First Western Reports Fourth Quarter 2025 Financial Results

Rhea-AI Summary

First Western (NASDAQ: MYFW) reported Q4 2025 results: net income available to common shareholders $3.3M and diluted EPS $0.34. Net interest income was $20.6M and net interest margin rose to 2.71% (up 17 bps QoQ). Total loans held for investment increased to $2.65B (+$59M QoQ) while total deposits were $2.75B (down 3.5% QoQ). non-interest expense was $21.3M, including a $1.4M OREO write-down. Book value per share rose to $27.30 and tangible book value to $24.07. A conference call and webcast are scheduled for Jan 23, 2026.

Positive

• Net income available to common shareholders of $3.3M in Q4 2025
• Diluted EPS of $0.34 in Q4 2025, up from $0.32 in Q3 2025
• Net interest income of $20.6M (Q4 2025), +5.6% QoQ
• Net interest margin improved 17 bps to 2.71% QoQ
• Total loans held for investment $2.65B, +2.3% QoQ
• Book value per share $27.30, tangible book value per share $24.07

Negative

• Total deposits declined 3.5% QoQ to $2.75B
• Non-interest expense increased 6.0% QoQ to $21.3M, including a $1.4M OREO write-down
• Assets under management decreased 2.1% QoQ to $7.28B due to net withdrawals
• Provision for credit losses of $0.9M in Q4 2025 after a $2.3M provision in Q3 2025

Key Figures

Net income (Q4 2025): $3.3M Diluted EPS (Q4 2025): $0.34 Net interest margin: 2.71% +5 more

8 metrics

Net income (Q4 2025) $3.3M Net income to common shareholders in Q4 2025 vs $3.2M in Q3 2025

Diluted EPS (Q4 2025) $0.34 Q4 2025 diluted EPS vs $0.32 in Q3 2025 and $0.28 in Q4 2024

Net interest margin 2.71% Q4 2025 NIM vs 2.54% in Q3 2025 and 2.45% in Q4 2024

Net interest income $20.6M Q4 2025 net interest income vs $19.5M in Q3 2025 and $16.9M in Q4 2024

Loans held for investment $2.65B Total loans at 12/31/2025, up $59M or 2.3% from Q3 2025

Total deposits $2.75B Deposits at 12/31/2025, down 3.5% from $2.85B at 9/30/2025

Assets Under Management $7.28B AUM at 12/31/2025, down 2.1% from $7.43B at 9/30/2025

Non-performing assets $19.6M (0.62%) NPAs and % of total assets at 12/31/2025 vs $49.0M (1.68%) at 12/31/2024

Market Reality Check

Price: $27.23 Vol: Volume 11,466 is 0.44x th...

low vol

$27.23 Last Close

Volume Volume 11,466 is 0.44x the 20-day average of 25,899, indicating lighter-than-usual trading ahead of results. low

Technical Shares at $27.23 are above the 200-day MA $22.76 and sit 2.75% below the 52-week high of $28.00.

Peers on Argus

MYFW’s pre-news gain of 3.37% contrasts with mixed peer moves (e.g., FUNC -1.23%...

MYFW’s pre-news gain of 3.37% contrasts with mixed peer moves (e.g., FUNC -1.23%, PWOD -2.76%, ISBA +0.76%), pointing to a stock-specific setup rather than a broad regional bank move.

Previous Earnings Reports

4 past events · Latest: Oct 23 (Neutral)

Same Type Pattern 4 events

Date	Event	Sentiment	Move	Catalyst
Oct 23	Quarterly earnings	Neutral	-1.7%	Q3 2025 results with higher earnings but lower margin and higher provisions.
Jul 24	Quarterly earnings	Neutral	-4.7%	Q2 2025 results with lower net income vs Q1 but loan and margin growth.
Apr 24	Quarterly earnings	Positive	+7.9%	Q1 2025 strong earnings, margin expansion, better asset quality and capital.
Jan 23	Quarterly earnings	Positive	+10.6%	Q4 2024 return to profit with higher net interest income and lower NPAs.

Pattern Detected

Recent earnings releases often produced single-digit percentage moves (average 6.22%), with positive quarters like Q1 and Q4 2024 drawing stronger favorable reactions.

Recent Company History

Over the past year, MYFW’s earnings reports have shown steady improvement. Q4 2024 delivered $2.7M net income and higher net interest income, followed by strong Q1 2025 results with $4.2M net income and margin expansion. Q2 2025 saw softer net income but loan and AUM growth, and Q3 2025 improved earnings with higher deposits despite margin pressure and a larger credit loss provision. Today’s Q4 2025 report continues this progression with higher net income, EPS, and net interest margin, alongside loan growth and rising book value.

Historical Comparison

earnings

+6.2 %

Average Historical Move

Historical Analysis

Recent earnings releases moved MYFW about 6.22% on average; today’s pre-announcement change of 3.37% sits below that typical reaction range.

Typical Pattern

Earnings updates from Q4 2024 through Q3 2025 show rising net interest income, improving margins, and asset quality progress, with Q4 2025 extending this trend.

Market Pulse Summary

This announcement details Q4 2025 earnings with higher net income, EPS of $0.34, and a stronger net ...

Analysis

This announcement details Q4 2025 earnings with higher net income, EPS of $0.34, and a stronger net interest margin of 2.71%, alongside 2.3% loan growth and improved asset quality. Deposits and AUM declined quarter over quarter, while non-interest expense rose partly from an OREO write-down. Compared with prior quarters, trends in margin, credit costs, and book value progression are key metrics to watch as management targets continued performance gains in 2026.

Key Terms

net interest margin, non-interest income, non-interest expense, efficiency ratio, +4 more

8 terms

net interest margin financial

"Net interest margin increased 17 basis points from 2.54% in Q3 2025 to 2.71%"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

non-interest income financial

"Total non-interest income | | 6,079 | | 6,842 | | 6,459"

Non-interest income is the money a bank or financial company earns from activities other than charging interest on loans, such as service fees, account charges, trading gains, and income from managing client investments. For investors, it matters because it diversifies a firm’s revenue stream—like a store that sells both products and offers repair services—making profits less tied to lending rates and helping stability when interest-driven income falls.

non-interest expense financial

"Total non-interest expense | | 21,306 | | 20,074 | | 20,427"

Costs a company incurs that are not related to paying or earning interest, such as wages, rent, utilities, marketing, professional fees and equipment depreciation. Investors watch these expenses because they directly reduce operating profit and reveal how efficiently a business runs—like comparing household bills aside from mortgage interest to see where you can cut costs and improve savings.

efficiency ratio financial

"The Company’s efficiency ratio(1) was 74.9% in the fourth quarter of 2025"

A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.

other real estate owned ("OREO") financial

"driven by a $1.4 million Other real estate owned ("OREO") write-down"

Other real estate owned (OREO) are properties a lender ends up owning after taking back collateral for unpaid loans, such as foreclosed homes or repossessed commercial buildings. It matters to investors because rising OREO signals troubled lending and potential losses, while the value and saleability of these properties affect a lender’s balance sheet, ongoing costs, and future earnings, much like a store suddenly having to sell off returned merchandise and cover storage and repair expenses.

allowance for credit losses financial

"the Allowance for credit losses as a percentage of Total loans was 81 basis points"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

tier 1 capital financial

"Tier 1 capital to risk-weighted assets | 9.75 | %"

Tier 1 capital is a bank’s core financial cushion—mainly common stock, retained earnings and certain reserves—that can absorb losses while the bank keeps operating. Investors care because it signals a lender’s ability to survive stress, meet regulatory requirements and continue lending or paying dividends; think of it as the engine’s safety margin that keeps a car running through bumps in the road.

common equity tier 1 ("CET1") financial

"Common Equity Tier 1 ("CET1") to risk-weighted assets | 9.75"

Common equity tier 1 (CET1) is a bank’s core capital made up mainly of common shares and retained profits, acting as the first line of defense against losses. Investors use the CET1 ratio—how large that cushion is compared with the bank’s risky assets—to judge financial strength, resilience in stress, and the bank’s ability to pay dividends or raise capital; a bigger cushion generally means lower risk.

AI-generated analysis. Not financial advice.

Fourth Quarter 2025 Summary

• Net income available to common shareholders of $3.3 million in Q4 2025, compared to $3.2 million in Q3 2025
• Diluted earnings per share of $0.34 in Q4 2025, compared to $0.32 in Q3 2025
• Net interest margin increased 17 basis points from 2.54% in Q3 2025 to 2.71% in Q4 2025
• Net interest income increased $1.1 million, or 5.6%, from $19.5 million in Q3 2025 to $20.6 million in Q4 2025
• Total loans held for investment increased $59 million, or 2.3%, from $2.59 billion in Q3 2025 to $2.65 billion in Q4 2025
  

DENVER, Jan. 22, 2026 (GLOBE NEWSWIRE) -- First Western Financial, Inc. (“First Western” or the “Company”) (NASDAQ: MYFW), today reported financial results for the fourth quarter ended December 31, 2025.

Net income available to common shareholders was $3.3 million, or $0.34 per diluted share, for the fourth quarter of 2025. This compares to net income of $3.2 million, or $0.32 per diluted share, for the third quarter of 2025, and net income of $2.7 million, or $0.28 per diluted share, for the fourth quarter of 2024.

Scott C. Wylie, CEO of First Western, commented, “We executed well in the fourth quarter and saw positive trends in many areas including loan growth, an increase in Net interest income, well managed expenses, and generally stable asset quality, which resulted in an increase in our level of profitability. We continue to see healthy economic conditions across our markets resulting in a solid amount of loan demand that meets our disciplined underwriting and pricing criteria, while adding full banking relationships by getting new deposit accounts with the loans. Our improving financial performance and continued prudent balance sheet management resulted in increases in both our book value and tangible book value per share during the fourth quarter.

“Our loan pipeline remains strong and we expect to see solid loan growth going forward, along with a continuation of the positive trends we are seeing in key areas, which we believe will result in another year of improved financial performance and value creation for our shareholders in 2026,” said Mr. Wylie.

	For the Three Months Ended
	December 31,				September 30,				December 31,
(Dollars in thousands, except per share data)	2025				2025				2024
Earnings Summary
Net interest income	$	20,577			$	19,454			$	16,908
Provision for (release of) of credit losses		915				2,257				(974	)
Total non-interest income		6,079				6,842				6,459
Total non-interest expense		21,306				20,074				20,427
Income before income taxes		4,435				3,965				3,914
Income tax expense		1,121				779				1,166
Net income available to common shareholders		3,314				3,186				2,748
Basic earnings per common share		0.34				0.33				0.28
Diluted earnings per common share		0.34				0.32				0.28
Return on average assets (annualized)		0.42	%			0.40	%			0.38	%
Return on average shareholders' equity (annualized)		5.06				4.92				4.39
Return on tangible common equity (annualized)(1)		5.66				5.54				4.98
Net interest margin		2.71				2.54				2.45
Efficiency ratio(1)		74.88				76.38				80.74

____________________

(1)	Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

Operating Results for the Fourth Quarter 2025

Revenue

Total income before non-interest expense was $25.7 million for the fourth quarter of 2025, an increase of 7.1% from $24.0 million for the third quarter of 2025. Gross revenue⁽¹⁾ was $26.7 million for the fourth quarter of 2025, an increase of 1.5% from $26.3 million for the third quarter of 2025. Relative to the third quarter of 2025, the increase in Total income before non-interest expense was primarily driven by an increase in Net interest income and a decrease in Provision for credit losses, partially offset by a decrease in Non-interest income. Relative to the fourth quarter of 2024, Total income before non-interest expense increased 5.8% from $24.3 million and Gross revenue increased 12.2% from $23.8 million. Relative to the fourth quarter of 2024, the increase in Total income before non-interest expense was primarily driven by an increase in Net interest income, partially offset by an increase in Provision for credit losses and a decrease in Non-interest income.

(1)	Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

Net Interest Margin

Net interest margin for the fourth quarter of 2025 increased 17 basis points to 2.71% from 2.54% reported in the third quarter of 2025, primarily due to a decrease in cost of funds, partially offset by a slight decrease in yield on interest-earning assets. The cost of funds decreased 20 basis points to 3.03% from 3.23% reported in the third quarter of 2025, while the yield on interest-earning assets decreased 3 basis points to 5.56% from 5.59% reported in the third quarter of 2025.

Relative to the fourth quarter of 2024, net interest margin increased 26 basis points from 2.45%, primarily due to a 21 basis point decrease in cost of funds and a 3 basis points increase in yield on interest-earning assets.

Net Interest Income

Net interest income for the fourth quarter of 2025 was $20.6 million, an increase of 5.6% from $19.5 million for the third quarter of 2025. The increase quarter over quarter was primarily driven by a 17 basis point increase in net interest margin. Relative to the fourth quarter of 2024, Net interest income increased 21.9% from $16.9 million. The increase compared to the fourth quarter of 2024 was primarily driven by a 26 basis point increase in net interest margin and a $276 million, or 10.0%, increase in average interest-earning assets.

Non-interest Income

Non-interest income for the fourth quarter of 2025 was $6.1 million, a decrease of 10.3% from $6.8 million in the third quarter of 2025. The decrease was primarily driven by decreases in Net gain on mortgage loans and Risk management and insurance fees.

Relative to the fourth quarter of 2024, Non-interest income decreased $0.4 million, primarily driven by a decrease in Risk management and insurance fees, partially offset by an increase in Net gain on mortgage loans and a decrease in Net loss on loans held for sale.

Non-interest Expense

Non-interest expense for the fourth quarter of 2025 was $21.3 million, an increase of 6.0% from $20.1 million in the third quarter of 2025. The increase was primarily driven by a $1.4 million Other real estate owned ("OREO") write-down and an increase in Professional services, partially offset by decreases in Occupancy and equipment and Salaries and employee benefits.

Relative to the fourth quarter of 2024, Non-interest expense increased 4.4% from $20.4 million, primarily driven by increases in Salaries and employee benefits, Professional Services, and Data processing, partially offset by a decrease in Occupancy and equipment.

The Company’s efficiency ratio⁽¹⁾ was 74.9% in the fourth quarter of 2025, compared with 76.4% in the third quarter of 2025 and 80.7% in the fourth quarter of 2024.

(1)	Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

Income Taxes

The Company recorded Income tax expense of $1.1 million for the fourth quarter of 2025, compared to $0.8 million for the third quarter of 2025, and $1.2 million for the fourth quarter of 2024.

Loans

Total loans held for investment were $2.65 billion as of December 31, 2025, an increase of $59 million or 2.3% compared to September 30, 2025. Changes in the quarter included growth in the Non-owner occupied and Owner occupied commercial real estate portfolios, partially offset by a decrease in the Construction and development portfolio. Relative to the fourth quarter of 2024, total loans held for investment increased from $2.43 billion as of December 31, 2024, primarily driven by growth in the Non-owner occupied commercial real estate, 1-4 family residential, Cash, securities, and other, and Owner occupied commercial real estate portfolios, partially offset by a decrease in the Construction and development portfolio.

Deposits

Total deposits were $2.75 billion as of December 31, 2025, a decrease of 3.5% from $2.85 billion as of September 30, 2025. The decrease was primarily driven by decreases in higher-cost money market deposit accounts and Noninterest-bearing deposit accounts primarily due to operating account fluctuations. Relative to the fourth quarter of 2024, Total deposits increased from $2.51 billion as of December 31, 2024, primarily driven by an increase in money market deposit accounts, partially offset by decreases in time deposit accounts and Noninterest-bearing deposit accounts.

Borrowings

Federal Home Loan Bank (“FHLB”) and Federal Reserve borrowings were a combined $62.8 million as of December 31, 2025, an increase of $11.9 million from $50.9 million as of September 30, 2025. The change when compared to September 30, 2025 was primarily driven by an increase in FHLB borrowings due to loan growth and a decrease in deposits during the quarter. Relative to the fourth quarter of 2024, borrowings increased $5.8 million from $57.0 million as of December 31, 2024. The increase in borrowings from December 31, 2024 was primarily driven by an increase in FHLB borrowings to support the interest-earning asset growth.

Subordinated notes were $44.8 million as of December 31, 2025, compared to $44.7 million as of September 30, 2025. Subordinated notes decreased $7.8 million from $52.6 million as of December 31, 2024. Relative to the fourth quarter of 2024, the decrease was primarily due to the redemption of $8.0 million of subordinated notes that became eligible to call in the first quarter of 2025.

Assets Under Management

Assets Under Management (“AUM”) was $7.28 billion as of December 31, 2025, a decrease of $155 million, or 2.1%, from $7.43 billion as of September 30, 2025. The decrease in AUM during the quarter was primarily attributable to net withdrawals. Compared to December 31, 2024, total AUM decreased 0.5% from $7.32 billion.

Credit Quality

Non-performing assets totaled $19.6 million, or 0.62% of Total assets, as of December 31, 2025, compared to $22.7 million, or 0.70% of Total assets, as of September 30, 2025. The decrease in non-performing assets during the quarter was primarily driven by a write-down of OREO, pay downs, and a charge-off. As of December 31, 2024, non-performing assets totaled $49.0 million, or 1.68% of Total assets. Relative to the fourth quarter of 2024, the decrease in non-performing assets was primarily driven by the sale of two OREO properties, a write-down of OREO, pay downs, and a charge-off, partially offset by additions to non-accrual loans. OREO totaled $3.0 million as of December 31, 2025, a decrease of $1.4 million from $4.4 million as of September 30, 2025 due to a write-down during the quarter. Relative to the fourth quarter of 2024, OREO decreased from $35.9 million as of December 31, 2024.

Non-accrual loans totaled $16.6 million as of December 31, 2025, a decrease of $1.7 million from $18.3 million as of September 30, 2025. As of December 31, 2024, non-accrual loans totaled $13.1 million. Relative to the third quarter of 2025, the decrease was primarily driven by pay downs and a charge-off. Relative to the fourth quarter of 2024, the increase was primarily driven by the addition of one credit relationship, partially offset by pay downs and a charge-off.

During the fourth quarter of 2025, the Company recorded provision expense of $0.9 million, compared to $2.3 million in the third quarter of 2025 and a provision release of $1.0 million in the fourth quarter of 2024. As of December 31, 2025 and September 30, 2025, the Allowance for credit losses as a percentage of Total loans was 81 basis points.

Capital

As of December 31, 2025, First Western (“Consolidated”) and First Western Trust Bank (“Bank”) exceeded the minimum capital levels required by their respective regulators. As of December 31, 2025, the Bank was classified as “well capitalized,” as summarized in the following table:

	December 31,
	2025
Consolidated Capital
Tier 1 capital to risk-weighted assets	9.75	%
Common Equity Tier 1 ("CET1") to risk-weighted assets	9.75
Total capital to risk-weighted assets	12.34
Tier 1 capital to average assets	7.68
Bank Capital
Tier 1 capital to risk-weighted assets	11.15	%
CET1 to risk-weighted assets	11.15
Total capital to risk-weighted assets	11.99
Tier 1 capital to average assets	8.79

Book value per common share increased 1.4% from $26.92 as of September 30, 2025 to $27.30 as of December 31, 2025. Book value per common share increased 4.6% from $26.10 as of December 31, 2024.

Tangible book value per common share⁽¹⁾ increased 1.6% from $23.68 as of September 30, 2025, to $24.07 as of December 31, 2025. Tangible book value per common share increased 5.4% from $22.83 as of December 31, 2024.

(1)	Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

Conference Call, Webcast and Slide Presentation

The Company will host a conference call and webcast at 10:00 a.m. MT/ 12:00 p.m. ET on Friday, January 23, 2026. Telephone access: https://register-conf.media-server.com/register/BI97c1bab5cd874d858746f83b76919a8d

A slide presentation relating to the fourth quarter 2025 results will be accessible prior to the scheduled conference call. The slide presentation and webcast of the conference call can be accessed on the Events and Presentations page of the Company’s investor relations website at https://myfw.gcs-web.com.

About First Western

First Western is a financial services holding company headquartered in Denver, Colorado, with operations in Colorado, Arizona, Wyoming, California, and Montana. First Western and its subsidiaries provide a fully integrated suite of wealth management services on a private trust bank platform, which includes a comprehensive selection of deposit, loan, trust, wealth planning and investment management products and services. First Western’s common stock is traded on the Nasdaq Global Select Market under the symbol “MYFW.” For more information, please visit www.myfw.com.

Non-GAAP Financial Measures

Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures include “Tangible Common Equity,” “Tangible Common Book Value per Share,” “Return on Tangible Common Equity,” “Efficiency Ratio,” and “Gross Revenue”. The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies. Reconciliation of non-GAAP financial measures to GAAP financial measures are provided at the end of this press release.

Forward-Looking Statements

Statements in this news release regarding our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business and markets are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “position,” “outlook,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “opportunity,” “could,” or “may.” The forward-looking statements in this news release are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this news release and could cause us to make changes to our future plans. Those risks and uncertainties include, without limitation, the risk of geographic concentration in Colorado, Arizona, Wyoming, California, and Montana; the risk of changes in the economy affecting real estate values and liquidity; the risk in our ability to continue to originate residential real estate loans and sell such loans; risks specific to commercial loans and borrowers; the risk of claims and litigation pertaining to our fiduciary responsibilities; the risk of changes in interest rates could reduce our net interest margins and Net interest income; increased credit risk, including as a result of deterioration in economic conditions, could require us to increase our allowance for credit losses and could have a material adverse effect on our results of operations and financial condition; the risk in our ability to maintain a strong core deposit base or other low-cost funding sources. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 7, 2025 (“Form 10-K”), and other documents we file with the SEC from time to time. We urge readers of this news release to review the “Risk Factors” section our Form 10-K and any updates to those risk factors set forth in our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and our other filings with the SEC. Also, our actual financial results in the future may differ from those currently expected due to additional risks and uncertainties of which we are not currently aware or which we do not currently view as, but in the future may become, material to our business or operating results. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release, which speak only as of today’s date, or to make predictions based solely on historical financial performance. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Contacts:
Financial Profiles, Inc.
Tony Rossi
310-622-8221
MYFW@finprofiles.com
IR@myfw.com

First Western Financial, Inc. Condensed Consolidated Statements of Income (unaudited)
	Three Months Ended
	December 31,				September 30,				December 31,
(dollars in thousands, except per share amounts)	2025				2025				2024
Interest and dividend income:
Loans, including fees	$	38,563			$	37,701			$	34,264
Loans accounted for under the fair value option		51				64				118
Investment securities		1,593				1,387				696
Interest-bearing deposits in other financial institutions		1,958				3,468				2,902
Dividends, restricted stock		139				154				129
Total interest and dividend income		42,304				42,774				38,109
Interest expense:
Deposits		20,560				22,177				19,921
Other borrowed funds		1,167				1,143				1,280
Total interest expense		21,727				23,320				21,201
Net interest income		20,577				19,454				16,908
Less: Provision for (release of) of credit losses		915				2,257				(974	)
Net interest income, after provision for credit losses		19,662				17,197				17,882
Non-interest income:
Trust and investment management fees		4,634				4,629				4,660
Net gain on mortgage loans		795				1,394				377
Net loss on loans held for sale		—				—				(222	)
Bank fees		318				312				426
Risk management and insurance fees		52				193				1,139
Income on company-owned life insurance		117				116				112
Net (loss) gain on loans accounted for under the fair value option		(44	)			18				(149	)
Unrealized (loss) gain recognized on equity securities		(6	)			6				(49	)
Other		213				174				165
Total non-interest income		6,079				6,842				6,459
Total income before non-interest expense		25,741				24,039				24,341
Non-interest expense:
Salaries and employee benefits		11,735				11,884				11,237
Occupancy and equipment		1,710				2,084				2,100
Professional services		2,232				1,894				1,821
Technology and information systems		1,094				1,055				1,073
Data processing		1,251				1,251				1,029
Marketing		386				351				397
Amortization of other intangible assets		52				51				56
Other		2,846				1,504				2,714
Total non-interest expense		21,306				20,074				20,427
Income before income taxes		4,435				3,965				3,914
Income tax expense		1,121				779				1,166
Net income available to common shareholders	$	3,314			$	3,186			$	2,748
Earnings per common share:
Basic	$	0.34			$	0.33			$	0.28
Diluted		0.34				0.32				0.28

First Western Financial, Inc. Condensed Consolidated Balance Sheets (unaudited)
	December 31,				September 30,				December 31,
(dollars in thousands)	2025				2025				2024
Assets
Cash and cash equivalents:
Cash and due from banks	$	9,755			$	13,889			$	9,770
Interest-bearing deposits in other financial institutions		190,526				341,750				228,171
Total cash and cash equivalents		200,281				355,639				237,941
Available-for-sale debt securities, at fair value (amortized cost of $45,623, $49,407, and $0, respectively)		45,607				49,177				—
Held-to-maturity debt securities (fair value of $90,635, $93,589 and $68,161, respectively), net of allowance for credit losses of $74, $71, and $71, respectively		94,970				98,205				75,724
Correspondent bank stock, at cost		6,764				6,481				5,864
Mortgage loans held for sale, at fair value		40,176				21,806				25,455
Loans held for sale, at fair value		—				—				251
Loans (includes $3,182, $4,208, and $7,283 measured at fair value, respectively)		2,650,423				2,590,846				2,425,565
Allowance for credit losses		(21,441	)			(20,967	)			(18,330	)
Loans, net		2,628,982				2,569,879				2,407,235
Premises and equipment, net		25,687				24,963				24,129
Accrued interest receivable		11,209				11,907				10,364
Accounts receivable		4,579				4,687				4,763
Other receivables		2,444				3,736				5,710
Other real estate owned, net		3,040				4,389				35,929
Goodwill and other intangible assets, net		31,422				31,473				31,627
Deferred tax assets, net		4,003				3,500				3,079
Company-owned life insurance		17,416				17,299				16,961
Other assets		38,401				37,283				34,005
Total assets	$	3,154,981			$	3,240,424			$	2,919,037
Liabilities
Deposits:
Noninterest-bearing	$	344,969			$	375,708			$	375,603
Interest-bearing		2,401,606				2,473,203				2,138,606
Total deposits		2,746,575				2,848,911				2,514,209
Borrowings:
Federal Home Loan Bank and Federal Reserve borrowings		62,841				50,867				57,038
Subordinated notes		44,772				44,724				52,565
Accrued interest payable		1,295				1,689				1,995
Other liabilities		33,938				32,738				40,908
Total liabilities		2,889,421				2,978,929				2,666,715
Shareholders’ Equity
Total shareholders’ equity		265,560				261,495				252,322
Total liabilities and shareholders’ equity	$	3,154,981			$	3,240,424			$	2,919,037

First Western Financial, Inc. Consolidated Financial Summary (unaudited)
	December 31,				September 30,				December 31,
(dollars in thousands)	2025				2025				2024
Loan Portfolio
Cash, securities, and other	$	164,787			$	159,204			$	120,005
Consumer and other		19,504				12,254				17,333
Construction and development		189,790				230,600				315,686
1-4 family residential		1,030,211				1,041,075				960,354
Non-owner occupied CRE		813,408				728,039				614,384
Owner occupied CRE		205,063				191,239				173,223
Commercial and industrial		226,107				225,919				220,501
Total		2,648,870				2,588,330				2,421,486
Loans accounted for under the fair value option		3,216				4,319				7,508
Total loans held for investment		2,652,086				2,592,649				2,428,994
Deferred fees, unamortized premiums, basis adjustments, net(1)(2)		(1,663	)			(1,803	)			(3,429	)
Loans (includes $3,182, $4,208, and $7,283 measured at fair value, respectively)	$	2,650,423			$	2,590,846			$	2,425,565
Mortgage loans held for sale		40,176				21,806				25,455
Loans held for sale		—				—				251
Deposit Portfolio
Money market deposit accounts	$	1,913,591			$	1,988,336			$	1,513,605
Time deposits		352,473				349,533				471,415
Interest checking accounts		122,292				121,901				139,374
Savings accounts		13,250				13,433				14,212
Total interest-bearing deposits		2,401,606				2,473,203				2,138,606
Noninterest-bearing accounts		344,969				375,708				375,603
Total deposits	$	2,746,575			$	2,848,911			$	2,514,209

____________________

(1)	Includes fair value adjustments on loans held for investment accounted for under the fair value option.
(2)	Includes basis adjustments related to the hedged portfolio accounted for under the portfolio layer method.

First Western Financial, Inc. Consolidated Financial Summary (unaudited) (continued)
	As of or for the Three Months Ended
	December 31,				September 30,				December 31,
(dollars in thousands)	2025				2025				2024
Average Balance Sheets
Assets
Interest-earning assets:
Interest-bearing deposits in other financial institutions	$	192,052			$	307,979			$	238,052
Debt securities		143,593				127,154				77,464
Correspondent bank stock		6,342				7,500				5,738
Gross loans		2,630,739				2,562,960				2,386,070
Mortgage loans held for sale		41,068				26,037				26,623
Loans held at fair value		3,799				4,809				8,136
Total interest-earning assets		3,017,593				3,036,439				2,742,083
Noninterest-earning assets		123,497				124,457				159,883
Total assets	$	3,141,090			$	3,160,896			$	2,901,966
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing deposits	$	2,387,894			$	2,422,177			$	2,095,204
FHLB and Federal Reserve borrowings		50,799				51,065				54,428
Subordinated notes		44,742				44,690				52,528
Total interest-bearing liabilities		2,483,435				2,517,932				2,202,160
Noninterest-bearing liabilities:
Noninterest-bearing deposits		359,223				349,839				403,433
Other liabilities		36,415				34,072				45,889
Total noninterest-bearing liabilities		395,638				383,911				449,322
Total shareholders’ equity		262,017				259,053				250,484
Total liabilities and shareholders’ equity	$	3,141,090			$	3,160,896			$	2,901,966
Yields/Cost of funds (annualized)
Interest-bearing deposits in other financial institutions		4.04	%			4.47	%			4.85	%
Debt securities		4.40				4.33				3.57
Correspondent bank stock		8.70				8.15				8.94
Loans		5.72				5.78				5.65
Loan held at fair value		5.33				5.28				5.77
Mortgage loans held for sale		5.94				5.59				6.02
Total interest-earning assets		5.56				5.59				5.53
Interest-bearing deposits		3.42				3.63				3.78
Total deposits		2.97				3.17				3.17
FHLB and Federal Reserve borrowings		3.99				3.98				3.96
Subordinated notes		5.82				5.60				5.59
Total interest-bearing liabilities		3.47				3.67				3.83
Net interest margin		2.71				2.54				2.45
Net interest rate spread		2.09				1.92				1.70

First Western Financial, Inc. Consolidated Financial Summary (unaudited) (continued)
	As of or for the Three Months Ended
	December 31,				September 30,				December 31,
(dollars in thousands, except share and per share amounts)	2025				2025				2024
Asset Quality
Non-accrual loans	$	16,588			$	18,293			$	13,052
Non-performing assets		19,628				22,682				48,981
Net charge-offs (recoveries)		401				259				(270	)
Non-accrual loans to total loans		0.63	%			0.71	%			0.54	%
Non-performing assets to total assets		0.62				0.70				1.68
Allowance for credit losses to non-accrual loans		129.26				114.62				140.44
Allowance for credit losses to total loans		0.81				0.81				0.76
Net charge-offs (recoveries) to average loans		0.02				0.01				(0.01	)
Assets Under Management	$	7,278,241			$	7,433,029			$	7,321,147
Market Data
Book value per share at period end	$	27.30			$	26.92			$	26.10
Tangible book value per common share(1)	$	24.07			$	23.68			$	22.83
Weighted average outstanding shares, basic		9,719,812				9,717,571				9,665,621
Weighted average outstanding shares, diluted		9,849,323				9,868,742				9,794,797
Shares outstanding at period end		9,725,731				9,714,711				9,667,142
Consolidated Capital
Tier 1 capital to risk-weighted assets		9.75	%			9.80	%			10.07	%
CET1 to risk-weighted assets		9.75				9.80				10.07
Total capital to risk-weighted assets		12.34				12.50				13.12
Tier 1 capital to average assets		7.68				7.51				7.88
Bank Capital
Tier 1 capital to risk-weighted assets		11.15	%			11.20	%			11.41	%
CET1 to risk-weighted assets		11.15				11.20				11.41
Total capital to risk-weighted assets		11.99				12.04				12.10
Tier 1 capital to average assets		8.79				8.59				8.94

____________________

(1)	Represents a Non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

First Western Financial, Inc. Consolidated Financial Summary (unaudited) (continued)
Reconciliations of Non-GAAP Financial Measures
	As of or for the Three Months Ended
	December 31,				September 30,				December 31,
(dollars in thousands, except share and per share amounts)	2025				2025				2024
Tangible Common
Total shareholders' equity	$	265,560			$	261,495			$	252,322
Less: goodwill and other intangibles, net		31,422				31,473				31,627
Tangible common equity	$	234,138			$	230,022			$	220,695
Common shares outstanding, end of period		9,725,731				9,714,711				9,667,142
Tangible common book value per share	$	24.07			$	23.68			$	22.83
Net income available to common shareholders		3,314				3,186				2,748
Return on tangible common equity (annualized)		5.66	%			5.54	%			4.98	%
Efficiency
Non-interest expense	$	21,306			$	20,074			$	20,427
Less: OREO expenses and write-downs		1,310				8				1,222
Adjusted non-interest expense	$	19,996			$	20,066			$	19,205
Total income before non-interest expense	$	25,741			$	24,039			$	24,341
Less: unrealized (loss) gain recognized on equity securities		(6	)			6				(49	)
Less: net (loss) gain on loans accounted for under the fair value option		(44	)			18				(149	)
Less: net loss on loans held for sale		—				—				(222	)
Plus: provision for (release of) of credit losses		915				2,257				(974	)
Gross revenue	$	26,706			$	26,272			$	23,787
Efficiency ratio		74.88	%			76.38	%			80.74	%

FAQ

What were First Western (MYFW) Q4 2025 earnings and diluted EPS?

First Western reported net income available to common shareholders of $3.3M and diluted EPS of $0.34 for Q4 2025.

How did First Western's net interest margin (MYFW) change in Q4 2025?

Net interest margin increased 17 basis points QoQ to 2.71% in Q4 2025.

What was First Western's loan growth and deposit trend in Q4 2025 (MYFW)?

Total loans held for investment rose to $2.65B (+$59M, +2.3% QoQ); total deposits fell to $2.75B (down 3.5% QoQ).

Did First Western (MYFW) report any one-time charges in Q4 2025?

Yes. Non-interest expense included a $1.4M OREO write-down recorded in Q4 2025.

How did First Western's efficiency ratio and book values move in Q4 2025 (MYFW)?

Efficiency ratio improved to 74.9% from 76.4% QoQ; book value per share rose to $27.30 and tangible book value to $24.07.

When and where can investors access First Western's Q4 2025 earnings call (MYFW)?

The company will host a conference call and webcast on Jan 23, 2026 at 10:00 a.m. MT / 12:00 p.m. ET, with slides available on the investor relations site.