Welcome to our dedicated page for First Western Financial news (Ticker: MYFW), a resource for investors and traders seeking the latest updates and insights on First Western Financial stock.
First Western Financial, Inc. (NASDAQ: MYFW) is a financial services holding company headquartered in Denver, Colorado, with operations in Colorado, Arizona, Wyoming, California, and Montana. Through First Western Trust and other subsidiaries, the company provides a fully integrated suite of wealth management services on a private trust bank platform, combining deposit and loan products with trust, wealth planning, and investment management services.
This news page aggregates company-specific updates and announcements about First Western and its subsidiaries. Investors and observers can follow quarterly and annual earnings press releases, where the company discusses net interest income, non-interest income, net interest margin, loan and deposit trends, assets under management, credit quality metrics, and capital ratios. These releases often include commentary from management on loan production, deposit growth, expense management, and regional performance across its Western U.S. markets.
In addition to financial results, First Western’s news flow includes items such as leadership appointments and regional developments. For example, the company has highlighted the appointment of regional leadership in Arizona as part of its strategic investment in that market, along with its ongoing support for local businesses, entrepreneurs, and nonprofit organizations through community partnerships and philanthropy.
Visitors to this page can review a chronological archive of MYFW news to understand how the company’s balance sheet, profitability, and wealth management activities evolve over time, as well as how it positions its private trust bank platform and high-net-worth client focus across Colorado, Arizona, Wyoming, California, and Montana.
First Western Financial (NASDAQ: MYFW) has sold its LA-based fixed income portfolio management team to Lido Advisors and Oakhurst Advisors. This sale is set to be earnings neutral as expected revenue decreases will align with expense reductions. Although it will reduce assets under management by about $300 million, it is projected to enhance tangible common equity by $3.0 million to $3.3 million. CEO Scott C. Wylie noted this move optimizes the company's cost structure and frees resources for more profitable ventures.
First Western Financial (NASDAQ: MYFW) announced a stock repurchase program allowing the company to buy back up to 400,000 shares, about 5.0% of its outstanding shares. The Federal Reserve has approved this initiative. CEO Scott C. Wylie emphasized the company's improved profitability and tangible book value, suggesting the repurchase is a strategic move to enhance shareholder value and reflect the true market potential of the stock. The program, effective for one year, will adapt based on market conditions and regulatory requirements.
First Western Financial (MYFW) reported strong Q3 2020 results with a net income of $9.6 million, up from $8.7 million in Q2 2020 and $2.4 million in Q3 2019. Diluted EPS rose to $1.20, compared to $1.10 in the previous quarter. Gross revenue increased to $31.0 million, driven by higher mortgage segment activity and net interest income. Total deposits grew by 11.1% quarter-over-quarter. Despite a slight decrease in net interest margin to 3.07%, the company remains optimistic about future growth and continues to strengthen its banking initiatives.
First Western Financial (NASDAQ: MYFW) will release its third-quarter financial results on October 22, 2020, after market close. A conference call to discuss the results will take place on October 23, 2020, at 10:00 a.m. MT. Investors can participate in a Q&A session following the presentation. The call will be accessible via telephone and live webcast. First Western provides a suite of wealth management services, operating primarily in Colorado, Arizona, Wyoming, and California. Shareholders can expect insights into financial performance during the upcoming call.
For Q2 2020, First Western reported net income of $8.7 million ($1.10 EPS), up from $1.3 million in Q1 2020. Gross revenue increased to $26.2 million from $16.7 million in Q1, fueled by a significant boost in non-interest income from mortgage activities. Total assets rose to $1.81 billion, a 33.7% increase from Q1. Total loans reached $1.49 billion, benefiting from $204.6 million in PPP loans. The company remains cautiously optimistic, citing strong mortgage demand and effective loan management despite ongoing pandemic uncertainties.
First Western Financial, Inc. (NASDAQ: MYFW) announced it will release its second-quarter financial results for 2020 after market close on July 23, 2020. A conference call will follow on July 24, 2020, at 10:00 a.m. MT, where management will discuss the results and address questions from analysts and investors. The call will be accessible via telephone and live webcast. First Western Financial offers integrated wealth management services through its private trust bank platform across several states, including Colorado, Arizona, Wyoming, and California.
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