Western Alliance Reports Net Income of $2.4 Million or $0.08 Per Share for the Second Quarter 2008

Second Quarter 2008 Highlights:

-- Regulatory capital of $508 million, up $40 million from March 31, 2008 which further strengthened our "well capitalized" status by federal banking standards

-- Net income of $2.4 million, including loan loss reserve build of $7.8 million ($5.1 million, net of tax), down 41.7% from $4.1 million in the first quarter 2008 and 69.6% from $7.9 million in the second quarter 2007

-- Diluted earnings per share of $0.08, including loan loss reserve build of $0.17 per share, down 42.9% from $0.14 the first quarter 2008 and down 68.0% from $0.25 in the second quarter 2007

-- Net revenue (sum of net interest income and non-interest income, excluding securities and fair value gains/losses) of $55.0 million, down 0.6% from $55.3 million in the first quarter 2008 and up 6.0% from $51.8 million in the second quarter 2007

-- Gross loans of $3.87 billion at June 30, 2008, up 4.1% or $152 million from March 31, 2008, and up 14.3% or $486 million from one year ago

-- Deposits of $3.59 billion, up 0.9% or $33 million from March 31, 2008 and customer repurchase agreements of $186 million, down 17.4% or $39 million from March 31, 2008, resulting in total customer funds of $3.78 billion, down $6 million and down $232 million from one quarter and one year ago, respectively

Financial Performance

Western Alliance Bancorporation reported net income of $2.4 million for the second quarter 2008, down 41.7 percent from $4.1 million for the first quarter 2008 and 69.6 percent from $7.9 million for the second quarter 2007. Second quarter results include a $13.2 million loan loss provision expense, as compared to $8.1 million in the first quarter 2008. The second quarter also includes the $1.7 million after-tax loss ($0.06 per share) from PartnersFirst, the Company's affinity credit card initiative.

Gross loans grew $152 million to $3.87 billion at June 30, 2008 from March 31, 2008 and increased $486 million from June 30, 2007.

Customer funds decreased $6 million to $3.78 billion at June 30, 2008 from March 31, 2008, comprised of a $33 million increase in deposits and a $39 million decrease in customer repurchase agreements. From June 30, 2007, customer funds decreased $232 million, comprised of a $222 million decrease in deposits and a $10 million decrease in customer repurchase agreements. Non-interest bearing title company deposits declined $79 million to $165 million during the 12 months ended June 30, 2008 and decreased $21 million from March 31, 2008.

"Despite these challenging times, Western Alliance continued to strengthen its banking franchise during the second quarter," said Robert Sarver, Chairman, President and Chief Executive Officer of Western Alliance. "We have taken advantage of the turbulent market conditions to establish new customer relationships, leading to $152 million in loan growth with good pricing and structure. Like other banks, our earnings have been adversely affected by challenging macroeconomic conditions, particularly in the real estate sector. However, as a result of our three year program to stress test our real estate loans and curtail weaker credits, our asset quality has remained superior to our local peers. During the quarter, we also bolstered our strong capital position by raising $30.2 million of equity, half from insiders, which has taken our total capital to over $500 million as we remain a 'well-capitalized' institution by federal banking standards."

Income Statement

Net interest income increased 4.7 percent to $48.0 million in the second quarter 2008 from $45.8 million in the second quarter 2007. The net interest margin in the second quarter 2008 was 4.25 percent, compared to 4.20 percent in the first quarter 2008. The net interest margin was 4.52 percent in the second quarter 2007.

The provision for loan losses was $13.2 million for the second quarter 2008 compared to $8.1 million for the first quarter 2008 and $2.0 million for the second quarter 2007. Non-accrual loans and other real estate owned were $51.3 million or 0.98 percent of total assets at June 30, 2008, up from $16.7 million or 0.32 percent of total assets at March 31, 2008. Net loan charge-offs were $5.3 million or 0.55 percent of average loans, compared to net charge-offs of $6.5 million or 0.70 percent of average loans for the first quarter 2008. Loans past due 30-89 days totaled $11.9 million at quarter end, down from $50.7 million at March 31, 2008.

Non-interest income, excluding increases in fair value of financial instruments measured at fair value, was $7.0 million for the second quarter 2008, up 15.5 percent from $6.0 million for the same period in 2007. For the first quarter 2008, non-interest income was $8.4 million, including approximately $1.1 million of non-recurring amounts.

Net revenue was $55.0 million for the second quarter 2008, up 6.0 percent from $51.8 million for the second quarter 2007. For the first quarter 2008, net revenue was $55.3 million.

Non-interest expense was $39.2 million for the second quarter 2008, up 14.3 percent from $34.3 million for the same period in 2007. For the first quarter 2008, non-interest expense was $38.0 million. We had 1,000 full-time equivalent (FTE) employees and 41 banking offices on June 30, 2008 compared to 979 and 40, respectively, on March 31, 2008 and 1,000 and 35, respectively, on June 30, 2007. These numbers include 28 FTE at PartnersFirst at June 30, 2008, our credit card affinity initiative that was launched in July 2007.

Net income decreased 41.7 percent to $2.4 million for the second quarter 2008 compared to $4.1 million for the first quarter 2008. Net income was $7.9 million for the same period last year. Diluted earnings per share were $0.08 compared with $0.14 for the first quarter 2008 and $0.25 for the second quarter 2007. Average diluted shares decreased 5.1 percent to 30.2 million for the second quarter 2008 compared to 31.8 million for the second quarter 2007.

Balance Sheet

Gross loans totaled $3.87 billion at June 30, 2008, an increase of 4.1 percent from March 31, 2008 and 14.3 percent from $3.39 billion at June 30, 2007. At June 30, 2008 the allowance for loan losses was 1.51 percent of gross loans up from 1.37 percent at March 31, 2008 and 1.09 percent at June 30, 2007.

Customer funds totaled $3.78 billion at June 30, 2008, a decrease of $6 million from March 31, 2008 and a $232 million decrease from $4.01 billion at June 30, 2007.

Non-interest bearing deposits, which include title company deposits for which the Company incurs non-interest expense for the benefit of the depositor, comprised 28.0 percent of total deposits at June 30, 2008. As of June 30, 2008, non-interest bearing deposits from title companies were 4.6 percent of total deposits, compared to 5.2 percent at March 31, 2008, and 6.4 percent at June 30, 2007.

At June 30, 2008 the company's loan to deposit ratio was 107.8 percent compared with 88.8 percent one year earlier. Borrowings, including non-relationship brokered deposits, totaled $777 million at June 30, 2008, up $686 million from $91 million one year earlier. The majority of these borrowings represent overnight advances from the Federal Home Loan Bank.

Stockholders' equity increased $31 million from March 31, 2008 to $525 million at June 30, 2008, primarily from a private placement of 3.8 million shares of common stock totaling $30.2 million. Our accumulated other comprehensive loss has increased since December 2007 due mainly to widening of credit spreads, which negatively affected the market values of our trust preferred CDO and adjustable rate preferred stock portfolios, increasing our other comprehensive loss by $3.5 million to $46.2 million for the quarter ended June 30, 2008. At June 30, 2008 tangible common equity was 5.7 percent of tangible assets and total risk-based capital was 11.0 percent of risk-weighted assets.

Total assets increased 10.0 percent to $5.22 billion at June 30, 2008 from $4.75 billion at June 30, 2007.

Operating Unit Highlights

Our Nevada banking operations, which include Bank of Nevada and First Independent Bank of Nevada, reported loan growth of $52 million during the second quarter 2008 and $193 million during the last 12 months to $2.62 billion at June 30, 2008. Customer funds decreased $34 million and $237 million to $2.48 billion during the same periods, respectively. Net income for our Nevada banks was $3.3 million during the second quarter 2008 compared with $8.8 million during the second quarter 2007.

Our California banking operations, which include Torrey Pines Bank and Alta Alliance Bank, reported loan growth of $71 million during the second quarter 2008 and $207 million during the last 12 months to $665 million. Customer funds increased $51 million and $23 million to $630 million during the same periods, respectively. Net income for our California banks was $1.0 million during the second quarter 2008 compared with $0.4 million during the second quarter 2007.

Our Arizona banking operations, which consists of Alliance Bank of Arizona, reported loan growth of $21 million during the second quarter 2008 and an increase of $94 million during the last 12 months to $618 million. Customer funds decreased $13 million and $9 million to $681 million during the same periods, respectively. Net income for our Arizona banks was $0.8 million during the second quarter 2008 compared with $0.7 million during the second quarter 2007.

Our Asset Management business line, which includes Miller/Russell and Associates, Shine Investments Advisory Services and Premier Trust, had assets under management of $2.05 billion at June 30, 2008, up 11.4 percent from $1.84 billion at June 30, 2007. Assets under administration by the three entities increased 9.8 percent from $2.04 billion at June 30, 2007 to $2.24 billion at June 30, 2008. Net income for the Assets Management segment for the quarter ended June 30, 2008 was $0.3 million.

Our affinity credit card business line, PartnersFirst, has launched 13 new affinity groups and opened 6,879 accounts during the second quarter 2008. Losses incurred by PartnersFirst for the quarter ended June 30, 2008 were $1.7 million.

Attached to this press release is summarized financial information for the quarter ended June 30, 2008.

Conference Call

Western Alliance Bancorporation will host a conference call to discuss its second quarter 2008 financial results at noon ET on Friday, July 25, 2008. Participants may access the call by dialing 1-800-860-2442. The call will be recorded and made available for replay after 2:00 p.m. ET July 25 until 9 a.m. ET August 2 by dialing 1-877-344-7529 using the pass code 421030#.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements that relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. 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: factors listed in the Form 10-K as filed with the Securities and Exchange Commission; changes in general economic conditions, either nationally or locally in the areas in which we conduct or will conduct our business; inflation, interest rate, market and monetary fluctuations; increases in competitive pressures among financial institutions and businesses offering similar products and services; higher defaults on our loan portfolio than we expect; changes in management's estimate of the adequacy of the allowance for loan losses; legislative or regulatory changes or changes in accounting principles, policies or guidelines; management's estimates and projections of interest rates and interest rate policy; the execution of our business plan; and other factors affecting the financial services industry generally or the banking industry in particular.

We do not intend and disclaim any duty or obligation to update or revise any industry information or forward-looking statements set forth in this press release to reflect new information, future events or otherwise.

About Western Alliance Bancorporation

Western Alliance Bancorporation is the parent company of Bank of Nevada, First Independent Bank of Nevada, Alliance Bank of Arizona, Torrey Pines Bank, Alta Alliance Bank, Miller/Russell & Associates, Shine Investment Advisory Services, Premier Trust, and PartnersFirst. These dynamic organizations provide a broad array of banking, leasing, trust, investment, and mortgage services to clients in Nevada, Arizona and California, investment services in Colorado, and bank card services nationwide. Staffed with experienced financial professionals, these organizations deliver a broader product array and larger credit capacity than community banks, yet are empowered to be more responsive to customers' needs than larger institutions. Additional investor information can be accessed on the Investor Relations page of the company's website, www.westernalliancebancorp.com.

Western Alliance Bancorporation and Subsidiaries Summary Consolidated Financial Data Unaudited At or for the three months ended Jun. 30, 2008 2007 Change% ---------------------------------------------------------------------- Selected Balance Sheet Data: ($ in millions) Total assets $5,219.3 $4,746.8 10.0% Gross loans, including net deferred fees 3,874.6 3,388.9 14.3 Securities 621.7 685.6 -9.3 Federal funds sold 10.9 73.0 -85.1 Customer funds 3,779.2 4,011.5 -5.8 Borrowings and brokered deposits 777.0 90.9 754.8 Junior sub. and subordinated debt 114.3 110.2 3.7 Stockholders' equity 525.4 519.4 1.2 Selected Income Statement Data: ($ in thousands) Interest income $ 72,686 $ 76,846 -5.4% Interest expense 24,684 31,020 -20.4 ------------------- Net interest income 48,002 45,826 4.7 Provision for loans losses 13,152 2,012 553.7 ------------------- Net interest income after provision for loan losses 34,850 43,814 -20.5 Securities gains/(losses) and other valuation changes 707 (3,766) Other non-interest income 6,952 6,019 15.5 Non-interest expense 39,192 34,274 14.3 ------------------- Income before income taxes 3,317 11,793 -71.9 Income tax expense 902 3,847 -76.6 ------------------- Net Income $ 2,415 $ 7,946 -69.6 =================== Memo: intangible asset amortization expense, net of tax $ 915 $ 557 64.3 ------------------- Common Share Data: Diluted net income per share 0.08 0.25 -68.0 Book value per share 15.43 17.24 -10.5 Tangible book value per share (net of tax) 8.59 9.73 -11.7 Average shares outstanding (in thousands): Basic 29,759 29,666 0.3 Diluted 30,211 31,835 -5.1 Common shares outstanding 34,059 30,128 13.0 For the six months ended Jun. 30, 2008 2007 Change% ---------------------------------------------------------------------- Selected Balance Sheet Data: ($ in millions) Total assets Gross loans, including net deferred fees Securities Federal funds sold Customer funds Borrowings and brokered deposits Junior sub. and subordinated debt Stockholders' equity Selected Income Statement Data: ($ in thousands) Interest income $149,478 $144,159 3.7% Interest expense 54,614 57,477 -5.0 ------------------- Net interest income 94,864 86,682 9.4 Provision for loans losses 21,211 2,453 764.7 ------------------ Net interest income after provision for loan losses 73,653 84,229 -12.6 Securities gains/(losses) and other valuation changes (2,988) (3,495) -14.5 Other non-interest income 15,370 11,608 32.4 Non-interest expense 77,195 63,195 22.2 ------------------- Income before income taxes 8,840 29,147 -69.7 Income tax expense 2,283 9,798 -76.7 ------------------- Net Income $ 6,557 $ 19,349 -66.1 =================== Memo: intangible asset amortization expense, net of tax $ 1,704 $ 814 109.3 ------------------- Common Share Data: Diluted net income per share 0.21 0.63 -66.7 Book value per share Tangible book value per share (net of tax) Average shares outstanding (in thousands): Basic 29,948 28,308 5.8 Diluted 30,676 30,509 0.5 Common shares outstanding Western Alliance Bancorporation and Subsidiaries Summary Consolidated Financial Data (continued) Unaudited At or for the three months ended Jun. 30, 2008 2007 Change% ---------------------------------------------------------------------- Selected Performance Ratios: Return on average assets (1) 0.19% 0.68% -72.1% Cash return on average tangible assets (1) (2) 0.27 0.77 -64.9 Return on average stockholders' equity (1) 1.95 6.15 -68.3 Cash return on average tangible stockholders' equity (1) (2) 5.17 11.60 -55.4 Net interest margin (1) 4.25 4.52 -6.0 Net interest spread 3.73 3.42 9.1 Efficiency ratio - tax equivalent basis 70.70 64.23 10.1 Loan to deposit ratio 107.82 88.81 21.4 Capital Ratios: Tangible Common Equity 5.7% 6.3% -9.5 Tier 1 leverage ratio 7.8 8.2 -4.9 Tier 1 Risk Based Capital 8.4 8.9 -5.6 Total Risk Based Capital 11.0 10.7 2.8 Asset Quality Ratios: Net charge-offs to average loans outstanding (1) 0.55% 0.31% 77.4 Non-accrual loans to gross loans 1.15 0.02 5,650.0 Non-accrual loans and OREO to total assets 0.98 0.02 4,800.0 Loans past due 90 days and still accruing to total loans 0.09 0.19 -52.6 Allowance for loan losses to gross loans 1.51 1.09 38.5 Allowance for loan losses to non-accrual loans 132.13% 5152.86% -97.4 For the six months ended Jun. 30, 2008 2007 Change% ---------------------------------------------------------------------- Selected Performance Ratios: Return on average assets (1) 0.26% 0.89% -70.8% Cash return on average tangible assets (1) (2) 0.33 0.97 -66.0 Return on average stockholders' equity (1) 2.63 8.37 -68.6 Cash return on average tangible stockholders' equity (1) (2) 5.20 14.33 -63.7 Net interest margin (1) 4.19 4.55 -7.9 Net interest spread 3.60 3.41 5.6 Efficiency ratio - tax equivalent basis 69.46 63.16 10.0 Loan to deposit ratio Capital Ratios: Tangible Common Equity Tier 1 leverage ratio Tier 1 Risk Based Capital Total Risk Based Capital Asset Quality Ratios: Net charge-offs to average loans outstanding (1) 0.63% 0.18% 250.0 Non-accrual loans to gross loans Non-accrual loans and OREO to total assets Loans past due 90 days and still accruing to total loans Allowance for loan losses to gross loans Allowance for loan losses to non-accrual loans =================================================== (1) Annualized for the three and six-month periods ended June 30, 2008 and 2007. (2) Cash return is defined as net income before intangible asset amortization expense.

Western Alliance Bancorporation and Subsidiaries Condensed Consolidated Statements of Income Unaudited Three Months Six Months Ended Ended June 30, June 30, (in thousands, except per share data) 2008 2007 2008 2007 ---------------------------------------------------------------------- Interest income on: Loans, including fees $62,817 $67,193 $128,521 $126,213 Securities 9,789 9,144 20,762 16,904 Federal funds sold and other 80 509 195 1,042 ------------------------------------ Total interest income 72,686 76,846 149,478 144,159 ------------------------------------ Interest expense on: Deposits 16,490 25,832 36,004 47,705 Borrowings 6,587 3,316 14,882 6,221 Junior sub. and subordinated debt 1,607 1,872 3,728 3,551 ------------------------------------ Total interest expense 24,684 31,020 54,614 57,477 ------------------------------------ Net interest income 48,002 45,826 94,864 86,682 Provision for loan losses 13,152 2,012 21,211 2,453 ------------------------------------ Net interest income after provision for loan losses 34,850 43,814 73,653 84,229 ------------------------------------ Mark-to-market gains (losses), net 707 (3,766) 2,292 (3,495) Securities impairment charges - - (5,280) - Other income: Trust and investment advisory services 2,735 2,137 5,531 4,242 Service charges 1,411 1,167 2,838 2,236 Bank owned life ins. 573 960 1,373 1,888 Other 2,233 1,755 5,628 3,242 ------------------------------------ 6,952 6,019 15,370 11,608 ------------------------------------ Other expense: Compensation 21,517 18,821 43,451 35,854 Occupancy 5,179 4,872 10,207 9,111 Customer service 1,113 1,897 2,313 3,220 Merger expenses - 747 - 747 Intangible amortization 915 557 1,704 814 Other 10,468 7,380 19,520 13,449 ------------------------------------ 39,192 34,274 77,195 63,195 ------------------------------------ Income before income taxes 3,317 11,793 8,840 29,147 Income tax expense 902 3,847 2,283 9,798 ------------------------------------ Net income $ 2,415 $ 7,946 $ 6,557 $ 19,349 ==================================== Diluted EPS $ 0.08 $ 0.25 $ 0.21 $ 0.63 ====================================

Western Alliance Bancorporation and Subsidiaries Five Quarter Condensed Consolidated Statements of Income Unaudited Quarter ended -------------------------------------------- ($ in thousands, except Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, per share data) 2008 2008 2007 2007 2007 ---------------------------------------------------------------------- Interest income on: Loans, including fees $62,817 $65,704 $69,201 $69,066 $67,193 Securities 9,789 10,973 11,744 11,049 9,144 Federal funds sold and other 80 115 245 358 509 -------------------------------------------- Total interest income 72,686 76,792 81,190 80,473 76,846 -------------------------------------------- Interest expense on: Deposits 16,490 19,514 23,852 26,571 25,832 Borrowings 6,587 8,295 8,698 5,270 3,316 Junior subordinated & subordinated debt 1,607 2,121 2,207 1,858 1,872 -------------------------------------------- Total interest expense 24,684 29,930 34,757 33,699 31,020 -------------------------------------------- Net interest income 48,002 46,862 46,433 46,774 45,826 Provision for loan losses 13,152 8,059 13,881 3,925 2,012 -------------------------------------------- Net interest income after provision 34,850 38,803 32,552 42,849 43,814 -------------------------------------------- Mark-to-market gains (losses), net 707 1,585 2,458 2,056 (3,766) Securities impairment charges - (5,280) (2,861) - - Other income: Trust and other fees 2,735 2,796 2,889 2,633 2,137 Service charges 1,411 1,427 1,339 1,253 1,167 Bank owned life ins. 573 800 913 962 960 Other 2,233 3,395 1,731 1,051 1,755 -------------------------------------------- 6,952 8,418 6,872 5,899 6,019 -------------------------------------------- Other expense: Compensation 21,517 21,934 20,172 20,556 18,821 Occupancy 5,179 5,028 5,397 5,240 4,872 Customer service 1,113 1,200 1,813 1,675 1,897 Merger expenses - - - - 747 Intangible amortization 915 789 381 260 557 Other 10,468 9,052 8,201 6,890 7,380 -------------------------------------------- 39,192 38,003 35,964 34,621 34,274 -------------------------------------------- Income before income taxes 3,317 5,523 3,057 16,183 11,793 Income tax expense 902 1,381 614 5,100 3,847 -------------------------------------------- Net income $ 2,415 $ 4,142 $ 2,443 $11,083 $ 7,946 ============================================ Diluted EPS $ 0.08 $ 0.14 $ 0.08 $ 0.35 $ 0.25 ============================================

Western Alliance Bancorporation and Subsidiaries Five Quarter Condensed Consolidated Balance Sheets Unaudited Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, ($ in millions) 2008 2008 2007 2007 2007 ---------------------------------------------------------------------- Assets Cash and due from banks $ 170.3 $ 132.9 $ 104.6 $ 128.9 $ 122.9 Federal funds sold 10.9 59.0 11.0 37.6 73.0 ------------------------------------------------- Cash and cash equivalents 181.2 191.9 115.6 166.5 195.9 ------------------------------------------------- Securities 621.7 731.1 736.2 788.4 685.6 Gross loans, including net deferred loan fees: Construction 831.7 805.5 806.1 801.7 765.3 Real estate: Commercial 1,624.5 1,550.8 1,514.5 1,484.7 1,437.9 Residential 536.0 519.6 492.6 466.8 436.6 Commercial 837.0 808.9 784.4 752.1 709.2 Consumer 54.1 46.2 43.5 49.9 46.9 Net deferred fees (8.7) (8.4) (8.1) (8.7) (7.0) ------------------------------------------------- 3,874.6 3,722.6 3,633.0 3,546.5 3,388.9 Less: Allowance for loan losses (58.7) (50.8) (49.3) (39.9) (36.9) ------------------------------------------------- Loans, net 3,815.9 3,671.8 3,583.7 3,506.6 3,352.0 ------------------------------------------------- Premises and equipment, net 143.4 143.9 143.4 138.4 130.3 Bank owned life insurance 89.4 88.9 88.1 87.1 86.2 Goodwill and other intangibles 240.7 241.4 242.2 243.1 237.4 Other assets 127.0 128.3 106.9 73.3 59.4 ------------------------------------------------- Total assets $5,219.3 $5,197.3 $5,016.1 $5,003.4 $4,746.8 ================================================= Western Alliance Bancorporation and Subsidiaries Five Quarter Condensed Consolidated Balance Sheets (continued) Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, ($ in millions) 2008 2008 2007 2007 2007 ---------------------------------------------------------------------- Liabilities and Stockholders' Equity Liabilities Non-interest bearing demand deposits $1,007.6 $1,032.2 $1,007.6 $1,112.1 $1,160.5 Interest bearing deposits: Demand 263.8 276.5 264.6 259.2 263.8 Savings and money market 1,585.4 1,538.3 1,558.9 1,710.8 1,684.7 Time, $100 and over 622.2 623.8 649.4 641.0 634.8 Other time 114.6 89.5 66.5 69.6 72.0 ------------------------------------------------- 3,593.6 3,560.3 3,547.0 3,792.7 3,815.8 Customer repurchase agreements 185.6 224.6 275.0 204.1 195.7 ------------------------------------------------- Total customer funds 3,779.2 3,784.9 3,822.0 3,996.8 4,011.5 Brokered deposits 60.0 70.0 - - - Borrowings 717.0 696.4 544.7 356.3 90.9 Junior subordinated debt 114.3 116.0 122.2 113.7 110.2 Accrued interest payable and other liabilities 23.4 36.0 25.7 20.7 14.8 ------------------------------------------------- Total liabilities 4,693.9 4,703.3 4,514.6 4,487.5 4,227.4 ------------------------------------------------- Stockholders' Equity Common stock and additional paid-in capital 412.9 380.4 378.0 379.2 383.8 Retained earnings 158.7 156.3 152.3 149.8 138.8 Accumulated other comprehensive loss (46.2) (42.7) (28.8) (13.1) (3.2) ------------------------------------------------- Total stockholders' equity 525.4 494.0 501.5 515.9 519.4 ------------------------------------------------- Total liabilities and stockholders' equity $5,219.3 $5,197.3 $5,016.1 $5,003.4 $4,746.8 =================================================

Western Alliance Bancorporation and Subsidiaries Changes in the Allowance For Loan Losses Unaudited Quarter Ended Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, (in thousands) 2008 2008 2007 2007 2007 ---------------------------------------------------------------------- Balance, beginning of period $50,839 $49,305 $39,911 $36,946 $37,519 Acquisitions - - - (370) 83 Provisions charged to operating expenses 13,152 8,059 13,881 3,925 2,012 Recoveries of loans previously charged-off: Construction and land development - - - - - Commercial real estate - - - - - Residential real estate - - - - - Commercial and industrial 192 95 45 14 83 Consumer 4 8 20 12 9 -------------------------------------------- Total recoveries 196 103 65 26 92 Loans charged-off: Construction and land development 1,082 3,323 2,361 - - Commercial real estate - 182 - - - Residential real estate 1,528 970 49 - - Commercial and industrial 2,705 2,084 2,023 328 2,727 Consumer 184 69 119 288 33 -------------------------------------------- Total charged-off 5,499 6,628 4,552 616 2,760 Net charge-offs 5,303 6,525 4,487 590 2,668 -------------------------------------------- Balance, end of period $58,688 $50,839 $49,305 $39,911 $36,946 ============================================ Net charge-offs (annualized) to average loans outstanding 0.55% 0.70% 0.49% 0.07% 0.31% Allowance for loan losses to gross loans 1.51 1.37 1.36 1.13 1.09 Non-accrual loans $44,416 $ 9,750 $17,873 $16,240 $ 717 Other real estate owned 6,847 6,901 3,412 149 - Loans past due 30 to 89 days, still accruing 11,893 50,681 11,879 5,012 26,716 Loans past due 90 days, still accruing 3,597 3,235 779 760 6,431

Western Alliance Bancorporation and Subsidiaries Average Balances, Yields and Rates Paid Unaudited Three Months Ended June 30, 2008 ---------------------------------------------------------------- Average Balance Interest Average in in Yield/ Earning Assets millions thousands Cost Securities (1) $ 690.0 $ 9,196 5.64% Federal funds sold 14.3 80 2.25% Loans (1) 3,840.0 62,817 6.58% Restricted stock 42.8 593 5.57% ------------------------------ Total earnings assets 4,587.1 72,686 6.41% Non-earning Assets Cash and due from banks 104.6 Allowance for loan losses (53.5) Bank-owned life insurance 89.1 Other assets 473.3 --------- Total assets $5,200.6 ========= Interest Bearing Liabilities Sources of Funds Interest-bearing deposits: Interest-bearing checking $ 264.4 967 1.47% Savings and money market 1,584.6 8,790 2.23% Time deposits 722.3 6,733 3.75% ------------------------------ 2,571.3 16,490 2.58% Borrowings 1,012.7 6,587 2.62% Junior subordinated & sub. debt 116.0 1,607 5.57% ------------------------------ Total interest-bearing liabilities 3,700.0 24,684 2.68% Non-interest Bearing Liabilities Noninterest-bearing demand deposits 976.1 Other liabilities 27.0 Stockholders' equity 497.5 -------- Total liabilities and stockholders' equity $5,200.6 ======== Net interest income and margin $48,002 4.25% ========= Net interest spread 3.73% Three Months Ended June 30, 2007 ---------------------------------------------------------------------- Average Balance Interest Average in in Yield/ Earning Assets millions thousands Cost Securities (1) $ 642.1 $ 8,939 5.81% Federal funds sold 36.0 509 5.67% Loans (1) 3,402.6 67,193 7.92% Restricted stock 17.0 205 4.84% ----------------------------- Total earnings assets 4,097.7 76,846 7.56% Non-earning Assets Cash and due from banks 105.0 Allowance for loan losses (37.8) Bank-owned life insurance 85.5 Other assets 405.6 --------- Total assets $4,656.0 ========= Interest Bearing Liabilities Sources of Funds Interest-bearing deposits: Interest-bearing checking $ 269.8 1,663 2.47% Savings and money market 1,646.7 15,715 3.83% Time deposits 692.7 8,454 4.90% ----------------------------- 2,609.2 25,832 3.97% Borrowings 289.2 3,316 4.60% Junior subordinated & sub. debt 110.3 1,872 6.81% ----------------------------- Total interest-bearing liabilities 3,008.7 31,020 4.14% Non-interest Bearing Liabilities Noninterest-bearing demand deposits 1,106.8 Other liabilities 22.3 Stockholders' equity 518.2 ======== Total liabilities and stockholders' equity $4,656.0 ======== Net interest income and margin $45,826 4.52% ========= Net interest spread 3.42% (1) Yields on loans and securities have been adjusted to a tax equivalent basis.

Western Alliance Bancorporation and Subsidiaries Operating Segment Results Unaudited Asset ($ in millions) Nevada California Arizona Management ---------------------------------------------------------------------- At Jun. 30, 2008: Assets $3,668.7 $ 863.0 $ 797.0 $ 18.4 Gross loans and deferred fees 2,619.7 664.7 618.1 - Less: Allowance for loan losses (42.6) (7.4) (8.2) - ------------------------------------------ Net loans 2,577.1 657.3 609.9 - ------------------------------------------ Deposits 2,328.1 622.8 656.9 - Stockholders' equity 426.3 67.9 54.1 16.7 No. of branches 21 9 11 - No. of FTE 598 152 141 44 (in thousands) Three Months Ended Jun. 30, 2008: Net interest income $ 32,525 $ 9,287 $ 7,345 $ 16 Provision for loan losses 10,674 1,464 760 - ------------------------------------------ Net interest income after provision for loan losses 21,851 7,823 6,585 16 Securities gains/(losses) and other valuation changes (161) (261) (567) - Noninterest income 2,614 496 1,487 2,720 Noninterest expense (19,606) (6,410) (6,169) (2,219) ------------------------------------------ Income (loss) before income taxes 4,698 1,648 1,336 517 Income tax expense (benefit) 1,363 690 506 226 ------------------------------------------ Net income (loss) $ 3,335 $ 958 $ 830 $ 291 ========================================== (in thousands) Six Months Ended Jun. 30, 2008: Net interest income $ 65,037 $ 17,807 $ 14,641 $ 45 Provision for loan losses 17,247 2,017 1,485 - ------------------------------------------ Net interest income after provision for loan losses 47,790 15,790 13,156 45 Securities gains/(losses) and other valuation changes (9,945) (383) (575) - Noninterest income 6,189 1,015 3,381 5,526 Noninterest expense (38,850) (12,795) (12,633) (4,972) ------------------------------------------ Income (loss) before income taxes 5,184 3,627 3,329 599 Income tax expense (benefit) 973 1,514 1,213 294 ------------------------------------------ Net income (loss) $ 4,211 $ 2,113 $ 2,116 $ 305 ========================================== Inter- segment Consoli Elimi- dated ($ in millions) PartnersFirst Other nations Company ---------------------------------------------------------------------- At Jun. 30, 2008: Assets $ 20.6 $ 16.5 $(164.9) $5,219.3 Gross loans and deferred fees 15.1 - (43.0) 3,874.6 Less: Allowance for loan losses (0.5) - - (58.7) ----------------------------------------- Net loans 14.6 - (43.0) 3,815.9 ----------------------------------------- Deposits - - (14.2) 3,593.6 Stockholders' equity - (39.6) - 525.4 No. of branches - - - 41 No. of FTE 28 37 - 1,000 (in thousands) Three Months Ended Jun. 30, 2008: Net interest income $ 15 $(1,186) $ - $ 48,002 Provision for loan losses 254 - - 13,152 ----------------------------------------- Net interest income after provision for loan losses (239) (1,186) - 34,850 Securities gains/(losses) and other valuation changes - 1,696 707 Noninterest income 147 361 (873) 6,952 Noninterest expense (2,901) (2,760) 873 (39,192) ----------------------------------------- Income (loss) before income taxes (2,993) (1,889) - 3,317 Income tax expense (benefit) (1,245) (638) - 902 ----------------------------------------- Net income (loss) $(1,748) $(1,251) $ - $ 2,415 ========================================= (in thousands) Six Months Ended Jun. 30, 2008: Net interest income $ (66) $(2,600) $ - $ 94,864 Provision for loan losses 462 - - 21,211 ----------------------------------------- Net interest income after provision for loan losses (528) (2,600) - 73,653 Securities gains/(losses) and other valuation changes - 7,915 - (2,988) Noninterest income 302 364 (1,407) 15,370 Noninterest expense (4,909) (4,443) 1,407 (77,195) ----------------------------------------- Income (loss) before income taxes (5,135) 1,236 - 8,840 Income tax expense (benefit) (2,133) 422 - 2,283 ----------------------------------------- Net income (loss) $(3,002) $ 814 $ - $ 6,557 =========================================

Western Alliance Bancorporation and Subsidiaries Operating Segment Results (continued) Unaudited Asset ($ in millions) Nevada California Arizona Management ---------------------------------------------------------------------- At Jun. 30, 2007: Assets $3,461.1 $682.2 $755.9 $9.2 Gross loans and deferred fees 2,427.2 457.5 524.2 - Less: Allowance for loan losses (25.9) (4.7) (6.3) - ------------------------------------------ Net loans 2,401.3 452.8 517.9 - ------------------------------------------ Deposits 2,585.6 572.3 662.0 - Stockholders' equity 477.9 64.5 53.6 8.5 No. of branches 17 8 10 - No. of FTE 642 147 145 36 (in thousands) Three Months Ended Jun. 30, 2007: Net interest income $33,448 $6,649 $7,279 $18 Provision for loan losses 1,318 149 545 - ------------------------------------------ Net interest income after provision for loan losses 32,130 6,500 6,734 18 Securities gains/(losses) and other valuation changes (2,907) (419) (440) - Noninterest income 3,221 543 611 2,136 Noninterest expense (19,603) (5,862) (5,842) (1,792) ------------------------------------------ Income (loss) before income taxes 12,841 762 1,063 362 Income tax expense (benefit) 4,073 376 398 159 ------------------------------------------ Net income (loss) $8,768 $386 $665 $203 ========================================== (in thousands) Six Months Ended Jun. 30, 2007: Net interest income $62,414 $12,884 $13,973 $31 Provision for loan losses 1,605 303 545 - ------------------------------------------ Net interest income after provision for loan losses 60,809 12,581 13,428 31 Securities gains/(losses) and other valuation changes (2,926) (418) (440) - Noninterest income 6,162 1,071 1,142 4,275 Noninterest expense (34,656) (11,509) (11,241) (3,534) ------------------------------------------ Income (loss) before income taxes 29,389 1,725 2,889 772 Income tax expense (benefit) 9,582 745 1,109 336 ------------------------------------------ Net income (loss) $19,807 $980 $1,780 $436 ========================================== Inter- segment Consoli- Elimi- dated ($ in millions) Other nations Company ---------------------------------------------------------------------- At Jun. 30, 2007: Assets $10.6 $(172.2) $4,746.8 Gross loans and deferred fees - (20.0) 3,388.9 Less: Allowance for loan losses - - (36.9) --------------------------- Net loans - (20.0) 3,352.0 --------------------------- Deposits - (4.1) 3,815.8 Stockholders' equity (85.1) - 519.4 No. of branches - - 35 No. of FTE 30 - 1,000 (in thousands) Three Months Ended Jun. 30, 2007: Net interest income $(1,568) $- $45,826 Provision for loan losses - - 2,012 --------------------------- Net interest income after provision for loan losses (1,568) - 43,814 Securities gains/(losses) and other valuation changes - - (3,766) Noninterest income - (492) 6,019 Noninterest expense (1,667) 492 (34,274) --------------------------- Income (loss) before income taxes (3,235) - 11,793 Income tax expense (benefit) (1,159) - 3,847 --------------------------- Net income (loss) $(2,076) $- $7,946 =========================== (in thousands) Six Months Ended Jun. 30, 2007: Net interest income $(2,620) $- $86,682 Provision for loan losses - - 2,453 --------------------------- Net interest income after provision for loan losses (2,620) - 84,229 Securities gains/(losses) and other valuation changes 289 - (3,495) Noninterest income (289) (753) 11,608 Noninterest expense (3,008) 753 (63,195) --------------------------- Income (loss) before income taxes (5,628) - 29,147 Income tax expense (benefit) (1,974) - 9,798 --------------------------- Net income (loss) $(3,654) $- $19,349 ===========================

SOURCE: Western Alliance Bancorporation

Western Alliance Bancorporation Media Robert Sarver, Chairman/CEO, 602-952-5445 Investor Dale Gibbons, CFO, 702-248-4200