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 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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