First Western Financial reports Q1 EPS 43c, consensus 23c

Reports Q1 tangible book value per share $23.18. Reports Q1 CET1 capital ratio 10.35%. Scott Wylie, CEO of First Western, commented, “As expected, we generated a significant improvement in our level of profitability in the first quarter. We saw positive trends in many areas including an expansion in our net interest margin, a higher level of non-interest income, an increase in noninterest-bearing deposits, solid loan production, and well managed expenses. We also saw general stability in asset quality while having a substantial reduction in our nonperforming assets following the successful resolution of our two largest OREO properties, which were sold for a net gain.”