First Western Financial Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>First Western Financial Inc. has submitted its Q1 2024 10-Q filing, detailing financial performance and equity components.</b>

AI Summary

First Western Financial Inc (MYFW) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. First Western Financial Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers financial information for the first quarter of 2024. The company is classified under SIC code 6022 (State Commercial Banks). The filing includes data related to common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income. Specific dates for financial reporting periods and data points are provided, including 2024-03-31, 2023-12-31, and 2023-03-31.

Why It Matters

For investors and stakeholders tracking First Western Financial Inc, this filing contains several important signals. This 10-Q filing provides investors with a quarterly update on the financial health and operational performance of First Western Financial Inc., crucial for assessing investment value and risk. The detailed breakdown of equity accounts (common stock, APIC, retained earnings, AOCI) allows for analysis of capital structure changes and profitability trends over the reported periods.

Risk Assessment

Risk Level: low — First Western Financial Inc shows low risk based on this filing. The risk is low as this is a standard quarterly financial filing (10-Q) providing routine financial disclosures for First Western Financial Inc., with no immediate red flags or significant negative events indicated in the provided header information.

Analyst Insight

Review the detailed financial statements within the 10-Q to understand revenue, expenses, and balance sheet changes for Q1 2024 compared to prior periods.

Key Numbers

• 2024-03-31 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-03 — Filing Date (FILED AS OF DATE)
• 6022 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• CO — State of Incorporation (STATE OF INCORPORATION)

Key Players & Entities

• First Western Financial Inc. (company) — FILER
• MYFW (company) — Ticker Symbol
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-03 (date) — FILED AS OF DATE
• 6022 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION
• CO (location) — STATE OF INCORPORATION
• 303-531-8100 (phone) — BUSINESS PHONE
• 1900 SIXTEENTH ST, #1200 (address) — BUSINESS ADDRESS

FAQ

Industry Context

First Western Financial Inc. operates as a commercial bank, a sector subject to significant regulatory oversight and economic sensitivity.

Regulatory Implications

As a commercial bank, First Western Financial Inc. is subject to regulations from federal and state authorities, including the Federal Reserve and state banking departments, impacting its operations and capital requirements.

What Investors Should Do

1. Analyze the balance sheet for changes in assets, liabilities, and equity from the previous quarter.
2. Review the income statement to understand revenue generation and expense management during Q1 2024.
3. Examine any disclosures related to risk factors or significant accounting policies mentioned in the full filing.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing provided for analysis in 2024, covering the period ending March 31, 2024.

Filing Documents

• myfw-20240331.htm (10-Q) — 4323KB
• myfw-20240331x10qxexx311.htm (EX-31.1) — 9KB
• myfw-20240331x10qxexx312.htm (EX-31.2) — 9KB
• myfw-20240331x10qxexx321.htm (EX-32.1) — 4KB
• myfw-20240331x10qxexx322.htm (EX-32.2) — 4KB
• 0001327607-24-000092.txt (&nbsp;) — 20014KB
• myfw-20240331.xsd (EX-101.SCH) — 87KB
• myfw-20240331_cal.xml (EX-101.CAL) — 101KB
• myfw-20240331_def.xml (EX-101.DEF) — 530KB
• myfw-20240331_lab.xml (EX-101.LAB) — 929KB
• myfw-20240331_pre.xml (EX-101.PRE) — 757KB
• myfw-20240331_htm.xml (XML) — 5037KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 6 Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 6 Condensed Consolidated Statements of Income (Unaudited) for the Three Months Ended March 31, 2024 and March 31, 2023 7 Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months Ended March 31, 2024 and March 31, 2023 8 Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) for the Three Months Ended March 31, 2024 and March 31, 2023 9 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2024 and March 31, 2023 10 Notes to Condensed Consolidated Financial Statements (Unaudited) 11 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 51 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 79 Item 4.

Controls and Procedures

Controls and Procedures 80

OTHER INFORMATION

PART II. OTHER INFORMATION 81 Item 1.

Legal Proceedings

Legal Proceedings 81 Item 1A.

Risk Factors

Risk Factors 81 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 81 Item 3. Defaults upon Senior Securities 81 Item 4. Mine Safety Disclosures 81 Item 5. Other Information 81 Item 6. Exhibits 82

SIGNATURES

SIGNATURES 83 2 Table of Contents Important Notice about Information in this Quarterly Report Unless we state otherwise or the context otherwise requires, references in this Quarterly Report 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 Quarterly Report is accurate only as of the date of this Quarterly Report on Form 10-Q and as of the dates specified herein. 3 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q 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 re

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS FIRST WESTERN FINANCIAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share amounts) March 31, 2024 December 31, 2023 Assets Cash and cash equivalents: Cash and due from banks $ 8,136 $ 7,284 Interest-bearing deposits in other financial institutions 249,753 247,158 Total cash and cash equivalents 257,889 254,442 Held-to-maturity securities, net of allowance for credit losses of $ 71 and $ 71 , (fair value of $ 64,908 and $ 66,617 ), respectively 72,303 74,102 Correspondent bank stock, at cost 4,461 7,155 Mortgage loans held for sale, at fair value 10,470 7,254 Loans (includes $ 11,922 and $ 13,726 measured at fair value, respectively) 2,475,524 2,530,915 Allowance for credit losses ( 24,630 ) ( 23,931 ) Loans, net 2,450,894 2,506,984 Premises and equipment, net 24,869 25,256 Accrued interest receivable 11,919 11,428 Accounts receivable 4,980 5,095 Other receivables 5,254 4,467 Goodwill and other intangible assets, net 31,797 31,854 Deferred tax assets, net 5,695 6,407 Company-owned life insurance 16,635 16,530 Other assets 35,051 24,488 Total assets $ 2,932,217 $ 2,975,462 Liabilities Deposits: Noninterest-bearing $ 434,236 $ 482,579 Interest-bearing 2,097,734 2,046,460 Total deposits 2,531,970 2,529,039 Borrowings: Federal Home Loan Bank and Federal Reserve borrowings 69,484 125,711 Subordinated notes 52,397 52,340 Accrued interest payable 2,415 3,793 Other liabilities 30,423 21,841 Total liabilities 2,686,689 2,732,724 Shareholders' Equity Preferred stock - no par value; 10,000,000 shares authorized; 0 issued and outstanding — — Common stock - no par value; 90,000,000 shares authorized; 9,621,309 and 9,581,183 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively — — Additional paid-in capital 192,724 192,894 Retained earnings 53,557 51,042 Accumulated other comprehensive loss ( 753 ) ( 1,198 ) Total shareholders' equ

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View this 10-Q filing on SEC EDGAR