First Western(MYFW) - 2024 Q4 - Annual Results

Financial Performance - Net income available to common shareholders was $2.7 million in Q4 2024, up from $2.1 million in Q3 2024, and a net loss of $3.2 million in Q4 2023[3]. - Diluted earnings per share increased to $0.28 in Q4 2024 from $0.22 in Q3 2024[6]. - Net income available to common shareholders for Q4 2024 was $2,748,000, compared to $2,134,000 in Q3 2024[33]. - Net income available to common shareholders was $2,748,000, a significant improvement from a net loss of $3,219,000 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 $22,749,000 in the prior quarter[43]. Income and Expenses - Net interest income rose to $16.9 million in Q4 2024, an 8.3% increase from $15.6 million in Q3 2024[9]. - Non-interest income decreased to $6.5 million in Q4 2024, down 7.1% from $7.0 million in Q3 2024[12]. - Non-interest expense increased to $20.4 million in Q4 2024, a 5.2% rise from $19.4 million in Q3 2024[14]. - Total non-interest expense for Q4 2024 was $20,427,000, an increase from $19,368,000 in Q3 2024[33]. - Allowance for credit losses decreased to $18,330,000, down from $18,796,000 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 $2.40 billion in Q3 2024[6]. - Total loans held for investment increased to $2,428,994 as of December 31, 2024, compared to $2,387,288 as of September 30, 2024, and decreased from $2,539,990 as of December 31, 2023[37]. - Average deposits grew by 4.0% to $2.50 billion in Q4 2024 from $2.40 billion in Q3 2024[6]. - Total deposits reached $2,514,209 as of December 31, 2024, slightly up from $2,503,054 as of September 30, 2024, but down from $2,529,039 as of December 31, 2023[37]. Asset Management - Total assets under management decreased to $7.32 billion as of December 31, 2024, from $7.47 billion as of September 30, 2024[21]. - Assets under management increased to $7,321,147 as of December 31, 2024, compared to $7,465,757 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, an increase from $2,911,948 as of September 30, 2024, and a decrease from $2,975,462 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 $26.10 as of December 31, 2024[25]. - Tangible book value per common share increased 1.6% from $22.47 as of September 30, 2024, to $22.83 as of December 31, 2024[26]. - Total shareholders' equity increased to $252,322,000 as of December 31, 2024, up from $248,831,000 in the previous quarter[43]. - Tangible common equity rose to $220,695,000, compared to $217,147,000 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 $52.1 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 $15,031 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].