First Western Financial, Inc. (NASDAQ:MYFW) Q2 2023 Earnings Call Transcript

And I think what we’ve seen in our financial results is reflective of that. And I don’t think it’s going to last forever. I think if rates are going to settle in here where they are today and my feeling from the way Jay Powell was talking this week, that wouldn’t be a bad way to have a base case. Then people are going to come back, they’re going to be doing things and that’s going to create opportunities for us to grow and prosper in the markets that we’re in.

William Dezellem: Thank you both again.

Operator: Thank you for your question. At this time, I’m not showing any further questions in the queue. And I would like to turn the call back over to management for closing remarks. Please go ahead.

Scott Wylie: Okay. Well, thank you, Lisa. As of mid-July, it’s been five years since our IPO. And despite the short-term noise here, the fundamentals of our company are very sound and we continue to deliver on long-term value creation for our shareholders. Over these five years, our balance sheet has tripled to just over $3 billion in total assets. Revenues have almost doubled, growing from $57.8 million in 2018 to $112.2 million in 2022. Our core earnings are way up. Our free cash flow to common shareholders were actually negative in 2017 and our core earnings have really shown nice growth over these years. And as noted in our deck, our tangible book value is up almost 2.5 times since the IPO. So really appreciate the support of our stakeholders that have made this happen, our associates here, our clients, our shareholders, and our communities that we operate in that have gotten us to this big five-year anniversary of a public company so successfully.

So thanks everybody for dialing in. Thank you for your support of First Western. We really appreciate it. And I hope you have a great weekend.

Operator: This concludes today’s conference. Thank you all for joining. You may now disconnect. Everyone enjoy the rest of your day.