Printer Friendly

FIRST WESTERN FINANCIAL REPORTS EARNINGS RESULTS

 FIRST WESTERN FINANCIAL REPORTS EARNINGS RESULTS
 LAS VEGAS, Nov. 6 /PRNewswire/ -- First Western Financial Corp.


(NASDAQ: FWES) Nevada's largest publicly owned savings and loan holding company, today reported the following results of operation for the nine months ended Sept. 30, 1991:
 FIRST WESTERN FINANCIAL CORP.
 Summary of Results
 Three Months Ended Sept. 30
 1991 1990
 Income (loss) before extra-
 ordinary items ($450,000) $653,000
 Extraordinary items, net
 of tax (5,276,000) ---
 Net income (loss) (5,726,000) (653,000)
 Earnings per common share:
 Income (loss) before extra-
 ordinary items (.07) .10
 Extraordinary items, net of tax (.85) ---
 Net income (loss) (.92) .10
 Average share outstanding 6,213,000 6,204,000
 Nine Months Ended Sept. 30
 1991 1990
 Income (loss) before extra-
 ordinary items and cumulative
 effect of change in accounting
 principle ($49,000) $1,071,000
 Extraordinary items, net of
 tax (5,276,000) ---
 Cumulative effect of change
 in accounting principle (36,850,000) ---
 Net income (loss) (42,175,000) 1,071,000
 Earnings per common share:
 Income (loss) before extra-
 ordinary items and cumulative
 effect of change in accounting
 principle (.01) .17
 Extraordinary items, net of tax (.85) ---
 Cumulative effect of change in
 accounting principle (5.93) ---
 Net income (loss) (6.79) .17
 Average shares outstanding 6,213,000 6,204,000
 Anne Bacon, president and chief executive officer, stated that, as previously announced by the company, third quarter operating results were impacted by the write-off of goodwill, prepayment of Federal Home Loan Bank advances, loss allowance provision for an apartment project, and an increase in general valuation allowances.
 The cumulative effect of change in accounting principle of $36.9 million represents the goodwill write-off. Prepayment penalties related to Federal Home Loan Bank advances are reflected net of income taxes as extraordinary items of $5.3 million. The loss before extraordinary items and cumulative effect of change in accounting principle includes a loss provision of $1.2 million for the company's Oregon apartment project and additional general valuation allowances of $2 million.
 The third quarter balance sheet restructuring actions of the company are expected to better position First Western Financial for future profitability. The company's principal insured institution subsidiary, First Western Savings Association ("FWSA"), exceeded all three regulatory capital requirements at Sept. 30, 1991. As part of a long-term business strategy to ultimately focus its operations in Nevada, the company entered into an agreement to sell the Oregon deposits (approximately $109 million) which is expected to result in an after-tax profit of about $600,000.
 The conversion of FWSA to a federally chartered thrift is finalized and includes a name change to First Western Bank, FSB.
 -0- 11/6/91
 /CONTACT: Catherine A. Sourk of First Western Financial Corp., 702-871-2000/
 (FWES) CO: First Western Financial Corp. ST: Nevada IN: FIN SU: ERN AL-SE -- LA028 -- 1961 11/06/91 18:08 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 6, 1991
Words:475
Previous Article:PAGENET ANNOUNCES THE EXERCISE OF OVERALLOTMENT OPTION BY IPO UNDERWRITING GROUP
Next Article:AMERICAN SOUTHWEST MORTGAGE INVESTMENTS CORPORATION ACQUIRES ASSETS OF RESIDENTIAL MORTGAGE INVESTMENTS
Topics:


Related Articles
FIRST WESTERN FINANCIAL REPORTS FIRST QUARTER EARNINGS RESULTS
/C O R R E C T I O N -- FIRST WESTERN FINANCIAL/
FITCH REVISES HOMES SAVINGS AND GREAT WESTERN CREDIT TRENDS -- FITCH FINANCIAL WIRE --
FIRST WESTERN FINANCIAL REPORTS SECOND QUARTER EARNINGS RESULTS
First Western Bancorp, Inc. Announces Fourth Quarter and 1998 Annual Earnings.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters