First Western Financial (NASDAQ: MYFW) grows TBV and margins with strong 4Q25 performance

Q: What are the key balance sheet metrics for MYFW as of December 31, 2025?

As of December 31, 2025, First Western Financial reported $3.15 billion in assets, $2.65 billion in total loans, and $2.75 billion in total deposits. The company also managed $7.28 billion in assets under management, reflecting its combined private banking, commercial banking, and wealth management franchise.

Q: How have MYFW’s net interest income and margin trended recently?

In 4Q25, net interest income increased to $20.6 million , up 5.6% from 3Q25, while net interest margin improved from 2.54% to 2.71% . The margin expansion mainly reflected a 20 basis point decline in cost of funds, partly offset by slightly lower yields on interest-earning assets.

Q: How has MYFW’s tangible book value per share evolved since 2017?

Tangible book value per share increased from $8.71 at December 31, 2017 to $24.07 at December 31, 2025. This growth reflects a combination of balance sheet expansion, retained earnings, and disciplined capital management, resulting in roughly a 176% increase over the period shown in the presentation.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

First Western Financial, Inc. highlights steady growth and improving profitability, furnishing an investor presentation that showcases its niche wealth-focused banking model in affluent Rocky Mountain and Western markets. As of 12/31/2025, the company reports assets of $3.15 billion, loans of $2.65 billion, deposits of $2.75 billion, and $7.28 billion of assets under management.

For 4Q25, net income available to common shareholders was $3.3 million, or $0.34 per diluted share, up 6% from the prior quarter and 21% from 4Q24, despite a $1.4 million write-down in other real estate owned. Net interest income rose to $20.6 million and net interest margin improved to 2.71%, helped by a 20 basis point drop in cost of funds.

The presentation emphasizes long-term value creation via tangible book value per share growth from $8.71 at 12/31/2017 to $24.07 at 12/31/2025, stable credit quality with average annual net charge-offs below 10 basis points over the last 10 years, and an ACL/total loans ratio of 0.81%. Deposits remain relationship-driven and relatively stable, with cumulative new deposits reaching $828 million and 2,214 new deposit accounts from 2018 to 2025.

Management points to continued organic and acquisition-driven balance sheet expansion, a growing commercial and wealth management platform, efficiency ratio improvement to 74.88% in 4Q25, and strong capital and liquidity, including $234.1 million of tangible common equity and $1.33 billion of available liquidity funding sources. The near-term outlook calls for ongoing loan and deposit growth, further net interest margin expansion, disciplined expense control, and no meaningful deterioration in asset quality based on current portfolio trends.

Insights

MYFW shows improving margins, solid credit, and steady TBV growth, but changes appear evolutionary rather than transformative.

First Western Financial presents a classic high-net-worth private bank story: relationship-driven lending, sizeable fee businesses, and affluent markets. Since its IPO, loans and deposits have more than tripled and tangible book value per share rose from $8.71 to $24.07 by 12/31/2025, indicating sustained internal capital generation.

Near-term financial trends are constructive. 4Q25 net income of $3.3M ($0.34 diluted EPS) grew despite a $1.4M OREO write-down. Net interest income increased 5.6% quarter over quarter and net interest margin expanded to 2.71% as deposit costs declined, while the efficiency ratio improved for a fifth straight quarter to 74.88%.

Risk indicators remain benign: average annual net charge-offs have stayed below 10 basis points over the last decade, nonperforming assets/total assets were 0.62% in 4Q25, and the allowance for credit losses stands at 0.81% of loans. Capital and liquidity are solid with $234.1M of tangible common equity and $1.33B of available liquidity funding sources. The narrative leans on continued organic growth, selective M&A, and operating leverage, but the document does not quantify targets beyond directional goals, so ultimate earnings trajectory will depend on execution, competitive dynamics in core markets, and maintaining credit discipline through future cycles.

02/24/2026 - 04:26 PM

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): February 24, 2026

FIRST WESTERN FINANCIAL, INC.

(Exact name of registrant as specified in its charter)


Colorado	001-38595	37-1442266
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

1900 16th Street, Suite 1200 Denver, Colorado		80202
(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:


o			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o			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).


o			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
Common Stock, no par value	MYFW	NASDAQ Stock Market LLC

Item 7.01 Regulation FD Disclosure.

First Western Financial, Inc. (the “Company”) is furnishing investor presentation materials as Exhibit 99.1 to this Form 8-K, which may be presented at meetings with investors, analysts, and others, in whole or in part and possibly with modifications, during the fiscal year ending December 31, 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						First Western Financial, Inc. Investor Presentation

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: February 24, 2026						By: /s/ Scott C. Wylie
						Scott C. Wylie

						Chairman, Chief Executive Officer and President

INVESTOR PRESENTATION February 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 March 7, 2025 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 4 Investment Highlights Successful Execution on Growth Strategies Attractive Markets and Business Model Strong Earnings Momentum • Significant revenue growth driving improved operating leverage and higher profitability since pre-IPO • TBV/share(1) increased ~162% since the IPO • Continued scale expected to drive further leverage and generate returns consistent with a high performing institution over long term • Chairman and CEO has previously built and sold three banks for substantial gains for shareholders • COO has been instrumental in building the MYFW franchise over 20 years at the institution • Highly aligned with shareholder interests as insiders own ~15.5% of total shares outstanding(2) • Discounted valuation trading at 1.06x TBV/share(3) Proven Management Team, High Insider Ownership, and Discounted Valuation • Track record of combining organic growth and market expansion with accretive acquisitions to enhance franchise value • Total assets up 201% since the IPO with substantial increases in revenue and EPS • Strengthening commercial banking platform creating more diverse loan portfolio and lower-cost deposit base • Growing institution operating in high growth markets • Attractive, stable deposit base with noninterest-bearing and money market accounts comprising 82% of total deposits as of 12/31/2025 • Conservative underwriting and affluent client base results in minimal credit losses • Client relationships deepen over time with banking, planning, trust and investment services (1) See Non-GAAP reconciliation within the appendix. (2) Represents beneficial ownership as defined within the April 2025 Proxy Statement. (3) As of February 20, 2026.

Franchise Overview 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 Great Markets, Scarce Investment Opportunity • Ranked among states with highest GDP growth • Strong job and population growth • Experiencing significant in-migration • Attractive demographics with large amount of high net worth individuals • Western entrepreneurs and investors value local, trusted, expert First Western teams • Favorable tax laws for trusts and estates that attract wealthy individuals MSA State Market Share Projected % Change in HHI (2021-2026)(2) Denver-Aurora-Lakewood CO 1.33 11.00 Fort Collins CO 3.80 13.45 Phoenix-Mesa-Scottsdale AZ 0.08 13.18 Boulder CO 1.66 11.41 Jackson WY 3.69 8.50 National Average 9.01 (1) Source: S&P Capital IQ as of 06/30/2025. (2) Percentage growth in household income (HHI). Characteristics of First Western Markets Deposits by Metropolitan Statistical Area ("MSA")(1) Small Market Share Provides Large Growth Opportunity As of December 31, 2025 Current Ownership Total Assets ($bn) NBH Bank Public (NYSE: NBHC) 9.8 Bank of Colorado Private (Sub. Of Pinnacle Bancorp-NE) 7.7 Alpine Bank Private 6.8 First Western Trust Bank Public (Nasdaq: MYFW) 3.2 ANB Bank Private 3.0 MYFW is 2nd Largest Publicly Held CO Chartered Bank Denver, CO 58% Phoenix, AZ 6% Fort Collins, CO 16% Boulder, CO 8% Other 5% Rock Springs, WY 3% Jackson, WY 4% Deposits by State Colorado 86% Wyoming 7% Arizona 6% Montana 1%

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 8 Ongoing Market Disruption Creating Opportunities to Add New Clients and Bankers First Western is well positioned to benefit from market disruption due to differentiation: • Local ownership • Local management • Integrated, team-based approach Local Bank Became Now Colorado Business Bank CoBiz Bank BOK Financial Corporation Community Banks of Colorado NBH Bank Vista Bank Citywide Banks of Colorado Heartland Financial UMB Bank Guaranty Bank and Trust Company Independent Bank SouthState Bank F&S Bank CrossFirst Bank Busey Bank First Republic Bank Failed JPMorgan Chase Bank Bank of the West Bank of Montreal First Citizens Bank FirstBank PNC Bank Name New Leadership Roles Bank of America Colorado Market President BOK Financial Colorado Market CEO Busey Bank Regional President, CO/NM First Interstate Bank Colorado State President FirstBank/PNC Regional President of Colorado Huntington National Bank Regional President for Colorado MidWestOne Bank Colorado Regional President SouthState Bank Colorado Division President Sunflower Bank Regional President for Colorado Vectra Bank Colorado CEO Wells Fargo Colorado Market President for Commercial Banking Local banks disappearing in our markets Key executive changes occurring in Colorado(1) (1) Source: February 6, 2026 Denver Business Journal cover story "Change at the Top" • "Goldilocks" size • Private bank and trust focus, expertise • Flexible technology stack

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 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.

Unique Business Model 13

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 • Corporate loans to match specific needs • Well-versed in working with complex cash flows and business models • Customized treasury management products and services 15 Cross-Selling a Diverse Set of Products and Services Commercial Banking • Fiduciary wealth management with expert review of client objectives, creating solutions • Irrevocable life insurance trust, conservatorship, successor trustee, directed custodial trusteeship • WY tax-exempt asset protection, special needs trusts, escrow services, family office services • Provide a broad range of asset and sub asset classes, with automated tax and basis management • Create unique solutions through internal research, proprietary and third-party investment options • Central team creates the platform for Portfolio Managers to service clients, manage accounts • Wealth planning with specialized services (e.g. tax management, philanthropic) • Proprietary ConnectView® approach, with access to CFPs, CPAs and estate planning attorneys • Charitable giving tax strategies, deferred-compensation plans, life insurance, key person insurance • Mortgage banking specializing in purchase money, high net worth lending • Underwritten to Fannie Mae and Freddie Mac guidelines • Targeted portfolio lending and secondary sales • Retirement plan consultants partnering with businesses to sponsor retirement plans • Creative corporate retirement plan design, analysis solutions, fiduciary liability management • ERISA compliance and education Retirement / 401(k) Plan Consulting Residential Mortgage Lending Wealth Planning Investment Management Trust Our local profit centers team with specialized product experts through ConnectView®, with many points of entry

Driving Profitable Growth 20

Recent Financial Trends 22

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 25 Loan Portfolio • Total loans held for investment increased $59.4 million from prior quarter due to strong loan production • New loan production diversified across markets and loan types • New loan production in 4Q25 of $146.2 million with a focus on relationship-based lending • Average rate on new loan production was 6.36% in 4Q25, consistent with 6.38% in 3Q25 4Q24 3Q25 4Q25 Cash, securities, and other $ 120,005 $ 159,204 $ 164,787 Consumer and other 17,333 12,254 19,504 Construction and development 315,686 230,600 189,790 1-4 family residential 960,354 1,041,075 1,030,211 Non-owner occupied CRE 614,384 728,039 813,408 Owner occupied CRE 173,223 191,239 205,063 Commercial and industrial 220,501 225,919 226,107 Total $ 2,421,486 $ 2,588,330 $ 2,648,870 Loans accounted for at fair value(2) 7,508 4,319 3,216 Total Loans HFI $ 2,428,994 $ 2,592,649 $ 2,652,086 Mortgage loans held for sale 25,455 21,806 40,176 Loans held for sale 251 — — Total Loans $ 2,454,700 $ 2,614,455 $ 2,692,262 (1) Represents unpaid principal balance. Excludes deferred fees, unamortized premiums, basis adjustments, net. (2) Excludes fair value adjustments on loans accounted for under the fair value option. ($ in thousands, as of quarter end) Loan Portfolio Composition(1) Loan Portfolio Details Loan Production & Loan Payoffs Total Loans(1) $2,421 $2,428 $2,468 $2,594 $2,676 $2,614 $2,692 4Q24 1Q25 2Q25 3Q25 4Q25 3Q25 4Q25 $1,000 $1,500 $2,000 $2,500 $3,000 Average Period End $93.5 $70.8 $166.9 $145.7 $146.2 $97.1 $71.6 $122.6 $110.1 $131.3 Production Loan Payoffs 4Q24 1Q25 2Q25 3Q25 4Q25 $0 $50 $100 $150 $200 ($ in millions) ($ in millions)

Creating Additional Shareholder Value 35

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 38 MYFW: Our Five Core Strengths Differentiated, Proven in the Marketplace Built-in Operating Leverage Highly Desirable Recurring Fee Income Experienced, Tested Team Unique Opportunity for Investors • Niche-focused franchise headquartered in Denver, Colorado • Well-positioned in many attractive markets in Arizona, California, Colorado, Montana, and Wyoming • Specialized central expertise to compete with siloed national, regional firms • Delivered through local, boutique trust banking teams so clients “owned” by MYFW, not associates • Strong profit center margins at maturity, growth opportunities in current and new markets • Revenue growth over long-term in both fee income and net interest income, with neutral balance sheet • Scalable, leverageable high fixed cost, low variable cost Product and Support Centers • Operating expense investment already in place for growth and expansion • Primarily recurring trust and investment management (“TIM”) fees • Low risk, “sticky” wealth/trust business with comprehensive product offering • Multiple entry points with ConnectView® – proprietary review process to service, cross-sell • At critical mass but small market share, many current and new market opportunities • Proven ability to expand: (1) Organically, (2) By expansion and (3) By acquisition • Few large Colorado bank alternatives for investors and clients, creating lift-out opportunities • Attractive revenue and earnings growth story trading at discounted valuation • Executives are major bank/professional firm trained, with deep relationships in communities • Achieved growth through business and economic cycles, capital constraints • Healthy relationship with all regulators with strong risk management culture • CEO with proven track record for creating value in previous bank ownership

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 41 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, had substantial increases in annual revenue, and demonstrated significant operating leverage. Looking forward we can drive shareholder value by: • Continuing to execute well, creating more operating leverage to drive high performing ROAA and ROAE results • Emphasizing our differentiation in marketplace • Growing through $5 billion in total assets, $25 billion TIM assets through both organic growth and acquisitions, ideally: ◦ ~50 offices – infill and adjacent ◦ Maturing at $8 million in revenue per office through growing 20% ◦ 75% contribution margin per office at maturity, then growing • Building footprint, scale and operating leverage with M&A ◦ Disciplined approach to be significantly earnings accretive with minimal TBV dilution • Enhancing wealth management platform ◦ Upgrade omnichannel client experience ◦ Create 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 wealth management platform

Appendix 42

Organizational Overview 43

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 Name Director Since Primary Business Scott C. Wylie 2002 • First Western Financial, Inc. Julie A. Caponi, CPA(1) 2017 • Former Finance Executive at Arconic, Inc. (fka Alcoa Inc.) • Former audit partner at Deloitte • Board member & Audit Committee chair for FCF (NYSE) Julie A. Courkamp 2021 • First Western Financial, Inc. David R. Duncan 2011 • Energy • Winery Executive, Silver Oak Cellars • Entrepreneur, board member, business leader Thomas A. Gart 2013 • Real Estate Developer • Specialty Retail Executive • Family business, PE investing across broad range of industries Patrick H. Hamill 2004 • Real Estate Developer • Home Builder Executive • Entrepreneur, business/community leader, real estate expertise Luke A. Latimer 2015 • Utility Maintenance • Construction Executive • Family business, public bank board Scott C. Mitchell 2021 • President, U.S. Engineering, Metalworks • President of several successful manufacturing companies • Six Sigma Master Black Belt Ellen S. Robinson 2024 • Principal and Founder of the Robinson Coaching Group, Inc • Leadership development and coaching • Professional Coach Certification Mark L. Smith 2002 • Real Estate Developer • Entrepreneur, community leadership, real estate expertise Joseph C. Zimlich, CPA 2004 • Former Family Office Executive • Corporate leadership, board, and investment management 45 MYFW’s Sophisticated Board of Directors (1) CPA license inactive.

Non-GAAP Reconciliations 46

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 47 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 48 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 50 Non-GAAP Reconciliation Consolidated Tangible Common Book Value Per Share As of (Dollars in thousands) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Total shareholders' equity $ 252,322 $ 256,555 $ 258,847 $ 261,495 $ 265,560 Goodwill and other intangibles, net 31,627 31,576 31,524 31,473 31,422 Tangible common equity $ 220,695 $ 224,979 $ 227,323 $ 230,022 $ 234,138 Common shares outstanding, end of period 9,667,142 9,704,320 9,717,922 9,714,711 9,725,731 Tangible common book value per share $ 22.83 $ 23.18 $ 23.39 $ 23.68 $ 24.07 Net income available to common shareholders $ 3,314 Return on tangible common equity (annualized) 5.66 % Consolidated Efficiency Ratio For the Three Months Ended, (Dollars in thousands) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Non-interest expense $ 20,427 $ 19,361 $ 19,099 $ 20,074 $ 21,306 Less: OREO expenses and write-downs 1,222 (80) 53 8 1,310 Adjusted non-interest expense $ 19,205 $ 19,441 $ 19,046 $ 20,066 $ 19,996 Net interest income $ 16,908 $ 17,453 $ 17,884 $ 19,454 $ 20,577 Non-interest income 6,459 7,345 6,305 6,842 6,079 Less: unrealized (loss) gain recognized on equity securities (49) 11 3 6 (6) Less: net (loss) gain on loans accounted for under the fair value option (149) 6 26 18 (44) Less: net (loss) gain on loans held for sale (222) 222 — — — Adjusted non-interest income $ 6,879 $ 7,106 $ 6,276 $ 6,818 $ 6,129 Adjusted total income $ 23,787 $ 24,559 $ 24,160 $ 26,272 $ 26,706 Efficiency ratio 80.74 % 79.16 % 78.83 % 76.38 % 74.88 %

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 51 Non-GAAP Reconciliation Wealth Management Gross Revenue For the Three Months Ended, (Dollars in thousands) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Total income before non-interest expense $ 23,540 $ 23,468 $ 20,919 $ 22,278 $ 24,331 Less: unrealized (loss) gain recognized on equity securities (49) 11 3 6 (6) Less: net (loss) gain on loans accounted for under the fair value option (149) 6 26 18 (44) Less: net (loss) gain on loans held for sale at fair value (222) 222 — — — Plus: (release of) provision for credit losses (974) 80 1,773 2,257 915 Gross revenue $ 22,986 $ 23,309 $ 22,663 $ 24,511 $ 25,296 Mortgage Gross Revenue For the Three Months Ended, (Dollars in thousands) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Total income before non-interest expense $ 801 $ 1,250 $ 1,497 $ 1,761 $ 1,410 Gross revenue $ 801 $ 1,250 $ 1,497 $ 1,761 $ 1,410 Consolidated Gross Revenue For the Three Months Ended, (Dollars in thousands) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Total income before non-interest expense $ 24,341 $ 24,718 $ 22,416 $ 24,039 $ 25,741 Less: unrealized (loss) gain recognized on equity securities (49) 11 3 6 (6) Less: net (loss) gain on loans accounted for under the fair value option (149) 6 26 18 (44) Less: net (loss) gain on loans held for sale at fair value (222) 222 — — — Plus: (release of) provision for credit losses (974) 80 1,773 2,257 915 Gross revenue $ 23,787 $ 24,559 $ 24,160 $ 26,272 $ 26,706

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 52 Non-GAAP Reconciliation Pre-tax, Pre-Provision Net Income For the Three Months Ended, (Dollars in thousands) December 31, 2024 September 30, 2025 December 31, 2025 Income before income taxes $ 3,914 $ 3,965 $ 4,435 Plus: (release of) provision for credit losses (974) 2,257 915 Pre-tax, pre-provision net income $ 2,940 $ 6,222 $ 5,350 Allocation of the Allowance for Credit Losses (ACL) As of December 31, 2025 December 31, 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 % (1) Represents the percentage of loans to total loans in the respective category.

Source: View Original Filing on SEC EDGAR

FAQ

How did First Western Financial (MYFW) perform in the fourth quarter of 2025?

First Western Financial reported net income available to common shareholders of $3.3 million, or $0.34 per diluted share, in 4Q25. Earnings grew 6% from the prior quarter and 21% year over year, despite a $1.4 million OREO write-down that reduced EPS by $0.10.

What are the key balance sheet metrics for MYFW as of December 31, 2025?

As of December 31, 2025, First Western Financial reported $3.15 billion in assets, $2.65 billion in total loans, and $2.75 billion in total deposits. The company also managed $7.28 billion in assets under management, reflecting its combined private banking, commercial banking, and wealth management franchise.

How have MYFW’s net interest income and margin trended recently?

In 4Q25, net interest income increased to $20.6 million, up 5.6% from 3Q25, while net interest margin improved from 2.54% to 2.71%. The margin expansion mainly reflected a 20 basis point decline in cost of funds, partly offset by slightly lower yields on interest-earning assets.

What is First Western Financial’s credit quality profile?

First Western reports historically strong credit quality, with average annual net charge-offs below 10 basis points over the last 10 years. As of 4Q25, nonperforming assets were 0.62% of total assets, and the allowance for credit losses was 0.81% of total loans, supported by conservative underwriting practices.

How has MYFW’s tangible book value per share evolved since 2017?

Tangible book value per share increased from $8.71 at December 31, 2017 to $24.07 at December 31, 2025. This growth reflects a combination of balance sheet expansion, retained earnings, and disciplined capital management, resulting in roughly a 176% increase over the period shown in the presentation.

What are the main strategic priorities highlighted in MYFW’s investor presentation?

The presentation emphasizes several priorities: growing loans and deposits in attractive Western markets, expanding commercial and wealth management capabilities, pursuing selective accretive acquisitions, improving operating efficiency, and maintaining strong asset quality. Management also targets further scale and operating leverage to support higher long-term returns on assets and equity.

What near-term outlook does First Western Financial provide for 2026?

First Western expects continued solid loan and deposit growth, ongoing expansion of net interest margin, more robust business development in wealth management, higher mortgage production from additional loan officers, and further operating leverage from expense discipline. It also notes no meaningful asset quality deterioration is expected based on current portfolio performance.

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First Western Financial (NASDAQ: MYFW) grows TBV and margins with strong 4Q25 performance

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FAQ

How did First Western Financial (MYFW) perform in the fourth quarter of 2025?

What are the key balance sheet metrics for MYFW as of December 31, 2025?

How have MYFW’s net interest income and margin trended recently?

What is First Western Financial’s credit quality profile?

How has MYFW’s tangible book value per share evolved since 2017?

What are the main strategic priorities highlighted in MYFW’s investor presentation?

What near-term outlook does First Western Financial provide for 2026?

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First Western Financial (NASDAQ: MYFW) grows TBV and margins with strong 4Q25 performance

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FAQ

How did First Western Financial (MYFW) perform in the fourth quarter of 2025?

What are the key balance sheet metrics for MYFW as of December 31, 2025?

How have MYFW’s net interest income and margin trended recently?

What is First Western Financial’s credit quality profile?

How has MYFW’s tangible book value per share evolved since 2017?

What are the main strategic priorities highlighted in MYFW’s investor presentation?

What near-term outlook does First Western Financial provide for 2026?

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