First Western Financial delivered strong third-quarter results with a net income of $3.2 million, reflecting a 45% year-over-year EPS increase, driven by solid loan production and disciplined expense management.
- Net interest income rose by 8.9% quarter-over-quarter, supported by robust deposit growth and increased average interest-earning assets.
- Total loans held for investment grew by $50 million, with diversified production primarily in residential and commercial real estate.
- Deposits surged by $320 million, boosted by new and existing client accounts, including a notable rise in noninterest-bearing deposits.
- Despite a slight decline in net interest margin to 2.54%, management anticipates NIM expansion as liquidity is deployed into loans.
- Noninterest expense control was maintained, increasing by less than $1 million while continuing to invest in long-term growth initiatives.
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