Western Alliance Bancorporation
Annual Report 2015

Plain-text annual report

WESTERN ALLIANCE BANCORPORATIONANNUAL REPORT 2015CENTERED ONRELATIONSHIPSEverything we do at Western Alliance centers on relationships. This real commitment to understanding people and their businesses differentiates our bank and creates long-lasting partnerships.Relationships at Our Core01WE HELP CLIENTS MEET THEIR GOALS04 Letter from the CEO14 New Capabilities22 Industry Expertise28 Board of Directors06 Financial Highlights16 Client Stories24 Community29 Executive Leadership Team12 Our Reach18 National Business Lines26 Our Solutions30 Divisions & Locations0302“Western Alliance continues to be the ‘Go-to Bank for Business’ in our markets and business niches. We now operate out of 47 business banking offices with 1,500 people committed to understanding your business and delivering you personalized, responsive service.”Robert SarverChairman and Chief Executive Officer Western Alliance BancorporationOur growth in earnings and capital supported another strong year for our stock price as we continued to significantly outperform our peers and the S&P 500.”“LETTER FROM THE CEO04Total assets reached $14.3 billion as of December 31, 2015. Our total deposits and loans grew $3.1 billion and $2.7 billion, respectively, as Western Alliance continues to be the “Go-to Bank for Business” in our markets and business niches. We now operate out of 47 business banking offices with 1,500 people committed to understanding your business and delivering you personalized, responsive service that translates into long-lasting relationships.In 2015, we delivered a return on average assets of 1.56% and a return on tangible common equity of more than 17%. Western Alliance’s five-year compounded growth rate of 13% in revenue, expense discipline and reinvestment of all our earnings back into the company have led to a five-year growth rate of regulatory capital of 20%. We ended 2015 with a record $1.6 billion of regulatory capital and a tangible common equity ratio of 9.2%, up from 8.6% at year-end 2014 – the highest in the company’s history since its early formation.Net income for 2015 increased to $194 million as compared to $148 million in 2014. Similarly, earnings per share grew from $1.67 in 2014 to $2.03 in 2015. Tangible book value per share grew a robust 23% to $12.54 per share in 2015. Our growth in earnings and capital supported another strong year for our stock price as we continued to significantly outperform our peers and the S&P 500.We rank in the top 10 for deposit market share in all our major regional markets and in many of our National Business Lines. Most of this market share has been grown over time organically as we deliver our customers a comprehensive set of products, customized to their needs, through knowledgeable relationship managers with the “hands-on” assistance of Executive Management.We view our role in helping empower local communities as both an obligation and a privilege. In 2015, we provided more than 5,000 hours of community volunteer hours, $35 million in CRA investments and $135 million in community development loans. In addition, our Foundation made cash donations to a couple hundred worthy nonprofits. Our Public and Nonprofit Finance group provided greater than $300 million in new credit in 2015. As our company continues to grow so must our commitment to give back.The year 2015 was in many ways a transformative one for Western Alliance, mainly as a result of our merger with Bridge Bank on June 30. Bridge’s strong brand in the Bay Area greatly enhanced our existing presence in this important market. Their sector expertise, product offerings and market share in Technology Finance, along with new entrances into Life Sciences and Equity Fund Resources, will expand and diversify our growth. We value our relationship with you and thank you for your support.Sincerely,Robert SarverChairman and Chief Executive OfficerAs a result of the relationships we have forged over the years with our customers and the passion and commitment of our talented staff and Board of Directors, Western Alliance Bancorporation achieved record performance in 2015.Dear Clients, Shareholders and Friends of Western AllianceFINANCIAL HIGHLIGHTSConsolidated Income Statements(Unaudited) ($ in Thousands, except per share amounts)Consolidated Balance Sheets(Unaudited) ($ in Thousands)Interest IncomeInterest ExpenseNet Interest IncomeProvision for Credit LossesNet Interest Income After ProvisionNon Interest IncomeNon Interest ExpenseIncome Before Income TaxIncome TaxIncome from Continuing OperationsDiscontinued OperationsNet IncomeDividends on Preferred StockNet Income Available to Common ShareholdersWeighted Average Common Shares Outstanding (diluted)Earnings Per Share Available to Common StockholdersCashSecuritiesLoansAllowance for Credit LossesNet LoansOther AssetsTotal AssetsLIABILITIES AND EQUITYDepositsBorrowingsOther LiabilitiesTotal LiabilitiesStockholders’ EquityTotal Liabilities and Stockholders’ EquityASSETS$ 224,640 2,042,23711,136,663 11,017,595 990,617$ 14,275,089$ 12,030,624398,483254,48012,683,587 1,591,502$ 14,275,089$ 164,396 1,547,8218,398,2658,288,049 600,232$ 10,600,498$ 8,931,043485,599182,9289,599,570 1,000,928$ 10,600,498$ 305,514 1,689,5566,801,4156,701,365 610,907$ 9,307,342$ 7,838,205454,146159,4938,451,844855,498$ 9,307,342$ 525,144492,576489,37629,768258,538194,244 –$ 194,244$ 193,49495,219$ 2.0320152015$ 416,379384,893 380,167 24,651 197,499 149,109 $ 147,951$ 146,56487,506$ 1.6720142014$ 362,655 332,895 319,675 22,197 145,656 115,826 $ 114,965$ 113,55586,541$ 1.3120132013 (32,568) (3,200) (260,606)(64,294)(750)(31,486)(4,726) (207,319) (48,390) (1,158)(1,387) (29,760) (13,220) (196,216) (29,830) (861)(1,410) (119,068)(110,216)(100,050)07Western Alliance had another record-setting year, with strong organic growth augmented by the acquisition of Bridge Capital Holdings, enabling the Company to reach record revenue, earnings, loan and deposit levels.”Robert SarverChairman and Chief Executive Officer Western Alliance Bancorporation“Return on Tangible Common Equity($ in Billions)($ in Billions)Return on Average AssetsShareholder Performance$10,000 Investment Comparison1 Year3 Years5 YearsWALS&P 500KBW Regional Banking Index$12,899$10,138$10,592$34,055$15,259$15,931$48,723$18,075$17,113Total AssetsTotal Regulatory Capital20132014201518.28%18.52%17.83%2013201420151.35%1.50%1.56%2006$0.0$2.0$4.0$6.0$8.0$10.0$12.0$14.0$16.02007200820092010201120122013201420152006$0.0$0.20$0.40$0.60$0.80$1.00$1.20$1.40$1.602007200820092010201120122013201420152006$0.0$2.0$4.0$6.0$8.0$10.0$12.0$14.0$16.02007200820092010201120122013201420152006$0.0$0.20$0.40$0.60$0.80$1.00$1.20$1.40$1.6020072008200920102011201220132014201509$1.6$14.308FINANCIAL HIGHLIGHTS*Includes loans from acquisition of Bridge Bank($ in Billions)($ in Billions)*Includes deposits from acquisition of Bridge Bank2015 Year End Loans2015 Year End Deposits2006$0.0$1.0$2.0$3.0$4.0$5.0$6.0$7.0$8.0$9.0$10.0$11.0200720082009201020112012201320142015*2006$0.0$1.0$2.0$3.0$4.0$5.0$6.0$7.0$8.0$9.0$10.0$11.0200720082009201020112012201320142015*$12.0$12.02006$0.0$1.0$2.0$3.0$4.0$5.0$6.0$7.0$8.0$9.0$10.0$11.0200720082009201020112012201320142015*2006$0.0$1.0$2.0$3.0$4.0$5.0$6.0$7.0$8.0$9.0$10.0$11.0200720082009201020112012201320142015*$12.0$12.0$12.0B*$11.1B*Total DepositsTotal Loans$3.4$1.7NevadaNevada$2.9$2.8ArizonaArizona$1.5$1.2$1.9$1.8Northern CaliforniaNorthern CaliforniaSouthern CaliforniaSouthern California$2.3$3.6Other U.S. MarketsOther U.S. Markets22%370Top 10 in deposit market share in metro areas where Western Alliance’sbanking divisions are basedPHOENIXSAN DIEGOSAN JOSELAS VEGAS RENO#4#8#10#4#513%Total Revenue 5-Year CAGR(Compound Annual Growth Rate)33%Growing Businesses Loan growth of 33% in 20151,500Employees to Serve Our ClientsLending Relationships Exceeding $10 Million7,100Lending Relationships Totaling $11.1 Billion471122%Improving Returns Earnings per share climbed 22% from $1.67 in 2014 to $2.03 in 2015Top 10 in deposit market share in metro areas where Western Alliance’sbanking divisions are basedStrengthening Capital Tangible book value per share increased 23% from $10.21 in 2014 to $12.54 in 2015$3.7B20%Regulatory Capital 5-Year CAGR(Compound Annual Growth Rate)Market Cap23%50,000+Commercial Bank AccountsBusiness Banking Offices47“Bank of Nevada helped my business grow when I wanted to remodel. Since the remodel, the business has experienced a double-digit sales increase of over 12% in the same store.”“We appreciate Bridge Bank’s flexibility. Growth companies need a lot of flexibility and Bridge Bank has always been able to accommodate us.”“Our relationship goes way beyond transactional, they give me unique and valuable insights about the community and the service is very high quality. I wouldn’t ever consider talking with another bank.”“Alliance Bank of Arizona’s service always goes above and beyond. They make sure we have the attention we want and the problem-solving we appreciate.”“The one word that describes Torrey Pines Bankis integrity. We have never received a commitment from them that they didn’t stand behind.”Dennis O’ Keefe CEOGolden Gate PetroleumEva Martin Franchise Owner/OperatorMartin’s Grand McDonald’sUre Kretowicz CEOCornerstone Communities CorporationKeith Haas CFOSnagajobTogether we provide the flexibility and personal service of a local business bank, supported by the deep resources and financial offerings of a nationwide banking company.Daehee Park Co-FounderTuft & NeedleOUR REACHSTRONG REACH WITH PROVEN EXPERTISE12STRONG REACH WITH PROVEN EXPERTISEThey are not just lending us money. They understand and believe in our business.”Anthony LyeCEO, HotSchedules“NEW CAPABILITIESWestern Alliance in 2015 combined resources with Bridge Bank, providing new avenues for growth in the buoyant technology sector, as well as renewable energy and more. A much-admired brand in Silicon Valley and other high-tech hubs, Bridge Bank brings innovative products, considerable sector expertise and added geographic reach to Western Alliance’s expanding roster of capabilities. New Reach and Resources for the New Economy Equity Fund ResourcesCreated as a resource platform for equity funds and technology company partners, this central hub provides a robust offering of banking services and solutions. These include capital call lines and management company flexibility lines, along with a full suite of sophisticated treasury management tools and more.Life Sciences GroupBuilt for companies bringing their products from the lab to market, this sector-specific group understands the unique challenges and opportunities faced by enterprises in biotechnology, medical devices and pharmaceuticals, and delivers custom-tailored financing solutions. Renewable Resource GroupThis specialized group offers a full complement of debt financing, advisory and banking services to developers of commercial and small-scale utility renewable energy generation facilities across the country. Their expertise helps clients get projects off the drawing board and on the path to installation and operations.Technology FinanceThis multi-dimensional group is a leading financial resource to companies in Silicon Valley and across the nation that are focused on bringing new technologies to market. This accomplished team works with technology companies at every stage of growth – with a focus on mid- to late-stage companies with investor support.17At Western Alliance, all of us take pride in being available to clients. In fact, many of us include our cell phones on our business cards and are available whenever our clients need us.”Dale GibbonsCFO, Western Alliance Bancorporation“OUR CLIENTS ARE ALWAYS OUR FOCUSOUR CLIENTS ARE ALWAYS OUR FOCUSCLIENT STORIESLandmark Deal for City of Monterey Jimmy Forbis Finance Director, City of Monterey Public and Nonprofit Finance Client Very much a product of the 1970s, the Monterey Conference Center – home to the first-ever TED Talks – was still living in the past, without flexible spaces and the modern look and feel that would keep business coming to this tourism-focused coastal town. Western Alliance Public and Nonprofit Finance structured a $25 million bond to help update the facility. “I keep going back to the term partnership,” says Finance Director Jimmy Forbis. “This is especially different from the huge banks.” Adds Forbis: “We felt we were working with people who wanted us to succeed. They understood our vision and they also were excited to be associated with a landmark. This new Monterey Conference Center is going to be ‘the’ economic driver for the city for many years to come.” “ The energy was incredible from the beginning. It was a fun transaction – and you don’t get to say that a lot.” J I MMY FORBIS 17At Western Alliance, all of us take pride in being available to clients. In fact, many of us include our cell phones on our business cards and are available whenever our clients need us.”Dale GibbonsCFO, Western Alliance Bancorporation“OUR CLIENTS ARE ALWAYS OUR FOCUSOUR CLIENTS ARE ALWAYS OUR FOCUSBank Capital a Key Move for Endgame Nate Fick CEO, Endgame Bridge Bank Client Moving fast to stay ahead in the hunt for sophisticated cyber adversaries, Endgame is a technology company to watch. Or not – as stealth is a hallmark of its successful approach. Led by former Marine Corps Officer Nate Fick, Virginia-based Endgame is a leading provider of cybersecurity software solutions to the U.S. intelligence community and Defense Department. With the private sector now in its sights, Endgame is growing. Says Fick: “We need instant access to capital. A loan facility is like an auxiliary fuel tank on your car. You often can’t wait until tomorrow or you miss out.” Beyond venture capital, Endgame needed the flexibility of debt. “Some of deciding to work with a resource like Bridge Bank is based on intangibles. You get the sense they really understand what you’re doing.” “ The constant of change in our business is really fast. We need the same kind of speed from our bank.” N ATE FI CK 17At Western Alliance, all of us take pride in being available to clients. In fact, many of us include our cell phones on our business cards and are available whenever our clients need us.”Dale GibbonsCFO, Western Alliance Bancorporation“OUR CLIENTS ARE ALWAYS OUR FOCUSOUR CLIENTS ARE ALWAYS OUR FOCUS Paving the Way to Greater Efficiency Hanan Kabban CFO, Las Vegas Paving Bank of Nevada Client Everyone in Nevada knows Las Vegas Paving – whether driving the 12 million miles of highway paved by the family-owned company since 1958, or cheering on UNLV’s men’s basketball team that practices at the Mendenhall Center, endowed by the company’s founder. Las Vegas Paving, quite literally, is part of the region’s very foundations. When CFO Hanan Kabban was looking for a new bank, she made one quality paramount: “Service, service, service. I know there are nearly 7,000 banks in the U.S. I also know that most of them couldn’t deliver the level of service I experience with Bank of Nevada.” Adding to great service are powerful banking solutions. “I see a direct benefit to Las Vegas Paving because Bank of Nevada helps us be more efficient.” “ We pride ourselves on outstanding quality and we expect the same from our partners, including our bank.” H AN AN KABB AN 17At Western Alliance, all of us take pride in being available to clients. In fact, many of us include our cell phones on our business cards and are available whenever our clients need us.”Dale GibbonsCFO, Western Alliance Bancorporation“OUR CLIENTS ARE ALWAYS OUR FOCUSOUR CLIENTS ARE ALWAYS OUR FOCUS Breakthrough Banking for Pharmaceutical Innovator Dr. Dan Piacquadio, CEO, and Tina Zietzke, VP Finance Therapeutics, Inc. Torrey Pines Bank Client When it comes to discussing its research in the highly competitive, top-secret world of new medical devices, pharmaceutical innovations and biotech breakthroughs, Therapeutics, Inc. is purposefully opaque. But this San Diego-based company – the region’s largest, privately held, dermatology-focused, vertically integrated development contract research organization – is happy to open up about its bank. Dr. Dan Piacquadio, CEO, says, “Torrey Pines Bank has been instrumental in significantly streamlining our operational banking needs including restructuring a critical debt obligation. Since we engaged them, they have made understanding our business a priority and have played a pivotal role in helping us manage our capital intensive growth plans.” He adds: “Of all the banking relationships we have had over 20 years, Torrey Pines Bank is the absolute best.” “ Torrey Pines Bank is entrepreneurial. They are unique in that they have a level of flexibility that our previous banking relationship did not.” Tina Zietzke, VP Finance D R . DAN PI ACQUAD IO 17At Western Alliance, all of us take pride in being available to clients. In fact, many of us include our cell phones on our business cards and are available whenever our clients need us.”Dale GibbonsCFO, Western Alliance Bancorporation“OUR CLIENTS ARE ALWAYS OUR FOCUSOUR CLIENTS ARE ALWAYS OUR FOCUSDeveloping Partnerships That Lift Arizona Sharon Harper President and CEO, Plaza Companies Alliance Bank of Arizona Client Plaza Companies is an award-winning real estate developer that specializes in creating economic engines. The latest example is SkySong, The ASU Scottsdale Innovation Center, a visionary, 42-acre mixed-use partnership with residences, retail and restaurants plus offices designed for high-profile technology enterprises. Taking this kind of lead in Arizona’s economy requires a banking resource that does the same. “Alliance Bank of Arizona provides, over and above everything else, excellent banking services. But I also respect the bank for its leadership in Arizona’s business community.” Relationships clearly matter to Harper and her organization. “I treasure the relationship with Alliance Bank of Arizona. The bank is intuitive, responsive, competitive and very engaged. They are a great side-by-side partner for Plaza Companies.” “ We count on Alliance Bank to understand what is important to us and to our industry.” SH AR ON H AR PE R 17At Western Alliance, all of us take pride in being available to clients. In fact, many of us include our cell phones on our business cards and are available whenever our clients need us.”Dale GibbonsCFO, Western Alliance Bancorporation“OUR CLIENTS ARE ALWAYS OUR FOCUSOUR CLIENTS ARE ALWAYS OUR FOCUS17At Western Alliance, all of us take pride in being available to clients. In fact, many of us include our cell phones on our business cards and are available whenever our clients need us.”Dale GibbonsCFO, Western Alliance Bancorporation“OUR CLIENTS ARE ALWAYS OUR FOCUSOUR CLIENTS ARE ALWAYS OUR FOCUSWALANNUALREPORT.COMView more client stories and videos onlineNATIONAL BUSINESS LINESOur powerful set of highly specialized National Business Lines delivers deep resources and unparalleled expertise for clients across the country. Western Alliance combines superior responsiveness and service with the bank’s true commitment to understanding every customer’s unique opportunities.Our National Business Lines Give Clients More – More Depth, More Expertise, More Resources“For HOAMCO, Alliance Association Bank handles hundreds of accounts – reserve accounts, operating accounts – and the paperwork for 70,000 homeowners. It’s just seamless. We rely on the bank and trust them implicitly.”Justin Scott Founder and CEO, HOAMCO Western Alliance tailored an approach to fit us. They took the time to understand our challenges, and they created a plan that worked for us.”Dr. Kevin Alexander President, Marshall B. Ketchum University“ Public and Nonprofit FinanceGeared to the unique needs of state and local governments and other nonprofit entities, our knowledgeable and highly experienced public finance team specializes in tax revenue, utility revenue, lease-purchase and land-secured financing. Life Sciences Group The highly specialized team provides term and revolving credit facilities to life sciences companies – biotechnology, medical device and pharmaceutical – including growth capital, working capital, refinancing, restructuring, recapitalization, as well as mergers and acquisitions. Renewable Resource GroupThis committed team offers a full complement of debt financing, advisory and banking services to developers of commercial and small-scale utility renewable energy generation facilities across the country. Alliance Association Bank Catering to the growing HOA industry nationwide, our bankers offer innovative solutions to reduce costs and increase revenues. Providing deposit and lockbox services, e-deposit remote capture and a broad selection of specialized loan products, Alliance Association Bank is a smart, targeted resource.Corporate Finance Our team of leading professionals participates in pass-rated secured loans, serving diverse sectors including retail, healthcare, consumer products, chemicals, cable/data, business services, transportation/automotive, industrial and more. Mortgage Warehouse LendingServing well-qualified mortgage bankers with dedicated products and market-driven expertise, our team of professionals provides MSR financing, custodial deposit services, treasury management, payroll products and other industry-tailored solutions. Resort Finance Dedicated to the complex financing needs of U.S.-based timeshare developers, this resourceful and experienced group specializes in financing for land and inventory acquisition, construction, and receivable hypothecation. Equity Fund Resources This financing nexus for the Venture Capital and Private Equity communities offers sophisticated banking services and solutions, including capital call lines and management company flexibility lines, along with other innovative financing for general partners.Technology Finance Providing flexible financial solutions to emerging, mid- and late-stage technology companies throughout the U.S., our well-connected group works with venture- and non-venture-backed companies from inception through IPO and beyond. 20I was amazed at how quickly Western Alliance was able to analyze our business plan and make a commitment. We dealt with decision makers at every step of the process.”Loyd DanielFounding Member and Managing PartnerStrand Capital GroupAlliance Bank of Arizona is a bank with a great real estate culture and strong real estate savvy.”Mike Ebert Managing Partner, RED Development““INDUSTRY EXPERTISEAreas of Expertise CPAs and Accounting Education Healthcare Hospitality and Tourism Homeowner Associations Legal Manufacturing and Distribution Municipal and Local Governments Nonprofits Real Estate and Construction Renewable Energy Resorts and Timeshares Retail Technology and StartupsGreat banking begins with outstanding products and services. But it’s the reservoir of knowledge and sector-specific expertise that brings a more competitive advantage. Across the broad scope of our economy –from the many moving parts of the healthcareindustry to the nuts and bolts of real estate construction – our highly experienced bankers are committed to knowing more and doingmore for clients.At Western Alliance, our customers know they have bankers who deeply understand their companies, their industries and their possibilities. With us, clients bank on strategic relationships that help them identify and prepare for changes in the business landscape, and access important counsel on critical issues. The Knowledge Advantage:Understanding Our Clients’ Businesses and Industries 22Hometown Support for RazaRaza Development Fund stands out as the nation’s largest Latino-focused community development financial institution with more than $250 million in assets and high-impact projects around the country. When Raza decided to finance affordable housing along the new light rail line in its hometown of Phoenix, Alliance Bank of Arizona provided key funding. “Alliance Bank focuses on community projects that benefit the community,” says Tom Espinoza, Founder and CEO, Raza Development Fund. “The bank jumped right in. That’s the difference between dealing with a large national bank versus dealing with a very powerful, but more locally based bank.” Adds Espinoza: “Alliance Bank is involved in the community because they want to be, and this is a very different approach. It’s part of their financial value system.”They really are a quality bank in every way. They are a committed group of people, from the CEO on down, and it’s impressive.”Tom Espinoza Founder and CEO, Raza Development Fund“25COMMUNITYin Community Development Loansin New CRA Investments$135MILLION$35.3MILLIONEmpowering Local CommunitiesOur active involvement in local causes and projects helps define Western Alliance. Across our markets, we give back through grants, donations and our growing employee volunteer efforts. We also work hard to strengthen our towns and cities through powerful community lending and the committed leadership of our people in important charitable and civic organizations.The Western Alliance Community FoundationIn 2015, between Western Alliance Bank and the Western Alliance Community Foundation, we provided more than $1.5 million in donations to support causes and projects that are as diverse as the businesses we bank. The Foundation contributed to organizations including:24Employee Volunteer Hours in 20155,658“When you’re working with your lender, you want direct access to decision makers along with the capacity to meet your banking needs. Torrey Pines Bank provides that.” Ure KretowiczCEO, Cornerstone Communities CorporationURE KRETOWICZKYLE KONOLD, PH.D.“27Bank of Nevada knows our business. Our other bank had not taken the time to learn about charter schools. But Bank of Nevada wanted to know about our needs and as soon as they did, they offered extra support. They stepped up right away.”Kyle Konold, Ph.D.Executive Director, The Delta Academy26OUR SOLUTIONSCredit SolutionsAsset-Based LendingCommercial and Industrial LoansCommercial Credit CardCommercial Real Estate LoansCorporate FinanceEquipment Finance/LeasesESOP FinanceLetters of CreditLife Sciences FinanceMedical/Professional LoansMortgage Warehouse LendingMunicipal FinanceNonprofit LendingParticipations and SyndicationsResort FinanceRevolving Lines of CreditSolar Project FinanceSBA FinancingTechnology FinanceDeposit SolutionsCertificate of Deposit Account Registry Service/CDARS® ProgramCertificates of DepositChecking AccountsEscrow Deposit AccountsInsured Cash Sweep/ICS® ProgramIOLTA AccountsMoney Market AccountsRemote DepositTreasury ManagementSophisticated Deposit and Lending Solutions Give Businesses a Valuable Edge EXECUTIVE LEADERSHIP TEAMThis team of leaders guides a strong banking institution geared to the demands of business customers, from every industry and commercial sector.Front Row Left to RightGary Cady, John Maguire, Dale Gibbons, Robert Sarver, Jim Lundy, Ed ZitoBack Row Left to RightDan Myers, Robert McAuslan, Patricia Taylor, Randall Theisen, John Guedry, Robyn Young, Merrill Wall Not pictured: Duane FroeschleHarnessing the resources of a national banking enterprise, the Executive Leadership Team at Western Alliance Bancorporation works to foster an unusually responsive organization that puts client needs first.29BOARD OF DIRECTORSRobert SarverChairman and Chief Executive OfficerWestern Alliance BancorporationBruce BeachChairman and Chief Executive Officer BeachFleischman PCWilliam S. BoydExecutive Chairman of the BoardBoyd Gaming CorporationMarianne Boyd JohnsonExecutive Vice President and Vice Chairman of the BoardBoyd Gaming CorporationSteven J. Hilton Chairman and Chief Executive OfficerMeritage Homes CorporationCary MackCo-Managing PartnerSouthwest Value PartnersTodd MarshallChairman of the BoardMarshall Retail GroupM. Nafees Nagy, MDDirectorPremier Care NetworkJames E. Nave, DVMOwnerTropicana Animal HospitalJohn P. Sande, IIIPartnerFennemore Craig Jones VargasDonald SnyderCommunity Leader and Retired Business ExecutiveSung Won Sohn, PhDM.V. Smith Professor of Business and EconomicsCalifornia State University CI Kenneth A. VecchionePresident and Chief Executive Officer Encore Capital GroupRobert P. LattaPartnerWilson, Sonsini, Goodrich & RosatiHoward N. GouldManaging PartnerCarpenter Community Bancfund28Western Alliance Bancorporation/Western Alliance Bank1 E. Washington St., Ste. 1400 Phoenix, AZ 85004 (602) 389-3500 Alliance Bank of ArizonaCityScape1 E. Washington St., Ste. 100Phoenix, AZ 85004 (602) 629-1776 Biltmore2701 E. Camelback Rd., Ste. 110 Phoenix, AZ 85016(602) 952-5400 Chandler3033 W. Ray Rd. Chandler, AZ 85226(480) 384-3800Flagstaff501 E. Butler Flagstaff, AZ 86001(928) 214-3400Mesa1110 E. Baseline Rd. Mesa, AZ 85204 (480) 609-2900North Scottsdale15100 N. 78th Way, Ste. 101 Scottsdale, AZ 85250(480) 905-4460Phoenix Plaza2901 N. Central Ave., Ste. 100 Phoenix, AZ 85012 (602) 629-1700Scottsdale/Paradise Valley6263 N. Scottsdale Rd., Ste. 100 Scottsdale, AZ 85250(480) 998-6500Sedona6486 Highway 179, Ste. 110 Sedona, AZ 86351 (928) 284-2380Tucson Swan4703 E. Camp Lowell Dr. Tucson, AZ 85712 (520) 784-6000Tucson Williams Centre200 S. Craycroft Rd. Tucson, AZ 85711 (520) 322-7700Bank of NevadaSahara2700 W. Sahara Ave. Las Vegas, NV 89102 (702) 248-4200 Aliante6915 Aliante Pkwy.North Las Vegas, NV 89084 (702) 856-7140Centennial Hills8505 W. Centennial Pkwy. Las Vegas, NV 89149 (702) 856-7160Durango3985 S. Durango Las Vegas, NV 89147 (702) 363-5140Grand Central Parkway100 City Pkwy., Ste. 120 Las Vegas, NV 89106 (702) 696-6700Green Valley2890 N. Green Valley Pkwy. Henderson, NV 89014 (702) 451-0624Hualapai1115 S. Hualapai Way Las Vegas, NV 89117 (702) 856-7100Lake Mead7251 W. Lake Mead, Ste. 108 Las Vegas, NV 89128 (702) 240-1734Mesquite11 Pioneer Blvd.Mesquite, NV 89027 (702) 346-6600Siena Heights10199 S. Eastern Ave. Henderson, NV 89052 (702) 940-8500Stephanie221 N. Stephanie St. Henderson, NV 89074 (702) 939-5700 Bridge BankSan Jose55 Almaden Blvd.San Jose, CA 95113(408) 423-8500 Boston28 State St., Ste. 2301Boston, MA 02109(617) 995-1310Dallas15950 N. Dallas Pkwy., Ste. 400Dallas, TX 75248(214) 575-8099East Bay5820 Stoneridge Mall Rd., Ste. 100Pleasanton, CA 94588(925) 249-4900Palo Alto2479 E. Bayshore Rd., Ste. 270Palo Alto, CA 94303(650) 566-8300Reston12011 Sunset Hills Rd., Ste. 425Reston, VA 20190(703) 481-1705San Francisco201 Spear St., Ste. 1700San Francisco, CA 94105(415) 230-4834Southern California, Costa Mesa3200 Park Center Dr., Ste. 350Costa Mesa, CA 92626(949) 438-4000First Independent BankKietzke5335 Kietzke Ln. Reno, NV 89511 (775) 828-2000 Carson City1818 E. College Pkwy.Carson City, NV 89706 (775) 682-4747Fallon2061 W. Williams Ave. Fallon, NV 89406 (775) 423-9586Robb Drive6290 Sharlands Ave. Reno, NV 89523 (775) 746-3000Spanish Springs381 Los Altos Pkwy. Sparks, NV 89436 (775) 626-9400Sparks Industrial980 S. McCarran Blvd. Sparks, NV 89431 (775) 358-1300Sparks Marina725 Sparks Blvd. Sparks, NV 89434 (775) 358-8400Torrey Pines BankCarmel Valley12220 El Camino Real, Ste. 200 San Diego, CA 92130 (877) 476-2265 Beverly Hills9355 Wilshire Blvd., Ste. 102Beverly Hills, CA 90210 (310) 623-8900Carlsbad2760 Gateway Rd. Carlsbad, CA 92009 (760) 444-8400Downtown Los Angeles601 W. 5th St., Ste. 100 Los Angeles, CA 90071 (213) 362-5200Downtown San Diego550 W. C St., Ste. 100 San Diego, CA 92101 (619) 233-2500Golden Triangle4350 Executive Dr., Ste. 130 San Diego, CA 92121 (858) 523-4688Kearny Mesa9280 Clairemont Mesa Blvd.San Diego, CA 92123 (858) 259-5300La Mesa8379 Center Dr.La Mesa, CA 91942 (619) 233-2555Oakland1951 Webster St.Oakland, CA 94612 (510) 899-7500Symphony Towers750 B St., Ste. 100 San Diego, CA 92101 (619) 233-2200National Business LinesAlliance Association Bank3033 W. Ray Road, Ste. 200Chandler, AZ 85226(888) 734-4567Corporate Finance604 Arizona Ave.Santa Monica, CA 90401(213) 362-5213Equity Fund Resources55 Almaden Blvd., Ste. 100San Jose, CA 95113(650) 224-8096Life Sciences Group12220 El Camino Real, Ste. 100San Diego, CA 92130(858) 523-4686Mortgage Warehouse Lending3033 W. Ray Rd.Chandler, AZ 85226(480) 384-3800Public and Nonprofit Finance1 E. Washington St., Ste. 1400 Phoenix, AZ 85004 (602) 797-3634Renewable Resource Group55 Almaden Blvd., Ste. 100San Jose, CA 95113(408) 556-6508Resort Finance1 E. Washington St., Ste. 1400Phoenix, AZ 85004 (602) 386-2315Technology Finance55 Almaden Blvd., Ste. 100San Jose, CA 95113(650) 462-850231DIVISIONS & LOCATIONSWith banking offices and experts well positioned in key markets across the country, Western Alliance Bank delivers customized banking and financing solutions that help clients succeed.3032We ended 2015 with a record $1.6 billion of regulatory capital and a tangible common equity ratio of 9.2%, up from 8.6% at year-end 2014 – the highest in the company’s history since its early formation.”Robert SarverChairman and Chief Executive Officer Western Alliance Bancorporation“161029a.indd 343/10/16 5:30 PM32We ended 2015 with a record $1.6 billion of regulatory capital and a tangible common equity ratio of 9.2%, up from 8.6% at year-end 2014 – the highest in the company’s history since its early formation.”Robert SarverChairman and Chief Executive Officer Western Alliance Bancorporation“One East Washington Street, Suite 1400, Phoenix, Arizona 85004 (602) 389-3500 WesternAllianceBancorporation.com V I E W F U L L R E P O R T A N D V I D E O S O N L I N E WALAnnualReport.com Alliance Association Bank, Alliance Bank of Arizona, Bank of Nevada, Bridge Bank, First Independent Bank and Torrey Pines Bank are divisions of Western Alliance Bank. Member FDIC. Western Alliance Bank is the primary subsidiary of Western Alliance Bancorporation. ©2◊16 Western Alliance Bancorporation 

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