First Foundation Q1 net income $793K ($0.01 EPS); NIM narrows to 1.17%

First Foundation Inc.

2024-Q1 EPS reported $0.01 revenue$8,614,000

Net income $793K ($0.01 diluted EPS); adjusted EPS $0.02. Net interest income $38.4M, down 35% from $58.8M a year ago.
Net interest margin 1.17% vs 1.83% a year ago; efficiency ratio 98.4% vs 84.5%.
Tangible book value per share $16.35 (vs $16.30 Q4); NPA ratio 0.18% vs 0.15% prior quarter.
Loan to deposit ratio 94.8%; total deposits $10.64B, total loans $10.09B.
Total risk-based capital ratio 12.49% (12.27% prior quarter); strong liquidity $4.4B available.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

First Foundation Inc. reported the quarter ended March 31, 2024 results: revenue $38,386, net income $793, EPS $0.01.

Period: the quarter ended March 31, 2024
Revenue: $38,386
Net income: $793
EPS: $0.01
Result: reported results

Exact text from the filing

(a) 0.5 1.2 3.7 Net interest margin (%) 1.17 1.36 1.83 Efficiency ratio (%) (a) 98.4 98.5 84.5 Income Statement (b) 1Q24 4Q23 1Q23 Net interest income $ 38,386 $ 42,493 $ 58,755 Noninterest income $ 12,683 $ 13,876 $ 11,698 Net income attributable to common shareholders $ 793 $ 2,548 $ 8,496 Adjusted net income attributable

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Source: SEC EDGAR

accession 0001558370-24-005682

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