Welcome to our dedicated page for First Western Financial news (Ticker: MYFW), a resource for investors and traders seeking the latest updates and insights on First Western Financial stock.
First Western Financial, Inc. (MYFW) is a dynamic financial holding company based in the United States, specializing in comprehensive wealth management services. The company is dedicated to serving the western wealth management client through its unique private trust bank platform.
With over $4 billion in affiliated assets under management or advice, First Western Financial offers a synergistic combination of institutional-quality investment management and a diverse array of financial services. These services include wealth planning, investment management, private banking, personal trust, philanthropic services, retirement consulting, as well as insurance and mortgage services.
First Western Financial operates through two main segments: the Wealth Management segment and the Mortgage segment. The Wealth Management segment is responsible for providing a fully integrated suite of wealth management products and services, while the Mortgage segment focuses on residential mortgage service offerings. The majority of the company's revenue is derived from the Wealth Management segment.
Built specifically for the new economies of the West, First Western Financial has established a strong presence with offices in Arizona, California, Colorado, and Wyoming. The firm is known for its commitment to delivering tailored solutions and access to local expertise, positioning itself as a trusted partner for high-net-worth individuals and families.
Recently, the company announced several updates:
- A conference call and webcast scheduled at 10:00 a.m. MT / 12:00 p.m. ET on Friday, July 28, 2023.
- Operating results for the third quarter of 2023, including details on revenue, net interest income, non-interest income, non-interest expense, income taxes, loans, borrowings, and assets under management.
- Provision and allowance for credit loss amounts as per the latest GAAP standards.
- Upcoming events and presentations for the fourth quarter of 2023 and the first quarter of 2024.
First Western Financial continually focuses on prudent risk management and aims to provide multiple products and services to its clients, ensuring long-term value creation for its shareholders.
First Western Financial, Inc. (NASDAQ: MYFW) announced a $20 million issuance of 7.00% Fixed-to-Floating Rate Subordinated Notes due December 15, 2032. The proceeds will be used for general corporate purposes, enhancing the company’s Tier 2 capital. Interest is fixed at 7.00% until December 2027, after which it will reset quarterly based on Three-Month Term SOFR plus 328 basis points. The company may redeem the notes starting December 15, 2027, subject to regulatory approval. This initiative is expected to bolster capital ratios and support growth strategies.
First Western Financial (MYFW) reported solid financial results for Q3 2022, with net income rising to $6.2 million or $0.64 per diluted share, up from $4.5 million in Q2 2022. Total loans surged at an annualized rate of 38.1%, with net interest income increasing 13.2% to $22.8 million. However, non-interest income declined 7.0% quarter-over-quarter. Book value per share increased to $24.74, reflecting a 2.8% quarter-over-quarter growth. The company acknowledges potential loan growth moderation amid economic uncertainties.
First Western Financial, Inc. (NASDAQ: MYFW) announced it will release its financial results for Q3 2022 on October 20, 2022, after market hours. A conference call for analysts and investors will follow on October 21, 2022, at 10:00 a.m. MT/12:00 p.m. ET, where management will discuss results and answer questions. Participants must register to obtain access details. First Western, based in Denver, offers a suite of wealth management services across multiple states.
First Western Financial, Inc. (NASDAQ: MYFW) reported Q2 2022 net income of $4.5 million or $0.46 per diluted share, down from $5.5 million in Q1 2022 and $6.3 million in Q2 2021. Despite a decrease in non-interest income, the company experienced a record loan production with total loans held for investment rising 11.3% from Q1 2022. Net interest income grew by 10.1% compared to Q1 2022, primarily due to increased loan growth. Book value per share increased 1.6% from Q1 2022 to $24.06. The outlook remains positive with expectations for continued loan growth and margin expansion.
First Western Financial, Inc. (NASDAQ: MYFW) announces the release of its financial results for Q2 ending June 30, 2022, scheduled for July 28, 2022, after market close. A conference call to discuss these results will occur on July 29, 2022, at 10:00 a.m. MT. Participants must register to receive dial-in details. First Western provides a comprehensive suite of financial services across Colorado, Arizona, Wyoming, and California. The company focuses on wealth management within a private trust bank platform.
First Western Financial, Inc. (NASDAQ: MYFW) announced its inclusion in the Russell 3000® Index and Russell 2000® Index, effective June 27, 2022. This milestone follows the annual reconstitution that ranks the largest US stocks by market capitalization. CEO Scott C. Wylie noted that the company's growth strategies have led to increased market capitalization, which enhances stock liquidity and attracts a broader base of investors. The Russell indexes collectively benchmark around $12 trillion in assets, indicating significant investor interest.
First Western Financial, Inc. (Nasdaq: MYFW) announced the completion of its systems integration with Teton Financial Services, enhancing its presence in Wyoming. The merger, finalized on December 31, 2021, incorporates three Rocky Mountain Bank branches, enabling First Western to offer expanded services across 18 locations in Colorado, Arizona, Wyoming, and California. This integration allows enhanced client access to banking services, including fee-free ATM withdrawals and online banking platforms. The company aims to continue its community support and grow client relationships moving forward.
First Western Trust Bank, a subsidiary of First Western Financial (NASDAQ: MYFW), has appointed Heath Kinsland as Market President for the Denver Tech Center area. With over 20 years of banking experience, Kinsland aims to enhance client relationships and deliver tailored banking and wealth management services. Suzanne Johnson, Regional President, expressed confidence in Kinsland's ability to strengthen their market presence, highlighting his track record with high-net-worth clients. His previous leadership roles span various banking sectors.
First Western Financial, Inc. (MYFW) reported a net income of $5.5 million for Q1 2022, an increase from $1.9 million in Q4 2021, but a decline from $6.0 million in Q1 2021. Diluted EPS rose to $0.57 from $0.23 in the previous quarter. Total assets increased by 1.9% to $2.58 billion. Net interest income surged 27.1%, reaching $18.3 million, while non-interest income fell 9.5% to $8.6 million. The book value per share grew by 1.8% to $23.68, highlighting robust financial health amid market challenges.
First Western Financial, Inc. (MYFW) will announce its Q1 2022 financial results on April 28, 2022, after market close. A conference call is scheduled for April 29, 2022, at 10:00 a.m. MT (12:00 p.m. ET) to discuss the outcomes, with live webcast and replay available on the investor relations website.
Headquartered in Denver, Colorado, First Western offers an integrated suite of wealth management services across multiple states, including Colorado, Arizona, Wyoming, and California.
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