Earnings ·
First Western Financial reports Q3 diluted EPS of $0.60, up 88% year-over-year
MYFWFirst Western Financial Inc
First Western Financial reported third-quarter net income available to common shareholders of $6.0 million, or $0.60 per diluted share, an 88% increase from the prior year period. Diluted earnings per share rose 5.3% sequentially from $0.57 in the second quarter. The company's tangible book value per share increased 3.0% to $26.28. Net interest income grew 5.5% to $23.0 million, driven by a 5 basis point expansion in net interest margin to 2.95%. Total loans held for investment rose $95.0 million to $2.81 billion, while total deposits increased 2.5% to $2.92 billion. Non-interest expense decreased slightly to $20.8 million, improving the efficiency ratio to 72.20%. First Western Financial operates as a niche-focused regional wealth manager and private trust bank in the Rocky Mountain region.