Page 1

EX - 99.1 2 myfw - 20210422xex99d1.htm EX - 99.1 Exhibit 99.1 FIRSTWestern First Western Reports First Quarter 2021 Financial Results First Quarter 2021 Summary • Net income available to common shareholders of $ 6.0 million in Q1 2021 , compared to $ 4.9 million in Q4 2020 and $ 1.3 million in Q1 2020 Diluted EPS of $ 0.74 in Q1 2021 , compared to $ 0.61 in Q4 2020 and $ 0.17 in Q1 2020 Gross revenue ( ¹ ) of $ 23.7 million in Q1 2021 , compared to $ 23.4 million in Q4 2020 and $ 16.7 million in Q1 2020 Total assets of $ 2.21 billion , up 48.2 % annualized from Q4 2020 and 63.4 % from Q1 2020 Return on average assets of 1.16 % , compared to 0.99 % for the fourth quarter of 2020 • Return on average shareholders ' equity of 14.95 % , compared to 12.62 % for the fourth quarter of 2020 Return on tangible common equity ( 1 ) of 17.49 % , compared to 14.92 % for the fourth quarter of 2020 ( 1 ) Represents a Non - GAAP financial measure . See " Reconciliations of Non - GAAP Measures " for a reconciliation of our Non - GAAP measures to the most directly comparable GAAP financial measure . Denver , Colo . , April 22 , 2021 - First Western Financial , Inc. , ( " First Western ” or the “ Company ” ) ( NASDAQ : MYFW ) , today reported financial results for the first quarter ended March 31 , 2021 . Net income available to common shareholders was $ 6.0 million , or $ 0.74 per diluted share , for the first quarter of 2021. This compares to $ 4.9 million , or $ 0.61 per diluted share , for the fourth quarter of 2020 , and $ 1.3 million , or $ 0.17 per diluted share , for the first quarter of 2020 . Scott C. Wylie , CEO of First Western , commented , “ Our first quarter results reflect the continuation of our improved profitability , as our earnings per share increased more than 300 % over the first quarter of last year and our return on tangible common equity exceeded 17 % . Our new business development activity remains very strong and new client relationships helped drive a 12 % increase in total deposits during the first quarter . While the strong deposit inflows are creating excess liquidity in the short - term that impacts our net interest margin , we believe we are well positioned to generate higher revenue in the future as these funds are redeployed into higher yielding earning assets or transferred into investment management accounts where they will generate fee income . " During the first quarter , we resolved the processing constraints that limited our mortgage production late in 2020. We were able to capitalize on continued strong demand and more than double our net gain on mortgage loans compared to the first quarter of last year . Given the population growth and strong housing trends in our