First Western Q3 net income $3.1M ($0.32 EPS); non-performing assets jump to $56.1M on single relationship

First Western Financial Inc

2023-Q3 EPS reported $0.87 revenue$68,779,000

Net income available to common shareholders $3.1M, diluted EPS $0.32 vs $0.16 Q2 and $0.64 YoY.
Net revenue $22.5M, up 9.6% QoQ but down 18% from $27.5M in Q3 2022.
Non-performing assets surged to $56.1M (1.87% of assets) driven by one $42.2M relationship moved to non-accrual.
Total deposits rose 1.9% to $2.42B; net interest margin fell 27 bps to 2.46% due to higher deposit costs.
Book value per share $25.76, up 1.5% QoQ; provision for credit losses was $0.3M vs $1.8M prior quarter.

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 third quarter ended September 30, 2023 results: revenue $22.5 million, net income $3.1 million, EPS $0.32 per diluted share.

Period: third quarter ended September 30, 2023
Revenue: $22.5 million
Net income: $3.1 million
EPS: $0.32 per diluted share
Result: reported results

Exact text from the filing

First Western Reports Third Quarter 2023 Financial Results Third Quarter 2023 Summary • Net revenue increased $2.0 million, or 9.6%, to $22.5 million in Q3 2023, compared to $20.6 million in Q2 2023 • Net income available to common shareholders of $3.1 million in Q3 2023, compared to $1.5 million in Q2 2023 and $6.2 million in Q3 2022 • Diluted EPS of $0.32 in Q3 2023, compared to $0.16 in Q2 2023 and $0.64 in Q3 2022

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Source: SEC EDGAR

accession 0001327607-23-000159

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