First Western Financial Inc. (MYFW) reports earnings

First Western Financial Inc. (MYFW) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.

The report details the company's financial performance, highlighting a net income available to common shareholders of $8.5 million, an increase from $5.2 million in the previous year.

Net interest income before provision for credit losses decreased by $6.8 million, primarily due to higher interest expense on deposits.

Non-interest income rose by $5.7 million, driven by increased net gains on mortgage loans and higher risk management and insurance fees.

Non-interest expense increased by $2.9 million, with notable increases in technology and information systems expenses.

Total assets decreased to $2.92 billion, with a decline in loans offset by an increase in cash and cash equivalents.

Total deposits decreased slightly to $2.51 billion, with a shift from noninterest-bearing to interest-bearing accounts.

The company reported an allowance for credit losses of $18.3 million, reflecting a decrease due to improved credit conditions.

First Western Financial continues to focus on its strategic objectives, including expanding its wealth management and mortgage segments.

The company remains well-capitalized, with regulatory capital ratios exceeding the minimum requirements.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the First Western Financial Inc. annual 10-K report dated March 7, 2025. To report an error, please email [email protected].