Western Alliance Reports Third Quarter 2012 Net Income Of $15.5 Million, Or $0.18 Per Share, And Completion Of Acquisition Of Western Liberty Bancorp

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.

This press release contains both financial measures based on accounting principles generally accepted in the United States (“GAAP”) and non-GAAP based financial measures, which are used where management believes it to be helpful in understanding Western Alliance Bancorporation’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconcilement to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

¹ See Reconciliation of Non-GAAP Financial Measures beginning on page 16

Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited
				At or for the Three Months																For the Nine Months
				Ended September 30,																Ended September 30,
				2012					2011					Change %						2012					2011					Change %
Selected Balance Sheet Data:
(dollars in millions)
Total assets				$	7,403.6				$	6,545.9				13.1		%
Loans, net of deferred fees					5,332.9					4,526.5				17.8
Securities and money market investments					1,338.9					1,304.6				2.6
Securities purchased under agreement to resell					139.8					-				-
Total deposits					6,162.0					5,632.9				9.4
Securities sold under agreement to repurchase					138.3					-				-
Borrowings					296.7					215.8				37.5
Junior subordinated debt					36.2					36.3				(0.3	)
Stockholders' equity					698.0					632.3				10.4
Selected Income Statement Data:
(dollars in thousands)
Interest income				$	78,669				$	74,133				6.1		%				$	233,952				$	219,745				6.5		%
Interest expense					6,723					9,548				(29.6	)						21,144					30,776				(31.3	)
Net interest income					71,946					64,585				11.4							212,808					188,969				12.6
Provision for loan losses					8,932					11,180				(20.1	)						35,343					33,112				6.7
Net interest income after provision for credit losses					63,014					53,405				18.0							177,465					155,857				13.9
Non-interest income					6,982					13,082				(46.6	)						20,263					29,509				(31.3	)
Non-interest expense					47,543					45,481				4.5							139,871					144,635				(3.3	)
Income from continuing operations before income taxes					22,453					21,006				6.9							57,857					40,731				42.0
Income tax expense					6,752					7,514				(10.1	)						16,452					14,838				10.9
Income from continuing operations					15,701					13,492				16.4							41,405					25,893				59.9		%
Loss on discontinued operations, net					(243	)				(481	)			49.5							(686	)				(1,500	)
Net income				$	15,458				$	13,011				18.8		%				$	40,719				$	24,393
Diluted net income per common share from continuing operations				$	0.19				$	0.05										$	0.46				$	0.14
Diluted net loss per common share from discontinued operations, net of tax				$	0.00				$	(0.01	)									$	(0.01	)			$	(0.02	)
Diluted net income per common share				$	0.18				$	0.04				350.0		%				$	0.45				$	0.12				270.0		%
Common Share Data:
Diluted net income per common share				$	0.18				$	0.04				350.0		%				$	0.45				$	0.12				270.0		%
Book value per common share				$	6.67				$	5.97				11.7		%
Tangible book value per share, net of tax (1)				$	6.35				$	5.57				14.0		%
Average shares outstanding (in thousands):
Basic					81,712					80,931				1.0							81,555					80,870				0.8
Diluted					82,254					81,125				1.4							82,000					81,121				1.1
Common shares outstanding					83,455					82,263				1.4
(1) See Reconciliation of Non-GAAP Financial Measures

Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data (continued)
Unaudited
				At or for the Three Months																For the Nine Months
				Ended September 30,																Ended September 30,
				2012					2011					Change %						2012					2011					Change %
				(in thousands, except per share data)
Selected Performance Ratios:
Return on average assets (1)				0.85		%			0.79		%			7.6		%				0.77		%			0.51		%			51.0
Return on average stockholders' equity (1)				8.95					8.13					10.1						8.09					5.22					55.0
Net interest margin (1)				4.41					4.29					2.8						4.47					4.32					3.5
Net interest spread				4.24					4.05					4.7						4.29					4.06					5.7
Efficiency ratio - tax equivalent basis (2)				54.87					59.60					(8.0	)
Loan to deposit ratio				86.54					80.36					7.7
Capital Ratios:
Tangible equity (2)				9.1		%			9.1		%			(0.8	)	%
Tangible common equity (2)				7.2					7.0					2.5
Tier one common equity (2)				8.1					8.6					(5.8	)
Tier 1 Leverage ratio (3)				9.7					9.8					(1.0	)
Tier 1 Risk Based Capital (3)				11.0					12.0					(8.3	)
Total Risk Based Capital (3)				12.3					13.2					(6.8	)
Asset Quality Ratios:
Net charge-offs to average loans outstanding (1)				0.70		%			1.40		%			(50.0	)	%				0.99		%			1.35		%			(26.7	)
Nonaccrual loans to gross loans				2.27					2.51					(9.6	)
Nonaccrual loans and repossessed assets to total assets				2.69					3.06					(12.1	)
Loans past due 90 days and still accruing to total loans				0.03					0.05					(40.0	)
Allowance for credit losses to loans				1.83					2.21					(17.2	)
Allowance for credit losses to nonaccrual loans				80.35					88.13					(8.8	)
(1) Annualized for the three and nine month periods ended September 30, 2012 and 2011. See tables on page 12 and 13.
(2) See Reconciliation of Non-GAAP Financial Measures.
(3) Capital ratios are preliminary until Call Reports are filed.

Western Alliance Bancorporation and Subsidiaries
Condensed Consolidated Income Statements
Unaudited				Three Months Ended											Nine Months Ended
				September 30,											September 30,
				2012					2011						2012					2011
Interest income:				(dollars in thousands)
Loans				$	69,580				$	65,540					$	205,682				$	194,341
Investment securities					9,034					8,356					$	28,008					24,828
Federal funds sold and other					55					237					$	262					576
Total interest income					78,669					74,133						233,952					219,745
Interest expense:
Deposits					3,974					6,982						12,904					22,428
Customer repurchase agreements					37					77						158					263
Borrowings					2,225					2,024						6,624					6,229
Junior subordinated debt					487					465						1,458					1,856
Total interest expense					6,723					9,548						21,144					30,776
Net interest income					71,946					64,585						212,808					188,969
Provision for credit losses					8,932					11,180						35,343					33,112
Net interest income after provision for credit losses					63,014					53,405						177,465					155,857
Non-interest income
Unrealized gains (losses) on assets/liabilities measured at fair value, net					470					6,420						701					6,247
Securities impairment charges					-					-						-					(226	)
Gains on sales of investment securities, net					1,031					781						2,502					4,826
Service charges					2,412					2,337						7,014					6,864
Bank owned life insurance					1,116					1,189						3,359					4,195
Amortization of affordable housing investments					(651	)				-						(710	)				-
Other					2,604					2,355						7,397					7,603
					6,982					13,082						20,263					29,509
Non-interest expenses:
Salaries and employee benefits					25,500					23,319						78,159					69,119
Occupancy					4,655					5,126						14,046					15,024
Net loss on sales and valuations of repossessed assets					126					2,128						3,678					16,890
Insurance					2,121					2,664						6,323					8,878
Loan and repossessed asset expenses					1,236					2,059						4,573					6,465
Legal, professional and director's fees					2,291					1,912						6,380					5,639
Marketing					1,231					1,090						4,061					3,382
Data Processing					1,390					895						3,678					2,671
Intangible amortization					880					890						2,660					2,669
Customer service					653					900						1,926					2,620
Merger/restructure expense					113					974						113					1,082
Goodwill and intangible impairment					3,435					-						3,435					-
Other					3,912					3,524						10,839					10,196
					47,543					45,481						139,871					144,635
Income from continuing operations before income taxes					22,453					21,006						57,857					40,731
Income tax expense					6,752					7,514						16,452					14,838
Income from continuing operations					15,701					13,492						41,405					25,893
Loss from discontinued operations net of tax benefit					(243	)				(481	)					(686	)				(1,500	)
Net income					15,458					13,011						40,719					24,393
Preferred stock dividends					352					1,752						3,440					5,252
Accretion on preferred stock discount					-					7,667						-					9,173
Net income available to common stockholders				$	15,106				$	3,592					$	37,279				$	9,968
Diluted net income per share				$	0.18				$	0.04					$	0.45				$	0.12

Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Income Statements
Unaudited				Three Months Ended
				September 30,					June 30,					March 31,					December 31,					September 30,
				2012					2012					2012					2011					2011
Interest income:				(in thousands, except per share data)
Loans				$	69,580				$	68,342				$	67,760				$	67,102				$	65,540
Investment securities					9,034					9,389					9,585					9,591					8,356
Federal funds sold and other					55					115					92					153					237
Total interest income					78,669					77,846					77,437					76,846					74,133
Interest expense:
Deposits					3,974					4,168					4,762					5,549					6,982
Borrowings and customer repurchase agreements					2,262					2,386					2,134					2,126					2,101
Junior subordinated and subordinated debt					487					487					484					472					465
Total interest expense					6,723					7,041					7,380					8,147					9,548
Net interest income					71,946					70,805					70,057					68,699					64,585
Provision for credit losses					8,932					13,330					13,081					13,076					11,180
Net interest income after provision for credit losses					63,014					57,475					56,976					55,623					53,405
Non-interest income
Mark-to-market gains (losses), net					470					564					(333	)				(626	)				6,420
Gains on sales of investment securities, net					1,031					1,110					361					(28	)				781
Service charges					2,412					2,317					2,285					2,238					2,337
Bank owned life insurance					1,116					1,120					1,123					1,177					1,189
Amortization of affordable housing investments					(651	)				(59	)				-					-					-
Other					2,604					2,345					2,448					2,187					2,355
					6,982					7,397					5,884					4,948					13,082
Non-interest expenses:
Salaries and employee benefits					25,500					25,995					26,664					24,021					23,319
Occupancy					4,655					4,669					4,722					4,948					5,126
Insurance					2,121					2,152					2,050					2,166					2,664
Loan and repossessed asset expenses					1,236					1,653					1,684					1,661					2,059
Net loss on sales and valuations of repossessed assets					126					901					2,651					7,702					2,128
Legal, professional and director's fees					2,291					2,517					1,572					2,039					1,912
Marketing					1,231					1,459					1,371					1,294					1,090
Intangible amortization					880					890					890					889					890
Customer service					653					682					591					716					900
Data Processing					1,390					1,293					995					895					895
Merger/restructure expense					113					-					-					482					974
Goodwill and intangible impairment					3,435					-					-					-					-
Other					3,912					3,220					3,707					4,150					3,524
					47,543					45,431					46,897					50,963					45,481
Income from continuing operations before income taxes					22,453					19,441					15,963					9,608					21,006
Income tax expense					6,752					5,259					4,441					2,011					7,514
Income from continuing operations				$	15,701				$	14,182				$	11,522				$	7,597				$	13,492
Loss from discontinued operations, net of tax					(243	)				(221	)				(222	)				(496	)				(481	)
Net income				$	15,458				$	13,961				$	11,300				$	7,101				$	13,011
Preferred stock dividends					352					1,325					1,763					1,781					1,752
Accretion on preferred stock					-					-					-					-					7,667
Net Income available to common stockholders				$	15,106				$	12,636				$	9,537				$	5,320				$	3,592
Diluted net income per share				$	0.18				$	0.15				$	0.12				$	0.07				$	0.04

Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Balance Sheets
Unaudited
				September 30,					June 30,					March 31,					December 31,					September 30,
				2012					2012					2012					2011					2011
Assets:				(in millions)
Cash and due from banks				$	168.1				$	178.9				$	179.8				$	155.0				$	306.0
Securities purchased under agreement to resell					139.8					-					-					-					-
Cash and cash equivalents					307.9					178.9					179.8					155.0					306.0
Securities and money market investments					1,338.9					1,401.5					1,423.2					1,490.5					1,304.6
Loans:
Commercial					1,756.0					1,573.6					1,436.5					1,336.6					1,152.9
Commercial real estate - owner occupied					1,166.4					1,310.3					1,289.9					1,252.2					1,225.4
Construction and land development					379.8					360.6					347.7					381.7					404.4
Commercial real estate - non-owner occupied					1,572.0					1,440.4					1,365.6					1,301.2					1,239.8
Residential real estate					408.4					430.4					434.5					443.0					450.2
Consumer					56.6					55.8					58.7					72.5					60.3
Deferred fees, net					(6.3	)				(6.3	)				(6.7	)				(7.1	)				(6.5	)
					5,332.9					5,164.8					4,926.2					4,780.1					4,526.5
Allowance for credit losses					(97.4	)				(97.5	)				(98.1	)				(99.2	)				(100.2	)
Loans, net					5,235.5					5,067.3					4,828.1					4,680.9					4,426.3
Premises and equipment, net					106.9					106.9					105.1					105.5					106.2
Other repossessed assets					78.2					77.0					81.4					89.1					86.7
Bank owned life insurance					137.3					136.1					135.0					133.9					132.7
Goodwill and other intangibles					29.0					34.0					34.8					35.7					36.6
Other assets					169.9					161.9					137.9					153.9					146.8
Total assets				$	7,403.6				$	7,163.6				$	6,925.3				$	6,844.5				$	6,545.9
Liabilities and Stockholders' Equity:
Liabilities:
Deposits:
Non-interest bearing demand deposits				$	1,840.8				$	1,842.1				$	1,757.7				$	1,558.2				$	1,519.0
Interest bearing
Demand					514.7					540.6					527.2					482.7					466.0
Savings and money market					2,541.2					2,438.4					2,224.1					2,166.6					2,151.9
Time certificates					1,265.3					1,180.3					1,390.1					1,451.0					1,496.0
Total deposits					6,162.0					6,001.4					5,899.1					5,658.5					5,632.9
Customer repurchase agreements					73.1					86.9					114.4					123.6					142.6
Total customer funds					6,235.1					6,088.3					6,013.5					5,782.1					5,775.5
Securities sold short					138.3					-					-					-					-
Borrowings					223.6					303.5					193.4					353.3					73.2
Junior subordinated debt					36.2					36.7					37.3					37.0					36.3
Accrued interest payable and other liabilities					72.4					63.0					27.0					35.4					28.6
Total liabilities					6,705.6					6,491.5					6,271.2					6,207.8					5,913.6
Stockholders' Equity
Common stock and additional paid-in capital					751.1					748.1					746.2					743.8					743.0
Preferred Stock					141.0					141.0					141.0					141.0					141.0
Accumulated deficit					(206.2	)				(221.3	)				(234.0	)				(243.5	)				(248.8	)
Accumulated other comprehensive income (loss)					12.1					4.3					0.9					(4.6	)				(2.9	)
Total stockholders' equity					698.0					672.1					654.1					636.7					632.3
Total liabilities and stockholders' equity				$	7,403.6				$	7,163.6				$	6,925.3				$	6,844.5				$	6,545.9

Western Alliance Bancorporation and Subsidiaries
Changes in the Allowance For Credit Losses
Unaudited
				Three Months Ended
				September 30,					June 30,					March 31,					December 31,					September 30,
				2012					2012					2012					2011					2011
				(in thousands)
Balance, beginning of period				$	97,512				$	98,122				$	99,170				$	100,216				$	104,375
Provision for credit losses					8,932					13,330					13,081					13,076					11,180
Recoveries of loans previously charged-off:
Construction and land development					567					217					86					354					707
Commercial real estate					633					561					1,705					755					127
Residential real estate					153					274					340					179					440
Commercial and industrial					501					1,417					777					603					1,243
Consumer					38					214					38					64					41
Total recoveries					1,892					2,683					2,946					1,955					2,558
Loans charged-off:
Construction and land development					2,315					3,185					5,087					3,155					2,369
Commercial real estate					1,470					5,641					4,912					9,244					2,484
Residential real estate					2,242					2,094					1,420					1,895					10,555
Commercial and industrial					4,100					4,933					3,654					1,004					1,420
Consumer					799					770					2,002					779					1,069
Total loans charged-off					10,926					16,623					17,075					16,077					17,897
Net loans charged-off					9,034					13,940					14,129					14,122					15,339
Balance, end of period				$	97,410				$	97,512				$	98,122				$	99,170				$	100,216
Net charge-offs (annualized) to average loans outstanding					0.70	%				1.11	%				1.18	%				1.24	%				1.40	%
Allowance for credit losses to gross loans					1.83					1.89					1.99					2.07					2.21
Nonaccrual loans				$	121,238				$	104,324				$	103,486				$	90,392				$	113,713
Repossessed assets					78,234					76,994					81,445					89,104					86,692
Loans past due 90 days, still accruing					1,710					795					1,011					2,589					2,096
Loans past due 30 to 89 days, still accruing					10,181					13,848					12,040					13,731					12,414
Classified loans on accrual					116,841					135,913					98,170					112,147					110,654
Watch loans					97,681					91,924					132,829					147,112					167,571

Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
				Three Months Ended September 30,
				2012 (2)														2011
				Average Balance					Interest				Average Yield/ Cost					Average Balance					Interest				Average Yield/ Cost
Interest earning assets				($ inmillions)					($ inthousands)									($ inmillions)					($ inthousands)
Investment securities (1)				$	1,372.4				$	9,034			3.17	%				$	1,224.7				$	8,356			2.91	%
Federal funds sold and other					0.9					0			0.18	%					0.9					1			0.44	%
Loans (1)					5,191.2					69,580			5.42	%					4,393.2					65,540			5.92	%
Short term investments					161.0					16			0.04	%					380.8					213			0.22	%
Investment in restricted stock					33.5					39			0.47	%					35.4					23			0.26	%
Total interest earning assets					6,759.0					78,669			4.81	%					6,035.0					74,133			4.92	%
Non-interest earning assets
Cash and due from banks					120.1														121.7
Allowance for credit losses					(98.2	)													(105.3	)
Bank owned life insurance					136.5														131.9
Other assets					356.6														375.0
Total assets				$	7,274.0													$	6,558.3
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing transaction accounts				$	510.5				$	296			0.23	%				$	466.2				$	410			0.35	%
Savings and money market					2,414.2					1,990			0.33	%					2,127.8					3,184			0.59	%
Time certificates of deposit					1,286.5					1,688			0.52	%					1,499.2					3,388			0.90	%
Total interest-bearing deposits					4,211.2					3,974			0.38	%					4,093.2					6,982			0.68	%
Borrowings					455.6					2,262			1.99	%					220.7					2,101			3.78	%
Junior subordinated debt					36.7					487			5.31	%					42.7					465			4.32	%
Total interest-bearing liabilities					4,703.5					6,723			0.57	%					4,356.6					9,548			0.87	%
Noninterest-bearing liabilities
Noninterest-bearing demand deposits					1,813.0														1,532.9
Other liabilities					70.7														33.9
Stockholders’ equity					686.8														634.9
Total liabilities and stockholders' equity				$	7,274.0													$	6,558.3
Net interest income and margin									$	71,946			4.41	%									$	64,585			4.29	%
Net interest spread													4.24	%													4.05	%
(1) Yields on loans and securities have been adjusted to a tax equivalent basis. The taxable-equivalent adjustment was $2,655 and $634 for the third quarter ended 2012 and 2011, respectively.
(2) Yields for 2012 calculated on a 30-day month 360 days per year basis.

Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
				Nine Months Ended September 30,
				2012 (2)															2011
				Average Balance					Interest					Average Yield/ Cost					Average Balance					Interest				Average Yield/ Cost
Interest earning assets				($ inmillions)					($ inthousands)										($ inmillions)					($ inthousands)
Investment securities (1)				$	1,404.2				$	28,008				3.15	%				$	1,258.0				$	24,828			2.81	%
Federal funds sold & other					0.4					1				0.33	%					-					2			0.00	%
Loans (1)					4,996.8					205,682				5.53	%					4,311.6					194,341			6.03	%
Short term investments					119.7					126				0.14	%					288.0					502			0.23	%
Investment in restricted stock					33.4					135				0.54	%					36.1					72			0.27	%
Total interest earnings assets					6,554.5					233,952				4.90	%					5,893.7					219,745			5.02	%
Non-interest earning assets
Cash and due from banks					115.7															121.4
Allowance for credit losses					(98.8	)														(107.7	)
Bank owned life insurance					135.4															131.1
Other assets					353.7															390.6
Total assets				$	7,060.5														$	6,429.1
Interest-bearing liabilities
Interest-bearing deposits:
Interest bearing transaction accounts				$	511.0				$	920				0.24	%				$	479.2				$	1,427			0.40	%
Savings and money market					2,314.9					6,114				0.35	%					2,082.0					10,426			0.67	%
Time certificates of deposits					1,343.7					5,870				0.58	%					1,459.7					10,575			0.97	%
Total interest-bearing deposits					4,169.6					12,904				0.42	%					4,020.9					22,428			0.75	%
Borrowings					392.3					6,782				2.31	%					224.0					6,492			3.87	%
Junior subordinated debt					37.0					1,458				5.26	%					42.9					1,856			5.78	%
Total interest-bearing liabilities				$	4,598.9					21,144				0.61	%				$	4,287.8					30,776			0.96	%
Noninterest-bearing liabilities
Noninterest-bearing demand deposits					1,734.6															1,487.2
Other liabilities					56.1															28.8
Stockholders’ equity					670.9															625.3
Total liabilities and stockholders' equity				$	7,060.5														$	6,429.1
Net interest income and margin									$	212,808				4.47	%									$	188,969			4.32	%
Net interest spread														4.29	%													4.06	%
(1) Yields on loans and securities have been adjusted to a tax equivalent basis. The taxable-equivalent adjustment was $6,726 and $1,588 for the nine months September 30, 2012 and 2011, respectively.
(2) Yields for 2012 were calculated on a 30-day month 360 days per year basis.

Western Alliance Bancorporation and Subsidiaries
Operating Segment Results
Unaudited																								Inter-
																								segment					Consoli-
				Bank					Western					Torrey										elimi-					dated
				of Nevada					Alliance Bank					Pines Bank*					Other					nations					Company
At September 30, 2012				(dollars in millions)
Assets				$	2,918.0				$	2,429.8				$	1,888.7				$	961.3				$	(794.2	)			$	7,403.6
Gross loans and deferred fees, net					2,061.0					1,871.4					1,430.6					12.8					(42.9	)				5,332.9
Less: Allowance for credit losses					(59.5	)				(20.4	)				(17.5	)				-					-					(97.4	)
Net loans					2,001.5					1,851.0					1,413.1					12.8					(42.9	)				5,235.5
Goodwill					23.2					-					-					-					-					23.2
Deposits					2,408.5					2,150.5					1,613.8					-					(10.8	)				6,162.0
FHLB advances and other					110.0					-					40.0					-										150.0
Stockholders' equity					339.1					217.3					168.4					702.3					(729.1	)				698.0
No. of branches					11					16					12					-					-					39
No. of FTE					388					241					234					101					-					964
Three Months Ended September 30, 2012:				(in thousands)
Net interest income				$	27,717				$	24,449				$	21,795				$	(2,015	)			$	-				$	71,946
Provision for credit losses					6,618					1,112					1,202					-					-					8,932
Net interest income (loss) after provision for credit losses					21,099					23,337					20,593					(2,015	)				-					63,014
Non-interest income					3,259					1,173					855					23,517					(21,822	)				6,982
Non-interest expense					(16,467	)				(11,980	)				(11,082	)				(10,966	)				2,952					(47,543	)
Income (loss) from continuing operations before income taxes					7,891					12,530					10,366					10,536					(18,870	)				22,453
Income tax expense (benefit)					2,055					3,768					3,958					(3,029	)				-					6,752
Income (loss) from continuing operations					5,836					8,762					6,408					13,565					(18,870	)				15,701
Loss from discontinued operations, net					-					-					-					(243	)				-					(243	)
Net income (loss)				$	5,836				$	8,762				$	6,408				$	13,322				$	(18,870	)			$	15,458
Nine Months Ended September 30, 2012:				(in thousands)
Net interest income				$	83,054				$	71,564				$	64,406				$	(6,216	)			$	-				$	212,808
Provision for credit losses					28,846					1,215					5,282					-					-					35,343
Net interest income (loss) after provision for credit losses					54,208					70,349					59,124					(6,216	)				-					177,465
Non-interest income					11,132					5,021					3,111					61,806					(60,807	)				20,263
Non-interest expense					(53,437	)				(35,986	)				(33,492	)				(24,496	)				7,540					(139,871	)
Income (loss) from continuing operations before income taxes					11,903					39,384					28,743					31,094					(53,267	)				57,857
Income tax expense (benefit)					1,341					13,031					11,255					(9,175	)				-					16,452
Income (loss) from continuing operations					10,562					26,353					17,488					40,269					(53,267	)				41,405
Loss from discontinued operations, net					-					-					-					(686	)				-					(686	)
Net income (loss)				$	10,562				$	26,353				$	17,488				$	39,583				$	(53,267	)			$	40,719
* Excludes discontinued operations

Western Alliance Bancorporation and Subsidiaries
Operating Segment Results
Unaudited																								Inter-
																								segment					Consoli-
				Bank					Western					Torrey										elimi-					dated
				of Nevada					Alliance Bank					Pines Bank*					Other					nations					Company
At September 30, 2011				(dollars in millions)
Assets				$	2,853.0				$	2,073.1				$	1,623.9				$	752.6				$	(756.7	)			$	6,545.9
Gross loans and deferred fees, net					1,851.9					1,484.8					1,232.6					-					(42.8	)				4,526.5
Less: Allowance for credit losses					(63.4	)				(20.2	)				(16.6	)				-					-					(100.2	)
Net loans					1,788.5					1,464.6					1,216.0					-					(42.8	)				4,426.3
Goodwill					23.2					-					-					2.7					-					25.9
Deposits					2,466.5					1,768.4					1,400.3					-					(2.3	)				5,632.9
Stockholders' equity					320.2					189.2					149.2					639.5					(665.8	)				632.3
No. of branches					12					16					11					-					-					39
No. of FTE					409					215					209					78					-					911
Three Months Ended September 30, 2011:				(in thousands)
Net interest income				$	26,297				$	20,684				$	19,660				$	(2,056	)			$	-				$	64,585
Provision for credit losses					8,319					1,275					1,586					-					-					11,180
Net interest income (loss) after provision for credit losses					17,978					19,409					18,074					(2,056	)				-					53,405
Non-interest income					4,397					1,504					1,083					8,281					(2,183	)				13,082
Non-interest expense					(20,245	)				(12,383	)				(10,099	)				(4,937	)				2,183					(45,481	)
Income (loss) from continuing operations before income taxes					2,130					8,530					9,058					1,288					-					21,006
Income tax expense (benefit)					441					3,009					3,680					384					-					7,514
Income (loss) from continuing operations					1,689					5,521					5,378					904					-					13,492
Loss from discontinued operations, net					-					-					-					(481	)				-					(481	)
Net income (loss)				$	1,689				$	5,521				$	5,378				$	423				$	-				$	13,011
Nine Months Ended September 30, 2011:				(in thousands)
Net interest income				$	79,582				$	60,450				$	55,588				$	(6,651	)			$	-				$	188,969
Provision for credit losses					20,622					6,606					5,883					-					-					33,112
Net interest income (loss) after provision for credit losses					58,960					53,844					49,705					(6,651	)				-					155,857
Non-interest income					13,772					5,887					4,057					11,531					(5,738	)				29,509
Non-interest expense					(64,656	)				(37,446	)				(30,588	)				(17,683	)				5,738					(144,635	)
Income (loss) from continuing operations before income taxes					8,076					22,285					23,174					(12,803	)				-					40,731
Income tax expense (benefit)					1,768					8,083					9,597					(4,610	)				-					14,838
Income (loss) from continuing operations					6,308					-14,202					13,577					(8,193	)				-					25,893
Loss from discontinued operations, net					-					-					-					(1,500	)				-					(1,500	)
Net income (loss)				$	6,308				$	14,202				$	13,577				$	(9,693	)			$	-				$	24,393
* Excludes discontinued operations

Western Alliance Bancorporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures (Unaudited)
				September 30,					June 30,					March 31,					December 31,					September 30,
				2012					2012					2012					2011					2011
				(dollars in thousands)
Total stockholder's equity				$	698,011				$	672,120				$	654,045				$	636,683				$	632,255
Less:
Goodwill and intangible assets					28,989					33,953					34,843					35,732					36,622
Total tangible stockholders' equity					669,022					638,167					619,202					600,951					595,633
Less:
Preferred stock					141,000					141,000					141,000					141,000					141,000
Total tangible common equity					528,022					497,167					478,202					459,951					454,633
Add:
Deferred tax					2,033					2,896					3,209					3,522					3,835
Total tangible common equity, net of tax				$	530,055				$	500,063				$	481,411				$	463,473				$	458,468
Total assets				$	7,403,603				$	7,163,572				$	6,925,292				$	6,844,541				$	6,545,890
Less:
Goodwill and intangible assets					28,989					33,953					34,843					35,732					36,622
Tangible assets					7,374,614					7,129,619					6,890,449					6,808,809					6,509,268
Add:
Deferred tax					2,033					2,896					3,209					3,522					3,835
Total tangible assets, net of tax				$	7,376,647				$	7,132,515				$	6,893,658				$	6,812,331				$	6,513,103
Tangible equity ratio (1)					9.1	%				8.9	%				9.0	%				8.8	%				9.1	%
Tangible common equity ratio (2)					7.2	%				7.0	%				6.9	%				6.8	%				7.0	%
Common shares outstanding					83,455					83,157					83,145					82,362					82,263
Tangible book value per share, net of tax (3)				$	6.35				$	6.01				$	5.79				$	5.63				$	5.57
				Three Months Ended
				September 30,					June 30,					March 31,					December 31,					September 30,
				2012					2012					2012					2011					2011
				(in thousands)
Total non-interest income				$	6,982				$	7,397				$	5,884				$	4,948				$	13,082
Less:
Mark-to-market (losses) gains, net					470					564					(333	)				(626	)				6,420
Gain on sale of non-controlling interest					776					-					-					-					-
Loss on LIHTC investments					(651	)				(59	)				-					-					-
Gains on sales of investment securities, net					1,031					1,110					361					(28	)				781
Total operating non-interest income					5,356					5,782					5,856					5,602					5,881
Add: net interest income					71,946					70,805					70,057					68,699					64,585
Net revenue (4)				$	77,302				$	76,587				$	75,913				$	74,301				$	70,466
Total non-interest expense				$	47,543				$	45,431				$	46,897				$	50,963				$	45,481
Less:
Net loss (gain) on sales/valuations of repossessed assets					126					901					2,651					7,702					2,128
Merger/restructure					113					-					-					482					974
Goodwill impairment					3,435					-					-					-					-
Total operating non-interest expense (4)				$	43,869				$	44,530				$	44,246				$	42,779				$	42,379
Net revenue				$	77,302				$	76,587				$	75,913				$	74,301				$	70,466
Less:
Operating non-interest expense					43,869					44,530					44,246					42,779					42,379
Pre-tax, pre-provision operating earnings (5)				$	33,433				$	32,057				$	31,667				$	31,522				$	28,087

Western Alliance Bancorporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures (Unaudited)
				Three Months Ended
				September 30,					June 30,					March 31,					December 31,					September 30,
				2012					2012					2012					2011					2011
				(in thousands)
Total operating non-interest expense				$	43,869				$	44,530				$	44,246				$	42,779				$	42,379
Divided by:
Total net interest income				$	71,946				$	70,805				$	70,057				$	68,699				$	64,585
Add:
Tax equivalent interest adjustment					2,655					2,310					1,761					1,425					634
Operating non-interest income					5,356					5,782					5,856					5,602					5,881
				$	79,957				$	78,897				$	77,674				$	75,726				$	71,100
Efficiency ratio - tax equivalent basis (6)					54.9	%				56.4	%				57.0	%				56.5	%				59.6	%
				Three Months Ended
				September 30,					September 30,
				2012					2011
				(in thousands)
Stockholder's equity				$	698,011				$	632,255
Less:
Accumulated other comprehensive (loss) income					12,109					(2,945	)
Non-qualifying goodwill and intangibles					26,867					33,497
Other non-qualifying assets					25					3,038
Add:
Qualifying trust preferred securities					44,819					34,348
Tier 1 capital (regulatory) (7) (10)					703,829					633,013
Less:
Qualifying non-controlling interests					75					90
Qualifying trust preferred securities					44,819					34,348
Preferred stock					141,000					141,000
Estimated Tier 1 common equity (8) (10)				$	517,935				$	457,575
Divided by:
Estimated risk-weighted assets (regulatory (8) (10)				$	6,394,105				$	5,345,928
Tier 1 common equity ratio (8) (10)					8.1	%				8.6	%
				September 30,					September 30,
				2012					2011
				(in thousands)
Classified assets				$	316,253				$	311,392
Divide:
Tier 1 capital (regulatory) (7) (10)					703,829					633,013
Plus: Allowance for credit losses					97,410					100,216
Total Tier 1 capital plus allowance for credit losses				$	801,239				$	733,229
Classified assets to Tier 1 capital plus allowance (9) (10)					39	%				42	%
(1) We believe this non-GAAP ratio provides a critical metric with which to analyze and evaluate financial condition and capital strength.
(2) We believe this non-GAAP ratio provides a critical metric with which to analyze and evaluate financial condition and capital strength.
(3) We believe this non-GAAP ratio improves the comparability to other institutions that have not engaged in acquisitions that resulted in recorded goodwill and other intangibles.
(4) We believe this non-GAAP measurement provides a useful indication of the cash generating capacity of the Company.
(5) We believe this non-GAAP measurement is a key indicator of the earnings power of the Company, which is otherwise obscured by the asset quality issues.
(6) We believe this non-GAAP ratio provides a useful metric to measure the operating efficiency of the Company.
(7) Under the guidelines of the Federal Reserve and the FDIC in effect at December 31, 2011, Tier 1 capital consisted of common stock, retained earnings, non-cumulative perpetual preferred stock, trust preferred securities up to a certain limit, and minority interests in certain subsidiaries, less most other intangible assets.
(8) Tier 1 common equity is often expressed as a percentage of risk-weighted assets. Under the risk-based capital framework, a bank's balance sheet assets and credit equivalent amounts of off-balance sheet items, are assigned to one of four broad risk categories. The aggregated dollar amount in each category is then multiplied by the risk weighting assigned to that category. The resulting weighted values from each of the four categories are added together and this sum is the risk-weighted assets total that, as adjusted, comprises the denominator (risk-weighted assets) to determine the Tier 1 capital ratio. Adjustments are made to Tier 1 capital to arrive at Tier 1 common equity. Tier 1 common equity is also divided by the risk-weighted assets to determine the Tier 1 common equity ratio. We believe this non-GAAP ratio with which to analyze and evaluate financial condition and capital strength.
(9) We believe this non-GAAP ratio provides a critical regulatory metric in which to analyze asset quality.
(10) Preliminary until Call Reports are filed.

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