How does first western make money?

first western generates $97M in annual revenue (annual revenue · their business grew +7.6% last year).

What is MYFW's XVARY composite score?

first western (MYFW) has an XVARY composite score of 53/100, rated below average. This combines growth, value, risk, and momentum factors.

MYFW — first western stock analysis

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what it is

First Western is a regional private bank that mixes rich-client banking, investing, trust work, and mortgages under one roof.

how it gets paid

Last year First Western made $97M in revenue. Investment management was the main engine at $25M, or 26% of sales.

why it's growing
Revenue grew 7.6% last year. The number that mattered was 2.71% net interest margin.

what just happened

Fourth-quarter gross revenue was $26.7 million, but the louder story was that diluted EPS was only $0.34 after a rough two-year earnings reset.

At a glance

B balance sheet — gets the job done, barely

35/100 earnings predictability — expect surprises

20.7x trailing p/e — priced about right

$0.87 fy2024 eps est

$6M fy2024 rev est

xvary composite: 53/100 — below average

What they do

First Western is a regional private bank that mixes rich-client banking, investing, trust work, and mortgages under one roof.

This is a relationship business wearing a bank charter. You park your cash, borrow against assets, and hand over estate and investment work in one place. At September 30, 2025, First Western had $7.4 billion in assets under management and $2.8 billion in deposits, which means the client ties run deeper than a checking account.

financials small-cap private-bank wealth-management regional-bank

How they make money

$97M annual revenue · their business grew +7.6% last year

Private banking

$24M

Personal trust

$14M

Investment management

$25M

Mortgage loans

$16M

Institutional asset management

$18M

The products that matter

lends money and earns the spread

Net Interest Income

$70.3M · 72.5% of revenue mix

this is the real engine today. when nearly three quarters of revenue comes from spread income, funding costs and loan yields matter more than the branding.

rate engine

advice, planning, and recurring fees

Wealth Management

$26.7M · 27.5% of revenue mix

this fee stream is smaller, but it matters because fee revenue is usually steadier than spread income. if you want the stock to deserve a richer multiple, this bucket needs to matter more.

fee income

trust and portfolio services

Personal Trust & Investment Management

inside the $26.7M fee bucket

the snapshot does not break this out separately. that's a real disclosure limit. you know it sits inside wealth revenue, but not how much it contributes on its own.

data thin

Key numbers

$7.4B

client assets

Assets under management are the trust side of the business. Plain English: clients already handed over a lot of money.

$2.8B

deposits

Deposits fund lending. Plain English: this is the fuel tank for the bank.

$0.87

2024 EPS

Earnings per share means profit per share. So what: the company is still earning far less than its 2022 peak of $2.23.

20.7x

trailing P/E

P/E means price divided by earnings. So what: you are paying more than 20 years of current profits for a bank still rebuilding earnings.

Financial health

B

strength

balance sheet grade B — adequate — nothing special
risk rank 3 — safer than 50% of stocks
price stability 40 / 100
long-term debt $108M (32% of capital)

B — functional but not a standout on the balance sheet.

Total return vs. market

Return history isn't available for MYFW right now.

same standard. no invented return math.

source: institutional data · return history unavailable

What just happened

missed estimates

Fourth-quarter gross revenue was $26.7 million, but the louder story was that diluted EPS was only $0.34 after a rough two-year earnings reset.

The company reported 4Q25 net income of $3.3 million, or $0.34 diluted EPS, while management highlighted a 2.71% net interest margin. Translation: lending spreads improved, but this is still a small earnings base.

$26.7M

gross revenue

$0.34

diluted eps

2.71%

net interest margin

the number that mattered

The number that mattered was 2.71% net interest margin. Net interest margin means what the bank earns on loans minus what it pays on deposits, so what: even a small move here can swing profit more than flashy revenue growth.

source: company earnings report, 2026

What could go wrong

MYFW's problem is not one dramatic red flag. it's a stack of smaller issues sitting on top of modest profitability: a legal overhang, spread dependence, and a valuation that already assumes cleaner execution than the numbers show.

∘

med

legal noise lands harder on a $3.3M quarter

the company reported $3.3M of quarterly net income. when profits are that size, legal expense or reputational damage does not need to be large to matter.

if this investigation grows beyond headline noise, a small earnings base gives management less room to absorb it.

∘

med

72.5% of the revenue mix still comes from spread income

that means this is still a spread story first. if funding costs rise or loan yields soften, most of the business feels it quickly.

pressure on net interest margin hits the $70.3M core revenue bucket, not a side line.

∘

med

20.7x earnings leaves less room for disappointment

premium multiples usually belong to premium returns. 5.09% return on equity is not that. the stock is already priced for a better version of this business than the current numbers show.

if ROE stays around 5%, the market does not need a catastrophe to compress the multiple.

∘

med

35 / 100 predictability means the next miss would matter more

a messy earnings stream is manageable when the stock is cheap. it is less forgiving when the valuation is already asking you to trust a cleaner trajectory.

another uneven quarter would reinforce the idea that this is a nice story still waiting for better economics.

the catch is simple: MYFW does not need a disaster to disappoint you. it just needs returns to stay ordinary while the stock keeps trading like something better.

source: institutional data · regulatory filings · risk analysis

Pay attention to

metric

net interest margin

2.71% is improving. if it slips back, the biggest revenue engine on this page loses momentum fast.

calendar

next earnings report

after a quarter that missed estimates, you want to see steadier revenue, steadier EPS, and proof that better margin is reaching the bottom line.

risk

investor-law-firm investigation

watch whether this fades as routine headline noise or turns into a bigger credibility issue for management.

trend

fee revenue share

wealth revenue is $26.7M versus $70.3M of net interest income. if fees start taking more of the mix, the business starts looking less like a plain spread lender.

Analyst rankings

street stance

hold

the published street view here is hold with a $28 median target. in human-speak, analysts think most of the obvious upside is already spoken for at $26.67.

earnings predictability

35 / 100

the earnings stream is hard to model. that matters more when the stock already trades at 20.7x trailing earnings.

risk rank

3

risk rank 3 means roughly middle-of-the-pack safety. not a bunker stock. not a disaster setup either.

source: institutional data

Institutional activity

institutional ownership data for MYFW is being compiled.

source: institutional data

Price targets

3-5 year target range

n/a n/a

$27 current price

n/a target midpoint · n/a from current

target data not available

The deep dive

MYFW

xvary deep dive

myfw

the full analysis is in the works.

what you'll get

dcf valuation model

bull / base / bear scenarios

competitive moat breakdown

quarterly earnings tracker

operating model projections

risk matrix with kill criteria

original price target + conviction

updated with every earnings

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