Business
First Western Reports Second Quarter 2020 Financial Results
Second Quarter 2020 Summary Net income available to common shareholders of $8.7 million in Q2 2020, compared to $1.3 million in Q1 2020 and $1.4 million in Q2
About this update from First Western Financial, Inc.
[{"type":"text","content":"Second Quarter 2020 Summary\n Net income available to common shareholders of $8.7 million in Q2 2020, compared to $1.3 million in Q1 2020 and $1.4 million in Q2 2019Diluted EPS of $1.10 in Q2 2020, compared to $0.17 in Q1 2020 and $0.18 in Q2 2019Gross revenue(1) of $26.2 million in Q2 2020, compared to $16.7 million in Q1 2020 and $16.5 million in Q2 2019Net interest margin remained relatively flat at 3.10% in Q2 2020, compared with 3.14% in Q1 2020 and 3.10% Q2 2019Total assets of $1.81 billion, up 33.7% from Q1 2020 and 52.1% from Q2 2019Total deposits of $1.41 billion, up 19.4% from Q1 2020 and 40.0% from Q2 2019Gross loans of $1.42 billion, up 36.3% from Q1 2020 and 51.4% from Q2 2019$204.6 million in Paycheck Protection Program (“PPP”) Loans, including $12.9 million in acquired PPP loansBranch purchase and assumption agreement completed that expands First Western’s presence in Denver market; acquired $123.3 million in loans and $65.2 million in deposits as of June 30, 2020 (1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure. DENVER, July 23, 2020 (GLOBE NEWSWIRE) -- First Western Financial, Inc., (“First Western” or the “Company”) (NASDAQ: MYFW), today reported financial results for the second quarter ended June 30, 2020. Net income available to common shareholders was $8.7 million, or $1.10 per diluted share, for the second quarter of 2020. This compares to $1.3 million, or $0.17 per diluted share, for the first quarter of 2020, and $1.4 million, or $0.18 per diluted share, for the second quarter of 2019. Scott C. Wylie, CEO of First Western, commented, “Our second quarter performance – which represents a record level of net income and earnings per share for the Company – reflects our inherent advantages in managing through the impact of the COVID-19 pandemic. Given our conservatively underwritten loan portfolio with minimal exposure to the industries most impacted by the crisis, we have seen generally stable asset quality and a relatively low level of projected losses. In addition to tightening credit underwriting and pricing, we have increased our loan level reviews and portfolio monitoring. We have also benefited from the strong demand for mortgage refinancing, which resulted in the h...