First Western Q4 2023 net income drops to $0.3M; EPS $0.03 vs $0.32 in Q3

First Western Financial Inc

2023-FY EPS reported $0.54 revenue$82,698,000

Net income available to common shareholders $0.3M, down from $3.1M in Q3; diluted EPS $0.03 vs $0.32.
NIM narrowed to 2.37% from 2.46% in Q3 and 3.30% a year ago; deposit costs rose 19 bps to 3.94%.
Provision for credit losses surged to $3.9M from $0.3M in Q3; NPAs rose to $59.7M (2.00% of assets).
Total deposits grew 4.5% to $2.53B; loan-to-deposit ratio improved to 100.7% from 105.1%.
Efficiency ratio worsened to 80.8% from 78.8% in Q3 and 67.7% a year ago.

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 financial results for the fourth quarter ended December 31, 2023.

Period: the fourth quarter ended December 31, 2023
Result: reported results

Exact text from the filing

On January 25, 2024, First Western Financial, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter ended December 31, 2023. A copy of the press release is furnished as Exhibit 99.1 and is incorporated by reference herein.

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Source: SEC EDGAR

accession 0001327607-24-000019

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