secwatch.observer — SEC 8-K summary
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Issuer:     First Western Financial Inc (MYFW)
CIK:        0001327607
Form:       8-K
Filed at:   2023-04-27T23:59:59+00:00
Accession:  0001327607-23-000042
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1327607/000132760723000042/0001327607-23-000042-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1327607/000132760723000042/myfw-20230427.htm
  HTML page:      https://secwatch.observer/filing/0001327607-23-000042

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