<\/p>\n
Western Alliance Bancorporation Reports Second Quarter 2021 Financial Results<\/b><\/p>\n
PHOENIX–(BUSINESS WIRE<\/a>)–
\nWestern Alliance Bancorporation (NYSE:WAL):\n<\/p>\n
| \n SECOND QUARTER 2021 FINANCIAL RESULTS<\/b><\/p>\n<\/td>\n<\/tr>\n Net income<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Earnings per share<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n PPNR1<\/sup><\/span><\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Net interest margin<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Efficiency ratio1<\/sup><\/span><\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Book value per <\/b><\/p>\n common share<\/b><\/p>\n<\/td>\n<\/tr>\n $223.8 million<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $2.17<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $277.4 million<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 3.51%<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 44.5%<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $38.70<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n$2.29, excluding acquisition and restructure expenses\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$32.861<\/sup>, excluding\n<\/p>\n \ngoodwill and intangibles\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nCEO COMMENTARY:\n<\/p>\n<\/td>\n<\/tr>\n \n\u201cWestern Alliance continued to execute on its diversified national commercial business strategy, effectively deploying excess liquidity and generating record revenues, PPNR1 <\/sup>and earnings for the second quarter 2021,\u201d said Kenneth A. Vecchione, President and Chief Executive Officer. \u201cBalance sheet growth was driven by an increase in HFI loans of $2.0 billion (29.3% annualized), excluding PPP payoffs, supported by deposit growth of $3.5 billion (36.9% annualized), lifting total assets to $49.1 billion and PPNR1 <\/sup>by 37.1% in the quarter to $277.4 million. As we began to unlock the value from the AmeriHome acquisition, we achieved record net income of $223.8 million, earnings per share of $2.17 and return on tangible common equity of 28.1% for the second quarter 2021. Asset quality remained strong with nonperforming assets to total assets of 0.20% and negligible net charge-offs for the quarter.\u201d\n<\/p>\n<\/td>\n<\/tr>\n \nAcquisition of AmeriHome Mortgage Company:\n<\/p>\n<\/td>\n<\/tr>\n \nOn April 7, 2021, the Company completed its previously announced acquisition of Aris Mortgage Holding Company, LLC, the parent company of AmeriHome Mortgage Company, LLC (“AmeriHome”). The Company’s results for the second quarter 2021 include the financial results of AmeriHome beginning on April 7, 2021. Pursuant to accounting guidance, acquired assets and liabilities are recorded at estimated fair value as of the acquisition date. The estimated fair value of certain net assets are preliminary and are subject to measurement period adjustments. Based on AmeriHome’s closing balance sheet and a $275 million premium, cash consideration was approximately $1.22 billion.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nLINKED-QUARTER BASIS\n<\/p>\n<\/td>\n \nYEAR-OVER-YEAR\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nFINANCIAL HIGHLIGHTS:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nFINANCIAL POSITION RESULTS:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLOANS AND ASSET QUALITY:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nKEY PERFORMANCE METRICS:\n<\/p>\n<\/td>\n 1 <\/sup>See reconciliation of Non-GAAP Financial Measures.\n<\/p>\n Income Statement<\/b><\/p>\n \nNet interest income was $370.5 million in the second quarter 2021, an increase of $53.2 million from $317.3 million in the first quarter 2021, and an increase of $72.1 million, or 24.2%, compared to the second quarter 2020. Continued loan growth and interest income from AmeriHome’s HFS loans drove the increase in net interest income from both the first quarter 2021 and the second quarter 2020.\n<\/p>\n \nThe Company recorded a reversal of credit loss provisions totaling $14.5 million in the second quarter 2021, a decrease of $17.9 million from the $32.4 million reversal in the first quarter 2021, compared to a provision for credit losses of $92.0 million in the second quarter 2020. The reversal of provisions during the second quarter 2021 is due to continued improvement in economic forecasts relative to March 31, 2021 and concentration of loan growth in portfolio segments with lower expected loss rates.\n<\/p>\n \nThe Company\u2019s net interest margin in the second quarter 2021 was 3.51%, an increase from 3.37% in the first quarter 2021 and a decrease from 4.19% in the second quarter 2020. The increase in net interest margin from the prior period is largely a result of the deployment of excess liquidity. The decrease in net interest margin from the second quarter 2020 was driven by the lower rate environment, which lowered loan and investment security yields, but also decreased deposit costs.\n<\/p>\n \nNon-interest income was $136.0 million for the second quarter 2021, compared to $19.7 million for the first quarter 2021, and $21.3 million for the second quarter 2020. The increase in non-interest income from the first quarter 2021 and second quarter 2020 is primarily the result of mortgage banking related income from AmeriHome.\n<\/p>\n \nNet revenue was $506.5 million for the second quarter 2021, an increase of $169.5 million, or 50.3%, compared to $337.0 million for the first quarter 2021, and an increase of $186.8 million, or 58.4%, compared to $319.7 million for the second quarter 2020. The increase in net revenue from the first quarter 2021 and second quarter 2020 was driven by an increase in loan interest income generated from loan growth and the AmeriHome HFS loans, coupled with an increase in non-interest income from mortgage banking related income.\n<\/p>\n \nNon-interest expense of $244.8 million for the second quarter 2021, or $229.1 million adjusted1<\/sup> to exclude AmeriHome acquisition and restructure related expenses, compared to $135.0 million for the first quarter 2021, or $134.6 million adjusted1<\/sup>, and $114.8 million for the second quarter 2020. The Company\u2019s efficiency ratio1<\/sup>, adjusted to exclude acquisition and restructure related expenses, was 44.5% for the second quarter 2021, compared to 39.0% in the first quarter 2021, and 35.1% for the second quarter 2020. The increase in adjusted non-interest expense1<\/sup> from the second quarter 2020 is attributable to growth from the AmeriHome acquisition, which increased compensation costs and also introduced additional non-interest expense items, such as net loan servicing and loan acquisition and origination expenses.\n<\/p>\n \nIncome tax expense was $52.4 million for the second quarter 2021, compared to $41.9 million for the first quarter 2021, and $19.6 million for the second quarter 2020.\n<\/p>\n \nNet income was $223.8 million for the second quarter 2021, an increase of $31.3 million from $192.5 million for the first quarter 2021, and an increase of $130.5 million from $93.3 million for the second quarter 2020. Earnings per share was $2.17, or $2.29 per share after adjusting for acquisition and restructure expenses, for the second quarter 2021, compared to $1.90 for the first quarter 2021, and $0.93 for the second quarter 2020. As discussed above, the increase in net income and earnings per share for the second quarter 2021 compared to the same quarter last year was driven by a release in the provision for credit losses coupled with new activity related to the AmeriHome acquisition.\n<\/p>\n \nThe Company views its pre-provision net revenue1<\/sup> (“PPNR”) as a key metric for assessing the Company\u2019s earnings power, which it defines as net revenue less non-interest expense, adjusted for acquisition and restructure expenses. For the second quarter 2021, the Company\u2019s PPNR1<\/sup> was $277.4 million, up $75.0 million from $202.4 million in the first quarter 2021, and up $72.5 million from $204.9 million in the second quarter 2020. The increase in PPNR from the first quarter 2021 and second quarter 2020 was driven by the AmeriHome acquisition completed on April 7, 2021, as the increase to net revenue was larger than the increase in adjusted non-interest expense1<\/sup>.\n<\/p>\n \nThe Company had 3,075 full-time equivalent employees and 53 offices at June 30, 2021, compared to 1,947 employees and 49 offices at March 31, 2021, and 1,851 employees and 47 offices at June 30, 2020. The increase in employees from March 31, 2021 primarily relates to the addition of AmeriHome employees.\n<\/p>\n 1 <\/sup>See reconciliation of Non-GAAP Financial Measures.\n<\/p>\n Balance Sheet<\/b><\/p>\n \nGross HFI loans totaled $30.0 billion at June 30, 2021, an increase of $1.3 billion from $28.7 billion at March 31, 2021, and an increase of $5.0 billion from $25.0 billion at June 30, 2020. The increase in HFI loans from the prior quarter is primarily attributable to an increase of $2.0 billion in residential real estate loans, offset in part by a decrease of $786 million in commercial and industrial loans. From June 30, 2020, the largest increases in the loan balance were driven by residential real estate loans of $2.7 billion, commercial and industrial loans of $1.5 billion (includes $865 million of PPP loans), construction and land development loans of $659 million, and CRE non-owner occupied loans of $351 million. These increases were offset by a decrease in CRE owner occupied loans of $229 million. 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. At June 30, 2021, the allowance for loan losses to funded HFI loans was 0.78%, compared to 0.86% at March 31, 2021, and 1.24% at June 30, 2020. The allowance for credit losses, which includes the allowance for unfunded loan commitments, to funded HFI loans was 0.88% at June 30, 2021, compared to 0.97% at March 31, 2021, and 1.39% at June 30, 2020.\n<\/p>\n \nDeposits totaled $41.9 billion at June 30, 2021, an increase of $3.5 billion from $38.4 billion at March 31, 2021, and an increase of $14.4 billion from $27.5 billion at June 30, 2020. By deposit type, the increases from the prior quarter include $2.6 billion from non-interest bearing demand deposits, $534 million from savings and money market accounts, $294 million from interest bearing demand deposits, and $137 million from certificates of deposit. From June 30, 2020, deposits increased across most deposit types, with increases in non-interest bearing demand deposits of $7.9 billion, savings and money market accounts of $6.0 billion, and interest-bearing demand deposits of $680 million. These increases were partially offset by a decrease in certificates of deposit of $160 million. Non-interest bearing deposits were $20.1 billion at June 30, 2021, compared to $17.5 billion at March 31, 2021, and $12.2 billion at June 30, 2020.\n<\/p>\n \nThe table below shows the Company’s deposit types as a percentage of total deposits:\n<\/p>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Jun 30, 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Mar 31, 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Jun 30, 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \nNon-interest bearing\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n48.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n45.7\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n44.4\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nSavings and money market\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n37.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n39.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n35.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInterest-bearing demand\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n12.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCertificates of deposit\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe Company\u2019s ratio of loans to deposits was 71.6% at June 30, 2021, compared to 74.8% at March 31, 2021, and 90.8% at June 30, 2020.\n<\/p>\n \nBorrowings were $595 million at June 30, 2021, $5 million at March 31, 2021, and $10 million at June 30, 2020. The increase in borrowings from June 30, 2020 is due to the assumption of borrowings related to the acquisition of AmeriHome, coupled with the issuance of $242 million in credit linked notes during the second quarter 2021.\n<\/p>\n \nQualifying debt totaled $1.1 billion at June 30, 2021, compared to $544 million at March 31, 2021, and $618 million at June 30, 2020. The increase in qualifying debt from March 31, 2021 and June 30, 2020 is primarily related to the issuance of $600 million in subordinated debt in June 2021.\n<\/p>\n \nStockholders\u2019 equity was $4.0 billion at June 30, 2021, compared to $3.7 billion at March 31, 2021, and $3.1 billion at June 30, 2020. The increase in stockholders’ equity from March 31, 2021 is attributable to net income and net proceeds of $70.0 million from the sale of the Company’s common stock under its ATM program, partially offset by dividends to shareholders. During the quarter, the Company sold 0.7 million shares of its common stock for a purchase price of $100.59 per share, with aggregate net proceeds totaling $70.0 million. In addition, a cash dividend of $0.25 per share was paid to shareholders on May 28, 2021, totaling $25.9 million. The increase in stockholders’ equity from June 30, 2020 is primarily a function of net income and sales of common stock in a direct stock offering and under the Company’s ATM program, partially offset by share repurchases and dividends to shareholders. The Company sold 2.3 million shares of its common stock in a registered direct offering during the first quarter 2021, for aggregate net proceeds of $209.2 million.\n<\/p>\n \nAt June 30, 2021, tangible common equity, net of tax, was 7.1% of tangible assets1<\/sup> and total capital was 12.8% of risk-weighted assets. The Company\u2019s tangible book value per share1<\/sup> was $32.86 at June 30, 2021, up 18.0% from June 30, 2020.\n<\/p>\n \nTotal assets increased 13.1% to $49.1 billion at June 30, 2021, from $43.4 billion at March 31, 2021, and increased 53.8% from $31.9 billion at June 30, 2020. The increase in total assets from the prior quarter and prior year was driven by the acquisition of net assets in the AmeriHome acquisition as well as continued organic loan and deposit growth.\n<\/p>\n Asset Quality<\/b><\/p>\n \nRecovery of credit provisions totaled $(14.5) million for the second quarter 2021, compared to $(32.4) million for the first quarter 2021, and a provision for credit losses of $92.0 million for the second quarter 2020. Net loan charge-offs in the second quarter 2021 were $0.1 million, or approximately 0.00% of average loans (annualized), compared to $1.4 million, or 0.02%, in the first quarter 2021, and $5.5 million, or 0.09%, in the second quarter 2020.\n<\/p>\n \nNonaccrual loans decreased $17.3 million to $96.3 million during the quarter and decreased $43.4 million from June 30, 2020. Loans past due 90 days and still accruing interest were zero at June 30, 2021, March 31, 2021, and June 30, 2020. Loans past due 30-89 days and still accruing interest totaled $9.8 million at June 30, 2021, an increase from $7.3 million at March 31, 2021, and from $9.3 million at June 30, 2020.\n<\/p>\n \nRepossessed assets totaled $3.9 million at June 30, 2021, a decrease of $0.3 million from $4.2 million at March 31, 2021, and a decrease of $5.5 million from $9.4 million at June 30, 2020. Classified assets totaled $238.5 million at June 30, 2021, a decrease of $42.4 million from $280.9 million at March 31, 2021, and a decrease of $60.0 million from $298.5 million at June 30, 2020.\n<\/p>\n \nThe ratio of classified assets to Tier 1 capital plus the allowance for credit losses, a common regulatory measure of asset quality, was 6.4% at June 30, 2021, compared to 7.5% at March 31, 2021, and 9.5% at June 30, 2020.\n<\/p>\n 1<\/sup> See reconciliation of Non-GAAP Financial Measures.\n<\/p>\n Segment Highlights<\/b><\/p>\n \nThe Company’s reportable segments are aggregated with a focus on products and services offered and consist of three reportable segments:\n<\/p>\n \nKey management metrics for evaluating the performance of the Company’s Commercial and Consumer Related segments include loan and deposit growth, asset quality, and pre-tax income.\n<\/p>\n \nThe Commercial segment reported a gross loan balance of $20.6 billion at June 30, 2021, a decrease of $18 million during the quarter, and an increase of $1.3 billion during the last twelve months. Deposits for the Commercial segment totaled $26.3 billion at June 30, 2021, an increase of $2.1 billion during the quarter, and an increase of $7.0 billion during the last twelve months.\n<\/p>\n \nPre-tax income for the Commercial segment was $209.1 million for the three months ended June 30, 2021, a decrease of $11.8 million from the three months ended March 31, 2021, and an increase of $113.8 million from the three months ended June 30, 2020. For the six months ended June 30, 2021, the Commercial segment reported total pre-tax income of $430.0 million, an increase of $225.0 million compared to the six months ended June 30, 2020.\n<\/p>\n \nThe Consumer Related segment reported a gross loan balance of $9.4 billion at June 30, 2021, an increase of $1.3 billion during the quarter, and an increase of $3.7 billion during the last twelve months. Deposits for the Consumer Related segment totaled $14.8 billion, an increase of $1.6 billion during the quarter, and an increase of $7.9 billion during the last twelve months.\n<\/p>\n \nPre-tax income for the Consumer Related segment was $113.6 million for the three months ended June 30, 2021, an increase of $42.1 million from the three months ended March 31, 2021, and an increase of $51.5 million from the three months ended June 30, 2020. For the six months ended June 30, 2021, the Consumer Related segment reported total pre-tax income of $185.1 million, an increase of $95.7 million compared to the six months ended June 30, 2020.\n<\/p>\n Conference Call and Webcast<\/b><\/p>\n \nWestern Alliance Bancorporation will host a conference call and live webcast to discuss its second quarter 2021 financial results at 12:00 p.m. ET on Friday, July 16, 2021. Participants may access the call by dialing 1-833-236-2753 and using the conference ID 3676158 or via live audio webcast using the website link https:\/\/event.on24.com\/wcc\/r\/3193389\/31D45D4F64571FF63BCB31CE90498085<\/a>. The webcast is also available via the Company\u2019s website at www.westernalliancebancorporation.com<\/a>. 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 July 16th through 11:00 p.m. ET August 16th by dialing 1-800-585-8367, conference ID: 3676158.\n<\/p>\n Reclassifications<\/b><\/p>\n \nCertain 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\u2019 equity as previously reported.\n<\/p>\n Use of Non-GAAP Financial Information<\/b><\/p>\n \nThis 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\u2019s 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.\n<\/p>\n Cautionary Note Regarding Forward-Looking Statements<\/b><\/p>\n \nThis 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, 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\u2019s Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the Securities and Exchange Commission; the potential adverse effects of unusual and infrequently occurring events such as the COVID-19 pandemic 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; inflation, interest rate, market and monetary fluctuations; our ability to successfully integrate and operate AmeriHome; 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\u2019s estimate of the adequacy of the allowance for credit losses; 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\u2019s 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.\n<\/p>\n \nAny 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.\n<\/p>\n About Western Alliance Bancorporation<\/b><\/p>\n \nWith approximately $50 billion in assets, Western Alliance Bancorporation (NYSE:WAL) is one of the country\u2019s top-performing banking companies. The company is again #1 best-performing of the 50 largest public U.S. banks in the new S&P Global Market Intelligence listing for 2020 and ranks high on the Forbes \u201cBest Banks in America\u201d list year after year. Its primary subsidiary, Western Alliance Bank, Member FDIC, helps business clients realize their ambitions with teams of experienced bankers who deliver superior service and a full spectrum of customized loan, deposit and treasury management capabilities. Business clients also benefit from a powerful array of specialized financial services that provide strong expertise and tailored solutions for a wide variety of industries and sectors. Most recently, the bank added to these capabilities with the acquisition of AmeriHome Mortgage, a leading national business-to-business mortgage platform. Serving clients across the country wherever business happens, Western Alliance Bank operates individual, full-service banking brands and has offices in key markets nationwide. For more information, visit westernalliancebank.com<\/a>.\n<\/p>\n Western Alliance Bancorporation and Subsidiaries<\/b><\/p>\n<\/td>\n<\/tr>\n Summary Consolidated Financial Data<\/b><\/p>\n<\/td>\n<\/tr>\n Unaudited<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Selected Balance Sheet Data:<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n As of June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Change %<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (in millions)<\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal assets\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n49,069.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n31,906.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n53.8\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nLoans held for sale\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,465.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n20.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nNM\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nGross HFI loans, net of deferred fees\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n30,026.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n25,009.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n20.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInvestment securities\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,845.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,193.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n87.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal deposits\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n41,921.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n27,544.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n52.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nQualifying debt\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,140.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n617.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n84.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nStockholders’ equity\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,034.5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,102.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n30.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTangible common equity, net of tax (1)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,425.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,807.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n22.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Selected Income Statement Data:<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n For the Three Months Ended June 30,<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n For the Six Months Ended June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Change %<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Change %<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (in millions, except per share data)<\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (in millions, except per share data)<\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInterest income\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n398.5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n318.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n25.2\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n732.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n625.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n17.1\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nInterest expense\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n28.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n19.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n41.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n44.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n58.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(22.8\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nNet interest income\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n370.5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n298.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n24.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n687.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n567.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n21.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n(Recovery of) provision for credit losses\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(14.5\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n92.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nNM\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(46.9\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n143.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nNM\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet interest income after provision for credit losses\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n385.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n206.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n86.5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n734.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n424.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n73.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNon-interest income\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n136.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n21.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nNM\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n155.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n26.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nNM\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNon-interest expense\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n244.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n114.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nNM\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n379.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n235.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n61.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIncome before income taxes\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n276.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n112.9\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nNM\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n510.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n215.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nNM\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIncome tax expense\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n52.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n19.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nNM\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n94.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n38.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nNM\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet income\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n223.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n93.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nNM\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n416.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n177.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nNM\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted earnings per share\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2.17\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.93\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nNM\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n4.07\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1.76\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nNM\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n(1)\n<\/p>\n<\/td>\n \nSee Reconciliation of Non-GAAP Financial Measures.\n<\/p>\n<\/td>\n<\/tr>\n \nNM\n<\/p>\n<\/td>\n \nChanges +\/- 100% are not meaningful.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Western Alliance Bancorporation and Subsidiaries<\/b><\/p>\n<\/td>\n<\/tr>\n Summary Consolidated Financial Data<\/b><\/p>\n<\/td>\n<\/tr>\n Unaudited<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Common Share Data:<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n At or For the Three Months Ended June 30,<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n For the Six Months Ended June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Change %<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Change %<\/b><\/p>\n<\/td>\n<\/tr>\n \nDiluted earnings per share\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2.17\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.93\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nNM\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n4.07\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1.76\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nNM\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nBook value per common share\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n38.70\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n30.76\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n25.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTangible book value per share, net of tax (1)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n32.86\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n27.84\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n18.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAverage shares outstanding (in millions):\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nBasic\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n102.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n99.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2.9\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n101.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n100.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n103.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n100.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n102.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n100.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCommon shares outstanding\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n104.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n100.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Selected Performance Ratios:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nReturn on average assets (2)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.86\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.22\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n52.5\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.89\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.22\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n54.9\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nReturn on average tangible common equity (1, 2)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n28.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nNM\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n26.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n12.9\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nNM\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet interest margin (2)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3.51\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4.19\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(16.2\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3.45\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4.20\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(17.9\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nEfficiency ratio – tax equivalent basis (1)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n44.5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n35.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n26.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n42.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n35.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n20.5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLoan to deposit ratio\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n71.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n90.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(21.1\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Asset Quality Ratios:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet charge-offs to average loans outstanding (2)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.00\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.09\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nNM\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.01\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.02\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(50.0\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nNonaccrual loans to funded HFI loans\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.32\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.56\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(42.9\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNonaccrual loans and repossessed assets to total assets\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.20\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.47\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(57.4\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAllowance for loan losses to funded HFI loans\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.78\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.24\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(37.1\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAllowance for loan losses to nonaccrual HFI loans\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n242\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n222\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Capital Ratios:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Jun 30, 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Mar 31, 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Jun 30, 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \nTangible common equity (1)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7.1\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7.9\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8.9\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nCommon Equity Tier 1 (3)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTier 1 Leverage ratio (3)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9.5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTier 1 Capital (3)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10.5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal Capital (3)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n12.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n12.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n(1)\n<\/p>\n<\/td>\n \nSee Reconciliation of Non-GAAP Financial Measures.\n<\/p>\n<\/td>\n<\/tr>\n \n(2)\n<\/p>\n<\/td>\n \nAnnualized on an actual\/actual basis for periods less than 12 months.\n<\/p>\n<\/td>\n<\/tr>\n \n(3)\n<\/p>\n<\/td>\n \nCapital ratios for June 30, 2021 are preliminary.\n<\/p>\n<\/td>\n<\/tr>\n \nNM\n<\/p>\n<\/td>\n \nChanges +\/- 100% are not meaningful.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n |