First Western Financial, Inc (NASDAQ:MYFW) Q4 2019 Earnings Conference Call - Final Transcript

Jan 24, 2020 • 12:00 pm ET


First Western Financial, Inc (NASDAQ:MYFW) Q4 2019 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the First Western Financial Fourth Quarter 2019 Earnings Conference Call. [Operator Instructions]

After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions]

I would now like to hand the conference to your speaker today, Tony Rossi, Investor Relations. Please go ahead, sir.

Tony Rossi

Thank you, Jewel. Good morning everyone and thank you for joining us today for First Western Financial's fourth quarter 2019 earnings call. Joining us from First Western's management team are Scott Wylie, Chairman and Chief Executive Officer; and Julie Courkamp, Chief Financial Officer.

We will use a slide presentation as part of our discussion this morning. If you've not done so already, please visit the Events and Presentations page of First Western's Investor Relations website to download a copy of the presentation. The management team will discuss the fourth quarter results and then we'll open up the call for questions.

Before we begin, I'd like to remind you that this conference call contains forward-looking statements with respect to the future performance and financial condition of First Western Financial that involve risks and uncertainties. Various factors could cause actual results to be materially different from any future results expressed or implied by such forward-looking statements.

These factors are discussed in the Company's SEC filings which are available on the Company's website. I would also direct you to read the disclaimers in our earnings release and investor presentation. The Company disclaims any obligation to update any forward-looking statements made during the call. Additionally, management may refer to non-GAAP measures, which are intended to supplement but not substitute for the most directly comparable GAAP measures. The press release available on the website, contains the financial and other quantitative information to be discussed today, as well as the reconciliation of the GAAP to non-GAAP measures.

And with that, I'd like to turn the call over to Scott. Scott?

Scott Wylie

Thanks, Tony. Good morning, everybody. Thank you for dialing in, we know it's a busy time for everybody. We completed 2019 with another good quarter of execution, delivering strong earnings despite the seasonal slowdown in our mortgage business. On a year-over-year basis, our net income increased by 49% in the fourth quarter, while EPS increased just over 45%. As I mentioned on our last call, one of our top priorities was enhancing our loan growth to match the success we've had in growing deposits and assets under management.

We had a strong pipeline of loan opportunities entering the fourth quarter and I'm pleased to report that we are very successful in closing on these opportunities, which resulted in a record level of loan production for the company. We had $146.1 million of loan production in the fourth quarter, which topped our previous record for a quarter by more than $40 million. Our markets are healthy and we've expanded into new markets such as Vail Valley and Broomfield. And most importantly, the