** Western Alliance Bancorp WAL shares advancing 2.4% on Thurs ahead of qtrly results after the bell, with analysts expecting increased profits

** Analysts on avg expect qtrly rev up 9% to $838.2 mln, per LSEG. Adjusted EPS seen at $2.03 vs $1.71 yr-ago

** Shares of the community bank have advanced about 1% YTD, underperforming the S&P 500 .SPX, which has risen 7%

** However, WAL has gained ~360% from lows in May 23, when the collapse of Silicon Valley Bank sparked fears of a deeper financial crisis and sent shares of community banks into a slump

** Stock recently at 8 times expected earnings, in line with its avg forward PE of 8 over past five years, per LSEG data

(Reporting by Noel Randewich)

((noel.randewich@thomsonreuters.com))