First Western Financial Inc 2025年度报告

WFIRSTWesternTRUST FIRSTWesternFINANCIAL,IN To Our Shareholders: While economic conditions createda challenging operating environment in2025, we continued to execute well on ourstrategic priorities and achieved many of our key objectives for the year.These included maintaining our loan-to-depositkeeping our expenselevels relativelystable while continuing to invest in talent and technology that will contribute to ourlong-term profitablegrowth. Due to our financial performance and prudent balance sheet management, we increased both our book value and ourtangible book value per share during 2025 while maintaining strong capital ratios. With thebankingtalent we haveadded, along withchanges we have made throughout the organization to increase ourfocusonaddingnewclients,wehada successfulyearof businessdevelopment.Thisresultedinmanynewdepositaccounts during 2025,a strong year of loan production while maintaining our disciplined underwriting and pricing criteria While we are pleased that we wereable to improveourfinancial performance as we movedthrough2025,we are still notin2o26.Overall,economicactivitycontinuestobehealthyinourmarkets.Andwiththestrengthofourbalancesheetandthefranchisewehavebuilt,weseegoodopportunitiestocapitalizeonmarketdisruptionandchallengesbeingfacedbycompeting banks to add new clients and banking talent. We will continue to prioritize prudent risk management and Deposit gatheringwill remaina top priority throughout the organization,as we work to further reduce our loan-to-depositratio.Withthesuccessfulrepositioningofourbalancesheetandtheincreasedliquiditythatwehaveinourloan-to-depositwhile maintaining our disciplined pricing and underwriting criteria. Weseeanumberofcatalyststhatweexpecttocontributetoourimprovedfinancialperformancein2026.Theseincludeanothersolidyearofbothloananddepositgrowth,continuedexpansioninournetinterestmargin,morerobustbusinessdevelopment activities in our Wealth Management business,and more operating leverage as we increase revenues whilemaintaining disciplined expensecontrol, whileassetqualityshouldremain strong.And shouldtheenvironmentbecomemorefavorable formortgage demand in 2026, we should benefit from theMLOs we have added in the past couple ofyears and generate a higher level ofgain on sale of mortgage loans. The positive trends we are seeing in a number of key areas are expected to continue, which we believe should result insteady improvement in ourfinancial performance and further valuebeing createdfor our shareholders in 2026 as well asin the coming years. Sincerely, Scott C. WylieChairman, President & CEO 区ANNUALREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 For the fiscal year ended December 31,2025OR TRANSITIONREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934FORTHETRANSITIONPERIODFROMTO CommissionFile Number 001-38595 First Western Financial, Inc. (Exact name of Registrant as specified in its Charter) Registrant's telephone number,including area code: 303.531.8100 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No ] Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes No Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filingrequirements for the past 90 days. YesμNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T ($232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes区No Indicatebychckmark whtherthrgistrant isalargaccleratedfler,an acceeratedfleranon-acceeratedfer,asmallerreportng company,oranemerging growth company, See the definitions of "large accelerated filer," "accelerated filer,""smaller reporing company." and "emerging growthcompany" in Rule 12b-2 of the Exchange Act. Accelerated filerSmaller reporting companyEmerging growth company口 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any newor revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Tableof Contents Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effctiveness of its intemalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.μ If securities are registered pursuant to Section 12(b) of the Act, indicate by