First Western(US:MYFW)2025-04-24 20:16Financial Performance - Net income available to common shareholders was $4.2 million, or $0.43 per diluted share, for Q1 2025, compared to $2.7 million, or $0.28 per diluted share, in Q4 2024[3]. - Non-interest income rose to $7.3 million in Q1 2025, a 12.3% increase from $6.5 million in Q4 2024, primarily due to gains on other real estate owned and mortgage loans[12]. - Total interest and dividend income for the three months ended March 31, 2025, was $37,209,000, compared to $38,109,000 for the previous quarter and $38,398,000 for the same quarter last year[34]. - Net interest income for the three months ended March 31, 2025, was $17,453,000, an increase from $16,908,000 in the previous quarter and $16,070,000 in the same quarter last year[34]. - Basic and diluted earnings per common share for the three months ended March 31, 2025, were both $0.43, up from $0.28 in the previous quarter and $0.26 in the same quarter last year[34]. - The company reported net income available to common shareholders of $4,185 thousand for the three months ended March 31, 2025, compared to $2,748 thousand in the previous quarter[44]. Asset Quality - Non-performing assets decreased to $17.1 million, or 0.59% of total assets, as of March 31, 2025, down from $49.0 million, or 1.68% of total assets, at the end of Q4 2024[23]. - Non-performing loans decreased to $12,758 thousand, down from $13,052 thousand as of December 31, 2024, indicating an improvement in asset quality[42]. - The allowance for credit losses to total loans ratio was 0.74% as of March 31, 2025, slightly down from 0.76% as of December 31, 2024[42]. Capital and Efficiency - The Tier 1 capital to risk-weighted assets ratio was 10.35% as of March 31, 2025, indicating strong capital levels[26]. - The efficiency ratio improved to 79.2% in Q1 2025, compared to 80.7% in Q4 2024 and 83.7% in Q1 2024[15]. - The efficiency ratio improved to 79.16% for the three months ended March 31, 2025, compared to 80.74% in the previous quarter[44]. - Return on tangible common equity (annualized) increased to 7.44% for the three months ended March 31, 2025, up from 4.98% in the previous quarter[44]. Deposits and Loans - Total deposits were $2.52 billion as of March 31, 2025, reflecting a 0.4% increase from $2.51 billion as of December 31, 2024[19]. - Total loans held for investment remained flat at $2.43 billion as of March 31, 2025, compared to December 31, 2024[17]. - Total loans held for investment increased to $2,480,196 thousand as of March 31, 2025, up from $2,428,994 thousand as of December 31, 2024, reflecting a growth of 2.1%[38]. - Total deposits reached $2,531,970 thousand as of March 31, 2025, compared to $2,514,209 thousand as of December 31, 2024, representing a slight increase of 0.7%[40]. Book Value - Book value per common share increased 1.3% from $26.10 as of December 31, 2024, to $26.44 as of March 31, 2025[26]. - Tangible book value per common share increased 1.6% from $22.83 as of December 31, 2024, to $23.18 as of March 31, 2025, and increased 4.4% from $22.21 as of March 31, 2024[27]. Other Information - The company expects to continue positive trends and redeploy cash from the sale of OREO properties into interest-earning assets[5]. - The company will host a conference call and webcast on April 25, 2025, at 10:00 a.m. MT/12:00 p.m. ET to discuss the first quarter 2025 results[27]. - The company operates in Colorado, Arizona, Wyoming, California, and Montana, providing a fully integrated suite of wealth management services[29]. - Total assets as of March 31, 2025, were $2,906,300,000, a decrease from $2,919,037,000 as of December 31, 2024, and $2,932,217,000 as of March 31, 2024[36]. - Total non-interest expense for the three months ended March 31, 2025, was $19,361,000, a decrease from $20,427,000 in the previous quarter and an increase from $19,696,000 in the same quarter last year[34]. - Assets under management decreased to $7,176,624 thousand as of March 31, 2025, down from $7,321,147 thousand as of December 31, 2024[42].