First Western Financial Inc

Listed Company

MYFWCIK 0001327607NasdaqAcceleratedSmaller ReportingState Commercial BanksColorado

Period

FY 2025

Revenue

$96.91M

Net Income

$13.19M

Total Assets

$3.15B

Equity

$265.56M

Shares Out

9.74M

Op. Cash Flow

$-1.80M

Business

First Western Financial Inc is a financial holding company that operates a private trust bank platform delivering integrated wealth management and banking services. It offers deposit and loan products, fiduciary and advisory trust services, wealth planning, investment management, mortgage origination and secondary market mortgage sales, treasury management, retirement consulting and insurance/risk-management solutions. The company’s operating structure consists of local boutique “profit center” private trust bank offices supported by central product groups and back-office support centers. It serves affluent clients in Western U.S. markets through its branded network of local offices, loan production and trust offices and digital/third-party channels.

Summary from filing dated 2025-03-07

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans, including fees	145	140	135	95	61
Loans accounted for under the fair value option	311,000	636,000	1	1	0
Investment securities	4	3	2	2	770,000
Interest-bearing deposits in other financial institutions	9	9	6	2	397,000
Dividends, restricted stock	576,000	463,000	620,000	381,000	86,000
Total interest and dividend income	160	153	146	101	62
Deposits	79	83	65	13	3
Other borrowed funds	5	6	9	4	2
Total interest expense	84	88	—	—	—
Net interest income	75	64	71	84	57
Less: Provision for credit losses	5	2	10	4	1
Net interest income, after provision for credit losses	70	62	61	80	55
Trust and investment management fees	18	19	19	19	20
Net gain on mortgage loans	4	5	3	5	16
Net gain (loss) on loans held for sale	222,000	−105,000	−178,000	−12,000	—
Bank fees	1	2	2	3	2
Risk management and insurance fees	551,000	2	919,000	1	1
Income on company-owned life insurance	455,000	431,000	378,000	349,000	354,000
Net gain (loss) on loans accounted for under the fair value option	6,000	−999,000	−2	−891,000	0
Net gain on other real estate owned	459,000	0	—	—	—
Unrealized gain (loss) recognized on equity securities	14,000	−33,000	−22,000	342,000	469,000
Other	624,000	581,000	−775,000	477,000	60,000
Total non-interest income	27	28	22	28	40
Total income before non-interest expense	97	90	83	108	95
Salaries and employee benefits	46	45	45	48	41
Occupancy and equipment	8	8	8	8	6
Professional services	8	8	8	8	6
Technology and information systems	4	4	3	4	4
Data processing	5	4	5	4	6
Marketing	1	1	2	2	2
Amortization of other intangible assets	200,000	200,000	300,000	300,000	17,000
Other	7	7	5	5	3
Total non-interest expense	80	78	76	79	68
Income before income taxes	17	12	7	29	—
Income tax expense	4	3	2	7	7
Net income	13	8	—	—	—
Basic (in dollars per share)	1.36	0.88	0.55	2.29	2.58
Diluted (in dollars per share)	1.34	0.87	0.54	2.23	2.5

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	10	10	7	5	6
Interest-bearing deposits in other financial institutions	191	228	247	192	379
Total cash and cash equivalents	200	238	255	197	387
Available-for-sale debt securities, at fair value (amortized cost of $45,623 and $0, respectively)	46	0	—	0	56
Held-to-maturity debt securities, net of allowance for credit losses of $74 and $71 (fair value of $90,635 and $68,161), respectively	95	76	—	—	—
Correspondent bank stock, at cost	7	6	7	7	3
Mortgage loans held for sale, at fair value	40	25	7	9	31
Loans held for sale, at fair value	0	300,000	0	2	0
Loans (includes $3,182 and $7,283 measured at fair value, respectively)	2,650	2,426	—	—	—
Allowance for credit losses	−21	−18	−24	−17	−14
Loans, net	2,629	2,407	2,507	2,452	—
Premises and equipment, net	26	24	25	25	24
Accrued interest receivable	11	10	11	10	7
Accounts receivable	5	5	5	5	5
Other receivables	2	6	4	2	2
Other real estate owned, net	3	36	0	—	—
Goodwill and other intangible assets, net	31	32	32	32	32
Deferred tax assets, net	4	3	6	7	7
Company-owned life insurance	17	17	17	16	16
Other assets	38	34	24	21	23
Total assets	3,155	2,919	2,975	2,867	2,527
Noninterest-bearing	345	376	483	583	636
Interest-bearing	2,402	2,139	2,046	1,822	1,569
Total deposits	2,747	2,514	2,529	2,405	2,206
Federal Home Loan Bank and Federal Reserve borrowings	63	57	126	147	39
Subordinated notes	45	53	52	52	39
Accrued interest payable	1	2	4	1	355,000
Other liabilities	34	41	22	21	25
Total liabilities	2,889	2,667	2,733	2,626	2,308
Preferred stock - no par value; 10,000,000 shares authorized; 0 issued and outstanding	0	0	0	0	0
Common stock - no par value; 90,000,000 shares authorized; 9,725,731 and 9,667,142 shares issued and outstanding as of December 31, 2025 and 2024, respectively	0	0	0	0	0
Additional paid-in capital	194	194	193	190	189
Retained earnings	73	60	51	47	30
Accumulated other comprehensive loss	−1	−778,000	−1	−2	223,000
Total shareholders equity	266	252	243	241	219
Total liabilities and shareholders equity	3,155	2,919	2,975	2,867	2,527

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net amortization of investment securities	15,000	−75,000	−14,000	130,000	670,000
Stock dividends received on correspondent bank stock	−576,000	−463,000	−620,000	−381,000	−86,000
Origination of mortgage loans held for sale	−379	−383	−276	−440	−1,426
Proceeds from mortgage loans	368	370	280	467	1,564
Loss on disposal of fixed assets	43,000	0	8,000	−21,000	—
Depreciation and amortization	3	3	2	2	1
Net amortization of purchase accounting adjustments	621,000	138,000	457,000	55,000	187,000
Deferred income tax (benefit) expense	−770,000	3	2	557,000	−668,000
Purchase of solar tax credits	−1	0	—	—	—
Income on company-owned life insurance	−455,000	−431,000	−378,000	−349,000	−354,000
Stock-based compensation	2	1	2	3	3
Provision for other real estate owned	1	1	0	—	—
Net gain on other real estate owned	−459,000	0	0	−44,000	0
Net (gain) loss on loans accounted for under the fair value option	−6,000	999,000	2	891,000	—
Change in accounts receivable	−18,000	550,000	−307,000	426,000	−275,000
Change in accrued interest receivable and other assets	2	480,000	−5	−4	695,000
Change in accrued interest payable and other liabilities	−9	−827,000	2	−2	2
Net cash (used in) provided by operating activities	−2	606,000	22	48	163
Maturities, prepayments, and calls	4	0	0	3	16
Purchases	−50	0	—	—	—
Maturities, prepayments, and calls	13	9	7	9	0
Purchases	−32	−10	0	−31	—
Purchases of correspondent bank stock	−6	−7	−41	−14	−1,000
Redemption of correspondent bank stock	5	9	41	10	983,000
Contributions to low-income housing tax credit investments	−2	−803,000	−1	−214,000	−2
Loan and note receivable originations and principal collections, net	−218	85	−110	−488	−160
Purchases of premises and equipment	−4	−1	−2	−3	−2
Proceeds from sale of loans	0	6	41	0	—
Purchase of loans	−8	−23	−1	−36	—
Proceeds from sale of other real estate owned	32	0	0	422,000	194,000
Net cash (used in) provided by investing activities	−264	66	−66	−559	−43
Net change in deposits	232	−15	124	200	207
Payments to Federal Home Loan Bank borrowings	−180	−276	−1,573	−546	0
Proceeds from Federal Home Loan Bank borrowings	187	240	1,482	677	0
Payments to Federal Reserve borrowings	−2	−42	−293	−23	−195
Proceeds from Federal Reserve borrowings	0	10	362	0	84
Payments to subordinated note holders	−8	0	0	−7	0
Repurchase of common stock	−784,000	−89,000	0	—	—
Cash paid for withholding taxes on exercised stock options	−6,000	0	—	—	—
Cash paid for withholding taxes on share-based awards	−802,000	−706,000	—	—	—
Net cash provided by (used in) financing activities	229	−84	102	320	112
Net change in cash and cash equivalents	−38	−17	—	—	231
Interest paid on deposits and borrowed funds	85	90	72	17	6
Income tax payment	0	93,000	3	5	6
Cash paid for lease liabilities	3	4	4	3	3
Transfer (to) from loans held for investment (from) to loans held for sale	−594,000	6	39	2	0
Lease right-of-use-asset obtained in exchange for lease liabilities	4	13	3	801,000	2
Transfers from loans, net of participations, to other real estate owned	0	27	0	378,000	0

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