Business
First Western Reports First Quarter 2020 Financial Results
First Quarter 2020 Summary Net income available to common shareholders of $1.3 million in Q1 2020, compared to $2.6 million in Q4 2019 and $1.6 million in Q1
About this update from First Western Financial, Inc.
[{"type":"text","content":"First Quarter 2020 Summary\n Net income available to common shareholders of $1.3 million in Q1 2020, compared to $2.6 million in Q4 2019 and $1.6 million in Q1 2019 Diluted EPS of $0.17 in Q1 2020, compared to $0.32 in Q4 2019 and $0.21 in Q1 2019 Adjusted net income available to common shareholders, excluding loss on intangibles held for sale, of $1.8 million in Q1 2020 Adjusted diluted EPS, excluding loss on intangibles held for sale, of $0.22 for Q1 2020 Total assets grew to $1.35 billion, up 32.7% annualized from Q4 2019 and 18.3% from Q1 2019 Net interest margin improved to 3.14% in Q1 2020 from 2.91% in Q4 2019 and 3.03% Q1 2019 Total deposits of $1.2 billion, an 33.7% annualized increase from Q4 2019 and a 20.5% increase from Q1 2019 Gross loans of $1.04 billion, an annualized increase of 18.4% from Q4 2019 and an increase of 12.1% from Q1 2019 Branch purchase and assumption agreement signed with Simmons Bank that expands First Western’s presence in Denver market $8.0 million subordinated debt offering during Q1 2020 completed DENVER, April 30, 2020 (GLOBE NEWSWIRE) -- First Western Financial, Inc., (“First Western” or the “Company”) (NASDAQ: MYFW), today reported financial results for the first quarter ended March 31, 2020. Net income available to common shareholders was $1.3 million, or $0.17 per diluted share, for the first quarter of 2020. This compares to $2.6 million, or $0.32 per diluted share, for the fourth quarter of 2019, and $1.6 million, or $0.21 per diluted share, for the first quarter of 2019. Financial results for the first quarter of 2020 include a $0.6 million loss on intangibles held for sale related to the Company’s Capital Management segment, which negatively impacted earnings per diluted share by 5 cents. For the first quarter of 2020, adjusted net income, available to common shareholders, excluding the held for sale loss, was $1.8 million, or $0.22 per diluted share. Scott C. Wylie, CEO of First Western, commented, “During January and February, we experienced positive trends throughout the business including strong growth in loans and deposits and an expansion in our net interest margin. We were also very pleased to sign a branch purchase and assumption agreement with Simmons Bank in February that will increase our presence in Denver, add valuable scale and banking talent, and we believe will be hig...