Q3 2024 First Foundation Inc Earnings Call Transcript
Key Points
- First Foundation Inc (FFWM) completed a $228 million capital raise, improving capital ratios.
- The company increased its net interest margin to 1.5% from 1.36% in the previous quarter.
- First Foundation Advisors closed the quarter with near-record assets under management, maintaining strong profitability.
- Non-interest-bearing demand deposits increased to 21% of total deposits, indicating a healthier deposit mix.
- The company has a strong liquidity position with $4.3 billion available, enhancing financial stability.
- First Foundation Inc (FFWM) reported a net loss attributable to common shareholders of $82.2 million for the quarter.
- The reclassification of $1.9 billion in multi-family loans to held for sale resulted in a significant paper loss of $117.5 million.
- Non-performing assets increased to 0.33% of total assets, up from 0.18% in the previous quarter.
- The efficiency ratio worsened to 98.1%, indicating higher operational costs relative to income.
- Total deposits decreased to $10.3 billion from $10.8 billion in the previous quarter, reflecting a decline in deposit base.
Greetings, and welcome to First Foundation's third-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.
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 or reconciliations of non-GAAP financial measures, please see the company's filings with the Securities and Exchange Commission.
And with that, I would now like to turn the call over to CEO,
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