First Western Financial Inc. Files Q2 2024 10-Q Report

TL;DR

FWF Q2 2024 10-Q filed. Financials out.

AI Summary

First Western Financial Inc. reported its Q2 2024 results, with the filing dated August 2, 2024. The company's financial performance for the period ending June 30, 2024, is detailed in this 10-Q filing. Specific financial figures and operational details for the quarter are provided.

Why It Matters

This filing provides investors and analysts with the official financial performance data for First Western Financial Inc. for the second quarter of 2024, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — As a financial institution, First Western Financial Inc. is subject to various market and regulatory risks inherent in the banking sector.

Key Numbers

• 20240630 — End of Reporting Period (Indicates the specific date up to which financial data is reported.)
• 20240802 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• First Western Financial Inc. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• 20240802 (date) — Filing date of the report
• CO (location) — State of incorporation
• 303-531-8100 (phone_number) — Business phone number

FAQ

Filing Documents

• myfw-20240630.htm (10-Q) — 4910KB
• myfw-20240630x10qxexx311.htm (EX-31.1) — 9KB
• myfw-20240630x10qxexx312.htm (EX-31.2) — 9KB
• myfw-20240630x10qxexx321.htm (EX-32.1) — 4KB
• myfw-20240630x10qxexx322.htm (EX-32.2) — 4KB
• 0001327607-24-000163.txt ( ) — 21648KB
• myfw-20240630.xsd (EX-101.SCH) — 90KB
• myfw-20240630_cal.xml (EX-101.CAL) — 101KB
• myfw-20240630_def.xml (EX-101.DEF) — 540KB
• myfw-20240630_lab.xml (EX-101.LAB) — 947KB
• myfw-20240630_pre.xml (EX-101.PRE) — 769KB
• myfw-20240630_htm.xml (XML) — 5476KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 6 Condensed Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 6 Condensed Consolidated Statements of Income (Unaudited) for the Three and Six Months Ended June 30, 2024 and June 30, 2023 7 Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Six Months Ended June 30, 2024 and June 30, 2023 8 Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) for the Three and Six Months Ended June 30, 2024 and June 30, 2023 9 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2024 and June 30, 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 52 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 86 Item 4.

Controls and Procedures

Controls and Procedures 87

OTHER INFORMATION

PART II. OTHER INFORMATION 88 Item 1.

Legal Proceedings

Legal Proceedings 88 Item 1A.

Risk Factors

Risk Factors 88 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 88 Item 3. Defaults upon Senior Securities 88 Item 4. Mine Safety Disclosures 88 Item 5. Other Information 88 Item 6. Exhibits 89

SIGNATURES

SIGNATURES 90 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) June 30, 2024 December 31, 2023 Assets Cash and cash equivalents: Cash and due from banks $ 6,374 $ 7,284 Interest-bearing deposits in other financial institutions 239,425 247,158 Total cash and cash equivalents 245,799 254,442 Held-to-maturity debt securities, net of allowance for credit losses of $ 71 and $ 71 , (fair value of $ 71,067 and $ 66,617 ), respectively 78,927 74,102 Correspondent bank stock, at cost 10,804 7,155 Mortgage loans held for sale, at fair value 26,856 7,254 Loans (includes $ 10,190 and $ 13,726 measured at fair value, respectively) 2,456,063 2,530,915 Allowance for credit losses ( 27,319 ) ( 23,931 ) Loans, net 2,428,744 2,506,984 Premises and equipment, net 24,657 25,256 Accrued interest receivable 11,339 11,428 Accounts receivable 5,118 5,095 Other receivables 4,875 4,467 Other real estate owned, net 11,421 — Goodwill and other intangible assets, net 31,741 31,854 Deferred tax assets, net 6,123 6,407 Company-owned life insurance 16,741 16,530 Other assets 34,410 24,488 Total assets $ 2,937,555 $ 2,975,462 Liabilities Deposits: Noninterest-bearing $ 396,702 $ 482,579 Interest-bearing 2,014,190 2,046,460 Total deposits 2,410,892 2,529,039 Borrowings: Federal Home Loan Bank and Federal Reserve borrowings 191,505 125,711 Subordinated notes 52,451 52,340 Accrued interest payable 2,243 3,793 Other liabilities 33,589 21,841 Total liabilities 2,690,680 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; 9,660,548 and 9,581,183 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively — — Additional paid-in capital 192,891 192,894 Retained earnings 54,633 51,042 Accumulated other comprehensive loss

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View this 10-Q filing on SEC EDGAR