Third Quarter 2021 Conference Call Safe Harbor This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect the current views of First Western Financial, Inc.'s ("First Western") management with respect to, among other things, future events and First Western's financial performance. These statements are often, but not always, mad ...

Financial Performance - As of September 30, 2021, the company reported total assets of $2.08 billion and total revenues of $72.3 million[192]. - For the three months ended September 30, 2021, net income available to common shareholders was $6.4 million, a decrease of $3.2 million or 33.4% compared to the same period in 2020[214]. - The income before income tax for the three months ended September 30, 2021 was $8.5 million, a decrease of $4.4 million or 34.0% from the same period in 2020[214]. - For the nine months ended September 30, 2021, net income available to common shareholders was $18.7 million, a decrease of $1.0 million or 4.9% compared to the same period in 2020[215]. - For the nine months ended September 30, 2021, income before income tax was $24.7 million, a decrease of $1.3 million, or 4.9%, compared to the same period in 2020[216]. Asset Management - The company provided fiduciary and advisory services on $6.91 billion of assets under management (AUM) as of September 30, 2021[192]. - The ending balance of total assets under management was $6,906 million as of September 30, 2021, compared to $6,131 million for the same period in 2020[268]. - Assets under management increased by $143.8 million, or 2.1%, for the three months ended September 30, 2021, and increased by $650.6 million, or 10.4%, for the nine months ended September 30, 2021[271]. Income and Expenses - Net interest income increased by $3.0 million for the three months ended September 30, 2021, driven by a $1.7 million increase in interest income from loans[214]. - Non-interest income decreased by $7.5 million, or 41.8%, to $10.5 million for the three months ended September 30, 2021, primarily due to a $7.8 million decrease in net gain on mortgage loans[4]. - Non-interest income in Wealth Management grew by 5.1% to $6.0 million in Q3 2021, compared to $5.7 million in Q3 2020[255]. - Non-interest expense increased by $3.7 million, or 8.4%, to $47.6 million for the nine months ended September 30, 2021, primarily due to higher salaries and employee benefits[6]. Loan Performance - The company experienced a $7.8 million decrease in net gain on mortgage loans, primarily due to a slowdown in new lock volume associated with decreased refinance activity[214]. - The provision for loan losses recorded was $0.4 million for the nine months ended September 30, 2021[2]. - The allowance for loan losses at the end of the period was $12.964 million, up from $11.845 million in 2020, representing an increase of 9.4%[307]. - Total non-performing loans were $4.4 million as of September 30, 2021, with a non-performing loans to total loans ratio of 0.27%[296]. Capital and Equity - Total shareholders' equity increased by $20.2 million, or 13.0%, to $175.1 million as of September 30, 2021, primarily due to an increase in net income[266]. - The Bank's Tier 1 capital to risk-weighted assets ratio was 11.02% as of September 30, 2021, compared to 10.22% as of December 31, 2020[337]. - Total capital to risk-weighted assets ratio for the consolidated company was 14.37% as of September 30, 2021, up from 12.80% as of December 31, 2020[337]. Deposits and Borrowings - Total deposits increased by $162.4 million, or 10.0%, to $1.78 billion as of September 30, 2021, compared to December 31, 2020[314]. - Borrowings decreased by $76.3 million, or 43.9%, to $97.6 million as of September 30, 2021, attributed to a reduction in outstanding advances on the Federal Reserve's Paycheck Protection Program Loan Facility[265]. - Money market deposit accounts increased by $57.8 million, or 6.8%, to $905.2 million as of September 30, 2021, compared to December 31, 2020[264]. Economic Impact and Risk Management - The Company is closely monitoring the economic impact of COVID-19 on its loan portfolio, particularly in higher impacted industries[305]. - The Company continues to engage with clients in industries more affected by the pandemic, focusing on those with a greater than 50% probability of downgrade or covenant violation[290]. - The financial strength of the Company's clientele and the diversity of the portfolio continue to mitigate credit risk within the portfolio[3].

First Western Financial, Inc. (NASDAQ:MYFW) Q3 2021 Earnings Conference Call October 22, 2021 12:00 PM ET Company Participants Tony Rossi - Financial Profiles, Inc. Scott Wylie - Chairman and CEO Julie Courkamp - CFO Conference Call Participants Brady Gailey - KBW Ross Haberman - RLH Investments Bill Dezellem - Tieton Capital Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are designed to help you navigate the ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number 001-38595 FIRST WESTERN FINANCIAL, INC. (Exact name of registrant as specified in its charter) Colorado 37-1 ...

First Western Financial, Inc. (NASDAQ:MYFW) Q2 2021 Earnings Conference Call July 23, 2021 12:00 PM ET Company Participants Tony Rossi - Financial Profiles, Inc. Scott Wylie - Chairman, President, and CEO Julie Courkamp - CFO Conference Call Participants Ben Gerlinger - Hovde Group Matthew Clark - Piper Sandler Brady Gailey - KBW Bill Dezellem - Tieton Capital Ross Haberman - RLH Investments Operator Good day and thank you for standing by. Welcome to the First Western Financial Q2 2021 Earnings Conference C ...

Second Quarter 2021 Conference Call Safe Harbor This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect the current views of First Western Financial, Inc.'s ("First Western") management with respect to, among other things, future events and First Western's financial performance. These statements are often, but not always, ma ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number 001-38595 FIRST WESTERN FINANCIAL, INC. (Exact name of registrant as specified in its charter) Colorado 37- ...

Financial Performance - Net income for 2020 was $24,534 thousand, significantly higher than $8,009 thousand in 2019, marking a growth of 206.7%[323] - The return on average assets improved to 1.48% in 2020, up from 0.68% in 2019[323] - The efficiency ratio decreased to 60.50% in 2020 from 80.57% in 2019, indicating improved operational efficiency[323] - Gross revenue for 2020 was $97,282,000, compared to $64,336,000 in 2019, showcasing robust growth in total income[337] - For the year ended December 31, 2020, net income available to common shareholders was $24.5 million, a 206.3% increase from $8.0 million in 2019[368] - Income before income tax for 2020 was $33.1 million, reflecting a 224.4% increase from $10.2 million in 2019[368] Asset Growth - Total assets increased to $1,973,655 thousand in 2020, up from $1,251,682 thousand in 2019, representing a growth of 57.6%[323] - Total shareholders' equity rose to $154,962 thousand in 2020, compared to $127,678 thousand in 2019, an increase of 21.4%[323] - Total liabilities increased to $1,818,693 thousand in 2020, up from $1,124,004 thousand in 2019, representing a growth of approximately 62%[520] - Total deposits increased by $533.1 million, or 49.1%, to $1.62 billion as of December 31, 2020, compared to $1.09 billion as of December 31, 2019[473] Loan and Interest Income - Net interest income after provision for loan losses rose to $41,420 thousand in 2020, compared to $31,399 thousand in 2019, an increase of 32.2%[323] - Net interest income for 2020 reached $46,102,000, up from $32,061,000 in 2019, indicating a significant growth in interest earnings[329] - The average yield on loans decreased to 3.94% in 2020 from 4.49% in 2019, while the net interest margin improved to 3.09% from 2.99%[371] - The average loans outstanding for 2020 were $1.32 billion, an increase of 40.8% from $936.8 million in 2019[465] Non-Interest Income - Non-interest income increased to $51,180 thousand in 2020, compared to $32,577 thousand in 2019, a growth of 57.1%[323] - Non-interest income for 2020 was $51,180,000, compared to $32,577,000 in 2019, reflecting a strong increase in fee-based revenue[329] - Non-interest income rose by $18.6 million, or 57.1%, to $51.2 million, driven by a $691.4 million increase in mortgage loans funded[385] Loan Losses and Provisions - The allowance for loan losses increased to $12,539 thousand in 2020 from $7,875 thousand in 2019, reflecting a rise of 59.5%[323] - For the year ended December 31, 2020, the Company recorded a provision for loan losses of $4.7 million, primarily due to increased economic uncertainty related to the COVID-19 pandemic[393] - The allowance for loan losses increased to $12.5 million at the end of 2020, compared to $7.9 million at the beginning of the year, reflecting a provision for loan losses of $4.7 million[465] Operational Efficiency - The efficiency ratio improved to 60.50% in 2020 from 80.57% in 2019, demonstrating enhanced operational efficiency[329] - Non-interest expense for 2020 was $59,537,000, an increase from $53,784,000 in 2019, while adjusted non-interest expense was $58,856,000[329] - Non-interest expense increased by 10.7% to $59.5 million for the year ended December 31, 2020, driven by higher salaries and employee benefits, and professional services expenses[396] Capital and Equity - The company’s capital ratios exceeded the well-capitalized regulatory requirements established under Basel III as of December 31, 2020[365] - The Company completed the issuance and sale of subordinated notes totaling $18.0 million during the year ended December 31, 2020[479] - The consolidated company's total capital to risk-weighted assets ratio was 12.80% as of December 31, 2020, compared to 12.87% as of December 31, 2019[496] COVID-19 Impact and Response - The company activated its Business Continuity Plan in March 2020, with most associates working remotely and offices operating on an appointment-only basis[343] - The company modified two loans totaling $2.1 million due to COVID-19, representing 0.13% of total loans, with one loan in the 1-4 Family Residential category and one in Owner Occupied CRE[445] - The company has intensified portfolio management focusing on higher impacted industries due to the COVID-19 pandemic[464] Mortgage and Loan Activities - The Company originated $1.33 billion in mortgage loans during the year ended December 31, 2020, with $875.8 million in refinance loans compared to $292.7 million the prior year[416] - The net gain on mortgage loans increased by $18.7 million, or 176.6%, to $29.3 million, with origination volume rising to $1.33 billion in 2020 from $640.6 million in 2019[388] - Mortgage loans held for sale increased by $113.5 million, or 235.0%, to $161.8 million as of December 31, 2020, reflecting increased mortgage origination volume[419]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the transition period from ________ to ________ Commission File Number 001-38595 FIRST WESTERN FINANCIAL, INC. (Exact name of registrant as specified in its charter) Colorado 37-1442266 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1900 16th Street, Suite 1200 Denver, CO 80202 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANG ...

FIRSTWestern | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|--------------------------------------------------------------------------------------------------------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | First Western Financial, Inc. The First, Western-Based Private Trust Bank Third Quarter 2020 Conference Call | | | | | | | | | | | | | | Safe Harbor This presentation contains "forwa ...