First Western Financial IncMYFW
First Western Financial Inc Segments Disclosure
SEGMENT REPORTING
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The Company has two reportable segments which consist of Wealth Management and Mortgage. The chief operating decision maker (CODM) is the Chief Executive Officer. The measure of profit or loss used by the CODM to identify and measure the Company’s reportable segments is income before income tax. The CODM uses income before income tax to determine resource allocation during the annual budget and forecast process and to monitor monthly budgeted versus actual results in assessing performance of the segments.
The Wealth Management segment consists of operations relative to the Company’s fully integrated wealth management products and services. Services provided include deposit, loan, insurance, and trust and investment management advisory products and services. Parent company activity primarily consists of subordinated debt interest expense and is included within Wealth Management as management evaluates and makes business decisions for Wealth Management, including the parent company, collectively as one segment.
The Mortgage segment consists of operations relative to the Company’s residential mortgage service offerings. Mortgage products and services are financial in nature for which premiums are recognized, net of expenses, upon the sale of mortgage loans to third parties.
The following presents the financial information for each segment that is specifically identifiable or based on allocations using internal methods as of or during the periods presented (dollars in thousands):
| As of and for the year ended December 31, 2025 | Wealth Management | Mortgage | Consolidated | |||||||||||||||||
| Income Statement | ||||||||||||||||||||
| Total interest income | $ | 158,312 | $ | 1,475 | $ | 159,787 | ||||||||||||||
| Total interest expense | 84,419 | — | 84,419 | |||||||||||||||||
| Provision for credit losses | 5,025 | — | 5,025 | |||||||||||||||||
Net interest income, after provision for credit losses | 68,868 | 1,475 | 70,343 | |||||||||||||||||
| Net gain on mortgage loans | — | 4,443 | 4,443 | |||||||||||||||||
All other non-interest income(1) | 22,128 | — | 22,128 | |||||||||||||||||
Total income before non-interest expense | 90,996 | 5,918 | 96,914 | |||||||||||||||||
Salaries and employee benefits expense | 42,449 | 3,669 | 46,118 | |||||||||||||||||
| Depreciation and amortization expense | 2,617 | 19 | 2,636 | |||||||||||||||||
All other non-interest expense(2) | 29,520 | 1,566 | 31,086 | |||||||||||||||||
Income before income taxes | $ | 16,410 | $ | 664 | $ | 17,074 | ||||||||||||||
| Goodwill | $ | 30,400 | $ | — | $ | 30,400 | ||||||||||||||
Total assets | 3,112,700 | 42,281 | 3,154,981 | |||||||||||||||||
(1)All other non-interest income for Wealth Management primarily includes Trust and investment management fees, Bank fees, Risk management and insurance fees, Income on company-owned life insurance, Net gain on other real estate owned, and Other.
(2)All other non-interest expense for Wealth Management primarily includes Occupancy and equipment, Professional services, Data processing, Technology and information systems, Marketing, and Other. All other non-interest expense for Mortgage primarily includes Data processing, Occupancy and equipment, and Other.
| As of and for the year ended December 31, 2024 | Wealth Management | Mortgage | Consolidated | |||||||||||||||||
| Income Statement | ||||||||||||||||||||
| Total interest income | $ | 151,519 | $ | 1,132 | $ | 152,651 | ||||||||||||||
| Total interest expense | 88,327 | — | 88,327 | |||||||||||||||||
| Provision for credit losses | 1,933 | — | 1,933 | |||||||||||||||||
| Net interest income, after provision for credit losses | 61,259 | 1,132 | 62,391 | |||||||||||||||||
| Net gain on mortgage loans | — | 4,912 | 4,912 | |||||||||||||||||
All other non-interest income(1) | 22,768 | — | 22,768 | |||||||||||||||||
Total income before non-interest expense | 84,027 | 6,044 | 90,071 | |||||||||||||||||
Salaries and employee benefits expense | 41,442 | 3,598 | 45,040 | |||||||||||||||||
| Depreciation and amortization expense | 2,535 | 30 | 2,565 | |||||||||||||||||
All other non-interest expense(2) | 29,421 | 1,466 | 30,887 | |||||||||||||||||
| Income before income taxes | $ | 10,629 | $ | 950 | $ | 11,579 | ||||||||||||||
| Goodwill | $ | 30,400 | $ | — | $ | 30,400 | ||||||||||||||
Total assets | 2,891,615 | 27,422 | 2,919,037 | |||||||||||||||||
(1)All other non-interest income for Wealth Management primarily includes Trust and investment management fees, Bank fees, Risk management and insurance fees, Net loss on loans accounted for under the fair value option, and Other.
(2)All other non-interest expense for Wealth Management primarily includes Occupancy and equipment, Professional services, Technology and information systems, Data processing, Marketing, and Other. All other non-interest expense for Mortgage primarily includes Occupancy and equipment, Data processing, and Other.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Mar 7, 2025 | |
| 2023 | Mar 15, 2024 | |
| 2022 | Mar 15, 2023 | |
| 2021 | Mar 15, 2022 | |
| 2020 | Mar 12, 2021 | |
| 2019 | Mar 12, 2020 | |
| 2018 | Mar 21, 2019 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.