Press Release
First Western Reports Fourth Quarter 2020 Financial Results
Fourth Quarter 2020 Summary
- Net income available to common shareholders of
$4.9 million in Q4 2020, compared to$9.6 million in Q3 2020 and$2.6 million in Q4 2019 - Diluted EPS of
$0.61 in Q4 2020, compared to$1.21 in Q3 2020 and$0.32 in Q4 2019 - Gross revenue(1) of
$23.4 million in Q4 2020, compared to$31.0 million in Q3 2020 and$16.2 million in Q4 2019 - Net interest margin, including the impact of Paycheck Protection Program (“PPP”) loans, was consistent with Q3 2020 at 3.07% and an increase from 2.91% in Q4 2019
- Total assets of
$1.97 billion , remained relatively flat from Q3 2020 and up 57.7% from Q4 2019 - Total deposits of
$1.62 billion , up 3.6% from Q3 2020 and 49.1% from Q4 2019 - Gross loans of
$1.53 billion , up 1.8% from Q3 2020 and 53.6% from Q4 2019 - Loans under active COVID-19 loan modification agreements declined 96.7% from
$63.0 million in Q3 2020, to$2.1 million in Q4 2020 - Non-performing assets to total assets declined to 0.22% from 0.53% in Q3 2020 and 1.03% in Q4 2019
(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
“We also continued to see positive trends in asset quality, which reflects the strength of our borrowers and our conservative underwriting. Our total non-performing assets declined by approximately 60% from the end of the prior quarter, while only a small number of loans remain on deferral. We continue to closely monitor our borrowers and have not seen any meaningful deterioration in credit quality resulting from the recent surge in COVID-19 cases.
“We believe we are well positioned to generate another year of strong balance sheet growth in 2021, as our commercial banking initiative gains additional traction and we continue to have success competing against and taking business from larger banks. With the growth we have seen in our commercial client roster over the past year, we also believe that we have good opportunities to expand those relationships to include other products and services across the First Western banking and wealth management platform. As we continue to grow our balance sheet and expand client relationships, we expect to realize additional operating leverage, consistently deliver strong returns, and further enhance the value of the First Western franchise in the years to come,” said
For the Three Months Ended | ||||||||||
(Dollars in thousands, except per share data) | 2020 | 2020 | 2019 | |||||||
Earnings Summary | ||||||||||
Net interest income | $ | 13,457 | $ | 12,918 | $ | 8,190 | ||||
Less: provision for loan losses | 695 | 1,496 | 447 | |||||||
Total non-interest income | 9,954 | 18,032 | 8,228 | |||||||
Total non-interest expense | 15,614 | 16,632 | 13,082 | |||||||
Income before income taxes | 7,102 | 12,822 | 2,889 | |||||||
Income tax expense | 2,228 | 3,192 | 317 | |||||||
Net income available to common shareholders | 4,874 | 9,630 | 2,572 | |||||||
Basic earnings per common share | 0.61 | 1.22 | 0.33 | |||||||
Diluted earnings per common share | 0.61 | 1.21 | 0.32 | |||||||
Return on average assets (annualized) | 0.99 | % | 2.06 | % | 0.82 | % | ||||
Return on average shareholders' equity (annualized) | 12.62 | 26.43 | 8.06 | |||||||
Return on tangible common equity (annualized)(1) | 14.92 | 31.49 | 9.85 | |||||||
Net interest margin | 3.07 | 3.07 | 2.91 | |||||||
Efficiency ratio(1) | 66.62 | % | 53.40 | % | 80.54 | % |
__________________________________________
(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 Fourth Quarter 2020
Revenue
Gross revenue (1) was
Relative to the fourth quarter of 2019, 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 fourth quarter of 2020 was
Relative to the fourth quarter of 2019, net interest income increased 64.3% from
Net Interest Margin
Net interest margin for the fourth quarter of 2020 remained flat from the third quarter of 2020, at 3.07%. On a net basis, the PPP program negatively impacted net interest margin by 12 basis points. This was primarily driven by amortization of SBA fee income and deferred loan origination expense of
Relative to the fourth quarter of 2019, the net interest margin increased from 2.91%, primarily due to an 84 basis point decline in cost of deposits, partially offset by a 62 basis point reduction in average yields on interest earning assets.
Non-interest Income
Non-interest income for the fourth quarter of 2020 was
Relative to the fourth quarter of 2019, non-interest income increased 21.0% from
Non-interest Expense
Non-interest expense for the fourth quarter of 2020 was
Non-interest expense increased 19.4% from
The Company’s efficiency ratio(1) was 66.6% in the fourth quarter of 2020, compared with 53.4% in the third quarter of 2020 and 80.5% in the fourth quarter of 2019.
(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 fourth quarter of 2020 increased
Borrowings
Assets Under Management
Total assets under management (“AUM”) increased by
Credit Quality
Non-performing assets totaled
As a result of the COVID-19 pandemic, a loan modification program was designed and implemented to assist our clients experiencing financial stress resulting from the economic impacts caused by the global pandemic. The Company offered loan extensions, temporary payment moratoriums, and financial covenant waivers for commercial and consumer borrowers impacted by the pandemic who had a pass risk rating and had not been delinquent over 30 days on payments in the last two years. As of
As of
The Company continues to meet regularly with clients who could be more highly impacted by the COVID-19 pandemic. The Company receives and reviews current financial data and cash flow forecasts from borrowers with loan modification agreements. As of
The Company recorded a provision for loan losses of
Capital
As of
2020 | |||
Tier 1 capital to risk-weighted assets | 9.96 | % | |
Common Equity Tier 1 (CET1) to risk-weighted assets | 9.96 | ||
Total capital to risk-weighted assets | 12.80 | ||
Tier 1 capital to average assets | 7.45 | ||
Tier 1 capital to risk-weighted assets | 10.22 | ||
Common Equity Tier 1 (CET1) to risk-weighted assets | 10.22 | ||
Total capital to risk-weighted assets | 11.20 | ||
Tier 1 capital to average assets | 7.62 | % |
Book value per common share increased 21.2% from
Tangible book value per common share (1) increased 25.0% from
During the fourth quarter of 2020, the Company repurchased 426 shares of its common stock at an average price of
During the fourth quarter of 2020, the Company completed a subordinated debt offering, raising
(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 fourth quarter 2020 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) | 2020 | 2020 | 2019 | ||||||
Interest and dividend income: | |||||||||
Loans, including fees | $ | 14,656 | $ | 14,138 | $ | 10,554 | |||
Investment securities | 186 | 173 | 321 | ||||||
Federal funds sold and other | 100 | 99 | 478 | ||||||
Total interest and dividend income | 14,942 | 14,410 | 11,353 | ||||||
Interest expense: | |||||||||
Deposits | 1,015 | 1,067 | 2,995 | ||||||
Other borrowed funds | 470 | 425 | 168 | ||||||
Total interest expense | 1,485 | 1,492 | 3,163 | ||||||
Net interest income | 13,457 | 12,918 | 8,190 | ||||||
Less: provision for loan losses | 695 | 1,496 | 447 | ||||||
Net interest income, after provision for loan losses | 12,762 | 11,422 | 7,743 | ||||||
Non-interest income: | |||||||||
Trust and investment management fees | 4,868 | 4,814 | 4,748 | ||||||
Net gain on mortgage loans | 4,318 | 12,304 | 2,577 | ||||||
Bank fees | 391 | 340 | 261 | ||||||
Risk management and insurance fees | 287 | 483 | 367 | ||||||
Net gain on sale of assets | — | — | 183 | ||||||
Income on company-owned life insurance | 90 | 91 | 92 | ||||||
Total non-interest income | 9,954 | 18,032 | 8,228 | ||||||
Total income before non-interest expense | 22,716 | 29,454 | 15,971 | ||||||
Non-interest expense: | |||||||||
Salaries and employee benefits | 9,401 | 10,212 | 7,990 | ||||||
Occupancy and equipment | 1,435 | 1,619 | 1,369 | ||||||
Professional services | 1,493 | 1,288 | 962 | ||||||
Technology and information systems | 1,041 | 1,032 | 928 | ||||||
Data processing | 1,078 | 1,038 | 783 | ||||||
Marketing | 415 | 395 | 300 | ||||||
Amortization of other intangible assets | 4 | 4 | 7 | ||||||
Provision on other real estate owned | 76 | 100 | — | ||||||
Other(1) | 671 | 944 | 743 | ||||||
Total non-interest expense | 15,614 | 16,632 | 13,082 | ||||||
Income before income taxes | 7,102 | 12,822 | 2,889 | ||||||
Income tax expense | 2,228 | 3,192 | 317 | ||||||
Net income available to common shareholders | $ | 4,874 | $ | 9,630 | $ | 2,572 | |||
Earnings per common share: | |||||||||
Basic | $ | 0.61 | $ | 1.22 | $ | 0.33 | |||
Diluted | $ | 0.61 | $ | 1.21 | $ | 0.32 |
_____________________________________
(1) Includes a
(Dollars in thousands) | 2020 | 2020 | 2019 | ||||||
ASSETS | |||||||||
Cash and cash equivalents: | |||||||||
Cash and due from banks | $ | 2,405 | $ | 2,867 | $ | 4,180 | |||
Interest-bearing deposits in other financial institutions | 153,584 | 247,491 | 74,458 | ||||||
Total cash and cash equivalents | 155,989 | 250,358 | 78,638 | ||||||
Available-for-sale securities, at fair value | 36,666 | 40,654 | 58,903 | ||||||
Correspondent bank stock, at cost | 2,552 | 1,295 | 585 | ||||||
Mortgage loans held for sale | 161,843 | 89,872 | 48,312 | ||||||
Loans, net of allowance of |
1,520,294 | 1,494,231 | 990,132 | ||||||
Premises and equipment, net | 5,320 | 5,116 | 5,218 | ||||||
Accrued interest receivable | 6,618 | 6,730 | 3,048 | ||||||
Accounts receivable | 4,865 | 4,821 | 5,238 | ||||||
Other receivables | 1,422 | 1,497 | 1,006 | ||||||
Other real estate owned, net | 194 | 558 | 658 | ||||||
24,191 | 24,191 | 19,686 | |||||||
Other intangible assets, net | 67 | 72 | 28 | ||||||
Deferred tax assets, net | 6,056 | 6,405 | 5,047 | ||||||
Company-owned life insurance | 15,449 | 15,359 | 15,086 | ||||||
Other assets | 32,129 | 28,738 | 16,544 | ||||||
Assets held for sale | — | 3,000 | 3,553 | ||||||
Total assets | $ | 1,973,655 | $ | 1,972,897 | $ | 1,251,682 | |||
LIABILITIES | |||||||||
Deposits: | |||||||||
Noninterest-bearing | $ | 481,457 | $ | 472,963 | $ | 240,068 | |||
Interest-bearing | 1,138,453 | 1,090,709 | 846,716 | ||||||
Total deposits | 1,619,910 | 1,563,672 | 1,086,784 | ||||||
Borrowings: | |||||||||
Federal Home Loan Bank Topeka and |
149,563 | 222,075 | 10,000 | ||||||
Subordinated notes | 24,291 | 14,447 | 6,560 | ||||||
Accrued interest payable | 453 | 347 | 299 | ||||||
Other liabilities | 24,476 | 22,639 | 20,244 | ||||||
Liabilities held for sale | — | 141 | 117 | ||||||
Total liabilities | 1,818,693 | 1,823,321 | 1,124,004 | ||||||
SHAREHOLDERS’ EQUITY | |||||||||
Total shareholders’ equity | 154,962 | 149,576 | 127,678 | ||||||
Total liabilities and shareholders’ equity | $ | 1,973,655 | $ | 1,972,897 | $ | 1,251,682 | |||
(Dollars in thousands) | 2020 | 2020 | 2019 | ||||||||
Loan Portfolio | |||||||||||
Cash, Securities and Other(1) | $ | 357,020 | $ | 371,481 | $ | 146,701 | |||||
Construction and Development | 131,111 | 105,717 | 28,120 | ||||||||
1-4 Family Residential | 455,038 | 446,959 | 400,134 | ||||||||
Non-Owner Occupied CRE | 281,943 | 243,564 | 165,179 | ||||||||
Owner Occupied CRE | 163,042 | 154,138 | 127,968 | ||||||||
Commercial and Industrial | 146,031 | 185,625 | 128,457 | ||||||||
Total loans held for investment | 1,534,185 | 1,507,484 | 996,559 | ||||||||
Deferred (fees) costs and unamortized premiums/(unaccreted discounts), net | (1,352 | ) | (1,408 | ) | 1,448 | ||||||
Gross loans | $ | 1,532,833 | $ | 1,506,076 | $ | 998,007 | |||||
Total mortgage loans held for sale | $ | 161,843 | $ | 89,872 | $ | 48,312 | |||||
Deposit Portfolio | |||||||||||
Money market deposit accounts | $ | 847,430 | $ | 805,634 | $ | 615,575 | |||||
Time deposits | 172,682 | 177,391 | 134,913 | ||||||||
Negotiable order of withdrawal accounts | 113,052 | 101,708 | 91,921 | ||||||||
Savings accounts | 5,289 | 5,976 | 4,307 | ||||||||
Total interest-bearing deposits | 1,138,453 | 1,090,709 | 846,716 | ||||||||
Noninterest-bearing accounts | 481,457 | 472,963 | 240,068 | ||||||||
Total deposits | $ | 1,619,910 | $ | 1,563,672 | $ | 1,086,784 |
_____________________________________
(1) Includes PPP loans.
As of and for the Three Months Ended | |||||||||||||
(Dollars in thousands) | 2020 | 2020 | 2019 | ||||||||||
Average Balance Sheets | |||||||||||||
Assets | |||||||||||||
Interest-earning assets: | |||||||||||||
Interest-bearing deposits in other financial institutions | $ | 194,179 | $ | 178,756 | $ | 108,245 | |||||||
Available-for-sale securities | 37,512 | 40,528 | 58,745 | ||||||||||
Loans | 1,522,947 | 1,462,872 | 958,497 | ||||||||||
Interest-earning assets | 1,754,638 | 1,682,156 | 1,125,487 | ||||||||||
Mortgage loans held for sale | 120,554 | 94,714 | 59,813 | ||||||||||
Total interest-earning assets, plus mortgage loans held for sale | 1,875,192 | 1,776,870 | 1,185,300 | ||||||||||
Allowance for loan losses | (12,077 | ) | (10,965 | ) | (7,756 | ) | |||||||
Noninterest-earning assets | 103,961 | 101,874 | 78,934 | ||||||||||
Total assets | $ | 1,967,076 | $ | 1,867,779 | $ | 1,256,478 | |||||||
Liabilities and Shareholders’ Equity | |||||||||||||
Interest-bearing liabilities: | |||||||||||||
Interest-bearing deposits | $ | 1,094,317 | $ | 1,045,321 | $ | 865,489 | |||||||
Federal Home Loan Bank Topeka and |
192,448 | 222,225 | 10,000 | ||||||||||
Subordinated notes | 18,443 | 14,445 | 6,560 | ||||||||||
Total interest-bearing liabilities | 1,305,208 | 1,281,991 | 882,049 | ||||||||||
Noninterest-bearing liabilities: | |||||||||||||
Noninterest-bearing deposits | 483,115 | 417,502 | 226,948 | ||||||||||
Other liabilities | 24,311 | 22,564 | 19,912 | ||||||||||
Total noninterest-bearing liabilities | 507,426 | 440,066 | 246,860 | ||||||||||
Total shareholders’ equity | 154,442 | 145,722 | 127,569 | ||||||||||
Total liabilities and shareholders’ equity | $ | 1,967,076 | $ | 1,867,779 | $ | 1,256,478 | |||||||
Yields (annualized) | |||||||||||||
Interest-bearing deposits in other financial institutions | 0.21 | % | 0.22 | % | 1.77 | % | |||||||
Available-for-sale securities | 1.98 | 1.71 | 2.19 | ||||||||||
Loans | 3.85 | 3.87 | 4.40 | ||||||||||
Interest-earning assets | 3.41 | 3.43 | 4.03 | ||||||||||
Mortgage loans held for sale | 2.88 | 2.72 | 3.63 | ||||||||||
Total interest-earning assets, plus mortgage loans held for sale | 3.37 | 3.39 | 4.01 | ||||||||||
Interest-bearing deposits | 0.37 | 0.41 | 1.38 | ||||||||||
Federal Home Loan Bank Topeka and |
0.42 | 0.37 | 1.96 | ||||||||||
Subordinated notes | 5.86 | 6.12 | 7.26 | ||||||||||
Total interest-bearing liabilities | 0.46 | 0.47 | 1.43 | ||||||||||
Net interest margin | 3.07 | 3.07 | 2.91 | ||||||||||
Net interest rate spread | 2.95 | % | 2.96 | % | 2.60 | % | |||||||
As of and for the Three Months Ended | ||||||||||
(Dollars in thousands, except share and per share amounts) | 2020 | 2020 | 2019 | |||||||
Asset Quality | ||||||||||
Non-performing loans | $ | 4,058 | $ | 9,881 | $ | 12,270 | ||||
Non-performing assets | 4,252 | 10,439 | 12,928 | |||||||
Net charge-offs | $ | 1 | $ | 5 | $ | 248 | ||||
Non-performing loans to total loans | 0.26 | % | 0.66 | % | 1.23 | % | ||||
Non-performing assets to total assets | 0.22 | 0.53 | 1.03 | |||||||
Allowance for loan losses to non-performing loans | 308.99 | 119.88 | 64.18 | |||||||
Allowance for loan losses to total loans | 0.82 | 0.79 | 0.79 | |||||||
Allowance for loan losses to bank originated loans excluding PPP(1) | 0.98 | 1.00 | 0.79 | |||||||
Net charge-offs to average loans | 0.00 | % (2) | 0.00 | % (2) | 0.03 | % | ||||
Assets Under Management | $ | 6,255,336 | $ | 6,131,179 | $ | 6,187,707 | ||||
Market Data | ||||||||||
Book value per share at period end | $ | 19.49 | $ | 18.81 | $ | 16.08 | ||||
Tangible book value per common share(1) | $ | 16.44 | $ | 15.38 | $ | 13.15 | ||||
Weighted average outstanding shares, basic | 7,930,854 | 7,911,871 | 7,906,516 | |||||||
Weighted average outstanding shares, diluted | 8,015,780 | 7,963,736 | 7,950,279 | |||||||
Shares outstanding at period end | 7,951,773 | 7,951,749 | 7,940,168 | |||||||
Tier 1 capital to risk-weighted assets | 9.96 | % | 9.88 | % | 11.31 | % | ||||
Common Equity Tier 1 (CET1) to risk-weighted assets | 9.96 | 9.88 | 11.31 | |||||||
Total capital to risk-weighted assets | 12.80 | 12.03 | 12.87 | |||||||
Tier 1 capital to average assets | 7.45 | 7.52 | 8.58 | |||||||
Tier 1 capital to risk-weighted assets | 10.22 | 10.28 | 10.67 | |||||||
Common Equity Tier 1 (CET1) to risk-weighted assets | 10.22 | 10.28 | 10.67 | |||||||
Total capital to risk-weighted assets | 11.20 | 11.26 | 11.53 | |||||||
Tier 1 capital to average assets | 7.62 | % | 7.81 | % | 8.09 | % |
_____________________________________
(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.
Reconciliations of Non-GAAP Financial Measures | |||||||||||
As of and for the Three Months Ended | |||||||||||
(Dollars in thousands, except share and per share amounts) | 2020 | 2020 | 2019 | ||||||||
Tangible Common | |||||||||||
Total shareholders' equity | $ | 154,962 | $ | 149,576 | $ | 127,678 | |||||
Less: goodwill | 24,191 | 24,191 | 19,686 | ||||||||
Less: intangibles held for sale(1) | — | 3,000 | 3,553 | ||||||||
Less: other intangibles, net | 67 | 72 | 28 | ||||||||
Tangible common equity | $ | 130,704 | $ | 122,313 | $ | 104,411 | |||||
Common shares outstanding, end of period | 7,951,773 | 7,951,749 | 7,940,168 | ||||||||
Tangible common book value per share | $ | 16.44 | $ | 15.38 | $ | 13.15 | |||||
Net income available to common shareholders | $ | 4,874 | $ | 9,630 | $ | 2,572 | |||||
Return on tangible common equity (annualized) | 14.92 | % | 31.49 | % | 9.85 | % | |||||
Efficiency | |||||||||||
Non-interest expense | $ | 15,614 | $ | 16,632 | $ | 13,082 | |||||
Less: amortization | 4 | 4 | 7 | ||||||||
Less: provision on other real estate owned | 76 | 100 | — | ||||||||
Plus: Gain on sale of LA fixed income team | (62 | ) | — | — | |||||||
Adjusted non-interest expense | $ | 15,596 | $ | 16,528 | $ | 13,075 | |||||
Net interest income | $ | 13,457 | $ | 12,918 | $ | 8,190 | |||||
Non-interest income | 9,954 | 18,032 | 8,228 | ||||||||
Less: net gain on sale of securities | — | — | — | ||||||||
Less: net gain on sale of assets | — | — | 183 | ||||||||
Total income | $ | 23,411 | $ | 30,950 | $ | 16,235 | |||||
Efficiency ratio | 66.62 | % | 53.40 | % | 80.54 | % | |||||
Gross Revenue | |||||||||||
Total income before non-interest expense | $ | 22,716 | $ | 29,454 | $ | 15,971 | |||||
Less: net gain on sale of assets | — | — | 183 | ||||||||
Plus: provision for loan losses | 695 | 1,496 | 447 | ||||||||
Gross revenue | $ | 23,411 | $ | 30,950 | $ | 16,235 | |||||
Allowance to Bank Originated Loans Excluding PPP | |||||||||||
Total loans | $ | 1,534,185 | $ | 1,507,484 | $ | 996,559 | |||||
Less: loans acquired | 127,233 | 124,689 | — | ||||||||
Less: bank originated PPP loans | 130,019 | 193,213 | — | ||||||||
Bank originated loans excluding PPP | $ | 1,276,933 | $ | 1,189,582 | $ | 996,559 | |||||
Allowance for loan losses | $ | 12,539 | $ | 11,845 | $ | 7,875 | |||||
Allowance for loan losses to bank originated loans excluding PPP | 0.98 | % | 1.00 | % | 0.79 | % |
_____________________________________
(1) Represents only the intangible portion of assets held for sale
Source: First Western Financial, Inc.