318 355 413 484 460 Provision for Credit Losses 4 11 19 23 19 205 Gains (Losses) on Securities¹ 1 2 (9) 7 (21) Pre-Tax Income 270 371 462 533 608 468 Income Tax Net Income 70 105 128 83 106 84 200 265 334 451 501 383 WA 1) Includes realized gains (losses) on held-to-maturity and available-for-sale securities and unrealized holding gains (losses) on equity securities not held for trading Components may not sum to totals due to rounding differences Source: Bank regulatory filings 29 22#30Historical Bank-Level Balance Sheet ($Millions) For the Twelve Months Ended December 31, 2015 2016 2017 2018 2019 Q1-20 Investments & Cash 2,157 2,951 4,137 4,127 4,345 4,645 Gross Loans 11,099 13,191 15,091 17,711 21,123 23,166 Allowance for Credit losses 118 124 140 153 168 235 Total Other Assets 1,018 1,077 1,316 1,453 1,562 1,615 Total Assets 14,155 17,095 20,404 23,138 26,863 29,191 Deposits 12,039 14,564 17,232 19,496 23,086 25,111 Borrowings 188 122 416 513 17 331 Subordinated Notes 152 151 150 149 152 150 Other Liabilites 254 255 315 412 587 596 Total Liabilities 12,633 15,092 18,113 20,570 23,841 26,187 Shareholders' Equity 1,522 2,004 2,291 2,568 3,022 3,004 Total Liabilities and Equity 14,155 17,095 20,404 23,138 26,863 29,191 WA Components may not sum to totals due to rounding differences Source: Bank regulatory filings 30 30#31Forward-looking Statements This presentation 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, future economic performance and dividends, and the impact to the Company's allowance and provision for credit losses and capital levels under the new current expected credit loss (CECL) accounting standard. 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, 2019 as filed with the Securities and Exchange Commission; the potential adverse effects of the ongoing COVID-19 pandemic and any governmental or societal responses thereto, or other unusual and infrequently occurring events; changes in general economic conditions, either nationally or locally in the areas in which we conduct or will conduct our business; 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; changes in management's estimate of the adequacy of the allowance for credit losses; legislative or regulatory changes including in response to the COVID-19 pandemic such as the Coronavirus Aid, Relief and Economic Security Act ("CARES Act”) and the rules and regulations that may be promulgated thereunder; or changes in accounting principles, policies or guidelines (including changes related to CECL); 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; and other factors affecting the financial services industry generally or the banking industry in particular. Any forward-looking statement made by us in this presentation 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 presentation to reflect new information, future events or otherwise. Non-GAAP Financial Measures This presentation 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 the Company's press presentation as of and for the quarter ended March 31, 2020. 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. WA 31