Business
First Western Reports First Quarter 2023 Financial Results
First Quarter 2023 Summary Net income available to common shareholders of $3.8 million in Q1 2023, compared to $5.5 million in Q4 2022 and $5.5 million in Q1
About this update from First Western Financial, Inc.
[{"type":"text","content":"First Quarter 2023 Summary Net income available to common shareholders of $3.8 million in Q1 2023, compared to $5.5 million in Q4 2022 and $5.5 million in Q1 2022Diluted EPS of $0.39 in Q1 2023, compared to $0.56 in Q4 2022 and $0.57 in Q1 2022Book value per common share decreased slightly to $25.22, or 0.6%, from $25.37 as of Q4 2022, which included a $0.56 per share decrease as a result of the adoption of CECL on January 1, 2023. Book value per commons share was up 6.5% from $23.68 as of Q1 2022 $1.5 billion of readily available liquidity funding sources as of Q1 2023Total deposits decreased slightly to $2.39 billion, or 0.6%, from $2.41 billion as of Q4 2022, and were up 5.3% from $2.27 billion as of Q1 2022 DENVER, April 27, 2023 (GLOBE NEWSWIRE) -- First Western Financial, Inc. (“First Western” or the “Company”) (NASDAQ: MYFW), today reported financial results for the first quarter ended March 31, 2023. Net income available to common shareholders was $3.8 million, or $0.39 per diluted share, for the first quarter of 2023. This compares to $5.5 million, or $0.56 per diluted share, for the fourth quarter of 2022, and $5.5 million, or $0.57 per diluted share, for the first quarter of 2022. Scott C. Wylie, CEO of First Western, commented, “First Western continues to be a source of stability and strength for our clients, as we have throughout our history. As part of our prudent approach to risk management, we have built a highly diversified client base with no meaningful concentrations in any particular industry or asset class. Our diversified and granular deposit base has helped us to avoid the concentration risk that has led to the recent troubles seen at other banks, and during the month of March, we had an increase in total deposits. “The fundamentals of our franchise remain very strong with high levels of capital and liquidity, a stable deposit base, exceptional asset quality, and an extremely low level of unrealized losses in our securities portfolio. While prudent risk management will remain our top priority during this period of economic uncertainty, we believe the strength of the balance sheet and franchise we have built will provide us with opportunities to add new clients who are looking to move to a stronger financial institution, which will contribute to our continued long-term profitable growth and additional value...