First Western Reports Second Quarter 2025 Financial Results

Second Quarter 2025 Summary Total loans increased $115 million, or 4.7%, from $2.43 billion as of Q1 2025 to $2.54 billion as of Q2 2025Net interest margin increased 6 basis points from 2.61% in Q1 2025 to 2.67% in Q2 2025Net interest income increased $0.4 million from $17.5 million in Q1 2025 to $17.9 million in Q2 2025Non-interest expense decreased $0.3 million from $19.4 million in Q1 2025 to $19.1 million in Q2 2025Net income available to common shareholders of $2.5 million, or $0.26 per diluted share, in Q2 2025 DENVER, July 24, 2025 (GLOBE NEWSWIRE) -- First Western Financial, Inc. (“First Western” or the “Company”) (NASDAQ: MYFW), today reported financial results for the second quarter ended June 30, 2025. Net income available to common shareholders was $2.5 million, or $0.26 per diluted share, for the second quarter of 2025. This compares to net income of $4.2 million, or $0.43 per diluted share, for the first quarter of 2025, and net income of $1.1 million, or $0.11 per diluted share, for the second quarter of 2024. Scott C. 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. “Our loan and deposit pipelines remain healthy and we expect to see solid balance sheet growth over the second half of the year, along with continued expansion in our net interest margin while we continue to maintain tight expense control. We believe this will continue to result in solid financial performance for our shareholders as we move through the year,” said Mr. Wylie. For the Three Months Ended June 30, March 31, June 30,(Dollars in thousands, except per share data) 2025 2025 2024 Earnings Summary Net interest income$17,884 $17,453 $15,778 Provision for credit losses 1,773 80 2,334 Total non-interest income 6,305 7,345 6,972 Total non-interest expense 19,099 19,361 19,001 Income before income taxes 3,317 5,357 1,415 Income tax expense 814 1,172 339 Net income available to common shareholders 2,503 4,185 1,076 Basic earnings per common share 0.26 0.43 0.11 Diluted earnings per common share 0.26 0.43 0.11 Return on average assets (annualized) 0.36% 0.59% 0.15%Return on average shareholders' equity (annualized) 3.90 6.63 1.73 Return on tangible common equity (annualized)(1) 4.40 7.44 2.00 Net interest margin 2.67 2.61 2.35 Efficiency ratio(1) 78.83 79.16 82.25 ____________________ (1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure. Operating Results for the Second Quarter 2025 Revenue Total income before non-interest expense was $22.4 million for the second quarter of 2025, a decrease of 9.3% from $24.7 million for the first quarter of 2025. Gross revenue(1) was $24.2 million for the second quarter of 2025, a decrease of 1.6% from $24.6 million for the first quarter of 2025. Relative to the first quarter of 2025, the decrease in total income before non-interest expense was primarily driven by an increase in the Provision for credit losses and decreases in Net gain on loans held for sale and Net gain on other real estate owned, partially offset by an increase in Net interest income. Relative to the second quarter of 2024, total income before non-interest expense increased 9.8% from $20.4 million and Gross revenue increased 4.8% from $23.1 million. Relative to the second quarter of 2024, the increase in total income before non-interest expense was primarily driven by an increase in Net interest income and decrease in the Provision for credit losses, partially offset by a decrease in Net gain on mortgage loans. (1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure. Net Interest Margin Net interest margin for the second quarter of 2025 increased 6 basis points to 2.67% from 2.61% reported in the first quarter of 2025, primarily due to a decrease in cost of deposits and increase in interest-earning assets yield. The decrease in cost of deposits was primarily due to lower rates on time deposits and the increase in interest-earning assets yield was primarily due to an improved mix in average interest-earning asset balances. The yield on interest-earning assets increased 4 basis points to 5.61% from 5.57% reported in the first quarter of 2025 and the cost of interest-bearing liabilities decreased 2 basis points to 3.63% from 3.65% reported in the first quarter of 2025. Relative to the second quarter of 2024, net interest margin increased 32 basis points from 2.35%, primarily due to a 42 basis point decrease in total cost of funds as a result of the lower interest rate environment. Net Interest Income Net interest income for the second quarter of 2025 was $17.9 million, an increase of 2.3% from $17.5 million for the first quarter of 2025. The increase quarter over quarter was primarily driven by a 6 basis point increase in net interest margin, offset partially by a decline in average interest-earning assets. Relative to the second quarter of 2024, net interest income increased 13.3% from $15.8 million. The increase compared to the second quarter of 2024 was primarily driven by a 32 basis point increase in net interest margin, offset partially by a decline in average interest-earnings assets. Non-interest Income Non-interest income for the second quarter of 2025 was $6.3 million, a decrease of 13.7% from $7.3 million in the first quarter of 2025. The decrease was driven primarily by decreases in Net gain on other real estate owned, Net gain on loans held for sale, and Risk management and insurance fees, partially offset by an increase in Net gain on mortgage loans due to an increase in origination volume. The first quarter of 2025 included a Net gain on other real estate of $0.5 million due to the sale of our two largest OREO properties as well as a Net gain on loans held for sale of $0.2 million due to the reversal of a previous quarter's write-down on a non-performing loan. Relative to the second quarter of 2024, non-interest income decreased $0.7 million, driven primarily by a decrease in Net gain on mortgage loans due to a decrease in origination volume. Non-interest Expense Non-interest expense for the second quarter of 2025 was $19.1 million, a decrease of 1.5% from $19.4 million in the first quarter of 2025. The decrease was primarily driven by a decrease in Salaries and employee benefits due to the seasonality of payroll taxes, partially offset by an increase in Professional services. Relative to the second quarter of 2024, non-interest expense increased 0.5% from $19.0 million, driven primarily by an increase in Occupancy and equipment expenses, partially offset by a decrease in Salaries and employee benefits. The Company’s efficiency ratio(1) was 78.8% in the second quarter of 2025, compared with 79.2% in the first quarter of 2025 and 82.3% in the second quarter of 2024. (1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure. Income Taxes The Company recorded Income tax expense of $0.8 million for the second quarter of 2025, compared to $1.2 million for the first quarter of 2025, and $0.3 million for the second quarter of 2024. Loans Total loans held for investment were $2.54 billion as of June 30, 2025, an increase of $115 million or 4.7% compared to March 31, 2025. Changes in the quarter included net growth in the Cash, securities, and other and 1-4 family residential portfolios, partially offset by a net decrease in the Construction and development portfolio. Relative to the second quarter of 2024, total loans held for investment increased from $2.46 billion as of June 30, 2024, primarily driven by net growth in the 1-4 family residential and Non-owner occupied commercial real estate portfolios, partially offset by net decreases in the Construction and development and Commercial and industrial portfolios. Deposits Total deposits were $2.53 billion as of June 30, 2025, an increase of 0.4% from $2.52 billion as of March 31, 2025. Relative to the second quarter of 2024, total deposits increased from $2.41 billion as of June 30, 2024, driven primarily by an increase in Interest-bearing deposits. Borrowings Federal Home Loan Bank (“FHLB”) and Federal Reserve borrowings were a combined $163.4 million as of June 30, 2025, an increase of $111.8 million from $51.6 million as of March 31, 2025. The change when compared to March 31, 2025 was primarily driven by net draws on the Company's FHLB line of credit as a result of interest-earning asset growth during the quarter. Relative to the second quarter of 2024, borrowings decreased $28.1 million from $191.5 million as of June 30, 2024. The decrease in borrowings from June 30, 2024 was primarily driven by Bank Term Funding Program ("BTFP") payoffs and net pay downs on the Company's FHLB line of credit as a result of deposit growth. Subordinated notes were $44.7 million as of June 30, 2025, compared to $44.6 million as of March 31, 2025. Subordinated notes decreased $7.8 million from $52.5 million as of June 30, 2024. Relative to the second quarter of 2024, the decrease was primarily due to the redemption of $8.0 million of subordinated notes that became eligible to call in the first quarter of 2025. Assets Under Management Assets Under Management (“AUM”) was $7.50 billion as of June 30, 2025, an increase of $320 million, or 4.5%, from $7.18 billion as of March 31, 2025. The increase in AUM during the quarter was primarily attributable to improving market conditions. Compared to June 30, 2024, total AUM increased 6.9% from $7.01 billion. Credit Quality Non-performing assets totaled $18.8 million, or 0.62% of Total assets, as of June 30, 2025, compared to $17.1 million, or 0.59% of total assets, as of March 31, 2025. The increase in non-performing assets during the quarter was due to additions to non-performing loans. As of June 30, 2024, non-performing assets totaled $49.3 million, or 1.68% of total assets. Relative to the second quarter of 2024, the decrease in non-performing assets was primarily driven by the sale of two OREO properties, partially offset by additions to non-performing loans. OREO totaled $4.4 million as of June 30, 2025 and March 31, 2025, a decrease of $7.0 million from $11.4 million as of June 30, 2024. Non-performing loans totaled $14.4 million as of June 30, 2025, an increase of $1.6 million from $12.8 million as of March 31, 2025. The increase was due to the addition of one credit relationship that is in active workout. This relationship is secured by a residential real estate asset, business assets, and a personal guarantee. As of June 30, 2024, non-performing loans totaled $37.9 million. The decrease when compared to June 30, 2024 was driven by the migration of one loan relationship out of non-performing loans and into OREO, partially offset by additions to non-performing loans. During the second quarter of 2025, the Company recorded provision expense of $1.8 million, compared to $0.1 million in the first quarter of 2025 and $2.3 million in the second quarter of 2024. The increase in provision expense recorded in the second quarter of 2025 compared to the first quarter of 2025 was primarily driven by loan growth and charge-offs. Capital As of June 30, 2025, First Western (“Consolidated”) and First Western Trust Bank (“Bank”) exceeded the minimum capital levels required by their respective regulators. As of June 30, 2025, the Bank was classified as “well capitalized,” as summarized in the following table: June 30, 2025Consolidated Capital Tier 1 capital to risk-weighted assets9.96%Common Equity Tier 1 ("CET1") to risk-weighted assets9.96 Total capital to risk-weighted assets12.67 Tier 1 capital to average assets8.31 Bank Capital Tier 1 capital to risk-weighted assets11.36%CET1 to risk-weighted assets11.36 Total capital to risk-weighted assets12.13 Tier 1 capital to average assets9.49 Book value per common share increased 0.8% from $26.44 as of March 31, 2025 to $26.64 as of June 30, 2025. Book value per common share increased 4.3% from $25.55 as of June 30, 2024. Tangible book value per common share(1) increased 0.9% from $23.18 as of March 31, 2025, to $23.39 as of June 30, 2025. Tangible book value per common share increased 5.0% from $22.27 as of June 30, 2024. During the three months ended June 30, 2025, the Company repurchased 26,287 shares for $0.5 million. (1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure. Conference Call, Webcast and Slide Presentation The Company will host a conference call and webcast at 10:00 a.m. MT/ 12:00 p.m. ET on Friday, July 25, 2025. Telephone access: https://register-conf.media-server.com/register/BI4e9784b7b6ee4a528ae8f3affe52d2ee. A slide presentation relating to the second quarter 2025 results will be accessible prior to the scheduled conference call. The slide presentation and webcast of the conference call can be accessed on the Events and Presentations page of the Company’s investor relations website at https://myfw.gcs-web.com. About First Western First Western is a financial services holding company headquartered in Denver, Colorado, with operations in Colorado, Arizona, Wyoming, California, and Montana. First Western and its subsidiaries provide a fully integrated suite of wealth management services on a private trust bank platform, which includes a comprehensive selection of deposit, loan, trust, wealth planning and investment management products and services. First Western’s common stock is traded on the Nasdaq Global Select Market under the symbol “MYFW.” For more information, please visit www.myfw.com. Non-GAAP Financial Measures Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures include “Tangible Common Equity,” “Tangible Common Book Value per Share,” “Return on Tangible Common Equity,” “Efficiency Ratio,” and “Gross Revenue”. The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies. Reconciliation of non-GAAP financial measures to GAAP financial measures are provided at the end of this press release. Forward-Looking Statements Statements in this news release regarding our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business and markets are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “position,” “outlook,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “opportunity,” “could,” or “may.” The forward-looking statements in this news release are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this news release and could cause us to make changes to our future plans. Those risks and uncertainties include, without limitation, the risk of geographic concentration in Colorado, Arizona, Wyoming, California, and Montana; the risk of changes in the economy affecting real estate values and liquidity; the risk in our ability to continue to originate residential real estate loans and sell such loans; risks specific to commercial loans and borrowers; the risk of claims and litigation pertaining to our fiduciary responsibilities; the risk of changes in interest rates could reduce our net interest margins and net interest income; increased credit risk, including as a result of deterioration in economic conditions, could require us to increase our allowance for credit losses and could have a material adverse effect on our results of operations and financial condition; the risk in our ability to maintain a strong core deposit base or other low-cost funding sources. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 7, 2025 (“Form 10-K”), and other documents we file with the SEC from time to time. We urge readers of this news release to review the “Risk Factors” section our Form 10-K and any updates to those risk factors set forth in our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and our other filings with the SEC. Also, our actual financial results in the future may differ from those currently expected due to additional risks and uncertainties of which we are not currently aware or which we do not currently view as, but in the future may become, material to our business or operating results. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release, which speak only as of today’s date, or to make predictions based solely on historical financial performance. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. Contacts:Financial Profiles, Inc.Tony Rossi310-622-8221MYFW@finprofiles.com IR@myfw.com First Western Financial, Inc.Condensed Consolidated Statements of Income (unaudited) Three Months Ended June 30, March 31, June 30,(dollars in thousands, except per share amounts) 2025 2025 2024 Interest and dividend income: Loans, including fees$35,085 $34,068 $35,275 Loans accounted for under the fair value option 85 111 168 Investment securities 819 681 651 Interest-bearing deposits in other financial institutions 1,356 2,221 1,855 Dividends, restricted stock 155 128 105 Total interest and dividend income 37,500 37,209 38,054 Interest expense: Deposits 18,208 18,516 20,848 Other borrowed funds 1,408 1,240 1,428 Total interest expense 19,616 19,756 22,276 Net interest income 17,884 17,453 15,778 Less: Provision for credit losses 1,773 80 2,334 Net interest income, after provision for credit losses 16,111 17,373 13,444 Non-interest income: Trust and investment management fees 4,512 4,677 4,875 Net gain on mortgage loans 1,187 1,067 1,820 Net gain on loans held for sale — 222 — Bank fees 293 422 327 Risk management and insurance fees 47 259 109 Income on company-owned life insurance 112 110 106 Net gain (loss) on loans accounted for under the fair value option 26 6 (315)Net gain on other real estate owned — 459 — Unrealized gain (loss) recognized on equity securities 3 11 (2)Other 125 112 52 Total non-interest income 6,305 7,345 6,972 Total income before non-interest expense 22,416 24,718 20,416 Non-interest expense: Salaries and employee benefits 11,019 11,480 11,097 Occupancy and equipment 2,224 2,210 2,080 Professional services 1,855 1,704 1,826 Technology and information systems 1,030 1,078 1,042 Data processing 1,166 1,122 1,101 Marketing 267 216 243 Amortization of other intangible assets 52 51 56 Other 1,486 1,500 1,556 Total non-interest expense 19,099 19,361 19,001 Income before income taxes 3,317 5,357 1,415 Income tax expense 814 1,172 339 Net income available to common shareholders$2,503 $4,185 $1,076 Earnings per common share: Basic$0.26 $0.43 $0.11 Diluted 0.26 0.43 0.11 First Western Financial, Inc.Condensed Consolidated Balance Sheets (unaudited) June 30, March 31, June 30,(dollars in thousands) 2025 2025 2024 Assets Cash and cash equivalents: Cash and due from banks$12,353 $15,924 $6,374 Interest-bearing deposits in other financial institutions 219,961 255,658 239,425 Total cash and cash equivalents 232,314 271,582 245,799 Held-to-maturity debt securities (fair value of $93,979, $67,479 and $71,067, respectively), net of allowance for credit losses of $71 99,825 73,775 78,927 Correspondent bank stock, at cost 11,254 5,968 10,804 Mortgage loans held for sale, at fair value 24,151 10,557 26,856 Loans (includes $5,099, $6,112, and $10,190 measured at fair value, respectively) 2,540,096 2,425,367 2,456,063 Allowance for credit losses (18,994) (17,956) (27,319)Loans, net 2,521,102 2,407,411 2,428,744 Premises and equipment, net 24,488 24,554 24,657 Accrued interest receivable 10,783 10,623 11,339 Accounts receivable 4,435 4,505 5,118 Other receivables 4,915 4,608 4,875 Other real estate owned, net 4,385 4,385 11,421 Goodwill and other intangible assets, net 31,524 31,576 31,741 Deferred tax assets, net 2,809 2,856 6,123 Company-owned life insurance 17,184 17,071 16,741 Other assets 37,628 36,829 34,410 Total assets$3,026,797 $2,906,300 $2,937,555 Liabilities Deposits: Noninterest-bearing$361,656 $409,696 $396,702 Interest-bearing 2,167,473 2,105,701 2,014,190 Total deposits 2,529,129 2,515,397 2,410,892 Borrowings: Federal Home Loan Bank and Federal Reserve borrowings 163,416 51,612 191,505 Subordinated notes 44,673 44,621 52,451 Accrued interest payable 1,406 2,371 2,243 Other liabilities 29,326 35,744 33,589 Total liabilities 2,767,950 2,649,745 2,690,680 Shareholders’ Equity Total shareholders’ equity 258,847 256,555 246,875 Total liabilities and shareholders’ equity$3,026,797 $2,906,300 $2,937,555 First Western Financial, Inc.Consolidated Financial Summary (unaudited) June 30, March 31, June 30,(dollars in thousands) 2025 2025 2024 Loan Portfolio Cash, Securities, and Other$161,725 $101,078 $143,720 Consumer and Other 15,778 16,688 15,645 Construction and Development 255,870 291,133 309,146 1-4 Family Residential 1,012,662 971,179 904,569 Non-Owner Occupied CRE 655,954 636,820 609,790 Owner Occupied CRE 196,692 182,417 189,353 Commercial and Industrial 239,278 223,197 277,973 Total 2,537,959 2,422,512 2,450,196 Loans accounted for under the fair value option 5,235 6,280 10,494 Total loans held for investment 2,543,194 2,428,792 2,460,690 Deferred (fees) costs and unamortized premiums/(unaccreted discounts), net(1) (3,098) (3,425) (4,627)Loans (includes $5,099, $6,112, and $10,190 measured at fair value, respectively)$2,540,096 $2,425,367 $2,456,063 Mortgage loans held for sale 24,151 10,557 26,856 Deposit Portfolio Money market deposit accounts$1,632,997 $1,566,737 $1,342,753 Time deposits 397,006 379,533 519,597 Interest checking accounts 123,967 144,980 135,759 Savings accounts 13,503 14,451 16,081 Total interest-bearing deposits 2,167,473 2,105,701 2,014,190 Noninterest-bearing accounts 361,656 409,696 396,702 Total deposits$2,529,129 $2,515,397 $2,410,892 ____________________(1) Includes fair value adjustments on loans held for investment accounted for under the fair value option. First Western Financial, Inc.Consolidated Financial Summary (unaudited) (continued) As of or for the Three Months Ended June 30, March 31, June 30,(dollars in thousands) 2025 2025 2024 Average Balance Sheets Assets Interest-earning assets: Interest-bearing deposits in other financial institutions$121,950 $198,294 $141,600 Debt securities 85,739 75,592 75,461 Correspondent bank stock 7,199 5,806 4,801 Gross loans 2,443,758 2,407,482 2,443,937 Mortgage loans held for sale 18,803 13,593 20,254 Loans held at fair value 5,690 6,846 11,314 Total interest-earning assets 2,683,139 2,707,613 2,697,367 Noninterest-earning assets 126,397 145,479 119,247 Total assets$2,809,536 $2,853,092 $2,816,614 Liabilities and Shareholders’ Equity Interest-bearing liabilities: Interest-bearing deposits$2,047,570 $2,090,505 $2,001,691 FHLB and Federal Reserve borrowings 75,362 51,885 67,196 Subordinated notes 44,639 52,495 52,414 Total interest-bearing liabilities 2,167,571 2,194,885 2,121,301 Noninterest-bearing liabilities: Noninterest-bearing deposits 352,391 363,922 412,741 Other liabilities 32,794 41,656 34,051 Total noninterest-bearing liabilities 385,185 405,578 446,792 Total shareholders’ equity 256,780 252,629 248,521 Total liabilities and shareholders’ equity$2,809,536 $2,853,092 $2,816,614 Yields/Cost of funds (annualized) Interest-bearing deposits in other financial institutions 4.46% 4.54% 5.27%Debt securities 3.83 3.65 3.47 Correspondent bank stock 8.64 8.94 8.80 Loans 5.71 5.71 5.75 Loan held at fair value 5.99 6.58 5.97 Mortgage loans held for sale 6.61 5.46 6.83 Total interest-earning assets 5.61 5.57 5.67 Interest-bearing deposits 3.57 3.59 4.19 Total deposits 3.04 3.06 3.47 FHLB and Federal Reserve borrowings 4.14 3.92 4.14 Subordinated notes 5.66 5.70 5.66 Total interest-bearing liabilities 3.63 3.65 4.22 Net interest margin 2.67 2.61 2.35 Net interest rate spread 1.98 1.92 1.45 First Western Financial, Inc.Consolidated Financial Summary (unaudited) (continued) As of or for the Three Months Ended June 30, March 31, June 30,(dollars in thousands, except share and per share amounts) 2025 2025 2024 Asset Quality Non-performing loans$14,394 $12,758 $37,909 Non-performing assets 18,779 17,143 49,330 Net charge-offs (recoveries) 657 566 (9)Non-performing loans to total loans 0.57% 0.53% 1.54%Non-performing assets to total assets 0.62 0.59 1.68 Allowance for credit losses to non-performing loans 131.96 140.74 72.06 Allowance for credit losses to total loans 0.75 0.74 1.11 Net charge-offs to average loans 0.03 0.02 * Assets Under Management$7,497,361 $7,176,624 $7,011,796 Market Data Book value per share at period end$26.64 $26.44 $25.55 Tangible book value per common share(1) 23.39 23.18 22.27 Weighted average outstanding shares, basic 9,707,924 9,704,419 9,647,345 Weighted average outstanding shares, diluted 9,809,321 9,798,591 9,750,667 Shares outstanding at period end 9,717,922 9,704,320 9,660,549 Consolidated Capital Tier 1 capital to risk-weighted assets 9.96% 10.35% 9.92%CET1 to risk-weighted assets 9.96 10.35 9.92 Total capital to risk-weighted assets 12.67 13.15 13.44 Tier 1 capital to average assets 8.31 8.12 7.91 Bank Capital Tier 1 capital to risk-weighted assets 11.36% 11.76% 11.22%CET1 to risk-weighted assets 11.36 11.76 11.22 Total capital to risk-weighted assets 12.13 12.52 12.35 Tier 1 capital to average assets 9.49 9.24 8.95 ____________________(1) Represents a Non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure. First Western Financial, Inc.Consolidated Financial Summary (unaudited) (continued) Reconciliations of Non-GAAP Financial Measures As of or for the Three Months Ended June 30, March 31, June 30,(dollars in thousands, except share and per share amounts) 2025 2025 2024 Tangible Common Total shareholders' equity$258,847 $256,555 $246,875 Less: goodwill and other intangibles, net 31,524 31,576 31,741 Tangible common equity$227,323 $224,979 $215,134 Common shares outstanding, end of period 9,717,922 9,704,320 9,660,549 Tangible common book value per share$23.39 $23.18 $22.27 Net income available to common shareholders 2,503 4,185 1,076 Return on tangible common equity (annualized) 4.40% 7.44% 2.00% Efficiency Non-interest expense$19,099 $19,361 $19,001 Less: OREO expenses and write-downs 53 (80) 29 Adjusted non-interest expense$19,046 $19,441 $18,972 Total income before non-interest expense$22,416 $24,718 $20,416 Less: unrealized gain (loss) recognized on equity securities 3 11 (2)Less: net gain (loss) on loans accounted for under the fair value option 26 6 (315)Less: net gain on loans held for sale — 222 — Plus: provision for credit losses 1,773 80 2,334 Gross revenue$24,160 $24,559 $23,067 Efficiency ratio 78.83% 79.16% 82.25%

First Western Reports Second Quarter 2025 Financial Results

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