First Western Financial Q3 net interest income jumps 17.9% yr/yr
Overview
US regional bank and wealth manager's Q3 net income rose yr/yr, driven by higher net interest income
Net interest income increased 17.9% yr/yr
Non-interest income declined yr/yr due to lower mortgage origination volume
Outlook
First Western says loan pipeline remains strong, supporting expectations for continued growth
Company expects healthy client demand and deposit growth to support future loan and revenue growth
Company did not provide specific financial guidance for upcoming quarters or full year
Result Drivers
LOAN AND DEPOSIT GROWTH - Co said robust loan growth and increases in noninterest-bearing deposits contributed to results
HIGHER LOAN YIELDS - Co attributed net interest margin expansion to increased yields on loans
LOWER EXPENSES - Co said reduced salaries and technology costs helped lower non-interest expenses
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Net Income | $5.98 mln | ||
Q3 Net Interest Income | $22.96 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy"
Wall Street's median 12-month price target for First Western Financial Inc is $32.50, about 10% above its October 21 closing price of $29.54
The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 12 three months ago
Reuters Recommended Reads
Oct 20 - KeyCorp Q3 revenue rises 8% to record, profit up 24%
Oct 21 - Pinnacle Financial Partners Q3 adjusted profit beats estimates on loan, fee income growth
Oct 22 - United Bankshares Q3 EPS beats estimates, helped by loan growth
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)