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) - ...

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].

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks. Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks a ...

First Western, which belongs to the Zacks Banks - Midwest industry, posted revenues of $22.75 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 4.01%. This compares to year-ago revenues of $22.4 million. The company has topped consensus revenue estimates just once over the last four quarters. While First Western has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? It will be interesting to see how estimates ...

Exhibit 99.1 Second Quarter 2024 Summary First Western Reports Second Quarter 2024 Financial Results • Book value per common share increased 0.1% from $25.52 in Q1 2024 to $25.55 in Q2 2024. Tangible book value per common share increased 0.2% from $22.21 in Q1 2024 to $22.27 in Q2 2024 (1) • Net interest margin stabilized during the quarter, with a slight increase of 1 basis point from 2.34% in Q1 2024 to 2.35% in Q2 2024 • Net income available to common shareholders of $1.1 million in Q2 2024, compared to ...

Book value per common share increased 0.1% from $25.52 in Q1 2024 to $25.55 in Q2 2024. Tangible book value per common share(1) increased 0.2% from $22.21 in Q1 2024 to $22.27 in Q2 2024 Net interest margin stabilized during the quarter, with a slight increase of 1 basis point from 2.34% in Q1 2024 to 2.35% in Q2 2024 Net income available to common shareholders of $1.1 million in Q2 2024, compared to $2.5 million in Q1 2024 Diluted earnings per share of $0.11 in Q2 2024, compared to $0.26 in Q1 2024 Total c ...

Wall Street expects a year-over-year increase in earnings on higher revenues when First Western (MYFW) reports results for the quarter ended June 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 23. On ...

Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500. For First Western, strong agreement among the covering analysts in revising earnings estimates upward has resulted in meaningful improvement in consensus estimates for the next quarter and full year. Current-Year Estimate Revisions Bottom Line First Western (MYFW) appears an attractive pick given a noticeable improvement in the company's earnings outlook. The stock has been a strong performer lat ...

Under the plan, First Western Financial is authorized to repurchase up to 2 million shares, representing almost 2% of its outstanding shares. The program will be in effect for one year. First Western Financial doesn't pay dividends. Over the years, First Western Financial has expanded organically and through strategic acquisitions. In 2021, the company acquired Teton Financial Services, Inc. The transaction expanded the company's presence in Wyoming. First Western Financial has a solid balance sheet positio ...

First Western is a financial services holding company headquartered in Denver, Colorado, with operations in Colorado, Arizona, Wyoming, California, and Montana. First Western and its subsidiaries provide a fully integrated suite of wealth management services on a private trust bank platform, which includes a comprehensive selection of deposit, loan, trust, wealth planning and investment management products and services. First Western's common stock is traded on the Nasdaq Global Select Market under the symb ...