First Western Financial reports Q3 EPS 32c, consensus 36c

Reports Q3 tangible book value per share $23.39. Reports Q3 CET1 capital ratio 9.8%. Reports Q3 net charge-offs .01%. Scott Wylie, CEO of First Western, commented, “We executed well in the third quarter and saw positive trends in many areas including loan and deposit growth, an increase in net interest income, well managed expenses, and generally stable asset quality, which resulted in an increase in our level of profitability. While maintaining our disciplined underwriting and pricing criteria, we had a very strong quarter of loan production, which was well diversified across our markets and loan portfolios. Our strong loan production reflects the healthy economic conditions we continue to see across our markets, as well as the contribution of banking talent we have added over the past few years, while we also continue to add new deposit relationships. Our improving financial performance and continued prudent balance sheet management resulted in increases in both our book value and tangible book value per share during the third quarter.”