Western Alliance Reports Net Income of $32.9 Million or $1.06 Per Share for 2007...

Western Alliance Reports Net Income of $32.9 Million or $1.06 Per Share for 2007 and $2.4 Million or $0.08 Per Share for the Fourth Quarter 2007

LAS VEGAS--(Business Wire)--Western Alliance Bancorporation (NYSE:WAL) announced today its
financial results for 2007 and the fourth quarter 2007.

2007 Highlights:

-- Net income of $32.9 million, down 17.6% from $39.9 million in
2006

-- Diluted earnings per share of $1.06, compared with $1.41 in
2006

-- Net revenue (sum of net interest income and non-interest
income) of $204.3 million, up 22.6% from $166.7 million in
2006

-- Loans of $3.63 billion at December 31, 2007, up 21.0% or $630
million from one year ago

-- Customer funds (sum of deposits and customer repurchases) of
$3.82 billion at December 31, 2007, up 7.0% or $250 million
from one year ago

Fourth Quarter 2007 Highlights:

-- Net income of $2.4 million, including loan loss provision
expense of $13.9 million, down 78.0% from $11.1 million in the
third quarter 2007 and down 72.9% from $9.0 million for the
fourth quarter 2006

-- Diluted earnings per share of $0.08, including $0.19 per share
of reserve building, down 77.1% from $0.35 in the third
quarter 2007 and 74.2% from $0.31 in the fourth quarter 2006

-- Net revenue (sum of net interest income and non-interest
income) of $53.3 million, up 1.2% from $52.7 million in the
third quarter 2007 and 16.3% from $45.8 million in the fourth
quarter 2006

-- Loans of $3.63 billion at December 31, 2007, up 2.4% or $87
million from September 30, 2007

-- Customer funds of $3.82 billion at December 31, 2007, down
4.4% or $176 million from September 30, 2007

Financial Performance

Western Alliance Bancorporation reported net income of $32.9
million for 2007, down 17.6 percent from $39.9 million for 2006.
Diluted earnings per share were $1.06. For the fourth quarter 2007,
net income was $2.4 million, down 72.9 percent from $9.0 million for
the fourth quarter 2006. This decline was largely attributable to an
increase in loan loss provision expense of $13.2 million. Earnings per
share were $0.08 for the fourth quarter 2007. Fourth quarter 2007
income includes a $2.9 million securities impairment charge offset by
a $2.5 million increase in the market value of financial assets and
liabilities carried at market value, including interest rate swaps,
securities and trust preferred liabilities. The fourth quarter also
includes a $1.3 million loss ($0.04 per share) from PartnersFirst, the
Company's affinity credit card initiative.

Loans grew $87 million or 2.4 percent to $3.63 billion at December
31, 2007 from September 30, 2007 and $630 million, including organic
growth of $339 million or 11.3 percent, from December 31, 2006.

Customer funds decreased $176 million or 4.4 percent to $3.82
billion at December 31, 2007 from September 30, 2007. From December
31, 2006, customer funds grew $250 million, including an organic
decline of $153 million. Non-interest title company deposits declined
$170 million during the year and had a balance of $144 million at
December 31, 2007.

Average customer funds for the quarter ended December 31, 2007
decreased $109 million or 2.7 percent to $3.90 billion from the
quarter ended September 30, 2007. From the quarter ended December 31,
2006, average customer funds increased $485 million or 14.2 percent,
including organic growth of $82 million or 2.4 percent.

"The fourth quarter 2007 was very challenging for our Company due
to ongoing stress in the real estate sector in our markets, and in our
ability to grow deposits due to an industry-wide lack of liquidity.
The lack of deposit growth was exacerbated by further declines in our
non-interest bearing title company deposits, which have been directly
affected by a slow-down in real estate transactions," said Robert
Sarver, Chairman, President and Chief Executive Officer of Western
Alliance. "Expense control remains a priority, and we made progress in
this area as evidenced by the decline in compensation expense from the
third quarter despite additional hiring at PartnersFirst.

"We look forward to 2008, but acknowledge that the real estate
conditions in our markets may take some time to work through. Given
this, WAL will continue to evaluate and implement strategies to
improve our overall efficiencies and diversify our revenue streams so
that when conditions improve, we will be poised to take full advantage
of opportunities for new growth and increased shareholder value."

Income Statement

Net interest income increased 14.4 percent to $46.4 million in the
fourth quarter 2007 from $40.6 million in the fourth quarter 2006. The
interest margin in the fourth quarter 2007 was 4.16 percent, compared
with 4.38 percent in the third quarter 2007. The margin was 4.41
percent in the fourth quarter 2006.

The provision for loan losses was $13.9 million for the fourth
quarter 2007 compared with $3.9 million for the third quarter 2007 and
$0.7 million for the fourth quarter 2006. Non-accrual loans were $19.8
million representing 0.55 percent of total loans at December 31, 2007,
compared with 0.05 percent of total loans at December 31, 2006. Net
charge-offs were $4.5 million for the fourth quarter 2007, compared
with $0.3 million for the same period in 2006.

Non-interest income was $6.9 million for the fourth quarter 2007,
up 30.6 percent from $5.3 million for the same period in 2006. For the
third quarter 2007, non-interest income was $5.9 million.

Net revenue was $53.3 million for the fourth quarter 2007, up 16.3
percent from $45.8 million for the fourth quarter 2006. For the third
quarter 2007, net revenue was $52.7 million.

Non-interest expense was $36.0 million for the fourth quarter
2007, up 33.5 percent from $26.9 million for the same period in 2006.
For the third quarter 2007, non-interest expense was $34.6 million. We
had 992 full-time equivalent employees on December 31, 2007, including
14 FTE at PartnersFirst, compared with 987 on September 30, 2007 and
785 on December 31, 2006. We had 39 full-service banking offices on
December 31, 2007 compared with 38 at September 30, 2007 and 31 on
December 31, 2006.

Net income decreased 72.9 percent to $2.4 million for the fourth
quarter 2007 compared with $9.0 million for the same period last year.
Diluted earnings per share were $0.08 compared with $0.31 for the
fourth quarter 2006, a decrease of 74.2 percent. Average diluted
shares increased 6.9 percent to 31.3 million for the fourth quarter
2007 compared with 29.3 million for the fourth quarter 2006.

For 2007, net income decreased 17.6 percent to $32.9 million from
$39.9 million for 2006. Diluted earnings per share decreased 24.1
percent to $1.06 from $1.41 in 2006. Average diluted shares increased
9.9 percent to 31.0 million compared to 28.2 million last year.

Balance Sheet

Loans totaled $3.63 billion at December 31, 2007, an increase of
2.4 percent from September 30, 2007 and 21.0 percent from $3.00
billion at December 31, 2006. Total loans acquired in the First
Independent merger on March 31, 2007, were $291 million. Organic loan
growth for the quarter and twelve months ended December 31, 2007 was
$87 million and $339 million, respectively. At December 31, 2007 the
allowance for loan losses was 1.36 percent of gross loans, compared to
1.13 percent at September 30, 2007 and 1.12 percent at December 31,
2006.

Customer funds totaled $3.82 billion at December 31, 2007, a
decrease of $176 million from September 30, 2007 and an increase of
$250 million from $3.57 billion at December 31, 2006. Total customer
funds acquired in the First Independent merger were $403 million.
Organic customer fund declines for the quarter and 12 months ended
December 31, 2007 were $176 million and $153 million, respectively.

Non-interest bearing deposits, which include title company
deposits for which the Company incurs non-interest expense for the
benefit of the depositor, comprised 28.4 percent of total deposits at
December 31, 2007. At year end, non-interest bearing deposits from
title companies were 4.1 percent of total deposits compared to 5.5
percent at September 30, 2007, and 6.8 percent at December 31, 2006.
Excluding non-interest bearing title company deposits, customer
deposits and customer repurchase agreements totaled $3.7 billion at
December 31, 2007, representing an organic decline of 3.0 percent or
$113 million from September 30, 2007, and organic growth of 0.5
percent or $17 million from one year ago.

At December 31, 2007 the company's loan to deposit ratio was 102.5
percent compared with 88.3 percent one year earlier. Fed funds sold
totaled $11 million at December 30, 2007, down 90.9 percent from $121
million one year earlier.

Stockholders' equity increased $93.0 million from December 31,
2006 to $502 million at December 31, 2007, due primarily to stock
issued in connection with the First Independent Capital acquisition on
March 31, 2007 and an increase in retained earnings. At December 31,
2007 tangible common equity was 5.4 percent of tangible assets and
total risk-based capital was 10.3 percent of risk-weighted assets.

Western Alliance repurchased 171,100 shares of its common stock
during the quarter ended December 31, 2007 under its $50 million share
repurchase program effective through the end of 2008. The average per
share price paid for the repurchased stock was $21.96.

Total assets increased 20.3 percent to $5.02 billion at December
31, 2007 from $4.17 billion at December 31, 2006. Of this growth, $316
million was organic, while $531 million represents the assets acquired
through the First Independent merger on March 31, 2007.

Operating Unit Highlights

Bank of Nevada reported loan growth of $59 million during the
fourth quarter 2007 and $121 million for the full year to $2.22
billion at December 31, 2007. Customer funds decreased $114 million
and $292 million to $2.15 billion during the same periods,
respectively. Bank of Nevada had a net loss of $0.5 million during the
fourth quarter 2007 compared with net income of $9.4 million during
the third quarter 2007 and $9.0 million for the same period one year
ago. For the full year, net income was $27.3 million, down 26.4% from
$37.1 million in 2006.

Alliance Bank of Arizona reported a loan increase of $22 million
during the fourth quarter 2007 and $78 million for the full year to
$584 million. Customer funds decreased $6 million and increased $96
million to $664 million during the same periods, respectively.
Alliance Bank of Arizona had net income of $0.3 million during the
fourth quarter 2007 compared with net income of $1.1 million during
the third quarter 2007 and $0.9 million for the same period one year
ago. For the full year, net income was $3.2 million, down 24.9% from
$4.2 million in 2006.

Torrey Pines Bank, which includes PartnersFirst, reported loan
growth of $34 million during the fourth quarter 2007 and $101 million
for the full year to $515 million. Customer funds decreased $29
million and increased $34 million to $541 million during the same
periods, respectively. Net income at Torrey Pines Bank was $0.5
million during the fourth quarter 2007 compared with $1.1 million
during the third quarter 2007 and $1.0 million during the fourth
quarter 2006. For the full year, net income was $3.7 million, down
18.6% from $4.5 million in 2006.

Alta Alliance Bank reported loan growth of $6 million during the
fourth quarter 2007 and $39 million since its inception October 16,
2006. Customer funds increased $12 million for the quarter and grew to
$69 million since inception. Alta Alliance Bank incurred a net loss of
$0.4 million during the fourth quarter 2007 compared to $0.5 million
during the third quarter 2007.

First Independent Bank reported a loan decline of $17 million
during the fourth quarter 2007 to $322 million. Customer funds
decreased $36 million to $422 million during the fourth quarter 2007.
Net income at First Independent Bank was $1.4 million during both the
third and fourth quarter 2007.

Assets under management at Miller/Russell and Associates, Shine
Investments and Premier Trust were $2.31 billion at December 31, 2007,
up 39.2 percent (14.4 percent organic) from $1.66 billion at December
31, 2006. Assets under administration by the three entities increased
37.2 percent (14.6 percent organic) from $1.83 billion to $2.51
billion at December 31, 2007.

Attached to this press release is summarized financial information
for the quarter and year ended December 31, 2007.

Conference Call

Western Alliance Bancorporation will host a conference call to
discuss its fourth quarter 2007 financial results at 12:00 p.m. ET on
Wednesday, January 23, 2008. Participants may access the call by
dialing 800-860-2442. The call will be recorded and made available for
replay after 2:00 p.m. ET January 23, until 9 a.m. ET January 31, by
dialing 1-877-344-7529 using the pass code 415121.

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 initial public offering
registration statement 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, westernalliancebancorp.com.

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Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited

At or for the three months
ended Dec. 31,
2007 2006 Change %
----------------------------------------------------------------------

Selected Balance Sheet Data:
($ in millions)
Total assets $5,016.0 $4,169.6 20.3 %
Gross loans, including net deferred
fees 3,633.0 3,003.3 21.0
Securities 736.4 542.0 35.9
Federal funds sold 11.0 121.2 (90.9)
Customer funds 3,821.2 3,571.1 7.0
Borrowings 544.7 69.0 689.4
Junior subordinated and subordinated
debt 122.2 101.9 19.9
Stockholders' equity 501.6 408.6 22.8

Selected Income Statement Data:
($ in thousands)
Interest income $ 81,190 $ 67,163 20.9 %
Interest expense 34,757 26,588 30.7
--------- ---------
Net interest income 46,433 40,575 14.4
Provision for loan losses 13,881 709 1,857.8
--------- ---------
Net interest income after provision for
loan losses 32,552 39,866 (18.3)
Securities gains (losses) and other
valuation changes (403) (4,436) (90.9)
Non-interest income 6,872 5,260 30.6
Non-interest expense 35,964 26,939 33.5
--------- ---------
Income before income taxes 3,057 13,751 (77.8)
Income tax expense 614 4,744 (87.1)
--------- ---------
Net Income $ 2,443 $ 9,007 (72.9)
========= =========
Memo: intangible asset amortization
expense, net of tax $ 381 $ 263 44.9
--------- ---------

Common Share Data:
Net income per share:
Diluted net income per share 0.08 0.31 (74.2)%
Book value per share 16.63 15.09 10.2
Tangible book value per share (net of
tax) 8.88 9.81 (9.5)
Average shares outstanding (in
thousands):
Basic 29,520 26,790 10.2
Diluted 31,327 29,317 6.9
Common shares outstanding 30,157 27,085 11.3

For the years
ended Dec. 31,
2007 2006 Change %
----------------------------------------------------------------------

Selected Balance Sheet Data:
($ in millions)
Total assets
Gross loans, including net deferred fees
Securities
Federal funds sold
Customer funds
Borrowings
Junior subordinated and subordinated debt
Stockholders' equity

Selected Income Statement Data:
($ in thousands)
Interest income $305,822 $233,085 31.2 %
Interest expense 125,933 84,297 49.4
--------- ---------
Net interest income 179,889 148,788 20.9
Provision for loan losses 20,259 4,660 334.7
--------- ---------
Net interest income after provision for
loan losses 159,630 144,128 10.8
Securities gains (losses) and other
valuation changes (1,842) (4,436) (58.5)
Non-interest income 24,380 17,870 36.4
Non-interest expense 133,780 96,086 39.2
--------- ---------
Income before income taxes 48,388 61,476 (21.3)
Income tax expense 15,591 21,587 (27.8)
--------- ---------
Net Income $ 32,875 $ 39,889 (17.6)
========= =========
Memo: intangible asset amortization
expense, net of tax $ 1,455 $ 607 139.7
--------- ---------

Common Share Data:
Net income per share:
Diluted net income per share 1.06 1.41 (24.8)%
Book value per share
Tangible book value per share (net of tax)
Average shares outstanding (in thousands):
Basic 28,918 25,623 12.9
Diluted 31,019 28,218 9.9
Common shares outstanding

Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data (continued)
Unaudited

At or for the three months
ended Dec. 31,
2007 2006 Change %
----------------------------------------------------------------------

Selected Performance Ratios:
Return on average assets (1) 0.19% 0.87% (78.2)%
Cash return on average tangible assets
(1) (2) 0.23 0.93 (75.3)
Return on average stockholders' equity
(1) 1.86 8.94 (79.2)
Cash return on average tangible
stockholders' equity (1) (2) 4.04 14.55 (72.2)
Net interest margin (1) 4.16 4.41 (5.7)
Net interest spread 3.29 3.28 0.3
Efficiency ratio - tax equivalent basis 67.09 58.58 14.5
Loan to deposit ratio 102.45 88.32 16.0

Capital Ratios:
Tangible Common Equity 5.4% 6.5% (16.9)
Tier 1 Leverage ratio 7.4 8.2 (9.8)
Tier 1 Risk Based Capital 7.9 9.4 (16.0)
Total Risk Based Capital 10.3 11.5 (10.4)

Asset Quality Ratios:
Net charge-offs to average loans
outstanding (1) 0.49% 0.04% 1,125.0
Non-accrual loans to gross loans 0.51 0.05 920.0
Non-accrual loans and OREO to total
assets 0.46 0.03 100.0
Loans past due 90 days and still
accruing to total loans 0.07 0.03 100.0
Allowance for loan losses to gross loans 1.36 1.12 21.4
Allowance for loan losses to non-accrual
loans 267.37% 2367.75% (88.7)

For the years
ended Dec. 31,
2007 2006 Change %
----------------------------------------------------------------------

Selected Performance Ratios:
Return on average assets (1) 0.70% 1.09% (35.8)%
Cash return on average tangible assets (1)
(2) 0.77 1.14 (32.5)
Return on average stockholders' equity (1) 6.66 11.45 (41.8)
Cash return on average tangible
stockholders' equity (1) (2) 12.48 16.71 (25.3)
Net interest margin (1) 4.40 4.52 (2.7)
Net interest spread 3.37 3.40 (0.9)
Efficiency ratio - tax equivalent basis 64.69 57.51 12.5
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) 0.23% 0.02% 1,067.6
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-month periods ended December 31, 2007 and
2006.
(2) Cash return is defined as net income before intangible asset
amortization expense.
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Western Alliance Bancorporation and Subsidiaries

Condensed Consolidated Statements of Income
Unaudited Three Months Ended Years Ended
December 31, December 31,
(in thousands, except per share
data)
2007 2006 2007 2006
----------------------------------------------------------------------
Interest income on:
Loans, including fees $69,201 $59,526 $264,480 $203,792
Securities 11,744 7,037 39,697 27,496
Federal funds sold and other 245 600 1,645 1,797
------------------------------------
Total interest income 81,190 67,163 305,822 233,085
------------------------------------
Interest expense on:
Deposits 23,852 21,284 98,128 65,612
Borrowings 8,698 3,743 20,189 13,825
Junior subordinated and
subordinated debt 2,207 1,561 7,616 4,860
------------------------------------
Total interest expense 34,757 26,588 125,933 84,297
------------------------------------
Net interest income 46,433 40,575 179,889 148,788
Provision for loan losses 13,881 709 20,259 4,660
------------------------------------
Net interest income after
provision for loan losses 32,552 39,866 159,630 144,128
------------------------------------
Gain (loss) on sale of securities (37) (4,436) 627 (4,436)
Mark-to-market gains (losses), net 2,495 - 392 -
Securities impairment charges (2,861) - (2,861) -
Other income:
Trust and investment advisory
services 2,889 2,011 9,764 7,346
Service charges 1,339 996 4,828 3,450
Bank-owned life insurance 913 799 3,763 2,661
Other 1,731 1,454 6,025 4,413
------------------------------------
6,872 5,260 24,380 17,870
------------------------------------
Other expense:
Compensation 20,172 15,415 76,582 54,767
Occupancy 5,397 3,812 19,172 12,958
Customer service 1,813 1,655 6,708 6,684
Organizational costs - 123 - 977
Merger expenses - - 747 -
Intangible amortization 381 263 1,455 607
Other 8,201 5,671 29,116 20,093
------------------------------------
35,964 26,939 133,780 96,086
------------------------------------
Income before income taxes 3,057 13,751 48,388 61,476

Income tax expense 614 4,744 15,513 21,587
------------------------------------

Net income $ 2,443 $ 9,007 $ 32,875 $ 39,889
====================================

Diluted earnings per share $ 0.08 $ 0.31 $ 1.06 $ 1.41
====================================
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Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Statements of Income
Unaudited
Quarter ended
--------------------------------------------
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
($ in thousands, except
per share data) 2007 2007 2007 2007 2006
----------------------------------------------------------------------
Interest income on:
Loans, including fees $69,201 $69,066 $67,193 $59,020 $59,526
Securities 11,744 11,049 9,144 7,760 7,037
Federal funds sold and
other 245 358 509 533 600
--------------------------------------------
Total interest income 81,190 80,473 76,846 67,313 67,163
--------------------------------------------
Interest expense on:
Deposits 23,852 26,571 25,832 21,873 21,284
Borrowings 8,698 5,270 3,316 2,905 3,743
Junior subordinated and
subordinated debt 2,207 1,858 1,872 1,679 1,561
--------------------------------------------
Total interest
expense 34,757 33,699 31,020 26,457 26,588
--------------------------------------------
Net interest income 46,433 46,774 45,826 40,856 40,575
Provision for loan losses 13,881 3,925 2,012 441 709
--------------------------------------------
Net interest income
after provision for
loan losses 32,552 42,849 43,814 40,415 39,866
--------------------------------------------
Gain (loss) on sale of
securities (37) 380 - 284 (4,436)
Mark-to-market gains
(losses), net 2,495 1,676 (3,766) (13) -
Securities impairment
charges (2,861) - - - -
Other income:
Trust and other fees 2,889 2,633 2,137 2,105 2,011
Service charges 1,339 1,253 1,167 1,069 996
Bank-owned life
insurance 913 962 960 928 799
Other 1,731 1,051 1,755 1,488 1,454
--------------------------------------------
6,872 5,899 6,019 5,590 5,260
--------------------------------------------
Other expense:
Compensation 20,172 20,556 18,821 17,033 15,415
Occupancy 5,397 4,840 4,696 4,239 3,812
Customer service 1,813 1,675 1,897 1,323 1,655
Organizational costs - - - - 123
Merger expenses - - 747 - -
Intangible amortization 381 260 557 257 263
Other 8,201 7,290 7,556 6,069 5,671
--------------------------------------------
35,964 34,621 34,274 28,921 26,939
--------------------------------------------
Income before income taxes 3,057 16,183 11,793 17,355 13,751
Income tax expense 614 5,100 3,847 5,952 4,744
--------------------------------------------
Net income $ 2,443 $11,083 $ 7,946 $11,403 $ 9,007
============================================

Diluted earnings per
share $ 0.08 $ 0.35 $ 0.25 $ 0.39 $ 0.31
============================================
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Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Balance Sheets
Unaudited
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
($ in millions) 2007 2007 2007 2007 2006
----------------------------------------------------------------------
Assets
Cash and due from banks $ 104.7 $ 128.9 $ 122.9 $ 129.7 $ 143.7
Federal funds sold 11.0 37.6 73.0 166.8 121.2
---------------------------------------------
Cash and cash
equivalents 115.7 166.5 195.9 296.5 264.9
---------------------------------------------

Securities 736.4 788.4 685.6 630.9 542.0
Gross loans, including
net deferred loan fees:
Construction and land
development 806.1 801.7 765.4 757.5 715.5
Commercial real estate 1,515.2 1,484.1 1,437.9 1,420.6 1,232.3
Residential real estate 477.6 466.6 436.6 403.7 384.1
Commercial and
industrial 784.4 752.1 709.2 722.6 645.5
Consumer 58.4 50.0 46.8 38.2 29.6
Net deferred loan fees (8.7) (8.0) (7.0) (6.6) (3.7)
---------------------------------------------
3,633.0 3,546.5 3,388.9 3,336.0 3,003.3
Less: Allowance for loan
losses (49.3) (39.9) (36.9) (37.5) (33.6)
---------------------------------------------
Loans, net 3,583.7 3,506.6 3,352.0 3,298.5 2,969.7
---------------------------------------------
Premises and equipment,
net 143.4 138.4 130.3 125.6 99.9
Bank owned life insurance 88.1 87.1 86.2 85.2 82.1
Goodwill and other
intangibles 242.2 243.1 237.4 237.4 147.5
Other assets 106.5 73.3 59.4 53.5 63.5
---------------------------------------------
Total assets $5,016.0 $5,003.4 $4,746.8 $4,727.6 $4,169.6
=============================================

Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Balance Sheets (continued)

Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
($ in millions) 2007 2007 2007 2007 2006
----------------------------------------------------------------------
Liabilities and
Stockholders' Equity
Liabilities
Non-interest bearing
demand deposits $1,007.0 $1,112.1 $1,160.5 $1,243.0 $1,154.3
Interest bearing
deposits:
Demand 264.6 259.2 263.8 268.7 246.3
Savings and money
market 1,558.8 1,710.8 1,684.7 1,648.1 1,407.9
Time, $100 and over 650.0 641.0 634.8 610.8 524.9
Other time 65.8 69.6 72.0 78.5 67.0
---------------------------------------------
3,546.2 3,792.7 3,815.8 3,849.1 3,400.4
Customer repurchase
agreements 275.0 204.1 195.7 176.0 170.7
---------------------------------------------
Total customer funds 3,821.2 3,996.8 4,011.5 4,025.1 3,571.1
Borrowings 544.7 356.4 90.9 56.6 69.0
Junior subordinated and
subordinated debt 122.2 113.7 110.2 110.4 101.9
Accrued interest
payable and other
liabilities 26.3 20.6 14.8 24.3 19.0
---------------------------------------------
Total liabilities 4,514.3 4,487.5 4,227.4 4,216.4 3,761.0
---------------------------------------------
Stockholders' Equity
Common stock and
additional paid-in
capital 378.0 379.2 383.8 381.2 287.5
Retained earnings 152.3 149.8 138.8 130.8 126.2
Accumulated other
comprehensive loss (28.7) (13.1) (3.2) (0.8) (5.1)
---------------------------------------------
Total stockholders'
equity 501.7 515.9 519.4 511.2 408.6
---------------------------------------------
Total liabilities and
stockholders' equity $5,016.0 $5,003.4 $4,746.8 $4,727.6 $4,169.6
=============================================
*T

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*T
Western Alliance Bancorporation and Subsidiaries
Changes in the Allowance For Loan Losses
Unaudited
Quarter Ended
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
(in thousands) 2007 2007 2007 2007 2006
----------------------------------------------------------------------

Balance, beginning of
period $39,911 $36,946 $37,519 $33,551 $33,110
Acquisitions - (370) 83 3,706 -
Provisions charged to
operating expenses 13,881 3,925 2,012 441 709
Recoveries of loans
previously charged-off:
Construction and
land development - - - - -
Commercial real
estate - - - - -
Residential real
estate - - - - -
Commercial and
industrial 45 14 83 71 81
Consumer 20 12 9 8 51
--------------------------------------------
Total
recoveries 65 26 92 79 132
Loans charged-off:
Construction and
land development 2,361 - - - 64
Commercial real
estate - - - - -
Residential real
estate 49 - - - -
Commercial and
industrial 2,023 463 2,727 91 198
Consumer 119 153 33 167 138
--------------------------------------------
Total charged-
off 4,552 616 2,760 258 400
Net charge-offs 4,487 590 2,668 179 268
--------------------------------------------
Balance, end of period $49,305 $39,911 $36,946 $37,519 $33,551
============================================

Net charge-offs
(annualized) to average
loans outstanding 0.49% 0.07% 0.31% 0.02% 0.04%
Allowance for loan losses
to gross loans 1.36 1.13 1.09 1.12 1.12
Non-accrual loans $18,441 $16,271 $ 717 $ 1,775 $ 1,417
Other impaired loans,
acquired through merger 2,760 2,772 816 827 839
Other real estate owned 3,412 149 - - -
Loans past due 30 to 89
days, still accruing 11,879 5,012 26,716 11,447 6,795
Loans past due 90 days,
still accruing 2,409 18 6,431 331 794
*T

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Western Alliance Bancorporation and Subsidiaries

Average Balances, Yields and Rates Paid
Unaudited
Three Months Ended December 31,
2007 2006
----------------------------------------------------------------------

Average Average
Average Yield/ Average Yield/
Balance Interest Cost Balance Interest Cost
(in (in (in (in
Earning Assets millions) thousands) millions) thousands)
Securities (1)$ 785.1 $ 11,494 5.96% $ 584.2 $ 6,805 4.72%
Federal funds
sold 19.1 245 5.09% 45.5 600 5.23%
Loans (1) 3,633.5 69,201 7.56% 3,014.0 59,526 7.84%
Restricted
stock 24.4 250 4.06% 18.0 232 5.11%
--------------------------- ----------------------------
Total earnings
assets 4,462.1 81,190 7.25% 3,661.7 67,163 7.29%
Non-earning
Assets
Cash and due
from banks 104.7 104.4
Allowance for
loan losses (41.2) (33.2)
Bank-owned
life
insurance 87.5 69.5
Other assets 438.7 291.1
---------- ----------
Total assets $ 5,051.8 $ 4,093.5
========== ==========
Interest
Bearing
Liabilities
Sources of
Funds
Interest-
bearing
deposits:
Interest-
bearing
checking $ 255.5 1,458 2.26% $ 248.5 1,650 2.63%
Savings and
money market 1,648.9 13,872 3.34% 1,424.7 13,278 3.70%
Time deposits 713.2 8,522 4.74% 552.7 6,356 4.56%
--------------------------- ----------------------------
2,617.6 23,852 3.62% 2,225.9 21,284 3.79%
Borrowings 751.7 8,698 4.59% 320.8 3,743 4.63%
Junior
subordinated
and
subordinated
debt 116.1 2,207 7.54% 82.9 1,561 7.47%
--------------------------- ----------------------------
Total
interest-
bearing
liabilities 3,485.4 34,757 3.96% 2,629.6 26,588 4.01%
Non-interest
Bearing
Liabilities
Non-interest
bearing
demand
deposits 1,022.1 1,042.2
Other
liabilities 24.1 21.9
Stockholders'
equity 520.2 399.8

---------- ----------
Total
liabilities
and
stockholders'
equity $ 5,051.8 $ 4,093.5
========== ==========
Net interest
income and
margin $ 46,433 4.16% $ 40,575 4.41%
=========== ===========
Net interest
spread 3.29% 3.28%

(1) Yields on loans and securities have been adjusted to a tax
equivalent basis.
*T

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Western Alliance Bancorporation and Subsidiaries

Operating Segment Results

Unaudited
Alliance Torrey Alta
Bank of Bank of Pines Alliance
($ in millions) Nevada Arizona Bank Bank
----------------------------------------------------------------------
At Dec. 31, 2007:
Assets $3,041.3 $ 822.6 $ 759.5 $ 91.0
Gross loans and deferred fees 2,215.7 584.2 515.4 38.5
Less: Allowance for loan losses (33.0) (6.8) (5.1) (0.4)
------------------------------------
Net loans 2,182.7 577.4 510.3 38.1
------------------------------------
Deposits 1,979.4 613.1 470.4 68.7
Stockholders' equity 320.4 54.5 45.6 22.1

Number of branches 15 11 7 2
Number of full-time equivalent
employees 505 139 132 32

(in thousands)
Three Months Ended Dec. 31, 2007:
Net interest income $ 27,998 $ 7,065 $ 6,932 $ 709
Provision for loan losses 10,500 2,729 279 73
------------------------------------
Net interest income after
provision for loan losses 17,498 4,336 6,653 636
Securities gains (losses) and
other valuation changes (5,403) 334 409 -
Noninterest income 2,284 1,301 409 100
Noninterest expense (15,654) (5,705) (6,653) (1,344)
------------------------------------
Income (loss) before income
taxes (1,275) 266 818 (608)
Income tax expense (benefit) (760) 15 350 (245)
------------------------------------
Net income (loss) $ (515)$ 251 $ 468 $ (363)
====================================
(in thousands)
Year Ended Dec. 31, 2007:
Net interest income $113,987 $ 28,260 $ 25,360 $ 2,127
Provision for loan losses 15,510 3,391 763 296
------------------------------------
Net interest income after
provision for loan losses 98,477 24,869 24,597 1,831
Securities gains (losses) and
other valuation changes (6,786) 88 310 -
Noninterest income 10,753 2,859 1,699 371
Noninterest expense (62,779) (22,981) (20,360) (5,491)
------------------------------------
Income (loss) before income
taxes 39,665 4,835 6,246 (3,289)
Income tax expense (benefit) 12,372 1,681 2,562 (1,318)
------------------------------------
Net income (loss) $ 27,293 $ 3,154 $ 3,684 $(1,971)
====================================

Unaudited
First
Independent Intersegment Consolidated
($ in millions) Bank Other Eliminations Company
----------------------------------------------------------------------
At Dec. 31, 2007:
Assets $ 549.9 $ 24.7 $(273.0) $ 5,016.0
Gross loans and
deferred fees 322.2 - (43.0) $ 3,633.0
Less: Allowance for
loan losses (4.0) - - (49.3)
----------------------------------------------
Net loans 318.2 - (43.0) 3,583.7
----------------------------------------------
Deposits 420.1 - (5.5) 3,546.2
Stockholders' equity 120.5 (61.5) - 501.6

Number of branches 4 - - 39
Number of full-time
equivalent employees 114 70 - 992

(in thousands)
Three Months Ended Dec.
31, 2007:
Net interest income $ 5,055 $ (1,326) $ - $ 46,433
Provision for loan
losses 300 - - 13,881
----------------------------------------------
Net interest income
after provision for
loan losses 4,755 (1,326) - 32,552
Securities gains
(losses) and other
valuation changes - 4,257 - (403)
Noninterest income 265 3,154 (641) 6,872
Noninterest expense (2,960) (4,289) 641 (35,964)
----------------------------------------------
Income (loss) before
income taxes 2,060 1,796 - 3,057
Income tax expense
(benefit) 656 598 - 614
----------------------------------------------
Net income (loss) $ 1,404 $ 1,198 $ - $ 2,443
==============================================
(in thousands)
Year Ended Dec. 31,
2007:
Net interest income $15,536 $ (5,381) $ - $ 179,889
Provision for loan
losses 299 - - 20,259
----------------------------------------------
Net interest income
after provision for
loan losses 15,237 (5,381) - 159,630
Securities gains
(losses) and other
valuation changes - 4,546 - (1,842)
Noninterest income 717 9,778 (1,797) 24,380
Noninterest expense (9,378) (14,588) 1,797 (133,780)
----------------------------------------------
Income (loss) before
income taxes 6,576 (5,645) - 48,388
Income tax expense
(benefit) 2,172 (1,956) - 15,513
----------------------------------------------
Net income (loss) $ 4,404 $ (3,689) $ - $ 32,875
==============================================
*T

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*T
Western Alliance Bancorporation and Subsidiaries

Operating Segment Results

Alliance Torrey Alta
Bank of Bank of Pines Alliance
($ in millions) Nevada Arizona Bank Bank
----------------------------------------------------------------------
At Dec. 31, 2006:
Assets $2,904.1 $ 643.3 $ 581.6 $ 56.2
Gross loans and deferred fees 2,094.5 506.7 414.4 7.7
Less: Allowance for loan losses (23.2) (5.7) (4.6) (0.1)
------------------------------------
Net loans 2,071.3 501.0 409.8 7.6
------------------------------------
Deposits 2,326.4 552.9 491.6 31.3
Stockholders' equity 336.2 51.5 39.4 24.1

Number of branches 15 9 6 1
Number of full-time equivalent
employees 472 135 110 9

(in thousands)
Three Months Ended December 31,
2006:
Net interest income $ 29,230 $ 6,327 $ 6,005 $ 226
Provision for loan losses 740 (243) 131 81
------------------------------------
Net interest income after
provision for loan losses 28,490 6,570 5,874 145
Loss from sale of securities (3,374) (908) (154) -
Noninterest income 2,360 884 382 45
Noninterest expense (13,987) (5,109) (4,378) (1,859)
------------------------------------
Income (loss) before income
taxes 13,489 1,437 1,724 (1,669)
Income tax expense (benefit) 4,496 559 718 (659)
------------------------------------
Net income (loss) $ 8,993 $ 878 $ 1,006 $(1,010)
====================================
(in thousands)
Year Ended Dec. 31, 2006:
Net interest income $105,127 $ 24,615 $ 22,397 $ 226
Provision for loan losses 3,134 340 1,105 81
------------------------------------
Net interest income after
provision for loan losses 101,993 24,275 21,292 145
Loss from sale of securities (3,374) (908) (154) -
Noninterest income 7,979 2,523 1,479 45
Noninterest expense (50,867) (19,128) (15,005) (1,859)
------------------------------------
Income (loss) before income
taxes 55,731 6,762 7,612 (1,669)
Income tax expense (benefit) 18,668 2,563 3,088 (659)
------------------------------------
Net income (loss) $ 37,063 $ 4,199 $ 4,524 $(1,010)
====================================

Intersegment Consolidated
($ in millions) Other Eliminations Company
----------------------------------------------------------------------
At Dec. 31, 2006:
Assets $ 481.3 $ (496.9) $4,169.6
Gross loans and deferred fees - (20.0) 3,003.3
Less: Allowance for loan losses - - (33.6)
----------------------------------
Net loans - (20.0) 2,969.7
----------------------------------
Deposits - (1.8) 3,400.4
Stockholders' equity 416.5 (459.1) 408.6

Number of branches - - 31
Number of full-time equivalent
employees 59 - 785

(in thousands)
Three Months Ended December 31,
2006:
Net interest income $ (1,213) $ - $ 40,575
Provision for loan losses - - 709
----------------------------------
Net interest income after
provision for loan losses (1,213) - 39,866
Loss from sale of securities - - (4,436)
Noninterest income 12,198 (10,609) 5,260
Noninterest expense (2,056) 450 (26,939)
----------------------------------
Income (loss) before income taxes 8,929 (10,159) 13,751
Income tax expense (benefit) (370) - 4,744
----------------------------------
Net income (loss) $ 9,299 $(10,159) $ 9,007
==================================
(in thousands)
Year Ended Dec. 31, 2006:
Net interest income $ (3,580) $ 3 $148,788
Provision for loan losses - - 4,660
----------------------------------
Net interest income after
provision for loan losses (3,580) 3 144,128
Loss from sale of securities - - (4,436)
Noninterest income 52,639 (46,795) 17,870
Noninterest expense (10,793) 1,566 (96,086)
----------------------------------
Income (loss) before income taxes 38,266 (45,226) 61,476
Income tax expense (benefit) (2,073) - 21,587
----------------------------------
Net income (loss) $ 40,339 $(45,226) $ 39,889
==================================
*T

Western Alliance Bancorporation
Robert Sarver, 602-952-5445 (Media)
Dale Gibbons, 702-248-4200 (Investor)

Copyright Business Wire 2008