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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)



☒						Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2026


☐						Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from__________ to __________

Commission file number: 001-32550

WESTERN ALLIANCE BANCORPORATION

(Exact name of registrant as specified in its charter)


Delaware						88-0365922
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

One E. Washington Street, Suite 1400

Phoenix

Arizona

85004

(Address of principal executive offices)

(Zip Code)

(602) 389-3500

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
Symbol(s)

Name of each exchange
on which registered

Common Stock, $0.0001 Par Value

WAL

New 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 A

WAL PrA

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 4, 2026, Western Alliance Bancorporation had 109,185,360 shares of common stock outstanding.

Table of Contents

INDEX


		Page

Glossary of Entities and Terms		3

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)
	Consolidated Balance Sheets	4
	Consolidated Income Statements	5
	Consolidated Statements of Comprehensive Income	6
	Consolidated Statements of Equity	7
	Consolidated Statements of Cash Flows	8
	Notes to Unaudited Consolidated Financial Statements	10
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	59
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	86
Item 4.	Controls and Procedures	88

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	88
Item 1A.	Risk Factors	89
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	89
Item 5.	Other Information	89
Item 6.	Exhibits	90

SIGNATURES		91

Table of Contents

GLOSSARY OF ENTITIES AND TERMS

The acronyms and abbreviations identified below are used in various sections of this Form 10-Q, including the Consolidated Financial Statements and the Notes to Unaudited Consolidated Financial Statements in Item 1 and "Management's Discussion and Analysis of Financial Condition and Results of Operations," in Item 2 of this Form 10-Q.


ENTITIES / DIVISIONS:
AmeriHome	AmeriHome Mortgage Company, LLC	WA PWI	Western Alliance Public Welfare Investments, LLC
Bridge	Bridge Bank	WAB or Bank	Western Alliance Bank
BW or REIT	BW Real Estate Inc. or Real Estate Investment Trust	WABT	Western Alliance Business Trust
Company	Western Alliance Bancorporation and subsidiaries	WAL or Parent	Western Alliance Bancorporation
CSI	CS Insurance Company	WATC	Western Alliance Trust Company, N.A.
DST	Digital Settlement Technologies LLC
TERMS:
ACL	Allowance for Credit Losses	FOMC	Federal Open Market Committee
AFS	Available-for-Sale	FRB	Federal Reserve Bank
ALCO	Asset and Liability Management Committee	FVO	Fair Value Option
AOCI	Accumulated Other Comprehensive Income	GAAP	U.S. Generally Accepted Accounting Principles
ASC	Accounting Standards Codification	GNMA	Government National Mortgage Association
ASU	Accounting Standards Update	GSE	Government-Sponsored Enterprise
Basel III	Banking Supervision's December 2010 Final Capital Framework	HFI	Held-for-Investment
BOD	Board of Directors	HFS	Held-for-Sale
Capital Rules	The FRB, the OCC, and the FDIC 2013 Approved Final Rules	HTM	Held-to-Maturity
CDARS	Certificate Deposit Account Registry Service	HUD	U.S. Department of Housing and Urban Development
CECL	Current Expected Credit Losses	ICS	Insured Cash Sweep Service
CEO	Chief Executive Officer	IRLC	Interest Rate Lock Commitment
CET1	Common Equity Tier 1	ISDA	International Swaps and Derivatives Association
CFO	Chief Financial Officer	LIHTC	Low-Income Housing Tax Credit
CLO	Collateralized Loan Obligation	MBS	Mortgage-Backed Securities
CRA	Community Reinvestment Act	MSR	Mortgage Servicing Right
CRE	Commercial Real Estate	NDFI	Non-Depository Financial Institution
DTA	Deferred Tax Asset	NPV	Net Present Value
DTL	Deferred Tax Liability	OCI	Other Comprehensive Income
EaR	Earnings-at-Risk	PPNR	Pre-Provision Net Revenue
EBO	Early Buyout	SEC	Securities and Exchange Commission
ECR	Earnings Credit Rates	SERP	Supplemental Executive Retirement Plan
EPS	Earnings per Share	SOFR	Secured Overnight Financing Rate
EVE	Economic Value of Equity	TEB	Tax Equivalent Basis
Exchange Act	Securities Exchange Act of 1934, as Amended	TSR	Total Shareholder Return
FASB	Financial Accounting Standards Board	UPB	Unpaid Principal Balance
FDIC	Federal Deposit Insurance Corporation	USDA	United States Department of Agriculture
FHA	Federal Housing Administration	VA	Veterans Affairs
FHLB	Federal Home Loan Bank	VIE	Variable Interest Entity
FHLMC	Federal Home Loan Mortgage Corporation	XBRL	eXtensible Business Reporting Language
FNMA	Federal National Mortgage Association

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1.Financial Statements

WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS


	(Unaudited)
	March 31, 2026		December 31, 2025

	(in millions, except shares and per share amounts)
Assets:
Cash and due from banks	$	576	$	497

Interest bearing deposits in other financial institutions	7,978		3,099

Cash and cash equivalents	8,554		3,596


Investment securities - AFS, at fair value; amortized cost of $19,343 at March 31, 2026 and $19,303 at December 31, 2025	18,701		18,788
Investment securities - HTM, at amortized cost and net of ACL of $13.4 and $12.9 (fair value of $1,450 and $1,427) at March 31, 2026 and December 31, 2025, respectively	1,612		1,571


Investment securities - equity	79		79
Investments in restricted stock, at cost	239		248
Loans HFS	3,936		3,498
Loans HFI, net of deferred fees and costs	59,142		58,677
Less: allowance for credit losses	(461)		(461)
Net loans held for investment	58,681		58,216
Mortgage servicing rights	1,516		1,494
Premises and equipment, net	480		442
Operating lease right of use asset	125		131
Bank owned life insurance	1,067		1,057
Goodwill and intangible assets, net	646		649
Deferred tax assets, net	408		349
Investments in LIHTC and renewable energy	581		593

Other assets	2,228		2,063
Total assets	$	98,853	$	92,774
Liabilities:
Deposits:
Non-interest bearing	$	28,078	$	24,353
Interest bearing	54,645		52,806
Total deposits	82,723		77,159


Other borrowings	5,610		5,240
Qualifying debt	1,072		1,076
Operating lease liability	154		160
Other liabilities	1,386		1,193
Total liabilities	90,945		84,828
Commitments and contingencies (Note 15)
Equity:
Preferred stock (par value $0.0001; 20,000,000 authorized; 30,000 shares (12,000,000 depositary shares) issued and outstanding and liquidation value per depositary share of $25 at March 31, 2026 and December 31, 2025)	295		295
Common stock (par value $0.0001; 200,000,000 authorized; 112,413,369 shares issued at March 31, 2026 and 112,491,068 at December 31, 2025) and additional paid in capital	2,191		2,232
Treasury stock, at cost (3,175,460 shares at March 31, 2026 and 2,981,687 shares at December 31, 2025)	(155)		(137)
Accumulated other comprehensive loss	(456)		(344)
Retained earnings	5,740		5,607
Total Western Alliance stockholders’ equity	7,615		7,653
Noncontrolling interest in subsidiary	293		293
Total equity	7,908		7,946
Total liabilities and equity	$	98,853	$	92,774

See accompanying Notes to Unaudited Consolidated Financial Statements.

Table of Contents

WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES

CONSOLIDATED INCOME STATEMENTS


	Three Months Ended March 31,
		2026		2025
		(in millions, except per share amounts)
Interest income:
Loans, including fees		$	915.7	$	881.0
Investment securities		218.6		165.8
Dividends and other		53.9		48.8
Total interest income		1,188.2		1,095.6
Interest expense:
Deposits		360.7		378.3
Qualifying debt		13.1		9.3
Other borrowings		48.1		57.4
Total interest expense		421.9		445.0
Net interest income		766.3		650.6
Provision for credit losses		213.2		31.2
Net interest income after provision for credit losses		553.1		619.4
Non-interest income:
Service charges and fees		88.5		37.2
Net gain on mortgage loan origination and sale activities		72.7		49.5
Net loan servicing (loss) revenue		(1.3)		21.8
Income from bank owned life insurance		10.7		11.4
Gain on sales of investment securities		50.5		2.1
Fair value gain adjustments, net		3.1		1.0
Income (loss) from equity investments		13.3		(4.8)
Other income		15.1		9.2
Total non-interest income		252.6		127.4
Non-interest expense:
Salaries and employee benefits		205.5		182.4
Deposit costs		163.3		136.8
Data processing		53.1		45.2
Legal, professional, and directors' fees		30.6		28.9
Insurance		24.7		37.9
Occupancy		19.2		17.2
Loan servicing expenses		16.7		16.4
Business development and marketing		9.5		5.9
Loan acquisition and origination expenses		7.9		5.2




Other expense		43.9		24.5
Total non-interest expense		574.4		500.4
Income before provision for income taxes		231.3		246.4
Income tax expense		42.1		47.3
Net income		189.2		199.1
Net income attributable to noncontrolling interest		7.1		—
Net income attributable to Western Alliance		182.1		199.1
Dividends on preferred stock		3.2		3.2
Net income available to common stockholders		$	178.9	$	195.9

Earnings per share:
Basic		$	1.65	$	1.80
Diluted		1.65		1.79
Weighted average number of common shares outstanding:
Basic		108.2		108.8
Diluted		108.7		109.6
Dividends declared per common share		$	0.42	$	0.38

See accompanying Notes to Unaudited Consolidated Financial Statements.

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WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME


	Three Months Ended March 31,
	2026		2025
	(in millions)
Net income	$	189.2	$	199.1
Other comprehensive income (loss), net:
Unrealized (loss) gain on AFS securities, net of tax effect of $25.1 and $(19.4), respectively	(74.2)		55.7
Unrealized loss on SERP, net of tax effect of $0.1 and —, respectively	(0.3)		—
Unrealized gain on junior subordinated debt, net of tax effect of $(0.3) and $(0.4), respectively	1.0		1.1
Reclassification adjustment for gain on sale of AFS securities included in income, net of tax effect of $12.7 and $0.5, respectively	(37.8)		(1.6)

Net other comprehensive (loss) income	(111.3)		55.2
Comprehensive income attributable to noncontrolling interest	7.1		—
Comprehensive income attributable to Western Alliance	$	70.8	$	254.3

See accompanying Notes to Unaudited Consolidated Financial Statements.

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WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY


	Three Months Ended March 31,
	Preferred Stock			Common Stock			Additional Paid in Capital		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Noncontrolling Interest in Subsidiary		Total Equity
	Shares	Amount		Shares	Amount
	(in millions)
Balance, December 31, 2024	12.0	$	294.5	110.0	$	—	$	2,245.8	$	(125.0)	$	(533.7)	$	4,825.9	$	—	$	6,707.5
Net income	—	—		—	—		—		—		—		199.1		—		199.1
Restricted stock, performance stock units, and other grants, net	—	—		0.5	—		15.4		—		—		—		—		15.4
Restricted stock surrendered (1)	—	—		(0.1)	—		—		(10.8)		—		—		—		(10.8)



Equity issued by subsidiary	—	—		—	—		—		—		—		—		293.1		293.1


Dividends paid to preferred stockholders	—	—		—	—		—		—		—		(3.2)		—		(3.2)
Dividends paid to common stockholders	—	—		—	—		—		—		—		(41.8)		—		(41.8)
Other comprehensive income, net	—	—		—	—		—		—		55.2		—		—		55.2
Balance, March 31, 2025	12.0	$	294.5	110.4	$	—	$	2,261.2	$	(135.8)	$	(478.5)	$	4,980.0	$	293.1	$	7,214.5

Balance, December 31, 2025	12.0	$	294.5	109.5	$	—	$	2,232.0	$	(136.9)	$	(344.2)	$	5,607.2	$	293.3	$	7,945.9
Net income	—	—		—	—		—		—		—		182.1		7.1		189.2
Restricted stock, performance stock units, and other grants, net	—	—		0.6	—		9.0		—		—		—		—		9.0
Restricted stock surrendered (1)	—	—		(0.2)	—		—		(18.1)		—		—		—		(18.1)



Stock repurchase	—	—		(0.7)	—		(50.3)		—		—		—		—		(50.3)
Dividends paid to preferred stockholders	—	—		—	—		—		—		—		(3.2)		—		(3.2)
Dividends paid to noncontrolling interest	—	—		—	—		—		—		—		—		(7.1)		(7.1)
Dividends paid to common stockholders	—	—		—	—		0.1		—		—		(46.1)		—		(46.0)
Other comprehensive loss, net	—	—		—	—		—		—		(111.3)		—		—		(111.3)
Balance, March 31, 2026	12.0	$	294.5	109.2	$	—	$	2,190.8	$	(155.0)	$	(455.5)	$	5,740.0	$	293.3	$	7,908.1

(1)Share amounts represent Treasury Shares.

See accompanying Notes to Unaudited Consolidated Financial Statements.

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WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS


	Three Months Ended March 31,
	2026		2025
	(in millions)
Cash flows from operating activities:
Net income	$	189.2	$	199.1
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses	213.2		31.2
Depreciation and amortization	28.5		25.0
Stock-based compensation	9.0		15.4
Deferred income taxes	(21.0)		(54.3)
Amortization of net discounts for investment securities	(1.6)		(19.8)
Amortization of tax credit investments	12.9		15.1
Amortization of operating lease right of use asset	6.1		6.0
Amortization of net deferred loan fees and net purchase premiums	(17.6)		(19.6)
Purchases and originations of loans HFS	(15,043.2)		(12,529.0)

Proceeds from sales and payments on loans HFS and related securitization activities	14,480.9		11,009.4
Mortgage servicing rights capitalized upon sale of mortgage loans	(294.8)		(260.4)
Net losses (gains) on:
Change in fair value of trading securities, loans HFS, mortgage servicing rights, and related derivatives	25.9		87.3
Fair value adjustments	—		2.9
Sale of investment securities	(50.5)		(2.1)

Other	(20.4)		3.9
Other assets	12.4		(67.7)
Other liabilities	(36.2)		(96.4)
Net cash used in operating activities	$	(507.2)	$	(1,654.0)
Cash flows from investing activities:
Investment securities - AFS
Purchases	$	(7,096.2)	$	(2,748.1)
Principal pay downs and maturities	665.7		1,710.9
Proceeds from sales	6,581.1		411.7
Investment securities - HTM
Purchases	(42.5)		(27.6)
Principal pay downs and maturities	8.8		19.0
Equity securities carried at fair value
Purchases	(0.2)		(0.2)
Redemptions	—		5.0
Proceeds from sales	—		0.2
Proceeds from sale of mortgage servicing rights and related holdbacks, net	212.6		107.8
(Purchase of) proceeds from other investments	(1.5)		12.7
Proceeds from bank owned life insurance, net	—		0.6

Net increase in loans HFI	(762.2)		(1,068.5)
Purchase of premises, equipment, and other assets, net	(24.2)		(16.6)



Proceeds from sale of other repossessed assets	0.7		—
Net cash used in investing activities	$	(457.9)	$	(1,593.1)

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	Three Months Ended March 31,
	2026		2025
	(in millions)
Cash flows from financing activities:
Net increase in deposits	$	5,563.4	$	2,979.3
Net proceeds from issuance of long-term debt	700.0		1,200.0
Payments on long-term debt	(1,005.9)		(2,005.9)
Net increase in short-term borrowings	803.4		19.6
Net proceeds from issuance of equity by a subsidiary	—		293.1



Cash paid for tax withholding on vested restricted stock and other	(18.1)		(10.8)
Common stock repurchases	(50.3)		—
Cash dividends paid on common and preferred stock	(49.3)		(45.0)


Cash dividends paid to noncontrolling interest	(7.1)		—
Payment of contingent consideration	(12.4)		—
Net cash provided by financing activities	$	5,923.7	$	2,430.3
Net increase (decrease) in cash and cash equivalents	4,958.6		(816.8)
Cash, cash equivalents, and restricted cash at beginning of period	3,595.9		4,095.6
Cash, cash equivalents, and restricted cash at end of period	$	8,554.5	$	3,278.8

Supplemental disclosure:
Cash paid during the period for:
Interest	$	416.8	$	442.3
Income taxes, net	59.4		24.2
Non-cash activities:

Transfers of mortgage-backed securities in settlement of secured borrowings	128.0		645.0



Transfers of loans HFI to HFS, net of fair value loss adjustment (1)	90.6		88.2

Transfers of loans HFI to other assets acquired through foreclosure	25.6		—

Transfers of OREO properties to premises and equipment, net	38.7		—
Unsettled purchase of investment securities	152.3		48.7

(1)Activity for the three months ended March 31, 2026 and 2025 excludes $16.4 million and $129.9 million, respectively, of loans transferred with an original designation of HFS, which sales activity was classified as operating cash flows.

See accompanying Notes to Unaudited Consolidated Financial Statements.

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WESTERN ALLIANCE BANCORPORATION AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of operations

WAL is a bank holding company headquartered in Phoenix, Arizona, incorporated under the laws of the state of Delaware. WAL provides a full spectrum of customized loan, deposit, and treasury management capabilities, including funds transfer and other digital payment offerings through its wholly-owned banking subsidiary, WAB.

The Company also serves business customers through a national platform of specialized financial services, including mortgage banking services through AmeriHome and digital payment services for the class action legal industry. In addition, the Company has the following non-bank subsidiaries: CSI, a captive insurance company formed and licensed under the laws of the state of Arizona and established as part of the Company's overall enterprise risk management strategy, and WATC, which provides corporate trust services and levered loan administration solutions.

Basis of presentation

The accompanying Unaudited Consolidated Financial Statements as of March 31, 2026 and for the three months ended March 31, 2026 and 2025 have been prepared in accordance with GAAP for interim financial information and Article 10 of Regulation S-X and, therefore, do not include all of the information and footnotes required by GAAP for complete financial statements. Accordingly, these statements should be read in conjunction with the Company's audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. The accounts of the Company and its consolidated subsidiaries are included in the Consolidated Financial Statements.

The information furnished in these interim statements reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for each respective period presented. Such adjustments are of a normal, recurring nature. The results of operations in the interim statements are not necessarily indicative of the results that may be expected for any other quarter or for the full year.

Recent accounting pronouncements

Purchased Loans

In November 2025, the FASB issued guidance within ASU 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans. The amendments in this update are intended to improve decision usefulness and comparability of financial reporting for acquired financial assets while retaining the measurement, presentation or disclosure requirements outlined in ASC 326. The update introduces the concept of "purchased seasoned loans," which refers to non-purchased credit deteriorated loans acquired in a business combination or in an asset acquisition more than 90 days after their origination date. The amendments align the accounting for purchased seasoned loans with the gross-up methodology applied to purchased credit deteriorated loans, whereby the initial estimate of credit losses is amortized over the life of the loan as a reduction to interest income, rather than being recognized immediately in earnings as credit loss expense. The update also includes an accounting policy election related to the subsequent measurement of expected credit losses on purchased seasoned loans for entities using a method other than a discounted cash flow analysis. Under this election, entities may use the amortized cost basis of the asset, rather than the unpaid principal balance to estimate credit losses on these loans.

The amendments in this update are effective for fiscal years beginning after December 15, 2026 and interim periods within those fiscal years. The amendments are to be applied prospectively and early adoption is permitted. The Company is currently evaluating the impact these amendments may have on its Consolidated Financial Statements.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued guidance within ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Topic 220). The amendments in this update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses. Entities will be required to disclose the amounts of employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. The update also requires entities to include certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements, disclose a qualitative description of the amounts remaining in relevant

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expense captions that are not separately disaggregated quantitatively, and disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.

The amendments in this update are effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027 and may be applied on a prospective or retrospective basis. The Company is currently evaluating the impact these amendments will have on its Consolidated Financial Statements.

Recently adopted accounting guidance

Targeted Improvements to the Accounting for Internal-Use Software

In September 2025, the FASB issued guidance within ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40). The amendments in this update are intended to modernize and improve the accounting for internal-use software costs. The changes aim to make the recognition and capitalization of software costs more consistent across different development methodologies and eliminates the requirement to assess software development costs based on predefined project stages (e.g., preliminary, application development, post-implementation). The update requires entities to start capitalizing software costs when management has authorized and committed to funding the software project and it is probable that the project will be completed and the software will be used to perform the function intended.

The Company adopted this guidance on a prospective basis beginning on January 1, 2026. Adoption of this guidance did not have a significant impact on the Company's financial position or results of operations.

Improvements to Income Tax Disclosures

In December 2023, the FASB issued guidance within ASU 2023-09, Income Taxes (Topic 740). The amendments in this update are intended to increase visibility into various income tax components that affect the reconciliation of the effective tax rate to the statutory rate, as well as the qualitative and quantitative aspects of those components. Public business entities will be required to disclose on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet or exceed a five percent threshold (computed by multiplying pretax income by the applicable statutory income tax rate) and include disclosure of state and local jurisdictions that make up the majority of the state and local income tax category in the rate reconciliation. Additional disclosure items include disaggregation of income taxes paid to and income tax expense from federal, state, and foreign jurisdictions as well as disaggregation of income taxes paid to individual jurisdictions in which income taxes paid are equal to or greater than five percent of total income taxes paid.

The Company adopted this guidance on a prospective basis beginning with the annual period ending December 31, 2025 and provided these enhanced income tax disclosures in Note 17. Income Taxes of the Notes to Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. There was no impact on the Company's financial position or results of operations.

Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management's estimates and judgments are ongoing and are based on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities, as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. Actual results may differ from those estimates and assumptions used in the Consolidated Financial Statements and related notes. Material estimates susceptible to significant changes in the near term, relate to: 1) the determination of the ACL; 2) certain assets and liabilities carried at fair value; and 3) accounting for income taxes.

Principles of consolidation

As of March 31, 2026, WAL has the following significant wholly-owned subsidiaries: WAB and eight unconsolidated subsidiaries used as business trusts in connection with the issuance of trust-preferred securities.

WAB has the following significant subsidiaries: 1) WABT, which holds certain investment securities, municipal and nonprofit loans, and leases; 2) WA PWI, which holds interests in certain limited partnerships invested primarily in low income housing tax credits and small business investment corporations; 3) Helios Prime, which holds interests in certain limited partnerships invested in renewable energy projects; 4) BW, which operates as a real estate investment trust and holds certain of WAB's real

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estate loans and related securities; and 5) Western Finance Company, which purchases and originates equipment finance leases and provides mortgage banking services through its wholly-owned subsidiary, AmeriHome.

The Company does not have any other significant entities that should be consolidated. All significant intercompany balances and transactions have been eliminated in consolidation.

Reclassifications

Certain amounts in the Consolidated Income Statements for the prior periods have been reclassified to conform to the current presentation. The reclassifications had no effect on net income or stockholders’ equity as previously reported.

2. INVESTMENT SECURITIES

The carrying amounts and fair values of investment securities are summarized as follows:


	March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
	(in millions)
Held-to-maturity
Private label residential MBS	$	162	$	—	$	(29)	$	133
Tax-exempt	1,463		3		(149)		1,317
Total HTM securities	$	1,625	$	3	$	(178)	$	1,450

Available-for-sale debt securities
CLO	$	2,967	$	3	$	(4)	$	2,966
Commercial MBS issued by GSEs and GNMA	478		2		(9)		471
Corporate debt securities	305		—		(8)		297
Private label residential MBS	1,155		—		(150)		1,005
Residential MBS issued by GSEs and GNMA	7,808		18		(329)		7,497
Tax-exempt	873		—		(85)		788
U.S. Treasury securities	5,682		1		(73)		5,610


Other	75		—		(8)		67
Total AFS debt securities	$	19,343	$	24	$	(666)	$	18,701


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
	(in millions)
Held-to-maturity
Private label residential MBS	$	165	$	—	$	(28)	$	137
Tax-exempt	1,419		3		(132)		1,290
Total HTM securities	$	1,584	$	3	$	(160)	$	1,427

Available-for-sale debt securities
CLO	$	2,743	$	4	$	—	$	2,747
Commercial MBS issued by GSEs and GNMA	638		5		(8)		635
Corporate debt securities	308		—		(11)		297
Private label residential MBS	1,185		2		(148)		1,039
Residential MBS issued by GSEs and GNMA	7,489		52		(311)		7,230
Tax-exempt	879		—		(77)		802
U.S. Treasury securities	5,986		31		(47)		5,970


Other	75		1		(8)		68
Total AFS debt securities	$	19,303	$	95	$	(610)	$	18,788

In addition, the Company held equity securities, which primarily consisted of preferred stock and CRA investments, with a fair value of $79 million at March 31, 2026 and December 31, 2025. Unrealized losses of $0.8 million and $1.3 million on equity securities for the three months ended March 31, 2026 and 2025, respectively, were recognized in earnings as a component of Fair value gain adjustments, net.

Securities with carrying amounts of approximately $7.6 billion and $9.1 billion at March 31, 2026 and December 31, 2025, respectively, were pledged for various purposes as required or permitted by law.

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The following tables summarize the Company's AFS debt securities in an unrealized loss position, aggregated by major security type and length of time in a continuous unrealized loss position:


	March 31, 2026
	Less Than Twelve Months				More Than Twelve Months				Total
	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
	(in millions)




Available-for-sale debt securities
CLO	$	4	$	1,397	$	—	$	—	$	4	$	1,397
Commercial MBS issued by GSEs and GNMA	1		162		8		120		9		282
Corporate debt securities	1		76		7		201		8		277
Private label residential MBS	—		—		150		857		150		857
Residential MBS issued by GSEs and GNMA	14		2,084		315		1,408		329		3,492
Tax-exempt	2		25		83		701		85		726
U.S. Treasury securities	73		4,797		—		—		73		4,797

Other	—		—		8		54		8		54
Total AFS securities	$	95	$	8,541	$	571	$	3,341	$	666	$	11,882


	December 31, 2025
	Less Than Twelve Months				More Than Twelve Months				Total
	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
	(in millions)




Available-for-sale debt securities
Commercial MBS issued by GSEs and GNMA	$	—	$	—	$	8	$	81	$	8	$	81
Corporate debt securities	1		19		10		226		11		245
Private label residential MBS	—		—		148		875		148		875

Residential MBS issued by GSEs and GNMA	—		—		311		1,503		311		1,503
Tax-exempt	2		10		75		731		77		741
U.S. Treasury securities	47		1,891		—		—		47		1,891
Other	—		—		8		56		8		56

Total AFS securities	$	50	$	1,920	$	560	$	3,472	$	610	$	5,392

The total number of AFS debt securities in an unrealized loss position at March 31, 2026 was 804, compared to 568 at December 31, 2025.

On a quarterly basis, the Company performs an impairment analysis on its AFS debt securities in an unrealized loss position at the end of the period to determine whether credit losses should be recognized on these securities.

Qualitative considerations made by the Company in its impairment analysis are further discussed below.

Government Issued Securities

U.S. Treasury securities and commercial and residential MBS are issued by either government agencies or GSEs. These securities are either explicitly or implicitly guaranteed by the U.S. government, and are highly rated by major rating agencies. Further, principal and interest payments on these securities continue to be made on a timely basis.

Non-Government Issued Securities

Qualitative factors used in the Company's credit loss assessment of its securities that are not issued and guaranteed by the U.S. government include consideration of any adverse conditions related to a specific security, industry, or geographic region of its securities, any credit ratings below investment grade, the payment structure of the security and the likelihood of the issuer to be able to make payments that increase in the future, and failure of the issuer to make any scheduled principal or interest payments.

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For the Company's corporate debt and tax-exempt securities, the Company also considers various metrics of the issuer including days of cash on hand, the ratio of long-term debt to total assets, the net change in cash between reporting periods, and consideration of any breach in covenant requirements. The Company's corporate debt securities are primarily investment grade, issuers continue to make timely principal and interest payments, and the unrealized losses on these security portfolios primarily relate to changes in interest rates and other market conditions not considered to be credit-related issues. The Company continues to receive timely principal and interest payments on its tax-exempt securities and the majority of these issuers have revenues pledged for payment of debt service prior to payment of other types of expenses.

For the Company's private label residential MBS, which consist of non-agency collateralized mortgage obligations secured by pools of residential mortgage loans, the Company also considers metrics such as securitization risk weight factor, current credit support, whether there were any mortgage principal losses resulting from defaults in payments on the underlying mortgage collateral, and the credit default rate over the last twelve months. These securities primarily carry investment grade credit ratings, principal and interest payments on these securities continue to be made on a timely basis, and credit support for these securities is considered adequate.

The Company's CLO portfolio consists of highly rated securitization tranches, containing pools of medium- to large-sized corporate, high-yield loans. These are variable rate securities that have an investment grade rating of Single-A or better. Unrealized losses on these securities are primarily a function of the differential from the offer price and the valuation mid-market price as well as changes in interest rates.

Unrealized losses on the Company's other securities portfolio primarily relate to taxable municipal and trust preferred securities. The Company is continuing to receive timely principal and interest payments on its taxable municipal securities, these securities continue to be highly rated and the number of days of cash on hand is strong. The Company's trust preferred securities are investment grade and the issuers continue to make timely principal and interest payments.

The following table presents a rollforward of the ACL based on the Company's impairment analysis of AFS debt securities:


	Three Months Ended March 31,
	2026		2025
	(in millions)
Balance, beginning of period	$	—	$	0.4
Recovery of credit losses	—		(0.2)
Charge-offs	—		—
Recoveries	—		—
Balance, end of period	$	—	$	0.2

The credit loss model under ASC 326-20, applicable to HTM debt securities, requires recognition of lifetime expected credit losses through an allowance account at the time the security is purchased. The following table presents a rollforward of the ACL on the Company's HTM tax-exempt debt securities:


	Three Months Ended March 31,
	2026		2025
	(in millions)
Balance, beginning of period	$	12.9	$	16.4
Provision for (recovery of) credit losses	0.5		(4.8)
Charge-offs	—		—
Recoveries	—		—
Balance, end of period	$	13.4	$	11.6

No allowance has been recognized on the Company's HTM private label residential MBS as losses are not expected due to the Company holding a senior position in these securities.

Accrued interest receivable on AFS and HTM debt securities totaled $126 million and $6 million at March 31, 2026, respectively, and $135 million and $5 million at December 31, 2025, respectively, and is excluded from the estimate of expected credit losses.

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The following tables summarize the carrying amount of the Company’s securities by investment ratings position, which are updated quarterly and used to monitor credit quality of the securities:


	March 31, 2026
	AAA		AA+ to AA-		A+ to A-		BBB+ to BBB-		BB+ and below		Unrated		Totals
	(in millions)
Held-to-maturity
Private label residential MBS	$	—	$	—	$	—	$	—	$	—	$	162	$	162
Tax-exempt	—		—		—		—		—		1,463		1,463
Total HTM securities (1)	$	—	$	—	$	—	$	—	$	—	$	1,625	$	1,625

Available-for-sale debt securities
CLO	$	914	$	2,052	$	—	$	—	$	—	$	—	$	2,966
Commercial MBS issued by GSEs and GNMA	1		470		—		—		—		—		471
Corporate debt securities	—		—		78		135		84		—		297
Private label residential MBS	979		26		—		—		—		—		1,005
Residential MBS issued by GSEs and GNMA	—		7,497		—		—		—		—		7,497
Tax-exempt	8		355		356		—		—		69		788
U.S. Treasury securities	—		5,610		—		—		—		—		5,610

Other	—		11		2		28		10		16		67
Total AFS securities (1)	$	1,902	$	16,021	$	436	$	163	$	94	$	85	$	18,701





Equity securities
CRA investments	$	—	$	28	$	—	$	—	$	—	$	—	$	28

Preferred stock	—		—		—		21		30		—		51
Total equity securities (1)	$	—	$	28	$	—	$	21	$	30	$	—	$	79

(1)For rated securities where ratings differ, the Company uses an average of the available ratings by major credit agencies.


	December 31, 2025
	AAA		AA+ to AA-		A+ to A-		BBB+ to BBB-		BB+ and below		Unrated		Totals
	(in millions)
Held-to-maturity
Private label residential MBS	$	—	$	—	$	—	$	—	$	—	$	165	$	165
Tax-exempt	—		—		—		—		—		1,419		1,419
Total HTM securities (1)	$	—	$	—	$	—	$	—	$	—	$	1,584	$	1,584

Available-for-sale debt securities
CLO	$	739	$	1,857	$	151	$	—	$	—	$	—	$	2,747
Commercial MBS issued by GSEs and GNMA	1		634		—		—		—		—		635
Corporate debt securities	—		—		78		138		81		—		297
Private label residential MBS	1,012		26		—		—		1		—		1,039
Residential MBS issued by GSEs and GNMA	—		7,230		—		—		—		—		7,230
Tax-exempt	8		362		361		—		—		71		802
U.S. Treasury securities	—		5,970		—		—		—		—		5,970

Other	—		11		3		28		10		16		68
Total AFS securities (1)	$	1,760	$	16,090	$	593	$	166	$	92	$	87	$	18,788

Equity securities

CRA investments	$	—	$	27	$	—	$	—	$	—	$	—	$	27
Preferred stock	—		—		—		21		30		1		52
Total equity securities (1)	$	—	$	27	$	—	$	21	$	30	$	1	$	79

(1)For rated securities where ratings differ, the Company uses an average of the available ratings by major credit agencies.

A security is considered to be past due once it is 30 days contractually past due under the terms of the agreement. As of March 31, 2026, the Company did not have a significant amount of investment securities that were past due or on nonaccrual status.

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The amortized cost and fair value of the Company's debt securities as of March 31, 2026, by contractual maturities are shown below. MBS are shown separately as individual MBS are comprised of pools of loans with varying maturities.


	March 31, 2026
	Amortized Cost		Estimated Fair Value
	(in millions)
Held-to-maturity
Due in one year or less	$	19	$	20
After one year through five years	18		18
After five years through ten years	176		169
After ten years	1,250		1,110
Mortgage-backed securities	162		133
Total HTM securities	$	1,625	$	1,450

Available-for-sale
Due in one year or less	$	952	$	950
After one year through five years	1,460		1,456
After five years through ten years	575		571
After ten years	6,915		6,751
Mortgage-backed securities	9,441		8,973
Total AFS securities	$	19,343	$	18,701

The following table presents gross gains and losses on sales of investment securities:


	Three Months Ended March 31,
	2026		2025
	(in millions)
Available-for-sale securities
Gross gains	$	57.6	$	2.1
Gross losses	(7.1)		—
Net gain on AFS securities	$	50.5	$	2.1

During the three months ended March 31, 2026, the Company sold AFS securities with a carrying value of $6.5 billion and recognized a net gain of $50.5 million as U.S. Treasury securities and MBS were sold to secure gains, including hedged U.S. Treasury securities sold as part of interest rate swap terminations that resulted in a $18.7 million gain. See "Note 12. Derivatives and Hedging Activities" for further discussion of the interest rate swap. During the three months ended March 31, 2025, the Company sold AFS securities with a carrying value of $410 million and recognized a net gain of $2.1 million as U.S. Treasury securities and MBS were sold to secure gains.

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3. LOANS HELD FOR SALE

The Company purchases and originates residential mortgage loans that are held for sale or securitization primarily through its AmeriHome mortgage banking business channel.

The following is a summary of loans HFS by type:


	March 31, 2026		December 31, 2025
	(in millions)
Government-insured or guaranteed:
EBO (1)	$	882	$	571
Non-EBO	1,021		986
Total government-insured or guaranteed	1,903		1,557
Agency-conforming	1,819		1,707
Non-agency	149		167
Small Business Administration	65		67









Total loans HFS	$	3,936	$	3,498

(1) EBO loans are delinquent FHA, VA, or USDA loans purchased from GNMA pools under the terms of the GNMA MBS program that can be repooled when loans are brought current either through the borrower's reperformance or through completion of a loan modification.

The following is a summary of the net gain on loan purchase, origination, and sale activities on residential mortgage loans to be sold or securitized:


	Three Months Ended March 31,
	2026		2025
	(in millions)
Mortgage servicing rights capitalized upon sale of loans	$	294.8	$	260.4
Net proceeds from sale of loans (1)	(267.8)		(214.9)
Provision for and change in estimate of liability for losses under representations and warranties, net	1.1		0.5
Change in fair value of loans HFS and trading securities	5.6		27.2

Change in fair value of derivatives:
Unrealized gain (loss) on derivatives	63.1		(60.0)
Realized (loss) gain on derivatives	(39.9)		23.0
Total change in fair value of derivatives	23.2		(37.0)
Net gain on residential mortgage loans HFS	$	56.9	$	36.2
Loan acquisition and origination fees	15.8		13.3
Net gain on mortgage loan origination and sale activities	$	72.7	$	49.5

(1) Represents the difference between cash proceeds received upon settlement and loan basis.

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4. LOANS, LEASES AND ALLOWANCE FOR CREDIT LOSSES

The composition of the Company's HFI loan portfolio is as follows:


	March 31, 2026		December 31, 2025
	(in millions)
Mortgage finance	$	7,105	$	7,271
Municipal & nonprofit	1,683		1,648
Tech & innovation	4,280		4,128
Equity fund resources	1,261		1,233
Other commercial and industrial	14,132		13,789
CRE - owner occupied	1,563		1,533
Hotel franchise finance	4,331		4,185
Other CRE - non-owner occupied	6,334		6,455
Residential	13,547		13,403
Residential - EBO	792		828
Construction and land development	3,961		4,043
Other	153		161
Total loans HFI	59,142		58,677
Allowance for credit losses	(461)		(461)
Total loans HFI, net of allowance	$	58,681	$	58,216

Loans classified as HFI are stated at the amount of unpaid principal, adjusted for net deferred fees and costs, premiums and discounts on acquired and purchased loans, and an ACL. Net deferred fees of $124 million and $120 million reduced the carrying value of loans as of March 31, 2026 and December 31, 2025, respectively. Net unamortized purchase premiums on acquired and purchased loans of $193 million and $186 million increased the carrying value of loans as of March 31, 2026 and December 31, 2025, respectively.

Nonaccrual and Past Due Loans

Loans are placed on nonaccrual status when management determines full repayment of principal and collection of interest according to contractual terms is no longer likely, generally when the loan becomes 90 days or more past due.

The following tables present nonperforming loan balances by loan portfolio segment:


	March 31, 2026
	Nonaccrual with No Allowance for Credit Loss		Nonaccrual with an Allowance for Credit Loss		Total Nonaccrual		Loans Past Due 90 Days or More and Still Accruing
	(in millions)

Municipal & nonprofit	$	—	4		$	4	$	3
Tech & innovation	12		10		22		—
Equity fund resources	—		1		1		—
Other commercial and industrial	71		27		98		—
CRE - owner occupied	3		—		3		—

Other CRE - non-owner occupied	250		13		263		—
Residential	—		13		13		53
Residential - EBO	—		—		—		288
Construction and land development	85		—		85		—
Other	3		—		3		—
Total	$	424	$	68	$	492	$	344

Loans contractually delinquent by 90 days or more and still accruing totaled $344 million at March 31, 2026 and consisted primarily of government guaranteed EBO and other residential loans.

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	December 31, 2025
	Nonaccrual with No Allowance for Credit Loss		Nonaccrual with an Allowance for Credit Loss		Total Nonaccrual		Loans Past Due 90 Days or More and Still Accruing
	(in millions)

Municipal & nonprofit	$	—	$	4	$	4	$	3
Tech & innovation	12		8		20		3
Equity fund resources	—		1		1		—
Other commercial and industrial	71		49		120		—
CRE - owner occupied	3		—		3		—

Other CRE - non-owner occupied	188		40		228		—
Residential	—		12		12		51
Residential - EBO	—		—		—		290
Construction and land development	109		—		109		9
Other	2		1		3		—
Total	$	385	$	115	$	500	$	356

Loans contractually delinquent by 90 days or more and still accruing totaled $356 million at December 31, 2025 and consisted primarily of government guaranteed EBO and other residential loans.

The reduction in interest income associated with loans on nonaccrual status was approximately $9.2 million and $8.0 million for the three months ended March 31, 2026 and 2025, respectively.

Additionally, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process totaled $105 million and $107 million at March 31, 2026 and December 31, 2025, respectively.

The following tables present an aging analysis of past due loans by loan portfolio segment:


	March 31, 2026
	Current		30-59 Days Past Due		60-89 Days Past Due		Over 90 days Past Due		Total Past Due		Total Nonaccrual		Total
	(in millions)
Mortgage finance	$	7,105	$	—	$	—	$	—	$	—	$	—	$	7,105
Municipal & nonprofit	1,676		—		—		3		3		4		1,683
Tech & innovation	4,210		31		17		—		48		22		4,280
Equity fund resources	1,260		—		—		—		—		1		1,261
Other commercial and industrial	14,025		8		1		—		9		98		14,132
CRE - owner occupied	1,557		1		2		—		3		3		1,563
Hotel franchise finance	4,331		—		—		—		—		—		4,331
Other CRE - non-owner occupied	6,068		3		—		—		3		263		6,334
Residential	13,399		66		17		52		135		13		13,547
Residential - EBO	409		62		32		289		383		—		792
Construction and land development	3,866		10		—		—		10		85		3,961
Other	149		1		—		—		1		3		153
Total loans	$	58,055	$	182	$	69	$	344	$	595	$	492	$	59,142

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	December 31, 2025
	Current		30-59 Days Past Due		60-89 Days Past Due		Over 90 days Past Due		Total Past Due		Total Nonaccrual		Total
	(in millions)
Mortgage finance	$	7,271	$	—	$	—	$	—	$	—	$	—	$	7,271
Municipal & nonprofit	1,641		—		—		3		3		4		1,648
Tech & innovation	4,102		3		—		3		6		20		4,128
Equity fund resources	1,232		—		—		—		—		1		1,233
Other commercial and industrial	13,654		12		3		—		15		120		13,789
CRE - owner occupied	1,530		—		—		—		—		3		1,533
Hotel franchise finance	4,185		—		—		—		—		—		4,185
Other CRE - non-owner occupied	6,226		1		—		—		1		228		6,455
Residential	13,259		55		26		51		132		12		13,403
Residential - EBO	393		94		51		290		435		—		828
Construction and land development	3,920		5		—		9		14		109		4,043
Other	155		2		1		—		3		3		161
Total loans	$	57,568	$	172	$	81	$	356	$	609	$	500	$	58,677

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Credit Quality Indicators

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually to classify the loans by credit risk. The following tables present risk ratings by class of financing receivable and origination year. The origination year is the year of origination or renewal.


	Term Loan Amortized Cost Basis by Origination Year												Revolving Loans Amortized Cost Basis		Total
As of March 31, 2026	2026		2025		2024		2023		2022		Prior
	(in millions)
Mortgage finance
Pass	$	—	$	11	$	—	$	453	$	338	$	227	$	6,076	$	7,105
Special mention	—		—		—		—		—		—		—		—
Classified	—		—		—		—		—		—		—		—
Total	$	—	$	11	$	—	$	453	$	338	$	227	$	6,076	$	7,105


Municipal & nonprofit
Pass	$	40	$	203	$	235	$	62	$	104	$	1,024	$	—	$	1,668
Special mention	—		—		—		—		—		11		—		11
Classified	—		—		—		—		—		4		—		4
Total	$	40	$	203	$	235	$	62	$	104	$	1,039	$	—	$	1,683


Tech & innovation
Pass	$	410	$	1,436	$	853	$	164	$	77	$	73	$	1,094	$	4,107
Special mention	—		6		23		48		—		—		14		91
Classified	—		3		18		—		29		—		32		82
Total	$	410	$	1,445	$	894	$	212	$	106	$	73	$	1,140	$	4,280


Equity fund resources
Pass	$	5	$	163	$	1	$	—	$	—	$	1	$	1,090	$	1,260
Special mention	—		—		—		—		—		—		—		—
Classified	—		—		1		—		—		—		—		1
Total	$	5	$	163	$	2	$	—	$	—	$	1	$	1,090	$	1,261


Other commercial and industrial
Pass	$	500	$	2,221	$	1,118	$	244	$	233	$	202	$	9,213	$	13,731
Special mention	—		1		68		4		29		—		41		143
Classified	79		6		78		59		9		4		23		258
Total	$	579	$	2,228	$	1,264	$	307	$	271	$	206	$	9,277	$	14,132


CRE - owner occupied
Pass	$	90	$	312	$	157	$	142	$	274	$	509	$	38	$	1,522
Special mention	—		1		1		—		8		2		—		12
Classified	—		—		—		—		7		22		—		29
Total	$	90	$	313	$	158	$	142	$	289	$	533	$	38	$	1,563


Hotel franchise finance
Pass	$	334	$	1,463	$	825	$	434	$	730	$	372	$	98	$	4,256
Special mention	—		—		—		—		—		—		31		31
Classified	—		—		—		—		44		—		—		44
Total	$	334	$	1,463	$	825	$	434	$	774	$	372	$	129	$	4,331


Other CRE - non-owner occupied
Pass	$	247	$	1,376	$	748	$	858	$	1,543	$	711	$	388	$	5,871
Special mention	—		—		13		70		—		3		—		86
Classified	13		16		7		153		188		—		—		377
Total	$	260	$	1,392	$	768	$	1,081	$	1,731	$	714	$	388	$	6,334

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	Term Loan Amortized Cost Basis by Origination Year												Revolving Loans Amortized Cost Basis		Total
As of March 31, 2026	2026		2025		2024		2023		2022		Prior
	(in millions)

Residential
Pass	$	384	$	1,266	$	577	$	174	$	3,049	$	8,032	$	33	$	13,515
Special mention	—		—		—		—		—		—		—		—
Classified	—		1		1		6		27		14		—		49
Cumulative fair value hedging adjustment	—		—		—		—		—		—		—		(17)
Total	$	384	$	1,267	$	578	$	180	$	3,076	$	8,046	$	33	$	13,547

WESTERN ALLIANCE BANCORPORATION 10-Q