First Western Reports Fourth Quarter 2025 Financial Results

Fourth Quarter 2025 Summary Net income available to common shareholders of $3.3 million in Q4 2025, compared to $3.2 million in Q3 2025 Diluted earnings per share of $0.34 in Q4 2025, compared to $0.32 in Q3 2025 Net interest margin increased 17 basis points from 2.54% in Q3 2025 to 2.71% in Q4 2025 Net interest income increased $1.1 million, or 5.6%, from $19.5 million in Q3 2025 to $20.6 million in Q4 2025 Total loans held for investment increased $59 million, or 2.3%, from $2.59 billion in Q3 2025 to $2.65 billion in Q4 2025 DENVER, Jan. 22, 2026 (GLOBE NEWSWIRE) -- First Western Financial, Inc. (“First Western” or the “Company”) (NASDAQ: MYFW), today reported financial results for the fourth quarter ended December 31, 2025. Net income available to common shareholders was $3.3 million, or $0.34 per diluted share, for the fourth quarter of 2025. This compares to net income of $3.2 million, or $0.32 per diluted share, for the third quarter of 2025, and net income of $2.7 million, or $0.28 per diluted share, for the fourth quarter of 2024. Scott C. Wylie, CEO of First Western, commented, “We executed well in the fourth quarter and saw positive trends in many areas including loan growth, an increase in Net interest income, well managed expenses, and generally stable asset quality, which resulted in an increase in our level of profitability. We continue to see healthy economic conditions across our markets resulting in a solid amount of loan demand that meets our disciplined underwriting and pricing criteria, while adding full banking relationships by getting new deposit accounts with the loans. Our improving financial performance and continued prudent balance sheet management resulted in increases in both our book value and tangible book value per share during the fourth quarter. “Our loan pipeline remains strong and we expect to see solid loan growth going forward, along with a continuation of the positive trends we are seeing in key areas, which we believe will result in another year of improved financial performance and value creation for our shareholders in 2026,” said Mr. Wylie. For the Three Months Ended December 31, September 30, December 31, (Dollars in thousands, except per share data) 2025 2025 2024 Earnings Summary Net interest income $ 20,577 $ 19,454 $ 16,908 Provision for (release of) of credit losses 915 2,257 (974 ) Total non-interest income 6,079 6,842 6,459 Total non-interest expense 21,306 20,074 20,427 Income before income taxes 4,435 3,965 3,914 Income tax expense 1,121 779 1,166 Net income available to common shareholders 3,314 3,186 2,748 Basic earnings per common share 0.34 0.33 0.28 Diluted earnings per common share 0.34 0.32 0.28 Return on average assets (annualized) 0.42 % 0.40 % 0.38 % Return on average shareholders' equity (annualized) 5.06 4.92 4.39 Return on tangible common equity (annualized)(1) 5.66 5.54 4.98 Net interest margin 2.71 2.54 2.45 Efficiency ratio(1) 74.88 76.38 80.74 ____________________ (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 Fourth Quarter 2025 Revenue Total income before non-interest expense was $25.7 million for the fourth quarter of 2025, an increase of 7.1% from $24.0 million for the third quarter of 2025. Gross revenue(1) was $26.7 million for the fourth quarter of 2025, an increase of 1.5% from $26.3 million for the third quarter of 2025. Relative to the third quarter of 2025, the increase in Total income before non-interest expense was primarily driven by an increase in Net interest income and a decrease in Provision for credit losses, partially offset by a decrease in Non-interest income. Relative to the fourth quarter of 2024, Total income before non-interest expense increased 5.8% from $24.3 million and Gross revenue increased 12.2% from $23.8 million. Relative to the fourth quarter of 2024, the increase in Total income before non-interest expense was primarily driven by an increase in Net interest income, partially offset by an increase in Provision for credit losses and a decrease in Non-interest income. (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 fourth quarter of 2025 increased 17 basis points to 2.71% from 2.54% reported in the third quarter of 2025, primarily due to a decrease in cost of funds, partially offset by a slight decrease in yield on interest-earning assets. The cost of funds decreased 20 basis points to 3.03% from 3.23% reported in the third quarter of 2025, while the yield on interest-earning assets decreased 3 basis points to 5.56% from 5.59% reported in the third quarter of 2025. Relative to the fourth quarter of 2024, net interest margin increased 26 basis points from 2.45%, primarily due to a 21 basis point decrease in cost of funds and a 3 basis points increase in yield on interest-earning assets. Net Interest Income Net interest income for the fourth quarter of 2025 was $20.6 million, an increase of 5.6% from $19.5 million for the third quarter of 2025. The increase quarter over quarter was primarily driven by a 17 basis point increase in net interest margin. Relative to the fourth quarter of 2024, Net interest income increased 21.9% from $16.9 million. The increase compared to the fourth quarter of 2024 was primarily driven by a 26 basis point increase in net interest margin and a $276 million, or 10.0%, increase in average interest-earning assets. Non-interest Income Non-interest income for the fourth quarter of 2025 was $6.1 million, a decrease of 10.3% from $6.8 million in the third quarter of 2025. The decrease was primarily driven by decreases in Net gain on mortgage loans and Risk management and insurance fees. Relative to the fourth quarter of 2024, Non-interest income decreased $0.4 million, primarily driven by a decrease in Risk management and insurance fees, partially offset by an increase in Net gain on mortgage loans and a decrease in Net loss on loans held for sale. Non-interest Expense Non-interest expense for the fourth quarter of 2025 was $21.3 million, an increase of 6.0% from $20.1 million in the third quarter of 2025. The increase was primarily driven by a $1.4 million Other real estate owned ("OREO") write-down and an increase in Professional services, partially offset by decreases in Occupancy and equipment and Salaries and employee benefits. Relative to the fourth quarter of 2024, Non-interest expense increased 4.4% from $20.4 million, primarily driven by increases in Salaries and employee benefits, Professional Services, and Data processing, partially offset by a decrease in Occupancy and equipment. The Company’s efficiency ratio(1) was 74.9% in the fourth quarter of 2025, compared with 76.4% in the third quarter of 2025 and 80.7% in the fourth 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 $1.1 million for the fourth quarter of 2025, compared to $0.8 million for the third quarter of 2025, and $1.2 million for the fourth quarter of 2024. Loans Total loans held for investment were $2.65 billion as of December 31, 2025, an increase of $59 million or 2.3% compared to September 30, 2025. Changes in the quarter included growth in the Non-owner occupied and Owner occupied commercial real estate portfolios, partially offset by a decrease in the Construction and development portfolio. Relative to the fourth quarter of 2024, total loans held for investment increased from $2.43 billion as of December 31, 2024, primarily driven by growth in the Non-owner occupied commercial real estate, 1-4 family residential, Cash, securities, and other, and Owner occupied commercial real estate portfolios, partially offset by a decrease in the Construction and development portfolio. Deposits Total deposits were $2.75 billion as of December 31, 2025, a decrease of 3.5% from $2.85 billion as of September 30, 2025. The decrease was primarily driven by decreases in higher-cost money market deposit accounts and Noninterest-bearing deposit accounts primarily due to operating account fluctuations. Relative to the fourth quarter of 2024, Total deposits increased from $2.51 billion as of December 31, 2024, primarily driven by an increase in money market deposit accounts, partially offset by decreases in time deposit accounts and Noninterest-bearing deposit accounts. Borrowings Federal Home Loan Bank (“FHLB”) and Federal Reserve borrowings were a combined $62.8 million as of December 31, 2025, an increase of $11.9 million from $50.9 million as of September 30, 2025. The change when compared to September 30, 2025 was primarily driven by an increase in FHLB borrowings due to loan growth and a decrease in deposits during the quarter. Relative to the fourth quarter of 2024, borrowings increased $5.8 million from $57.0 million as of December 31, 2024. The increase in borrowings from December 31, 2024 was primarily driven by an increase in FHLB borrowings to support the interest-earning asset growth. Subordinated notes were $44.8 million as of December 31, 2025, compared to $44.7 million as of September 30, 2025. Subordinated notes decreased $7.8 million from $52.6 million as of December 31, 2024. Relative to the fourth 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 $7.28 billion as of December 31, 2025, a decrease of $155 million, or 2.1%, from $7.43 billion as of September 30, 2025. The decrease in AUM during the quarter was primarily attributable to net withdrawals. Compared to December 31, 2024, total AUM decreased 0.5% from $7.32 billion. Credit Quality Non-performing assets totaled $19.6 million, or 0.62% of Total assets, as of December 31, 2025, compared to $22.7 million, or 0.70% of Total assets, as of September 30, 2025. The decrease in non-performing assets during the quarter was primarily driven by a write-down of OREO, pay downs, and a charge-off. As of December 31, 2024, non-performing assets totaled $49.0 million, or 1.68% of Total assets. Relative to the fourth quarter of 2024, the decrease in non-performing assets was primarily driven by the sale of two OREO properties, a write-down of OREO, pay downs, and a charge-off, partially offset by additions to non-accrual loans. OREO totaled $3.0 million as of December 31, 2025, a decrease of $1.4 million from $4.4 million as of September 30, 2025 due to a write-down during the quarter. Relative to the fourth quarter of 2024, OREO decreased from $35.9 million as of December 31, 2024. Non-accrual loans totaled $16.6 million as of December 31, 2025, a decrease of $1.7 million from $18.3 million as of September 30, 2025. As of December 31, 2024, non-accrual loans totaled $13.1 million. Relative to the third quarter of 2025, the decrease was primarily driven by pay downs and a charge-off. Relative to the fourth quarter of 2024, the increase was primarily driven by the addition of one credit relationship, partially offset by pay downs and a charge-off. During the fourth quarter of 2025, the Company recorded provision expense of $0.9 million, compared to $2.3 million in the third quarter of 2025 and a provision release of $1.0 million in the fourth quarter of 2024. As of December 31, 2025 and September 30, 2025, the Allowance for credit losses as a percentage of Total loans was 81 basis points. Capital As of December 31, 2025, First Western (“Consolidated”) and First Western Trust Bank (“Bank”) exceeded the minimum capital levels required by their respective regulators. As of December 31, 2025, the Bank was classified as “well capitalized,” as summarized in the following table: December 31, 2025 Consolidated Capital Tier 1 capital to risk-weighted assets 9.75 % Common Equity Tier 1 ("CET1") to risk-weighted assets 9.75 Total capital to risk-weighted assets 12.34 Tier 1 capital to average assets 7.68 Bank Capital Tier 1 capital to risk-weighted assets 11.15 % CET1 to risk-weighted assets 11.15 Total capital to risk-weighted assets 11.99 Tier 1 capital to average assets 8.79 Book value per common share increased 1.4% from $26.92 as of September 30, 2025 to $27.30 as of December 31, 2025. Book value per common share increased 4.6% from $26.10 as of December 31, 2024. Tangible book value per common share(1) increased 1.6% from $23.68 as of September 30, 2025, to $24.07 as of December 31, 2025. Tangible book value per common share increased 5.4% from $22.83 as of December 31, 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. 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, January 23, 2026. Telephone access: https://register-conf.media-server.com/register/BI97c1bab5cd874d858746f83b76919a8d A slide presentation relating to the fourth 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 Rossi 310-622-8221 [email protected] [email protected] First Western Financial, Inc. Condensed Consolidated Statements of Income (unaudited) Three Months Ended December 31, September 30, December 31, (dollars in thousands, except per share amounts) 2025 2025 2024 Interest and dividend income: Loans, including fees $ 38,563 $ 37,701 $ 34,264 Loans accounted for under the fair value option 51 64 118 Investment securities 1,593 1,387 696 Interest-bearing deposits in other financial institutions 1,958 3,468 2,902 Dividends, restricted stock 139 154 129 Total interest and dividend income 42,304 42,774 38,109 Interest expense: Deposits 20,560 22,177 19,921 Other borrowed funds 1,167 1,143 1,280 Total interest expense 21,727 23,320 21,201 Net interest income 20,577 19,454 16,908 Less: Provision for (release of) of credit losses 915 2,257 (974 ) Net interest income, after provision for credit losses 19,662 17,197 17,882 Non-interest income: Trust and investment management fees 4,634 4,629 4,660 Net gain on mortgage loans 795 1,394 377 Net loss on loans held for sale — — (222 ) Bank fees 318 312 426 Risk management and insurance fees 52 193 1,139 Income on company-owned life insurance 117 116 112 Net (loss) gain on loans accounted for under the fair value option (44 ) 18 (149 ) Unrealized (loss) gain recognized on equity securities (6 ) 6 (49 ) Other 213 174 165 Total non-interest income 6,079 6,842 6,459 Total income before non-interest expense 25,741 24,039 24,341 Non-interest expense: Salaries and employee benefits 11,735 11,884 11,237 Occupancy and equipment 1,710 2,084 2,100 Professional services 2,232 1,894 1,821 Technology and information systems 1,094 1,055 1,073 Data processing 1,251 1,251 1,029 Marketing 386 351 397 Amortization of other intangible assets 52 51 56 Other 2,846 1,504 2,714 Total non-interest expense 21,306 20,074 20,427 Income before income taxes 4,435 3,965 3,914 Income tax expense 1,121 779 1,166 Net income available to common shareholders $ 3,314 $ 3,186 $ 2,748 Earnings per common share: Basic $ 0.34 $ 0.33 $ 0.28 Diluted 0.34 0.32 0.28 First Western Financial, Inc. Condensed Consolidated Balance Sheets (unaudited) December 31, September 30, December 31, (dollars in thousands) 2025 2025 2024 Assets Cash and cash equivalents: Cash and due from banks $ 9,755 $ 13,889 $ 9,770 Interest-bearing deposits in other financial institutions 190,526 341,750 228,171 Total cash and cash equivalents 200,281 355,639 237,941 Available-for-sale debt securities, at fair value (amortized cost of $45,623, $49,407, and $0, respectively) 45,607 49,177 — Held-to-maturity debt securities (fair value of $90,635, $93,589 and $68,161, respectively), net of allowance for credit losses of $74, $71, and $71, respectively 94,970 98,205 75,724 Correspondent bank stock, at cost 6,764 6,481 5,864 Mortgage loans held for sale, at fair value 40,176 21,806 25,455 Loans held for sale, at fair value — — 251 Loans (includes $3,182, $4,208, and $7,283 measured at fair value, respectively) 2,650,423 2,590,846 2,425,565 Allowance for credit losses (21,441 ) (20,967 ) (18,330 ) Loans, net 2,628,982 2,569,879 2,407,235 Premises and equipment, net 25,687 24,963 24,129 Accrued interest receivable 11,209 11,907 10,364 Accounts receivable 4,579 4,687 4,763 Other receivables 2,444 3,736 5,710 Other real estate owned, net 3,040 4,389 35,929 Goodwill and other intangible assets, net 31,422 31,473 31,627 Deferred tax assets, net 4,003 3,500 3,079 Company-owned life insurance 17,416 17,299 16,961 Other assets 38,401 37,283 34,005 Total assets $ 3,154,981 $ 3,240,424 $ 2,919,037 Liabilities Deposits: Noninterest-bearing $ 344,969 $ 375,708 $ 375,603 Interest-bearing 2,401,606 2,473,203 2,138,606 Total deposits 2,746,575 2,848,911 2,514,209 Borrowings: Federal Home Loan Bank and Federal Reserve borrowings 62,841 50,867 57,038 Subordinated notes 44,772 44,724 52,565 Accrued interest payable 1,295 1,689 1,995 Other liabilities 33,938 32,738 40,908 Total liabilities 2,889,421 2,978,929 2,666,715 Shareholders’ Equity Total shareholders’ equity 265,560 261,495 252,322 Total liabilities and shareholders’ equity $ 3,154,981 $ 3,240,424 $ 2,919,037 First Western Financial, Inc. Consolidated Financial Summary (unaudited) December 31, September 30, December 31, (dollars in thousands) 2025 2025 2024 Loan Portfolio Cash, securities, and other $ 164,787 $ 159,204 $ 120,005 Consumer and other 19,504 12,254 17,333 Construction and development 189,790 230,600 315,686 1-4 family residential 1,030,211 1,041,075 960,354 Non-owner occupied CRE 813,408 728,039 614,384 Owner occupied CRE 205,063 191,239 173,223 Commercial and industrial 226,107 225,919 220,501 Total 2,648,870 2,588,330 2,421,486 Loans accounted for under the fair value option 3,216 4,319 7,508 Total loans held for investment 2,652,086 2,592,649 2,428,994 Deferred fees, unamortized premiums, basis adjustments, net(1)(2) (1,663 ) (1,803 ) (3,429 ) Loans (includes $3,182, $4,208, and $7,283 measured at fair value, respectively) $ 2,650,423 $ 2,590,846 $ 2,425,565 Mortgage loans held for sale 40,176 21,806 25,455 Loans held for sale — — 251 Deposit Portfolio Money market deposit accounts $ 1,913,591 $ 1,988,336 $ 1,513,605 Time deposits 352,473 349,533 471,415 Interest checking accounts 122,292 121,901 139,374 Savings accounts 13,250 13,433 14,212 Total interest-bearing deposits 2,401,606 2,473,203 2,138,606 Noninterest-bearing accounts 344,969 375,708 375,603 Total deposits $ 2,746,575 $ 2,848,911 $ 2,514,209 ____________________ (1) Includes fair value adjustments on loans held for investment accounted for under the fair value option. (2) Includes basis adjustments related to the hedged portfolio accounted for under the portfolio layer method. First Western Financial, Inc. Consolidated Financial Summary (unaudited) (continued) As of or for the Three Months Ended December 31, September 30, December 31, (dollars in thousands) 2025 2025 2024 Average Balance Sheets Assets Interest-earning assets: Interest-bearing deposits in other financial institutions $ 192,052 $ 307,979 $ 238,052 Debt securities 143,593 127,154 77,464 Correspondent bank stock 6,342 7,500 5,738 Gross loans 2,630,739 2,562,960 2,386,070 Mortgage loans held for sale 41,068 26,037 26,623 Loans held at fair value 3,799 4,809 8,136 Total interest-earning assets 3,017,593 3,036,439 2,742,083 Noninterest-earning assets 123,497 124,457 159,883 Total assets $ 3,141,090 $ 3,160,896 $ 2,901,966 Liabilities and Shareholders’ Equity Interest-bearing liabilities: Interest-bearing deposits $ 2,387,894 $ 2,422,177 $ 2,095,204 FHLB and Federal Reserve borrowings 50,799 51,065 54,428 Subordinated notes 44,742 44,690 52,528 Total interest-bearing liabilities 2,483,435 2,517,932 2,202,160 Noninterest-bearing liabilities: Noninterest-bearing deposits 359,223 349,839 403,433 Other liabilities 36,415 34,072 45,889 Total noninterest-bearing liabilities 395,638 383,911 449,322 Total shareholders’ equity 262,017 259,053 250,484 Total liabilities and shareholders’ equity $ 3,141,090 $ 3,160,896 $ 2,901,966 Yields/Cost of funds (annualized) Interest-bearing deposits in other financial institutions 4.04 % 4.47 % 4.85 % Debt securities 4.40 4.33 3.57 Correspondent bank stock 8.70 8.15 8.94 Loans 5.72 5.78 5.65 Loan held at fair value 5.33 5.28 5.77 Mortgage loans held for sale 5.94 5.59 6.02 Total interest-earning assets 5.56 5.59 5.53 Interest-bearing deposits 3.42 3.63 3.78 Total deposits 2.97 3.17 3.17 FHLB and Federal Reserve borrowings 3.99 3.98 3.96 Subordinated notes 5.82 5.60 5.59 Total interest-bearing liabilities 3.47 3.67 3.83 Net interest margin 2.71 2.54 2.45 Net interest rate spread 2.09 1.92 1.70 First Western Financial, Inc. Consolidated Financial Summary (unaudited) (continued) As of or for the Three Months Ended December 31, September 30, December 31, (dollars in thousands, except share and per share amounts) 2025 2025 2024 Asset Quality Non-accrual loans $ 16,588 $ 18,293 $ 13,052 Non-performing assets 19,628 22,682 48,981 Net charge-offs (recoveries) 401 259 (270 ) Non-accrual loans to total loans 0.63 % 0.71 % 0.54 % Non-performing assets to total assets 0.62 0.70 1.68 Allowance for credit losses to non-accrual loans 129.26 114.62 140.44 Allowance for credit losses to total loans 0.81 0.81 0.76 Net charge-offs (recoveries) to average loans 0.02 0.01 (0.01 ) Assets Under Management $ 7,278,241 $ 7,433,029 $ 7,321,147 Market Data Book value per share at period end $ 27.30 $ 26.92 $ 26.10 Tangible book value per common share(1) $ 24.07 $ 23.68 $ 22.83 Weighted average outstanding shares, basic 9,719,812 9,717,571 9,665,621 Weighted average outstanding shares, diluted 9,849,323 9,868,742 9,794,797 Shares outstanding at period end 9,725,731 9,714,711 9,667,142 Consolidated Capital Tier 1 capital to risk-weighted assets 9.75 % 9.80 % 10.07 % CET1 to risk-weighted assets 9.75 9.80 10.07 Total capital to risk-weighted assets 12.34 12.50 13.12 Tier 1 capital to average assets 7.68 7.51 7.88 Bank Capital Tier 1 capital to risk-weighted assets 11.15 % 11.20 % 11.41 % CET1 to risk-weighted assets 11.15 11.20 11.41 Total capital to risk-weighted assets 11.99 12.04 12.10 Tier 1 capital to average assets 8.79 8.59 8.94 ____________________ (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 December 31, September 30, December 31, (dollars in thousands, except share and per share amounts) 2025 2025 2024 Tangible Common Total shareholders' equity $ 265,560 $ 261,495 $ 252,322 Less: goodwill and other intangibles, net 31,422 31,473 31,627 Tangible common equity $ 234,138 $ 230,022 $ 220,695 Common shares outstanding, end of period 9,725,731 9,714,711 9,667,142 Tangible common book value per share $ 24.07 $ 23.68 $ 22.83 Net income available to common shareholders 3,314 3,186 2,748 Return on tangible common equity (annualized) 5.66 % 5.54 % 4.98 % Efficiency Non-interest expense $ 21,306 $ 20,074 $ 20,427 Less: OREO expenses and write-downs 1,310 8 1,222 Adjusted non-interest expense $ 19,996 $ 20,066 $ 19,205 Total income before non-interest expense $ 25,741 $ 24,039 $ 24,341 Less: unrealized (loss) gain recognized on equity securities (6 ) 6 (49 ) Less: net (loss) gain on loans accounted for under the fair value option (44 ) 18 (149 ) Less: net loss on loans held for sale — — (222 ) Plus: provision for (release of) of credit losses 915 2,257 (974 ) Gross revenue $ 26,706 $ 26,272 $ 23,787 Efficiency ratio 74.88 % 76.38 % 80.74 % Source: First Western Financial, Inc.