First Western Financial, Inc. (MYFW) Bundle
An Overview of First Western Financial, Inc. (MYFW)
An Overview of First Western Financial, Inc. (MYFW)
First Western Financial, Inc. (MYFW) was established in 2004 and has since expanded its operations significantly. The company operates through multiple profit centers across five states, encompassing fourteen full-service profit centers and five loan production offices. As of September 30, 2024, First Western Financial reported total assets of approximately $2.91 billion and managed fiduciary and advisory services on assets totaling $7.5 billion under management (AUM). The firm provides a range of financial services, including wealth management, commercial banking, and mortgage banking.
In terms of product offerings, First Western Financial specializes in:
- Wealth Management Services
- Commercial Banking Solutions
- Residential and Commercial Mortgage Loans
- Trust and Investment Management
As of 2024, the company reported total revenues of $65.7 million for the nine months ended September 30, 2024.
Company's Financial Performance in the Latest Financial Reports
For the nine months ended September 30, 2024, First Western Financial reported a net income available to common shareholders of $5.7 million, a 32.2% decrease from $8.4 million for the same period in 2023. The income before income tax was $7.7 million, reflecting a decrease of 32.9% from the previous year.
Key financial metrics include:
| Metric | 2024 | 2023 | Change (%) |
|---|---|---|---|
| Net Interest Income | $47.4 million | $54.8 million | -13.4% |
| Non-Interest Income | $21.2 million | $15.9 million | 33.7% |
| Total Assets | $2.91 billion | $2.98 billion | -2.1% |
| Total Liabilities | $2.66 billion | $2.73 billion | -2.5% |
| Shareholders' Equity | $248.8 million | $242.7 million | 2.5% |
The decrease in net interest income was primarily attributed to higher rates on deposits and borrowings in the market, which negatively impacted the net interest margin, decreasing to 2.34% from 2.71% year-over-year.
Introduction to Company as One of the Leading Companies in the Industry
First Western Financial, Inc. stands out as a leader in the financial services industry due to its robust asset management capabilities and diverse product offerings. The company’s strategic focus on wealth management and commercial banking places it in a strong competitive position. Despite facing challenges in the market, particularly with net interest income, First Western Financial has demonstrated resilience with a well-diversified client base and a conservative credit approach.
As of September 30, 2024, the company's uninsured deposits were approximately $929.4 million, representing 37.1% of total deposits, showcasing a stable deposit base. The firm’s commitment to providing exceptional service and maintaining strong fundamentals has solidified its reputation as a trusted financial partner in the industry.
Mission Statement of First Western Financial, Inc. (MYFW)
Mission Statement Overview
First Western Financial, Inc. (MYFW) operates under a mission statement that emphasizes providing exceptional financial services tailored to meet the diverse needs of their clients. The significance of the mission statement lies in its role as a guiding principle for the company's strategic direction and long-term objectives, fostering a culture of integrity, collaboration, and commitment to client success.
Core Component 1: Client-Centric Approach
The first core component of MYFW's mission is its client-centric approach. This reflects the company's commitment to understanding and fulfilling the unique financial needs of its clients. In the nine months ended September 30, 2024, MYFW reported a total of $21.2 million in non-interest income, a 33.7% increase from the prior year, driven largely by enhanced client engagement and service delivery.
MYFW's wealth management segment has seen significant growth, with assets under management (AUM) reaching $7.5 billion. This growth is a testament to the effectiveness of their client-focused strategies.
Core Component 2: Commitment to Quality and Innovation
MYFW's second core component emphasizes the commitment to quality and innovation in its product offerings. The company continuously seeks to enhance its services through the adoption of cutting-edge technology and innovative financial solutions. For instance, the total interest income for the nine months ended September 30, 2024, was reported at $113.8 million, reflecting a 6.4% increase from the previous year. This growth is indicative of MYFW's efforts to innovate and improve its financial products.
Furthermore, the company has maintained a conservative credit appetite, which is reflected in its low exposure to high-risk asset classes. As of September 30, 2024, MYFW's total assets stood at $2.91 billion, with total liabilities at $2.66 billion, showcasing a stable financial position.
Core Component 3: Community Engagement and Responsibility
The third core component of MYFW's mission statement focuses on community engagement and corporate responsibility. The company actively participates in various community initiatives, reinforcing its commitment to social responsibility. The increase in cash and cash equivalents by $21.8 million, or 8.6%, to $276.2 million as of September 30, 2024, highlights MYFW's financial health, enabling it to invest in community projects.
Additionally, MYFW's responsible banking practices are evident in its management of uninsured deposits, which amounted to $929.4 million, representing 37.1% of total deposits. This reflects a strategic approach to maintaining a healthy balance sheet while supporting community growth.
| Financial Metrics | 2024 | 2023 | Change (%) |
|---|---|---|---|
| Total Assets (in millions) | $2,911.9 | $2,975.5 | -2.1% |
| Total Revenues (in millions) | $65.7 | $65.7 | 0% |
| Net Income (in millions) | $5.7 | $8.4 | -32.2% |
| Non-Interest Income (in millions) | $21.2 | $15.9 | 33.7% |
| Assets Under Management (AUM) (in billions) | $7.5 | $6.5 | 15.4% |
Vision Statement of First Western Financial, Inc. (MYFW)
Vision Statement Overview
The vision statement of First Western Financial, Inc. (MYFW) emphasizes its commitment to providing exceptional financial services and fostering long-term relationships with clients. The company aims to empower its clients through tailored financial solutions while maintaining a strong ethical foundation.
Commitment to Client Empowerment
First Western Financial focuses on enhancing client empowerment through customized financial services. As of September 30, 2024, the company managed approximately $7.5 billion in assets under management (AUM), which reflects its dedication to delivering personalized investment solutions.
Ethical Financial Practices
The vision statement highlights the importance of ethical practices in all business operations. First Western maintains a low level of held-to-maturity securities, representing only 2.6% of total assets as of September 30, 2024, which is indicative of its conservative investment strategy. The company also reports uninsured deposits totaling $929.4 million, or 37.1% of total deposits, showcasing its stable financial foundation.
Long-term Relationships with Clients
First Western Financial emphasizes the importance of building long-term relationships with its clients. As of the third quarter of 2024, the company has expanded its footprint to fourteen full-service profit centers and five loan production offices across five states. This expansion reflects its commitment to accessibility and client service.
Innovative Financial Solutions
The company aims to provide innovative financial solutions that adapt to market changes. For example, the net gain on mortgage loans increased by 121.9% for the three months ended September 30, 2024, driven by higher origination volumes. This illustrates First Western's ability to respond effectively to market demands.
Financial Performance Metrics
| Metric | 2024 (YTD) | 2023 (YTD) | Change (%) |
|---|---|---|---|
| Total Assets | $2.91 billion | $2.98 billion | -2.1% |
| Net Income | $5.7 million | $8.4 million | -32.2% |
| Net Interest Income | $43.78 million | $52.36 million | -16.4% |
| Non-Interest Income | $21.22 million | $15.87 million | 33.7% |
This table provides a snapshot of First Western Financial's financial performance, highlighting both challenges and growth in specific areas as of September 30, 2024.
Conclusion of Vision Statement Components
The vision statement of First Western Financial encapsulates its strategic focus on client empowerment, ethical practices, long-term relationships, and innovation. These elements are supported by the company's financial performance and operational strategies, demonstrating its commitment to achieving its vision in the evolving financial landscape.
Core Values of First Western Financial, Inc. (MYFW)
Core Value: Integrity
The core value of Integrity is fundamental to First Western Financial, Inc. (MYFW) as it shapes the trust and respect within the organization and with clients. This value emphasizes honesty and adherence to ethical principles in all business dealings.
First Western Financial demonstrates its commitment to integrity through various initiatives:
- The Company has implemented a robust compliance program that includes regular training for employees on regulatory requirements and ethical standards.
- As of September 30, 2024, First Western reported a low allowance for credit losses at $18.8 million, reflecting prudent risk management practices that underscore its commitment to integrity in lending practices.
Core Value: Client Focus
Client Focus is central to First Western's operational strategy, ensuring that the needs and expectations of clients drive decision-making processes.
Examples of this commitment include:
- First Western has expanded its wealth management services, with total assets under management reaching $7.5 billion as of September 30, 2024, demonstrating a tailored approach to meet client needs.
- The Company reported a significant increase in mortgage loans held for sale, which rose to $12.3 million, up by 69.9% from the previous period, indicating a responsive strategy to client demands.
Core Value: Innovation
Innovation at First Western Financial signifies a commitment to staying ahead of market trends and enhancing service delivery through technology.
First Western has made strides in this area by:
- Investing in technology and information systems, which accounted for $1.0 million in non-interest expenses in Q3 2024, aimed at improving operational efficiency and client service.
- Launching digital platforms that facilitate easier access to financial services, thereby enhancing client engagement and satisfaction.
Core Value: Community Engagement
The value of Community Engagement reflects First Western's dedication to making a positive impact in the communities it serves.
Evidence of this commitment includes:
- First Western has been involved in various local initiatives, contributing to community development projects aimed at enhancing financial literacy and access to financial services.
- The Company has allocated resources to low-income housing tax credit investments, contributing over $500,000 in the past year to support affordable housing initiatives.
Core Value: Excellence
Excellence is a guiding principle that drives First Western Financial to strive for the highest standards in service delivery and operational performance.
This commitment is reflected in:
- First Western achieved total revenues of $65.7 million for the nine months ended September 30, 2024, showcasing its operational effectiveness and dedication to excellence.
- The Company maintains a well-capitalized status, exceeding the Basel III regulatory capital requirements, which underscores its financial stability and operational excellence.
| Core Value | Initiative/Example | Impact |
|---|---|---|
| Integrity | Robust compliance program | Ensures adherence to ethical standards |
| Client Focus | Total assets under management of $7.5 billion | Demonstrates tailored services |
| Innovation | Investment in technology ($1.0 million) | Enhances operational efficiency |
| Community Engagement | Contributions to low-income housing | Supports affordable housing initiatives |
| Excellence | Total revenues of $65.7 million | Showcases operational effectiveness |
First Western Financial, Inc. (MYFW) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Article updated on 8 Nov 2024
Resources:
- First Western Financial, Inc. (MYFW) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of First Western Financial, Inc. (MYFW)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View First Western Financial, Inc. (MYFW)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.