First Western Financial, Inc. · NASDAQ:MYFW
First Western Financial — Shareholder Meeting (June 2022)
21 slides from First Western Financial's shareholder meeting presentation, Jun 6, 2022
Slide 1: 2022 Annual Meeting of Shareholders
2022 Annual Meeting of Shareholders June 8, 2022
Slide 2: Safe Harbor
Safe Harbor 2 This presentation contains “forward - looking statements” within the meaning of Section 27 A of the Securities Act of 1933 , as amended, and Section 21 E of the Securities Exchange Act of 1934 , as amended .. These forward - looking statements reflect the current views of First Western
Slide 3: 2021 Review and Highlights
3 2021 Review and Highlights ▪ Strong execution on growth strategies resulted in a superior level of financial performance ➢ Member of “ Hovde’s High Performers Class of 2022” ➢ Named Bank & Thrift Sm - All Star by Piper Sandler ▪ Combination of organic growth and acquisitions continues to improve o
Slide 4: Teton Financial Services Acquisition Transaction Overview
4 Teton Financial Services Acquisition Transaction Overview ▪ Closed on December 31, 2021 ▪ Acquisition of Teton Financial Services Inc., the holding company for Rocky Mountain Bank ▪ Expands First Western’s footprint and market share in Wyoming where favorable trust, estate and tax laws align well
Slide 5: Strong Operational and Financial Momentum
$4,556 $5,795 $7,602 $10,854 $38,429 $32,611 $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 2016 2017 2018 2019 2020 2021 2016 - 2020 Pre - Tax, Pre - Provision Income(1) ($000s) 5 Strong Operational and Financial Momentum ▪ Robust balance sheet growth ▪ Strong contributions from
Slide 6: Consistent Increase in Shareholder Value
$9.19 $11.14 $11.50 $11.88 $12.38 $12.83 $13.15 $13.39 $14.13 $15.38 $16.44 $17.24 $17.98 $18.85 $19.87 $20.25 $8.00 $10.00 $12.00 $14.00 $16.00 $18.00 $20.00 $22.00 MYFW TBV/Share 6 Consistent Increase in Shareholder Value (1) See Non - GAAP reconciliation TBV/Share (1) Up 120% Since July 2018 IPO
Slide 7: Strong Execution on Growth Strategies Driving Significant Outperformance
7 Strong Execution on Growth Strategies Driving Significant Outperformance (1) Source: S&P Capital IQ (January 1, 2020 through June 1, 2022)
Slide 8: Driving Profitable Growth
Driving Profitable Growth W Frirstwestern
Slide 9: Success in Expansion and Acquisition Growth
9 Success in Expansion and Acquisition Growth 2006 – 2010 (3) ▪ Boulder, CO ▪ Century City, CA ▪ Scottsdale, AZ 2011 – 2015 (6) ▪ Aspen, CO ▪ DTC/Cherry Hills, CO ▪ Fort Collins, CO ▪ Jackson Hole, WY ▪ Laramie, WY ▪ Phoenix, AZ 2016 – 2020 (2) ▪ Greenwood Village, CO ▪ Vail Valley, CO 2002 – 2005 (
Slide 10: Revenue Growth Strategies
10 Revenue Growth Strategies Expand commercial loan production platform ▪ Building expertise in specific vertical markets, e.g. medical and dental practices ▪ Capitalize on growing reputation to attract additional experienced commercial banking talent Expand into new markets with attractive demograp
Slide 11: Strong Execution on Revenue Growth Strategies
11 Strong Execution on Revenue Growth Strategies ▪ Accelerating business development, office expansion and accretive acquisitions all contributing to the balance sheet growth driving improved operating leverage and higher profitability ▪ M&A strategy continuing with acquisition of Teton Financial Se
Slide 12: Accelerating Business Development Trends
12 Accelerating Business Development Trends Capital raised in July 2018 IPO has allowed for increased business development activities $227.9 $268.2 $225.6 $317.9 $691.7 $561.2 $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 $700.0 2016 2017 2018 2019 2020 2021 $44.0 $62.2 $121.6 $149.0 $467.9 $206.6
Slide 13: Increased Scale and Back-Office Streamlining Driving Improved Efficiencies
13 Increased Scale and Back - Office Streamlining Driving Improved Efficiencies 88.2% 85.4% 80.6% 59.8% 66.6% 50.0% 60.0% 70.0% 80.0% 90.0% 2017 2018 2019 2020 2021 (1) See Non - GAAP reconciliation Efficiency Ratio (1)
Slide 14: Commercial Banking Driving Growth
▪ During 2020, expanded commercial banking team and added construction lending expertise ▪ Increase in commercial banking clients contributing to growth in total loans and low - cost deposits while improving overall diversification ▪ Stronger commercial banking platform complements private banking a
Slide 15: Wealth Management Segment Earnings
15 Wealth Management Segment Earnings (1) See Non - GAAP reconciliation $0.73 $0.86 $0.79 $0.71 $0.77 $1.60 $3.09 $0.99 $1.01 $1.07 $0.75 $0.80 $4.24 $3.81 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 FY20 FY21 Wealth Management Segment Consolid
Slide 16: Creating Additional Shareholder Value
Creating Additional Shareholder Value 16
Slide 17: 2022 Outlook and Priorities
17 2022 Outlook and Priorities ▪ First Western is well positioned to deliver another strong year of organic and acquisitive growth in 2022 ▪ Increasing production from commercial banking platform expected to result in strong organic loan growth ▪ Focused on fully realizing the synergies from Teton F
Slide 18: Long-Term Goals to Drive Shareholder Value
18 Long - Term Goals to Drive Shareholder Value ▪ Drive to $5 billion in total assets, $25 billion TIM assets through both organic growth and acquisitions ▪ ~50 offices ▪ $7 - 8 million in revenue per office ▪ 60% contribution margin per office ▪ Build footprint, scale and operating leverage with M&
Slide 19: Reconciliations
Non - GAAP Reconciliations 19
Slide 20: Reconciliation Consolidated Efficiency Ratio
20 Non - GAAP Reconciliation Consolidated Efficiency Ratio For the Years Ended, (Dollars in thousands) 2016 2017 2018 2019 2020 2021 Non - interest expense $49,823 $49,494 $50,195 $53,784 $59,537 $68,149 Less: Amortization 747 784 831 374 14 17 Less: Acquisition related expenses - - - - 684 4,101 Le
Slide 21: Reconciliation Consolidated Tangible Common Book Value Per Share
21 Non - GAAP Reconciliation Consolidated Tangible Common Book Value Per Share As of the Three Months Ended, (Dollars in thousands) Jun 30, 2018 Sep 30, 2018 Dec 31, 2018 Mar 31, 2019 Jun 30, 2019 Sep 30, 2019 Dec 31, 2019 Mar 31, 2020 Jun 30, 2020 Sep 30, 2020 Dec 31, 2020 Total shareholders' equit
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