First Western Financial, Inc. (“First Western” or the “Company”)
(NASDAQ: MYFW), today reported financial results for the first
quarter ended March 31, 2023.
Net income available to common shareholders was
$3.8 million, or $0.39 per diluted share, for the first quarter of
2023. This compares to $5.5 million, or $0.56 per diluted
share, for the fourth quarter of 2022, and $5.5 million, or
$0.57 per diluted share, for the first quarter of 2022.
Scott C. Wylie, CEO of First Western, commented,
“First Western continues to be a source of stability and strength
for our clients, as we have throughout our history. As part of our
prudent approach to risk management, we have built a highly
diversified client base with no meaningful concentrations in any
particular industry or asset class. Our diversified and granular
deposit base has helped us to avoid the concentration risk that has
led to the recent troubles seen at other banks, and during the
month of March, we had an increase in total deposits.
“The fundamentals of our franchise remain very
strong with high levels of capital and liquidity, a stable deposit
base, exceptional asset quality, and an extremely low level of
unrealized losses in our securities portfolio. While prudent risk
management will remain our top priority during this period of
economic uncertainty, we believe the strength of the balance sheet
and franchise we have built will provide us with opportunities to
add new clients who are looking to move to a stronger financial
institution, which will contribute to our continued long-term
profitable growth and additional value creation for our
shareholders,” said Mr. Wylie.
(1) Represents a Non-GAAP financial measure. See
“Reconciliations of Non-GAAP Measures” for a reconciliation of our
Non-GAAP measures to the most directly comparable GAAP financial
measure.
| |
For the Three Months Ended |
| |
March 31, |
|
December 31, |
|
March 31, |
|
(Dollars in thousands, except per share data) |
2023 |
|
2022 |
|
2022 |
| Earnings
Summary |
|
|
|
|
|
|
Net interest income |
$ |
19,560 |
|
|
$ |
21,842 |
|
|
$ |
18,495 |
|
| (Release) provision for credit
losses(1) |
|
(310 |
) |
|
|
1,197 |
|
|
|
210 |
|
| Total non-interest income |
|
5,819 |
|
|
|
6,561 |
|
|
|
8,389 |
|
| Total non-interest
expense |
|
20,528 |
|
|
|
19,905 |
|
|
|
19,358 |
|
| Income before income
taxes |
|
5,161 |
|
|
|
7,301 |
|
|
|
7,316 |
|
| Income tax expense |
|
1,341 |
|
|
|
1,830 |
|
|
|
1,792 |
|
| Net income available to common
shareholders |
|
3,820 |
|
|
|
5,471 |
|
|
|
5,524 |
|
| Adjusted net income available
to common shareholders(2) |
|
3,847 |
|
|
|
5,617 |
|
|
|
5,922 |
|
| Basic earnings per common
share |
|
0.40 |
|
|
|
0.58 |
|
|
|
0.59 |
|
| Adjusted basic earnings per
common share(2) |
|
0.40 |
|
|
|
0.59 |
|
|
|
0.63 |
|
| Diluted earnings per common
share |
|
0.39 |
|
|
|
0.56 |
|
|
|
0.57 |
|
| Adjusted diluted earnings per
common share(2) |
|
0.39 |
|
|
|
0.58 |
|
|
|
0.61 |
|
| |
|
|
|
|
|
| Return on average assets
(annualized) |
|
0.54 |
% |
|
|
0.79 |
% |
|
|
0.85 |
% |
| Adjusted return on average
assets (annualized)(2) |
|
0.55 |
|
|
|
0.82 |
|
|
|
0.92 |
|
| Return on average
shareholders’ equity (annualized) |
|
6.40 |
|
|
|
9.17 |
|
|
|
9.98 |
|
| Adjusted return on average
shareholders’ equity (annualized)(2) |
|
6.45 |
|
|
|
9.41 |
|
|
|
10.70 |
|
| Return on tangible common
equity (annualized)(2) |
|
7.35 |
|
|
|
10.48 |
|
|
|
11.57 |
|
| Adjusted return on tangible
common equity (annualized)(2) |
|
7.41 |
|
|
|
10.76 |
|
|
|
12.41 |
|
| Net interest margin |
|
2.93 |
|
|
|
3.30 |
|
|
|
3.03 |
|
| Efficiency ratio(2) |
|
78.29 |
% |
|
|
67.66 |
% |
|
|
69.68 |
% |
____________________
(1) Provision for credit loss amounts for
periods prior to the ASC 326 adoption date of January 1, 2023 are
reported in accordance with previously applicable GAAP.(2)
Represents a Non-GAAP financial measure. See “Reconciliations of
Non-GAAP Measures” for a reconciliation of our Non-GAAP measures to
the most directly comparable GAAP financial measure.
Operating Results for the First Quarter
2023
Revenue
Gross revenue(1) was $26.1 million for the first
quarter of 2023, a decrease of 10.1% from $29.0 million for the
fourth quarter of 2022. Relative to the first quarter of 2022,
gross revenue decreased 3.1% from $26.9 million for the first
quarter of 2022. The decreases were primarily driven by an increase
in the cost of interest-bearing liabilities, partially offset by
growth in interest-earning assets.
(1) Represents a Non-GAAP financial measure. See
“Reconciliations of Non-GAAP Measures” for a reconciliation of our
Non-GAAP measures to the most directly comparable GAAP financial
measure.
Net Interest Income
Net interest income for the first quarter of
2023 was $19.6 million, a decrease of 10.4% from $21.8 million in
the fourth quarter of 2022. The decrease was due to higher interest
expense driven primarily by higher deposit costs, offset partially
by higher interest income.
Relative to the first quarter of 2022, net
interest income increased 5.8% from $18.5 million. The
year-over-year increase in net interest income was due to an
increase in Interest and fees on loans resulting from year over
year loan growth and higher loan yields, offset partially by higher
balances and rates on deposits and borrowings. The increase in
average interest-earning assets was driven by growth in average
loans of $556.9 million compared to March 31, 2022, resulting from
organic loan growth.
Net Interest Margin
Net interest margin for the first quarter of
2023 decreased 37 basis points to 2.93% from 3.30% reported in the
fourth quarter of 2022, primarily due to an 80 basis point increase
in average cost of deposits, driven by a rising rate environment
and a highly competitive deposit market.
The yield on interest-earning assets increased
30 basis points to 5.20% in the first quarter of 2023 from 4.90% in
the fourth quarter of 2022 and the cost of interest-bearing
deposits increased 87 basis points to 2.94% in the first quarter of
2023 from 2.07% in the fourth quarter of 2022.
Relative to the first quarter of 2022, net
interest margin decreased from 3.03%, primarily due to a 209 basis
point increase in average cost of deposits, offset partially by a
127 basis point increase in loan yields.
Non-interest Income
Non-interest income for the first quarter of
2023 was $5.8 million, a decrease of 11.3%, from $6.6 million in
the fourth quarter of 2022. This was primarily due to an $0.8
million decrease in Risk management and insurance fees, which tend
to be seasonally higher in the fourth quarter.
Relative to the first quarter of 2022,
non-interest income decreased 30.6% from $8.4 million. The decrease
was primarily due to lower mortgage segment activity as higher
interest rates drove declines in both refinance and purchase
volume, losses on loans accounted for under the fair value option
and lower Trust and investment management fees derived from reduced
assets under management (“AUM”) balances, which were negatively
impacted by lower equity and fixed income market valuations.
Non-interest Expense
Non-interest expense for the first quarter of
2023 was $20.5 million, an increase of 3.1%, from
$19.9 million in the fourth quarter of 2022. The increase was
primarily driven by higher wages and payroll taxes (due to
seasonality), partially offset by the impact of reduction in
headcount of 22 from Q4-22 to Q1-23. Non-interest expense for the
three months ended March 31, 2023 included $0.1 million of
severance charges related to staffing alignment.
Relative to the first quarter of 2022,
non-interest expense increased 6.0% from $19.4 million. The
increase was primarily due to an increase in Salaries and employee
benefits, driven by higher wages, higher health insurance costs,
and lower deferred compensation due to fewer loan originations.
Additionally, FDIC insurance increased due to the FDIC’s two basis
point uniform increase in assessment rates and the Company’s
increase in total assets year over year.
The Company’s efficiency ratio(1) was 78.3% in
the first quarter of 2023, compared with 67.7% in the fourth
quarter of 2022 and 69.7% in the first quarter of 2022.
(1) Represents a Non-GAAP financial measure. See
“Reconciliations of Non-GAAP Measures” for a reconciliation of our
Non-GAAP measures to the most directly comparable GAAP financial
measure.
Income Taxes
The Company recorded income tax expense of $1.3
million for the first quarter of 2023, representing an effective
tax rate of 26.0%, compared to 25.1% for the fourth quarter of
2022.
Loans
Total loans held for investment remained flat at
$2.48 billion as of March 31, 2023, compared to total loans
held for investment as of December 31, 2022. Portfolio growth
during the quarter was offset by the transfer and sale of $39.0
million of non-relationship loans. Relative to the first quarter of
2022, total loans held for investment increased 28.2% from
$1.93 billion as of March 31, 2022. The increase in total
loans held for investment from March 31, 2022 was attributable
to loan growth primarily in our commercial real estate and
residential mortgage portfolios.
Deposits
Total deposits were $2.39 billion as of
March 31, 2023, a decrease of 0.6% from $2.41 billion as
of December 31, 2022. Total deposits declined $71.1 million in
January primarily due to client liquidity events, followed by net
deposit inflows of $28.6 million in February and $29.3 million in
March. Relative to the first quarter of 2022, total deposits
increased 5.3% from $2.27 billion as of March 31, 2022,
driven primarily by organic growth through new and expanded client
relationships.
Borrowings
Federal Home Loan Bank (“FHLB”) and Federal
Reserve borrowings were $261.4 million as of March 31,
2023, an increase of $114.5 million from $146.9 million as of
December 31, 2022, and an increase of $233.8 million from
$27.6 million as of March 31, 2022. The increase in
borrowings from December 31, 2022 was driven by a desire to have
increased cash levels on our balance sheet through the end of the
quarter as the financial industry was experiencing heightened
deposit balance volatility. The Company’s deposit balances were
stable through the end of the quarter and the increased borrowings
were reduced subsequent to quarter-end. Relative to the first
quarter of 2022, total borrowings increased to support the strong
loan growth throughout 2022.
Subordinated notes remained consistent at
$52.2 million as of March 31, 2023, compared to $52.1
million as of December 31, 2022. Subordinated notes increased
$19.6 million from $32.5 million as of March 31,
2022.
As of March 31, 2023 the Company had $1.5
billion in available liquidity funding sources primarily comprised
of total available cash ($295.1 million) and remaining borrowing
capacity on secured lines of credit ($717.0 million).
Assets Under Management
AUM increased by $275.1 million during the
first quarter to $6.38 billion as of March 31, 2023, compared
to $6.11 billion as of December 31, 2022. This increase was
attributable to an increase in market values at the end of the
first quarter 2023. Total AUM decreased by $817.3 million
compared to March 31, 2022 from $7.20 billion, which was
primarily attributable to a decline in market values throughout
2022 resulting in a decrease in the value of AUM balances.
Credit Quality
Non-performing assets totaled $12.5 million, or
0.42% of total assets, as of March 31, 2023, compared to
$12.3 million, or 0.43% of total assets, as of December 31,
2022, and $4.3 million, or 0.17% of total assets, as of
March 31, 2022. Relative to the first quarter of 2022, the
increase in non-performing assets was driven by the addition of
$8.9 million in problem loans at the end of the fourth quarter of
2022.
The Company adopted the new current expected
credit losses (“CECL”) standard effective January 1, 2023, in which
the allowance for credit losses (“ACL”) reflects expected credit
losses over the life of financial assets measured at amortized
cost. The ACL incorporates macroeconomic forecasts as well as
historical loss rates. The Company’s ACL/Total Loans upon adoption
was 84 basis points with an additional 47 basis point coverage on
off-balance sheet commitments. The Company recorded a decrease to
retained earnings of $5.3 million, net of tax, for the cumulative
effect of adopting ASC 326 on January 1, 2023. The total transition
adjustment prior to the tax impact included $3.5 million related to
allowance for credit losses on loans, $3.5 million related to
off-balance sheet commitments, and $0.1 related to held-to-maturity
securities.
During the first quarter of 2023, the Company
recorded a $0.3 million release to its provision, compared to a
provision expense of $1.2 million in the fourth quarter of
2022 and a $0.2 million provision expense in the first quarter
of 2022. The provision released in the first quarter of 2023 was
primarily driven by changes in the volume and composition of our
loan portfolio which drove a lower provision requirement on total
outstanding loans. This was partially offset by an increased
provision on off-balance sheet commitments corresponding with their
increased balances compared to the fourth quarter of 2022.
Capital
As of March 31, 2023, First Western
(“Consolidated”) and First Western Trust Bank (“Bank”) exceeded the
minimum capital levels required by their respective regulators. As
of March 31, 2023, the Bank was classified as “well
capitalized,” as summarized in the following table:
| |
March 31, |
| |
2023 |
| Consolidated
Capital |
|
|
Tier 1 capital to risk-weighted assets |
9.28 |
% |
| Common Equity Tier 1 (“CET1”)
to risk-weighted assets |
9.28 |
|
| Total capital to risk-weighted
assets |
12.39 |
|
| Tier 1 capital to average
assets |
7.75 |
|
| |
|
| Bank
Capital |
|
| Tier 1 capital to
risk-weighted assets |
10.29 |
|
| CET1 to risk-weighted
assets |
10.29 |
|
| Total capital to risk-weighted
assets |
11.12 |
|
| Tier 1 capital to average
assets |
8.59 |
|
| |
|
|
Book value per common share decreased 0.6% from
$25.37 as of December 31, 2022 to $25.22 as of March 31, 2023,
which included a $0.56 decrease as a result of the adoption of CECL
on January 1, 2023, offset primarily by Net income which added a
$0.40 increase. Book value per common share was up 6.5% from $23.68
as of March 31, 2022.
Tangible book value per common share (1)
decreased 0.6% from $21.99 as of December 31, 2022 to $21.85 as of
March 31, 2023, which included a $0.56 decrease as a result of
the adoption of CECL on January 1, 2023, offset primarily by Net
income which added a $0.40 increase. Tangible book value per common
share was up 7.9% from $20.25 as of March 31, 2022.
(1) Represents a Non-GAAP financial measure. See
“Reconciliations of Non-GAAP Measures” for a reconciliation of our
Non-GAAP measures to the most directly comparable GAAP financial
measure.
Conference Call, Webcast and Slide
Presentation
The Company will host a conference call and
webcast at 10:00 a.m. MT/ 12:00 p.m. ET on Friday, April 28, 2023.
Telephone access:
https://register.vevent.com/register/BId5f13166e1304aaf9e92b70d6762b2ae
A slide presentation relating to the first
quarter 2023 results will be accessible prior to the scheduled
conference call. The slide presentation and webcast of the
conference call can be accessed on the Events and Presentations
page of the Company’s investor relations website at
https://myfw.gcs-web.com.
About First Western
First Western is a financial services holding
company headquartered in Denver, Colorado, with operations in
Colorado, Arizona, Wyoming, California, and Montana. 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.
Non-GAAP Financial Measures
Some of the financial measures included in this
press release are not measures of financial performance recognized
in accordance with generally accepted accounting principles in the
United States (“GAAP”). These non-GAAP financial measures include
“Tangible Common Equity,” “Tangible Common Book Value per Share,”
“Return on Tangible Common Equity,” “Efficiency Ratio,” “Gross
Revenue,” “Allowance for Credit Losses to Adjusted Loans,”
“Adjusted Net Income Available to Common Shareholders,” “Adjusted
Basic Earnings Per Share,” “Adjusted Diluted Earnings Per Share,”
“Adjusted Return on Average Assets,” “Adjusted Return on Average
Shareholders’ Equity,” and “Adjusted Return on Tangible Common
Equity”. The Company believes these non-GAAP financial measures
provide both management and investors a more complete understanding
of the Company’s financial position and performance. These non-GAAP
financial measures are supplemental and are not a substitute for
any analysis based on GAAP financial measures. Not all companies
use the same calculation of these measures; therefore, this
presentation may not be comparable to other similarly titled
measures as presented by other companies. Reconciliation of
non-GAAP financial measures, to GAAP financial measures are
provided at the end of this press release.
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,” “position,”
“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 lack of soundness of
other financial institutions or financial market utilities may
adversely affect the Company; the Company’s ability to engage in
routine funding and other transactions could be adversely affected
by the actions and commercial soundness of other financial
institutions; financial institutions are interrelated because of
trading, clearing, counterparty or other relationships; defaults
by, or even rumors or questions about, one or more financial
institutions or financial market utilities, or the financial
services industry generally, may lead to market-wide liquidity
problems and losses of client, creditor and counterparty confidence
and could lead to losses or defaults by other financial
institutions, or the Company; the COVID-19 pandemic and its
effects; integration risks and projected cost savings in connection
with acquisitions; the risk of geographic concentration in
Colorado, Arizona, Wyoming, California, and Montana; 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
credit 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 15, 2023 (“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 Rossi310-622-8221MYFW@finprofiles.comIR@myfw.com
|
First Western Financial, Inc. |
|
Consolidated Financial Summary (unaudited) |
| |
| |
Three Months Ended |
| |
March 31, |
|
December 31, |
|
March 31, |
|
(Dollars in thousands, except per share
amounts) |
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
| Interest and dividend
income: |
|
|
|
|
|
|
Loans, including fees |
$ |
32,080 |
|
|
$ |
30,203 |
|
|
$ |
19,287 |
|
|
Loans accounted for under the fair value option |
|
427 |
|
|
|
488 |
|
|
|
— |
|
|
Investment securities |
|
629 |
|
|
|
645 |
|
|
|
337 |
|
|
Interest-bearing deposits in other financial institutions |
|
1,403 |
|
|
|
931 |
|
|
|
232 |
|
|
Dividends, restricted stock |
|
173 |
|
|
|
238 |
|
|
|
20 |
|
|
Total interest and dividend income |
|
34,712 |
|
|
|
32,505 |
|
|
|
19,876 |
|
| |
|
|
|
|
|
| Interest expense: |
|
|
|
|
|
|
Deposits |
|
13,092 |
|
|
|
8,260 |
|
|
|
943 |
|
|
Other borrowed funds |
|
2,060 |
|
|
|
2,403 |
|
|
|
438 |
|
|
Total interest expense |
|
15,152 |
|
|
|
10,663 |
|
|
|
1,381 |
|
| Net interest income |
|
19,560 |
|
|
|
21,842 |
|
|
|
18,495 |
|
|
Less: (release) provision for credit losses(1) |
|
(310 |
) |
|
|
1,197 |
|
|
|
210 |
|
| Net interest income, after
(release) provision for credit losses(1) |
|
19,870 |
|
|
|
20,645 |
|
|
|
18,285 |
|
| |
|
|
|
|
|
| Non-interest income: |
|
|
|
|
|
|
Trust and investment management fees |
|
4,635 |
|
|
|
4,358 |
|
|
|
5,166 |
|
|
Net gain on mortgage loans |
|
1,019 |
|
|
|
775 |
|
|
|
2,303 |
|
|
Net loss on loans held for sale |
|
(178 |
) |
|
|
(12 |
) |
|
|
— |
|
|
Bank fees |
|
592 |
|
|
|
812 |
|
|
|
671 |
|
|
Risk management and insurance fees |
|
127 |
|
|
|
924 |
|
|
|
109 |
|
|
Income on company-owned life insurance |
|
90 |
|
|
|
88 |
|
|
|
86 |
|
|
Net (loss)/gain on loans accounted for under the fair value
option |
|
(543 |
) |
|
|
(602 |
) |
|
|
— |
|
|
Unrealized gain/(loss) recognized on equity securities |
|
10 |
|
|
|
— |
|
|
|
(32 |
) |
|
Net gain/(loss) on equity interests |
|
— |
|
|
|
— |
|
|
|
1 |
|
|
Other |
|
67 |
|
|
|
218 |
|
|
|
85 |
|
|
Total non-interest income |
|
5,819 |
|
|
|
6,561 |
|
|
|
8,389 |
|
|
Total income before non-interest expense |
|
25,689 |
|
|
|
27,206 |
|
|
|
26,674 |
|
| |
|
|
|
|
|
| Non-interest expense: |
|
|
|
|
|
|
Salaries and employee benefits |
|
13,098 |
|
|
|
11,679 |
|
|
|
12,058 |
|
|
Occupancy and equipment |
|
1,914 |
|
|
|
1,910 |
|
|
|
1,882 |
|
|
Professional services |
|
1,923 |
|
|
|
2,027 |
|
|
|
1,526 |
|
|
Technology and information systems |
|
832 |
|
|
|
1,168 |
|
|
|
1,046 |
|
|
Data processing |
|
1,139 |
|
|
|
1,223 |
|
|
|
1,187 |
|
|
Marketing |
|
391 |
|
|
|
500 |
|
|
|
557 |
|
|
Amortization of other intangible assets |
|
64 |
|
|
|
77 |
|
|
|
77 |
|
|
Net (gain)/loss on assets held for sale |
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
Net (gain)/loss on sale of other real estate owned |
|
— |
|
|
|
(3 |
) |
|
|
— |
|
|
Other |
|
1,167 |
|
|
|
1,324 |
|
|
|
1,026 |
|
|
Total non-interest expense |
|
20,528 |
|
|
|
19,905 |
|
|
|
19,358 |
|
| Income before income
taxes |
|
5,161 |
|
|
|
7,301 |
|
|
|
7,316 |
|
|
Income tax expense |
|
1,341 |
|
|
|
1,830 |
|
|
|
1,792 |
|
| Net income available to common
shareholders |
$ |
3,820 |
|
|
$ |
5,471 |
|
|
$ |
5,524 |
|
| Earnings per common
share: |
|
|
|
|
|
|
Basic |
$ |
0.40 |
|
|
$ |
0.58 |
|
|
$ |
0.59 |
|
|
Diluted |
|
0.39 |
|
|
|
0.56 |
|
|
|
0.57 |
|
(1) Provision for credit loss amounts for periods prior to the
ASC 326 adoption date of January 1, 2023 are reported in accordance
with previously applicable GAAP.
|
First Western Financial, Inc. |
|
Consolidated Financial Summary (unaudited) |
| |
| |
March 31, |
|
December 31, |
|
March 31, |
|
(Dollars in thousands) |
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
| Assets |
|
|
|
|
|
| Cash and cash
equivalents: |
|
|
|
|
|
|
Cash and due from banks |
$ |
6,920 |
|
|
$ |
4,926 |
|
|
$ |
5,961 |
|
|
Federal funds sold |
|
— |
|
|
|
— |
|
|
|
1,273 |
|
|
Interest-bearing deposits in other financial institutions |
|
288,147 |
|
|
|
191,586 |
|
|
|
446,865 |
|
|
Total cash and cash equivalents |
|
295,067 |
|
|
|
196,512 |
|
|
|
454,099 |
|
| |
|
|
|
|
|
| Available-for-sale securities,
at fair value |
|
— |
|
|
|
— |
|
|
|
58,727 |
|
| Held-to-maturity securities,
at amortized cost (fair value of $73,570 and $74,718 as of March
31, 2023 and December 31, 2022, respectively), net of ACL |
|
79,565 |
|
|
|
81,056 |
|
|
|
— |
|
| Correspondent bank stock, at
cost |
|
13,222 |
|
|
|
7,110 |
|
|
|
1,617 |
|
| Mortgage loans held for sale,
at fair value |
|
9,873 |
|
|
|
8,839 |
|
|
|
33,663 |
|
| Loans held for sale, at fair
value |
|
— |
|
|
|
1,965 |
|
|
|
— |
|
| Loans (includes $20,807,
$23,321, and $6,380 measured at fair value, respectively) |
|
2,469,038 |
|
|
|
2,469,413 |
|
|
|
1,923,825 |
|
| Allowance for credit
losses(1) |
|
(19,843 |
) |
|
|
(17,183 |
) |
|
|
(13,885 |
) |
| Loans, net |
|
2,449,195 |
|
|
|
2,452,230 |
|
|
|
1,909,940 |
|
| Premises and equipment,
net |
|
25,383 |
|
|
|
25,118 |
|
|
|
23,539 |
|
| Accrued interest
receivable |
|
10,976 |
|
|
|
10,445 |
|
|
|
6,969 |
|
| Accounts receivable |
|
4,713 |
|
|
|
4,873 |
|
|
|
6,445 |
|
| Other receivables |
|
2,396 |
|
|
|
1,973 |
|
|
|
2,841 |
|
| Goodwill and other intangible
assets, net |
|
32,040 |
|
|
|
32,104 |
|
|
|
32,335 |
|
| Deferred tax assets, net |
|
6,792 |
|
|
|
6,914 |
|
|
|
7,540 |
|
| Company-owned life
insurance |
|
16,242 |
|
|
|
16,152 |
|
|
|
15,889 |
|
| Other assets |
|
23,043 |
|
|
|
21,457 |
|
|
|
22,940 |
|
| Assets held for sale |
|
— |
|
|
|
— |
|
|
|
117 |
|
|
Total assets |
$ |
2,968,507 |
|
|
$ |
2,866,748 |
|
|
$ |
2,576,661 |
|
| |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
| Deposits: |
|
|
|
|
|
|
Noninterest-bearing |
$ |
545,064 |
|
|
$ |
583,092 |
|
|
$ |
654,401 |
|
|
Interest-bearing |
|
1,846,863 |
|
|
|
1,822,137 |
|
|
|
1,617,711 |
|
|
Total deposits |
|
2,391,927 |
|
|
|
2,405,229 |
|
|
|
2,272,112 |
|
| Borrowings: |
|
|
|
|
|
|
Federal Home Loan Bank and Federal Reserve borrowings |
|
261,385 |
|
|
|
146,886 |
|
|
|
27,576 |
|
|
Subordinated notes |
|
52,167 |
|
|
|
52,132 |
|
|
|
32,523 |
|
| Accrued interest payable |
|
1,786 |
|
|
|
1,125 |
|
|
|
312 |
|
| Other liabilities |
|
21,420 |
|
|
|
20,512 |
|
|
|
20,872 |
|
|
Total liabilities |
|
2,728,685 |
|
|
|
2,625,884 |
|
|
|
2,353,395 |
|
| |
|
|
|
|
|
| Shareholders’
Equity |
|
|
|
|
|
|
Total shareholders’ equity |
|
239,822 |
|
|
|
240,864 |
|
|
|
223,266 |
|
|
Total liabilities and shareholders’ equity |
$ |
2,968,507 |
|
|
$ |
2,866,748 |
|
|
$ |
2,576,661 |
|
(1) Allowance for credit loss amounts for periods prior to the
ASC 326 adoption date of January 1, 2023 are reported in accordance
with previously applicable GAAP.
|
First Western Financial, Inc. |
|
Consolidated Financial Summary (unaudited) |
| |
|
|
|
|
|
| |
March 31, |
|
December 31, |
|
March 31, |
|
(Dollars in thousands) |
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
| Loan
Portfolio |
|
|
|
|
|
| Cash, Securities, and
Other(1) |
$ |
157,308 |
|
|
$ |
165,670 |
|
|
$ |
235,221 |
|
| Consumer and Other(2) |
|
43,235 |
|
|
|
49,954 |
|
|
|
36,590 |
|
| Construction and
Development |
|
283,999 |
|
|
|
288,497 |
|
|
|
151,651 |
|
| 1-4 Family Residential |
|
889,782 |
|
|
|
898,154 |
|
|
|
602,412 |
|
| Non-Owner Occupied CRE |
|
536,679 |
|
|
|
496,776 |
|
|
|
455,715 |
|
| Owner Occupied CRE |
|
223,449 |
|
|
|
216,056 |
|
|
|
212,401 |
|
| Commercial and Industrial |
|
340,632 |
|
|
|
361,028 |
|
|
|
237,144 |
|
|
Total loans held for investment |
|
2,475,084 |
|
|
|
2,476,135 |
|
|
|
1,931,134 |
|
| Deferred (fees) costs and
unamortized premiums/(unaccreted discounts), net(3) |
|
(6,046 |
) |
|
|
(6,722 |
) |
|
|
(7,309 |
) |
|
Gross loans |
$ |
2,469,038 |
|
|
$ |
2,469,413 |
|
|
$ |
1,923,825 |
|
| Mortgage loans held for
sale |
$ |
9,873 |
|
|
$ |
8,839 |
|
|
$ |
33,663 |
|
| Loans held for sale |
|
— |
|
|
|
1,965 |
|
|
|
— |
|
| |
|
|
|
|
|
| Deposit
Portfolio |
|
|
|
|
|
| Money market deposit
accounts |
$ |
1,277,988 |
|
|
$ |
1,336,092 |
|
|
$ |
1,108,315 |
|
| Time deposits |
|
354,545 |
|
|
|
224,090 |
|
|
|
156,678 |
|
| Negotiable order of withdrawal
accounts |
|
192,011 |
|
|
|
234,778 |
|
|
|
319,648 |
|
| Savings accounts |
|
22,319 |
|
|
|
27,177 |
|
|
|
33,070 |
|
|
Total interest-bearing deposits |
|
1,846,863 |
|
|
|
1,822,137 |
|
|
|
1,617,711 |
|
| Noninterest-bearing
accounts |
|
545,064 |
|
|
|
583,092 |
|
|
|
654,401 |
|
|
Total deposits |
$ |
2,391,927 |
|
|
$ |
2,405,229 |
|
|
$ |
2,272,112 |
|
____________________(1) Includes PPP loans of $6.1 million as of
March 31, 2023, $7.1 million as of December 31, 2022, and $16.7
million as of March 31, 2022.(2) Includes loans held for investment
accounted for under fair value option with an unpaid principal
balance of $21.1 million, $23.4 million and $6.4 million as of
March 31, 2023, December 31, 2022 and March 31, 2022,
respectively.(3) Includes fair value adjustments on loans held for
investment accounted for under the fair value option.
|
First Western Financial, Inc. |
|
Consolidated Financial Summary (unaudited)
(continued) |
| |
|
| |
As of or for the Three Months Ended |
| |
March 31, |
|
December 31, |
|
March 31, |
| (Dollars in
thousands) |
2023 |
|
2022 |
|
2022 |
| Average Balance
Sheets |
|
|
|
|
|
| Assets |
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
Interest-bearing deposits in other financial institutions |
$ |
127,608 |
|
|
$ |
103,190 |
|
|
$ |
474,593 |
|
|
Federal funds sold |
|
— |
|
|
|
— |
|
|
|
1,349 |
|
|
Investment securities |
|
82,106 |
|
|
|
84,017 |
|
|
|
55,739 |
|
|
Correspondent bank stock |
|
9,592 |
|
|
|
11,880 |
|
|
|
1,663 |
|
|
Loans |
|
2,479,644 |
|
|
|
2,436,273 |
|
|
|
1,922,770 |
|
|
Interest-earning assets |
|
2,698,950 |
|
|
|
2,635,360 |
|
|
|
2,456,114 |
|
|
Mortgage loans held for sale |
|
7,521 |
|
|
|
9,065 |
|
|
|
22,699 |
|
|
Total interest-earning assets, plus mortgage loans held for
sale |
|
2,706,471 |
|
|
|
2,644,425 |
|
|
|
2,478,813 |
|
|
Allowance for credit losses(1) |
|
(20,325 |
) |
|
|
(16,724 |
) |
|
|
(13,715 |
) |
|
Noninterest-earning assets |
|
125,201 |
|
|
|
125,355 |
|
|
|
119,987 |
|
|
Total assets |
$ |
2,811,347 |
|
|
$ |
2,753,056 |
|
|
$ |
2,585,085 |
|
| |
|
|
|
|
|
| Liabilities and
Shareholders’ Equity |
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
Interest-bearing deposits |
$ |
1,805,994 |
|
|
$ |
1,582,587 |
|
|
$ |
1,605,314 |
|
|
FHLB and Federal Reserve borrowings |
|
142,642 |
|
|
|
212,693 |
|
|
|
33,104 |
|
|
Subordinated notes |
|
52,135 |
|
|
|
38,335 |
|
|
|
32,939 |
|
|
Total interest-bearing liabilities |
|
2,000,771 |
|
|
|
1,833,615 |
|
|
|
1,671,357 |
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
Noninterest-bearing deposits |
|
545,670 |
|
|
|
659,076 |
|
|
|
668,705 |
|
|
Other liabilities |
|
26,206 |
|
|
|
21,660 |
|
|
|
23,555 |
|
|
Total noninterest-bearing liabilities |
|
571,876 |
|
|
|
680,736 |
|
|
|
692,260 |
|
|
Total shareholders’ equity |
|
238,700 |
|
|
|
238,705 |
|
|
|
221,468 |
|
|
Total liabilities and shareholders’ equity |
$ |
2,811,347 |
|
|
$ |
2,753,056 |
|
|
$ |
2,585,085 |
|
| |
|
|
|
|
|
| Yields/Cost of funds
(annualized) |
|
|
|
|
|
|
Interest-bearing deposits in other financial institutions |
|
4.46 |
% |
|
|
3.58 |
% |
|
|
0.20 |
% |
|
Investment securities |
|
3.11 |
|
|
|
3.05 |
|
|
|
2.45 |
|
|
Correspondent bank stock |
|
7.31 |
|
|
|
7.95 |
|
|
|
4.88 |
|
|
Loans |
|
5.30 |
|
|
|
5.00 |
|
|
|
4.03 |
|
|
Mortgage loans held for sale |
|
6.04 |
|
|
|
6.39 |
|
|
|
3.41 |
|
|
Total interest-earning assets |
|
5.20 |
|
|
|
4.90 |
|
|
|
3.25 |
|
|
Interest-bearing deposits |
|
2.94 |
|
|
|
2.07 |
|
|
|
0.24 |
|
|
FHLB and Federal Reserve borrowings |
|
3.89 |
|
|
|
3.58 |
|
|
|
0.48 |
|
|
Subordinated notes |
|
5.38 |
|
|
|
5.03 |
|
|
|
4.91 |
|
|
Total interest-bearing liabilities |
|
3.07 |
|
|
|
2.31 |
|
|
|
0.34 |
|
|
Net interest margin |
|
2.93 |
|
|
|
3.30 |
|
|
|
3.03 |
|
|
Net interest rate spread |
|
2.13 |
|
|
|
2.59 |
|
|
|
2.92 |
|
(1) Allowance for credit loss amounts for periods prior to the
ASC 326 adoption date of January 1, 2023 are reported in accordance
with previously applicable GAAP.
|
First Western Financial, Inc. |
|
Consolidated Financial Summary (unaudited)
(continued) |
| |
|
| |
As of or for the Three Months Ended |
| |
March 31, |
|
December 31, |
|
March 31, |
| (Dollars in thousands,
except share and per share amounts) |
2023 |
|
2022 |
|
2022 |
| Asset
Quality |
|
|
|
|
|
|
Non-performing loans |
$ |
12,460 |
|
|
$ |
12,349 |
|
|
$ |
4,309 |
|
| Non-performing assets |
|
12,460 |
|
|
|
12,349 |
|
|
|
4,309 |
|
| Net charge-offs |
|
5 |
|
|
|
95 |
|
|
|
57 |
|
| Non-performing loans to total
loans |
|
0.50 |
% |
|
|
0.50 |
% |
|
|
0.22 |
% |
| Non-performing assets to total
assets |
|
0.42 |
|
|
|
0.43 |
|
|
|
0.17 |
|
| Allowance for credit losses to
non-performing loans(3) |
|
159.25 |
|
|
|
139.14 |
|
|
|
322.23 |
|
| Allowance for credit losses to
total loans(3) |
|
0.80 |
|
|
|
0.70 |
|
|
|
0.72 |
|
| Allowance for credit losses to
adjusted loans(1)(3) |
|
0.81 |
|
|
|
0.78 |
|
|
|
0.87 |
|
| Net charge-offs to average
loans(2) |
* |
|
* |
|
* |
| |
|
|
|
|
|
| Assets Under Management |
$ |
6,382,036 |
|
|
$ |
6,106,973 |
|
|
$ |
7,199,328 |
|
| |
|
|
|
|
|
| Market
Data |
|
|
|
|
|
| Book value per share at period
end |
|
25.22 |
|
|
|
25.37 |
|
|
|
23.68 |
|
| Tangible book value per common
share(1) |
|
21.85 |
|
|
|
21.99 |
|
|
|
20.25 |
|
| Weighted average outstanding
shares, basic |
|
9,503,715 |
|
|
|
9,493,732 |
|
|
|
9,418,318 |
|
| Weighted average outstanding
shares, diluted |
|
9,732,674 |
|
|
|
9,702,908 |
|
|
|
9,762,602 |
|
| Shares outstanding at period
end |
|
9,507,564 |
|
|
|
9,495,440 |
|
|
|
9,430,007 |
|
| |
|
|
|
|
|
| Consolidated
Capital |
|
|
|
|
|
| Tier 1 capital to
risk-weighted assets |
|
9.28 |
% |
|
|
9.28 |
% |
|
|
11.11 |
% |
| CET1 to risk-weighted
assets |
|
9.28 |
|
|
|
9.28 |
|
|
|
11.11 |
|
| Total capital to risk-weighted
assets |
|
12.39 |
|
|
|
12.37 |
|
|
|
13.81 |
|
| Tier 1 capital to average
assets |
|
7.75 |
|
|
|
7.81 |
|
|
|
7.67 |
|
| |
|
|
|
|
|
| Bank
Capital |
|
|
|
|
|
| Tier 1 capital to
risk-weighted assets |
|
10.29 |
|
|
|
10.29 |
|
|
|
12.01 |
|
| CET1 to risk-weighted
assets |
|
10.29 |
|
|
|
10.29 |
|
|
|
12.01 |
|
| Total capital to risk-weighted
assets |
|
11.12 |
|
|
|
11.06 |
|
|
|
12.82 |
|
| Tier 1 capital to average
assets |
|
8.59 |
|
|
|
8.65 |
|
|
|
8.27 |
|
____________________(1) Represents a Non-GAAP financial measure.
See “Reconciliation of Non-GAAP Measures” for a reconciliation of
our Non-GAAP measures to the most directly comparable GAAP
financial measure.(2) Value results in an immaterial amount. (3)
Allowance for credit loss amounts for periods prior to the ASC 326
adoption date of January 1, 2023 are reported in accordance with
previously applicable GAAP.
|
First Western Financial, Inc. |
|
Consolidated Financial Summary (unaudited)
(continued) |
| |
|
| Reconciliations of
Non-GAAP Financial Measures |
|
| |
As of or for the Three Months Ended |
| |
March 31, |
|
December 31, |
|
March 31, |
| (Dollars in thousands,
except share and per share amounts) |
2023 |
|
2022 |
|
2022 |
| Tangible
Common |
|
|
|
|
|
|
Total shareholders’ equity |
$ |
239,822 |
|
|
$ |
240,864 |
|
|
$ |
223,266 |
|
|
Less: goodwill and other intangibles, net |
|
32,040 |
|
|
|
32,104 |
|
|
|
32,335 |
|
| Tangible common equity |
$ |
207,782 |
|
|
$ |
208,760 |
|
|
$ |
190,931 |
|
| |
|
|
|
|
|
| Common shares outstanding, end
of period |
|
9,507,564 |
|
|
|
9,495,440 |
|
|
|
9,430,007 |
|
| Tangible common book value per
share |
$ |
21.85 |
|
|
$ |
21.99 |
|
|
$ |
20.25 |
|
| Net income available to common
shareholders |
|
3,820 |
|
|
|
5,471 |
|
|
|
5,524 |
|
| Return on tangible common
equity (annualized) |
|
7.35 |
% |
|
|
10.48 |
% |
|
|
11.57 |
% |
| |
|
|
|
|
|
|
Efficiency |
|
|
|
|
|
| Non-interest expense |
$ |
20,528 |
|
|
$ |
19,905 |
|
|
$ |
19,358 |
|
|
Less: amortization |
|
64 |
|
|
|
77 |
|
|
|
77 |
|
|
Less: acquisition related expenses |
|
37 |
|
|
|
195 |
|
|
|
527 |
|
| Adjusted non-interest
expense |
$ |
20,427 |
|
|
$ |
19,633 |
|
|
$ |
18,754 |
|
| |
|
|
|
|
|
| Total income before
non-interest expense |
$ |
25,689 |
|
|
$ |
27,206 |
|
|
$ |
26,674 |
|
|
Less: unrealized gain/(loss) recognized on equity securities |
|
10 |
|
|
|
— |
|
|
|
(32 |
) |
|
Less: net (loss)/gain on loans accounted for under the fair value
option |
|
(543 |
) |
|
|
(602 |
) |
|
|
— |
|
|
Less: net gain/(loss) on equity interests |
|
— |
|
|
|
— |
|
|
|
1 |
|
|
Less: net (loss)/gain on loans held for sale at fair value(1) |
|
(178 |
) |
|
|
(12 |
) |
|
|
— |
|
|
Plus: (release) provision for credit losses(2) |
|
(310 |
) |
|
|
1,197 |
|
|
|
210 |
|
| Gross revenue |
$ |
26,090 |
|
|
$ |
29,017 |
|
|
$ |
26,915 |
|
| Efficiency ratio |
|
78.29 |
% |
|
|
67.66 |
% |
|
|
69.68 |
% |
| |
|
|
|
|
|
| Allowance for Credit
Loss to Adjusted Loans |
|
|
|
|
|
| Total loans held for
investment |
$ |
2,475,084 |
|
|
$ |
2,476,135 |
|
|
$ |
1,931,134 |
|
|
Less: loans acquired(3) |
|
— |
|
|
|
234,717 |
|
|
|
323,563 |
|
|
Less: PPP loans(4) |
|
5,967 |
|
|
|
6,378 |
|
|
|
13,109 |
|
|
Less: loans accounted for under fair value |
|
21,052 |
|
|
|
23,415 |
|
|
|
6,368 |
|
| Adjusted loans |
$ |
2,448,065 |
|
|
$ |
2,211,625 |
|
|
$ |
1,588,094 |
|
| |
|
|
|
|
|
| Allowance for credit
losses(2) |
$ |
19,843 |
|
|
$ |
17,183 |
|
|
$ |
13,885 |
|
| Allowance for credit losses to
adjusted loans(2) |
|
0.81 |
% |
|
|
0.78 |
% |
|
|
0.87 |
% |
____________________(1) Presented in Other Non-interest income
on the Consolidated Financial Summary statements.(2) Provision and
allowance for credit loss amounts for periods prior to the ASC 326
adoption date of January 1, 2023 are reported in accordance with
previously applicable GAAP. (3) As of March 31, 2023, acquired
loans totaling $233.3 million are included in the ACL calculation
and are therefore not removed in calculating adjusted total
loans.(4) As of March 31, 2023, the adjustment for PPP loans
includes acquired PPP loans as acquired loans are no longer removed
in calculating adjusted total loans.
|
First Western Financial, Inc. |
|
Consolidated Financial Summary (unaudited)
(continued) |
| |
|
| |
As of or for the Three Months Ended |
| |
March 31, |
|
December 31, |
|
March 31, |
|
(Dollars in thousands, except share and per share
data) |
2023 |
|
2022 |
|
2022 |
| Adjusted Net Income
Available to Common Shareholders |
|
|
|
|
|
|
Net income available to common shareholders |
$ |
3,820 |
|
|
$ |
5,471 |
|
|
$ |
5,524 |
|
|
Plus: acquisition related expenses |
|
37 |
|
|
|
195 |
|
|
|
527 |
|
|
Less: income tax impact |
|
10 |
|
|
|
49 |
|
|
|
129 |
|
| Adjusted net income available
to shareholders |
$ |
3,847 |
|
|
$ |
5,617 |
|
|
$ |
5,922 |
|
| |
|
|
|
|
|
| Pre-Tax, Pre-Provision
Net Income |
|
|
|
|
|
| Income before income
taxes |
$ |
5,161 |
|
|
$ |
7,301 |
|
|
$ |
7,316 |
|
|
Plus: (release) provision for credit losses |
|
(310 |
) |
|
|
1,197 |
|
|
|
210 |
|
| Pre-tax, pre-provision net
income |
$ |
4,851 |
|
|
$ |
8,498 |
|
|
$ |
7,526 |
|
| |
|
|
|
|
|
| Adjusted Basic
Earnings Per Share |
|
|
|
|
|
| Basic earnings per share |
$ |
0.40 |
|
|
$ |
0.58 |
|
|
$ |
0.59 |
|
|
Plus: acquisition related expenses net of income tax impact |
* |
|
|
0.01 |
|
|
|
0.04 |
|
| Adjusted basic earnings per
share |
$ |
0.40 |
|
|
$ |
0.59 |
|
|
$ |
0.63 |
|
| |
|
|
|
|
|
| Adjusted Diluted
Earnings Per Share |
|
|
|
|
|
| Diluted earnings per
share |
$ |
0.39 |
|
|
$ |
0.56 |
|
|
$ |
0.57 |
|
|
Plus: acquisition related expenses net of income tax impact |
* |
|
|
0.02 |
|
|
|
0.04 |
|
| Adjusted diluted earnings per
share |
$ |
0.39 |
|
|
$ |
0.58 |
|
|
$ |
0.61 |
|
| |
|
|
|
|
|
| Adjusted Return on
Average Assets (annualized) |
|
|
|
|
|
| Return on average assets |
|
0.54 |
% |
|
|
0.79 |
% |
|
|
0.85 |
% |
|
Plus: acquisition related expenses net of income tax impact |
|
0.01 |
|
|
|
0.03 |
|
|
|
0.07 |
|
| Adjusted return on average
assets |
|
0.55 |
% |
|
|
0.82 |
% |
|
|
0.92 |
% |
| |
|
|
|
|
|
| Adjusted Return on
Average Shareholders’ Equity (annualized) |
|
|
|
|
|
| Return on average
shareholders’ equity |
|
6.40 |
% |
|
|
9.17 |
% |
|
|
9.98 |
% |
|
Plus: acquisition related expenses net of income tax impact |
|
0.05 |
|
|
|
0.24 |
|
|
|
0.72 |
|
| Adjusted return on average
shareholders’ equity |
|
6.45 |
% |
|
|
9.41 |
% |
|
|
10.70 |
% |
| |
|
|
|
|
|
| Adjusted Return on
Tangible Common Equity (annualized) |
|
|
|
|
|
| Return on tangible common
equity |
|
7.35 |
% |
|
|
10.48 |
% |
|
|
11.57 |
% |
|
Plus: acquisition related expenses net of income tax impact |
|
0.06 |
|
|
|
0.28 |
|
|
|
0.84 |
|
| Adjusted return on tangible
common equity |
|
7.41 |
% |
|
|
10.76 |
% |
|
|
12.41 |
% |
* Represents an immaterial impact to adjusted earnings per
share.
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