First Western Q2 net income drops to $1.1M, EPS $0.11; NPLs rise to $49.3M

First Western Financial Inc

2024-Q2 EPS reported $0.37 revenue$43,691,000

Net income available to common shareholders $1.1M ($0.11 diluted EPS) vs Q1 $2.5M ($0.26) and Q2 2023 $1.5M ($0.16).
Net interest margin stabilized at 2.35%, up 1 bps QoQ; net interest income $15.8M, down 1.9% QoQ.
Non-performing assets $49.3M (1.68% of assets) vs Q1 $46.0M (1.57%); provision for credit losses $2.3M vs $0.07M Q1.
Total loans held for investment $2.46B (-0.8% QoQ); deposits $2.41B, down from $2.53B Q1.
Book value per share $25.55; tangible book value $22.27; AUM $7.01B vs $7.14B Q1.

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