First Western Financial, Inc. - MYFW STOCK NEWS

First Western Financial, Inc. (MYFW) reported Q2 2021 net income of $6.3 million ($0.76 per diluted share), up from $6.0 million in Q1 2021 but down from $8.7 million in Q2 2020. Gross revenue remained steady at $23.7 million, down 9.5% year-over-year. Total assets decreased 9.1% from Q1 2021 to $2.01 billion. The company experienced a 9% increase in net interest income due to a boost in loan production and a 34% annualized growth in loans held for investment. The planned merger with Teton Financial Services aims to enhance presence in Wyoming and improve profitability.

First Western Financial, Inc. (NASDAQ: MYFW) announced it will release its second-quarter financial results on July 22, 2021, after market close. A conference call is scheduled for July 23, 2021, at 10:00 a.m. MT, to discuss these results, with participation from analysts and investors. The call will be webcast live, and an archived version will be available thereafter. First Western provides a wide range of wealth management services through its private trust bank platform, operating in several states including Colorado, Arizona, Wyoming, and California.

First Western Financial reported a net income of $6.0 million for Q1 2021, a significant increase from $1.3 million in Q1 2020. Diluted EPS rose to $0.74, compared to $0.17 last year. Gross revenue reached $23.7 million, up 41.7% year-over-year. Total assets increased by 63.4% to $2.21 billion. The company achieved a return on average assets of 1.16% and a return on average shareholders’ equity of 14.95%.

First Western Financial, Inc. (NASDAQ: MYFW) will release its first-quarter financial results on April 22, 2021, after market closure. A conference call to discuss these results is scheduled for April 23, 2021, at 10:00 a.m. MT. Participants can access the call via telephone or live webcast. First Western, based in Denver, Colorado, offers a full suite of wealth management services across multiple states. The company's stock is traded on the NASDAQ Global Select Market under the symbol ‘MYFW’.

First Western Financial, Inc. (NASDAQ: MYFW) has expanded its Board of Directors from 9 to 11 members with the appointments of Scott C. Mitchell and Julie A. Courkamp. Chairman and CEO Scott C. Wylie emphasized that their diverse expertise enhances the Board's effectiveness in strategic planning. Mitchell brings entrepreneurial success and operational efficiency skills, while Courkamp, the CFO since 2013, offers significant experience in finance, risk management, and operations. This move aims to strengthen the company's governance and improve performance across its financial services.

First Western Financial (MYFW) reported its Q4 2020 results, showing a net income of $4.9 million or $0.61 per diluted share. This marked a decline from $9.6 million in Q3 2020, but a significant increase from $2.6 million in Q4 2019. Gross revenue totaled $23.4 million, down from $31.0 million in Q3 2020, yet up 44.2% year-over-year. Total assets stood at $1.97 billion, up 57.7% from the previous year. Non-performing assets decreased significantly to 0.22% of total assets. The company anticipates continued growth driven by expanding commercial relationships in 2021.

First Western Financial, which trades under MYFW, will announce its fourth-quarter financial results for the period ending December 31, 2020, on January 28, 2021, after market close. The company will host a conference call to discuss these results on January 29, 2021, at 10:00 a.m. MT. Investors can participate via telephone or through a live webcast. First Western offers a range of wealth management services across multiple states, including Colorado, Arizona, Wyoming, and California, and is publicly traded on NASDAQ.

First Western Financial (NASDAQ: MYFW) has sold its LA-based fixed income portfolio management team to Lido Advisors and Oakhurst Advisors. This sale is set to be earnings neutral as expected revenue decreases will align with expense reductions. Although it will reduce assets under management by about $300 million, it is projected to enhance tangible common equity by $3.0 million to $3.3 million. CEO Scott C. Wylie noted this move optimizes the company's cost structure and frees resources for more profitable ventures.

First Western Financial (NASDAQ: MYFW) announced a stock repurchase program allowing the company to buy back up to 400,000 shares, about 5.0% of its outstanding shares. The Federal Reserve has approved this initiative. CEO Scott C. Wylie emphasized the company's improved profitability and tangible book value, suggesting the repurchase is a strategic move to enhance shareholder value and reflect the true market potential of the stock. The program, effective for one year, will adapt based on market conditions and regulatory requirements.