First Western Financial Results Presentation Deck | Slidebook.io

First Western Financial Results Presentation Deck

January 2024, 20 slides

fourth quarter conference call | First Western Financial

safe harbor | First Western Financial

overview of earnings net income available to common shareholders of million or per diluted share tax provision net income of million decline in earnings from prior quarter primarily due to reserve on individually analyzed loans prudent balance sheet growth deposit growth exceeded loan growth in the fourth quarter deposit growth with increases in both bearing and interest bearing deposits total loans relatively flat as new production is focused on clients that provide deposits while maintaining conservative underwriting criteria and disciplined pricing execution on key priorities disciplined expense control resulted in operating expenses remaining below initial expectations for increased focus on deposit gathering further reduced loan to deposit ratio conservative underwriting and portfolio management continues to result in low level of credit losses | First Western Financial

net income available to common shareholders and earnings per share net income of million or diluted earnings per share in provision for individually analyzed loans in had diluted earnings per share impact of net of tax cash flow hedge of certain borrowings that decreased in value as interest rates declined tangible book value per share declined during due to an unfavorable shift in resulting from a net income available to common shareholders diluted earnings per share toe me | First Western Financial

loan portfolio loan portfolio details loan production loan payoffs total loans held for investment increased million from prior quarter growth driven by increases in residential mortgage and portfolios partially offset by small declines in other portfolios new loan production of more than million with focus primarily on clients that also bring deposits to the bank average rate on new loan production increased to compared to prior quarter loan portfolio composition total loans | First Western Financial

total deposits total deposits increased by million in success in new business development with million in new deposit relationships added in bearing deposits increased million in primarily driven by new client accounts strategic decision made to add short term higher cost deposits to improve near term liquidity which will be replaced with lower cost funding as market conditions normalize and interest rates decrease deposit portfolio composition total deposits | First Western Financial

trust and investment management total assets under management increased million from to billion as of increase in aum driven by an increase in market values throughout resulting in a increase compared to and a increase year over year total assets under management | First Western Financial

gross revenue gross revenue declined from prior quarter decline in the last five quarters as environmental appear to be shifting decline primarily due to an increase in deposit costs that reduced net interest income gross revenue gross revenue | First Western Financial

net interest income and net interest margin net interest income decreased to million or from million in due primarily to higher deposit costs net interest margin decreased to driven by the increase in interest bearing deposit costs strategic decision made to add short term higher cost deposits to improve near term liquidity which will be replaced with lower cost funding as market conditions normalize and interest rates decrease net interest income net interest margin | First Western Financial

non interest income non interest income remained flat compared to prior quarter slight decline in net gains on mortgage loans which reflects impact of higher rates and seasonal decline in mortgage loan demand slight declines in trust and investment management fees compared to prior quarter however fees increased million or year over year increase in risk management and insurance fees reflects seasonal impact that occurs in the fourth quarter each year total non interest income trust and investment management fees bank | First Western Financial

non interest expense and efficiency ratio non interest expense remained flat at million compared to disciplined expense management resulted in non interest expense coming in below targeted range total non interest expense operating efficiency ratio | First Western Financial

asset quality increased million due primarily to the downgrade of two loans million provision for credit losses driven primarily by reserve on individually analyzed loans previously downgraded to with small reserves established for two loans downgraded to in adjusted total loans increased to in from in continue to experience immaterial amount of credit losses non performing assets total assets net charge offs average loans | First Western Financial

consistent value creation share up since consistent increases in tangible book value per share driven by organic growth that has increased operating leverage accretive acquisitions that have been well priced and smoothly integrated to realize all projected cost savings conservative underwriting criteria that has resulted in extremely low level of losses in the portfolio throughout the history of the company prudent asset liability management including not investing excess liquidity accumulated during the pandemic in low yielding bonds | First Western Financial

outlook and priorities well positioned to manage through and perform well in any economic scenario that emerges in prudent risk management and conservative underwriting criteria expected to result in modest asset growth in until economic conditions improve deposit gathering will remain a top priority throughout the organization with increased focus on targeting deposit rich industries focus will remain on core business and core clients that provide good opportunities to expand relationships over time and result in very low levels of credit losses concentrating on working through credits placed on non performing status to continue achieving immaterial losses catalysts that should contribute to earnings growth in good momentum in business development that should lead to continued growth in client roster balance sheet and non interest income liability sensitive balance sheet that will lead to expanded nim as interest rates decrease continued disciplined expense management and continued benefits from leveraging past investments in technology talent and office expansion as well as process improvements that will enhance efficiencies as we continue to add scale strength of franchise and balance sheet enables first western to continue capitalizing on our attractive markets to consistently add new clients realize more operating leverage as we increase scale generate profitable growth and further enhance the long term value of our franchise | First Western Financial

appendix | First Western Financial

capital and liquidity overview tangible common equity per share consolidated capital ratios as of liquidity funding sources as of | First Western Financial

non reconciliation | First Western Financial

non reconciliation | First Western Financial

non reconciliation | First Western Financial

non reconciliation | First Western Financial

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