Press Release
First Western Reports First Quarter 2021 Financial Results
First Quarter 2021 Summary
- Net income available to common shareholders of
$6.0 million in Q1 2021, compared to$4.9 million in Q4 2020 and$1.3 million in Q1 2020 - Diluted EPS of
$0.74 in Q1 2021, compared to$0.61 in Q4 2020 and$0.17 in Q1 2020 - Gross revenue(1) of
$23.7 million in Q1 2021, compared to$23.4 million in Q4 2020 and$16.7 million in Q1 2020 - Total assets of
$2.21 billion , up 48.2% annualized from Q4 2020 and 63.4% from Q1 2020 - Return on average assets of 1.16%, compared to 0.99% for the fourth quarter of 2020
- Return on average shareholders’ equity of 14.95%, compared to 12.62% for the fourth quarter of 2020
- Return on tangible common equity(1) of 17.49%, compared to 14.92% for the fourth quarter of 2020
(1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.
Net income available to common shareholders was
“During the first quarter, we resolved the processing constraints that limited our mortgage production late in 2020. We were able to capitalize on continued strong demand and more than double our net gain on mortgage loans compared to the first quarter of last year. Given the population growth and strong housing trends in our markets, we expect the mortgage segment to continue making a significant contribution to our overall profitability.
“We spent the first quarter rebuilding our loan pipeline following the strong production we had to end 2020, as well as helping clients access the second round of funding through the Paycheck Protection Program. Despite the smaller pipeline to begin the year that impacted new loan production, our average loan balances, including mortgage loans held for sale, were still up more than 21% on an annualized basis in the first quarter. With our loan pipeline growing and commercial clients becoming more confident in a stronger economic recovery, we anticipate seeing a higher level of loan production and loan growth as we move through the year. This should lead to further increases in our level of profitability as we redeploy our excess liquidity and realize additional operating leverage,” said
For the Three Months Ended | ||||||||||
(Dollars in thousands, except per share data) | 2021 | 2020 | 2020 | |||||||
Earnings Summary | ||||||||||
Net interest income | $ | 13,053 | $ | 13,457 | $ | 8,931 | ||||
Less: provision for loan losses | — | 695 | 367 | |||||||
Total non-interest income | 10,615 | 9,954 | 7,767 | |||||||
Total non-interest expense | 15,629 | 15,614 | 14,647 | |||||||
Income before income taxes | 8,039 | 7,102 | 1,684 | |||||||
Income tax expense | 2,040 | 2,228 | 350 | |||||||
Net income available to common shareholders | 5,999 | 4,874 | 1,334 | |||||||
Adjusted net income available to common shareholders(1) | 5,999 | 4,874 | 1,772 | |||||||
Basic earnings per common share | 0.76 | 0.61 | 0.17 | |||||||
Adjusted basic earnings per common share(1) | 0.76 | 0.61 | 0.23 | |||||||
Diluted earnings per common share | 0.74 | 0.61 | 0.17 | |||||||
Adjusted diluted earnings per common share(1) | $ | 0.74 | $ | 0.61 | $ | 0.22 | ||||
Return on average assets (annualized) | 1.16 | % | 0.99 | % | 0.43 | % | ||||
Adjusted return on average assets (annualized)(1) | 1.16 | 0.99 | 0.57 | |||||||
Return on average shareholders' equity (annualized) | 14.95 | 12.62 | 4.09 | |||||||
Adjusted return on average shareholders' equity (annualized)(1) | 14.95 | 12.62 | 5.43 | |||||||
Return on tangible common equity (annualized)(1) | 17.49 | 14.92 | 5.03 | |||||||
Adjusted return on tangible common equity (annualized)(1) | 17.49 | 14.92 | 6.69 | |||||||
Net interest margin | 2.90 | 3.07 | 3.14 | |||||||
Efficiency ratio(1) | 66.02 | % | 66.62 | % | 84.39 | % |
(1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.
Operating Results for the First Quarter 2021
Revenue
Gross revenue (1) was
Relative to the first quarter of 2020, gross revenue increased
(1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.
Net Interest Income
Net interest income for the first quarter of 2021 was
Relative to the first quarter of 2020, net interest income increased 46.2% from
Net Interest Margin
Net interest margin for the first quarter of 2021 decreased to 2.90% from 3.07% in the fourth quarter of 2020. Net interest margin was negatively impacted by a more liquid balance sheet mix resulting from continued strong deposit growth, which resulted in lower interest earning asset yields. On a net basis, the PPP program also negatively impacted net interest margin by 6 basis points. This was driven by amortization of SBA fee income and deferred loan origination expense of
The cost of interest-bearing deposits decreased to 0.33% in the first quarter of 2021, from 0.37% in the fourth quarter of 2020, while the yield on interest-earning assets decreased to 3.22% in the first quarter of 2021, from 3.41% in the fourth quarter of 2020. The decline during the period was primarily due to a decrease in loan fees recognized on PPP loans, a more liquid balance sheet mix resulting from continued strong deposit growth, and two fewer days of interest accruals in the first quarter.
Relative to the first quarter of 2020, the net interest margin decreased from 3.14%, primarily due to an 82 basis point reduction in average yields on interest earning assets resulting from lower market rates and a more liquid mix of earning assets.
Non-interest Income
Non-interest income for the first quarter of 2021 was
Relative to the first quarter of 2020, non-interest income increased 36.7% from
Non-interest Expense
Non-interest expense for the first quarter of 2021 was flat from the fourth quarter of 2020 at
Non-interest expense increased 6.7% from
The Company’s efficiency ratio(1) was 66.0% in the first quarter of 2021, compared with 66.6% in the fourth quarter of 2020 and 84.4% in the first quarter of 2020.
(1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.
Income Taxes
The Company recorded income tax expense of
Loan Portfolio
Total loans, including mortgage loans held for sale, were
Total loans held for investment, were
PPP loans were
Deposits
Total deposits were
Average total deposits for the first quarter of 2021 increased
Borrowings
Assets Under Management
Total assets under management (“AUM”) increased by
Credit Quality
Non-performing assets totaled
The Company did not record a provision for loan losses in the first quarter of 2021, compared to a provision of
Capital
As of
2021 | |||
Tier 1 capital to risk-weighted assets | 10.31 | % | |
Common Equity Tier 1 ("CET1") to risk-weighted assets | 10.31 | ||
Total capital to risk-weighted assets | 13.11 | ||
Tier 1 capital to average assets | 7.35 | ||
Tier 1 capital to risk-weighted assets | 10.60 | ||
CET1 to risk-weighted assets | 10.60 | ||
Total capital to risk-weighted assets | 11.57 | ||
Tier 1 capital to average assets | 7.53 | % |
Book value per common share increased 24.8% from
Tangible book value per common share (1) increased 28.8% from
The Company did not repurchase any shares of its common stock during the first quarter of 2021 under its stock repurchase program, which authorized the repurchase of up to 400,000 shares of its common stock. As of
(1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.
Conference Call, Webcast and Slide Presentation
The Company will host a conference call and webcast at
A slide presentation relating to the first quarter 2021 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
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
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,” “outlook,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “opportunity,” “could,” or “may.” The forward-looking statements in this news release are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this news release and could cause us to make changes to our future plans. Those risks and uncertainties include, without limitation, the COVID-19 pandemic and its effects; integration risks in connection with acquisitions; the risk of geographic concentration in
Contacts:
310-622-8221
MYFW@finprofiles.com
IR@myfw.com
Consolidated Financial Summary (unaudited)
Three Months Ended | |||||||||
(Dollars in thousands, except per share amounts) | 2021 | 2020 | 2020 | ||||||
Interest and dividend income: | |||||||||
Loans, including fees | $ | 14,212 | $ | 14,656 | $ | 11,002 | |||
Investment securities | 196 | 186 | 295 | ||||||
Federal funds sold and other | 91 | 100 | 215 | ||||||
Total interest and dividend income | 14,499 | 14,942 | 11,512 | ||||||
Interest expense: | |||||||||
Deposits | 974 | 1,015 | 2,393 | ||||||
Other borrowed funds | 472 | 470 | 188 | ||||||
Total interest expense | 1,446 | 1,485 | 2,581 | ||||||
Net interest income | 13,053 | 13,457 | 8,931 | ||||||
Less: provision for loan losses | — | 695 | 367 | ||||||
Net interest income, after provision for loan losses | 13,053 | 12,762 | 8,564 | ||||||
Non-interest income: | |||||||||
Trust and investment management fees | 4,847 | 4,868 | 4,731 | ||||||
Net gain on mortgage loans | 5,196 | 4,318 | 2,481 | ||||||
Bank fees | 373 | 391 | 368 | ||||||
Risk management and insurance fees | 51 | 287 | 96 | ||||||
Income on company-owned life insurance | 88 | 90 | 91 | ||||||
Other | 60 | — | — | ||||||
Total non-interest income | 10,615 | 9,954 | 7,767 | ||||||
Total income before non-interest expense | 23,668 | 22,716 | 16,331 | ||||||
Non-interest expense: | |||||||||
Salaries and employee benefits | 9,861 | 9,401 | 8,482 | ||||||
Occupancy and equipment | 1,409 | 1,435 | 1,440 | ||||||
Professional services | 1,279 | 1,493 | 1,023 | ||||||
Technology and information systems | 942 | 1,041 | 969 | ||||||
Data processing | 1,015 | 1,078 | 847 | ||||||
Marketing | 321 | 415 | 415 | ||||||
Amortization of other intangible assets | 4 | 4 | 2 | ||||||
Net loss on assets held for sale | — | — | 553 | ||||||
Provision on other real estate owned | — | 76 | — | ||||||
Other | 798 | 671 | (1) | 916 | |||||
Total non-interest expense | 15,629 | 15,614 | 14,647 | ||||||
Income before income taxes | 8,039 | 7,102 | 1,684 | ||||||
Income tax expense | 2,040 | 2,228 | 350 | ||||||
Net income available to common shareholders | $ | 5,999 | $ | 4,874 | $ | 1,334 | |||
Earnings per common share: | |||||||||
Basic | $ | 0.76 | $ | 0.61 | $ | 0.17 | |||
Diluted | $ | 0.74 | $ | 0.61 | $ | 0.17 |
(1) Includes a
Consolidated Financial Summary (unaudited)
(Dollars in thousands) | 2021 | 2020 | 2020 | ||||||
ASSETS | |||||||||
Cash and cash equivalents: | |||||||||
Cash and due from banks | $ | 2,295 | $ | 2,405 | $ | 4,076 | |||
Interest-bearing deposits in other financial institutions | 373,641 | 153,584 | 114,438 | ||||||
Total cash and cash equivalents | 375,936 | 155,989 | 118,514 | ||||||
Available-for-sale securities, at fair value | 30,843 | 36,666 | 52,500 | ||||||
Correspondent bank stock, at cost | 2,576 | 2,552 | 1,158 | ||||||
Mortgage loans held for sale | 176,644 | 161,843 | 64,120 | ||||||
Loans, net of allowance of |
1,531,387 | 1,520,294 | 1,035,709 | ||||||
Premises and equipment, net | 5,778 | 5,320 | 5,148 | ||||||
Accrued interest receivable | 6,852 | 6,618 | 3,107 | ||||||
Accounts receivable | 10,175 | 4,865 | 4,669 | ||||||
Other receivables | 3,254 | 1,422 | 1,058 | ||||||
Other real estate owned, net | — | 194 | 658 | ||||||
24,254 | 24,258 | 19,712 | |||||||
Deferred tax assets, net | 6,073 | 6,056 | 5,036 | ||||||
Company-owned life insurance | 15,537 | 15,449 | 15,177 | ||||||
Other assets | 22,269 | 32,129 | 24,297 | ||||||
Assets held for sale | — | — | 3,000 | ||||||
Total assets | $ | 2,211,578 | $ | 1,973,655 | $ | 1,353,863 | |||
LIABILITIES | |||||||||
Deposits: | |||||||||
Noninterest-bearing | $ | 593,388 | $ | 481,457 | $ | 270,604 | |||
Interest-bearing | 1,214,437 | 1,138,453 | 907,846 | ||||||
Total deposits | 1,807,825 | 1,619,910 | 1,178,450 | ||||||
Borrowings: | |||||||||
FHLB and |
198,041 | 149,563 | 10,000 | ||||||
Subordinated notes | 24,248 | 24,291 | 14,459 | ||||||
Accrued interest payable | 612 | 453 | 417 | ||||||
Other liabilities | 19,413 | 24,476 | 21,708 | ||||||
Liabilities held for sale | — | — | 126 | ||||||
Total liabilities | 2,050,139 | 1,818,693 | 1,225,160 | ||||||
SHAREHOLDERS’ EQUITY | |||||||||
Total shareholders’ equity | 161,439 | 154,962 | 128,703 | ||||||
Total liabilities and shareholders’ equity | $ | 2,211,578 | $ | 1,973,655 | $ | 1,353,863 |
Consolidated Financial Summary (unaudited)
(Dollars in thousands) | 2021 | 2020 | 2020 | ||||||||
Loan Portfolio | |||||||||||
Cash, Securities and Other(1) | $ | 363,155 | $ | 357,020 | $ | 147,157 | |||||
Construction and Development | 110,024 | 131,111 | 25,461 | ||||||||
1-4 Family Residential | 452,591 | 455,038 | 412,306 | ||||||||
Non-Owner Occupied CRE | 317,457 | 281,943 | 192,350 | ||||||||
Owner Occupied CRE | 161,787 | 163,042 | 121,138 | ||||||||
Commercial and Industrial | 141,770 | 146,031 | 144,066 | ||||||||
Total loans held for investment | 1,546,784 | 1,534,185 | 1,042,478 | ||||||||
Deferred (fees) costs and unamortized premiums/(unaccreted discounts), net | (2,858 | ) | (1,352 | ) | 1,473 | ||||||
Gross loans | $ | 1,543,926 | $ | 1,532,833 | $ | 1,043,951 | |||||
Mortgage loans held for sale | $ | 176,644 | $ | 161,843 | $ | 64,120 | |||||
Deposit Portfolio | |||||||||||
Money market deposit accounts | $ | 918,940 | $ | 847,430 | $ | 671,641 | |||||
Time deposits | 157,072 | 172,682 | 150,190 | ||||||||
Negotiable order of withdrawal accounts | 130,540 | 113,052 | 82,092 | ||||||||
Savings accounts | 7,885 | 5,289 | 3,923 | ||||||||
Total interest-bearing deposits | 1,214,437 | 1,138,453 | 907,846 | ||||||||
Noninterest-bearing accounts | 593,388 | 481,457 | 270,604 | ||||||||
Total deposits | $ | 1,807,825 | $ | 1,619,910 | $ | 1,178,450 |
(1) Includes PPP loans.
Consolidated Financial Summary (unaudited) (continued)
As of and for the Three Months Ended | |||||||||||||
(Dollars in thousands) | 2021 | 2020 | 2020 | ||||||||||
Average Balance Sheets | |||||||||||||
Assets | |||||||||||||
Interest-earning assets: | |||||||||||||
Interest-bearing deposits in other financial institutions | $ | 213,577 | $ | 194,179 | $ | 68,035 | |||||||
Available-for-sale securities | 31,935 | 37,512 | 55,208 | ||||||||||
Loans | 1,554,990 | 1,522,947 | 1,016,148 | ||||||||||
Interest-earning assets | 1,800,502 | 1,754,638 | 1,139,391 | ||||||||||
Mortgage loans held for sale | 175,891 | 120,554 | 37,798 | ||||||||||
Total interest-earning assets, plus mortgage loans held for sale | 1,976,393 | 1,875,192 | 1,177,189 | ||||||||||
Allowance for loan losses | (12,541 | ) | (12,077 | ) | (8,010 | ) | |||||||
Noninterest-earning assets | 100,415 | 103,961 | 84,054 | ||||||||||
Total assets | $ | 2,064,267 | $ | 1,967,076 | $ | 1,253,233 | |||||||
Liabilities and Shareholders’ Equity | |||||||||||||
Interest-bearing liabilities: | |||||||||||||
Interest-bearing deposits | $ | 1,163,010 | $ | 1,094,317 | $ | 830,736 | |||||||
FHLB and |
137,626 | 192,448 | 10,495 | ||||||||||
Subordinated notes | 24,259 | 18,443 | 7,854 | ||||||||||
Total interest-bearing liabilities | 1,324,895 | 1,305,208 | 849,085 | ||||||||||
Noninterest-bearing liabilities: | |||||||||||||
Noninterest-bearing deposits | 557,707 | 483,115 | 253,813 | ||||||||||
Other liabilities | 21,151 | 24,311 | 19,874 | ||||||||||
Total noninterest-bearing liabilities | 578,858 | 507,426 | 273,687 | ||||||||||
Total shareholders’ equity | 160,514 | 154,442 | 130,461 | ||||||||||
Total liabilities and shareholders’ equity | $ | 2,064,267 | $ | 1,967,076 | $ | 1,253,233 | |||||||
Yields (annualized) | |||||||||||||
Interest-bearing deposits in other financial institutions | 0.17 | % | 0.21 | % | 1.26 | % | |||||||
Available-for-sale securities | 2.45 | 1.98 | 2.14 | ||||||||||
Loans | 3.66 | 3.85 | 4.33 | ||||||||||
Interest-earning assets | 3.22 | 3.41 | 4.04 | ||||||||||
Mortgage loans held for sale | 2.62 | 2.88 | 3.45 | ||||||||||
Total interest-earning assets, plus mortgage loans held for sale | 3.17 | 3.37 | 4.02 | ||||||||||
Interest-bearing deposits | 0.33 | 0.37 | 1.15 | ||||||||||
FHLB and |
0.38 | 0.42 | 1.95 | ||||||||||
Subordinated notes | 5.61 | 5.86 | 6.97 | ||||||||||
Total interest-bearing liabilities | 0.44 | 0.46 | 1.22 | ||||||||||
Net interest margin | 2.90 | 3.07 | 3.14 | ||||||||||
Net interest rate spread | 2.78 | % | 2.95 | % | 2.83 | % |
Consolidated Financial Summary (unaudited) (continued)
As of and for the Three Months Ended | ||||||||||
(Dollars in thousands, except share and per share amounts) | 2021 | 2020 | 2020 | |||||||
Asset Quality | ||||||||||
Non-performing loans | $ | 4,021 | $ | 4,058 | $ | 10,451 | ||||
Non-performing assets | 4,021 | 4,252 | 11,109 | |||||||
Net charge-offs | $ | — | $ | 1 | $ | — | ||||
Non-performing loans to total loans | 0.26 | % | 0.26 | % | 1.00 | % | ||||
Non-performing assets to total assets | 0.18 | 0.22 | 0.82 | |||||||
Allowance for loan losses to non-performing loans | 311.84 | 308.99 | 78.86 | |||||||
Allowance for loan losses to total loans | 0.81 | 0.82 | 0.79 | |||||||
Allowance for loan losses to bank originated loans excluding PPP(1) | 1.01 | 0.98 | 0.79 | |||||||
Net charge-offs to average loans | 0.00 | % (2) | 0.00 | % (2) | — | % | ||||
Assets Under Management | $ | 6,485,647 | $ | 6,255,336 | $ | 5,636,500 | ||||
Market Data | ||||||||||
Book value per share at period end | 20.29 | 19.49 | 16.26 | |||||||
Tangible book value per common share(1) | $ | 17.24 | $ | 16.44 | $ | 13.39 | ||||
Weighted average outstanding shares, basic | 7,935,664 | 7,930,854 | 7,863,564 | |||||||
Weighted average outstanding shares, diluted | 8,098,680 | 8,015,780 | 7,930,611 | |||||||
Shares outstanding at period end | 7,957,900 | 7,951,773 | 7,917,489 | |||||||
Tier 1 capital to risk-weighted assets | 10.31 | % | 9.96 | % | 10.96 | % | ||||
CET1 to risk-weighted assets | 10.31 | 9.96 | 10.96 | |||||||
Total capital to risk-weighted assets | 13.11 | 12.80 | 13.31 | |||||||
Tier 1 capital to average assets | 7.35 | 7.45 | 8.81 | |||||||
Tier 1 capital to risk-weighted assets | 10.60 | 10.22 | 10.35 | |||||||
CET1 to risk-weighted assets | 10.60 | 10.22 | 10.35 | |||||||
Total capital to risk-weighted assets | 11.57 | 11.20 | 11.23 | |||||||
Tier 1 capital to average assets | 7.53 | % | 7.62 | % | 8.33 | % |
(1) Represents a Non-GAAP financial measure. See “Reconciliation of Non-GAAP Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.
(2) Value results in an immaterial amount.
Consolidated Financial Summary (unaudited) (continued)
Reconciliations of Non-GAAP Financial Measures
As of and for the Three Months Ended | |||||||||||
(Dollars in thousands, except share and per share amounts) | 2021 | 2020 |
2020 | ||||||||
Tangible Common | |||||||||||
Total shareholders' equity | $ | 161,439 | $ | 154,962 | $ | 128,703 | |||||
Less: goodwill and other intangibles, net | 24,254 | 24,258 | 19,712 | ||||||||
Less: intangibles held for sale(1) | — | — | 3,000 | ||||||||
Tangible common equity | $ | 137,185 | $ | 130,704 | $ | 105,991 | |||||
Common shares outstanding, end of period | 7,957,900 | 7,951,773 | 7,917,489 | ||||||||
Tangible common book value per share | $ | 17.24 | $ | 16.44 | $ | 13.39 | |||||
Net income available to common shareholders | $ | 5,999 | $ | 4,874 | $ | 1,334 | |||||
Return on tangible common equity (annualized) | 17.49 | % | 14.92 | % | 5.03 | % | |||||
Efficiency | |||||||||||
Non-interest expense | $ | 15,629 | $ | 15,614 | $ | 14,647 | |||||
Less: amortization | 4 | 4 | 2 | ||||||||
Less: provision on other real estate owned | — | 76 | — | ||||||||
Less: loss on assets held for sale | — | — | 553 | ||||||||
Plus: gain on sale of LA fixed income team | — | (62 | ) | — | |||||||
Adjusted non-interest expense | $ | 15,625 | $ | 15,596 | $ | 14,092 | |||||
Net interest income | $ | 13,053 | $ | 13,457 | $ | 8,931 | |||||
Non-interest income | 10,615 | 9,954 | 7,767 | ||||||||
Total income | $ | 23,668 | $ | 23,411 | $ | 16,698 | |||||
Efficiency ratio | 66.02 | % | 66.62 | % | 84.39 | % | |||||
Gross Revenue | |||||||||||
Total income before non-interest expense | $ | 23,668 | $ | 22,716 | $ | 16,331 | |||||
Plus: provision for loan losses | — | 695 | 367 | ||||||||
Gross revenue | $ | 23,668 | $ | 23,411 | $ | 16,698 | |||||
Allowance to Bank Originated Loans Excluding PPP | |||||||||||
Total loans held for investment | $ | 1,546,784 | $ | 1,534,185 | $ | 1,042,478 | |||||
Less: loans acquired | 120,839 | 127,233 | — | ||||||||
Less: bank originated PPP loans | 183,005 | 130,019 | — | ||||||||
Bank originated loans excluding PPP | $ | 1,242,940 | $ | 1,276,933 | $ | 1,042,478 | |||||
Allowance for loan losses | $ | 12,539 | $ | 12,539 | $ | 8,242 | |||||
Allowance for loan losses to bank originated loans excluding PPP | 1.01 | % | 0.98 | % | 0.79 | % |
(1) Represents only the intangible portion of Assets held for sale.
Consolidated Financial Summary (unaudited) (continued)
As of and for the Three Months Ended | ||||||||||
(Dollars in thousands, except share and per share data) | 2021 | 2020 | 2020 | |||||||
Adjusted Net Income Available to Common Shareholders | ||||||||||
Net income available to common shareholders | $ | 5,999 | $ | 4,874 | $ | 1,334 | ||||
Plus: loss on intangibles held for sale, net of tax impact | — | — | 438 | |||||||
Adjusted net income available to shareholders | $ | 5,999 | $ | 4,874 | $ | 1,772 | ||||
Adjusted Basic Earnings Per Share | ||||||||||
Basic earnings per share | $ | 0.76 | $ | 0.61 | $ | 0.17 | ||||
Plus: loss on intangibles held for sale | — | — | 0.06 | |||||||
Adjusted basic earnings per share | $ | 0.76 | $ | 0.61 | $ | 0.23 | ||||
Adjusted Diluted Earnings Per Share | ||||||||||
Diluted earnings per share | $ | 0.74 | $ | 0.61 | $ | 0.17 | ||||
Plus: loss on intangibles held for sale | — | — | 0.05 | |||||||
Adjusted diluted earnings per share | $ | 0.74 | $ | 0.61 | $ | 0.22 | ||||
Adjusted Return on Average Assets (annualized) | ||||||||||
Return on average assets | 1.16 | % | 0.99 | % | 0.43 | % | ||||
Plus: loss on intangibles held for sale | — | — | 0.14 | |||||||
Adjusted return on average assets | 1.16 | % | 0.99 | % | 0.57 | % | ||||
Adjusted Return on Average Shareholders' Equity (annualized) | ||||||||||
Return on average shareholders' equity | 14.95 | % | 12.62 | % | 4.09 | % | ||||
Plus: loss on intangibles held for sale | — | — | 1.34 | |||||||
Adjusted return on average shareholders' equity | 14.95 | % | 12.62 | % | 5.43 | % | ||||
Adjusted Return on Tangible Common Equity (annualized) | ||||||||||
Return on tangible common equity | 17.49 | % | 14.92 | % | 5.03 | % | ||||
Plus: loss on intangibles held for sale | — | — | 1.66 | |||||||
Adjusted return on tangible common equity | 17.49 | % | 14.92 | % | 6.69 | % |
Source: First Western Financial, Inc.