First Western Financial, Inc.(MYFW), a leading financial institution, has released its unaudited consolidated financial summary for the third quarter of 2023. The report highlights the company's net income, which amounted to $3.12 million, and its total revenue of $22.54 million during this period. The financial summary provides insights into the company's performance, including its assets, liabilities, and key financial metrics.
Net Interest Income and Non-Interest Income
In the third quarter of 2023, First Western Financial, Inc. reported a net interest income of $16.77 million, which, after accounting for provisions for credit losses, amounted to $16.44 million. The provision for credit losses reached $329,000 during this period. Non-interest income for the same quarter totaled $6.10 million.
Non-Interest Expenses
Non-interest expenses for the third quarter included salaries and employee benefits of $10.97 million, occupancy and equipment costs of $1.81 million, professional services expenses of $1.87 million, and technology and information systems costs of $0.91 million. The total non-interest expenses for this period amounted to $18.31 million.
Earnings per Share
Earnings per common share for Q3 2023 were $0.33 on a basic basis and $0.32 on a diluted basis. These earnings represent the financial performance per common share and serve as a key metric for investors and stakeholders.
Asset Summary
First Western Financial, Inc.'s total assets for the third quarter of 2023 amounted to $3.00 billion, with cash and cash equivalents accounting for $271.48 million. The loan portfolio, which included various loan categories, totaled $2.53 billion. Additionally, the company reported holdings of mortgage loans for sale at a fair value of $12.11 million.
Deposit and Liability Overview
The company's deposit portfolio featured noninterest-bearing deposits of $476.31 million and interest-bearing deposits of $1.94 billion. First Western Financial, Inc. also disclosed its liability structure, which included borrowings from the Federal Home Loan Bank and Federal Reserve totaling $259.93 million.
Asset Quality
First Western Financial, Inc. maintained a strong position in asset quality, with non-performing loans amounting to $56.14 million in Q3 2023. Non-performing assets and net charge-offs stood at $56.14 million and $190,000, respectively. The allowance for credit losses was reported at $23.17 million.
The company reported book value per share of $25.76 at the end of the quarter, along with tangible book value per common share of $22.42. The consolidated capital metrics included a Tier 1 capital to risk-weighted assets ratio of 9.32% and a CET1 to risk-weighted assets ratio of 9.32%. The company also provided data on its bank capital metrics, which showed Tier 1 capital to risk-weighted assets at 10.42% and CET1 to risk-weighted assets at 10.42%.
First Western Financial, Inc. continues to deliver strong financial performance and maintain a solid balance sheet. The company's commitment to asset quality and effective management of assets and liabilities remains evident in its latest financial report.