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MYFW - First Western Financial Inc News Story

$26.26 0.1  0.3%

Last Trade - 14/04/21

Sector
Financials
Size
Small Cap
Market Cap £151.5m
Enterprise Value £167.4m
Revenue £70.8m
Position in Universe 4506th / 6848

First Western Financial, Inc. Announces Completion of Sale of Los Angeles-Based Fixed Income Team

Mon 16th November, 2020 12:00pm
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DENVER, Nov. 16, 2020 (GLOBE NEWSWIRE) -- First Western Financial, Inc.
(NASDAQ: MYFW), a financial services holding company headquartered in Denver,
Colorado (“First Western” or “the Company”), announced today that it
has completed the sale of its Los Angeles-based fixed income portfolio
management team (“LA fixed income team”) and certain related advisory and
sub-advisory arrangements to Lido Advisors, LLC and Oakhurst Advisors, LLC.

On an ongoing basis, the sale of the LA fixed income team is expected to be
earnings neutral to the Company, as the revenue decrease will be approximately
in-line with the expense reduction. The sale is not expected to have an impact
on First Western's bank clients, but will reduce the Company’s assets under
management by approximately $300 million.

The sale is expected to result in an estimated positive impact to the
Company’s tangible common equity of approximately $3.0 million to $3.3
million.

Scott C. Wylie, CEO of First Western, said, “The sale of the LA fixed income
team represents another important step in our efforts to optimize our cost
structure and investment platform, while having a positive impact on our
tangible book value per share. This transaction frees up capital and
management resources that can be used to support the continued growth of more
profitable areas of the Company and further enhance the strong earnings
momentum that we have built this year. The LA fixed income team has produced
strong investment performance, and our arrangement with Lido Advisors and
Oakhurst will continue to provide First Western clients with full access to
this team through advisory and sub-advisory relationships. This team will also
benefit from the broader distribution platform that Lido Advisors and Oakhurst
will provide.”

About First Western Financial, Inc.

First Western is a financial services holding company headquartered in Denver,
Colorado, with operations in Colorado, Arizona, Wyoming and California. 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.

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,”
“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 COVID-19 pandemic and its effects; integration risks in
connection with acquisitions; the risk of geographic concentration in
Colorado, Arizona, Wyoming and California; 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 competition for
investment managers and professionals; the risk of fluctuation in the value of
our investment securities; the risk of changes in interest rates; and the risk
of the adequacy of our allowance for loan losses and 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 12, 2020 (“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

MYFW@finprofiles.com
IR@myfw.com



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GlobeNewswire, Inc. 2020
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