David Weber - Chief Financial Officer | First Western Financial (MYFW) Executive Profile & Compensation

About David Weber

David R. Weber is Chief Financial Officer and Treasurer of First Western Financial, Inc. (MYFW), appointed effective October 1, 2023; he is 37 and has served with the company since 2018, with prior roles at Fifth Third Bank in capital planning and finance. He holds a B.S. in Business from Miami University and an M.S. in Accounting from the University of Illinois Urbana-Champaign . During Weber’s tenure as CFO, MYFW’s 2024 performance improved: net income available to common shareholders rose to $8.5 million (from $5.2 million in 2023), diluted EPS was $0.87 (vs. $0.54 in 2023), and non-performing loans fell to $12.8 million (from $50.8 million) . Longer-term TSR has compressed given industry conditions, with $100 invested on 12/31/2020 equating to $155.14 in 2021, $143.84 in 2022, and $101.33 in 2023 .

Past Roles

Organization	Role	Years	Strategic Impact
First Western Financial, Inc.	Chief Financial Officer & Treasurer (Company and Bank)	Oct 2023–Present	Designated Principal Financial Officer; oversees finance and treasury for the company and bank .
First Western Trust Bank	Director of Finance & Treasury; Cashier	2021–2023	Led FP&A, Treasury, Corporate Development, Mortgage Secondary Marketing, and Compensation functions .
First Western Trust Bank	Finance & Treasury Manager	2019–2021	Advanced responsibilities in finance and treasury management .
First Western Trust Bank	Treasury Manager	2018–2019	Established treasury function contributions post-joining MYFW .

External Roles

Organization	Role	Years	Strategic Impact
Fifth Third Bank	Vice President, Senior Capital Planning Manager	Part of 9-year tenure (pre-2018)	Led execution of semiannual stress tests; contributed to enterprise capital planning .
Fifth Third Bank	Various finance positions	~9 years	Broad finance experience supporting preparedness for CFO role .

Fixed Compensation

Item	Detail
Base Salary (upon appointment)	$275,000 base salary, effective Oct 1, 2023 .
Cash Bonus Eligibility	Entitled to equitable participation in incentive compensation and bonuses in plans for which eligible .
Benefits	Eligible for company benefits consistent with executive programs (per standard practice; no CFO-specific variance disclosed) .

Performance Compensation

Equity award structures and vesting
- RSUs: Time-based awards vest 20% per year over five years; dividends/dividend equivalents not paid until vest .
- PSUs: Payout range 0–150% based on average Operating EPS over a three-year performance period, followed by a two-year continued service requirement (five-year total vest) .
Company PSU performance history (context for CFO’s incentive environment) | Performance Period Start | Performance Period End | Vesting Date | Achievement % | |---|---|---|---| | 1/1/2020 | 12/31/2022 | 12/31/2024 | 150% | | 1/1/2020 (special grant) | 12/31/2022 | 11/18/2023 & 11/18/2025 | 114% | | 1/1/2021 | 12/31/2023 | 12/31/2025 | 55% | | 1/1/2022 | 12/31/2024 | 12/31/2026 | 0% | | 1/1/2023 | 12/31/2025 | 12/31/2027 | 0% (estimated) | | 1/1/2024 | 12/31/2026 | 12/31/2028 | 100% (estimated) |
Short-Term Incentive (STI) framework (Company NEO design; CFO-specific weights not disclosed) | 2024 STI Goals | CEO Weight | COO Weight | Chief Banking Officer Weight | |---|---:|---:|---:| | Gross Revenues | 25% | 30% | 30% | | Operating EPS | 15% | 20% | 40% | | Operating PTPPNI | 15% | 20% | 0% | | Qualitative Factors | 30% | 30% | 30% | | PTIM Fees | 15% | 0% | 0% |
Governance features impacting incentives:
- Minimum one-year vesting on awards (subject to limited exceptions) .
- Double-trigger acceleration: awards fully vest if terminated without cause, death, or disability within 12 months after a change in control; performance goals deemed at target/actual per plan terms .
- Clawback policy aligned with Nasdaq Section 10D; recovery of excess incentive-based compensation upon required restatement .

Equity Ownership & Alignment

Policy/Metric	2024 Guideline	2025 Guideline	Notes
Stock Ownership Guideline (CFO)	4× annual base salary (CFO explicitly named)	“Other Senior Executive Officers” 2× annual base salary (CFO falls within this category)	Executives have five years to comply; sale of net shares limited to 50% if not in compliance .
Pledging/Hedging	Prohibited for directors/executives, subject to limited exceptions and pre-approval; short sales and derivative trading restricted; margin accounts prohibited .	Same	No pledging by Weber disclosed; CEO has pledged shares, highlighting policy exceptions .
Beneficial Ownership (CFO)	Not disclosed (table lists directors and NEOs only; CFO was not a 2023/2024 NEO) .	Not disclosed	No Form 4 activity provided in these filings.

Employment Terms

Term	Detail
Appointment Effective Date	October 1, 2023 (CFO and Treasurer; designated Principal Financial Officer) .
Compensation Participation	Equitable participation in incentive compensation, bonuses, and long-term incentives for eligible plans .
Employment Agreement	No CFO-specific agreement terms (severance/change-in-control multiples) disclosed; Company disclosed agreements/multiples for CEO/COO and CBO only .
Change-of-Control Treatment (Equity)	Double-trigger acceleration per 2025 Omnibus Incentive Plan: vesting upon termination without cause within 12 months of a change in control; performance goals deemed at greater of target or actual .
Clawback	Company-wide Clawback Policy adopted per Section 10D and Nasdaq rules .
Retirement/Vesting Mechanics	Continued vesting for “retirement eligible” (age 65 + 10 years service) subject to notice, restrictive covenants, release; not applicable to Weber currently due to age .

Performance & Track Record

Tenure outcomes: 2024 net income available to common shareholders rose to $8.5 million; diluted EPS increased to $0.87; non-performing loans fell to $12.8 million, reflecting improved credit performance under the leadership team including CFO .
Pay-for-performance context: PSU achievements varied—2012–2024 cohort failed; earlier cohorts achieved 150%/114%; 2021 cohort achieved 55%; design enforces multi-year value creation before vesting .
Say-on-Pay: 2024 vote approved with ~67% support; company expanded disclosure and refined program in response to shareholder feedback .

Compensation Committee Analysis

Compensation Committee members and independence confirmed; Alvarez & Marsal engaged for peer benchmarking and program design; no consultant conflicts reported .
2024 peer group (15 banks) used for benchmarking: Alerus Financial, Blue Ridge Bankshares, Capital Bancorp, Coastal Financial, CapStar, First Business Financial Services, Financial Institutions, Greene County Bancorp, First Foundation, Mid Penn Bancorp, National Bank Holdings, Peapack-Gladstone, Univest Financial, Washington Trust Bancorp, West Bancorporation .

Investment Implications

Alignment: Weber’s compensation aligns with long-term performance via five-year RSU/PSU structures, minimum 1-year vesting, and a clawback—reducing risk of short-termism; 2025 guideline places CFO in 2× salary stock ownership requirement (vs. 4× in 2024), still ensuring meaningful skin-in-the-game with a five-year compliance window .
Retention risk: Moderate; as a relatively new CFO (appointed Oct 2023), multi-year vesting and ownership guidelines create holding power. Lack of disclosed severance multiples for CFO (unlike CEO/COO/CBO) suggests retention relies more on equity and role scope than contractual economics .
Insider selling pressure: No disclosures of pledging or large beneficial holdings for Weber; PSU non-vesting for the 2022–2024 cycle for NEOs reduces near-term forced selling pressure; dividends not paid on unvested awards further mitigates incentives to time vesting .
Governance trends and pay transparency: After a 67% Say-on-Pay in 2024, MYFW increased disclosure on metrics, benchmarking, and PSU/STI mechanics and tightened plan governance (no repricings, 1-year vest minimum, dividend deferral), supportive of investor confidence in pay-for-performance .