Exhibit 99.1
myfw-20221020xex99d1001.jpg
First Western Reports First Quarter 2026 Financial Results
First Quarter 2026 Summary
•Net income available to common shareholders of $6.2 million in Q1 2026, compared to $3.3 million in Q4 2025
•Diluted earnings per share of $0.63 in Q1 2026, compared to $0.34 in Q4 2025
•Net interest margin increased 10 basis points from 2.71% in Q4 2025 to 2.81% in Q1 2026
•Net interest income increased $0.3 million, or 1.5%, from $20.6 million in Q4 2025 to $20.9 million in Q1 2026
•Non-interest income increased $0.6 million, or 9.8%, from $6.1 million in Q4 2025 to $6.7 million in Q1 2026
•Total deposits increased $95 million, or 3.5%, from $2.75 billion in Q4 2025 to $2.84 billion in Q1 2026

Denver, Colo., April 23, 2026 – First Western Financial, Inc. (“First Western” or the “Company”) (NASDAQ: MYFW), today reported financial results for the first quarter ended March 31, 2026.
Net income available to common shareholders was $6.2 million, or $0.63 per diluted share, for the first quarter of 2026. This compares to net income of $3.3 million, or $0.34 per diluted share, for the fourth quarter of 2025, and net income of $4.2 million, or $0.43 per diluted share, for the first quarter of 2025.
Scott C. Wylie, CEO of First Western, commented, “We executed well in the first quarter and saw positive trends in many areas including loan and deposit growth, an increase in Net interest income, expansion in our net interest margin, well managed expenses, and improved asset quality, which resulted in an increase in our level of profitability. We continue to see healthy economic conditions across our markets resulting in a solid amount of loan demand that meets our disciplined underwriting and pricing criteria, while steadily adding new deposit relationships. Our improving financial performance and continued prudent balance sheet management resulted in increases in both our book value and tangible book value per share during the first quarter.

“Our loan and deposit pipelines remain strong and along with a continuation of the positive trends we are seeing in key areas, we believe we are well positioned to continue generating strong financial performance for our shareholders as we move through 2026,” said Mr. Wylie.


For the Three Months Ended
March 31,December 31,March 31,
(Dollars in thousands, except per share data)202620252025
Earnings Summary  
Net interest income$20,883 $20,577 $17,453 
(Release of) provision for credit losses(728)915 80 
Total non-interest income6,656 6,079 7,345 
Total non-interest expense20,164 21,306 19,361 
Income before income taxes8,103 4,435 5,357 
Income tax expense
1,895 1,121 1,172 
Net income available to common shareholders6,208 3,314 4,185 
Basic earnings per common share0.64 0.34 0.43 
Diluted earnings per common share0.63 0.34 0.43 
Return on average assets (annualized)0.79 %0.42 %0.59 %
Return on average shareholders' equity (annualized)9.32 5.06 6.63 
Return on tangible common equity (annualized)(1)
10.26 5.66 7.44 
Net interest margin2.81 2.71 2.61 
Efficiency ratio(1)
73.11 74.88 79.16 
____________________
(1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.
Operating Results for the First Quarter 2026
Revenue
Total income before non-interest expense was $28.3 million for the first quarter of 2026, an increase of 10.1% from $25.7 million for the fourth quarter of 2025. Gross revenue(1) was $27.6 million for the first quarter of 2026, an increase of 3.4% from $26.7 million for the fourth quarter of 2025. Relative to the fourth quarter of 2025, the increase in Total income before non-interest expense was primarily driven by a decrease in Provision for credit losses, an increase in Non-interest income, and an increase in Net interest income. Relative to the first quarter of 2025, Total income before non-interest expense increased 14.6% from $24.7 million and Gross revenue increased 12.2% from $24.6 million. Relative to the first quarter of 2025, the increase in Total income before non-interest expense was primarily driven by an increase in Net interest income and a decrease in Provision for credit losses, partially offset by a decrease in Non-interest income.
(1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.
Net Interest Margin
Net interest margin for the first quarter of 2026 increased 10 basis points to 2.81% from 2.71% reported in the fourth quarter of 2025, primarily due to a decrease in cost of funds, partially offset by a slight decrease in yield on interest-earning assets. The cost of funds decreased 13 basis points to 2.90% from 3.03% reported in the fourth quarter of 2025, while the yield on interest-earning assets decreased 2 basis points to 5.54% from 5.56% reported in the fourth quarter of 2025. The decrease in cost of funds was primarily due to lower rates on money market and time deposit accounts as a result of the Company reducing deposit rates commensurate with the short-term rate decreases in 2025.


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Relative to the first quarter of 2025, net interest margin increased 20 basis points from 2.61%, primarily due to a 23 basis point decrease in cost of funds, partially offset by a 3 basis point decrease in yield on interest-earning assets. The decrease in cost of funds was primarily due to lower rates on money market and time deposit accounts as a result of the Company reducing deposit rates commensurate with the short-term rate decreases in 2025.
Net Interest Income
Net interest income for the first quarter of 2026 was $20.9 million, an increase of 1.5% from $20.6 million for the fourth quarter of 2025. The increase quarter-over-quarter was primarily driven by a 10 basis point increase in net interest margin, partially offset by lower day count. Relative to the first quarter of 2025, Net interest income increased 19.4% from $17.5 million. The increase compared to the first quarter of 2025 was primarily driven by a 20 basis point increase in net interest margin and an increase in average interest-earning assets.
Non-interest Income
Non-interest income for the first quarter of 2026 was $6.7 million, an increase of 9.8% from $6.1 million in the fourth quarter of 2025. The increase was primarily driven by increases in Net gain on mortgage loans and Risk management and insurance fees. The increase in Net gain on mortgage loans was driven by higher origination volume, while the increase in Risk management and insurance fees was driven by higher new case activity.
Relative to the first quarter of 2025, Non-interest income decreased $0.7 million, primarily driven by decreases in Net gain on other real estate owned and Net gain on loans held for sale, partially offset by an increase in Net gain on mortgage loans driven by higher origination volume.
Non-interest Expense
Non-interest expense for the first quarter of 2026 was $20.2 million, a decrease of 5.2% from $21.3 million in the fourth quarter of 2025. The decrease was primarily driven by a $1.4 million Other real estate owned ("OREO") write-down recorded in the fourth quarter of 2025 and a decrease in Professional services, partially offset by an increase in Salaries and employee benefits. The increase in Salaries and employee benefits was primarily driven by payroll tax seasonality and an increase in bonus accruals as a result of improved earnings during the quarter.
Relative to the first quarter of 2025, Non-interest expense increased 4.1% from $19.4 million, primarily driven by an increase in Salaries and employee benefits due to an increase in headcount and bonus accruals, partially offset by a decrease in Occupancy and equipment.
The Company’s efficiency ratio(1) was 73.1% in the first quarter of 2026, compared to 74.9% in the fourth quarter of 2025 and 79.2% in the first quarter of 2025.
(1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.
Income Taxes
The Company recorded Income tax expense of $1.9 million for the first quarter of 2026, compared to $1.1 million for the fourth quarter of 2025, and $1.2 million for the first quarter of 2025.
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Loans
Total loans held for investment were $2.69 billion as of March 31, 2026, an increase of $41 million, or 1.5%, from $2.65 billion as of December 31, 2025. Changes in the quarter included growth in the 1-4 family residential and Commercial and industrial portfolios, partially offset by a decrease in Non-owner occupied commercial real estate portfolio. Relative to the first quarter of 2025, total loans held for investment increased from $2.43 billion as of March 31, 2025, primarily driven by growth in the Non-owner occupied commercial real estate, 1-4 family residential, Cash, securities, and other, Owner occupied commercial real estate, and Commercial and industrial portfolios, partially offset by a decrease in the Construction and development portfolio.
Deposits
Total deposits were $2.84 billion as of March 31, 2026, an increase of $95 million, or 3.5%, from $2.75 billion as of December 31, 2025. The increase was primarily driven by increases in Noninterest-bearing deposit accounts, money market deposit accounts, and time deposits accounts. The increase in Noninterest-bearing deposits was primarily driven by operating account fluctuations, while the increase in Interest-bearing deposits was primarily driven by growth in money market deposit accounts and time deposit accounts. Relative to the first quarter of 2025, Total deposits increased from $2.52 billion as of March 31, 2025, primarily driven by an increase in money market deposit accounts, partially offset by a decrease Noninterest-bearing deposit accounts.
Borrowings
Federal Home Loan Bank (“FHLB”) borrowings were $50.0 million as of March 31, 2026, a decrease of $12.8 million from $62.8 million as of December 31, 2025. The change when compared to December 31, 2025 was primarily driven by the pay down on the Company's FHLB line of credit in the first quarter of 2026. Relative to the first quarter of 2025, borrowings decreased $1.6 million from $51.6 million as of March 31, 2025.
Subordinated notes were $44.8 million as of March 31, 2026 and December 31, 2025. Subordinated notes increased $0.2 million from $44.6 million as of March 31, 2025.
Assets Under Management
Assets Under Management (“AUM”) was $7.23 billion as of March 31, 2026, a decrease of $43 million, or 0.6%, from $7.28 billion as of December 31, 2025. The decrease in AUM during the quarter was primarily attributable to lower market values, partially offset by new accounts. Compared to March 31, 2025, total AUM increased 0.8% from $7.18 billion.
Credit Quality
Non-performing assets totaled $16.3 million, or 0.50% of Total assets, as of March 31, 2026, compared to $19.6 million, or 0.62% of Total assets, as of December 31, 2025. The decrease in non-performing assets during the quarter was primarily driven by the sale of the Company's last remaining OREO property and pay downs. As of March 31, 2025, non-performing assets totaled $17.1 million, or 0.59% of Total assets. Relative to the first quarter of 2025, the decrease in non-performing assets was primarily driven by the sale of the OREO property in the first quarter of 2026 and pay downs, partially offset by additions to non-accrual loans. OREO decreased from $3.0 million as of December 31, 2025 to $0.0 million as of March 31, 2026 due to the sale of the Company's last remaining OREO property in the first quarter of 2026. Relative to the first quarter of 2025, OREO decreased from $4.4 million as of March 31, 2025.
Non-accrual loans totaled $16.3 million as of March 31, 2026, a decrease of $0.3 million from $16.6 million as of December 31, 2025. As of March 31, 2025, non-accrual loans totaled $12.8 million. Relative to the fourth quarter of 2025, the decrease was primarily driven by pay downs. Relative to the first quarter of 2025, the increase was primarily driven by the addition of one credit relationship, partially offset by pay downs.
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During the first quarter of 2026, the Company recorded a provision release of $0.7 million, compared to provision of $0.9 million in the fourth quarter of 2025 and $0.1 million in the first quarter of 2025. The release of $0.7 million in the first quarter of 2026 was primarily driven by decreased provision on individually analyzed loans. As of March 31, 2026 and December 31, 2025, the Allowance for credit losses as a percentage of Total loans was 77 basis points and 81 basis points, respectively.
Capital
As of March 31, 2026, First Western (“Consolidated”) and First Western Trust Bank (“Bank”) exceeded the minimum capital levels required by their respective regulators. As of March 31, 2026, the Bank was classified as “well capitalized,” as summarized in the following table:
March 31,
2026
Consolidated Capital
Tier 1 capital to risk-weighted assets9.90 %
Common Equity Tier 1 ("CET1") to risk-weighted assets9.90 
Total capital to risk-weighted assets12.52 
Tier 1 capital to average assets7.88 
Bank Capital
Tier 1 capital to risk-weighted assets11.33 %
CET1 to risk-weighted assets11.33 
Total capital to risk-weighted assets12.21 
Tier 1 capital to average assets9.01 
Book value per common share increased 2.9% from $27.30 as of December 31, 2025 to $28.10 as of March 31, 2026. Book value per common share increased 6.3% from $26.44 as of March 31, 2025.
Tangible book value per common share(1) increased 3.3% from $24.07 as of December 31, 2025 to $24.87 as of March 31, 2026. Tangible book value per common share increased 7.3% from $23.18 as of March 31, 2025.
During the three months ended March 31, 2026, the Company repurchased 6,123 shares for $0.1 million.
(1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.
Conference Call, Webcast and Slide Presentation
The Company will host a conference call and webcast at 10:00 a.m. MT/ 12:00 p.m. ET on Friday, April 24, 2026. Telephone access: https://register-conf.media-server.com/register/BIa19f2c66af854a57b25db1c34f017817
A slide presentation relating to the first quarter 2026 results will be accessible prior to the scheduled conference call. The slide presentation and webcast of the conference call can be accessed on the Events and Presentations page of the Company’s investor relations website at https://myfw.gcs-web.com.
About First Western
First Western is a financial services holding company headquartered in Denver, Colorado, with operations in Colorado, Arizona, Wyoming, California, and Montana. First Western and its subsidiaries provide a fully integrated suite of wealth management services on a private trust bank platform, which includes a comprehensive selection of deposit, loan, trust, wealth planning and investment management products and services. First Western’s common stock is traded on the Nasdaq Global Select Market under the symbol “MYFW.” For more information, please visit www.myfw.com.
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Non-GAAP Financial Measures
Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures include “Tangible Common Equity,” “Tangible Common Book Value per Share,” “Return on Tangible Common Equity,” “Efficiency Ratio,” and “Gross Revenue”. The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies. Reconciliation of non-GAAP financial measures to GAAP financial measures are provided at the end of this press release.
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Forward-Looking Statements
Statements in this news release regarding our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business and markets are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “position,” “outlook,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “opportunity,” “could,” or “may.” The forward-looking statements in this news release are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this news release and could cause us to make changes to our future plans. Those risks and uncertainties include, without limitation, the risk of geographic concentration in Colorado, Arizona, Wyoming, California, and Montana; the risk of changes in the economy affecting real estate values and liquidity; the risk in our ability to continue to originate residential real estate loans and sell such loans; risks specific to commercial loans and borrowers; the risk of claims and litigation pertaining to our fiduciary responsibilities; the risk of changes in interest rates could reduce our net interest margins and Net interest income; increased credit risk, including as a result of deterioration in economic conditions, could require us to increase our allowance for credit losses and could have a material adverse effect on our results of operations and financial condition; the risk in our ability to maintain a strong core deposit base or other low-cost funding sources. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on February 27, 2026 (“Form 10-K”), and other documents we file with the SEC from time to time. We urge readers of this news release to review the “Risk Factors” section our Form 10-K and any updates to those risk factors set forth in our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and our other filings with the SEC. Also, our actual financial results in the future may differ from those currently expected due to additional risks and uncertainties of which we are not currently aware or which we do not currently view as, but in the future may become, material to our business or operating results. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release, which speak only as of today’s date, or to make predictions based solely on historical financial performance. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
Contacts:
Financial Profiles, Inc.
Tony Rossi
310-622-8221
MYFW@finprofiles.com
IR@myfw.com
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First Western Financial, Inc.
Condensed Consolidated Statements of Income (unaudited)
Three Months Ended
March 31,December 31,March 31,
(dollars in thousands, except per share amounts)202620252025
Interest and dividend income:
Loans, including fees$38,125 $38,563 $34,047 
Loans accounted for under the fair value option39 51 111 
Investment securities
1,464 1,593 681 
Interest-bearing deposits in other financial institutions1,341 1,958 2,242 
Dividends, restricted stock136 139 128 
Total interest and dividend income41,105 42,304 37,209 
Interest expense:
Deposits19,017 20,560 18,516 
Other borrowed funds1,205 1,167 1,240 
Total interest expense20,222 21,727 19,756 
Net interest income20,883 20,577 17,453 
Less: (Release of) provision for credit losses(728)915 80 
Net interest income, after provision for credit losses
21,611 19,662 17,373 
Non-interest income:
Trust and investment management fees4,751 4,634 4,677 
Net gain on mortgage loans1,458 795 1,067 
Net gain on loans held for sale— — 222 
Bank fees305 318 422 
Risk management and insurance fees249 52 259 
Income on company-owned life insurance116 117 110 
Net (loss) gain on loans accounted for under the fair value option(39)(44)6 
Net (loss) gain on other real estate owned(7)— 459 
Unrealized (loss) gain recognized on equity securities(4)(6)11 
Other(173)213 112 
Total non-interest income6,656 6,079 7,345 
Total income before non-interest expense28,267 25,741 24,718 
Non-interest expense:
Salaries and employee benefits12,935 11,735 11,480 
Occupancy and equipment1,903 1,778 2,232 
Professional services1,596 2,232 1,704 
Technology and information systems999 1,026 1,056 
Data processing1,186 1,251 1,122 
Marketing193 386 216 
Amortization of other intangible assets48 52 51 
Other1,304 2,846 1,500 
Total non-interest expense20,164 21,306 19,361 
Income before income taxes8,103 4,435 5,357 
Income tax expense
1,895 1,121 1,172 
Net income available to common shareholders$6,208 $3,314 $4,185 
Earnings per common share:
Basic$0.64 $0.34 $0.43 
Diluted0.63 0.34 0.43 
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First Western Financial, Inc.
Condensed Consolidated Balance Sheets (unaudited)
March 31,December 31,March 31,
(dollars in thousands)202620252025
Assets
Cash and cash equivalents:
Cash and due from banks$10,907 $9,755 $15,924 
Interest-bearing deposits in other financial institutions253,144 190,526 257,558 
Total cash and cash equivalents264,051 200,281 273,482 
Available-for-sale debt securities, at fair value (amortized cost of $41,937, $45,623, and $0, respectively)
41,939 45,607 — 
Held-to-maturity debt securities (fair value of $90,775, $90,635 and $67,479, respectively), net of allowance for credit losses of $83, $74, and $71, respectively
95,030 94,970 73,775 
Correspondent bank stock, at cost6,424 6,764 5,968 
Mortgage loans held for sale, at fair value28,426 40,176 10,557 
Loans (includes $2,468, $3,182, and $6,112 measured at fair value, respectively)
2,690,115 2,650,423 2,425,367 
Allowance for credit losses(20,801)(21,441)(17,956)
Loans, net2,669,314 2,628,982 2,407,411 
Premises and equipment, net25,704 25,687 24,554 
Accrued interest receivable11,582 11,209 10,623 
Accounts receivable5,461 4,579 4,505 
Other receivables1,318 2,444 4,608 
Other real estate owned, net— 3,040 4,385 
Goodwill and other intangible assets, net31,373 31,422 31,576 
Deferred tax assets, net3,073 4,003 2,856 
Company-owned life insurance17,532 17,416 17,071 
Other assets39,490 38,401 34,929 
Total assets$3,240,717 $3,154,981 $2,906,300 
Liabilities  
Deposits:   
Noninterest-bearing$380,072 $344,969 $409,696 
Interest-bearing2,461,543 2,401,606 2,105,701 
Total deposits2,841,615 2,746,575 2,515,397 
Borrowings:   
Federal Home Loan Bank and Federal Reserve borrowings50,006 62,841 51,612 
Subordinated notes44,810 44,772 44,621 
Accrued interest payable1,593 1,295 2,371 
Other liabilities29,328 33,938 35,744 
Total liabilities2,967,352 2,889,421 2,649,745 
Shareholders’ Equity   
Total shareholders’ equity273,365 265,560 256,555 
Total liabilities and shareholders’ equity$3,240,717 $3,154,981 $2,906,300 
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First Western Financial, Inc.
Consolidated Financial Summary (unaudited)
March 31,December 31,March 31,
(dollars in thousands)202620252025
Loan Portfolio
Cash, securities, and other$164,119 $164,787 $101,078 
Consumer and other20,036 19,504 16,688 
Construction and development195,230 189,790 291,133 
1-4 family residential1,069,542 1,030,211 971,179 
Non-owner occupied CRE780,279 813,408 636,820 
Owner occupied CRE212,177 205,063 182,417 
Commercial and industrial248,875 226,107 223,197 
Total 2,690,258 2,648,870 2,422,512 
Loans accounted for under the fair value option2,492 3,216 6,280 
Total loans held for investment2,692,750 2,652,086 2,428,792 
Deferred fees, unamortized premiums, basis adjustments, net(1)(2)
(2,635)(1,663)(3,425)
Loans (includes $2,468, $3,182, and $6,112 measured at fair value, respectively)
$2,690,115 $2,650,423 $2,425,367 
Mortgage loans held for sale28,426 40,176 10,557 
Deposit Portfolio
Money market deposit accounts$1,945,207 $1,913,591 $1,566,737 
Time deposits371,889 352,473 379,533 
Interest checking accounts130,821 122,292 144,980 
Savings accounts13,626 13,250 14,451 
Total interest-bearing deposits2,461,543 2,401,606 2,105,701 
Noninterest-bearing accounts380,072 344,969 409,696 
Total deposits$2,841,615 $2,746,575 $2,515,397 
____________________
(1) Includes fair value adjustments on loans held for investment accounted for under the fair value option.
(2) Includes basis adjustments related to the hedged portfolio accounted for under the portfolio layer method.

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First Western Financial, Inc.
Consolidated Financial Summary (unaudited) (continued)
As of or for the Three Months Ended
March 31,December 31,March 31,
(dollars in thousands)202620252025
Average Balance Sheets
Assets
Interest-earning assets:
Interest-bearing deposits in other financial institutions$145,676 $192,052 $200,194 
Debt securities138,537 143,593 75,592 
Correspondent bank stock6,421 6,342 5,806 
Gross loans
2,684,756 2,630,739 2,407,482 
Mortgage loans held for sale30,682 41,068 13,593 
Loans held at fair value2,955 3,799 6,846 
Total interest-earning assets3,009,027 3,017,593 2,709,513 
Noninterest-earning assets123,719 123,497 143,579 
Total assets$3,132,747 $3,141,090 $2,853,092 
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing deposits$2,387,214 $2,387,894 $2,090,505 
FHLB and Federal Reserve borrowings50,338 50,799 51,885 
Subordinated notes44,785 44,742 52,495 
Total interest-bearing liabilities2,482,337 2,483,435 2,194,885 
Noninterest-bearing liabilities:  
Noninterest-bearing deposits347,520 359,223 363,922 
Other liabilities36,459 36,415 41,656 
Total noninterest-bearing liabilities383,979 395,638 405,578 
Total shareholders’ equity266,430 262,017 252,629 
Total liabilities and shareholders’ equity$3,132,747 $3,141,090 $2,853,092 
Yields/Cost of funds (annualized)
Interest-bearing deposits in other financial institutions3.73 %4.04 %4.54 %
Debt securities4.294.403.65
Correspondent bank stock8.598.708.94
Loans5.705.725.70
Loan held at fair value5.355.336.58
Mortgage loans held for sale5.345.945.46
Total interest-earning assets5.545.565.57
Interest-bearing deposits3.233.423.59
Total deposits2.822.973.06
FHLB and Federal Reserve borrowings4.033.993.92
Subordinated notes6.385.825.70
Total interest-bearing liabilities3.303.473.65
Net interest margin2.812.712.61
Net interest rate spread2.242.091.92
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First Western Financial, Inc.
Consolidated Financial Summary (unaudited) (continued)
As of or for the Three Months Ended
March 31,December 31,March 31,
(dollars in thousands, except share and per share amounts)202620252025
Asset Quality
Non-accrual loans$16,324 $16,588 $12,758 
Non-performing assets16,324 19,628 17,143 
Net (recoveries) charge-offs(20)401 566 
Non-accrual loans to total loans0.61 %0.63 %0.53 %
Non-performing assets to total assets0.50 0.62 0.59 
Allowance for credit losses to non-accrual loans127.43 129.26 140.74 
Allowance for credit losses to total loans0.77 0.81 0.74 
Net charge-offs to average loans*0.02 0.02
Assets Under Management$7,234,541 $7,278,241 $7,176,624 
Market Data
Book value per share at period end$28.10 $27.30 $26.44 
Tangible book value per common share(1)
$24.87 $24.07 $23.18 
Weighted average outstanding shares, basic9,733,704 9,719,812 9,704,419 
Weighted average outstanding shares, diluted9,900,420 9,849,323 9,798,591 
Shares outstanding at period end9,728,968 9,725,731 9,704,320 
Consolidated Capital
Tier 1 capital to risk-weighted assets9.90 %9.75 %10.35 %
CET1 to risk-weighted assets9.90 9.75 10.35 
Total capital to risk-weighted assets12.52 12.34 13.15 
Tier 1 capital to average assets7.88 7.68 8.12 
Bank Capital
Tier 1 capital to risk-weighted assets11.33 %11.15 %11.76 %
CET1 to risk-weighted assets11.33 11.15 11.76 
Total capital to risk-weighted assets12.21 11.99 12.52 
Tier 1 capital to average assets9.01 8.79 9.24 
____________________
(1) Represents a Non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.
*Represents percentages that are not meaningful.
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First Western Financial, Inc.
Consolidated Financial Summary (unaudited) (continued)
Reconciliations of Non-GAAP Financial Measures
As of or for the Three Months Ended
March 31,December 31,March 31,
(dollars in thousands, except share and per share amounts)202620252025
Tangible Common
Total shareholders' equity$273,365 $265,560 $256,555 
Less: goodwill and other intangibles, net31,373 31,422 31,576 
Tangible common equity$241,992 $234,138 $224,979 
Common shares outstanding, end of period9,728,968 9,725,731 9,704,320 
Tangible common book value per share$24.87 $24.07 $23.18 
Net income available to common shareholders6,208 3,314 4,185 
Return on tangible common equity (annualized)10.26 %5.66 %7.44 %
Efficiency
Non-interest expense$20,164 $21,306 $19,361 
Less: OREO expenses and write-downs— 1,310 (80)
Adjusted non-interest expense$20,164 $19,996 $19,441 
Total income before non-interest expense$28,267 $25,741 $24,718 
Less: unrealized (loss) gain recognized on equity securities(4)(6)11 
Less: net (loss) gain on loans accounted for under the fair value option(39)(44)6 
Less: net gain on loans held for sale— — 222 
Plus: (release of) provision for of credit losses(728)915 80 
Gross revenue$27,582 $26,706 $24,559 
Efficiency ratio73.11 %74.88 %79.16 %
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