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FIRST WESTERN FINANCIAL REPORTS SECOND-QUARTER EARNINGS RESULTS

 FIRST WESTERN FINANCIAL REPORTS SECOND-QUARTER EARNINGS RESULTS
 LAS VEGAS, Oct. 28 /PRNewswire/ -- First Western Financial Corp. (NASDAQ: FWES), Nevada's largest publicly owned thrift holding company, today reported the following results of operations for the quarter ended Sept. 30, 1992:
 FIRST WESTERN FINANCIAL CORP.
 Summary of Results of Operations -- Year-to-Date
 (Unaudited)
 Nine Months Ended
 Sept. 30,
 1992 1991
 Net interest income $15,206,000 $10,972,000
 Provision for loan
 losses (635,000) (523,000)
 Net interest income
 after provision for
 loan losses 14,571,000 10,449,000
 Non-interest income 4,150,000 5,460,000
 Non-interest expense (11,380,000) (13,965,000)
 Income before income
 taxes, extraordinary
 items and cumulative
 effect of change in
 accounting principle 7,341,000 1,944,000
 Provision for income
 taxes (2,831,000) (1,993,000)
 Income (loss) before
 extraordinary items
 and cumulative effect
 of change in accounting
 principle 4,510,000 (49,000)
 Extraordianry items,
 net of tax --- (5,276,000)
 Cumulative effect of
 change in accounting
 principle --- (36,850,000)
 Net income (loss) $4,510,000 ($42,175,000)
 Per common share:
 Income (loss) before
 extraordinary items
 and cumulative effect
 of change
 in accounting
 principle $.73 ($.01)
 Extraordinary items,
 net of tax --- (.85)
 Cumulative effect of
 change in accounting
 principle --- (5.93)
 Net income (loss) $.73 ($6.79)
 Average shares
 outstanding 6,214,000 6,213,000
 Summary of Results of Operations -- Third Quarter
 (Unaudited)
 Three Months Ended
 Sept. 30,
 1992 1991
 Net interest income $4,692,000 $2,666,000
 Provision for
 loan losses (505,000) (471,000)
 Net interest income
 after provision for
 loan losses 4,187,000 2,195,000
 Non-interest income 2,392,000 2,655,000
 Non-interest expense (3,777,000) (4,382,000)
 Income before income
 taxes and extraordinary
 items 2,802,000 468,000
 Provision for
 income taxes (1,160,000) (918,000)
 Income (loss) before
 extraordinary items 1,642,000 (450,000)
 Extraordinary items,
 net of tax --- (5,276,000)
 Net income (loss) $1,642,000 ($5,726,000)
 Per common share:
 Income (loss) before
 extraordinary items $.27 ($.07)
 Extraordinary items --- ($.85)
 Net income (loss) $.27 ($.92)
 Average shares
 outstanding 6,214,000 6,214,000
 Summary Balance Sheet Information
 (Unaudited)
 As of Sept. 30,
 1992 1991
 Total assets $693,427,000 $981,130,000
 Loans receivable 333,815,000 420,223,000
 Mortgage-backed
 securities 246,906,000 402,656,000
 Deposits 640,950,000 804,958,000
 FHLB advances --- 131,000,000
 Net income for First Western was $4,510,000 ($.73 per share) for the nine months ended Sept. 30, 1992, compared to a $42.2 million net loss ($6.79 per share) for the comparable period of 1991, announced Anne Bacon, president and chief executive officer. Operating results for 1991 include 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 third quarter, Bacon announced net income for 1992 of $1,642,000 ($.27 per share) compared to a net loss of $5,726,000 ($.92 per share) in 1991. Bacon stated that 1992 year-to- date earnings reflect a $6.7 million increase compared to the prior year in pre-tax core earnings (net interest income after provision for loan losses less non-interest expenses), while at the same time, total assets decreased by $288 million from $981 million to $693 million. The 1992 third quarter operating results include $1.15 million, net of taxes, from litigation settlement, stated Bacon. The cost of funds decreased from 7.01 percent at Sept. 30, 1991, to 4.46 percent at Sept. 30, 1992. The net interest spread increased from 2.10 percent at Sept. 30, 1991, to 3.06 percent at Sept. 30, 1992.
 The company also announced that its sale of the Tacoma, Wash., branch closed on July 10, 1992, and the sale of the Wenatchee, Wash., branch closed on Sept. 25, 1992. The company's retail operations are now solely focused in Nevada.
 The company's major subsidiary, First Western Bank, F.S.B., exceeds all current regulatory capital requirements at Sept. 30, 1992.
 -0- 10/28/92
 /CONTACT: Catherine A. Sourk of First Western Financial, 702-871-2000/
 (FWES) CO: First Western Financial Corp. ST: Nevada IN: FIN SU: ERN


BP-KJ -- LA021 -- 6055 10/28/92 13:25 EST
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