First Western Financial Investor Presentation Deck
August 2023, 50 slides
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investor presentation august | First Western Financial
safe harbor | First Western Financial
an emerging high performing institution performers class of performers class of bank thrift all stars | First Western Financial
investment highlights | First Western Financial
strong operational and financial momentum robust organic balance sheet growth accretive acquisitions market expansion highly operating platform driving improved efficiencies outstanding asset quality and low credit costs | First Western Financial
consistent value creation 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
franchise overview | First Western Financial
great markets scarce investment opportunity | First Western Financial
our five core strengths | First Western Financial
cross selling a diverse set of products and services | First Western Financial
high quality revenues with predictable sources of recurring income | First Western Financial
private bank model generates strong fee income | First Western Financial
driving profitable growth | First Western Financial
success in expansion and acquisition growth | First Western Financial
revenue growth strategies | First Western Financial
recent a transactions | First Western Financial
strong execution on revenue growth strategies accelerating business development office expansion and accretive acquisitions all contributing to the balance sheet growth driving improved operating leverage and higher profitability a strategy continued with acquisition of financial services office expansion continued with hiring of teams to focus on market and deepen presence in colorado and | First Western Financial
accelerating business development trends | First Western Financial
increased scale and back office streamlining driving improved efficiencies | First Western Financial
wealth management segment earnings wealth management segment earnings reflects contribution of private banking commercial banking and trust and investment management business lines growth in private banking commercial banking and businesses replacing earnings generated by mortgage segment in and creating sustainable path to higher profitability over long term a a a | First Western Financial
recent financial trends | First Western Financial
overview of | First Western Financial
net income available to common shareholders and earnings per share net income of million or diluted earnings per share in including the impact of impairment to contingent consideration assets adjusted net income of million in profitability and prudent balance sheet management resulted in book value and tangible book value per share increasing by and respectively from | First Western Financial
loan portfolio | First Western Financial
total deposits bearing deposits increased during the month of june success in new business development with million in new deposit relationships added in lessened the typical seasonal impact of outflows from tax payments continued but migration of bearing deposits into interest bearing categories as clients seek higher rates for their excess liquidity | First Western Financial
trust and investment management total assets under management increased million from march to billion as of june client accounts benefited from improved market conditions in the second quarter excluding custody all product categories increased quarter over quarter | First Western Financial
gross revenue gross revenue declined from prior quarter decrease primarily driven by a decrease in net interest income as a result of higher interest expense driven by higher deposit costs offset partially by higher interest income net interest income decline due to nim pressure | First Western Financial
net interest income and net interest margin net interest income decreased to million or from million in net interest income decreased from due to higher interest expense resulting from increase in average cost of deposits net interest margin decreased to driven by the increase in interest bearing deposit costs offset partially by the increase in yields on average earning assets average loan yields increased in june while average deposit costs were flat | First Western Financial
non interest income non interest income decreased to million or from million in primarily due to a million impairment to carrying value of contingent consideration assets related to the sale of first western capital management in the decrease to non interest income was further driven by losses of million on loans accounted for under carrying value option trust and investment management fees were consistent with prior quarter net gain on mortgage loans decreased to million or from million in as higher rates continue to impact loan demand | First Western Financial
non interest expense and efficiency ratio non interest expense decreased from decrease in expense levels resulted from intentional delays in new initiatives and staffing reductions implemented in the first quarter and in to better align with current revenue disciplined expense management resulted in non interest expense coming in below targeted range organizational wide review of expense levels resulted in additional cost savings that are expected to reduce non interest expenses within the range of million to million for the remainder of a | First Western Financial
asset quality declined from prior quarter due to full payoffs on two non performing loans million provision for credit losses driven primarily by an allowance recorded on individually analyzed loan previously identified as non performing loan adjusted total loans increased to in from in continue to experience immaterial amount of credit losses | First Western Financial
capital and liquidity overview | First Western Financial
creating additional shareholder value me come | First Western Financial
near term outlook prudent risk management will remain top priority while economic uncertainty remains which will impact level of profitability in short term loan growth expected to remain at lower level in near future although unfunded commitments provides potential catalyst for higher level of loan growth as borrowers increase utilization of credit lines deposit gathering continues to be emphasized throughout the organization including capitalizing on current environment to continue adding new clients looking for a financial institution continued evaluation of opportunities for capital utilization that can create additional value for shareholders | First Western Financial
long term goals to drive shareholder value since our status as of year end we have tripled total loans and total deposits more than doubled per share had substantial increases in annual revenue and demonstrated significant operating leverage looking forward we can drive shareholder value by continuing to execute well creating more operating leverage to drive high performing and results emphasizing our differentiation in growing through billion in total assets billion assets through both organic growth and acquisitions ideally offices infill and adjacent maturing at million in revenue per office through growing contribution margin per office at maturity then growing building footprint scale and operating leverage with a disciplined approach to be significantly earnings accretive with minimal dilution enhancing wealth management platform upgrade client experience create new digital distribution channel | First Western Financial
a unique and attractive investment | First Western Financial
appendix | First Western Financial
organizational overview | First Western Financial
team ready to take to the next level | First Western Financial
sophisticated board of directors name | First Western Financial
integrated team approach in offices president private bankers lenders portfolio managers wealth advisor trust officer | First Western Financial
organizational structure built for scale first western profit centers product groups support centers | First Western Financial
non reconciliations | First Western Financial
non reconciliation | First Western Financial
non reconciliation | First Western Financial
non reconciliation | 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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