First Western posts higher quarterly revenues following IPO

DENVER — First Western Financial, Inc. (NASDAQ: MYFW) posted higher revenue in the third quarter of fiscal year 2018, a quarter during which the company completed an initial public offering that raised $34.1 million.

The company, which is headquartered in Denver and has operations in Boulder and Fort Collins, posted revenues of $14.4 million for the quarter than ended Sept. 30. That’s up from $14.1 million in the same period of fiscal year 2017.

Net income available to common shareholders was $1.4 million, or 19 cents per diluted share, for the quarter. In the third quarter of 2017, net income was $500,000, or 8 cents per diluted share.

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“We delivered a strong quarter of improvement in our financial results, with our earnings per share increasing 138% from the prior quarter and generating a higher level of return on assets and return on equity,”  First Western CEO Scott Wylie said in a prepared statement.

“We executed on the near-term drivers of earnings growth that we identified including redeeming our higher cost capital and streamlining our cost structure,” he said. “ … Over the past year, we have made a number of enhancements to our business development platform that we expect to positively impact our client acquisition efforts in the future.”