secwatch.observer — SEC 8-K summary
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Issuer:     First Western Financial Inc (MYFW)
CIK:        0001327607
Form:       8-K
Filed at:   2023-07-27T23:59:59+00:00
Accession:  0001327607-23-000104
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1327607/000132760723000104/0001327607-23-000104-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1327607/000132760723000104/myfw-20230727.htm
  HTML page:      https://secwatch.observer/filing/0001327607-23-000104

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