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First Western(MYFW) - 2024 Q4 - Annual Results
MYFWFirst Western(MYFW)2025-01-23 21:23

Financial Performance - Net income available to common shareholders was 2.7millioninQ42024,upfrom2.7 million in Q4 2024, up from 2.1 million in Q3 2024, and a net loss of 3.2millioninQ42023[3].−Dilutedearningspershareincreasedto3.2 million in Q4 2023[3]. - Diluted earnings per share increased to 0.28 in Q4 2024 from 0.22inQ32024[6].−NetincomeavailabletocommonshareholdersforQ42024was0.22 in Q3 2024[6]. - Net income available to common shareholders for Q4 2024 was 2,748,000, compared to 2,134,000inQ32024[33].−Netincomeavailabletocommonshareholderswas2,134,000 in Q3 2024[33]. - Net income available to common shareholders was 2,748,000, a significant improvement from a net loss of 3,219,000inthesamequarterlastyear[43].−Returnontangiblecommonequity(annualized)improvedto4.983,219,000 in the same quarter last year[43]. - Return on tangible common equity (annualized) improved to 4.98%, up from 3.93% in the previous quarter[43]. - Gross revenue for the quarter was 23,787,000, an increase from 22,749,000inthepriorquarter[43].IncomeandExpenses−Netinterestincomeroseto22,749,000 in the prior quarter[43]. Income and Expenses - Net interest income rose to 16.9 million in Q4 2024, an 8.3% increase from 15.6millioninQ32024[9].−Non−interestincomedecreasedto15.6 million in Q3 2024[9]. - Non-interest income decreased to 6.5 million in Q4 2024, down 7.1% from 7.0millioninQ32024[12].−Non−interestexpenseincreasedto7.0 million in Q3 2024[12]. - Non-interest expense increased to 20.4 million in Q4 2024, a 5.2% rise from 19.4millioninQ32024[14].−Totalnon−interestexpenseforQ42024was19.4 million in Q3 2024[14]. - Total non-interest expense for Q4 2024 was 20,427,000, an increase from 19,368,000inQ32024[33].−Allowanceforcreditlossesdecreasedto19,368,000 in Q3 2024[33]. - Allowance for credit losses decreased to 18,330,000, down from 18,796,000inthepriorquarter[43].−Allowanceforcreditlossestoadjustedloansratiowas0.7618,796,000 in the prior quarter[43]. - Allowance for credit losses to adjusted loans ratio was 0.76%, slightly down from 0.79% in the previous quarter[43]. Loans and Deposits - Total loans increased by 2.1% to 2.45 billion in Q4 2024 from 2.40billioninQ32024[6].−Totalloansheldforinvestmentincreasedto2.40 billion in Q3 2024[6]. - Total loans held for investment increased to 2,428,994 as of December 31, 2024, compared to 2,387,288asofSeptember30,2024,anddecreasedfrom2,387,288 as of September 30, 2024, and decreased from 2,539,990 as of December 31, 2023[37]. - Average deposits grew by 4.0% to 2.50billioninQ42024from2.50 billion in Q4 2024 from 2.40 billion in Q3 2024[6]. - Total deposits reached 2,514,209asofDecember31,2024,slightlyupfrom2,514,209 as of December 31, 2024, slightly up from 2,503,054 as of September 30, 2024, but down from 2,529,039asofDecember31,2023[37].AssetManagement−Totalassetsundermanagementdecreasedto2,529,039 as of December 31, 2023[37]. Asset Management - Total assets under management decreased to 7.32 billion as of December 31, 2024, from 7.47billionasofSeptember30,2024[21].−Assetsundermanagementincreasedto7.47 billion as of September 30, 2024[21]. - Assets under management increased to 7,321,147 as of December 31, 2024, compared to 7,465,757asofSeptember30,2024,and7,465,757 as of September 30, 2024, and 6,752,981 as of December 31, 2023[41]. - Total assets as of December 31, 2024, were 2,919,037,anincreasefrom2,919,037, an increase from 2,911,948 as of September 30, 2024, and a decrease from 2,975,462asofDecember31,2023[35].CapitalRatios−AsofDecember31,2024,theBank′sTier1capitaltorisk−weightedassetswas11.412,975,462 as of December 31, 2023[35]. Capital Ratios - As of December 31, 2024, the Bank's Tier 1 capital to risk-weighted assets was 11.41% and total capital to risk-weighted assets was 12.10%[25]. - The Tier 1 capital to risk-weighted assets ratio was 10.07% as of December 31, 2024, stable from 10.06% as of September 30, 2024, and up from 9.40% as of December 31, 2023[41]. - Book value per common share increased 1.4% from 25.75 as of September 30, 2024, to 26.10asofDecember31,2024[25].−Tangiblebookvaluepercommonshareincreased1.626.10 as of December 31, 2024[25]. - Tangible book value per common share increased 1.6% from 22.47 as of September 30, 2024, to 22.83asofDecember31,2024[26].−Totalshareholders′equityincreasedto22.83 as of December 31, 2024[26]. - Total shareholders' equity increased to 252,322,000 as of December 31, 2024, up from 248,831,000inthepreviousquarter[43].−Tangiblecommonequityroseto248,831,000 in the previous quarter[43]. - Tangible common equity rose to 220,695,000, compared to 217,147,000inthepriorquarter[43].AssetQuality−Non−performingassetstotaled217,147,000 in the prior quarter[43]. Asset Quality - Non-performing assets totaled 49.0 million, or 1.68% of total assets, as of December 31, 2024, down from 52.1million,or1.7952.1 million, or 1.79% of total assets, as of September 30, 2024[22]. - Non-performing loans decreased to 13,052 as of December 31, 2024, from 15,031asofSeptember30,2024,andsignificantlydownfrom15,031 as of September 30, 2024, and significantly down from 51,125 as of December 31, 2023[41]. - The allowance for credit losses to non-performing loans ratio improved to 140.44% as of December 31, 2024, from 125.05% as of September 30, 2024, and significantly up from 46.81% as of December 31, 2023[41]. Efficiency Metrics - The efficiency ratio improved to 80.7% in Q4 2024 from 85.0% in Q3 2024[15]. - Efficiency ratio improved to 80.74%, compared to 84.98% in the previous quarter[43]. - The net interest margin improved to 2.45% for the three months ended December 31, 2024, compared to 2.32% for the three months ended September 30, 2024, and 2.37% for the three months ended December 31, 2023[39]. Upcoming Events - The company will host a conference call on January 24, 2025, to discuss the fourth quarter 2024 results[27].