Q2 2024 First Western Financial Inc Earnings Call Transcript
Key Points
- Disciplined expense control led to a decline in interest expense from the prior quarter.
- New deposit relationships were added, particularly in wealth management and mortgage banking.
- Net interest margin increased during June, indicating potential for further expansion.
- Decline in past-due loans and net recoveries were experienced during the quarter.
- New hires and strategic additions in various markets are expected to boost production capabilities.
- Gross revenue decreased by 2% from the prior quarter.
- Noninterest income decreased by 4.2% from the prior quarter.
- Total deposits declined during the quarter due to seasonal tax payments and operating account fluctuations.
- Nonperforming assets increased slightly due to foreclosure on properties held as collateral.
- Net interest income decreased by 1.9% from the prior quarter, primarily due to lower levels of interest-bearing cash.
Good day, everyone, and thank you for standing by. Welcome to First Western Financial Second Quarter 2024 earnings conference call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. To participate, you will need to press star one one on your telephone. You will then hear a message advising your hand this raise to withdraw your question simply press star one. Once again, please be advised that today's conference is being recorded. I will hand the call over to Tony Rossi of Financial Profiles.
Thank you, Carmen. Good morning, everyone, and thank you for joining us today for First Western Financial's Second 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
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