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 (2023) 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 2023

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

Prospect flagsLow returnsLow participant contribution

How to read this page

Total assets (EOY)

$16.5M

+9.7% from 2022

Total participants

194

+1.0% from 2022

Average account balance

$91,710

+7.8% from 2022

Annual return

7.55%

+6.31 pp from 2022

Benchmarks

See 2,152 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants100-249

Cohort2,152 peers

Snapshot2023

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

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

Service providers

Top 3 by compensation

Provider	Service type	Compensation
FORVIS, LLP2 years Service code 15 · EIN 44-0160260	Recordkeeping	$26,480
LANDMARK EQUITY ADVISORS LLC6 years Filed as: LANDMARK, PLC Service code 10 · EIN 71-0355269	Accounting	$11,500
STERN BROTHERS3 years Filed as: STERN BROTHERS VALUATION ADVISORS Service code 34 1044 MAIN STREET, SUITE 501 · KANSAS CITY, MO 641052149	Direct payment from the plan; Valuati...	$7,350

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

2 tripped

OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$47K

$384 / participant

Recordkeeping$1K3.2%
Valuation$7K15.7%
Contract admin$26K56.6%
Other / not subdivided$12K24.6%

% of EOY assets

0.284%

all-in expense ratio

Categories reported

3 / 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: $11,500
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$91,710

$130,294-29.6%

$170,057-46.1%

$71,529+28.2%

Participation rate

88.5%

86.2%+2.4pp

87.0%+1.5pp

67.9%+20.6pp

Annual return

7.55%

20.36%-12.8pp

53.42%-45.9pp

28.97%-21.4pp

Employer contribution / active EE

$5,000

$4,385+14.0%

$6,790-26.4%

$2,590+93.1%

Participant deferral / active EE

$3,517

$6,928-49.2%

$10,411-66.2%

$4,291-18.1%

Admin fee / account holder

$260

$966-73.1%

$12,826-98.0%

$1,588-83.6%

Provider

Service type

Compensation

FORVIS, LLP2 years

Service code 15 · EIN 44-0160260

Recordkeeping

$26,480

LANDMARK EQUITY ADVISORS LLC6 years

Filed as: LANDMARK, PLC

Service code 10 · EIN 71-0355269

Accounting

$11,500

STERN BROTHERS3 years

Filed as: STERN BROTHERS VALUATION ADVISORS

Service code 34

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

Direct payment from the plan; Valuati...

$7,350

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