Exhibit 99.1

First Western Reports Second Quarter 2020 Financial Results

Second Quarter 2020 Summary

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⁽¹⁾ Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

Denver, Colo., July 23, 2020 – First Western Financial, Inc., (“First Western” or the “Company”) (NASDAQ: MYFW), today reported financial results for the second quarter ended June 30, 2020.

Net income available to common shareholders was $8.7 million, or $1.10 per diluted share, for the second quarter of 2020. This compares to $1.3 million, or $0.17 per diluted share, for the first quarter of 2020, and $1.4 million, or $0.18 per diluted share, for the second quarter of 2019.

Scott C. Wylie, CEO of First Western, commented, “Our second quarter performance – which represents a record level of net income and earnings per share for the Company – reflects our inherent advantages in managing through the impact of the COVID-19 pandemic. Given our conservatively underwritten loan portfolio with minimal exposure to the industries most impacted by the crisis, we have seen generally stable asset quality and a relatively low level of projected losses. In addition to tightening credit underwriting and pricing, we have increased our loan level reviews and portfolio monitoring. We have also benefited from the strong demand for mortgage refinancing, which resulted in the highest level of residential mortgage originations and gain on mortgages sold income in our history. In addition, we were able to significantly reduce our cost of deposits, which helped us to maintain a relatively stable net interest margin despite a decline in earning asset yields due to the drop in prevailing interest rates and low contractual rates on PPP loans.

In the second quarter, we posted strong organic growth while also producing a high level of PPP loans and closing early on a branch acquisition, with four locations in metro Denver, all while working remotely. Net loans, excluding PPP and acquired loans, grew 26.4% and net deposits, excluding PPP and acquired deposits, grew 34.2% annualized over the prior quarter.

We have continued to actively support our communities through the origination of PPP loans. Through June 30, we had $204.6 million in loans funded for both existing and new clients through the PPP. Our productivity in the PPP program has helped drive substantial growth in both loans and deposits, accelerating our efforts to gain scale and realize improved operating efficiencies.

In May, we completed our branch purchase and assumption agreement ahead of schedule, which provided substantial economic benefits to the Company. The integration of our new associates and clients has gone very smoothly as both loan and deposit balances have grown from closing to June 30, 2020, and we continue to expect this transaction to be significantly accretive to future earnings.

While the ongoing pandemic creates a great deal of uncertainty, we believe we are well positioned to see a continuation of our strong performance in the second half of the year. Mortgage demand remains robust, we have a healthy pipeline of quality lending opportunities outside of PPP, and we expect to begin realizing the synergies from the branch acquisition. We believe this combination will result in a strong level of earnings, further increases in our tangible book value per share, and additional value being created for our shareholders,” said Mr. Wylie.

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⁽¹⁾ Includes non-recurring acquisition related expenses of $0.3 million for the three months ended June 30, 2020, non-operating loss on intangibles held for sale of $0.6 million for the three months ended March 31, 2020 and non-operating goodwill impairment charge of $1.6 million for the three months ended June 30, 2019.

⁽²⁾ Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

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Operating Results for the Second Quarter 2020

Revenue

Gross revenue ⁽¹⁾ was $26.2 million for the second quarter of 2020, compared to $16.7 million for the first quarter of 2020. The increase in revenue was driven by a $7.7 million increase in non-interest income, primarily due to higher mortgage segment activity, as well as a $1.9 million increase in net interest income.

Relative to the second quarter of 2019, gross revenue increased $9.7 million from $16.5 million. The increase was due to growth in net interest income and net gain on mortgage loans resulting from increased mortgage activity.

Net Interest Income

Net interest income for the second quarter of 2020 was $10.8 million, an increase of 20.9% from $8.9 million in the first quarter of 2020. The increase in net interest income was driven by three primary factors: $0.7 million related to the branch acquisition, $0.6 million from PPP loans and $0.6 million from higher average loan balances attributed to organic growth as well as a stable net interest margin.

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Relative to the second quarter of 2019, net interest income increased 35.6% from $8.0 million. The year-over-year increase in net interest income was due primarily to growth in average loans including the impact of PPP loans and the branch acquisition.

We expect net income related to the PPP program to result in $2.4 million of additional interest income related to the fees from the Small Business Administration for participation in PPP less the loan origination fees on these loans. The current amortization of this income is being recognized over a two-year period, however we expect much of that income to be recognized in the second half of 2020 as the borrowers are granted forgiveness.

Net Interest Margin

Net interest margin for the second quarter of 2020 decreased slightly to 3.10% from 3.14% in the first quarter of 2020. The decrease was primarily driven by a 46 basis point decline in the yield on earning assets, which was partially offset by a 48 basis point decline in the cost of deposits. On a net basis, the impact of the PPP program resulted in the second quarter net interest margin decreasing by approximately 12 basis points.

Relative to the second quarter of 2019, the net interest margin was unchanged from 3.10%.

Non-interest Income

Non-interest income for the second quarter of 2020 was $15.4 million, an increase of 98.6% from $7.8 million in the first quarter of 2020. The increase was attributable to an increase in net gain on mortgage loans as a result of record volume of mortgages locked and originated in the quarter. We originated $344.3 million of mortgage loans for sale during the quarter compared to $196.9 million the previous quarter, an increase of $147.4 million.

Relative to the second quarter of 2019, non-interest income increased 79.7% from $8.6 million. The increase was primarily attributable to higher net gains on mortgage loans as a result of a higher volume of mortgages and improving margins.

Non-interest Expense

Non-interest expense for the second quarter of 2020 was $12.6 million, a decrease of 13.7% from $14.6 million for the first quarter of 2020. The decrease was primarily attributable to lower salaries and benefits expense resulting from $2.9 million in loan origination expenses related to PPP loans that were deferred in the period and will be amortized through net interest income over the expected 24-month life of the loans, if not earlier, as the borrowers are granted forgiveness. This was offset by $0.3 million of acquisition related expenses incurred during the second quarter of 2020 as well as an increase in incentive compensation accruals correlating with the increase in revenues and earnings.

Non-interest expense decreased 13.7% from $14.7 million in the second quarter of 2019. The decrease was primarily due to lower salaries and employee benefits expense resulting from the capitalization of the PPP loan origination expenses. Non-interest expense in the second quarter of 2019 included a $1.6 million goodwill impairment charge.

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Including the impacts of PPP, mortgage earnings, and the acquisition related costs, the Company’s efficiency ratio was 48.1% in the second quarter of 2020, compared with 84.4% in the first quarter of 2020 and 78.2% in the second quarter of 2019.

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The impact of the non-operating costs are as follows:

Income Taxes

The Company recorded income tax expense of $2.8 million for the second quarter of 2020, representing an effective tax rate of 24.1%, compared to 20.8% for the first quarter of 2020. The increase in effective tax rate in the second quarter of 2020 was primarily attributable to increased earnings.

Loan Portfolio

Total loans including mortgage loans held for sale were $1.49 billion at June 30, 2020, an increase of $387.2 million from the end of the prior quarter, and an increase of $519.5 million from June 30, 2019. The increase in total loans was attributable to $191.7 million added through PPP loan originations and $123.8 million in period end balances which were added through the branch acquisition, including PPP loans acquired, with the remaining $71.7 million increase being attributable to organic growth.

Prior to the completion of the branch acquisition, our internal credit department and management reviewed large loans as well as loans that were modified due to the impact from the COVID-19 pandemic. As a result of this increased degree of review, the Bank purchased only performing loans that we believe to be of high quality as of the closing of the acquisition. No loans purchased were designated as purchase credit impaired.

Total loans held for investment, was $1.42 billion at June 30, 2020, an increase of 36.6% from $1.04 billion at March 31, 2020, and an increase of 51.8% from $938.0 million at June 30, 2019. The increase in total loans held for investment from March 31, 2020 was primarily due to growth in the commercial and industrial, commercial real estate, and construction portfolios along with an increase in the cash, securities and other portfolio driven by the PPP loans.

Deposits

Total deposits were $1.41 billion at June 30, 2020, compared to $1.18 billion at March 31, 2020, and $1.01 billion at June 30, 2019. The increase in total deposits from March 31, 2020 was attributable to $65.2 million

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added through the branch acquisition, $62.4 million inflows related to funding the PPP loans, with the remaining $100.9 million increase being attributable to organic growth.

Average total deposits for the second quarter of 2020 increased $342.0 million, or 35.4%, from the second quarter of 2019.

Borrowings

Federal Home Loan Bank (“FHLB”) and Federal Reserve borrowings were $222.3 million at June 30, 2020, compared to $10.0 million at March 31, 2020 an increase of $212.3 million from the end of the prior quarter. The increase is attributable to participation in the Paycheck Protection Program Loan Facility from the Federal Reserve during the quarter in the amount of $204.3 million. Borrowing from this facility is expected to match fund the balances of the PPP loans. The remaining $8.0 million increase was a result of additional advances from FHLB.

Assets Under Management

Total assets under management increased by $115.9 million during the second quarter to $5.75 billion at June 30, 2020, compared to $5.64 billion at March 31, 2020, and $5.97 billion at June 30, 2019. The increase was primarily attributable to customer contributions to existing accounts and improving market conditions.

Credit Quality

Non-performing assets totaled $12.1 million, or 0.67% of total assets, at June 30, 2020, compared with $11.1 million, or 0.82% of total assets, at March 31, 2020.

As a result of the COVID-19 pandemic, a loan modification program was designed and implemented to assist our clients experiencing financial stress resulting from the economic impacts caused by the global pandemic. The Company offered loan extensions, temporary payment moratoriums, and financial covenant waivers for commercial and consumer borrowers impacted by the pandemic who had a pass risk rating and had not been delinquent over 30 days on payments in the last two years.

At June 30, 2020, the Company had entered into loan modification agreements on ninety-eight loans across multiple industries in the amount of $176.9 million. Most of the temporary payment moratoriums are for a period of 180 days or less and the Company is recognizing interest income on these loans. At June 30, 2020, accrued interest increased $2.4 million as a result of payment moratoriums related to loan modifications. The Company continues to meet regularly with clients who could be more highly impacted by the COVID-19 pandemic. The Company receives and reviews current financial data and cash flow forecasts from borrowers with loan modification agreements.

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The Company recorded a provision for loan losses of $2.1 million in the second quarter of 2020, primarily based on the additional variability surrounding the loan modifications made during the quarter and increased economic uncertainty. The Company has increased loan level reviews and portfolio monitoring to address the changing environment.

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Capital

At June 30, 2020, First Western (“Consolidated”) and First Western Trust Bank (“Bank”) exceeded the minimum capital levels required by their respective regulators. At June 30, 2020, the Bank was classified as “well capitalized,” as summarized in the following table:

Tangible book value per common share⁽¹⁾ increased 14.1% from $12.38 at June 30, 2019 to $14.13 at June 30, 2020, and was up 5.5% from $13.39 at March 31, 2020.

During the second quarter of 2020, the Company did not repurchase any shares of its common stock under its stock repurchase program. The Company does not currently anticipate repurchasing shares while its capital can be used to support its clients and communities through the duration of the COVID-19 pandemic.

Conference Call, Webcast and Slide Presentation

The Company will host a conference call and webcast at 10:00 a.m. MT/ 12:00 p.m. ET on Friday, July 24, 2020. The call can be accessed via telephone at 877-405-1628; passcode 8691738. A recorded replay will be accessible through July 31, 2020 by dialing 855-859-2056; passcode 8691738.

A slide presentation relating to the second quarter 2020 results will be accessible prior to the scheduled conference call. The slide presentation and webcast of the conference call can be accessed on the Events and Presentations page of the Company’s investor relations website at https://myfw.gcs-web.com.

About First Western

First Western is a financial services holding company headquartered in Denver, Colorado, with operations in Colorado, Arizona, Wyoming and California. First Western and its subsidiaries provide a fully integrated suite of wealth management services on a private trust bank platform, which includes a comprehensive selection of deposit, loan, trust, wealth planning and investment management products and services. First Western’s common stock is traded on the Nasdaq Global Select Market under the symbol “MYFW.” For more information, please visit www.myfw.com.

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Non-GAAP Financial Measures

Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures include “Tangible Common Equity,” “Tangible Common Book Value per Share,” “Return on Tangible Common Equity,” “Efficiency Ratio,” and “Gross Revenue,” “Adjusted Net Income Available to Common Shareholders,” “Adjusted Earnings Per Share,” “Adjusted Diluted Earnings Per Share,” “Adjusted Return on Average Assets,” “Adjusted Return on Average Shareholders’ Equity,” and “Adjusted Return on Tangible Common Equity”. The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies. Reconciliation of non-GAAP financial measures, to GAAP financial measures are provided at the end of this press release.

Forward-Looking Statements

Statements in this news release regarding our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business and markets are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “outlook,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “opportunity,” “could,” or “may.” The forward-looking statements in this news release are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this news release and could cause us to make changes to our future plans. Those risks and uncertainties include, without limitation, the COVID-19 pandemic and its effects; integration risks in connection with acquisitions; the risk of geographic concentration in Colorado, Arizona, Wyoming and California; the risk of changes in the economy affecting real estate values and liquidity; the risk in our ability to continue to originate residential real estate loans and sell such loans; risks specific to commercial loans and borrowers; the risk of claims and litigation pertaining to our fiduciary responsibilities; the risk of competition for investment managers and professionals; the risk of fluctuation in the value of our investment securities; the risk of changes in interest rates; and the risk of the adequacy of our allowance for credit losses and the risk in our ability to maintain a strong core deposit base or other low-cost funding sources. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 12, 2020 (“Form 10-K”), and other documents we file with the SEC from time to time. We urge readers of this news release to review the “Risk Factors” section our Form 10-K and any updates to those risk factors set forth in our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and our other filings with the SEC. Also, our actual financial results in the future may differ from those currently expected due to additional risks and uncertainties of which we are not currently aware or which we do not currently view as, but in the future may become, material to our business or operating results. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release, which speak only as of today’s date, or to make predictions based solely on historical financial performance. Any forward-looking statement speaks only as of the date on which it is made, and we do not

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undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Contacts:

Financial Profiles, Inc.

Tony Rossi

310-622-8221

MYFW@finprofiles.com

IR@myfw.com

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First Western Financial, Inc.

Consolidated Financial Summary (unaudited)

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First Western Financial, Inc.

Consolidated Financial Summary (unaudited) (continued)

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First Western Financial, Inc.

Consolidated Financial Summary (unaudited) (continued)

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First Western Financial, Inc.

Consolidated Financial Summary (unaudited) (continued)

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First Western Financial, Inc.

Consolidated Financial Summary (unaudited) (continued)

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⁽¹⁾ Represents a Non-GAAP financial measure. See “Reconciliation of Non-GAAP Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

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First Western Financial, Inc.

Consolidated Financial Summary (unaudited) (continued)

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Reconciliations of Non-GAAP Financial Measures

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