The following is a summary of the First Foundation Inc. (FFWM) Q1 2024 Earnings Call Transcript:
Financial Performance:
First Foundation reported Q1 net income of $793,000 or $0.014 per share.
Interest income for the quarter increased to $150.5 million from $146.6 million in Q4 2023.
Non-interest income as a percentage of total revenue was stable at 25% compared to the last quarter.
Non-interest expense for the quarter decreased to $50.6 million from $55.9 million in Q4 2023.
Business Progress:
First Foundation improved its loan-to-deposit ratio and maintained overall loan yield.
The company is projected to see deposit growth, which is mainly expected to be noninterest-bearing.
Strategically exiting equipment finance operations in Q1 is anticipated to save approximately $1.5 million annually.
First Foundation is focusing on boosting its recurring revenues by adding investment securities and hedges to reduce interest rate sensitivity.
First Foundation Bank increased its core funding to over $9.7 billion in Q1 2024.
Efforts are being made to reduce dependence on broker deposits and home loan bank advances.
The bank is converting its physical branches into digital branches to enhance customer service.
The company is focusing on expansion, particularly in California and Florida, with a focus on enhancing their Commercial & Industrial (C&I) teams in Dallas.
More details: First Foundation IR
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