First Western Q4 net income $5.5M ($0.56 EPS); deposits grow 43.9% annualized, NPAs rise to $12.3M

First Western Financial Inc

2022-FY EPS reported $2.23 revenue$107,934,000

Net income available to common shareholders $5.5M, diluted EPS $0.56, vs $6.2M ($0.64) Q3 2022 and $1.9M ($0.23) Q4 2021.
Deposits grew $237.8M (43.9% annualized) to $2.41B; loans held for investment rose $121.2M (20.6% annualized) to $2.48B.
Net interest margin 3.32% vs 3.76% Q3 2022; efficiency ratio 67.7% vs 64.9% Q3 2022.
Non-performing assets increased to $12.3M (0.43% of total assets) from $3.9M; CECL adoption Jan 2023 with expected ACL 75-90 bps.
Completed $20M subordinated notes issuance at 7.00% due 2032; FHLB borrowings reduced by $126.3M.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

First Western Financial Inc reported financial results for the fourth quarter ended December 31, 2022.

Period: the fourth quarter ended December 31, 2022
Result: reported results

Exact text from the filing

On January 26, 2023, First Western Financial, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter ended December 31, 2022.

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First Western Financial Inc filing history →

Source: SEC EDGAR

accession 0001327607-23-000003

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