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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)
_________________________________________
Colorado37-1442266
(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 classTrading SymbolName of each exchange on which registered
Common Stock, no par valueMYFWThe 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 filerx
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 value9,561,769
1

FIRST WESTERN FINANCIAL, INC.
TABLE OF CONTENTS
Page
2

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.
3

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;
4

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.
5

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 institutions265,045 191,586 
Total cash and cash equivalents271,484 196,512 
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 cost11,305 7,110 
Mortgage loans held for sale, at fair value12,105 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, net2,507,284 2,452,230 
Premises and equipment, net25,410 25,118 
Accrued interest receivable11,633 10,445 
Accounts receivable5,292 4,873 
Other receivables3,052 1,973 
Goodwill and other intangible assets, net31,916 32,104 
Deferred tax assets, net6,624 6,914 
Company-owned life insurance16,429 16,152 
Other assets24,680 21,457 
Total assets$3,002,753 $2,866,748 
Liabilities  
Deposits:  
Noninterest-bearing$476,308 $583,092 
Interest-bearing1,943,688 1,822,137 
Total deposits2,419,996 2,405,229 
Borrowings:  
Federal Home Loan Bank and Federal Reserve borrowings259,930 146,886 
Subordinated notes52,279 52,132 
Accrued interest payable3,203 1,125 
Other liabilities21,089 20,512 
Total liabilities2,756,497 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 capital192,573 190,494 
Retained earnings54,261 51,887 
Accumulated other comprehensive loss(578)(1,517)
Total shareholders’ equity246,256 240,864 
Total liabilities and shareholders’ equity$3,002,753 $2,866,748 
See accompanying notes to condensed consolidated financial statements (unaudited).
6

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,
2023202220232022
Interest and dividend income:
Loans, including fees$34,141 $24,988 $99,804 $64,821 
Loans accounted for under the fair value option300 513 1,078 859 
Investment securities607 653 1,863 1,408 
Interest-bearing deposits in other financial institutions1,292 533 4,361 1,314 
Dividends, restricted stock141 108 459 143 
Total interest and dividend income36,481 26,795 107,565 68,545 
Interest expense:
Deposits17,467 2,706 46,423 4,752 
Other borrowed funds2,248 1,027 6,368 1,855 
Total interest expense19,715 3,733 52,791 6,607 
Net interest income16,766 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 losses16,437 21,306 52,912 59,453 
Non-interest income:
Trust and investment management fees4,846 4,639 14,083 14,586 
Net gain on mortgage loans654 728 2,447 3,955 
Net loss on loans held for sale  (178) 
Bank fees427 587 1,610 1,847 
Risk management and insurance fees145 115 375 307 
Income on company-owned life insurance96 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 
Other202 85 (808)259 
Total non-interest income6,099 6,189 15,867 21,275 
Total income before non-interest expense22,536 27,495 68,779 80,728 
Non-interest expense:
Salaries and employee benefits10,968 11,566 35,214 36,569 
Occupancy and equipment1,807 1,836 5,660 5,610 
Professional services1,867 2,316 5,648 5,869 
Technology and information systems906 1,172 2,569 3,294 
Data processing1,159 888 3,350 3,062 
Marketing355 403 1,125 1,388 
Amortization of other intangible assets62 77 188 231 
Net gain on assets held for sale (1) (4)
Net gain on sale of other real estate owned (41) (41)
Other1,190 1,044 3,607 3,223 
Total non-interest expense18,314 19,260 57,361 59,201 
Income before income taxes4,222 8,235 11,418 21,527 
Income tax expense1,104 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 
Diluted0.32 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).
7

FIRST WESTERN FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
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 income86 97 266 183 
Income tax effect(21)(24)(72)(45)
Unrealized gain on cash flow hedge299  983  
Income tax effect(73) (238) 
Total other comprehensive income/(loss) items291 73 939 (1,815)
Comprehensive income$3,409 $6,294 $9,383 $14,412 
See accompanying notes to condensed consolidated financial statements (unaudited).
8

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, 20229,478,710$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 awards11,796(147)— — (147)
Options exercised1,50033 — — 33 
Stock-based compensation658 — — 658 
Balance as of September 30, 20229,492,006$190,038 $46,416 $(1,592)$234,862 
Balance as of July 1, 20239,545,071$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 awards8,638(78)— — (78)
Options exercised6,500130 — — 130 
Stock-based compensation553 — — 553 
Balance as of September 30, 20239,560,209$192,573 $54,261 $(578)$246,256 
Balance as of January 1, 20229,419,271$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 awards64,426(835)— — (835)
Options exercised8,309179 — — 179 
Stock-based compensation2,065 — — 2,065 
Balance as of September 30, 20229,492,006$190,038 $46,416 $(1,592)$234,862 
Balance as of January 1, 20239,495,440$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 entity751 (751)—  
Settlement of share awards52,509(361)— — (361)
Options exercised12,260245 — — 245 
Stock-based compensation1,444 — — 1,444 
Balance as of September 30, 20239,560,209$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).
9

FIRST WESTERN FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
Nine Months Ended September 30,
20232022
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 losses1,862 2,485 
Loss on loans held for sale178  
Net gain on mortgage loans(2,447)(3,955)
Origination of mortgage loans held for sale(217,774)(377,631)
Proceeds from mortgage loans216,913 398,216 
Gain on disposal of fixed assets (21)
Depreciation and amortization1,748 1,724 
Net amortization of purchase accounting adjustments555 367 
Deferred income tax expense155 451 
Increase in cash surrender value of company-owned life insurance(277)(261)
Stock-based compensation1,444 2,065 
Gain on assets held for sale (4)
Gain on sale of other real estate owned (41)
Change in fair value of equity securities20 (342)
Change in fair value of loans accounted for under the fair value option1,919 289 
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 assets50 (2,649)
Change in accrued interest payable and other liabilities(1,757)(2,236)
Net cash provided by operating activities10,066 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 calls5,717 5,990 
Purchases (31,440)
Purchases of correspondent bank stock(23,727)(12,060)
Redemption of correspondent bank stock19,991 2,016 
Contributions to low-income housing tax credit investments(1,140)(214)