$MYFW

First Western Financial Inc

CIK:0001327607|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest and dividend income:
Loans, including fees	$ 38,967	$ 35,065	$ 77,092	$ 69,112
Loans accounted for under the fair value option	23	85	62	196
Investment securities	1,845	819	3,309	1,500
Interest-bearing deposits in other financial institutions	876	1,376	2,217	3,618
Dividends, restricted stock	142	155	278	283
Total interest and dividend income	41,853	37,500	82,958	74,709
Interest expense:
Deposits	18,980	18,208	37,997	36,724
Other borrowed funds	1,109	1,408	2,314	2,648
Total interest expense	20,089	19,616	40,311	39,372
Net interest income	21,764	17,884	42,647	35,337
Less: (Release of) provision for credit losses	(469)	1,773	(1,197)	1,853
Net interest income, after (release of) provision for credit losses	22,233	16,111	43,844	33,484
Non-interest income:
Trust and investment management fees	4,742	4,512	9,493	9,189
Net gain on mortgage loans	906	1,187	2,364	2,254
Net gain on loans held for sale	0	0	0	222
Bank fees	429	293	734	715
Risk management and insurance fees	112	47	361	306
Income on company-owned life insurance	119	112	235	222
Net gain (loss) on loans accounted for under the fair value option	10	26	(29)	32
Net (loss) gain on other real estate owned	0	0	(7)	459
Unrealized (loss) gain recognized on equity securities	(2)	3	(6)	14
Other	69	125	(104)	237
Total non-interest income	6,385	6,305	13,041	13,650
Total income before non-interest expense	28,618	22,416	56,885	47,134
Non-interest expense:
Salaries and employee benefits	13,034	11,019	25,969	22,499
Occupancy and equipment	1,983	2,224	3,886	4,434
Professional services	1,490	1,855	3,086	3,559
Technology and information systems	1,478	1,030	2,477	2,108
Data processing	1,359	1,166	2,545	2,288
Marketing	358	267	551	483
Amortization of other intangible assets	48	52	96	103
Other	1,467	1,486	2,771	2,986
Total non-interest expense	21,217	19,099	41,381	38,460
Income before income taxes	7,401	3,317	15,504	8,674
Income tax expense	1,672	814	3,567	1,986
Net income available to common shareholders	$ 5,729	$ 2,503	$ 11,937	$ 6,688
Earnings per common share:
Basic (in USD per share)	$ 0.59	$ 0.26	$ 1.23	$ 0.69
Diluted (in USD per share)	$ 0.57	$ 0.26	$ 1.20	$ 0.68

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 11,937	$ 6,688
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization of investment securities	71	(28)
Stock dividends received on correspondent bank stock	(278)	(283)
(Release of) provision for credit losses	(1,197)	1,853
Net gain on loans held for sale	0	(222)
Net gain on mortgage loans	(2,364)	(2,254)
Origination of mortgage loans held for sale	(245,675)	(162,424)
Proceeds from mortgage loans	263,285	166,042
Loss on disposal of fixed assets	380	0
Depreciation and amortization	1,293	1,365
Net amortization of purchase accounting adjustments	360	222
Deferred income tax expense	612	253
Purchase of solar tax credits	0	(945)
Income on company-owned life insurance	(235)	(222)
Stock-based compensation	1,519	930
Net loss (gain) on other real estate owned	7	(459)
Unrealized loss (gain) recognized on equity securities	6	(14)
Net loss (gain) on loans accounted for under the fair value option	29	(32)
Net changes in operating assets and liabilities:
Change in accounts receivable	(178)	103
Change in accrued interest receivable and other assets	587	1,281
Change in accrued interest payable and other liabilities	(2,722)	(12,926)
Net cash provided by (used in) operating activities	27,437	(1,072)
Activity in available-for-sale debt securities:
Maturities, prepayments, and calls	7,732	0
Purchases	(51,964)	0
Activity in held-to-maturity debt securities:
Maturities, prepayments, and calls	9,701	4,006
Purchases	(31,375)	(27,946)
Purchases of correspondent bank stock	(3,609)	(5,247)
Redemption of correspondent bank stock	4,956	140
Contributions to low-income housing tax credit investments	(539)	(959)
Loan and note receivable originations and principal collections, net	(61,553)	(112,888)
Purchases of premises and equipment	(1,550)	(1,616)
Purchases of loans	0	(2,329)
Proceeds from sale of other real estate owned	3,033	32,003
Net cash used in investing activities	(125,168)	(114,836)
Cash flows from financing activities
Net change in deposits	99,389	14,920
Payments to Federal Home Loan Bank borrowings	(204,003)	(67,603)
Proceeds from Federal Home Loan Bank borrowings	178,101	174,734
Payments to Federal Reserve borrowings	(508)	(753)
Payments to subordinated note holders	0	(8,000)
Repurchase of common stock	(146)	(483)
Cash paid for withholding taxes on share-based awards	(497)	(634)
Net cash provided by financing activities	72,336	112,181
Net change in cash and cash equivalents	(25,395)	(3,727)
Cash and cash equivalents, beginning of year	200,281	236,041
Cash and cash equivalents, end of period	174,886	232,314
Supplemental cash flow information:
Interest paid on deposits and borrowed funds	40,363	39,961
Income tax payment	18	0
Cash paid for lease liabilities	1,052	1,845
Supplemental noncash disclosures:
Transfer to loans held for investment from loans held for sale	0	(594)
Lease right-of-use-asset obtained in exchange for lease liabilities	$ 0	$ 1,758

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Cash and cash equivalents:
Cash and due from banks	$ 14,310	$ 9,755
Interest-bearing deposits in other financial institutions	160,576	190,526
Total cash and cash equivalents	174,886	200,281
Available-for-sale debt securities, at fair value (amortized cost of $89,745 and $45,623, respectively)	89,615	45,607
Held-to-maturity debt securities, net of allowance for credit losses of $151 and $74 (fair value of $112,617 and $90,635), respectively	116,766	94,970
Correspondent bank stock, at cost	5,695	6,764
Mortgage loans held for sale, at fair value	24,675	40,176
Loans (includes $1,758 and $3,182 measured at fair value, respectively)	2,711,803	2,650,423
Allowance for credit losses	(20,297)	(21,441)
Total, net	2,691,506	2,628,982
Premises and equipment, net	25,641	25,687
Accrued interest receivable	11,338	11,209
Accounts receivable	4,781	4,579
Other receivables	171	2,444
Other real estate owned, net	0	3,040
Goodwill and other intangible assets, net	31,325	31,422
Deferred tax assets, net	2,679	4,003
Company-owned life insurance	17,651	17,416
Other assets	41,277	38,401
Total assets	3,238,006	3,154,981
Deposits:
Noninterest-bearing	381,826	344,969
Interest-bearing	2,464,138	2,401,606
Total deposits	2,845,964	2,746,575
Borrowings:
Federal Home Loan Bank and Federal Reserve borrowings	36,431	62,841
Subordinated notes	44,849	44,772
Accrued interest payable	1,243	1,295
Other liabilities	28,926	33,938
Total liabilities	2,957,413	2,889,421
Shareholders' Equity
Preferred stock - no par value; 10,000,000 shares authorized; 0 issued and outstanding	0	0
Common stock - no par value; 90,000,000 shares authorized; 9,765,129 and 9,725,731 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	0	0
Additional paid-in capital	195,042	194,166
Retained earnings	84,640	72,703
Accumulated other comprehensive income (loss)	911	(1,309)
Total shareholders’ equity	280,593	265,560
Total liabilities and shareholders’ equity	$ 3,238,006	$ 3,154,981