First Western Financial Inc
For the period ended Dec 31, 2023. Filed Mar 15, 2024.
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FY2023 · Filed Mar 15, 2024
MYFW$31.000.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets as of December 31, 202 and
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
| December 31,2023 | December 31,2022 | |
|---|---|---|
| Assets | ||
| Cash and cash equivalents: | ||
| Cash and due from banks | $7,284 | $4,926 |
| Interest-bearing deposits in other financial institutions | 247,158 | 191,586 |
| Total cash and cash equivalents | 254,442 | 196,512 |
| Held-to-maturity securities, at amortized cost, net of allowance for credit losses of $71 and $0 (fair value of $66,617 and $74,718), respectively | 74,102 | 81,056 |
| Correspondent bank stock, at cost | 7,155 | 7,110 |
| Mortgage loans held for sale, at fair value | 7,254 | 8,839 |
| Loans held for sale, at fair value | — | 1,965 |
| Loans (includes $13,726 and $23,321 measured at fair value, respectively) | 2,530,915 | 2,469,413 |
| Allowance for credit losses(1) | (23,931) | (17,183) |
| Loans, net | 2,506,984 | 2,452,230 |
| Premises and equipment, net | 25,256 | 25,118 |
| Accrued interest receivable | 11,428 | 10,445 |
| Accounts receivable | 5,095 | 4,873 |
| Other receivables | 4,467 | 1,973 |
| Goodwill and other intangible assets, net | 31,854 | 32,104 |
| Deferred tax assets, net | 6,407 | 6,914 |
| Company-owned life insurance | 16,530 | 16,152 |
| Other assets | 24,488 | 21,457 |
| Total assets | $2,975,462 | $2,866,748 |
| Liabilities | ||
| Deposits: | ||
| Noninterest-bearing | $482,579 | $583,092 |
| Interest-bearing | 2,046,460 | 1,822,137 |
| Total deposits | 2,529,039 | 2,405,229 |
| Borrowings: | ||
| Federal Home Loan Bank and Federal Reserve borrowings | 125,711 | 146,886 |
| Subordinated notes | 52,340 | 52,132 |
| Accrued interest payable | 3,793 | 1,125 |
| Other liabilities | 21,841 | 20,512 |
| Total liabilities | 2,732,724 | 2,625,884 |
| Shareholders' Equity | ||
| Preferred stock - no par value; 10,000,000 shares authorized; 0 issued and outstanding | — | — |
| Common stock - no par value; 90,000,000 shares authorized; 9,581,183 and 9,495,440 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively | — | — |
| Additional paid-in capital | 192,894 | 190,494 |
| Retained earnings | 51,042 | 51,887 |
| Accumulated other comprehensive loss | (1,198) | (1,517) |
| Total shareholders’ equity | 242,738 | 240,864 |
| Total liabilities and shareholders’ equity | $2,975,462 | $2,866,748 |
(1) Allowance for credit loss amounts for periods prior to the ASC 326 adoption date of January 1, 2023 are reported in accordance with previously applicable GAAP.
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