First Western Financial ( (MYFW) ) has released its Q4 earnings. Here is a breakdown of the information First Western Financial presented to its investors.
First Western Financial, headquartered in Denver, Colorado, operates as a financial services holding company that provides a comprehensive suite of wealth management services, including deposit, loan, trust, wealth planning, and investment management products and services across several states. First Western Financial recently released its earnings report for the fourth quarter of 2024, highlighting a commendable increase in profitability and financial performance. Notably, the company reported a net income of $2.7 million, up from $2.1 million in the previous quarter, with diluted earnings per share improving to $0.28. Key financial metrics showed positive trends, including a rise in net interest income to $16.9 million, a 4% growth in average deposits, and a 2.1% increase in total loans. The company also experienced a significant enhancement in its net interest margin, which rose to 2.45%. Despite a decrease in non-interest income during the quarter, the company managed expenses effectively, reflected in a lower efficiency ratio of 80.7%. Looking ahead, First Western Financial is optimistic about its ability to sustain and improve its financial performance through continued growth in loans and deposits, prudent expense management, and asset quality improvements.