Q4 2024 First Western Financial Inc Earnings Call Transcript

Jan 24, 2025 / 03:00PM GMT

Release Date Price: €17.1 (+0.59%)

Transcript 8-K

Key Points

Positve

First Western Financial Inc (MYFW) achieved its highest level of loan production in any quarter of 2024, driven by additions to its banking team.
The company successfully lowered deposit costs, contributing to an expansion in net interest margin.
There was a decline in non-performing assets, with immaterial charge-offs reported for the quarter.
The tangible book value per share increased by 1.6% during the quarter.
Net interest income increased by 8.3% from the prior quarter, contributing to a 4.8% rise in gross revenue.

Negative

A $1.1 million write-down in OREO negatively impacted earnings per share by $0.08 in the fourth quarter.
Non-interest income decreased by approximately $500,000 due to a decline in gain on sale of mortgage loans.
Assets under management decreased by $145 million in the fourth quarter, primarily due to net withdrawals and lower market values.
Non-interest expenses increased by $1 million from the prior quarter, attributed to the OREO write-down.
The trust and investment management fees only increased by 2.2% year over year, indicating slower growth in this segment.

Operator

Hello, everyone and welcome to First Western Financial fourth-quarter 2024 earnings conference call.

(Operator Instructions)

Please be advised that today's conference is being recorded.

Now it's my pleasure to turn the call over to Tony Rossi. Please proceed.

Tony Rossi

First Western Financial Inc - Investor Relations, Financial Profiles Inc

Thank you, Carmen.

Good morning, everyone and thank you for joining us today for First Western Financial's fourth-quarter 2024 earnings call.

Joining us from First Western's management team are Scott Wylie, Chairman and Chief Executive Officer; Julie Courkamp, Chief Operating Officer; and David Weber, Chief Financial Officer.

We will use a slide presentation as part of our discussion this morning. If you've not done so already, please visit the events and presentations page of First Western's Investor Relations website to download a copy of the presentation.

Before we begin, I'd like to remind you that this conference call contains forward-looking

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