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First Foundation Announces 2019 Third Quarter Financial Results

Nachrichtenquelle: Business Wire (engl.)
23.10.2019, 03:00  |  743   |   |   

First Foundation Inc. (NASDAQ: FFWM), a financial services company with two wholly-owned operating subsidiaries, First Foundation Advisors (“FFA”) and First Foundation Bank (“FFB”), announced today its financial results for the quarter and nine months ended September 30, 2019. As we present certain non-GAAP measures in this release, the reader should refer to the non-GAAP reconciliations set forth below under the section “Use of Non-GAAP Financial Measures.”

“We experienced another strong quarter from all segments of our business,” said Scott F. Kavanaugh, CEO. “Our banking, wealth management, and trust each saw solid growth. And I am particularly proud of our ability to complete the securitization of $551 million in loans, our fourth such deal to date, which total $1.5 billion. This has been part of our strategic plan for a few years now, and it allows us to continue to expand our lending activities while maintaining strong credit quality.”

Highlights

Financial Results:

  • 2019 third quarter compared to 2018 third quarter:
    • Total revenues were $57.1 million, an increase of 4%
    • Net interest income was $43.1 million
    • Income before taxes was $24.2 million, an increase of 16%
    • Earnings were $17.4 million, an increase of 18%
    • Earnings per fully diluted share were $0.39, compared to $0.33 in 2018
  • 2019 year to date compared to 2018 year-to-date:
    • Total revenues were $157.6 million, an increase of 12%
    • Net interest income was $126.1 million, an increase of 10%
    • Income before taxes was $57.8 million, an increase of 44%
    • Earnings were $41.0 million, an increase of 42%
    • Earnings per fully diluted share were $0.91, compared to $0.69 in 2018
  • 2019 Financial ratios:
    • Return on average tangible equity of 14.0% for the quarter, 11.4% for year-to-date
    • Return on average assets of 1.10% for the quarter, 0.90% for year-to-date
    • Efficiency ratio of 59.5% for the quarter, 63.1% for year-to-date
    • Total tangible shareholders’ equity of $507 million, tangible book value of $11.35 per share, and tangible common equity to tangible assets of 8.09%, in each case, as of September 30, 2019

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