Q3 2024 First Western Financial Inc Earnings Call Transcript
Key Points
- First Western Financial Inc (MYFW) achieved a higher level of profitability in Q3 2024, doubling its EPS from the prior quarter.
- The company successfully increased non-interest bearing deposits by 19% from the previous quarter, indicating strong deposit gathering efforts.
- First Western Financial Inc (MYFW) improved its loan-to-deposit ratio to 95%, aligning with its strategic goal.
- The company reported positive trends in asset quality, with declines in non-performing and classified loans.
- Assets under management increased by $454 million, reflecting a 17% growth over the past year due to improving market conditions.
- Gross revenue decreased by 1.7% from the prior quarter, impacted by a problem credit moving to non-accrual status.
- Net interest income and margin both decreased, with the net interest margin dropping by 3 basis points to 2.32%.
- Non-performing assets increased to $52.1 million due to a new non-performing loan and foreclosed property.
- The company experienced a higher level of charge-offs, primarily related to the migration of a large relationship into OREO.
- Non-interest expenses rose slightly, driven by higher salaries and marketing expenses, despite efforts to control costs.
Good day. And thank you for standing by. Welcome to the First Western Financial Q3 2024 earnings conference call.
(Operator instructions) Today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Tony Rossi. Please go ahead.
Thank you, Kevin. Good morning, everyone. And thank you for joining us today for First Western Financialsâ third-quarter, 2024 earnings call. Joining us from First Western's management team are Scott Wylie, Chairman and Chief Executive Officer; Julie Courkamp, Chief Operating Officer; and David Weber, Chief Financial Officer.
We will use a slide presentation as part of our discussion this morning. If you have not done so already, please visit the events and presentations page of First Western's Investor relations website to download a copy of the presentation.
Before we begin. I'd like to remind you that this conference call contains forward-looking statements with respect to the future performance
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