Exhibit 99.1

First Western Reports First Quarter 2021 Financial Results

First Quarter 2021 Summary

⁽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., April 22, 2021 – First Western Financial, Inc., (“First Western” or the “Company”) (NASDAQ: MYFW), today reported financial results for the first quarter ended March 31, 2021.

Net income available to common shareholders was $6.0 million, or $0.74 per diluted share, for the first quarter of 2021. This compares to $4.9 million, or $0.61 per diluted share, for the fourth quarter of 2020, and $1.3 million, or $0.17 per diluted share, for the first quarter of 2020.

Scott C. Wylie, CEO of First Western, commented, “Our first quarter results reflect the continuation of our improved profitability, as our earnings per share increased more than 300% over the first quarter of last year and our return on tangible common equity exceeded 17%. Our new business development activity remains very strong and new client relationships helped drive a 12% increase in total deposits during the first quarter. While the strong deposit inflows are creating excess liquidity in the short-term that impacts our net interest margin, we believe we are well positioned to generate higher revenue in the future as these funds are redeployed into higher yielding earning assets or transferred into investment management accounts where they will generate fee income.

“During the first quarter, we resolved the processing constraints that limited our mortgage production late in 2020. We were able to capitalize on continued strong demand and more than double our net gain on mortgage loans compared to the first quarter of last year. Given the population growth and strong housing trends in our

markets, we expect the mortgage segment to continue making a significant contribution to our overall profitability.

“We spent the first quarter rebuilding our loan pipeline following the strong production we had to end 2020, as well as helping clients access the second round of funding through the Paycheck Protection Program. Despite the smaller pipeline to begin the year that impacted new loan production, our average loan balances, including mortgage loans held for sale, were still up more than 21% on an annualized basis in the first quarter. With our loan pipeline growing and commercial clients becoming more confident in a stronger economic recovery, we anticipate seeing a higher level of loan production and loan growth as we move through the year. This should lead to further increases in our level of profitability as we redeploy our excess liquidity and realize additional operating leverage,” said Mr. Wylie.

⁽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.

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Operating Results for the First Quarter 2021

Revenue

Gross revenue ⁽¹⁾ was $23.7 million for the first quarter of 2021, compared to $23.4 million for the fourth quarter of 2020. The increase in revenue was driven by a $0.7 million increase in non-interest income, primarily due to a higher net gain on mortgage loans resulting from increased mortgage activity.

Relative to the first quarter of 2020, gross revenue increased $7.0 million from $16.7 million, or 41.7%. The increase in revenue was primarily due to a $4.1 million increase in net interest income driven by growth in interest earning assets, as well as higher mortgage segment activity.

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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.

Net Interest Income

Net interest income for the first quarter of 2021 was $13.1 million, a decrease of 3.0% from $13.5 million in the fourth quarter of 2020. The decrease in net interest income was primarily driven by a $0.2 million decrease in interest and loan fees recognized on Paycheck Protection Program (“PPP”), as well as the reduction in number of days of interest accruals in the first quarter of 2021 compared to the fourth quarter of 2020.

Relative to the first quarter of 2020, net interest income increased 46.2% from $8.9 million. The year-over-year increase in net interest income was due primarily to growth in average loans and the impact of PPP loan income.

Net Interest Margin

Net interest margin for the first quarter of 2021 decreased to 2.90% from 3.07% in the fourth quarter of 2020. Net interest margin was negatively impacted by a more liquid balance sheet mix resulting from continued strong deposit growth, which resulted in lower interest earning asset yields. On a net basis, the PPP program also negatively impacted net interest margin by 6 basis points. This was driven by amortization of SBA fee income and deferred loan origination expense of $0.5 million and interest income from PPP loans of $0.3 million. The impact from the PPP program was offset by an increase of 8 basis points relating to the impact of purchase accretion from the 2020 branch acquisition.

The cost of interest-bearing deposits decreased to 0.33% in the first quarter of 2021, from 0.37% in the fourth quarter of 2020, while the yield on interest-earning assets decreased to 3.22% in the first quarter of 2021, from 3.41% in the fourth quarter of 2020. The decline during the period was primarily due to a decrease in loan fees recognized on PPP loans, a more liquid balance sheet mix resulting from continued strong deposit growth, and two fewer days of interest accruals in the first quarter.

Relative to the first quarter of 2020, the net interest margin decreased from 3.14%, primarily due to an 82 basis point reduction in average yields on interest earning assets resulting from lower market rates and a more liquid mix of earning assets.

Non-interest Income

Non-interest income for the first quarter of 2021 was $10.6 million, an increase of 6.6% from $10.0 million in the fourth quarter of 2020. This was primarily due to an increase in realized net margins on sold loans from the fourth quarter 2020 to the first quarter 2021, offset by a decrease in the net margin on the unrealized portfolio. Mortgage origination volume increased $77.8 million in the first quarter 2021 compared to the fourth quarter 2020 contributing additional interest income and origination fee income of $0.5 million which was offset by $1.0 million in commission and other variable expenses associated with the increased volume. The Company originated $490.8 million of mortgage loans for sale during the quarter, compared to $414.5 million the previous quarter, an increase of $76.3 million. Excluding the fee revenue in the fourth quarter of 2020 generated by the LA Fixed Income team that was sold in November 2020, Trust and Investment Management fees increased $0.1 million, or 1.9% during the first quarter of 2021.

Relative to the first quarter of 2020, non-interest income increased 36.7% from $7.8 million. The increase was attributable to a $2.7 million increase in net gain on mortgage loans, primarily related to an increase in

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the volume of mortgage originations quarter-over-quarter.

Non-interest Expense

Non-interest expense for the first quarter of 2021 was flat from the fourth quarter of 2020 at $15.6 million. First quarter non-interest expense reflects lower salaries and benefits expense resulting from $1.0 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 60-month life of the loans, if not earlier, as the borrowers are granted forgiveness. The resulting increase in compensation expense is primarily due to increased mortgage expenses resulting from higher mortgage originations and increased seasonal tax and benefits expenses.

Non-interest expense increased 6.7% from $14.6 million in the first quarter of 2020. The increase was primarily due to higher salaries and employee benefits expense and increased data processing costs resulting from the increase in total assets added through the branch purchase and through organic growth of the balance sheet.

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The Company’s efficiency ratio⁽¹⁾ was 66.0% in the first quarter of 2021, compared with 66.6% in the fourth quarter of 2020 and 84.4% in the first quarter of 2020.

⁽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.

Income Taxes

The Company recorded income tax expense of $2.0 million for the first quarter of 2021, representing an effective tax rate of 25.4%, compared to 31.4% for the fourth quarter of 2020. The decrease in effective tax rate in the first quarter of 2021 was primarily attributable to an increase in the fourth quarter 2020 effective tax rate as a result of additional expense related to recording a valuation allowance of $0.4 million on our net operating loss with the State of California following the sale of our LA fixed income team.

Loan Portfolio

Total loans, including mortgage loans held for sale, were $1.72 billion as of March 31, 2021, an increase of $27.4 million, or 1.6% from the end of the prior quarter and an increase of $616.8 million, or 55.7% from March 31, 2020.

Total loans held for investment, were $1.55 billion as of March 31, 2021, an increase of 0.8% from $1.53 billion as of December 31, 2020, and an increase of 48.4% from $1.04 billion as of March 31, 2020. The increase in total loans held for investment from December 31, 2020 was primarily due to growth in the non-owner occupied commercial real estate portfolio.

PPP loans were $190.5 million as of March 31, 2021, an increase of 33.3% from $142.9 million as of December 31, 2020. In the first quarter of 2021, the Company originated $78.9 million in PPP loans. As of March 31, 2021, the Company has submitted loan forgiveness applications to the Small Business Administration (“SBA”) on behalf of clients for $155.1 million and received forgiveness and funds remitted in the amount of $84.7 million from the SBA. As of March 31, 2021, there was $3.1 million remaining in net fees to be recognized upon forgiveness or repayment.

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Deposits

Total deposits were $1.81 billion as of March 31, 2021, compared to $1.62 billion as of December 31, 2020, and $1.18 billion as of March 31, 2020. The increase in total deposits from December 31, 2020 was attributable to an increase in non-interest bearing deposits and money market deposits.

Average total deposits for the first quarter of 2021 increased $143.3 million, or 36.3% annualized, from the fourth quarter of 2020 and $636.2 million, or 58.7%, from the first quarter of 2020. The increase was primarily attributable to an increase in non-interest bearing and money market deposits resulting from inflows from large commercial depositors and higher deposit balances across the Company’s clientele due to the improving economic and business environment.

Borrowings

Federal Home Loan Bank (“FHLB”) and Federal Reserve borrowings were $198.0 million as of March 31, 2021, an increase of $48.5 million from $149.6 million as of December 31, 2020, and an increase of $188.0 million from $10.0 million as of March 31, 2020. The increase from March 31, 2020 and from December 31, 2020 is attributable to the participation in the Paycheck Protection Program Loan Facility (“PPPLF”) from the Federal Reserve. Borrowing from this facility is expected to match the balances of the PPP loans and the resulting net increase in PPP loans drove the increase to the PPPLF balance.

Assets Under Management

Total assets under management (“AUM”) increased by $230.3 million during the first quarter to $6.49 billion as of March 31, 2021, compared to $6.26 billion as of December 31, 2020, and $5.64 billion as of March 31, 2020. The increase was primarily attributable to contributions to existing accounts and new accounts, as well as improving market conditions resulting in an increase in the value of assets under management balances.

Credit Quality

Non-performing assets totaled $4.0 million, or 0.18% of total assets, as of March 31, 2021, compared with $4.3 million, or 0.22% of total assets, as of December 31, 2020 and $11.1 million, or 0.82% of total assets, as of March 31, 2020. The decline in non-performing assets from the prior quarter was due to continued pay downs on outstanding balances, as well as the sale of the remaining other real estate owned property in the quarter.

The Company did not record a provision for loan losses in the first quarter of 2021, compared to a provision of $0.4 million in the first quarter of 2020 and $0.7 million in the fourth quarter of 2020. The lower provision was the result of continued strong credit quality in the portfolio and continued pay downs on substandard loans. During 2020, the Company had implemented a loan modification program to assist its clients experiencing financial stress resulting from the economic impacts caused by the global pandemic. As of January 25, 2021, all borrowers were out of their deferral period and all are performing.

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Capital

As of March 31, 2021, First Western (“Consolidated”) and First Western Trust Bank (“Bank”) exceeded the minimum capital levels required by their respective regulators. As of March 31, 2021, the Bank was classified as “well capitalized,” as summarized in the following table:

Book value per common share increased 24.8% from $16.26 as of March 31, 2020 to $20.29 as of March 31, 2021, and was up 4.1% from $19.49 as of December 31, 2020.

Tangible book value per common share ⁽¹⁾ increased 28.8% from $13.39 as of March 31, 2020 to $17.24 as of March 31, 2021, and was up 4.9% from $16.44 as of December 31, 2020.

The Company did not repurchase any shares of its common stock during the first quarter of 2021 under its stock repurchase program, which authorized the repurchase of up to 400,000 shares of its common stock. As of March 31, 2021, the Company had up to 399,574 shares remaining under the current stock repurchase authorization.

⁽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.

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, April 23, 2021. The call can be accessed via telephone at 877-405-1628. A recorded replay will be accessible through April 30, 2021 by dialing 855-859-2056; passcode 5491494.

A slide presentation relating to the first quarter 2021 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,” “Gross Revenue,” “Allowance to Bank Originated Loans Excluding PPP,” “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 loan 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, 2021 (“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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⁽¹⁾ Includes a $62 thousand gain on sale of the LA fixed income team.

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First Western Financial, Inc.

Consolidated Financial Summary (unaudited)

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First Western Financial, Inc.

Consolidated Financial Summary (unaudited)

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⁽¹⁾ Includes PPP loans.

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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.

⁽²⁾ Value results in an immaterial amount.

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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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