First Western Financial, Inc. reports developments for a financial services holding company built around First Western Trust, a private trust bank platform. News commonly covers quarterly operating results, net interest income, loan and deposit trends, asset quality, and balance sheet management, along with updates on wealth management, lending, trust administration, wealth planning, investment management, and residential mortgage services.
Company updates also include market-level leadership appointments and office activity across its Western U.S. footprint, including Colorado, Arizona, Wyoming, and Montana. First Western Trust serves high-net-worth individuals, families, business owners, and entrepreneurs through integrated banking, lending, fiduciary, and wealth management relationships.
First Western Trust Bank, a subsidiary of First Western Financial (NASDAQ: MYFW), has appointed Heath Kinsland as Market President for the Denver Tech Center area. With over 20 years of banking experience, Kinsland aims to enhance client relationships and deliver tailored banking and wealth management services. Suzanne Johnson, Regional President, expressed confidence in Kinsland's ability to strengthen their market presence, highlighting his track record with high-net-worth clients. His previous leadership roles span various banking sectors.
First Western Financial, Inc. (MYFW) reported a net income of $5.5 million for Q1 2022, an increase from $1.9 million in Q4 2021, but a decline from $6.0 million in Q1 2021. Diluted EPS rose to $0.57 from $0.23 in the previous quarter. Total assets increased by 1.9% to $2.58 billion. Net interest income surged 27.1%, reaching $18.3 million, while non-interest income fell 9.5% to $8.6 million. The book value per share grew by 1.8% to $23.68, highlighting robust financial health amid market challenges.
First Western Financial, Inc. (MYFW) will announce its Q1 2022 financial results on April 28, 2022, after market close. A conference call is scheduled for April 29, 2022, at 10:00 a.m. MT (12:00 p.m. ET) to discuss the outcomes, with live webcast and replay available on the investor relations website.
Headquartered in Denver, Colorado, First Western offers an integrated suite of wealth management services across multiple states, including Colorado, Arizona, Wyoming, and California.
First Western Financial, Inc. (NASDAQ: MYFW) appointed Julie A. Courkamp as Chief Operating Officer while she retains her roles as Chief Financial Officer and Treasurer. With a tenure at First Western since 2006, Courkamp will oversee operations across banking, mortgage, trust, and investment management sectors, and other key departments. CEO Scott C. Wylie highlighted her leadership and contributions to the company's growth. First Western, headquartered in Denver, Colorado, is a holding company offering comprehensive wealth management services across several states.
First Western Trust Bank, a subsidiary of First Western Financial (NASDAQ: MYFW), has appointed Paula Campos as Market President for Scottsdale, AZ. With over 30 years in banking, Campos aims to enhance the bank's wealth management and private banking services in the region. Chuck Watts, Regional President, highlighted Campos' extensive experience and community ties as key for client relations and growth. This strategic hire is expected to bolster First Western's foothold in the Scottsdale market.
First Western Financial (MYFW) reported a net income of $1.9 million, or $0.23 per diluted share, for Q4 2021, down from $6.4 million in Q3 2021. The total assets increased to $2.53 billion, a 21.7% quarter-over-quarter increase. The company completed the acquisition of Teton Financial Services, contributing $252.3 million in loan growth. Adjusted net income stood at $4.8 million, or $0.57 per diluted share. However, gross revenue declined to $23.4 million, a decrease of 7.5% from Q3 2021.
First Western Financial, Inc. (MYFW) announced it will release its fourth-quarter financial results for the period ending December 31, 2021, on January 27, 2022, after market close.
A conference call to discuss these results is set for January 28, 2022, at 10:00 a.m. MT. Analysts and investors can participate in the Q&A session, with a live webcast available on the company's investor relations site. First Western operates across Colorado, Arizona, Wyoming, and California, offering a range of wealth management services.
First Western Financial, Inc. (MYFW) has successfully completed its acquisition of Teton Financial Services, Inc. effective December 31, 2021. This merger adds three branches in Wyoming, enhancing lending opportunities with total assets of $449.6 million and deposits of $402.9 million as of September 30, 2021. The combined institutions now boast approximately $2.5 billion in assets and $7.2 billion in assets under management. Shareholders of Teton will receive 0.0454 shares of MYFW stock and $0.39 in cash per share, totaling approximately $51.4 million in merger consideration.
First Western Financial reported a net income of $6.4 million in Q3 2021, up from $6.3 million in Q2 2021, but down from $9.6 million in Q3 2020. Diluted EPS increased to $0.78 from $0.76 in Q2 2021, compared to $1.20 in the same quarter last year. Gross revenue reached $25.3 million, a rise from $23.7 million in Q2 2021 but an 18.1% decrease from $31.0 million year-over-year. Total assets grew to $2.08 billion, with a return on average assets at 1.27%. The company is on track for a strong finish in 2021, supported by loan growth of 19.3% excluding PPP loans and a solid deposit inflow.
First Western Financial, Inc. (NASDAQ: MYFW) plans to release its third-quarter financial results for the period ending September 30, 2021, on October 21, 2021, after market close. A conference call to discuss these results will take place on October 22, 2021, at 10:00 a.m. MT. Participants can join the live webcast via the investor relations website. First Western Financial provides integrated wealth management services across multiple states including Colorado and California, focusing on deposit, loan, trust, and investment management products.