$MYFW
First Western Financial Inc

2022 Q1 Form 10-Q Financial Statement

#000155837022007614 Filed on May 06, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $26.71M $23.67M
YoY Change 12.84% 44.93%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $626.0K $284.0K
YoY Change 120.42% 2.9%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $1.381M $1.446M
YoY Change -4.5% -43.98%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $7.316M $8.039M
YoY Change -8.99% 377.38%
Income Tax $1.800M $2.000M
% Of Pretax Income 24.6% 24.88%
Net Earnings $5.524M $5.999M
YoY Change -7.92% 349.7%
Net Earnings / Revenue 20.68% 25.35%
Basic Earnings Per Share $0.59 $0.76
Diluted Earnings Per Share $0.57 $0.74
COMMON SHARES
Basic Shares Outstanding 9.418M 7.936M
Diluted Shares Outstanding 9.763M 8.104M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $454.1M $375.9M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $23.54M $5.778M
YoY Change 307.39% -60.96%
Goodwill $30.40M $24.19M
YoY Change 25.67% 22.88%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.657M $6.100M
YoY Change 25.52% -23.75%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $2.577B $2.212B
YoY Change 16.51% 63.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $312.0K $600.0K
YoY Change -48.0% 50.0%
Accrued Expenses $13.09M $13.20M
YoY Change -0.83% 3.94%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.40M $13.80M
YoY Change -2.88% 5.34%
LONG-TERM LIABILITIES
Long-Term Debt $32.52M $24.20M
YoY Change 34.39% 66.9%
Other Long-Term Liabilities $7.782M $6.200M
YoY Change 25.52% -32.61%
Total Long-Term Liabilities $40.31M $30.40M
YoY Change 32.58% 28.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.40M $13.80M
Total Long-Term Liabilities $40.31M $30.40M
Total Liabilities $2.353B $2.050B
YoY Change 14.79% 67.33%
SHAREHOLDERS EQUITY
Retained Earnings $35.71M $15.58M
YoY Change 129.25%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $223.3M $161.4M
YoY Change
Total Liabilities & Shareholders Equity $2.577B $2.212B
YoY Change 16.51% 63.35%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $5.524M $5.999M
YoY Change -7.92% 349.7%
Depreciation, Depletion And Amortization $626.0K $284.0K
YoY Change 120.42% 2.9%
Cash From Operating Activities -$986.0K -$11.09M
YoY Change -91.11% -40.05%
INVESTING ACTIVITIES
Capital Expenditures $45.00K $725.0K
YoY Change -93.79% 255.39%
Acquisitions
YoY Change
Other Investing Activities $19.41M -$4.500M
YoY Change -531.33% -88.94%
Cash From Investing Activities $19.37M -$5.265M
YoY Change -467.81% -87.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 48.74M 236.3M
YoY Change -79.38% 137.98%
NET CHANGE
Cash From Operating Activities -986.0K -11.09M
Cash From Investing Activities 19.37M -5.265M
Cash From Financing Activities 48.74M 236.3M
Net Change In Cash 67.12M 219.9M
YoY Change -69.49% 451.58%
FREE CASH FLOW
Cash From Operating Activities -$986.0K -$11.09M
Capital Expenditures $45.00K $725.0K
Free Cash Flow -$1.031M -$11.82M
YoY Change -91.27% -36.83%

Facts In Submission

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InvestmentIncomeDividend
23000
CY2022Q1 us-gaap Provision For Other Credit Losses
ProvisionForOtherCreditLosses
210000
CY2022Q1 us-gaap Gain Loss On Sale Of Mortgage Loans
GainLossOnSaleOfMortgageLoans
2494000
CY2021Q1 us-gaap Gain Loss On Sale Of Mortgage Loans
GainLossOnSaleOfMortgageLoans
5196000
CY2022Q1 us-gaap Payments For Origination Of Mortgage Loans Held For Sale
PaymentsForOriginationOfMortgageLoansHeldForSale
148647000
CY2021Q1 us-gaap Payments For Origination Of Mortgage Loans Held For Sale
PaymentsForOriginationOfMortgageLoansHeldForSale
490783000
CY2022Q1 us-gaap Proceeds From Sale Of Mortgage Loans Held For Sale
ProceedsFromSaleOfMortgageLoansHeldForSale
147618000
CY2021Q1 us-gaap Proceeds From Sale Of Mortgage Loans Held For Sale
ProceedsFromSaleOfMortgageLoansHeldForSale
482058000
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
626000
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
284000
CY2022Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
14000
CY2021Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
30000
CY2022Q1 myfw Gain Loss Due To Increase Decrease In Cash Surrender Value Of Company Owned Life
GainLossDueToIncreaseDecreaseInCashSurrenderValueOfCompanyOwnedLife
86000
CY2021Q1 myfw Gain Loss Due To Increase Decrease In Cash Surrender Value Of Company Owned Life
GainLossDueToIncreaseDecreaseInCashSurrenderValueOfCompanyOwnedLife
88000
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
727000
CY2021Q1 us-gaap Share Based Compensation
ShareBasedCompensation
613000
CY2022Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-288000
CY2021Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-172000
CY2022Q1 myfw Increase Decrease In Accrued Interest Receivable And Other Assets
IncreaseDecreaseInAccruedInterestReceivableAndOtherAssets
1591000
CY2021Q1 myfw Increase Decrease In Accrued Interest Receivable And Other Assets
IncreaseDecreaseInAccruedInterestReceivableAndOtherAssets
2473000
CY2022Q1 myfw Increase Decrease In Accrued Interest Payable And Other Liabilities
IncreaseDecreaseInAccruedInterestPayableAndOtherLiabilities
3183000
CY2021Q1 myfw Increase Decrease In Accrued Interest Payable And Other Liabilities
IncreaseDecreaseInAccruedInterestPayableAndOtherLiabilities
1829000
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-986000
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-11091000
CY2022Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
3218000
CY2021Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
5673000
CY2022Q1 myfw Payments To Acquire Available For Sale Securities Purchases
PaymentsToAcquireAvailableForSaleSecuritiesPurchases
9000000
CY2021Q1 myfw Redemption Purchase Of Correspondent Bank Stock
RedemptionPurchaseOfCorrespondentBankStock
-1000
CY2022Q1 myfw Proceeds From Redemption Of Correspondent Bank Stock
ProceedsFromRedemptionOfCorrespondentBankStock
986000
CY2022Q1 myfw Payments Made To Low Income Housing Tax Credit Investments
PaymentsMadeToLowIncomeHousingTaxCreditInvestments
214000
CY2022Q1 myfw Payments To Loan And Note Receivable Originations And Principal Collections Net
PaymentsToLoanAndNoteReceivableOriginationsAndPrincipalCollectionsNet
-30800000
CY2021Q1 myfw Payments To Loan And Note Receivable Originations And Principal Collections Net
PaymentsToLoanAndNoteReceivableOriginationsAndPrincipalCollectionsNet
10406000
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
45000
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
725000
CY2022Q1 us-gaap Payments To Acquire Loans Held For Investment
PaymentsToAcquireLoansHeldForInvestment
6380000
CY2021Q1 us-gaap Proceeds From Sale Of Other Real Estate
ProceedsFromSaleOfOtherRealEstate
194000
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
19365000
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-5265000
CY2022Q1 us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
66438000
CY2021Q1 us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
187915000
CY2022Q1 myfw Payments To Federal Reserve Borrowings
PaymentsToFederalReserveBorrowings
11053000
CY2021Q1 myfw Payments To Federal Reserve Borrowings
PaymentsToFederalReserveBorrowings
28513000
CY2021Q1 myfw Proceeds From Federal Reserve Borrowings
ProceedsFromFederalReserveBorrowings
76991000
CY2022Q1 us-gaap Repayments Of Subordinated Debt
RepaymentsOfSubordinatedDebt
6575000
CY2021Q1 myfw Proceeds From Subordinated Notes Net Of Issuance Costs
ProceedsFromSubordinatedNotesNetOfIssuanceCosts
-56000
CY2022Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
58000
CY2022Q1 us-gaap Payments For Repurchase Of Other Equity
PaymentsForRepurchaseOfOtherEquity
131000
CY2021Q1 us-gaap Payments For Repurchase Of Other Equity
PaymentsForRepurchaseOfOtherEquity
34000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
48737000
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
236303000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
67116000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
219947000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
386983000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
155989000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
454099000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
375936000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
1424000
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
1287000
CY2022Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
1462000
CY2021Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
1300000
CY2022Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
2591000
CY2021Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.39
CY2022Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
61022000
CY2022Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
149000
CY2021Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
148000
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Use of Estimates</span>:  To prepare financial statements in conformity with GAAP, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the condensed consolidated financial statements and the disclosures provided, and actual results could differ. Information available which could affect these judgments include, but are not limited to, changes in interest rates, changes in the performance of the economy, including the impact of the COVID-19 pandemic, and changes in the financial condition of borrowers. Material estimates that are particularly susceptible to significant change include: the determination of the allowance for loan losses, the evaluation of goodwill impairment, and the fair value of financial instruments.</p>
CY2022Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 6pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Concentration of Credit Risk</span>:  Most of the Company’s lending activity is to clients located in and around metro Denver, Aspen, Fort Collins, and Vail, Colorado; Phoenix and Scottsdale, Arizona; and Jackson Hole, Wyoming. The Company does not believe it has significant concentrations in any one industry or customer. As of March 31, 2022 and December 31, 2021, 74.3% and 76.1%, respectively, of the Company’s loan portfolio was secured by real estate collateral. Declines in real estate values in the primary markets the Company operates in could negatively impact the Company.</p>
CY2022Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
500000
CY2022Q1 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
527000
CY2022Q1 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
18074000
CY2021Q1 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
16456000
CY2022Q1 myfw Business Acquisition Pro Forma Non Interest Income
BusinessAcquisitionProFormaNonInterestIncome
8633000
CY2021Q1 myfw Business Acquisition Pro Forma Non Interest Income
BusinessAcquisitionProFormaNonInterestIncome
11320000
CY2022Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
5524000
CY2021Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
3656000
CY2022Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.59
CY2021Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.39
CY2022Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.57
CY2022Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
2444000
CY2022Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
58727000
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
55266000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
478000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
182000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
55562000
CY2022Q1 myfw Debt Securities Available For Sale Carrying Value Pledged As Collateral
DebtSecuritiesAvailableForSaleCarryingValuePledgedAsCollateral
15200000
CY2021Q4 myfw Debt Securities Available For Sale Carrying Value Pledged As Collateral
DebtSecuritiesAvailableForSaleCarryingValuePledgedAsCollateral
17300000
CY2022Q1 myfw Threshold Percentage Of Shareholders Equity Amount Held As Securities By One Issuer
ThresholdPercentageOfShareholdersEquityAmountHeldAsSecuritiesByOneIssuer
0.10
CY2021 myfw Threshold Percentage Of Shareholders Equity Amount Held As Securities By One Issuer
ThresholdPercentageOfShareholdersEquityAmountHeldAsSecuritiesByOneIssuer
0.10
CY2022Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
2400000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
200000
CY2022Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
47457000
CY2022Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
2391000
CY2022Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
954000
CY2022Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
53000
CY2022Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
48411000
CY2022Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
2444000
CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
17937000
CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
164000
CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
521000
CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
18000
CY2021Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
18458000
CY2021Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
182000
CY2022Q1 us-gaap Loans And Leases Receivable Before Fees Gross
LoansAndLeasesReceivableBeforeFeesGross
1931134000
CY2021Q4 us-gaap Loans And Leases Receivable Before Fees Gross
LoansAndLeasesReceivableBeforeFeesGross
1954168000
CY2022Q1 us-gaap Unamortized Loan Commitment And Origination Fees And Unamortized Discounts Or Premiums
UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums
-7309000
CY2021Q4 us-gaap Unamortized Loan Commitment And Origination Fees And Unamortized Discounts Or Premiums
UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums
-5031000
CY2022Q1 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
13885000
CY2021Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
13732000
CY2022Q1 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
1909940000
CY2021Q4 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
1935405000
CY2022Q1 us-gaap Notes Receivable Gross
NotesReceivableGross
20196000
CY2022Q1 myfw Financing Receivables Recorded Investment Current
FinancingReceivablesRecordedInvestmentCurrent
1910938000
CY2022Q1 us-gaap Loans And Leases Receivable Before Fees Gross
LoansAndLeasesReceivableBeforeFeesGross
1931134000
CY2021Q4 us-gaap Notes Receivable Gross
NotesReceivableGross
12329000
CY2021Q4 myfw Financing Receivables Recorded Investment Current
FinancingReceivablesRecordedInvestmentCurrent
1941839000
CY2021Q4 us-gaap Loans And Leases Receivable Before Fees Gross
LoansAndLeasesReceivableBeforeFeesGross
1954168000
CY2022Q1 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
4226000
CY2021Q4 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
4262000
CY2022Q1 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
4200000
CY2021Q4 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
4300000
CY2022Q1 myfw Impaired Financing Receivable Net Recorded Investment
ImpairedFinancingReceivableNetRecordedInvestment
2524000
CY2021Q4 myfw Impaired Financing Receivable Net Recorded Investment
ImpairedFinancingReceivableNetRecordedInvestment
2564000
CY2022Q1 myfw Financing Receivable Additional Funds To Loans Classified As Tdrs
FinancingReceivableAdditionalFundsToLoansClassifiedAsTdrs
0
CY2021Q4 myfw Financing Receivable Additional Funds To Loans Classified As Tdrs
FinancingReceivableAdditionalFundsToLoansClassifiedAsTdrs
0
CY2021 myfw Number Of Loans Classified As Troubled Debt Restructuring
NumberOfLoansClassifiedAsTroubledDebtRestructuring
3
CY2022Q1 myfw Modified Loan Maturity Period
ModifiedLoanMaturityPeriod
P1Y
CY2021 myfw Interest Only Payments Period For Modified Loans
InterestOnlyPaymentsPeriodForModifiedLoans
P6M
CY2022Q1 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
2192000
CY2022Q1 us-gaap Impaired Financing Receivable With Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithRelatedAllowanceUnpaidPrincipalBalance
2192000
CY2022Q1 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
1753000
CY2021Q4 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
2192000
CY2021Q4 us-gaap Impaired Financing Receivable With Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithRelatedAllowanceUnpaidPrincipalBalance
2192000
CY2021Q4 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
1753000
CY2022Q1 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceRecordedInvestment
2034000
CY2022Q1 us-gaap Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithNoRelatedAllowanceUnpaidPrincipalBalance
2034000
CY2021Q4 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceRecordedInvestment
2070000
CY2021Q4 us-gaap Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithNoRelatedAllowanceUnpaidPrincipalBalance
2070000
CY2022Q1 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
4226000
CY2022Q1 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
4226000
CY2022Q1 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
1753000
CY2021Q4 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
4262000
CY2021Q4 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
4262000
CY2021Q4 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
1753000
CY2022Q1 us-gaap Impaired Financing Receivable With Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceAverageRecordedInvestment
2192000
CY2021Q1 us-gaap Impaired Financing Receivable With Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceAverageRecordedInvestment
3422000
CY2022Q1 us-gaap Impaired Financing Receivable With No Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceAverageRecordedInvestment
2052000
CY2021Q1 us-gaap Impaired Financing Receivable With No Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceAverageRecordedInvestment
618000
CY2022Q1 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
4244000
CY2021Q1 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
4040000
CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
13732000
CY2022Q1 us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
210000
CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
97000
CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
40000
CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
13885000
CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
1753000
CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
12132000
CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
13885000
CY2022Q1 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
4226000
CY2022Q1 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
1920528000
CY2022Q1 myfw Loans And Leases Receivable Measured At Fair Value
LoansAndLeasesReceivableMeasuredAtFairValue
6380000
CY2022Q1 us-gaap Loans And Leases Receivable Before Fees Gross
LoansAndLeasesReceivableBeforeFeesGross
1931134000
CY2020Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
12539000
CY2021Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
12539000
CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
1753000
CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
11979000
CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
13732000
CY2021Q4 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
4262000
CY2021Q4 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
1949906000
CY2021Q4 us-gaap Loans And Leases Receivable Before Fees Gross
LoansAndLeasesReceivableBeforeFeesGross
1954168000
CY2022Q1 us-gaap Loans And Leases Receivable Before Fees Gross
LoansAndLeasesReceivableBeforeFeesGross
1931134000
CY2021Q4 us-gaap Loans And Leases Receivable Before Fees Gross
LoansAndLeasesReceivableBeforeFeesGross
1954168000
CY2021Q4 us-gaap Goodwill
Goodwill
30588000
CY2020Q4 us-gaap Goodwill
Goodwill
24191000
CY2022Q1 myfw Goodwill Acquired During Period Activity
GoodwillAcquiredDuringPeriodActivity
-188000
CY2021 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
6397000
CY2022Q1 us-gaap Goodwill
Goodwill
30400000
CY2021Q4 us-gaap Goodwill
Goodwill
30588000
CY2021 us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
6400000
CY2022Q1 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
-200000
CY2022Q1 us-gaap Goodwill
Goodwill
30400000
CY2021Q4 us-gaap Goodwill
Goodwill
30600000
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
10071000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
10720000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
13090000
CY2021Q4 us-gaap Operating Lease Liability
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P5Y1M13D
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P5Y3M3D
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32299000
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CY2022Q1 us-gaap Time Deposit Maturities Year One
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89023000
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36661000
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6382000
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2590000
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17137000
CY2022Q1 us-gaap Time Deposit Maturities After Year Five
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4885000
CY2022Q1 us-gaap Time Deposits
TimeDeposits
156678000
CY2022Q1 us-gaap Federal Home Loan Bank Advances Long Term
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15000000
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15000000
CY2022Q1 myfw Number Of Unsecured Federal Funds Lines Of Credit
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3
CY2021 myfw Number Of Unsecured Federal Funds Lines Of Credit
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3
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8225
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4289
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100000
CY2021Q1 us-gaap Stock Issued During Period Shares Employee Benefit Plan
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6127
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CY2021Q1 myfw Stock Surrendered During Period Value
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CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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5524000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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5999000
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9418318
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CY2021Q1 us-gaap Earnings Per Share Basic
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5524000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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5999000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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9418318
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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7935664
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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344284
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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167939
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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9762602
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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0.57
CY2021Q1 us-gaap Earnings Per Share Diluted
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CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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326313
CY2022Q1 us-gaap Income Tax Expense Benefit
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1800000
CY2021Q1 us-gaap Income Tax Expense Benefit
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CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.245
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.254
CY2021Q4 us-gaap Loans And Leases Receivable Related Parties
LoansAndLeasesReceivableRelatedParties
12833000
CY2020Q4 us-gaap Loans And Leases Receivable Related Parties
LoansAndLeasesReceivableRelatedParties
14321000
CY2022Q1 us-gaap Loans And Leases Receivable Related Parties Additions
LoansAndLeasesReceivableRelatedPartiesAdditions
2284000
CY2021 us-gaap Loans And Leases Receivable Related Parties Additions
LoansAndLeasesReceivableRelatedPartiesAdditions
11294000
CY2022Q1 us-gaap Loans And Leases Receivable Related Parties Proceeds
LoansAndLeasesReceivableRelatedPartiesProceeds
3063000
CY2021 us-gaap Loans And Leases Receivable Related Parties Proceeds
LoansAndLeasesReceivableRelatedPartiesProceeds
12782000
CY2022Q1 us-gaap Loans And Leases Receivable Related Parties
LoansAndLeasesReceivableRelatedParties
12054000
CY2021Q4 us-gaap Loans And Leases Receivable Related Parties
LoansAndLeasesReceivableRelatedParties
12833000
CY2022Q1 us-gaap Related Party Deposit Liabilities
RelatedPartyDepositLiabilities
46500000
CY2021Q4 us-gaap Related Party Deposit Liabilities
RelatedPartyDepositLiabilities
51000000.0
CY2022Q1 us-gaap Fair Value Option Loans Held As Assets90 Days Or More Past Due
FairValueOptionLoansHeldAsAssets90DaysOrMorePastDue
0
CY2021Q4 us-gaap Fair Value Option Loans Held As Assets90 Days Or More Past Due
FairValueOptionLoansHeldAsAssets90DaysOrMorePastDue
0
CY2022Q1 us-gaap Fair Value Option Loans Held As Assets Aggregate Amount In Nonaccrual Status
FairValueOptionLoansHeldAsAssetsAggregateAmountInNonaccrualStatus
0
CY2021Q4 us-gaap Fair Value Option Loans Held As Assets Aggregate Amount In Nonaccrual Status
FairValueOptionLoansHeldAsAssetsAggregateAmountInNonaccrualStatus
0
CY2022Q1 myfw Fair Value Option Loans Held As Assets
FairValueOptionLoansHeldAsAssets
40043000
CY2022Q1 myfw Fair Value Option Loans Held As Assets Unpaid Principal Balance
FairValueOptionLoansHeldAsAssetsUnpaidPrincipalBalance
40081000
CY2022Q1 us-gaap Fair Value Option Loans Held As Assets Aggregate Difference
FairValueOptionLoansHeldAsAssetsAggregateDifference
-38000
CY2021Q4 myfw Fair Value Option Loans Held As Assets
FairValueOptionLoansHeldAsAssets
30620000
CY2021Q4 myfw Fair Value Option Loans Held As Assets Unpaid Principal Balance
FairValueOptionLoansHeldAsAssetsUnpaidPrincipalBalance
29857000
CY2021Q4 us-gaap Fair Value Option Loans Held As Assets Aggregate Difference
FairValueOptionLoansHeldAsAssetsAggregateDifference
763000
CY2022Q1 us-gaap Fair Value Option Changes In Fair Value Gain Loss1
FairValueOptionChangesInFairValueGainLoss1
-1911000
CY2021Q1 us-gaap Fair Value Option Changes In Fair Value Gain Loss1
FairValueOptionChangesInFairValueGainLoss1
125000
CY2022Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
19665000
CY2022Q1 us-gaap Interest Expense
InterestExpense
1381000
CY2022Q1 us-gaap Provision For Other Credit Losses
ProvisionForOtherCreditLosses
210000
CY2022Q1 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
18074000
CY2022Q1 us-gaap Noninterest Income
NoninterestIncome
8633000
CY2022Q1 us-gaap Revenues
Revenues
26707000
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
560000
CY2022Q1 us-gaap Gain Loss On Disposition Of Intangible Assets
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1000
CY2022Q1 myfw Noninterest Expense Excluding Depreciation And Amortization
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18832000
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
7316000
CY2022Q1 us-gaap Goodwill
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30400000
CY2022Q1 us-gaap Assets
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2576661000
CY2021Q1 us-gaap Interest And Dividend Income Operating
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14499000
CY2021Q1 us-gaap Interest Expense
InterestExpense
1446000
CY2021Q1 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
13053000
CY2021Q1 us-gaap Noninterest Income
NoninterestIncome
10615000
CY2021Q1 us-gaap Revenues
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23668000
CY2021Q1 us-gaap Depreciation And Amortization
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272000
CY2021Q1 myfw Noninterest Expense Excluding Depreciation And Amortization
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15357000
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
8039000
CY2021Q1 us-gaap Goodwill
Goodwill
24191000
CY2021Q1 us-gaap Assets
Assets
2211578000
CY2022Q1 us-gaap Qualified Affordable Housing Project Investments Commitment
QualifiedAffordableHousingProjectInvestmentsCommitment
0
CY2021Q4 us-gaap Qualified Affordable Housing Project Investments Commitment
QualifiedAffordableHousingProjectInvestmentsCommitment
200000
CY2022Q1 us-gaap Affordable Housing Tax Credits And Other Tax Benefits Amount
AffordableHousingTaxCreditsAndOtherTaxBenefitsAmount
100000
CY2021 myfw Capital Injection
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2900000
CY2022Q1 myfw Minimum Capital Conservation Buffer Percentage
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0.025
CY2022Q1 myfw Common Equity Tier One Risk Based Capital Required For Minimum Capital Adequacy With Capital Conservation Buffer Purposes Risk Weighted Assets
CommonEquityTierOneRiskBasedCapitalRequiredForMinimumCapitalAdequacyWithCapitalConservationBufferPurposesRiskWeightedAssets
0.070
CY2022Q1 us-gaap Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets
TierOneRiskBasedCapitalRequiredForCapitalAdequacyToRiskWeightedAssets
8.5
CY2022Q1 us-gaap Capital Required For Capital Adequacy To Risk Weighted Assets
CapitalRequiredForCapitalAdequacyToRiskWeightedAssets
10.5
CY2022Q1 myfw Number Of Conditions
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0
CY2022Q1 us-gaap Common Equity Tier One Capital
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194605000
CY2022Q1 myfw Common Equity Tier One Capital To Risk Weighted Assets Ratio
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0.1111
CY2022Q1 us-gaap Tier One Risk Based Capital
TierOneRiskBasedCapital
194605000
CY2022Q1 us-gaap Tier One Risk Based Capital To Risk Weighted Assets
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11.11
CY2022Q1 us-gaap Capital
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241841000
CY2022Q1 us-gaap Capital To Risk Weighted Assets
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13.81
CY2022Q1 us-gaap Tier One Leverage Capital
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194605000
CY2022Q1 us-gaap Tier One Leverage Capital To Average Assets
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7.67
CY2021Q4 us-gaap Common Equity Tier One Capital
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188777000
CY2021Q4 myfw Common Equity Tier One Capital To Risk Weighted Assets Ratio
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CY2021Q4 us-gaap Tier One Risk Based Capital
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188777000
CY2021Q4 us-gaap Tier One Risk Based Capital To Risk Weighted Assets
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CY2021Q4 us-gaap Capital
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CY2021Q4 us-gaap Capital To Risk Weighted Assets
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CY2021Q4 us-gaap Tier One Leverage Capital
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9.31

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