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Net Income: ~$6 million, or $0.60 per diluted share; both up 88% year-over-year vs. Q3 2025.
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Pre-Tax, Pre-Provision Net Income: Up 15% vs. prior quarter and 27% vs. Q3 2025.
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Gross Revenue: Up 2.8% from prior quarter, driven by higher net interest income, partly offset by lower non-interest income.
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Net Interest Income: Up 5.5% from prior quarter; up 18% year-over-year.
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Net Interest Margin: 2.95%, up 5 bps from prior quarter and 41 bps year-over-year.
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Loans Held for Investment: Up $95 million from prior quarter (sixth consecutive quarterly increase); up 8% year-over-year.
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New Loan Production: $163 million in Q3; average rate of 6.79% (42 bps higher than prior quarter, 53 bps above 6.26% average payoff rate).
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Total Deposits: Up 2.5% from prior quarter and 2.4% year-over-year.
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Non-Interest-Bearing Deposits: Average balances up $14 million, or 3.9%, in the quarter (10% using quarter imbalances).
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Non-Interest Income: Down $600,000 from prior quarter on lower mortgage gain-on-sale and bank fees, partly offset by higher trust and investment management fees.
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Trust and Investment Management Fees: Up 2.6% from prior quarter.
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Non-Interest Expense: Down $400,000 from prior quarter on lower technology/information systems and salaries/benefits.
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Efficiency Ratio: Improved to 72% from 74% last quarter and 76% in Q3 2025.
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Tangible Book Value Per Share: Up 3% in the quarter to $26.28.
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Asset Quality: Non-performing asset ratio decreased to 39 bps; provision of $600,000; allowance coverage ratio of 74 bps (down from 75 bps).
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Release Date: October 23, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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First Western Financial Inc (NASDAQ:MYFW) reported strong profitability with pre-tax, pre-provision net income up 15% sequentially and 27% year-over-year.
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Loans held for investment increased $95 million, marking the sixth consecutive quarterly increase, with year-over-year growth of 8%.
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Net interest margin expanded 5 basis points to 2.95%, driven by higher loan yields and a 42 basis point increase in new loan production rates over payoffs.
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Non-interest-bearing deposits grew 3.9% sequentially and 10% annualized, improving the deposit mix and supporting further NIM expansion.
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Asset quality improved with non-performing assets ratio decreasing to 39 basis points, and the efficiency ratio improved to 72% from 74% last quarter.
