First Western restates Q4 results: $3.5M charge-off on C&I loan after guarantor bankruptcy

First Western Financial Inc

Charge-off of $3.5M net of tax reduces Q4 and FY 2023 net income available to common stockholders.
Allowance for credit losses increased by $4.0M; loans decreased by $8.6M due to the charge-off.
Guarantor filed Chapter 7 bankruptcy on Feb 28, 2024; company pursuing all remedies.
Q4 2023 net loss revised to $3.2M (diluted EPS -$0.34) vs. previously reported $3.1M net income.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.7

First Western Financial Inc reported the fiscal year ended December 31, 2023 results: net income $3.5 million, net of tax, decrease to the fourth quarter and annual net income available to common stockholders.

Period: the fiscal year ended December 31, 2023
Net income: $3.5 million, net of tax, decrease to the fourth quarter and annual net income available to common stockholders
Result: preliminary results

Exact text from the filing

The charge-off resulted in a $3.5 million, net of tax, decrease to the fourth quarter and annual net income available to common stockholders.

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Source: SEC EDGAR

accession 0001327607-24-000048

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