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
Company
Deck Type
Sector
Industry
Deck date
January 2024
Slide
9 of 20
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Results
January 2024
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
Results
January 2024
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
Results
January 2024
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
Results
January 2024
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
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