阿莱恩斯西部银行 2024年度报告

Clients continue to choose WesternAlliance for our business bankingexpertise, customized solutions andoutstanding, personalized service.8LIWIXVEMXWHIƼRIXLIƄ0SGEP8SYGLNational Reach’ approach that drivesstronger, deeper client relationshipsin every part of the bank.” Kenneth A. Vecchione4VIWMHIRXERH'LMIJ)\IGYXMZI3ƾGIV Continued GrowthWhile Preparingfor the Future 0IXXIVJVSQ4VIWMHIRXERH'LMIJ)\IGYXMZI3ƾGIVKenneth A. Vecchione Dear Fellow Shareholders, For Western Alliance, 2024 was a successful year dedicated to prudent balancesheet growth, thoughtful business investments and sustained earnings generation —all of which enhance our position as a leading national commercial bank. Western Alliance’s deep segment expertise and underwriting specialization – includinga broad range of differentiated loan- and deposit-generating businesses – drove solidTIVJSVQERGIJSVXLI]IEV7MQYPXERISYWP][IKVI[JIIMRGSQIGSQTPIXIHEWMKRMƼGERXliquidity build, bolstered capital, and continued fortifying our risk management posture.By reaching these targets in 2024, we achieved key milestones on our path to becominga Large Financial Institution (LFI). I am pleased that our balance sheet realignment created the strength to continue to growearnings and capital, while meaningfully increasing our deposits and liquidity buffer lastyear. This key accomplishment sets the stage for even greater future growth. Our full-yearVIWYPXWVIƽIGXXLITS[IVSJSYVGVIHMXERHHITSWMXTPEXJSVQWERHSYVKVS[MRKQSQIRXYQin earning more fee income from clients. Collectively, these attributes position us for asustained earnings growth trajectory into 2025 as we further drive down Cost of Deposits,I\TERHSYV2IX-RXIVIWX1EVKMRMQTVSZITVSƼXEFMPMX]KIRIVEXIWMKRMƼGERXSTIVEXMRKleverage and move toward a higher-teens ROTCE. For the year, Western Alliance produced Net Revenue of $3.2 billion (up 20.7% from$2.6 billion), Net Income of $788 million (up 9.0% from $722 million) and Earnings Per7LEVISJ YTJVSQ 3RGIEKEMRHIQSRWXVEXMRKXLIHYVEFMPMX]ERHƽI\MFMPMX]of our business model, Pre-Provision Net Revenue (PPNR) climbed 14.1% to $1.1 billion,with a Return on Tangible Common Equity of 14.0% that increased Tangible Book Value4IV7LEVIERSXEFPI]IEVSZIV]IEVXS7MKRMƼGERXP]SYVGSRWMWXIRXYT[EVHtrajectory in Tangible Book Value Per Share remains a hallmark of Western Alliance andhas exceeded peers by approximately 7x over the past decade. 3YVFEPERGIWLIIXVIEPMKRQIRXGVIEXIHthe strength to continue to grow earningsand capital, while meaningfully increasingour deposits and liquidity buffer lastyear. This key accomplishment sets thestage for even greater future growth.3YVJYPP]IEVVIWYPXWVIƽIGXXLITS[IVof our credit and deposit platformsand our growing momentum in earningmore fee income from clients.” | EXECUTIVE PERSPECTIVES Dale M. Gibbons:MGI'LEMVQER'LMIJ*MRERGMEP3ƾGIV Thoughtful BalanceSheet Growth Western Alliance focused on prudentbalance sheet growth in 2024,reinforcing our strength as a leadingnational commercial bank poised tobecome a Large Financial Institution. By design, our liquidity build prioritizedgrowing deposits in excess of loans,which we then deployed into high-quality liquid assets. Deliberate actionsto fortify our balance sheet includedWMKRMƼGERXP]FSPWXIVMRKGETMXEPEHIUYEG]which increased our CET1 capitalratio by 50 basis points to 11.3%at year-end 2024. This stout liquidity and capitalfoundation now positions the bank toresume greater risk-adjusted balancesheet growth going forward. As always,our business model — includingour ongoing focus on growing feeincome — provides Western Alliancewith considerable agility for everyenvironment. In 2024, Western Alliance purposefully prioritized growing deposits in excess of loansand deployed this excess liquidity into high-quality liquid assets (HQLA). In total, HFI loansincreased $3.4 billion, or 6.7%, while total deposits increased by $11.0 billion, or 19.9%,which lowered our HFI loan-to-deposit ratio to 80.9%. Net Interest Income increased 12.0% year over year to $2.6 billion, while Net InterestMargin compressed by 5 basis points to 3.58% due to a greater proportion of EarningAssets being held in lower-yielding HQLA securities and higher deposit rates, offset byhigher HFI loan balances and a $1.7 billion reduction in Borrowings. Throughout theyear, we meaningfully reduced our Total Cost of Funds, and we continue to see fundingcost tailwinds emerge. Net Interest Income increased12.0% year over year to $2.6 billion.” Non-Interest Income of $543 million rose $263 million for 2024 due to improved MortgageBanking Revenue, stronger Commercial Banking fees and the impact of non-recurringbalance sheet optimization efforts undertaken in 2023. Our Mortgage Banking RevenueKVI[]IEVSZIV]IEVXSQMPPMSREW%QIVM,SQIFIKERXSFIRIƼXJVSQEstabilizing mortgage market, stronger Net Loan Servicing Revenue, an