Form 8-K

8-K — First Western Financial Inc

Accession: 0001628280-26-066895

Filed: 2026-10-22

Period: 2026-10-22

CIK: 0001327607

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — myfw-20261022.htm (Primary)

EX-99.1 (myfw-20260930xexx991.htm)

EX-99.2 (myfw-20261022xex992a02.htm)

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8-K

8-K (Primary)

Filename: myfw-20261022.htm · Sequence: 1

myfw-20261022

0001327607FALSE00013276072026-10-222026-10-22

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 22, 2026

FIRST WESTERN FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Colorado 001-38595 37-1442266

(State or other jurisdiction of

incorporation or organization) (Commission

File Number) (I.R.S. Employer

Identification No.)

1900 16th Street, Suite 1200

Denver, Colorado

80202

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: 303.531.8100

Former name or former address, if changed since last report: Not Applicable

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

o Emerging growth company

o 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 new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol Name of each exchange on which registered

Common Stock, no par value MYFW NASDAQ Stock Market LLC

Item 2.02 Results of Operations and Financial Condition.

On October 22, 2026, First Western Financial, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 and is incorporated by reference herein.

The information in this Item 2.02, including Exhibit 99.1, is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, unless specifically identified therein as being incorporated therein by reference.

Item 7.01 Regulation FD Disclosure.

The Company intends to hold an investor call and webcast to discuss its financial results for the third quarter ended September 30, 2026 on Friday, October 23, 2026, at 10:00 a.m. Mountain Time. The Company’s presentation to analysts and investors contains additional information about the Company’s financial results for the third quarter ended September 30, 2026 and is furnished as Exhibit 99.2 and is incorporated by reference herein.

The information in this Item 7.01, including Exhibit 99.2, is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, unless specifically identified therein as being incorporated therein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

Number Description

99.1

Press Release issued by First Western Financial, Inc. dated October 22, 2026

99.2

First Western Financial, Inc. Earnings Presentation

104 Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FIRST WESTERN FINANCIAL, INC.

Date: October 22, 2026

By: /s/ Scott C. Wylie

Scott C. Wylie

Chairman, Chief Executive Officer and President

EX-99.1

Filename: myfw-20260930xexx991.htm · Sequence: 2

Document

Exhibit 99.1

First Western Reports Third Quarter 2026 Financial Results

Third Quarter 2026 Summary

•Net income available to common shareholders of $6.0 million, or $0.60 per diluted share, in Q3 2026, compared to $5.7 million, or $0.57 per diluted share, in Q2 2026

•Pre-tax, pre-provision net income increased 14.5% from $6.9 million in Q2 2026 to $7.9 million in Q3 2026

•Net interest margin increased 5 basis points from 2.90% in Q2 2026 to 2.95% in Q3 2026

•Net interest income increased $1.2 million, or 5.5%, from $21.8 million in Q2 2026 to $23.0 million in Q3 2026

•Total loans held for investment increased $95.0 million, or 3.5%, from $2.72 billion in Q2 2026 to $2.81 billion in Q3 2026

•Total deposits increased $70.0 million, or 2.5%, from $2.85 billion in Q2 2026 to $2.92 billion in Q3 2026

Denver, Colo., October 22, 2026 – First Western Financial, Inc. (“First Western” or the “Company”) (NASDAQ: MYFW), today reported financial results for the third quarter ended September 30, 2026.

Net income available to common shareholders was $6.0 million, or $0.60 per diluted share, for the third quarter of 2026. This compares to net income of $5.7 million, or $0.57 per diluted share, for the second quarter of 2026, and net income of $3.2 million, or $0.32 per diluted share, for the third quarter of 2025.

Scott C. Wylie, CEO of First Western, commented, “Our third quarter results demonstrate continued execution and progress across our business, underscored by strong loan and deposit growth, accelerating loan production, further expansion in our net interest margin and disciplined expense management. Healthy client demand in our markets drove robust loan growth during the quarter, while continued growth in noninterest-bearing deposits reflects the strength of our relationship-based banking model and our ongoing focus on improving our funding mix. Together, these trends contributed to strong growth in net interest income and pre-provision net revenue, while asset quality remained stable.

“We remain encouraged by the strength of our loan pipeline and the opportunities we see across our markets. With continued momentum in our core banking franchise, disciplined expense management and a strong balance sheet, we believe we are well positioned to continue improving profitability and creating long-term value for our shareholders,” said Mr. Wylie.

For the Three Months Ended

September 30, June 30, September 30,

(Dollars in thousands, except per share data) 2026 2026 2025

Earnings Summary

Net interest income $ 22,960 $ 21,764 $ 19,454

Provision for (release of) credit losses 647 (469) 2,257

Total non-interest income 5,806 6,385 6,842

Total non-interest expense 20,840 21,217 20,074

Income before income taxes 7,279 7,401 3,965

Income tax expense

1,298 1,672 779

Net income available to common shareholders 5,981 5,729 3,186

Basic earnings per common share 0.61 0.59 0.33

Diluted earnings per common share 0.60 0.57 0.32

Return on average assets (annualized) 0.74 % 0.73 % 0.40 %

Return on average shareholders' equity (annualized) 8.39 8.28 4.92

Return on tangible common equity (annualized)(1)

9.31 9.19 5.54

Net interest margin 2.95 2.90 2.54

Efficiency ratio(1)

72.20 74.03 76.38

____________________

(1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

Operating Results for the Third Quarter 2026

Revenue

Total income before non-interest expense was $28.1 million for the third quarter of 2026, a decrease of 1.7% from $28.6 million for the second quarter of 2026. Gross revenue(1) was $28.9 million for the third quarter of 2026, an increase of 2.8% from $28.1 million for the second quarter of 2026. Relative to the second quarter of 2026, the decrease in Total income before non-interest expense was primarily driven by an increase in Provision for credit losses and a decrease in Non-interest income, partially offset by an increase in Net interest income. Relative to the third quarter of 2025, Total income before non-interest expense increased 17.1% from $24.0 million and Gross revenue increased 9.9% from $26.3 million. Relative to the third quarter of 2025, the increase in Total income before non-interest expense was primarily driven by an increase in Net interest income and a decrease in Provision for credit losses.

Net Interest Margin

Net interest margin for the third quarter of 2026 increased 5 basis points to 2.95% from 2.90% reported in the second quarter of 2026, primarily due to an increase in yield on average interest-earning assets, partially offset by an increase in cost of funds. The yield on interest-earning assets increased 7 basis points to 5.65% from 5.58% reported in the second quarter of 2026, while the cost of funds increased 2 basis points to 2.88% from 2.86% reported in the second quarter of 2026. The increase in yield on interest-earning assets was primarily driven by an increase in loan yields. The increase in cost of funds was primarily driven by higher cost of deposits as a result of higher rates on money market accounts.

Relative to the third quarter of 2025, net interest margin increased 41 basis points from 2.54% due to a 35 basis point decrease in cost of funds as a result of the lower interest rate environment and an increase in yield on average interest-earning assets.

Net Interest Income

Net interest income for the third quarter of 2026 was $23.0 million, an increase of 5.5% from $21.8 million for the second quarter of 2026. The increase was primarily driven by a 5 basis point increase in net interest margin and an $81.1 million increase in average interest-earning assets. Relative to the third quarter of 2025, Net interest income increased 17.9% from $19.5 million. The increase compared to the third quarter of 2025 was primarily driven by a 41 basis point increase in net interest margin and an increase in average interest-earning assets.

Non-interest Income

Non-interest income for the third quarter of 2026 was $5.8 million, a decrease of 9.4% from $6.4 million in the second quarter of 2026. The decrease was primarily driven by decreases in Net gain on mortgage loans and Bank fees, partially offset by an increase in Trust and investment management fees. The decrease in Net gain on mortgage loans was primarily driven by lower origination volume. The decrease in Bank fees was primarily driven by lower prepayment penalty and swap income.

Relative to the third quarter of 2025, Non-interest income decreased $1.0 million, primarily driven by a decrease in Net gain on mortgage loans primarily driven by lower origination volume.

Non-interest Expense

Non-interest expense for the third quarter of 2026 was $20.8 million, a decrease of 1.9% from $21.2 million in the second quarter of 2026. The decrease was primarily driven by reduced Salaries and employee benefits and Technology and information systems, partially offset by an increase in Occupancy and equipment. The decrease in Salaries and employee benefits was primarily driven by reduced employer payroll taxes. The decrease in Technology and information systems was primarily attributable to a $0.4 million nonrecurring charge related to the write-off of certain previously capitalized technology assets recorded in the second quarter of 2026. The increase in Occupancy and equipment was driven by an increase in variable lease costs.

Relative to the third quarter of 2025, Non-interest expense increased 3.5% from $20.1 million, primarily driven by an increase in Salaries and employee benefits due to an increase in headcount, partially offset by a decrease in bonus accruals.

The Company’s efficiency ratio(1) was 72.2% in the third quarter of 2026, compared to 74.0% in the second quarter of 2026 and 76.4% in the third quarter of 2025.

Income Taxes

The Company recorded Income tax expense of $1.3 million for the third quarter of 2026, compared to $1.7 million for the second quarter of 2026, and $0.8 million for the third quarter of 2025. Relative to the second quarter of 2026, tax expense decreased $0.4 million primarily due to a $0.4 million benefit from a clean fuel tax credit purchased during the third quarter of 2026.

Loans

Total loans held for investment were $2.81 billion as of September 30, 2026, an increase of $95.0 million, or 3.5%, from $2.72 billion as of June 30, 2026. Changes in the quarter included growth in the 1-4 family residential and Commercial and industrial portfolios. Relative to the third quarter of 2025, total loans held for investment increased 8.4% from $2.59 billion as of September 30, 2025, primarily driven by growth in 1-4 family residential, Commercial and industrial, Owner occupied commercial real estate and Non-owner occupied commercial real estate portfolio.

Deposits

Total deposits were $2.92 billion as of September 30, 2026, an increase of 2.5%, from $2.85 billion as of June 30, 2026. Relative to the third quarter of 2025, Total deposits increased 2.5% from $2.85 billion. The increase over both periods was primarily driven by increases in Noninterest-bearing accounts and money market deposit accounts.

Borrowings

Federal Home Loan Bank (“FHLB”) borrowings were $150.9 million as of September 30, 2026, an increase of $114.5 million from $36.4 million as of June 30, 2026. The increase when compared to June 30, 2026 was primarily driven by interest-earning asset growth. Relative to the third quarter of 2025, borrowings increased $100.0 million from $50.9 million, driven by interest-earning asset growth.

Subordinated notes were $34.9 million as of September 30, 2026, compared to $44.8 million as of June 30, 2026. Subordinated notes decreased $9.8 million from $44.7 million as of September 30, 2025. Relative to the second quarter of 2026 and third quarter of 2025, the decrease was due to the redemption of $10.0 million of subordinated notes.

Assets Under Management

Assets Under Management (“AUM”) was $7.21 billion as of September 30, 2026, a decrease of $61 million, or 0.8%, from $7.28 billion as of June 30, 2026. The decrease in AUM during the quarter was primarily attributable to lower market values in low fee account types. Compared to September 30, 2025, total AUM decreased 2.9% from $7.43 billion due to lower market values in low fee account types, partially offset by increased net contributions.

Credit Quality

Non-performing assets totaled $13.3 million, or 0.39%, of Total assets as of September 30, 2026, compared to $16.3 million, or 0.50%, of Total assets, as of June 30, 2026. As of September 30, 2025, non-performing assets totaled $22.7 million, or 0.70%, of Total assets. Relative to the second quarter of 2026, the decrease in non-performing assets was driven by paydowns and a charge-off. Relative to the third quarter of 2025, the decrease in non-performing assets was driven by the sale of an OREO property in the first quarter of 2026 and paydowns.

Non-accrual loans totaled $13.3 million as of September 30, 2026, compared to $16.3 million as of June 30, 2026. As of September 30, 2025, non-accrual loans totaled $18.3 million. Relative to the second quarter of 2026 and the third quarter of 2025, the decrease was driven primarily by paydowns.

During the third quarter of 2026, the Company recorded a provision expense of $0.6 million, compared to a provision release of $0.5 million in the second quarter of 2026, and provision expense of $2.3 million in the third quarter of 2025. The expense of $0.6 million in the third quarter of 2026 was primarily driven by loan growth. As of September 30, 2026 and June 30, 2026, the Allowance for credit losses as a percentage of Total loans was 74 basis points and 75 basis points, respectively.

Capital

As of September 30, 2026, First Western (“Consolidated”) and First Western Trust Bank (“Bank”) exceeded the minimum capital levels required by their respective regulators. As of September 30, 2026, the Bank was classified as “well capitalized,” as summarized in the following table:

September 30,

2026

Consolidated Capital

Tier 1 capital to risk-weighted assets 9.76 %

CET1 to risk-weighted assets 9.76

Total capital to risk-weighted assets 11.80

Tier 1 capital to average assets 8.08

Bank Capital

Tier 1 capital to risk-weighted assets 10.79 %

CET1 to risk-weighted assets 10.79

Total capital to risk-weighted assets 11.60

Tier 1 capital to average assets 8.92

Book value per common share increased 2.6% from $28.73 as of June 30, 2026 to $29.48 as of September 30, 2026. Book value per common share increased 9.5% from $26.92 as of September 30, 2025.

Tangible book value per common share(1) increased 2.9% from $25.53 as of June 30, 2026 to $26.28 as of September 30, 2026. Tangible book value per common share increased 11.0% from $23.68 as of September 30, 2025.

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, October 23, 2026. Telephone access: https://register-conf.media-server.com/register/BI8c00cfaf86874909b3e5150dcea82eff

A slide presentation relating to the third quarter 2026 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,” and “Gross Revenue”. 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,” “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 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 changes in interest rates could reduce our net interest margins and Net interest income; increased credit risk, including as a result of deterioration in economic conditions, could require us to increase our allowance for credit losses and could have a material adverse effect on our results of operations and financial condition; 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 February 27, 2026 (“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.

Lisa Fortuna

310-622-8251

MYFW@finprofiles.com

IR@myfw.com

First Western Financial, Inc.

Condensed Consolidated Statements of Income (unaudited)

Three Months Ended

September 30, June 30, September 30,

(dollars in thousands, except per share amounts) 2026 2026 2025

Interest and dividend income:

Loans, including fees $ 40,153 $ 38,967 $ 37,701

Loans accounted for under the fair value option 35 23 64

Investment securities

2,819 1,845 1,387

Interest-bearing deposits in other financial institutions 834 876 3,468

Dividends, restricted stock 113 142 154

Total interest and dividend income 43,954 41,853 42,774

Interest expense:

Deposits 20,136 18,980 22,177

Other borrowed funds 858 1,109 1,143

Total interest expense 20,994 20,089 23,320

Net interest income 22,960 21,764 19,454

Less: Provision for (release of) credit losses 647 (469) 2,257

Net interest income, after provision for credit losses

22,313 22,233 17,197

Non-interest income:

Trust and investment management fees 4,865 4,742 4,629

Net gain on mortgage loans 483 906 1,394

Bank fees 329 429 312

Risk management and insurance fees 26 112 193

Income on company-owned life insurance 121 119 116

Net (loss) gain on loans accounted for under the fair value option (76) 10 18

Unrealized (loss) gain recognized on equity securities (24) (2) 6

Other 82 69 174

Total non-interest income 5,806 6,385 6,842

Total income before non-interest expense 28,119 28,618 24,039

Non-interest expense:

Salaries and employee benefits 12,704 13,034 11,884

Occupancy and equipment 2,087 1,983 2,188

Professional services 1,560 1,490 1,894

Technology and information systems 1,187 1,478 951

Data processing 1,308 1,359 1,251

Marketing 419 358 351

Amortization of other intangible assets 48 48 51

Other 1,527 1,467 1,504

Total non-interest expense 20,840 21,217 20,074

Income before income taxes 7,279 7,401 3,965

Income tax expense

1,298 1,672 779

Net income available to common shareholders $ 5,981 $ 5,729 $ 3,186

Earnings per common share:

Basic $ 0.61 $ 0.59 $ 0.33

Diluted 0.60 0.57 0.32

First Western Financial, Inc.

Condensed Consolidated Balance Sheets (unaudited)

September 30, June 30, September 30,

(dollars in thousands) 2026 2026 2025

Assets

Cash and cash equivalents:

Cash and due from banks $ 11,067 $ 14,310 $ 13,889

Interest-bearing deposits in other financial institutions 155,181 160,576 341,750

Total cash and cash equivalents 166,248 174,886 355,639

Available-for-sale debt securities, at fair value (amortized cost of $154,271, $89,745, and $49,407, respectively)

152,544 89,615 49,177

Held-to-maturity debt securities (fair value of $134,582, $112,617 and $93,589, respectively), net of allowance for credit losses of $189, $151, and $71, respectively

141,852 116,766 98,205

Correspondent bank stock, at cost 10,853 5,695 6,481

Mortgage loans held for sale, at fair value 18,989 24,675 21,806

Loans (includes $1,146, $1,758, and $4,208 measured at fair value, respectively)

2,806,245 2,711,803 2,590,846

Allowance for credit losses (20,785) (20,297) (20,967)

Loans, net 2,785,460 2,691,506 2,569,879

Premises and equipment, net 25,462 25,641 24,963

Accrued interest receivable 12,515 11,338 11,907

Accounts receivable 5,343 4,781 4,687

Other receivables 106 171 3,736

Other real estate owned, net — — 4,389

Goodwill and other intangible assets, net 31,277 31,325 31,473

Deferred tax assets, net 5,572 2,679 3,500

Company-owned life insurance 17,772 17,651 17,299

Other assets 46,849 41,277 37,283

Total assets $ 3,420,842 $ 3,238,006 $ 3,240,424

Liabilities

Deposits:

Noninterest-bearing $ 420,566 $ 381,826 $ 375,708

Interest-bearing 2,495,647 2,464,138 2,473,203

Total deposits 2,916,213 2,845,964 2,848,911

Borrowings:

Federal Home Loan Bank and Federal Reserve borrowings 150,926 36,431 50,867

Subordinated notes 34,883 44,849 44,724

Accrued interest payable 1,586 1,243 1,689

Other liabilities 29,119 28,926 32,738

Total liabilities 3,132,727 2,957,413 2,978,929

Shareholders’ Equity

Total shareholders’ equity 288,115 280,593 261,495

Total liabilities and shareholders’ equity $ 3,420,842 $ 3,238,006 $ 3,240,424

First Western Financial, Inc.

Consolidated Financial Summary (unaudited)

September 30, June 30, September 30,

(dollars in thousands) 2026 2026 2025

Loan Portfolio

Cash, securities, and other $ 177,437 $ 182,017 $ 159,204

Consumer and other 19,003 19,236 12,254

Construction and development 213,256 196,954 230,600

1-4 family residential 1,133,089 1,089,697 1,041,990

Non-owner occupied CRE 762,884 768,528 728,039

Owner occupied CRE 231,988 222,514 191,239

Commercial and industrial 272,044 235,148 225,919

Total 2,809,701 2,714,094 2,589,245

Loans accounted for under the fair value option 1,157 1,774 4,319

Total loans held for investment 2,810,858 2,715,868 2,593,564

Deferred fees, unamortized premiums, basis adjustments, net(1)(2)

(4,612) (4,065) (2,718)

Loans (includes $1,146, $1,758, and $4,208 measured at fair value, respectively)

$ 2,806,246 $ 2,711,803 $ 2,590,846

Mortgage loans held for sale 18,989 24,675 21,806

Deposit Portfolio

Money market deposit accounts $ 2,004,098 $ 1,975,295 $ 1,988,336

Time deposits 354,407 353,373 349,533

Interest checking accounts 124,677 122,394 121,901

Savings accounts 12,465 13,076 13,433

Total interest-bearing deposits 2,495,647 2,464,138 2,473,203

Noninterest-bearing accounts 420,566 381,826 375,708

Total deposits $ 2,916,213 $ 2,845,964 $ 2,848,911

____________________

(1) Includes fair value adjustments on loans held for investment accounted for under the fair value option.

(2) Includes basis adjustments related to the hedged portfolio accounted for under the portfolio layer method.

First Western Financial, Inc.

Consolidated Financial Summary (unaudited) (continued)

As of or for the Three Months Ended

September 30, June 30, September 30,

(dollars in thousands) 2026 2026 2025

Average Balance Sheets

Assets

Interest-earning assets:

Interest-bearing deposits in other financial institutions $ 88,229 $ 94,533 $ 307,979

Debt securities 240,811 167,993 127,154

Correspondent bank stock 5,672 7,369 7,500

Gross loans

2,735,212 2,712,366 2,562,960

Mortgage loans held for sale 16,938 22,800 26,037

Loans held at fair value 1,508 2,249 4,809

Total interest-earning assets 3,088,370 3,007,310 3,036,439

Noninterest-earning assets 125,658 121,384 124,457

Total assets $ 3,214,028 $ 3,128,694 $ 3,160,896

Liabilities and Shareholders’ Equity

Interest-bearing liabilities:

Interest-bearing deposits $ 2,456,221 $ 2,367,442 $ 2,422,177

FHLB and Federal Reserve borrowings 18,091 41,409 51,065

Subordinated notes 41,601 44,823 44,690

Total interest-bearing liabilities 2,515,913 2,453,674 2,517,932

Noninterest-bearing liabilities:

Noninterest-bearing deposits 379,483 365,291 349,839

Other liabilities 33,486 32,898 34,072

Total noninterest-bearing liabilities 412,969 398,189 383,911

Total shareholders’ equity 285,146 276,831 259,053

Total liabilities and shareholders’ equity $ 3,214,028 $ 3,128,694 $ 3,160,896

Yields/Cost of funds (annualized)

Interest-bearing deposits in other financial institutions 3.75 % 3.72 % 4.47 %

Debt securities 4.64 4.41 4.33

Correspondent bank stock 7.90 7.73 8.15

Loans 5.78 5.72 5.78

Loan held at fair value 9.21 4.10 5.28

Mortgage loans held for sale 6.82 5.54 5.59

Total interest-earning assets 5.65 5.58 5.59

Interest-bearing deposits 3.25 3.22 3.63

Total deposits 2.82 2.79 3.17

FHLB and Federal Reserve borrowings 4.04 3.86 3.98

Subordinated notes 6.43 6.35 5.60

Total interest-bearing liabilities 3.31 3.28 3.67

Net interest margin 2.95 2.90 2.54

Net interest rate spread 2.34 2.30 1.92

First Western Financial, Inc.

Consolidated Financial Summary (unaudited) (continued)

As of or for the Three Months Ended

September 30, June 30, September 30,

(dollars in thousands, except share and per share amounts) 2026 2026 2025

Asset Quality

Non-accrual loans $ 13,253 $ 16,285 $ 18,293

Non-performing assets 13,253 16,285 22,682

Net charge-offs (recoveries) 118 (4) 259

Non-accrual loans to total loans 0.47 % 0.60 % 0.71 %

Non-performing assets to total assets 0.39 0.50 0.70

Allowance for credit losses to non-accrual loans 156.83 124.64 114.62

Allowance for credit losses to total loans 0.74 0.75 0.81

Net charge-offs to average loans * * 0.01

Assets Under Management $ 7,214,885 $ 7,275,876 $ 7,433,029

Market Data

Book value per share at period end $ 29.48 $ 28.73 $ 26.92

Tangible book value per common share(1)

$ 26.28 $ 25.53 $ 23.68

Weighted average outstanding shares, basic 9,769,564 9,760,529 9,717,571

Weighted average outstanding shares, diluted 9,981,863 9,949,307 9,868,742

Shares outstanding at period end 9,772,119 9,765,129 9,714,711

Consolidated Capital

Tier 1 capital to risk-weighted assets 9.76 % 9.93 % 9.80 %

CET1 to risk-weighted assets 9.76 9.93 9.80

Total capital to risk-weighted assets 11.80 12.47 12.50

Tier 1 capital to average assets 8.08 8.06 7.51

Bank Capital

Tier 1 capital to risk-weighted assets 10.79 % 11.37 % 11.20 %

CET1 to risk-weighted assets 10.79 11.37 11.20

Total capital to risk-weighted assets 11.60 12.20 12.04

Tier 1 capital to average assets 8.92 9.22 8.59

____________________

(1) Represents a Non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

*Represents percentages that are not meaningful.

First Western Financial, Inc.

Consolidated Financial Summary (unaudited) (continued)

Reconciliations of Non-GAAP Financial Measures

As of or for the Three Months Ended

September 30, June 30, September 30,

(dollars in thousands, except share and per share amounts) 2026 2026 2025

Tangible Common

Total shareholders' equity $ 288,115 $ 280,593 $ 261,495

Less: goodwill and other intangibles, net 31,277 31,325 31,473

Tangible common equity $ 256,838 $ 249,268 $ 230,022

Common shares outstanding, end of period 9,772,119 9,765,129 9,714,711

Tangible common book value per share $ 26.28 $ 25.53 $ 23.68

Net income available to common shareholders 5,981 5,729 3,186

Return on tangible common equity (annualized) 9.31 % 9.19 % 5.54 %

Efficiency

Non-interest expense $ 20,840 $ 21,217 $ 20,074

Less: write-off of capitalized technology assets — 380 —

Less: OREO expenses — 5 8

Adjusted non-interest expense $ 20,840 $ 20,832 $ 20,066

Total income before non-interest expense $ 28,119 $ 28,618 $ 24,039

Less: unrealized (loss) gain recognized on equity securities (24) (2) 6

Less: net (loss) gain on loans accounted for under the fair value option (76) 10 18

Plus: provision for (release of) credit losses 647 (469) 2,257

Gross revenue $ 28,866 $ 28,141 $ 26,272

Efficiency ratio 72.20 % 74.03 % 76.38 %

EX-99.2

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myfw-20261022xex992a02

Third Quarter 2026 Conference Call

Safe Harbor 2 This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect the current views of First Western Financial, Inc.’s (“First Western”) management with respect to, among other things, future events and First Western’s financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “position,” “project,” “future” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about First Western’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond First Western’s control. Accordingly, First Western cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although First Western believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. The following risks and uncertainties, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: 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 changes in interest rates could reduce our net interest margins and Net interest income; increased credit risk, including as a result of deterioration in economic conditions, could require us to increase our allowance for credit losses and could have a material adverse effect on our results of operations and financial condition; 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 February 27, 2026 and other documents we file with the SEC from time to time. All subsequent written and oral forward-looking statements attributable to First Western or persons acting on First Western’s behalf are expressly qualified in their entirety by this paragraph. Forward-looking statements speak only as of the date of this presentation. First Western undertakes no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise (except as required by law). This presentation contains certain non-GAAP financial measures intended to supplement, not substitute for, comparable GAAP measures. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided at the end of this presentation. Numbers in the presentation may not sum due to rounding. Our common stock is not a deposit or savings account. Our common stock is not insured by the Federal Deposit Insurance Corporation or any governmental agency or instrumentality. Except as otherwise indicated, this presentation speaks as of the date hereof. The delivery of this presentation shall not, under any circumstances, create any implication that there has been no change in the affairs of the Company after the date hereof.

157 180 196 164 166 168 62 94 111 154 161 132 122 125 129 76 78 86 255 255 255 Chart color Table color Special Headlines Slide Headlines / Text on light background Primary Colors Secondary Colors Primary Background / Call Out Boxes / Text on dark background Chart color Table Color Tertiary Colors Chart color Table Color Chart Color Chart Color Approved Fonts AaBbCc 123 Lora (bold) Slide Headlines / Special Headlines AaBbCc 123 Lato (regular, bold, italics) Body Copy / Subheadings / Small Text Descriptions 5 Loan Portfolio • Total loans held for investment increased $95.0 million primarily due to growth in the 1-4 family residential and Commercial and industrial portfolios • Total loans held for investment increased for the sixth consecutive quarter and Total loans increased 8% year-over-year • New loan production diversified across markets and loan types • New loan production in 3Q26 of $162.6 million with a focus on relationship- based lending • Average rate on new loan production was 6.79% in 3Q26, an increase from 2Q26 and higher than the average rate of loans paying off in 3Q26 3Q25 2Q26 3Q26 Cash, securities and other $ 159,204 $ 182,017 $ 177,437 Consumer and other 12,254 19,236 19,003 Construction and development 230,600 196,954 213,256 1-4 family residential 1,041,990 1,089,697 1,133,089 Non-owner occupied CRE 728,039 768,528 762,884 Owner occupied CRE 191,239 222,514 231,988 Commercial and industrial 225,919 235,148 272,044 Total $ 2,589,245 $ 2,714,094 $ 2,809,701 Loans accounted for at fair value(2) 4,319 1,774 1,157 Total Loans HFI $ 2,593,564 $ 2,715,868 $ 2,810,858 Mortgage loans held for sale 21,806 24,675 18,989 Total Loans $ 2,615,370 $ 2,740,543 $ 2,829,847 (1) Represents unpaid principal balance. Excludes deferred fees, unamortized premiums, basis adjustments, net. (2) Excludes fair value adjustments on loans accounted for under the fair value option. ($ in thousands, as of quarter end) Loan Portfolio Composition(1) Loan Portfolio Details Loan Production & Loan Payoffs Total Loans(1) $2,594 $2,676 $2,718 $2,737 $2,754 $2,741 $2,830 3Q25 4Q25 1Q26 2Q26 3Q26 2Q26 3Q26 $1,000 $1,500 $2,000 $2,500 $3,000 Average Period End $145.7 $146.2 $115.8 $114.7 $162.6 $110.1 $131.3 $95.9 $100.9 $127.0 Production Loan Payoffs 3Q25 4Q25 1Q26 2Q26 3Q26 $0 $50 $100 $150 $200 ($ in millions) ($ in millions)

Appendix 14

157 180 196 164 166 168 62 94 111 154 161 132 122 125 129 76 78 86 255 255 255 Chart color Table color Special Headlines Slide Headlines / Text on light background Primary Colors Secondary Colors Primary Background / Call Out Boxes / Text on dark background Chart color Table Color Tertiary Colors Chart color Table Color Chart Color Chart Color Approved Fonts AaBbCc 123 Lora (bold) Slide Headlines / Special Headlines AaBbCc 123 Lato (regular, bold, italics) Body Copy / Subheadings / Small Text Descriptions 15 Capital and Liquidity Overview Liquidity Funding Sources (as of 09/30/26) (1) See Non-GAAP reconciliation within the appendix. (2) Based on internal policy guidelines. Consolidated Capital Ratios (as of 09/30/26) Tangible Common Equity / TBV per Share(1) ($ in thousands) Liquidity Reserves: Total Available Cash $ 164,251 Unpledged Investment Securities 241,155 Borrowed Funds: Secured: FHLB Available 567,784 FRB Available 19,539 Other: Brokered Remaining Capacity 299,779 Unsecured: Credit Lines 29,000 Total Liquidity Funding Sources $ 1,321,508 Loan-to-Deposit Ratio 96.2 % 9.76% 9.76% 11.80% 8.08% Tier 1 Capital to Risk- Weighted Assets CET1 to Risk- Weighted Assets Total Capital to Risk- Weighted Assets Tier 1 Capital to Average Assets —% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% (2) (TCE $ in thousands) $130,704 $187,139 $208,760 $210,884 $220,695 $224,979 $227,323 $230,022 $234,138 $241,992 $249,268 $256,838 $16.44 $19.87 $21.99 $22.01 $22.83 $23.18 $23.39 $23.68 $24.07 $24.87 $25.53 $26.28 TCE TBV/Share 4Q20 4Q21 4Q22 4Q23 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 $— $40,000 $80,000 $120,000 $160,000 $200,000 $240,000 $280,000 $320,000 $— $4 $8 $12 $16 $20 $24 $28

157 180 196 164 166 168 62 94 111 154 161 132 122 125 129 76 78 86 255 255 255 Chart color Table color Special Headlines Slide Headlines / Text on light background Primary Colors Secondary Colors Primary Background / Call Out Boxes / Text on dark background Chart color Table Color Tertiary Colors Chart color Table Color Chart Color Chart Color Approved Fonts AaBbCc 123 Lora (bold) Slide Headlines / Special Headlines AaBbCc 123 Lato (regular, bold, italics) Body Copy / Subheadings / Small Text Descriptions 16 Non-GAAP Reconciliation Consolidated Tangible Common Book Value Per Share (Dollars in thousands) September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Total shareholders' equity $ 261,495 $ 265,560 $ 273,365 $ 280,593 $ 288,115 Goodwill and other intangibles, net 31,473 31,422 31,373 31,325 31,277 Tangible common equity $ 230,022 $ 234,138 $ 241,992 $ 249,268 $ 256,838 Common shares outstanding, end of period 9,714,711 9,725,731 9,728,968 9,765,129 9,772,119 Tangible common book value per share $ 23.68 $ 24.07 $ 24.87 $ 25.53 $ 26.28 Net income available to common shareholders $ 5,981 Return on tangible common equity (annualized) 9.31 % Consolidated Efficiency Ratio For the Three Months Ended, (Dollars in thousands) September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Non-interest expense $ 20,074 $ 21,306 $ 20,164 $ 21,217 $ 20,840 Less: write-off of capitalized technology assets — — — 380 — Less: OREO expenses and write-downs 8 1,310 — 5 — Adjusted non-interest expense $ 20,066 $ 19,996 $ 20,164 $ 20,832 $ 20,840 Net interest income $ 19,454 $ 20,577 $ 20,883 $ 21,764 $ 22,960 Non-interest income 6,842 6,079 6,656 6,385 5,806 Less: unrealized gain (loss) recognized on equity securities 6 (6) (4) (2) (24) Less: net gain (loss) on loans accounted for under the fair value option 18 (44) (39) 10 (76) Adjusted non-interest income $ 6,818 $ 6,129 $ 6,699 $ 6,377 $ 5,906 Adjusted total income $ 26,272 $ 26,706 $ 27,582 $ 28,141 $ 28,866 Efficiency ratio 76.38 % 74.88 % 73.11 % 74.03 % 72.20 %

157 180 196 164 166 168 62 94 111 154 161 132 122 125 129 76 78 86 255 255 255 Chart color Table color Special Headlines Slide Headlines / Text on light background Primary Colors Secondary Colors Primary Background / Call Out Boxes / Text on dark background Chart color Table Color Tertiary Colors Chart color Table Color Chart Color Chart Color Approved Fonts AaBbCc 123 Lora (bold) Slide Headlines / Special Headlines AaBbCc 123 Lato (regular, bold, italics) Body Copy / Subheadings / Small Text Descriptions 17 Non-GAAP Reconciliation Pre-tax, Pre-Provision Net Income For the Three Months Ended, (Dollars in thousands) September 30, 2025 June 30, 2026 September 30, 2026 Income before income taxes $ 3,965 $ 7,401 $ 7,279 Plus: provision for (release of) credit losses 2,257 (469) 647 Pre-tax, pre-provision net income $ 6,222 $ 6,932 $ 7,926 Allocation of the Allowance for Credit Losses (ACL) As of As of 9/30/2026 As of 12/31/2025 (Dollars in thousands) ACL Amount % of Loans % of ACL %(1) ACL Amount % of Loans % of ACL %(1) Commercial: Construction and Development $ 2,361 1.1 % 11.3 % 7.6 % $ 2,210 1.2 % 10.3 % 7.2 % Non-Owner Occupied CRE 3,731 0.5 18.0 27.2 4,359 0.5 20.4 30.7 Owner Occupied CRE 930 0.4 4.5 8.3 846 0.4 3.9 7.7 Commercial and Industrial 6,135 2.3 29.5 9.6 6,892 3.0 32.1 8.5 Total Commercial 13,157 0.9 63.3 52.7 14,307 1.0 66.7 54.1 Consumer: Cash, Securities and Other 1,252 0.7 6.0 6.3 1,150 0.7 5.4 6.2 Consumer and Other 159 0.8 0.8 0.7 138 0.7 0.6 0.7 1-4 Family Residential 6,217 0.5 29.9 40.3 5,846 0.6 27.3 39.0 Total Consumer 7,628 0.6 36.7 47.3 7,134 0.6 33.3 45.9 Total allowance for credit losses $ 20,785 0.7 % 100.0 % 100.0 % $ 21,441 0.8 % 100.0 % 100.0 % (1) Represents the percentage of loans to total loans in the respective category.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

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Namespace Prefix:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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