First Western Q1 earnings drop: EPS $0.39 vs $0.57 YoY; NIM falls 37bps to 2.93%

First Western Financial Inc

2023-Q1 EPS reported $0.39 revenue$25,689,000

Net income available to common shareholders $3.8M, down 30% from $5.5M in Q4 2022 and Q1 2022.
Net interest margin 2.93%, down 37bps QoQ; efficiency ratio worsened to 78.3% from 67.7%.
Deposits $2.39B stable (-0.6% QoQ); borrowings increased to $261M from $147M; liquidity $1.5B.
Adopted CECL on Jan 1, reducing retained earnings by $5.3M net of tax; provision release of $0.3M.
Non-performing assets $12.5M (0.42% of assets), up from $4.3M (0.17%) a year ago.

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 0.9

First Western Financial Inc reported the first quarter ended March 31, 2023 results: net income Net income available to common shareholders of $3.8 million, EPS Diluted EPS of $0.39.

Period: the first quarter ended March 31, 2023
Net income: Net income available to common shareholders of $3.8 million
EPS: Diluted EPS of $0.39
Result: reported results

Exact text from the filing

On April 27, 2023, First Western Financial, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2023.

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First Western Financial Inc filing history →

Source: SEC EDGAR

accession 0001327607-23-000042

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