Business
First Western Reports Fourth Quarter 2019 Financial Results
Fourth Quarter 2019 Summary Net income available to common shareholders of $2.6 million in Q4 2019, compared to $2.4 million in Q3 2019 and $1.7 million in Q4
About this update from First Western Financial, Inc.
[{"type":"text","content":"Fourth Quarter 2019 Summary\n Net income available to common shareholders of $2.6 million in Q4 2019, compared to $2.4 million in Q3 2019 and $1.7 million in Q4 2018Diluted EPS of $0.32 in Q4 2019, compared to $0.30 in Q3 2019 and $0.22 in Q4 2018Net income for Q4 2019 increased 49.2% and Diluted EPS increased 45.5%Average total loans increased $125.0 million from Q4 2018, or 14.0%, to $1.02 billionGross loans of $998.0 million, an annualized increase of 30.8% from Q3 2019 and an increase of 11.6% from December 31, 2018Average deposits increased $50.2 million, an annualized increase of 19.3% from Q3 2019 and an increase of 24.2% from Q4 2018Total assets under management were $6.19 billion at December 31, 2019, an annualized increase of 4.7% from Q3 2019 and an increase of 18.2% from December 31, 201843,116 shares of MYFW common stock repurchased in Q4 2019 DENVER, Jan. 23, 2020 (GLOBE NEWSWIRE) -- First Western Financial, Inc., (“First Western” or the “Company”) (NASDAQ: MYFW), today reported financial results for the fourth quarter ended December 31, 2019. Net income available to common shareholders was $2.6 million, or $0.32 per diluted share, for the fourth quarter of 2019. This compares to $2.4 million, or $0.30 per diluted share, for the third quarter of 2019, and $1.7 million, or $0.22 per diluted share, for the fourth quarter of 2018. “We delivered another strong quarter highlighted by a record level of loan production,” said Scott C. Wylie, CEO of First Western. “During the fourth quarter, we originated $146.1 million in loans with significant contributions across all of our major lending areas. Economic conditions in our markets remain very healthy, presenting good opportunities to continue building our roster of high net worth clientele, growing our assets under management, and adding high-quality loans to our portfolio. We anticipate another year of solid organic balance sheet growth in 2020 we believe that will result in further revenue growth and improved operating leverage.” For the Three Months Ended December 31, September 30, December 31, (Dollars in thousands, except per share data) 2019 2019 2018 Earnings Summary Net interest income $ 8,190 $ 7,940 $ 7,899 Less: provision for credit losses 447 100 349 Total non-interest income 8,228 8,788 6,351 Total non-interest expense 13,082 13,442 11,649 Income before incom...