First Western Financial Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>First Western Financial Inc. has filed its 2023 10-K annual report.</b>

AI Summary

First Western Financial Inc (MYFW) filed a Annual Report (10-K) with the SEC on March 15, 2024. Filed 10-K for the fiscal year ending December 31, 2023. Company is First Western Financial Inc., ticker MYFW. Primary SIC code is 6022 (State Commercial Banks). Incorporated in Colorado (CO). Business and mailing address: 1900 Sixteenth St, #1200, Denver, CO 80202.

Why It Matters

For investors and stakeholders tracking First Western Financial Inc, this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance and condition for the fiscal year 2023. Investors and analysts can use this report to assess the bank's stability, profitability, and strategic direction.

Risk Assessment

Risk Level: — First Western Financial Inc shows moderate risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags, indicating a routine disclosure.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand First Western Financial Inc.'s performance and outlook.

Key Numbers

• 2023-12-31 — Period End Date (Fiscal year end)
• 2024-03-15 — Filing Date (Date the report was filed)
• 6022 — SIC Code (Standard Industrial Classification for Commercial Banks)

Key Players & Entities

• First Western Financial Inc. (company) — Filer name
• MYFW (company) — Ticker symbol
• 2023-12-31 (date) — Period of report
• 2024-03-15 (date) — Filed as of date
• Denver, CO (location) — Business address city and state
• 6022 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

First Western Financial Inc. operates within the commercial banking sector, providing financial services to individuals and businesses.

Regulatory Implications

As a commercial bank, the company is subject to regulations from various financial authorities, including those related to capital requirements, lending practices, and consumer protection.

What Investors Should Do

1. Analyze the company's balance sheet and income statement for the fiscal year 2023.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into operational performance and strategic initiatives.
3. Examine the risk factors section for potential challenges and uncertainties facing the company.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-15: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending December 31, 2023. Comparison to prior filings will require additional data.

Key Financial Figures

• $6.75 billion — ided fiduciary and advisory services on $6.75 billion of trust and investment management asse
• $2.98 b — ets ("AUM"), and we had total assets of $2.98 billion, total loans, excluding mortgage
• $2.53 b — luding mortgage loans held for sale, of $2.53 billion, total deposits of $2.53 billion
• $2.53 billion — le, of $2.53 billion, total deposits of $2.53 billion and total shareholders' equity of $242.
• $242.7 million — llion and total shareholders' equity of $242.7 million. Our mission is to be the best private
• $21.9 million — ember 31, 2023, non-interest income was $21.9 million or 26.5% of total income before non-int
• $71.1 m — re the provision for credit losses, was $71.1 million, or 86.0% of total income before
• $13.7 million — ss Loans (1) (1) Gross loans excludes $13.7 million in consumer and other loans acc ounted
• $928.0 m — 2023, 1-4 family residential loans were $928.0 million, or 36.9% of our total loan portf
• $122.2 million — our total loan portfolio, consisting of $122.2 million and $805.8 million of fixed-rate and ad
• $805.8 million — folio, consisting of $122.2 million and $805.8 million of fixed-rate and adjustable-rate loans

Filing Documents

• myfw-20231231.htm (10-K) — 4695KB
• myfw-20231231xex4d7.htm (EX-4.7) — 26KB
• myfw-20231231xex21d1.htm (EX-21.1) — 4KB
• myfw-20231231xex23d1.htm (EX-23.1) — 4KB
• myfw-20231231x10kxex311.htm (EX-31.1) — 10KB
• myfw-20231231x10kxex312.htm (EX-31.2) — 10KB
• myfw-20231231x10kxex321.htm (EX-32.1) — 5KB
• myfw-20231231x10kxex322.htm (EX-32.2) — 4KB
• myfw-20231231x10kxex971.htm (EX-97.1) — 24KB
• myfw-20231231_g1.jpg (GRAPHIC) — 52KB
• myfw-20231231_g2.jpg (GRAPHIC) — 39KB
• myfw-20231231_g3.jpg (GRAPHIC) — 41KB
• 0001327607-24-000058.txt (&nbsp;) — 22956KB
• myfw-20231231.xsd (EX-101.SCH) — 119KB
• myfw-20231231_cal.xml (EX-101.CAL) — 151KB
• myfw-20231231_def.xml (EX-101.DEF) — 665KB
• myfw-20231231_lab.xml (EX-101.LAB) — 1256KB
• myfw-20231231_pre.xml (EX-101.PRE) — 1005KB
• myfw-20231231_htm.xml (XML) — 4817KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 32 Item 1B. Unresolved Staff Comments 53 Item 1C. Cybersecurity 54 Item 2.

Properties

Properties 55 Item 3.

Legal Proceedings

Legal Proceedings 55 Item 4. Mine Safety Disclosures 55 PART II Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 56 Item 6. [Reserved] 57 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 58 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 92 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 94 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 95 Item 9A.

Controls and Procedures

Controls and Procedures 95 Item 9B. Other Information 95 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 96 PART III Item 10. Directors, Executive Officers and Corporate Governance 97 Item 11.

Executive Compensation

Executive Compensation 97 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 97 Item 13. Certain Relationships and Related Transactions, and Director Independence 97 Item 14. Principal Accounting Fees and Services 97 PART IV Item 15. Exhibits, Financial Statement Schedules 98 Item 16. Form 10-K Summary 100

Signatures

Signatures 101 Important Notice about Information in this Annual Report Unless we state otherwise or the context otherwise requires, references in this Annual Report on Form 10-K to "we," "our," "us," "the Company" and "First Western" refer to First Western Financial, Inc. and its consolidated subsidiaries, including First Western Trust Bank, which we sometimes refer to as "the Bank" or "our Bank." The information contained in this Annual Report on Form 10-K is accurate only as of the date of this Annual Report on Form 10-K and as of the dates specified herein. Table of Content s CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as "may," "should," "could," "predict," "potential," "believe," "will likely result," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "would" and "outlook," or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control, particularly with regard to developments related to soundness of other financial institutions. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove

: Business

Item 1: Business Our Company First Western Financial, Inc. is a financial holding company headquartered in Denver, Colorado. We provide a fully integrated suite of wealth management services on our private trust bank platform, which includes a comprehensive selection of deposit, loan, trust, wealth planning and investment management products and services. We believe our integrated business model distinguishes us from other banks and non-bank financial services companies in the markets in which we operate. As of December 31, 2023, we provided fiduciary and advisory services on $6.75 billion of trust and investment management assets ("AUM"), and we had total assets of $2.98 billion, total loans, excluding mortgage loans held for sale, of $2.53 billion, total deposits of $2.53 billion and total shareholders' equity of $242.7 million. Our mission is to be the best private bank for the Western wealth management client. We believe that the "Western wealth management client" shares our entrepreneurial spirit and values our sophisticated, high-touch integrated financial services that are tailored to meet their specific needs. Our target clients include successful entrepreneurs, professionals and other high net worth individuals or families, along with their businesses and philanthropic organizations. We offer our services through a branded network of boutique private trust bank offices, loan production offices, and trust offices, which we believe are strategically located in affluent and high-growth markets in eighteen locations across Colorado, Arizona, Wyoming, Montana, and California. We generate a significant portion of our revenues from non-interest income, which we produce from our trust, investment management and other advisory services as well as through the origination and sale of mortgage loans. The balance of our revenue is generated from net interest income, which we derive from our traditional banking products and services. For the year ended December 31, 2

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View this 10-K filing on SEC EDGAR