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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________
FORM 10-Q
_________________________________________
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission File Number 001-38595
_________________________________________
FIRST WESTERN FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
_________________________________________
| | | | | |
Colorado | 37-1442266 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| |
1900 16th Street, Suite 1200 Denver, CO | 80202 |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: 303.531.8100
_________________________________________
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
Title of each class | | Trading Symbol | | Name of each exchange on which registered |
Common Stock, no par value | | MYFW | | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes o No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). x Yes o No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | |
| Large accelerated filer o | Accelerated filer | x |
| | | |
| Non-accelerated filer o | Smaller reporting company | x |
| | | |
| | Emerging growth company | x |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. x
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). o Yes x No
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.
| | | | | | | | | | | |
| | Shares outstanding as of November 1, 2023 | |
| Common Stock, no par value | 9,561,769 | |
FIRST WESTERN FINANCIAL, INC.
TABLE OF CONTENTS
Important Notice about Information in this Quarterly Report
Unless we state otherwise or the context otherwise requires, references in this Quarterly Report to "we," "our," "us," "the Company" and "First Western" refer to First Western Financial, Inc. and its consolidated subsidiaries, including First Western Trust Bank, which we sometimes refer to as "the Bank" or "our Bank."
The information contained in this Quarterly Report is accurate only as of the date of this Quarterly Report on Form 10-Q and as of the dates specified herein.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as "may," "should," "could," "predict," "potential," "believe," "will likely result," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "would" and "outlook, " or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control, particularly with regard to developments related to soundness of other financial institutions. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.
There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following:
•geographic concentration in Colorado, Arizona, Wyoming, Montana, and California;
•the soundness of other financial institutions;
•changes in the economy affecting real estate values and liquidity;
•risks associated with higher inflation;
•changes in interest rates;
•weak economic conditions and global trade;
•our ability to continue to originate residential real estate loans and sell such loans;
•risks specific to commercial loans and borrowers;
•claims and litigation pertaining to our fiduciary responsibilities;
•the soundness of certain securities brokerage firms;
•competition for investment managers and professionals and our ability to retain our associates;
•fluctuation in the value of our investment securities;
•the terminable nature of our investment management contracts;
•changes to the level or type of investment activity by our clients;
•investment performance, in either relative or absolute terms;
•legislative changes or the adoption of tax reform policies;
•external business disruptors in the financial services industry;
•the adequacy of our allowance for credit losses;
•liquidity risks;
•our ability to maintain a strong core deposit base or other low-cost funding sources;
•continued positive interaction with and financial health of our referral sources;
•retaining our largest trust clients;
•our ability to achieve our strategic objectives;
•competition from other banks, financial institutions and wealth and investment management firms;
•our ability to implement our internal growth strategy and manage the risks associated with our anticipated growth;
•the acquisition of other banks and financial services companies and integration risks and other unknown risks associated with acquisitions;
•the accuracy of estimates and assumptions;
•our ability to protect against and manage fraudulent activity, breaches of our information security, and cybersecurity attacks;
•our reliance on communications, information, operating and financial control systems technology and related services from third-party service providers;
•technological change;
•our ability to attract and retain clients;
•unforeseen or catastrophic events, including pandemics, wars, terrorist attacks, extreme weather events or other natural disasters;
•new lines of business or new products and services;
•regulation of the financial services industry;
•legal and regulatory proceedings, investigations and inquiries, fines and sanctions;
•limited trading volume and liquidity in the market for our common stock;
•fluctuations in the market price of our common stock;
•actual or anticipated issuances or sales of our common stock or preferred stock in the future;
•the initiation and continuation of securities analysts coverage of the Company;
•potential impairment of goodwill recorded on our balance sheet and possible requirements to recognize significant charges to earnings due to impairment of intangible assets;
•future issuances of debt securities;
•our ability to manage our existing and future indebtedness;
•available cash flows from the Bank; and
•other factors that are discussed in "Item 1A - Risk Factors" in our Annual Report on Form 10-K.
The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in the section titled Risk Factors in Part I, Item 1A of our Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission ("SEC") on March 15, 2023. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New factors emerge from time to time, and it is not possible for us to predict which will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
FIRST WESTERN FINANCIAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except share amounts)
| | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
Assets | | | |
Cash and cash equivalents: | | | |
Cash and due from banks | $ | 6,439 | | | $ | 4,926 | |
| | | |
Interest-bearing deposits in other financial institutions | 265,045 | | | 191,586 | |
Total cash and cash equivalents | 271,484 | | | 196,512 | |
| | | |
Held-to-maturity securities, at amortized cost, net of allowance for credit losses of $71 and $0, (fair value of $66,487 and $74,718), respectively | 75,539 | | | 81,056 | |
Correspondent bank stock, at cost | 11,305 | | | 7,110 | |
Mortgage loans held for sale, at fair value | 12,105 | | | 8,839 | |
Loans held for sale, at fair value | — | | | 1,965 | |
Loans (includes $15,464 and $23,321 measured at fair value, respectively) | 2,530,459 | | | 2,469,413 | |
Allowance for credit losses | (23,175) | | | (17,183) | |
Loans, net | 2,507,284 | | | 2,452,230 | |
Premises and equipment, net | 25,410 | | | 25,118 | |
Accrued interest receivable | 11,633 | | | 10,445 | |
Accounts receivable | 5,292 | | | 4,873 | |
Other receivables | 3,052 | | | 1,973 | |
| | | |
Goodwill and other intangible assets, net | 31,916 | | | 32,104 | |
Deferred tax assets, net | 6,624 | | | 6,914 | |
Company-owned life insurance | 16,429 | | | 16,152 | |
Other assets | 24,680 | | | 21,457 | |
| | | |
Total assets | $ | 3,002,753 | | | $ | 2,866,748 | |
| | | |
Liabilities | | | |
Deposits: | | | |
Noninterest-bearing | $ | 476,308 | | | $ | 583,092 | |
Interest-bearing | 1,943,688 | | | 1,822,137 | |
Total deposits | 2,419,996 | | | 2,405,229 | |
Borrowings: | | | |
Federal Home Loan Bank and Federal Reserve borrowings | 259,930 | | | 146,886 | |
Subordinated notes | 52,279 | | | 52,132 | |
Accrued interest payable | 3,203 | | | 1,125 | |
Other liabilities | 21,089 | | | 20,512 | |
Total liabilities | 2,756,497 | | | 2,625,884 | |
| | | |
Shareholders' Equity | | | |
Preferred stock - no par value; 10,000,000 shares authorized; 0 issued and outstanding | — | | | — | |
Common stock - no par value; 90,000,000 shares authorized; 9,560,209 and 9,495,440 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | — | | | — | |
Additional paid-in capital | 192,573 | | | 190,494 | |
Retained earnings | 54,261 | | | 51,887 | |
Accumulated other comprehensive loss | (578) | | | (1,517) | |
Total shareholders’ equity | 246,256 | | | 240,864 | |
Total liabilities and shareholders’ equity | $ | 3,002,753 | | | $ | 2,866,748 | |
See accompanying notes to condensed consolidated financial statements (unaudited).
FIRST WESTERN FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Interest and dividend income: | | | | | | | |
Loans, including fees | $ | 34,141 | | | $ | 24,988 | | | $ | 99,804 | | | $ | 64,821 | |
Loans accounted for under the fair value option | 300 | | | 513 | | | 1,078 | | | 859 | |
Investment securities | 607 | | | 653 | | | 1,863 | | | 1,408 | |
Interest-bearing deposits in other financial institutions | 1,292 | | | 533 | | | 4,361 | | | 1,314 | |
Dividends, restricted stock | 141 | | | 108 | | | 459 | | | 143 | |
Total interest and dividend income | 36,481 | | | 26,795 | | | 107,565 | | | 68,545 | |
| | | | | | | |
Interest expense: | | | | | | | |
Deposits | 17,467 | | | 2,706 | | | 46,423 | | | 4,752 | |
Other borrowed funds | 2,248 | | | 1,027 | | | 6,368 | | | 1,855 | |
Total interest expense | 19,715 | | | 3,733 | | | 52,791 | | | 6,607 | |
Net interest income | 16,766 | | | 23,062 | | | 54,774 | | | 61,938 | |
Less: Provision for credit losses(1) | 329 | | | 1,756 | | | 1,862 | | | 2,485 | |
Net interest income, after provision for credit losses | 16,437 | | | 21,306 | | | 52,912 | | | 59,453 | |
| | | | | | | |
Non-interest income: | | | | | | | |
Trust and investment management fees | 4,846 | | | 4,639 | | | 14,083 | | | 14,586 | |
Net gain on mortgage loans | 654 | | | 728 | | | 2,447 | | | 3,955 | |
Net loss on loans held for sale | — | | | — | | | (178) | | | — | |
Bank fees | 427 | | | 587 | | | 1,610 | | | 1,847 | |
Risk management and insurance fees | 145 | | | 115 | | | 375 | | | 307 | |
Income on company-owned life insurance | 96 | | | 88 | | | 277 | | | 261 | |
Net gain on equity interests | — | | | 6 | | | — | | | 7 | |
Net loss on loans accounted for under the fair value option | (252) | | | (134) | | | (1,919) | | | (289) | |
Unrealized (loss)/gain recognized on equity securities | (19) | | | 75 | | | (20) | | | 342 | |
Other | 202 | | | 85 | | | (808) | | | 259 | |
Total non-interest income | 6,099 | | | 6,189 | | | 15,867 | | | 21,275 | |
Total income before non-interest expense | 22,536 | | | 27,495 | | | 68,779 | | | 80,728 | |
| | | | | | | |
Non-interest expense: | | | | | | | |
Salaries and employee benefits | 10,968 | | | 11,566 | | | 35,214 | | | 36,569 | |
Occupancy and equipment | 1,807 | | | 1,836 | | | 5,660 | | | 5,610 | |
Professional services | 1,867 | | | 2,316 | | | 5,648 | | | 5,869 | |
Technology and information systems | 906 | | | 1,172 | | | 2,569 | | | 3,294 | |
Data processing | 1,159 | | | 888 | | | 3,350 | | | 3,062 | |
Marketing | 355 | | | 403 | | | 1,125 | | | 1,388 | |
Amortization of other intangible assets | 62 | | | 77 | | | 188 | | | 231 | |
Net gain on assets held for sale | — | | | (1) | | | — | | | (4) | |
Net gain on sale of other real estate owned | — | | | (41) | | | — | | | (41) | |
Other | 1,190 | | | 1,044 | | | 3,607 | | | 3,223 | |
Total non-interest expense | 18,314 | | | 19,260 | | | 57,361 | | | 59,201 | |
Income before income taxes | 4,222 | | | 8,235 | | | 11,418 | | | 21,527 | |
Income tax expense | 1,104 | | | 2,014 | | | 2,974 | | | 5,300 | |
Net income available to common shareholders | $ | 3,118 | | | $ | 6,221 | | | $ | 8,444 | | | $ | 16,227 | |
Earnings per common share: | | | | | | | |
Basic | $ | 0.33 | | | $ | 0.66 | | | $ | 0.89 | | | $ | 1.72 | |
Diluted | 0.32 | | | 0.64 | | | 0.87 | | | 1.67 | |
(1) Provision for credit loss amounts for periods prior to the ASC 326 adoption date of January 1, 2023 are reported in accordance with previously applicable GAAP.
See accompanying notes to condensed consolidated financial statements (unaudited).
FIRST WESTERN FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Net income | $ | 3,118 | | | $ | 6,221 | | | $ | 8,444 | | | $ | 16,227 | |
Other comprehensive income/(loss) items: | | | | | | | |
Unrealized losses on available-for-sale securities | — | | | — | | | — | | | (2,591) | |
Income tax effect | — | | | — | | | — | | | 638 | |
Amortization of net unrealized loss for the reclassification of available-for-sale securities transferred to held-to-maturity included in interest income | 86 | | | 97 | | | 266 | | | 183 | |
Income tax effect | (21) | | | (24) | | | (72) | | | (45) | |
Unrealized gain on cash flow hedge | 299 | | | — | | | 983 | | | — | |
Income tax effect | (73) | | | — | | | (238) | | | — | |
Total other comprehensive income/(loss) items | 291 | | | 73 | | | 939 | | | (1,815) | |
Comprehensive income | $ | 3,409 | | | $ | 6,294 | | | $ | 9,383 | | | $ | 14,412 | |
See accompanying notes to condensed consolidated financial statements (unaudited).
FIRST WESTERN FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
(in thousands, except share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares Common Stock | | Additional Paid-In Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Total |
Balance as of July 1, 2022 | 9,478,710 | | $ | 189,494 | | | $ | 40,195 | | | $ | (1,665) | | | $ | 228,024 | |
| | | | | | | | | |
Net income | — | | — | | | 6,221 | | | — | | | 6,221 | |
Other comprehensive income, net of tax and reclassifications | — | | — | | | — | | | 73 | | | 73 | |
Settlement of share awards | 11,796 | | (147) | | | — | | | — | | | (147) | |
Options exercised | 1,500 | | 33 | | | — | | | — | | | 33 | |
Stock-based compensation | — | | 658 | | | — | | | — | | | 658 | |
Balance as of September 30, 2022 | 9,492,006 | | $ | 190,038 | | | $ | 46,416 | | | $ | (1,592) | | | $ | 234,862 | |
| | | | | | | | | |
Balance as of July 1, 2023 | 9,545,071 | | $ | 191,968 | | | $ | 51,143 | | | $ | (869) | | | $ | 242,242 | |
| | | | | | | | | |
Net income | — | | — | | | 3,118 | | | — | | | 3,118 | |
Other comprehensive income, net of tax and reclassifications | — | | — | | | — | | | 291 | | | 291 | |
| | | | | | | | | |
Settlement of share awards | 8,638 | | (78) | | | — | | | — | | | (78) | |
Options exercised | 6,500 | | 130 | | | — | | | — | | | 130 | |
Stock-based compensation | — | | 553 | | | — | | | — | | | 553 | |
Balance as of September 30, 2023 | 9,560,209 | | $ | 192,573 | | | $ | 54,261 | | | $ | (578) | | | $ | 246,256 | |
| | | | | | | | | |
Balance as of January 1, 2022 | 9,419,271 | | $ | 188,629 | | | $ | 30,189 | | | $ | 223 | | | $ | 219,041 | |
| | | | | | | | | |
Net income | — | | — | | | 16,227 | | | — | | | 16,227 | |
Other comprehensive loss, net of tax and reclassifications | — | | — | | | — | | | (1,815) | | | (1,815) | |
Settlement of share awards | 64,426 | | (835) | | | — | | | — | | | (835) | |
Options exercised | 8,309 | | 179 | | | — | | | — | | | 179 | |
Stock-based compensation | — | | 2,065 | | | — | | | — | | | 2,065 | |
Balance as of September 30, 2022 | 9,492,006 | | $ | 190,038 | | | $ | 46,416 | | | $ | (1,592) | | | $ | 234,862 | |
| | | | | | | | | |
Balance as of January 1, 2023 | 9,495,440 | | $ | 190,494 | | | $ | 51,887 | | | $ | (1,517) | | | $ | 240,864 | |
Cumulative change in accounting principle(1) | — | | — | | (5,319) | | | — | | | (5,319) | |
Balance at January 1, 2023 (as adjusted for change in accounting principle) | 9,495,440 | | $ | 190,494 | | | $ | 46,568 | | | $ | (1,517) | | | $ | 235,545 | |
| | | | | | | | | |
Net income | — | | — | | | 8,444 | | | — | | | 8,444 | |
Other comprehensive income, net of tax and reclassifications | — | | — | | | — | | | 939 | | | 939 | |
Dissolution of RSI entity | — | | 751 | | | (751) | | | — | | | — | |
Settlement of share awards | 52,509 | | (361) | | | — | | | — | | | (361) | |
Options exercised | 12,260 | | 245 | | | — | | | — | | | 245 | |
Stock-based compensation | — | | 1,444 | | | — | | | — | | | 1,444 | |
Balance as of September 30, 2023 | 9,560,209 | | $ | 192,573 | | | $ | 54,261 | | | $ | (578) | | | $ | 246,256 | |
(1) Refer to Note 1 - Organization and Summary of Significant Accounting Policies for further information.
See accompanying notes to condensed consolidated financial statements (unaudited).
FIRST WESTERN FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
| | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2023 | | 2022 |
Cash flows from operating activities | | | |
Net income | $ | 8,444 | | | $ | 16,227 | |
Adjustments to reconcile net income to net cash from operating activities: | | | |
Net amortization of investment securities | (12) | | | 130 | |
Stock dividends received on correspondent bank stock | (459) | | | (155) | |
Provision for credit losses | 1,862 | | | 2,485 | |
Loss on loans held for sale | 178 | | | — | |
Net gain on mortgage loans | (2,447) | | | (3,955) | |
Origination of mortgage loans held for sale | (217,774) | | | (377,631) | |
Proceeds from mortgage loans | 216,913 | | | 398,216 | |
Gain on disposal of fixed assets | — | | | (21) | |
Depreciation and amortization | 1,748 | | | 1,724 | |
Net amortization of purchase accounting adjustments | 555 | | | 367 | |
Deferred income tax expense | 155 | | | 451 | |
Increase in cash surrender value of company-owned life insurance | (277) | | | (261) | |
Stock-based compensation | 1,444 | | | 2,065 | |
Gain on assets held for sale | — | | | (4) | |
Gain on sale of other real estate owned | — | | | (41) | |
Change in fair value of equity securities | 20 | | | (342) | |
Change in fair value of loans accounted for under the fair value option | 1,919 | | | 289 | |
Change in fair value of loans held for sale | (269) | | | 1,178 | |
Net changes in operating assets and liabilities: | | | |
Change in accounts receivable | (227) | | | 399 | |
Change in accrued interest receivable and other assets | 50 | | | (2,649) | |
Change in accrued interest payable and other liabilities | (1,757) | | | (2,236) | |
Net cash provided by operating activities | 10,066 | | | 36,236 | |
Cash flows from investing activities | | | |
Activity in available-for-sale securities: | | | |
Maturities, prepayments, and calls | — | | | 3,218 | |
Purchases | — | | | (9,000) | |
Activity in held-to-maturity securities: | | | |
Maturities, prepayments, and calls | 5,717 | | | 5,990 | |
Purchases | — | | | (31,440) | |
Purchases of correspondent bank stock | (23,727) | | | (12,060) | |
Redemption of correspondent bank stock | 19,991 | | | 2,016 | |
Contributions to low-income housing tax credit investments | (1,140) | | | (214) | |
|