secwatch.observer — SEC 8-K summary
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Issuer:     First Western Financial Inc (MYFW)
CIK:        0001327607
Form:       8-K
Filed at:   2023-10-19T23:59:59+00:00
Accession:  0001327607-23-000159
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 Q3 net income $3.1M ($0.32 EPS); non-performing assets jump to $56.1M on single relationship
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1327607/000132760723000159/0001327607-23-000159-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1327607/000132760723000159/myfw-20231019.htm
  HTML page:      https://secwatch.observer/filing/0001327607-23-000159

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