First Western Financial Amends Prior 8-K Filing

TL;DR

FWF filed an amendment to its 8-K, fixing stuff from Jan 25th.

AI Summary

First Western Financial, Inc. filed an 8-K/A on March 7, 2024, to amend its previous filing from January 25, 2024. This amendment pertains to the company's results of operations, financial condition, and material impairments, as well as financial statements and exhibits. The filing does not provide specific new financial figures or details in the provided text, but indicates a need for correction or supplementation of the original report.

Why It Matters

This amendment suggests that the initial report filed on January 25, 2024, may have contained inaccuracies or omissions requiring correction, impacting the transparency of the company's financial reporting.

Risk Assessment

Risk Level: low — This is an amendment to a previous filing, not a new event, and the provided text does not detail any negative financial developments.

Key Players & Entities

• First Western Financial, Inc. (company) — Registrant
• 0001327607-24-000048 (filing_id) — Accession Number
• January 25, 2024 (date) — Date of earliest event reported
• March 7, 2024 (date) — Filing Date
• Colorado (location) — State of Incorporation
• Denver, Colorado (location) — Principal Executive Offices

FAQ

Key Financial Figures

• $4.0 million — wance on individually analyzed loans by $4.0 million specifically for this loan. On February
• $3.5 m — roceeding. The charge-off resulted in a $3.5 million, net of tax, decrease to the four
• $8.6 million — by $4.0 million and decreased Loans by $8.6 million. Management has discussed the matters

Filing Documents

• myfw-20240125.htm (8-K/A) — 34KB
• myfw-20231231xexx9911.htm (EX-99.1) — 387KB
• 0001327607-24-000048.txt ( ) — 569KB
• myfw-20240125.xsd (EX-101.SCH) — 2KB
• myfw-20240125_lab.xml (EX-101.LAB) — 22KB
• myfw-20240125_pre.xml (EX-101.PRE) — 13KB
• myfw-20240125_htm.xml (XML) — 3KB

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition. An updated presentation of the Company's "Consolidated Financial Summary" and "Reconciliations of Non-GAAP Financial Matters" is attached as Exhibit 99.1 to this Amendment and is incorporated herein by reference. The following is a summary of the adjustment. In late 2022, management identified a Commercial and Industrial loan that had developed repayment issues. The loan was placed on non-accrual status in the first quarter of 2023. Throughout 2023, we increased our allowance on individually analyzed loans by $4.0 million specifically for this loan. On February 28, 2024, the Company was notified that the borrower filed a Chapter 7 Bankruptcy Petition for the guarantor. Per Company policy, a charge-off is taken upon the occurrence of the filing by a borrower of a petition for bankruptcy. We intend to pursue all available remedies to us in the bankruptcy proceeding. 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. The Company also adjusted the Allowance for credit losses by $4.0 million and decreased Loans by $8.6 million. Management has discussed the matters disclosed in this Amendment with Crowe, LLC, the Company's independent registered public accounting firm, and with the Company's Board of Directors and Audit Committee. The information contained in this Item 2.02 is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the Securities Act"), or the Exchange Act, except as expressly set forth by specific reference in such filing. Cautionary Note Regarding Forward-Looking Statements . The foregoing disclosures may include forward-looking statements by the C

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 99.1 P resentation of Consolidated Statements of Financial Condition and Reconciliations of Certain GAAP and Non-GAAP Financial Measures, for the fourth quarter and fiscal year ended December 31, 2023 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document) 3

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. FIRST WESTERN FINANCIAL, INC. Date: March 7, 2024 By: /s/ Scott C. Wylie Scott C. Wylie Chairman, Chief Executive Officer and President 4

View Full Filing

View this 8-K/A filing on SEC EDGAR