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/C O R R E C T I O N -- FIRST WESTERN FINANCIAL/

 /C O R R E C T I O N -- FIRST WESTERN FINANCIAL/
 In LA017, First Western Financial Reports First Quarter Earnings


Results, moved earlier today, we are advised by the company of numerous changes in the text and table. The corrected release should be as follows:
 FIRST WESTERN FINANCIAL REPORTS FIRST QUARTER EARNINGS RESULTS
 LAS VEGAS, April 22 /PRNewswire/ -- First Western Financial Corp. (NASDAQ: FWES), Nevada's largest publicly owned thrift holding company, today reported the following results of operation for the quarter ended March 31, 1992:
 FIRST WESTERN FINANCIAL CORP.
 Summary of Results of Operations -- Quarterly
 Three Months Ended March 31,
 1992 1991
 Income (loss) before
 cumulative effect of
 change in accounting
 principle $1,386,000 $1,149,000
 Cumulative effect of
 change in accounting
 principle --- (36,850,000)
 Net income (loss) 1,386,000 (35,701,000)
 Per common share:
 Income (loss) before
 cumulative effect of
 change in accounting
 principle $.22 $.19
 Cumulative effect of
 change in accounting
 principle --- (5.93)
 Net income (loss) .22 (5.74)
 Average shares
 outstanding 6,214,000 6,211,000
 Net income for First Western was $1,386,000 ($.22 per share) for the first quarter of 1992 compared to a $35.7 million loss ($5.74 per share) for the first quarter of 1991, announced Anne Bacon, president and chief executive officer. The first quarter of 1991 was restated in the third quarter of 1991 to reflect the cumulative effect of the change in accounting principle ($36,850,000) with respect to goodwill amortization to reflect adoption of the new accounting principle with a Jan. 1, 1991 effective date. Bacon stated that the company's 1992 first quarter earnings represented a $2.1 million improvement in pretax core earnings (net interest income after provision for loan losses less general and administrative expenses). Cost of funds has been reduced from 7.91 percent at March 31, 1991, to 5.34 percent at March 31, 1992. The net interest spread increased from 1.74 percent at March 31, 1991, to 3.19 percent at March 31, 1992.
 The company also announced that it expected that sales of its Washington state branches would close in the second or third quarter of 1992, enabling the company to solely focus on its Nevada operations.
 The company's major subsidiary, First Western Bank, F.S.B., exceeds all current regulatory capital requirements.
 -0- 4/22/92 C LA017
 /CONTACT: Catherine A. Sourk of First Western Financial, 702-871-2000/
 (FWES) CO: First Western Financial Corp. ST: Nevada IN: FIN SU: ERN


AL-CH -- LA017X -- 1559 04/22/92 19:20 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Apr 22, 1992
Words:429
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