From GlobeNewswire: 2025-01-23 16:45:00

First Western Financial, Inc. reported a net income of $2.7 million and diluted earnings per share of $0.28 in the fourth quarter of 2024, an improvement from the previous quarter. Net interest income increased to $16.9 million, with total loans and average deposits also showing growth. The company’s CEO, Scott C. Wylie, expressed confidence in the financial performance for 2025.

Revenue for the fourth quarter of 2024 totaled $24.3 million, up from $22.0 million in the third quarter. Gross revenue was $23.8 million, with positive trends in net interest income and risk management and insurance fees. Non-interest expense increased to $20.4 million, driven by an OREO write-down.

Net interest income increased to $16.9 million in the fourth quarter of 2024, with a 13 basis point increase in net interest margin to 2.45%. Non-interest income decreased slightly to $6.5 million, impacted by changes in mortgage loans and loans held for sale. Non-interest expense increased to $20.4 million.

Total loans held for investment increased to $2.43 billion, while total deposits increased to $2.51 billion in the fourth quarter of 2024. Borrowings decreased to $57.0 million, with subordinated notes remaining stable at $52.6 million. Assets under management decreased slightly to $7.32 billion.

Asset quality improved, with non-performing assets totaling $49.0 million as of December 31, 2024, down from $52.1 million in the previous quarter. The Company’s efficiency ratio improved to 80.74%. Capital levels remained strong, with the Bank classified as “well capitalized.”

The Company will host a conference call and webcast on January 24, 2025, to discuss the financial results. Access to the call and presentation slides can be found on the Company’s investor relations website. First Western Financial, Inc. provides a suite of wealth management services and trades on the Nasdaq Global Select Market under the symbol “MYFW.”



Read more at GlobeNewswire:: First Western Reports Fourth Quarter 2024 Financial