Retirement plan

FIRST WESTERN BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP AND 401(K) PLAN

Name: FIRST WESTERN BANCSHARES, INC. - FIRST WESTERN BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP AND 401(K) PLAN (2022) Form 5500
Creator: FIRST WESTERN BANCSHARES, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FIRST WESTERN BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP AND 401(K) PLAN, FIRST WESTERN BANCSHARES, INC.

FIRST WESTERN BANCSHARES, INC.EIN 71-0605306Plan #002PY 2022

P.O. BOX 238 - BOONEVILLE, AR 72927479-675-8231LinkedIn11-50 employeesinsurance

Prospect flagsLow participant contribution

How to read this page

Total assets (EOY)

$15.1M

+4.5% from 2021

Total participants

192

+2.7% from 2021

Average account balance

$85,054

-0.8% from 2021

Annual return

1.23%

-24.74 pp from 2021

Benchmarks

See 2,163 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,163 peers

Snapshot2022

Free accounts unlock saves, downloads, and 3-year history.

Analytics

Total assets (EOY)

Plan-year ending balance

$18.58M

Not enough data

1 years with asset history on file

Average account balance

Total assets / participants with a balance (line 6g)

$99K

Not enough data

1 years with per-participant data

Participants with account balance

Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.

187

Not enough data

1 years with headcount on file

Eligible Participants and Participation

Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.

91.7%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.19M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$10K

Not enough data

1 years with per-participant contribution data

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

+9.85%

Not enough data

1 years with return on file

Admin fee / account holder

Total admin expenses / participants with a balance (line 6g)

$138

Not enough data

1 years with admin cost on file

Asset composition

Cash / stocks / bonds / mutual funds / real estate / loans over time

Not enough data

1 years with F_SCH_H allocation on file

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Service providers

Top 3 by compensation

Provider	Service type	Compensation
FORVIS, LLP1 year Service code 15 · EIN 44-0160260	Recordkeeping	$31,054
LANDMARK EQUITY ADVISORS LLC5 years Filed as: LANDMARK, PLC Service code 10 · EIN 71-0355269	Accounting	$10,850
STERN BROTHERS2 years Filed as: STERN BROTHERS VALUATION ADVISORS Service code 34 1044 MAIN STREET, SUITE 501 · KANSAS CITY, MO 641052149	Valuation (appraisals, etc.); Direct ...	$7,000

Plan features & details

Pension benefit codes2F2H2J2O2T3D3H3I

Plan features

2F
ERISA section 404(c) plan
This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
2H
Partial participant-directed account plan
Participants have the opportunity to direct the investment of a portion of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
2J
Code section 401(k) feature
Cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
2O
ESOP other than a leveraged ESOP
Employee stock ownership plan that is not leveraged.
2T
Default investment account
Total or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
3D
Pre-approved pension plan
A master prototype or volume submitter plan that is the subject of a favorable opinion or advisory letter from the IRS.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).
3I
Employer securities investment required
Plan requiring that all or part of employer contributions be invested and held at least for a limited period in employer securities.

Opportunity flags

1 tripped

OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$51K

$417 / participant

Contract admin$1K2.8%
Other / not subdivided$50K97.2%

% of EOY assets

0.341%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: LANDMARK PLC, CPA
Auditor EIN: 710355269
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$85,054

$102,661-17.2%

$151,645-43.9%

$66,949+27.0%

Participation rate

87.8%

85.5%+2.3pp

87.5%+0.3pp

69.8%+18.0pp

Annual return

1.23%

-10.81%+12.0pp

3.34%-2.1pp

1.57%-0.3pp

Employer contribution / active EE

$4,506

$4,184+7.7%

$6,165-26.9%

$2,545+77.0%

Participant deferral / active EE

$3,418

$6,645-48.6%

$8,363-59.1%

$4,239-19.4%

Admin fee / account holder

$290

$630-54.0%

$11,614-97.5%

$594-51.1%

Provider

Service type

Compensation

FORVIS, LLP1 year

Service code 15 · EIN 44-0160260

Recordkeeping

$31,054

LANDMARK EQUITY ADVISORS LLC5 years

Filed as: LANDMARK, PLC

Service code 10 · EIN 71-0355269

Accounting

$10,850

STERN BROTHERS2 years

Filed as: STERN BROTHERS VALUATION ADVISORS

Service code 34

1044 MAIN STREET, SUITE 501 · KANSAS CITY, MO 641052149

Valuation (appraisals, etc.); Direct ...

$7,000

FIRST WESTERN BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP AND 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FIRST WESTERN BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP AND 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion