Financial Data and Key Metrics Changes - The company generated net income of $2.1 million, or $0.22 per diluted share in Q3 2024, which was double the EPS from the prior quarter [7] - The tangible book value per share increased by about 1% this quarter [7] - The loan to deposit ratio improved to 95% at the end of Q3, achieving the company's goal of reducing it to the mid-90% range [5] Business Line Data and Key Metrics Changes - Loans held for investment decreased by $73 million from the end of the prior quarter, with new loan production of $83 million compared to $50 million in the prior quarter [7][8] - Non-interest bearing deposits increased by 19% from the end of the prior quarter, contributing to a total deposit increase of $92 million [5][8] - Assets under management (AUM) increased by $454 million in Q3, reflecting nearly a 17% increase over the past year [8] Market Data and Key Metrics Changes - The company experienced a decrease in gross revenue by 1.7% from the prior quarter, attributed to a problem credit migrating to non-accrual status and increased interest expenses [9] - Net interest income decreased by 1.3% from the prior quarter, with a net interest margin (NIM) of 2.32%, down 3 basis points from the previous quarter [10][11] Company Strategy and Development Direction - The company continues to prioritize prudent risk management and conservative underwriting criteria while focusing on deposit gathering and maintaining disciplined expense control [5][14] - There is an expectation of solid operating leverage in the near term due to modest growth in the balance sheet, improved net interest margin, and higher fee income [14][15] - The company aims to capitalize on market disruptions faced by competing banks to add new clients and banking talent [14] Management's Comments on Operating Environment and Future Outlook - Management noted that overall economic activity remains healthy in their markets, with positive trends in asset quality and a reduction in non-performing loans [14][16] - The company expects to see continued improvement in financial performance and value creation for shareholders, driven by positive trends in key areas [16] Other Important Information - The company reported a higher level of non-interest bearing deposits, which will positively impact the cost of funds [11] - The company is seeing a positive trend in mortgage production, with September being the highest month in 2.5 years [12][34] Q&A Session Summary Question: Inquiry about credit and charge-offs - Management explained that a $10 million loan was moved to non-accrual status due to a liquidity issue with the borrower, but they expect a full recovery [18] - Charge-offs were primarily related to the conversion of a large credit into OREO, with the value of OREO being higher than the loan balance [18] Question: Classified loans and asset quality - Classified loans decreased significantly, with non-accrual classified at $14.4 million compared to $37.6 million in the prior quarter [19] Question: Deposit growth and sustainability - The growth in non-interest bearing deposits was broad-based among customers, indicating a positive trend in core relationships [20][22] Question: Deposit costs and NIM - The company reported a spot NIM of 2.40% at quarter-end, with expectations for positive trends in the future [22][24] Question: Mortgage business outlook - Management noted that while mortgage revenues were down in Q3, there is pent-up demand and a strong pipeline due to new MLO hires [34][36] Question: Future expansion plans - The company is looking to grow its presence in Arizona and Montana, with plans to add more personnel and branches in these markets [46][48]

Third Quarter 2024 Conference Call Safe Harbor Statements in this presentation regarding our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business and markets are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forwardlooking statements often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," "position," "outlook," or words of similar meaning, o ...

Company Performance - First Western (MYFW) reported quarterly earnings of $0.22 per share, missing the Zacks Consensus Estimate of $0.30 per share, and down from $0.32 per share a year ago, representing an earnings surprise of -26.67% [1] - The company posted revenues of $22.54 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 6.47%, compared to $22.87 million in the same quarter last year [1] - Over the last four quarters, First Western has surpassed consensus EPS estimates only once and has topped consensus revenue estimates just once [1] Stock Performance - First Western shares have increased by approximately 6.1% since the beginning of the year, while the S&P 500 has gained 21.5% [2] - The stock's immediate price movement will largely depend on management's commentary during the earnings call [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.33 on revenues of $24.9 million, and for the current fiscal year, it is $1 on revenues of $95.6 million [4] - The estimate revisions trend for First Western is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [4] Industry Context - The Banks - Midwest industry, to which First Western belongs, is currently in the top 22% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [5] - Empirical research indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1 [5]

Third Quarter 2024 Summary Net income available to common shareholders of $2.1 million in Q3 2024, compared to $1.1 million in Q2 2024Diluted earnings per share of $0.22 in Q3 2024, compared to $0.11 in Q2 2024Total deposits increased 3.7% from $2.41 billion in Q2 2024 to $2.50 billion in Q3 2024. Noninterest-bearing deposits increased 19% from $397 million in Q2 2024 to $474 million in Q3 2024Loan-to-Deposit ratio decreased from 101.9% in Q2 2024 to 95.2% in Q3 2024 DENVER, Oct. 24, 2024 (GLOBE NEWSWIRE) - ...

Exhibit 99.1 First Western Reports Third Quarter 2024 Financial Results Third Quarter 2024 Summary • Net income available to common shareholders of $2.1 million in Q3 2024, compared to $1.1 million in Q2 2024 • Diluted earnings per share of $0.22 in Q3 2024, compared to $0.11 in Q2 2024 • Total deposits increased 3.7% from $2.41 billion in Q2 2024 to $2.50 billion in Q3 2024. Noninterestbearing deposits increased 19% from $397 million in Q2 2024 to $474 million in Q3 2024 • Loan-to-Deposit ratio decreased f ...

DENVER, Oct. 04, 2024 (GLOBE NEWSWIRE) -- First Western Financial, Inc. (NASDAQ: MYFW), a financial services holding company headquartered in Denver, Colorado ("First Western"), announced today that it will release financial results for its third quarter ended September 30, 2024 after the markets close on Thursday, October 24, 2024. Management will hold a conference call at 10:00 a.m. Mountain Time/12:00 p.m. Eastern Time on Friday, October 25, 2024, to discuss First Western's financial results. Analysts an ...

Financial Performance - For the three months ended June 30, 2024, net income available to common shareholders was $1.1 million, a decrease of $0.4 million, or 28.6%, compared to the same period in 2023[158]. - For the six months ended June 30, 2024, net income available to common shareholders was $3.6 million, a decrease of $1.7 million, or 32.6%, compared to the same period in 2023[159]. - Non-interest income increased by $4.5 million for the six months ended June 30, 2024, driven by an increase in net gain on mortgage loans[159]. - Non-interest income increased by $3.0 million, or 76.0%, to $7.0 million for the three months ended June 30, 2024 compared to the same period in 2023, driven by a rise in net gain on mortgage loans[169]. - The Wealth Management segment reported income before income tax of $645,000 for the three months ended June 30, 2024, down from $2,429,000 in the same period of 2023[181]. Interest Income and Expenses - Net interest income for the three months ended June 30, 2024, was $15.8 million, a decrease of $2.7 million, or 14.4%, compared to the same period in 2023[160]. - The Company experienced a $7.0 million decrease in net interest income for the six months ended June 30, 2024, primarily due to higher rates on deposits and borrowings[159]. - For the six months ended June 30, 2024, net interest income was $31.8 million, a decrease of $6.2 million, or 16.2%, compared to the same period in 2023[161]. - Interest expense on deposits increased significantly, with total interest-bearing liabilities averaging $2.14 billion for the six months ended June 30, 2024, resulting in interest paid of $44.60 million[165]. - The average interest rate on money market deposit accounts increased to 4.34% for the three months ended June 30, 2024, compared to 3.81% for the same period in 2023[240]. Asset Management - The Company provided fiduciary and advisory services on $7.0 billion of assets under management (AUM) as of June 30, 2024[149]. - Total Assets Under Management (AUM) decreased by $129 million, or 1.8%, during the three months ended June 30, 2024, primarily due to asset withdrawals in custody accounts[196]. - For the six months ended June 30, 2024, AUM increased by $259 million, or 3.8%, attributed to contributions and improving market conditions[196]. - The ending balance of Total Assets Under Management as of June 30, 2024, was $7,012 million, compared to $6,504 million as of June 30, 2023[196]. Loan Portfolio - The loan portfolio as of June 30, 2024, amounted to $2.46 billion, with 1-4 family residential loans making up 37.4% of the total[207]. - Non-performing loans decreased from $50,816 thousand as of December 31, 2023, to $37,626 thousand as of June 30, 2024, representing a reduction of approximately 26%[216]. - The company reported $3.1 million in outstanding PPP loans as of June 30, 2024, down from $4.2 million at the end of 2023[206]. - The construction and development loans decreased to $307.5 million, accounting for 12.6% of the total loan portfolio as of June 30, 2024[207]. Deposits and Borrowings - Total deposits decreased by $118.1 million, or 4.7%, to $2.41 billion as of June 30, 2024, from December 31, 2023[240]. - Total time deposits as of June 30, 2024 were $519.6 million, an increase of $23.1 million, or 4.7%, from December 31, 2023[243]. - FHLB borrowings increased to $178.7 million as of June 30, 2024, compared to $91.2 million as of December 31, 2023[246]. Credit Losses and Provisions - The allowance for credit losses increased to $24.27 million as of June 30, 2024, compared to $20.08 million in the same period of 2023[165]. - The provision for credit losses for the six months ended June 30, 2024, was $2,680 thousand, compared to $2,209 thousand for the same period in 2023, indicating an increase of about 21.3%[233]. - The allowance for credit losses to non-accrual loans increased to 72.61% as of June 30, 2024, compared to 47.09% as of December 31, 2023[216]. Regulatory Compliance and Capital - The company remains in compliance with all applicable regulatory capital requirements, classified as "well capitalized" as of June 30, 2024[256]. - The Bank's Tier 1 capital to risk-weighted assets ratio improved to 11.22% as of June 30, 2024, up from 10.54% as of December 31, 2023[257]. - Total capital to risk-weighted assets ratio for the consolidated company was 13.44% as of June 30, 2024, compared to 12.59% as of December 31, 2023[257]. Interest Rate Risk Management - The company actively monitors and manages interest rate risk exposure, with reviews conducted at least quarterly by the board of directors[261]. - A 200 basis point increase in interest rates would result in a 7.41% decrease in net interest income and an 11.30% decrease in the fair value of equity[262]. - The balance sheet maintains a relatively consistent interest rate risk profile compared to December 31, 2023, according to model simulations[263].

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First Western Financial, Inc. (NASDAQ:MYFW) Q2 2024 Earnings Conference Call July 24, 2024 12:00 PM ET Company Participants Tony Rossi - Financial Profiles, Inc. Scott Wylie - Chairman and Chief Executive Officer Julie Courkamp - Chief Operating Officer David Weber - Chief Financial Officer Conference Call Participants Wood Lay - Keefe, Bruyette, & Woods, Inc. Bill Dezellem - Tieton Capital Management LLC Ross Haberman - RLH Investments Operator Good day, everyone, and thank you for standing by. Welcome to ...

Primary Background / Call Out Boxes / Text on dark background 255 255 255 AaBbCc 123 Lato (regular, bold, italics) Body Copy / Subheadings / Small Text Descriptions Secondary Colors Chart color Table color Special Headlines 62 94 111 154 161 132 Chart color Table Color 122 125 129 Chart color Table Color Tertiary Colors 164 166 168 Chart Color 157 180 196 Chart Color • NPAs increased to $49.3 million due to the foreclosure on two properties held as collateral that were placed in OREO and more than offset th ...