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First Western Financial Inc (MYFW)
NASDAQ:MYFW
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Earnings Data
Report Date
Jan 23, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.26Last Year’s EPS
$0.03Same Quarter Last Year
Moderate Buy
Based on 2 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 24, 2024
|% Change Since: -2.34%
|Next Earnings Date:Jan 23, 2025
Earnings Call Sentiment|Neutral
The earnings call presented a mixed sentiment. While there were positive developments such as the increase in non-interest bearing deposits, reduction in the loan to deposit ratio, and growth in assets under management, these were offset by challenges including a decrease in gross revenue and net interest income, as well as higher charge-offs. The resolution of a large non-performing relationship and the strategic progress provide optimism, but financial metrics indicate areas needing improvement.Company Guidance
During the Q3 2024 earnings call for First Western Financial, management provided several key metrics and guidance on the company's financial performance and strategic direction. The company reported a net income of $2.1 million or $0.22 per diluted share, which was double the EPS from the previous quarter. The loan-to-deposit ratio was successfully reduced to 95%, with non-interest-bearing deposits increasing by 19%. Total deposits rose by $92 million, while new loan production reached $83 million at an average rate of 7.49%. Asset quality improved, with declines in non-performing and classified loans, and Tier 1 capital ratios increased. Additionally, the company's tangible book value per share increased by about 1%. Looking ahead, First Western Financial anticipates benefits from recent Federal Reserve rate cuts, which could favorably impact net interest margin, and expects continued growth in mortgage production due to strategic hires in the mortgage loan officer team.Increase in Non-Interest Bearing Deposits
Non-interest bearing deposits increased by 19% from the end of the prior quarter, showing strong growth in deposit gathering efforts.
Reduction in Loan to Deposit Ratio
Achieved a loan to deposit ratio of 95%, meeting the strategic goal of reducing this metric to the mid-90% range.
Resolution of Large Non-Performing Relationship
Successfully resolved a large non-performing relationship, eliminating the loan balance and taking possession of collateral properties, with one property sold and three others being marketed.
Increase in Tangible Book Value Per Share
Tangible book value per share increased by about 1% during the third quarter, reflecting prudent balance sheet management.
Strong Growth in Assets Under Management
Assets under management increased by $454 million in the third quarter, primarily due to improving market conditions, marking a nearly 17% increase over the past year.
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MYFW Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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MYFW Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 24, 2024 | $20.53 | $19.12 | -6.87% |
| Jul 23, 2024 | $19.90 | $18.40 | -7.54% |
| Apr 18, 2024 | $13.65 | $14.80 | +8.42% |
| Jan 25, 2024 | $18.25 | $18.00 | -1.37% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does First Western Financial Inc (MYFW) report earnings?
First Western Financial Inc (MYFW) is schdueled to report earning on Jan 23, 2025, TBA Not Confirmed.
What is First Western Financial Inc (MYFW) earnings time?
First Western Financial Inc (MYFW) earnings time is at Jan 23, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is MYFW EPS forecast?
MYFW EPS forecast for the fiscal quarter 2024 (Q4) is $0.26.
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