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FIRST WESTERN FINANCIAL REPORTS SECOND QUARTERLY EARNINGS RESULTS

 LAS VEGAS, July 29 /PRNewswire/ -- First Western Financial Corp. (NASDAQ: FWES), today reported the following for the quarter ended June 30, 1993:
 FIRST WESTERN FINANCIAL CORP.
 Financial Highlights
 (Unaudited)
 ($ in thousands except per share)
 Second Quarter Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Interest income $11,644 $14,118 $23,001 $28,946
 Interest expense 6,180 8,597 12,579 18,617
 Provision for loan
 losses 300 80 500 130
 Net interest income
 after provision for
 loan losses 5,164 5,441 9,922 10,199
 Non-interest income 2,302 808 3,690 1,943
 Non-interest expense 3,586 3,896 7,226 7,603
 Income tax 1,319 871 2,171 1,671
 Net operating income 2,561 1,482 4,215 2,868
 Benefit from change in
 accounting principle --- --- 495 ---
 Net income 2,561 1,482 4,710 2,868
 Earnings per share
 before change in
 accounting principle $.41 $.24 $.68 $.46
 Earnings per share
 from change in
 accounting principle --- --- .08 ---
 Earnings per share .41 .24 .76 .46
 Weighted average
 shares outstanding 6,214,000 6,214,000 6,214,000 6,214,000
 June 30, 1993 Dec. 31, 1992
 Total assets $696,539 $691,787
 Loans receivable, net 347,930 327,339
 Mortgage-backed securities 275,513 268,308
 Cash and investment securities 48,240 53,335
 Real estate owned 1,676 17,021
 Deposits 645,595 645,504
 Shareholders' equity 41,766 37,057
 Book value per share 6.72 5.93
 Selected Financial Ratios
 (Ratios Annualized)
 Six Months Ended
 June 30,
 1993 1992
 Return on average assets before
 change in accounting principle 1.21 pct .76 pct
 Return on average equity before
 change in accounting principle 21.43 pct 17.43 pct
 Operating expense/assets 2.08 pct 2.02 pct
 Average equity/average assets 5.67 pct 4.38 pct
 Tangible capital ratio (Savings
 Bank only) 5.87 pct 4.64 pct
 Core capital ratio (Savings Bank
 only) 5.87 pct 4.64 pct
 Risk-based capital ratio (Savings
 Bank only) 14.03 pct 10.09 pct
 Loans
 ($ in thousands)
 Second Quarter First Half
 1993 1992 1993 1992
 Loan Originations
 Originated $55,627 $18,596 $75,211 $34,906
 Purchased 11,084 34 12,849 1,405
 Total $66,711 $18,630 $88,060 $35,311
 June 30, 1993 Dec. 31, 1992
 Allowance for Loan
 Losses $4,220 $3,828
 Loan loss allowance/loans
 receivable 1.20 pct 1.16 pct
 Loan loss allowance/
 non-performing loans 51.65 pct 43.96 pct
 Non-Performing Assets
 Delinquent loans - 90 or more
 days past due $8,171 $8,708
 REO 1,676 17,021
 Total non-performing assets $9,847 $25,729
 Total non-performing assets/
 total assets 1.41 pct 3.72 pct
 First Western reported net income of $2.6 million ($.41 per share), for the second quarter of 1993, compared to $1.5 million ($.24 per share), in the like period a year ago. Income before change in accounting principle is $4.2 million ($.68 per share), for the six months ended June 30, 1993, compared to $2.9 million ($.46 per share) in the same period in 1992.
 As previously announced, non-interest income in the second quarter of 1993 includes gain from the sale of the Coral Garden Apartments of $1.8 million ($1.2 million on an after-tax basis).
 The company expects to close its acquisition of certain Atlantic Financial Savings loans and deposits from the Resolution Trust Corp., effective July 31, 1993, increasing total assets by an estimated $51 million.
 -0- 7/29/93
 /CONTACT: Catherine A. Sourk of First Western Financial, 702-871-2000/
 (FWES)


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

BP-EH -- LA024 -- 7248 07/29/93 13:25 EDT
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Date:Jul 29, 1993
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