First Western Financial appoints new Principal Accounting Officer

DENVER – In a recent development within First Western Financial Inc. (NASDAQ:MYFW), a $203.4 million market cap commercial bank, the company’s Board of Directors has announced the designation of David R. Weber as the new Principal Accounting Officer, effective April 23, 2025. This change was disclosed in a Form 8-K filing with the Securities and Exchange Commission on Monday. According to InvestingPro data, the company has demonstrated strong recent performance, with shares gaining nearly 12% in the past week.

Weber, who has been serving as the Chief Financial Officer and Principal Financial (NASDAQ:PFG) Officer, will take over the accounting responsibilities from Jesica J. Montgomery, who has been promoted to manage other areas within the company. His progression within First Western Financial has been steady since joining in 2018, holding various roles such as Treasury Manager, Finance and Treasury Manager, and Director of Finance and Treasury before assuming the CFO and Treasurer positions in 2023. Under the current management team, the company has maintained profitability with earnings per share of $1.04 and revenue growth of approximately 14% over the last twelve months.

Prior to his tenure at First Western Financial, Weber accumulated significant experience in the finance sector with a nine-year stint at Fifth Third Bank, where he held various finance positions. According to the company’s statement, there are no familial ties between Weber and any members of the company’s Board of Directors or executive officers. Additionally, there are no reported arrangements or understandings between Weber and any other individuals in relation to his appointment, nor is he involved in any transactions that would necessitate disclosure under SEC regulations.

First Western Financial, headquartered in Denver, Colorado, operates within the state commercial banks sector and is listed on the NASDAQ Stock Market under the ticker MYFW. The company has not provided further details regarding the strategic implications of this appointment or any additional changes to its executive team. InvestingPro analysis reveals several key insights about the company’s financial health, with additional ProTips and detailed metrics available to subscribers. For comprehensive analysis, investors can access the full Pro Research Report, part of InvestingPro’s coverage of over 1,400 US stocks.

This recent appointment reflects the company’s internal talent development and succession planning strategies. The information about this executive shift comes directly from the company’s SEC filing, underscoring its commitment to transparency in corporate governance.

In other recent news, First Western Financial Inc. reported impressive financial results for the first quarter of 2025. The company exceeded expectations with an earnings per share (EPS) of $0.43, significantly higher than the projected $0.25. Revenue reached $24.8 million, slightly surpassing the anticipated $24.76 million. This marks a positive shift from previous quarters where earnings were more aligned with forecasts. The firm also reported a 3.4% increase in gross revenue from the previous quarter and a net interest margin expansion of 16 basis points to 2.61%. Analysts and investors have taken note of First Western Financial’s strategic focus on expanding its banking team and rebuilding its Trust and Investment Management function. The company continues to maintain a conservative loan production strategy while preparing to deploy its bond book should loan demand remain subdued. Looking forward, First Western Financial targets a 1% return on assets and anticipates stable net interest margins in the upcoming quarters.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.