First Western Reports Fourth Quarter 2024 Financial Results

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First Western Financial, Inc.
First Western Financial, Inc.

Fourth Quarter 2024 Summary

  • Net income available to common shareholders of $2.7 million in Q4 2024, compared to $2.1 million in Q3 2024

  • Diluted earnings per share of $0.28 in Q4 2024, compared to $0.22 in Q3 2024

  • Net interest income of $16.9 million in Q4 2024, compared to $15.6 million in Q3 2024

  • Net interest margin increased 13 basis points from 2.32% in Q3 2024 to 2.45% in Q4 2024

  • Total loans increased 2.1% from $2.40 billion in Q3 2024 to $2.45 billion in Q4 2024

  • Average deposits increased 4.0% from $2.40 billion in Q3 2024 to $2.50 billion in Q4 2024

DENVER, Jan. 23, 2025 (GLOBE NEWSWIRE) -- First Western Financial, Inc. (“First Western” or the “Company”) (NASDAQ: MYFW), today reported financial results for the fourth quarter ended December 31, 2024.

Net income available to common shareholders was $2.7 million, or $0.28 per diluted share, for the fourth quarter of 2024. This compares to net income of $2.1 million, or $0.22 per diluted share, for the third quarter of 2024, and net loss of $3.2 million, or $0.34 per diluted share, for the fourth quarter of 2023.

Scott C. Wylie, CEO of First Western, commented, “We continued to execute well in the fourth quarter and generated further improvement in our level of profitability. We saw positive trends in many areas including both loan and deposit growth with our fourth quarter loan production being well diversified and the highest level we had in 2024, growth in net interest income resulting from both an increase in average interest-earning assets and expansion in our net interest margin, the highest level of insurance fees we have ever recorded in a quarter, and strong expense control. We also saw positive trends in our asset quality and we continue to make progress on selling OREO properties with the largest of the properties currently under contract for sale and expected to close during the first quarter.

“With the strength of our balance sheet and the banking talent we have added in recent quarters, we believe we are very well positioned to deliver improved financial performance in 2025. We believe the improved financial performance should be driven by positive trends in loan and deposit growth, net interest margin, non-interest income, and more operating leverage as we maintain disciplined expense control. We also expect to benefit from the redeployment of the cash we generate from the sale of the OREO properties into interest-earning assets. We believe we are well-positioned to generate profitable growth and create additional value for our shareholders in 2025 and the coming years,” said Mr. Wylie.