First Western Financial reports Q2 EPS 26c, consensus 36c

Reports Q2 tangible book value per share $23.39. Reports Q2 CET1 capital ratio 11.36%. Scott Wylie, CEO of First Western, commented, “We executed well in the second quarter and saw positive trends in many areas including loan and deposit growth, an expansion in our net interest margin, well managed expenses, and stable asset quality. We were able to redeploy the cash from the sale of our two largest OREO properties into loan production and securities purchases, which positively impacted our net interest margin. 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.”