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FIRST WESTERN FINANCIAL REPORTS THIRD QUARTERLY EARNINGS RESULTS

 LAS VEGAS, Oct. 28 /PRNewswire/ -- First Western Financial Corp. (NASDAQ: FWES) today reported the following for the quarter ended Sept. 30, 1993:
 FIRST WESTERN FINANCIAL CORP.
 Financial Highlights
 (Unaudited)
 ($ in thousands except per share)
 Third Quarter Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Interest income $12,269 $12,249 $35,270 $41,195
 Interest expense 6,424 7,640 19,003 26,257
 Provision for loan
 losses 250 505 750 635
 Net interest income after
 provision for loan losses 5,595 4,104 15,517 14,303
 Non-interest income 952 2,475 4,642 4,418
 Non-interest expense 4,055 3,777 11,281 11,380
 Income tax 848 1,160 3,019 2,831
 Net operating income 1,644 1,642 5,859 4,510
 Benefit from change in
 accounting principle --- --- 495 ---
 Net income 1,644 1,642 6,354 4,510
 Earnings per share before
 change in accounting
 principle $.26 $.27 $.94 $.73
 Earnings per share from
 change in accounting
 principle --- --- .08 ---
 Earnings per share .26 .27 1.02 .73
 Weighted avg. shares
 outstanding 6,215,000 6,214,000 6,216,000 6,214,000
 Sept. 30, Dec. 31, Sept. 30,
 1993 1992 1992
 Total assets $745,414 $691,787 $693,427
 Loans receivable, net 404,660 327,339 335,522
 Mortgage-backed securities 278,708 268,308 246,906
 Cash and investment
 securities 38,267 53,335 63,472
 Real estate owned 959 17,021 17,833
 Deposits 693,225 645,504 647,996
 Shareholders' equity 43,439 37,057 36,004
 Book value per share 6.98 5.93 5.79
 Selected Financial Ratios (Ratios Annualized)
 Nine Months Ended
 Sept. 30,
 1993 1992
 Return on average assets before change
 in accounting principle 1.11 pct .82 pct
 Return on average equity before change
 in accounting principle 19.35 pct 17.85 pct
 Operating expense/average assets 2.13 pct 2.06 pct
 Average equity/average assets 5.71 pct 4.57 pct
 Tangible capital ratio (savings bank only) 5.72 pct 5.04 pct
 Core capital ratio (savings bank only) 5.72 pct 5.04 pct
 Risk-based capital ratio (savings bank
 only) 12.86 pct 10.56 pct
 Loans: ($ in thousands)
 Loan originations Third Quarter Year-to-Date
 1993 1992 1993 1992
 Originated $50,349 $19,724 $125,560 $54,630
 Purchased 49,037(a) --- 61,886 1,405
 Total $99,386 $19,724 $187,446 $56,035
 (a) Includes $28.4 million acquired from the Resolution Trust Corp. (formerly Las Vegas-based Atlantic Financial Savings).
 Allowance for Loan Losses 9/30/93 12/31/92
 Allowance for loan losses $6,556 $3,828
 Loan loss allowance/Loans receivable 1.63 pct 1.16 pct
 Loan loss allowance/Non-performing loans 276 pct 43.96 pct
 Non-Performing Assets
 Delinquent loans -- 90 or more days
 past due $2,369 $8,708
 REO 959 17,021
 Total non-performing assets $3,328 $25,729
 Total non-performing assets/total assets .45 pct 3.72 pct
 First Western reported net income of $1.6 million ($.26 per share) for the third quarter of 1993, consistent with the third quarter of 1992. The third quarter of 1992 included noninterest income of $1.75 million from a litigation settlement. Income before change in accounting principle is $5.9 million ($.94 per share) for the nine months ended Sept. 30, 1993, compared to $4.5 million ($.73 per share) in the same period in 1992.
 During the third quarter of 1993, certain multifamily or commercial real estate loans were successfully restructured resulting in a significant decrease in non-performing loans compared to Dec. 31, 1992. The restructurings were accomplished without any write-downs or loss valuations.
 Effective July 31, 1993, the company acquired all the deposits ($51 million) of Las Vegas-based Atlantic Financial Savings and certain loans aggregating $28 million from the Resolution Trust Corp. In connection with the acquisition of the Atlantic Financial loans, the company increased its allowance for loan losses by $2.1 million. With the Atlantic acquisition and new branch openings, the company now has 19 state-wide branches. Three additional new branches will be open by year-end.
 /CONTACT: Catherine A. Sourk of First Western Financial, 702-871-2000/
 (FWES)


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

MF-EH -- LA021 -- 7983 10/28/93 13:45 EDT
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Date:Oct 28, 1993
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