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First Western Reports Fourth Quarter 2020 Financial Results
Fourth Quarter 2020 Summary
|●||Net income available to common shareholders of $4.9 million in Q4 2020, compared to $9.6 million in Q3 2020 and $2.6 million in Q4 2019|
|●||Diluted EPS of $0.61 in Q4 2020, compared to $1.21 in Q3 2020 and $0.32 in Q4 2019|
|●||Gross revenue(1) of $23.4 million in Q4 2020, compared to $31.0 million in Q3 2020 and $16.2 million in Q4 2019|
|●||Net interest margin, including the impact of Paycheck Protection Program (“PPP”) loans, was consistent with Q3 2020 at 3.07% and an increase from 2.91% in Q4 2019|
|●||Total assets of $1.97 billion, remained relatively flat from Q3 2020 and up 57.7% from Q4 2019|
|●||Total deposits of $1.62 billion, up 3.6% from Q3 2020 and 49.1% from Q4 2019|
|●||Gross loans of $1.53 billion, up 1.8% from Q3 2020 and 53.6% from Q4 2019|
|●||Loans under active COVID-19 loan modification agreements declined 96.7% from $63.0 million in Q3 2020, to $2.1 million in Q4 2020|
|●||Non-performing assets to total assets declined to 0.22% from 0.53% in Q3 2020 and 1.03% in Q4 2019|
(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, Colo., January 28, 2021 – First Western Financial, Inc., (“First Western” or the “Company”) (NASDAQ: MYFW), today reported financial results for the fourth quarter ended December 31, 2020.
Net income available to common shareholders was $4.9 million, or $0.61 per diluted share, for the fourth quarter of 2020. This compares to $9.6 million, or $1.21 per diluted share, for the third quarter of 2020, and $2.6 million, or $0.32 per diluted share, for the fourth quarter of 2019.
Scott C. Wylie, CEO of First Western, commented, “Although we saw a seasonal decline in mortgage activity during the fourth quarter, we were still able to nearly double our earnings from the prior year due primarily to the strong balance sheet growth we generated in 2020, which resulted in a 64% year-over-year increase in our net interest income. We had another strong quarter of loan production and core deposit gathering, largely due to continued growth in commercial relationships.
“We also continued to see positive trends in asset quality, which reflects the strength of our borrowers and our conservative underwriting. Our total non-performing assets declined by approximately 60% from the end
The following information was filed by First Western Financial Inc (MYFW) on Thursday, January 28, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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