First Western (NASDAQ: MYFW) highlights strong multi-year growth and TBV gains
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
First Western Financial, Inc. filed an 8-K to furnish its 2026 annual meeting presentation, which reviews recent performance, balance sheet growth and long-term strategy using both GAAP and non-GAAP metrics.
The presentation highlights 2025 gross revenue of about $101.7M and net income before income tax of about $17.1M, with adjusted pre-tax, pre-provision income of $22.1M. Management emphasizes organic growth, accretive acquisitions and expansion into attractive Western markets, noting a 166% increase in loans held for investment and 153% increase in total deposits between January 1, 2020 and December 31, 2025.
Tangible book value per share rose from $8.71 at year-end 2017 to $24.07 at year-end 2025 and $24.87 at March 31, 2026, an increase of roughly 186% since pre-IPO levels. The efficiency ratio improved from 82.9% in 2024 to 77.2% in 2025 and 73.11% for the quarter ended March 31, 2026, while the allowance for credit losses remained at 0.8% of loans. Management stresses diversified revenue streams, conservative underwriting, historically low credit losses and goals to grow toward $5 billion in total assets and $25 billion in total invested assets, positioning the company as a niche Western private banking and wealth management franchise.
Positive
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Negative
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Insights
Furnished deck shows steady growth, better efficiency and stronger capital.
First Western uses this shareholder presentation to frame a multi‑year growth story. Loans and deposits grew sharply between 2020 and 2025, while non-GAAP metrics highlight improving profitability despite a challenging rate and credit environment.
Tangible book value per share increased from $8.71 in 2017 to $24.87 at March 31, 2026, and the efficiency ratio improved from 82.9% in 2024 to 73.11% in Q1 2026. An annualized return on tangible common equity of 10.26% for Q1 2026 signals decent capital productivity.
The allowance for credit losses stayed at 0.8% of loans at both year-end 2025 and Q1 2026, with diversification between commercial and consumer portfolios. Future filings will show whether management can reach its longer-term asset and fee-income targets while maintaining these credit and efficiency metrics.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
2025 gross revenue: $101.7M
2025 net income before tax: $17.1M
Loans HFI growth: 166%
+5 more
8 metrics
2025 gross revenue
$101.7M
Non-GAAP gross revenue for year ended 2025
2025 net income before tax
$17.1M
Net income before income tax, year ended 2025
Loans HFI growth
166%
Increase in loans held for investment, 1/1/2020–12/31/2025
Deposit growth
153%
Increase in total deposits, 1/1/2020–12/31/2025
Tangible book value per share
$24.87/share
As of March 31, 2026
TBV/share growth since 2017
≈186%
Increase from $8.71 at 12/31/2017 to $24.07 at 12/31/2025
Allowance for credit losses
$21.4M; 0.8% of loans
Total ACL as of December 31, 2025
Q1 2026 ROATCE
10.26%
Annualized return on tangible common equity, quarter ended March 31, 2026
Key Terms
non-GAAP financial measures, tangible common book value per share, efficiency ratio, allowance for credit losses, +1 more
5 terms
non-GAAP financial measures financial
"This presentation contains certain non-GAAP financial measures intended to supplement, not substitute for, comparable GAAP measures."
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
efficiency ratio financial
"Consolidated Efficiency Ratio For the Years Ended, (Dollars in thousands) 2021 2022 2023 2024 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.
allowance for credit losses financial
"Allocation of the Allowance for Credit Losses (ACL) As of December 31, 2025 2024 (Dollars in thousands)"
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.
pre-tax, pre-provision net income financial
"Non-GAAP Reconciliation Pre-tax, Pre-Provision Net Income For the Three Months Ended,"
A bank profitability measure that shows earnings before income taxes and before the reserves set aside for potential loan losses (provisions). It isolates core operating profit so investors can see how the business is performing before one-time tax effects and anticipated credit problems, much like checking an engine’s horsepower before loading the car — useful for comparing performance across periods and peers and judging resilience to loan losses.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 02, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: 303 .531.8100
Former name or former address, if changed since last report: Not Applicable
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | |||||
| o | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Item 7.01 Regulation FD Disclosure.
First Western Financial, Inc. (the "Company") is furnishing presentation materials as Exhibit 99.1 to this Form 8-K that will be used at the annual meeting of shareholders on June 3, 2026.
As provided in General Instruction B.2 to Form 8-K, the information furnished in Exhibit 99.1 of this Current Report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and such information shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Description | |||||||
| 99.1 | Annual Meeting of Shareholders Presentation dated June 3, 2026 | |||||||
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| FIRST WESTERN FINANCIAL, INC. | ||||||||
| Date: June 2, 2026 | By: /s/ David R. Weber | |||||||
| David R. Weber | ||||||||
| Chief Financial Officer and Treasurer | ||||||||
2026 Annual Meeting of Shareholders June 3, 2026
Safe Harbor 2 This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect the current views of First Western Financial, Inc.’s (“First Western”) management with respect to, among other things, future events and First Western’s financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “position,” “project,” “future” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about First Western’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond First Western’s control. Accordingly, First Western cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although First Western believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. The following risks and uncertainties, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: 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 February 27, 2026 and other documents we file with the SEC from time to time. All subsequent written and oral forward-looking statements attributable to First Western or persons acting on First Western’s behalf are expressly qualified in their entirety by this paragraph. Forward-looking statements speak only as of the date of this presentation. First Western undertakes no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise (except as required by law). Certain of the information contained herein may be derived from information provided by industry sources. The Company believes that such information is accurate and the sources from which it has been obtained are reliable; however, the Company cannot guaranty the accuracy of such information and has not independently verified such information. This presentation contains certain non-GAAP financial measures intended to supplement, not substitute for, comparable GAAP measures. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided at the end of this presentation. Numbers in the presentation may not sum due to rounding. Our common stock is not a deposit or savings account. Our common stock is not insured by the Federal Deposit Insurance Corporation or any governmental agency or instrumentality. Except as otherwise indicated, this presentation speaks as of the date hereof. The delivery of this presentation shall not, under any circumstances, create any implication that there has been no change in the affairs of the Company after the date hereof.
157 180 196 164 166 168 62 94 111 154 161 132 122 125 129 76 78 86 255 255 255 Chart color Table color Special Headlines Slide Headlines / Text on light background Primary Colors Secondary Colors Primary Background / Call Out Boxes / Text on dark background Chart color Table Color Tertiary Colors Chart color Table Color Chart Color Chart Color Approved Fonts AaBbCc 123 Lora (bold) Slide Headlines / Special Headlines AaBbCc 123 Lato (regular, bold, italics) Body Copy / Subheadings / Small Text Descriptions 3 2025 Review and Highlights • While economic conditions created a challenging operating environment, our strong execution resulted in the achievement of key objectives ◦ Maintaining our loan-to-deposit ratio ◦ Generating solid loan and deposit growth ◦ Expanding our net interest margin ◦ Improving our asset quality by reducing non-performing assets ◦ Maintaining relatively stable expense levels while continuing to invest in talent and technology that will contribute to our long-term profitable growth • Due to our financial performance and prudent balance sheet management, we increased both our book value and our tangible book value per share while maintaining strong capital ratios • Due to the addition of banking talent and changes made throughout the organization, we had a strong year of business development ◦ Deposit gathering efforts resulted in many new deposit accounts opened in 2025 ◦ A strong year of loan production while maintaining our disciplined pricing and underwriting criteria, with most of the loan production coming from clients that also bring deposits to the bank ◦ Steady addition of new clients in our wealth management business • Strong balance sheet and increasing presence in attractive markets positions us well to continue growing our franchise and creating shareholder value
157 180 196 164 166 168 62 94 111 154 161 132 122 125 129 76 78 86 255 255 255 Chart color Table color Special Headlines Slide Headlines / Text on light background Primary Colors Secondary Colors Primary Background / Call Out Boxes / Text on dark background Chart color Table Color Tertiary Colors Chart color Table Color Chart Color Chart Color Approved Fonts AaBbCc 123 Lora (bold) Slide Headlines / Special Headlines AaBbCc 123 Lato (regular, bold, italics) Body Copy / Subheadings / Small Text Descriptions 4 Strong Franchise Fundamentals • Well diversified client base with no significant industry or asset class concentrations in deposit base or loan portfolio • Loyal clients who value the level of service and expertise we provide that results in a sticky deposit base • Well diversified business model with strong sources of non-interest income • Conservatively underwritten, well diversified loan portfolio with minimal exposure to office CRE loans and multifamily loans • Strength of client base and conservative underwriting standards requiring multiple sources of repayment has resulted in exceptionally low credit losses throughout First Western’s history
157 180 196 164 166 168 62 94 111 154 161 132 122 125 129 76 78 86 255 255 255 Chart color Table color Special Headlines Slide Headlines / Text on light background Primary Colors Secondary Colors Primary Background / Call Out Boxes / Text on dark background Chart color Table Color Tertiary Colors Chart color Table Color Chart Color Chart Color Approved Fonts AaBbCc 123 Lora (bold) Slide Headlines / Special Headlines AaBbCc 123 Lato (regular, bold, italics) Body Copy / Subheadings / Small Text Descriptions 5 Strong Operational and Financial Momentum • Robust organic balance sheet growth • Accretive acquisitions • Market expansion • Highly leverageable operating platform driving improved efficiencies • Minimal credit losses Drivers of Improved Performance (1) See Non-GAAP reconciliation within the appendix. TBV/Share(1) Up ~ 186% Since December 2017 (TCE $ in thousands) $8.71 $11.50 $13.15 $16.44 $19.87 $21.99 $22.01 $22.83 $24.07 $24.87 MYFW TBV/Share 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 3/31/2026 $8.00 $10.00 $12.00 $14.00 $16.00 $18.00 $20.00 $22.00 $24.00 $26.00
Driving Profitable Growth 6
157 180 196 164 166 168 62 94 111 154 161 132 122 125 129 76 78 86 255 255 255 Chart color Table color Special Headlines Slide Headlines / Text on light background Primary Colors Secondary Colors Primary Background / Call Out Boxes / Text on dark background Chart color Table Color Tertiary Colors Chart color Table Color Chart Color Chart Color Approved Fonts AaBbCc 123 Lora (bold) Slide Headlines / Special Headlines AaBbCc 123 Lato (regular, bold, italics) Body Copy / Subheadings / Small Text Descriptions 7 Success in Expansion and Acquisition Growth 2006 – 2010 (3) • Boulder, CO • Century City, CA • Scottsdale, AZ 2011 – 2015 (6) • Aspen, CO • DTC/Cherry Hills, CO • Fort Collins, CO • Jackson Hole, WY • Laramie, WY(4) • Phoenix, AZ 2016 – 2020 (4) • Broomfield, CO (2021) • Greenwood Village, CO • Lone Tree, CO(2) • Vail Valley, CO 2002 – 2005 (3) • Cherry Creek, CO • Denver, CO • Northern Colorado, CO 2002 – 2005 (5) • Westcor Insurance Group, Inc. • Poudre River Valley Trust Co. • Sprout & Associates, Inc. • Sterling Partners • Silversmith Financial Corp 2006 – 2010 (4) • Reber/Russell Company • Ryder, Stilwell Inc. • Asset Purchase – Financial Management Advisors, LLC • Asset Purchase – GKM Advisors, LLC 2011 – 2015 (1) • Trust Department Assets – First National Bank of Wyoming 2016 – 2020 (2) • Asset Purchase – EMC Holdings, Inc. • Branch Purchase & Assumption from Simmons Bank O ff ic e O p en in gs A cq u is it io n s 2002 2026 3 5 6 9 12 10 16 12 # #Total Acquisitions Total Offices 19 13 2021 - 2022 (1) • Teton Financial Services, Inc. 2021 - 2024 (7) • Jackson Hole, WY(1) • Pinedale, WY(1) • Rock Springs, WY(1) • Bozeman, MT(5) • Phoenix, AZ(3) • Cheyenne, WY(6) • Loveland, CO(6) (1) Added through the Teton Financial Services, Inc. acquisition. Jackson Hole offices were consolidated in 2Q22. (2) Lone Tree office closed in 2Q22. (3) Phoenix loan production office closed in 1Q25. (4) Laramie trust office closed 1Q23. (5) Bozeman office expanded from a loan production office to a full-service office in 3Q23. (6) Cheyenne and Loveland loan production offices opened in 3Q24.
157 180 196 164 166 168 62 94 111 154 161 132 122 125 129 76 78 86 255 255 255 Chart color Table color Special Headlines Slide Headlines / Text on light background Primary Colors Secondary Colors Primary Background / Call Out Boxes / Text on dark background Chart color Table Color Tertiary Colors Chart color Table Color Chart Color Chart Color Approved Fonts AaBbCc 123 Lora (bold) Slide Headlines / Special Headlines AaBbCc 123 Lato (regular, bold, italics) Body Copy / Subheadings / Small Text Descriptions Revenue Growth Strategies Expand commercial loan production platform • Upgraded C&I product and service capabilities • Building expertise in specific vertical markets • Capitalize on growing reputation to attract additional experienced commercial banking talent Expand into new markets with attractive demographics • Add infill and adjacent market locations • Built team and revenue base to open office in Broomfield, CO in 2021 • Full-service Bozeman, MT office opened in 2023 Execute on revenue initiatives in existing markets • Differentiate with local, expert, trusted teams • Cross-sell MYFW’s large offering of planning, insurance, retirement, insurance, and investment products • Continue adding banking and B2B talent to further accelerate market share gains Execute on low- risk strategic transactions that add value to the MYFW franchise • Execute on minimally dilutive acquisitions • Leverage infrastructure through branch acquisition transactions • Proactive expansion, acquisition team 8
157 180 196 164 166 168 62 94 111 154 161 132 122 125 129 76 78 86 255 255 255 Chart color Table color Special Headlines Slide Headlines / Text on light background Primary Colors Secondary Colors Primary Background / Call Out Boxes / Text on dark background Chart color Table Color Tertiary Colors Chart color Table Color Chart Color Chart Color Approved Fonts AaBbCc 123 Lora (bold) Slide Headlines / Special Headlines AaBbCc 123 Lato (regular, bold, italics) Body Copy / Subheadings / Small Text Descriptions 9 Strong Execution on Revenue Growth Strategies • Accelerating business development, office expansion and accretive acquisitions all contributing to the balance sheet growth driving improved operating leverage and higher profitability • M&A strategy continued with acquisition of Teton Financial Services • Office expansion continued with hiring of teams to focus on Bozeman, MT market and deepen presence in Colorado and Wyoming (in millions) Incremental Balance Sheet Growth (1/1/20 through 12/31/25) (1) Acquired growth represents remaining balances as of December 31, 2025 following payoffs/paydowns since the loans were acquired. $1,532.6 $1,226.5 $121.3 $433.3 Organic Growth Acquisition Loans HFI Deposits $— $200.0 $400.0 $600.0 $800.0 $1,000.0 $1,200.0 $1,400.0 $1,600.0 $1,800.0 166% Increase in Loans HFI 153% Increase in Total Deposits (1)
Creating Additional Shareholder Value 10
157 180 196 164 166 168 62 94 111 154 161 132 122 125 129 76 78 86 255 255 255 Chart color Table color Special Headlines Slide Headlines / Text on light background Primary Colors Secondary Colors Primary Background / Call Out Boxes / Text on dark background Chart color Table Color Tertiary Colors Chart color Table Color Chart Color Chart Color Approved Fonts AaBbCc 123 Lora (bold) Slide Headlines / Special Headlines AaBbCc 123 Lato (regular, bold, italics) Body Copy / Subheadings / Small Text Descriptions Near Term Outlook Great Markets + Financial Strength + Unique Focus + “Goldilocks” Size = MYFW is Well Positioned for Current Market Disruption First Western Trends, and Catalysts, for Continued Improvements: • Solid loan and deposit growth • Continued expansion in net interest margin • More robust business development activities in Wealth Management business • Integrated marketing and sales team • Higher level of mortgage production resulting from addition of MLOs • More operating leverage resulting from disciplined expense control • A history of low loan losses and solid asset quality 11
157 180 196 164 166 168 62 94 111 154 161 132 122 125 129 76 78 86 255 255 255 Chart color Table color Special Headlines Slide Headlines / Text on light background Primary Colors Secondary Colors Primary Background / Call Out Boxes / Text on dark background Chart color Table Color Tertiary Colors Chart color Table Color Chart Color Chart Color Approved Fonts AaBbCc 123 Lora (bold) Slide Headlines / Special Headlines AaBbCc 123 Lato (regular, bold, italics) Body Copy / Subheadings / Small Text Descriptions 12 Drivers of Long-Term Improved Financial Performance Efficiency Ratio Asset Quality ROA and ROE • Net interest margin expanding due to decrease in cost of deposits • Disciplined balance sheet management and effective business development efforts expected to result in growth in high quality loans, lower cost of deposits, and fee income • Realization of more operational efficiencies through streamlining of back-office support and process improvements throughout the organization • Organization shifting more towards revenue producers without adding to headcount • Investments in technology resulting in improved efficiencies, enhanced client service, and additional revenue generation opportunities • Continued resolution of non-performing loans with minimal loss content • Disciplined underwriting criteria continues to result in strong overall asset quality with low level of losses
157 180 196 164 166 168 62 94 111 154 161 132 122 125 129 76 78 86 255 255 255 Chart color Table color Special Headlines Slide Headlines / Text on light background Primary Colors Secondary Colors Primary Background / Call Out Boxes / Text on dark background Chart color Table Color Tertiary Colors Chart color Table Color Chart Color Chart Color Approved Fonts AaBbCc 123 Lora (bold) Slide Headlines / Special Headlines AaBbCc 123 Lato (regular, bold, italics) Body Copy / Subheadings / Small Text Descriptions 13 Long-Term Goals to Drive Shareholder Value Since our pre-2018 IPO status as of year end 2017, we have tripled total loans and total deposits, more than doubled TBV per share and demonstrated significant operating leverage. Looking forward we can drive shareholder value by: ◦ Creating more operating leverage to drive high performing ROAA and ROAE results ◦ Emphasizing our differentiation in marketplace with our niche focus and "goldilocks" size ◦ Growing through $5 billion in total assets, $25 billion TIM assets to achieve more operating leverage: ◦ Organic: Growing existing offices to benefit from the high contribution margins in mature offices ◦ Expansion: Adding infill and adjacent offices when attractive, built around strong teams ◦ Building footprint, scale and operating leverage with M&A when attractive: ◦ Continue our history of selective growth with acquisitions ◦ Disciplined approach to be significantly earnings accretive with minimal TBV dilution ◦ Enhancing loan, deposit and wealth management platform with unique products and delivery: ◦ Targeted services delivered by local, trusted, expert teams ◦ Integrated omnichannel client experience ◦ Build out new digital distribution channel Our mission is to be the BPBFWWMC – Best Private Bank for the Western Wealth Management Client We believe First Western can be a unique, niche-focused regional powerhouse with high fee income and consistent strong earnings from our scalable bank, trust and wealth management platform
Non-GAAP Reconciliations 14
157 180 196 164 166 168 62 94 111 154 161 132 122 125 129 76 78 86 255 255 255 Chart color Table color Special Headlines Slide Headlines / Text on light background Primary Colors Secondary Colors Primary Background / Call Out Boxes / Text on dark background Chart color Table Color Tertiary Colors Chart color Table Color Chart Color Chart Color Approved Fonts AaBbCc 123 Lora (bold) Slide Headlines / Special Headlines AaBbCc 123 Lato (regular, bold, italics) Body Copy / Subheadings / Small Text Descriptions 15 Non-GAAP Reconciliation Consolidated Gross Revenue For the Years Ended, (Dollars in thousands) 2021 2022 2023 2024 2025 Total income before non-interest expense $ 95,408 $ 107,934 $ 82,698 $ 90,071 $ 96,914 Less: Unrealized (loss) gain recognized on equity securities (21) 342 (22) (33) 14 Less: Net (loss) gain on loans accounted for under the fair value option — (891) (2,010) (999) 6 Less: Net gain on equity interests 489 7 — — — Less: Net (loss) gain on loans held for sale — (12) (178) (105) 222 Plus: Provision for credit losses 1,230 3,682 10,355 1,933 5,025 Gross revenue $ 96,170 $ 112,170 $ 95,263 $ 93,141 $ 101,697 Consolidated Adjusted Pre-tax, Pre-provision Income For the Years Ended, (Dollars in thousands) 2021 2022 2023 2024 2025 Net income before income tax, as reported $ 27,280 $ 28,828 $ 7,061 $ 11,579 $ 17,074 Plus: Provision for credit losses 1,230 3,682 10,355 1,933 5,025 Pre-tax, Pre-provision Income $ 28,510 $ 32,510 $ 17,416 $ 13,512 $ 22,099 Adjusted Diluted Pre-Tax Earnings Per Share For the Years Ended, (Dollars in thousands) 2021 2022 2023 2024 2025 Wealth Management income before income tax $ 21,378 $ 31,139 $ 9,660 $ 10,629 $ 16,410 Mortgage income (loss) before income tax 5,902 (2,311) (2,599) 950 664 Plus: Impairment of contingent consideration assets — — 1,249 338 11 Less: Income tax expense 6,670 7,130 1,836 3,106 3,886 Adjusted net income available to common shareholders $ 20,610 $ 21,698 $ 6,474 $ 8,811 $ 13,199 Diluted weighted average shares 8,235,178 9,713,623 9,725,910 9,755,804 9,830,133 Wealth Management Segment Adjusted Diluted Pre-Tax Earnings Per Share $ 2.60 $ 3.21 $ 1.12 $ 1.12 $ 1.67 Consolidated Adjusted Diluted Pre-Tax Earnings Per Share $ 3.31 $ 2.97 $ 0.85 $ 1.22 $ 1.74
157 180 196 164 166 168 62 94 111 154 161 132 122 125 129 76 78 86 255 255 255 Chart color Table color Special Headlines Slide Headlines / Text on light background Primary Colors Secondary Colors Primary Background / Call Out Boxes / Text on dark background Chart color Table Color Tertiary Colors Chart color Table Color Chart Color Chart Color Approved Fonts AaBbCc 123 Lora (bold) Slide Headlines / Special Headlines AaBbCc 123 Lato (regular, bold, italics) Body Copy / Subheadings / Small Text Descriptions 16 Non-GAAP Reconciliation (1) Represents the percentage of loans to total loans in the respective category. Consolidated Efficiency Ratio For the Years Ended, (Dollars in thousands) 2021 2022 2023 2024 2025 Non-interest expense $ 68,128 $ 79,106 $ 75,637 $ 78,492 $ 79,840 Less: OREO expenses and write-downs — — — 1,285 1,291 Adjusted non-interest expense $ 68,128 $ 79,106 $ 75,637 $ 77,207 $ 78,549 Net interest income $ 56,509 $ 83,204 $ 71,105 $ 64,324 $ 75,368 Non-interest income 40,129 28,412 21,948 27,680 26,571 Less: Unrealized (loss) gain recognized on equity securities (21) 342 (22) (33) 14 Less: Net (loss) gain on loans accounted for under the fair value option — (891) (2,010) (999) 6 Less: Net gain on equity interests 489 7 — — — Less: Net (loss) gain on loans held for sale — (12) (178) (105) 222 Adjusted non-interest income $ 39,661 $ 28,966 $ 24,158 $ 28,817 $ 26,329 Adjusted total income $ 96,170 $ 112,170 $ 95,263 $ 93,141 $ 101,697 Efficiency ratio 70.8 % 70.5 % 79.4 % 82.9 % 77.2 % Allocation of the Allowance for Credit Losses (ACL) As of December 31, 2025 2024 (Dollars in thousands) ACL Amount % of Loans % of ACL %(1) ACL Amount % of Loans % of ACL %(1) Commercial: Construction and Development $ 2,210 1.2 % 10.3 % 7.2 % $ 5,184 1.7 % 28.3 % 13.0 % Non-Owner Occupied CRE 4,359 0.5 20.4 30.7 4,340 0.7 23.7 25.3 Owner Occupied CRE 846 0.4 3.9 7.7 654 0.4 3.5 7.1 Commercial and Industrial 6,892 3.0 32.1 8.5 2,357 1.1 12.9 9.1 Total Commercial $ 14,307 1.0 % 66.7 % 54.1 % $ 12,535 1.0 % 68.4 % 54.5 % Consumer: Cash, Securities and Other $ 1,150 0.7 % 5.4 % 6.2 % $ 410 0.3 % 2.2 % 5.0 % Consumer and Other 138 0.7 0.6 0.7 185 1.1 1.0 0.7 1-4 Family Residential 5,846 0.6 27.3 39.0 5,200 0.5 28.4 39.8 Total Consumer $ 7,134 0.6 % 33.3 % 45.9 % $ 5,795 0.5 % 31.6 % 45.5 % Total allowance for credit losses $ 21,441 0.8 % 100 % 100 % $ 18,330 0.8 % 100 % 100 %
157 180 196 164 166 168 62 94 111 154 161 132 122 125 129 76 78 86 255 255 255 Chart color Table color Special Headlines Slide Headlines / Text on light background Primary Colors Secondary Colors Primary Background / Call Out Boxes / Text on dark background Chart color Table Color Tertiary Colors Chart color Table Color Chart Color Chart Color Approved Fonts AaBbCc 123 Lora (bold) Slide Headlines / Special Headlines AaBbCc 123 Lato (regular, bold, italics) Body Copy / Subheadings / Small Text Descriptions 17 Non-GAAP Reconciliation Consolidated Tangible Common Book Value Per Share December 31, (Dollars in thousands) 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total shareholders' equity $ 101,846 $ 116,875 $ 127,678 $ 154,962 $ 219,041 $ 240,864 $ 242,738 $ 252,322 $ 265,560 Preferred stock (liquidation preference) 24,968 — — — — — — — — Intangible assets held for sale — — 3,553 — — — — — — Goodwill and other intangibles, net 26,044 25,213 19,714 24,258 31,902 32,104 31,854 31,627 31,422 Tangible common equity $ 50,834 $ 91,662 $ 104,411 $ 130,704 $ 187,139 $ 208,760 $ 210,884 $ 220,695 $ 234,138 Common shares outstanding, end of period 5,833,456 7,968,420 7,940,168 7,951,773 9,419,271 9,495,440 9,581,183 9,667,142 9,725,731 Tangible common book value per share $ 8.71 $ 11.50 $ 13.15 $ 16.44 $ 19.87 $ 21.99 $ 22.01 $ 22.83 $ 24.07
157 180 196 164 166 168 62 94 111 154 161 132 122 125 129 76 78 86 255 255 255 Chart color Table color Special Headlines Slide Headlines / Text on light background Primary Colors Secondary Colors Primary Background / Call Out Boxes / Text on dark background Chart color Table Color Tertiary Colors Chart color Table Color Chart Color Chart Color Approved Fonts AaBbCc 123 Lora (bold) Slide Headlines / Special Headlines AaBbCc 123 Lato (regular, bold, italics) Body Copy / Subheadings / Small Text Descriptions 18 Non-GAAP Reconciliation Consolidated Tangible Common Book Value Per Share (Dollars in thousands) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Total shareholders' equity $ 256,555 $ 258,847 $ 261,495 $ 265,560 $ 273,365 Goodwill and other intangibles, net 31,576 31,524 31,473 31,422 31,373 Tangible common equity $ 224,979 $ 227,323 $ 230,022 $ 234,138 $ 241,992 Common shares outstanding, end of period 9,704,320 9,717,922 9,714,711 9,725,731 9,728,968 Tangible common book value per share $ 23.18 $ 23.39 $ 23.68 $ 24.07 $ 24.87 Net income available to common shareholders $ 6,208 Return on tangible common equity (annualized) 10.26 % Consolidated Efficiency Ratio For the Three Months Ended, (Dollars in thousands) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Non-interest expense $ 19,361 $ 19,099 $ 20,074 $ 21,306 $ 20,164 Less: OREO expenses and write-downs (80) 53 8 1,310 — Adjusted non-interest expense $ 19,441 $ 19,046 $ 20,066 $ 19,996 $ 20,164 Net interest income $ 17,453 $ 17,884 $ 19,454 $ 20,577 $ 20,883 Non-interest income 7,345 6,305 6,842 6,079 6,656 Less: unrealized gain (loss) recognized on equity securities 11 3 6 (6) (4) Less: net gain (loss) on loans accounted for under the fair value option 6 26 18 (44) (39) Less: net gain on loans held for sale 222 — — — — Adjusted non-interest income $ 7,106 $ 6,276 $ 6,818 $ 6,129 $ 6,699 Adjusted total income $ 24,559 $ 24,160 $ 26,272 $ 26,706 $ 27,582 Efficiency ratio 79.16 % 78.83 % 76.38 % 74.88 % 73.11 %
157 180 196 164 166 168 62 94 111 154 161 132 122 125 129 76 78 86 255 255 255 Chart color Table color Special Headlines Slide Headlines / Text on light background Primary Colors Secondary Colors Primary Background / Call Out Boxes / Text on dark background Chart color Table Color Tertiary Colors Chart color Table Color Chart Color Chart Color Approved Fonts AaBbCc 123 Lora (bold) Slide Headlines / Special Headlines AaBbCc 123 Lato (regular, bold, italics) Body Copy / Subheadings / Small Text Descriptions 19 Non-GAAP Reconciliation Pre-tax, Pre-Provision Net Income For the Three Months Ended, (Dollars in thousands) March 31, 2025 December 31, 2025 March 31, 2026 Income before income taxes $ 5,357 $ 4,435 $ 8,103 Plus: provision for (release of) credit losses 80 915 (728) Pre-tax, pre-provision net income $ 5,437 $ 5,350 $ 7,375 Allocation of the Allowance for Credit Losses (ACL) As of March 31, 2026 December 31, 2025 (Dollars in thousands) ACL Amount % of Loans % of ACL %(1) ACL Amount % of Loans % of ACL %(1) Commercial: Construction and Development $ 2,198 1.1 % 10.6 % 7.3 % $ 2,210 1.2 % 10.3 % 7.2 % Non-Owner Occupied CRE 4,150 0.5 20.0 29.0 4,359 0.5 20.4 30.7 Owner Occupied CRE 853 0.4 4.1 7.9 846 0.4 3.9 7.7 Commercial and Industrial 6,372 2.6 30.6 9.3 6,892 3.0 32.1 8.5 Total Commercial 13,573 0.9 65.3 53.5 14,307 1.0 66.7 54.1 Consumer: Cash, Securities and Other 1,047 0.6 5.0 6.1 1,150 0.7 5.4 6.2 Consumer and Other 152 0.8 0.7 0.7 138 0.7 0.6 0.7 1-4 Family Residential 6,029 0.6 29.0 39.7 5,846 0.6 27.3 39.0 Total Consumer 7,228 0.6 34.7 46.5 7,134 0.6 33.3 45.9 Total allowance for credit losses $ 20,801 0.8 % 100.0 % 100.0 % $ 21,441 0.8 % 100.0 % 100.0 % (1) Represents the percentage of loans to total loans in the respective category.
FAQ
What did First Western Financial (MYFW) disclose in its latest 8-K?
First Western Financial furnished its 2026 annual meeting presentation via 8-K. The deck reviews 2025 performance, multi‑year growth in loans and deposits, efficiency trends, capital strength, and strategic priorities, using both GAAP and non‑GAAP measures, but does not introduce a new transaction or offering.
What loan and deposit growth did First Western Financial (MYFW) highlight?
The company reports loans held for investment grew 166% and total deposits grew 153% from January 1, 2020 through December 31, 2025. This growth combines organic production and acquisitions, including the Teton Financial Services transaction and new market expansions.
How are First Western Financial’s efficiency and profitability trending?
The efficiency ratio improved from 82.9% in 2024 to 77.2% in 2025 and 73.11% for Q1 2026. Q1 2026 annualized return on tangible common equity was 10.26%, helped by higher net interest income and controlled adjusted non-interest expenses.
What non-GAAP metrics does First Western Financial (MYFW) emphasize?
The presentation features non-GAAP measures including gross revenue, pre-tax, pre-provision income, adjusted diluted pre-tax EPS, efficiency ratio and tangible common book value per share. Reconciliations to GAAP figures are provided for 2021–2025 and recent quarters.
What are First Western Financial’s long-term strategic goals from this presentation?
Management targets growing to about $5 billion in total assets and $25 billion in total invested assets. They plan to combine organic growth, select acquisitions, market infill expansion and technology investments to build a niche Western private banking and wealth management platform.