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FIRST WESTERN FINANCIAL REPORTS FIRST QUARTER EARNINGS RESULTS

 LAS VEGAS, April 29 /PRNewswire/ -- First Western Financial Corp. (NASDAQ: FWES), today reported the following results of operations for the quarter ended March 31, 1993:
 FIRST WESTERN FINANCIAL CORP.
 Summary of Results of Operations
 (Unaudited)
 Three Months Ended
 March 31,
 1993 1992
 Net interest income $4,958,000 $4,808,000
 Provision for loan
 losses (200,000) (50,000)
 Net interest income
 after provision for
 loan losses 4,758,000 4,758,000
 Non-interest income 1,388,000 1,135,000
 Non-interest expense (3,640,000) (3,707,000)
 Income before income
 taxes and cumulative
 effect of change in
 accounting principle 2,506,000 2,186,000
 Provision for income
 taxes (852,000) (800,000)
 Income before
 cumulative effect
 of change in accounting
 principle 1,654,000 1,386,000
 Cumulative effect of
 change in accounting
 principle 495,000 ---
 Net income $2,149,000 $1,386,000
 Per common share:
 Income before
 cumulative effect
 of change in
 accounting
 principle $.27 $.22
 Cumulative effect of
 change in accounting
 principle .08 ---
 Net income $.35 $.22
 Average shares
 outstanding 6,214,000 6,214,000
 Summary Balance Sheet Information
 (Unaudited)
 As of March 31,
 1993 1992
 Total assets $693,870,000 $743,314,000
 Loans receivable 317,915,000 366,777,000
 Mortgage-backed
 securities 282,476,000 231,542,000
 Deposits 645,283,000 673,140,000
 Stockholders' equity 39,205,000 32,880,000
 Book value per
 common share 6.31 5.29
 First Western reported net income of $2,149,000 ($.35 per share) for the first quarter of 1993 compared to $1,386,000 ($.22 per share) for the first quarter of 1992. Anne Bacon, president and chief executive officer, stated that the results for the first quarter of 1993 include income of $495,000 ($.08 per share) related to the required adoption of a new method for accounting for income taxes as of Jan. 1, 1993.
 During the first quarter of 1993, First Western sold its downtown Las Vegas branch site and adjacent investment property realizing an after-tax gain of $490,000, announced Bacon. The downtown branch site will be relocated to a convenient, smaller facility within two blocks of the old site in May. Bacon also reported the approval by the OTS for a new branch in the northwest area of Reno, Nev. The bank now has 16 branches in Nevada and four approved, scheduled to open during 1993.
 In the first quarter of 1992, First Western recognized an after- tax gain of $265,000 from the sale of long-term, fixed-rate whole loans.
 At March 31, 1993, First Western Bank's tangible and core capital ratios were 5.5 percent and its risk-based capital ratio was 11.66 percent, placing the bank in the "well capitalized" category for regulatory purposes.
 -0- 4/29/93
 /CONTACT: Catherine A. Sourk of First Western Financial, 702-871-2000/
 (FWES)


CO: First Western Financial Corp. ST: Nevada IN: FIN SU: ERN

EH-JB -- LA021 -- 2651 04/29/93 12:15 EDT
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Date:Apr 29, 1993
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