Q2 2024 First Foundation Inc Earnings Call Transcript
Key Points
- First Foundation Inc (FFWM) reported net income attributable to common shareholders of $3.1 million or $0.05 per share for both basic and diluted shares.
- The company successfully completed a $228 million capital raise to support growth, not due to regulatory concerns.
- Loan yields increased to 4.77% in the second quarter from 4.70% in the first quarter.
- First Foundation Advisors closed the quarter with near-record assets under management at $5.5 billion.
- The company's net interest margin improved to 1.36% from 1.17% in the first quarter of 2024.
- Non-interest expense increased to $55.6 million in the quarter compared to $50.6 million in the prior quarter.
- The efficiency ratio, although improved, remains high at 96.1% compared to 98.4% in the first quarter of 2024.
- Core non-brokered deposits decreased to 62% during the quarter, compared to 64% in the first quarter of 2024.
- Non-interest income as a percentage of total revenue decreased to 23% for the quarter compared to 25% for the first quarter.
- The company continues to face pressure on interest-bearing liability costs, which increased slightly from 4.24% in the first quarter to 4.27% in the second quarter.
Greetings, and welcome to First Foundation's Second Quarter 2024 Earnings Conference Call. Today's call is being recorded. Speaking today will be Scott Kavanaugh, First Foundation's Chief Executive Officer; Jamie Britton, First Foundation's Chief Financial Officer; and Chris Naghibi, First Foundation's Chief Operating Officer. Also joining the call is Simone Lagomarsino, First Foundation Bank's President.
Before I hand the call over to Scott, please note that management will make certain predictive statements during today's call that reflect their current views and expectations about the company's performance and financial results. These forward-looking statements are made subject to the safe harbor statement included in today's earnings release. In addition, some of the discussion may include non-GAAP financial measures. For a more complete discussion of the risks and uncertainties that could cause actual results to differ materially from any forward-looking statements and reconciliations of non-GAAP financial measures, please see the company's filings with the Securities and Exchange Commission.
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