The sequential improvement in NIM and loan/deposit growth supports the bull case for continued margin expansion, but the revenue miss and declining fee income warrant caution. Monitor the Q4 2026 earnings call for guidance on NIM trajectory and mortgage banking revenue recovery.
Price Chart
Executive Summary
First Western Financial reported Q3 2026 EPS of $0.60 (in-line with consensus of $0.60) and gross revenue of $28.9M (below the $29.6M consensus). Net interest income grew 5.5% QoQ to $23.0M, NIM expanded 5 bps to 2.95%, and loans/deposits grew 3.5%/2.5% respectively. However, non-interest income fell 9.4% QoQ on lower mortgage gains and bank fees, and the provision swung to a $0.6M expense from a $0.5M release in Q2. The sequential improvement in core banking metrics is positive, but the revenue miss and declining fee income temper the outlook.
Key Financial Metrics
Key Facts
- Q3 2026 diluted EPS of $0.60, in-line with consensus of $0.60
- Gross revenue of $28.9M, below consensus of $29.6M
- Net interest income rose 5.5% QoQ to $23.0M; NIM expanded 5 bps to 2.95%
- Non-interest income fell 9.4% QoQ to $5.8M on lower mortgage gains and bank fees
- Loans held for investment grew 3.5% QoQ to $2.81B; deposits grew 2.5% to $2.92B
- Non-performing assets fell to 0.39% of total assets from 0.50% in Q2 2026
- Provision expense of $0.6M vs a $0.5M release in Q2 2026
- Tangible book value per share rose 2.9% QoQ to $26.28
Financial Impact
Net income of $6.0M, up 4.4% QoQ; pre-tax pre-provision net income of $7.9M, up 14.5% QoQ
Risk Factors
- Declining non-interest income, particularly mortgage banking, could pressure total revenue
- Higher provision expense in Q3 vs Q2 release signals potential credit normalization
- FHLB borrowings surged $114.5M QoQ to fund asset growth, increasing funding cost exposure
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-066895 |
| Document: myfw-20261022xex992a02.htm | 0001628280-26-066895 |
| Document: myfw-20261022.htm | 0001628280-26-066895 |
| Document: 0001628280-26-066895-index-headers.html | 0001628280-26-066895 |
| Document: 0001628280-26-066895-index.html | 0001628280-26-066895 |
| Document: 0001628280-26-066895.txt | 0001628280-26-066895 |
| 8-K Data (Synthetic) | 0001628280-26-066895 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | Press Release | $29.98 | awaiting T+60 | — | $30.31 (+1.10%) |
Oct 22, 2026 4d ago | 8-K | $29.98 | awaiting T+60 | — | $30.31 (+1.10%) |
Jul 9, 2026 15w ago | Press Release | $32.78 $30.01 | ▼ −8.45% | ▼ −11.08% | $30.31 (−7.54%) |
Jun 2, 2026 20w ago | 8-K | $28.22 $30.86 | ▲ +9.36% | ▲ +6.86% | $30.31 (+7.41%) |
May 11, 2026 24w ago | Press Release | $28.97 $32.27 | ▲ +11.39% | ▲ +7.00% | $30.31 (+4.63%) |
May 1, 2026 25w ago | 8-K | $28.32 $31.37 | ▲ +10.77% | ▲ +8.91% | $30.31 (+7.03%) |
Apr 23, 2026 26w ago | Press Release | $26.39 $32.70 | ▲ +23.91% | ▲ +18.83% | $30.31 (+14.85%) |
Apr 23, 2026 26w ago | 8-K | $26.39 $32.70 | ▲ +23.91% | ▲ +18.83% | $30.31 (+14.85%) |
Apr 7, 2026 28w ago | Press Release | $26.29 $32.99 | ▲ +25.48% | ▲ +15.03% | $30.31 (+15.29%) |
Mar 6, 2026 33w ago | Press Release | $24.07 $28.83 | ▲ +19.78% | ▲ +6.99% | $30.31 (+25.92%) |
US Market Status
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