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EX - 99.1 3 tm2122566d1_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 FIRSTWestern FINANCIAL , INC . Second Quarter 2021 Summary First Western Reports Second Quarter 2021 Financial Results Net income available to common shareholders of $ 6.3 million in Q2 2021 , compared to $ 6.0 million in Q1 2021 and $ 8.7 million in Q2 2020 Diluted EPS of $ 0.76 in Q2 2021 , compared to $ 0.74 in Q1 2021 and $ 1.10 in Q2 2020 Gross revenue ( ¹ ) of $ 23.7 million in Q2 2021 , compared to $ 23.7 million in Q1 2021 and $ 26.2 million in Q2 2020 Total assets of $ 2.01 billion , down 9.1 % from Q1 2021 and up 11.0 % from Q2 2020 Return on average assets of 1.22 % , compared to 1.16 % for the first quarter of 2021 Return on average shareholders ' equity of 15.17 % , compared to 14.95 % for the first quarter of 2021 Return on tangible common equity ( ¹ ) of 17.47 % , compared to 17.49 % for the first quarter of 2021 ( 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 . , July 22 , 2021 – First Western Financial , Inc. , ( “ First Western ” or the “ Company ” ) ( NASDAQ : MYFW ) , today reported financial results for the second quarter ended June 30 , 2021 . Net income available to common shareholders was $ 6.3 million , or $ 0.76 per diluted share , for the second quarter of 2021. This compares to $ 6.0 million , or $ 0.74 per diluted share , for the first quarter of 2021 , and $ 8.7 million , or $ 1.10 per diluted share , for the second quarter of 2020 . Scott C. Wylie , CEO of First Western , commented , “ We delivered another strong quarter driven by the increased scale and efficiencies we are generating in our private and commercial banking operations . Excluding our mortgage business , our gross revenue increased 27 % year - over - year , while non - interest expense increased just 7 % , which reflects the significant operating leverage we are realizing as we grow our balance sheet . " Consistent with our expectations , we generated a higher level of loan production in the second quarter , which helped drive a 9 % increase in net interest income compared to the prior quarter . The well balanced production we saw across the portfolio helped us to generate 34 % annualized growth in total loans held for investment , excluding PPP loans . We also continued to see steady growth in our trust and investment management fees , which are up 9 % over the past year as we add new clients and grow assets under management . Our loan pipeline continues to increase , which should lead to a higher level of loan growth , additional operating leverage , and further improvement in our profitability over the second half of the year .