First Western(US:MYFW)2024-10-25 19:33Financial Performance - Net income available to common shareholders was $2.1 million, resulting in diluted earnings per share of $0.22 in 3Q24[6] - Net interest income after provision for credit losses improved to $15.1 million compared to the prior quarter's $13.4 million[6] - Tangible book value per share increased approximately 0.9% to $22.47[11] Loan Portfolio - Total loans held for investment decreased by $73.4 million from the prior quarter[16] - New loan production improved in 3Q24 to $82.8 million, with an average rate on new loan production of 7.49%[16] Deposits - Total deposits increased 3.7% from $2.41 billion in 2Q24 to $2.50 billion in 3Q24[22] - Noninterest-bearing deposits increased 19% from $397 million in 2Q24 to $474 million in 3Q24[22] Assets Under Management - Total assets under management increased 6.5% during the quarter to $7.5 billion and increased 16.7% from 3Q23[25] Revenue and Expenses - Gross revenue decreased 1.7% from the prior quarter[29] - Net interest income decreased 1.3% from the prior quarter[29] - Non-interest income remained flat quarter over quarter[29] - Non-interest expense increased to $19.4 million from $19.0 million in the second quarter[44]