First Western Q2 net income $1.5M, EPS $0.16 vs $0.39 Q1; revenue down 5% QoQ

First Western Financial Inc

2023-Q2 EPS reported $0.55 revenue$46,243,000

Gross revenue $24.8M, down 5.0% QoQ; net interest income $18.4M, down 5.8% due to higher deposit costs.
Non-interest income $4.0M, down 31.9% on $1.2M contingent consideration impairment and $1.1M fair-value loan losses.
Provision for credit losses $1.8M vs negative provision in Q1; net income impacted by $1.5M after-tax allowance on analyzed loans.
Deposits $2.38B (-0.7% QoQ); loans $2.50B (+1.1%); borrowings rose $51M to $312.6M.
Headcount cut 10.5% in Q2; book value per share $25.38 (+0.6%); NPAs $10.3M (0.36% of assets) down from $12.5M.

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 second quarter ended June 30, 2023 results: net income $1.5 million, EPS $0.16.

Period: the second quarter ended June 30, 2023
Net income: $1.5 million
EPS: $0.16
Result: reported results

Exact text from the filing

First Western Reports Second Quarter 2023 Financial Results Second Quarter 2023 Summary • Total assets of $3.0 billion and assets under management of $6.5 billion • Net income available to common shareholders of $1.5 million in Q2 2023, compared to $3.8 million in Q1 2023 and $4.5 million in Q2 2022 • Diluted EPS of $0.16 in Q2 2023, compared to $0.39 in Q1 2023 and $0.46 in Q2 2022

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Source: SEC EDGAR

accession 0001327607-23-000104

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