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FIRST WESTERN FINANCIAL REPORTS 1992 EARNINGS RESULTS

 LAS VEGAS, Feb. 1 /PRNewswire/ -- First Western Financial Corp. (NASDAQ: FWES), Nevada's largest publicly owned thrift holding company, today reported the following results of operations for the year ended Dec. 31, 1992.
 FIRST WESTERN FINANCIAL CORP.
 Summary of Results of Operations
 (Unaudited)
 Year Ended Dec. 31,
 1992 1991
 Net interest income $20,323,000 $14,497,000
 Provision for loan
 losses (800,000) (673,000)
 Net interest income
 after provision for
 loan losses 19,523,000 13,824,000
 Non-interest income 4,835,000 6,850,000
 Non-interest expense (15,394,000) (22,701,000)
 Income (loss) before income
 taxes, extraordinary
 items and cumulative
 effect of change in
 accounting principle 8,964,000 (2,027,000)
 Provision for income
 taxes (3,401,000) (2,088,000)
 Income (loss) before
 extraordinary items
 and cumulative effect
 of change in accounting
 principle 5,563,000 (4,115,000)
 Extraordinary items,
 net of tax --- (5,276,000)
 Cumulative effect of
 change in accounting
 principle --- (36,850,000)
 Net income (loss) $5,563,000 ($46,241,000)
 Per common share:
 Income (loss) before
 extraordinary items
 and cumulative effect
 of change
 in accounting
 principle $.90 ($.66)
 Extraordinary items,
 net of tax --- (.85)
 Cumulative effect of
 change in accounting
 principle --- (5.93)
 Net income (loss) $.90 ($7.44)
 Average shares
 outstanding 6,214,000 6,213,000
 Summary of Results of Operations
 (Unaudited)
 Three months ended Dec. 31,
 1992 1991
 Net interest income $5,117,000 $3,525,000
 Provision for
 loan losses (165,000) (150,000)
 Net interest income
 after provision for
 loan losses 4,952,000 3,375,000
 Non-interest income 685,000 1,390,000
 Non-interest expense (4,014,000) (8,800,000)
 Income (loss) before
 income taxes 1,623,000 (4,035,000)
 Provision for
 income taxes (570,000) (95,000)
 Net income (loss) $1,053,000 ($4,130,000)
 Net income (loss)
 per common share $.17 ($.67)
 Average shares
 outstanding 6,214,000 6,214,000
 Net income for First Western was $5,563,000 ($.90 per share) for the year ended Dec. 31, 1992, compared to a $46.2 million net loss ($7.44 per share) for the prior year announced Anne Bacon, president and chief executive officer. Operating results for 1991 included the cumulative effect of change in accounting principle ($36,850,000) with respect to goodwill amortization to reflect adoption of a new accounting principle with a Jan. 1, 1991, effective date. For the fourth quarter, Bacon announced net income for 1992 of $1,053,000 ($.17 per share) compared to a net loss of $4,130,000 ($.67 per share) in 1991. The company's net interest spread is 3.15 percent at Dec. 31, 1992, compared to 2.89 percent at Dec. 31, 1991.
 The company's major subsidiary, First Western Bank, F.S.B., meets the regulatory definition of "well capitalized" at Dec. 31, 1992. The bank intends to open five new branches in 1993, three of which have regulatory approval.
 -0- 2/1/93
 /CONTACT: Catherine A. Sourk of First Western Financial, 702-871-2000/
 (FWES)


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

JL-JB -- LA038 -- 6650 02/01/93 16:19 EST
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Date:Feb 1, 1993
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