First Foundation Inc ( (FFWM) ) has released its Q4 earnings. Here is a breakdown of the information First Foundation Inc presented to its investors.
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First Foundation Inc., a financial services company offering a comprehensive range of banking and wealth management services, has reported its fourth quarter and full-year 2024 financial results. The company operates primarily through its subsidiaries, First Foundation Advisors and First Foundation Bank, providing services that span personal banking, business banking, and private wealth management.
In the fourth quarter of 2024, First Foundation Inc. recorded a net loss of $14.1 million, translating to a loss per share of $0.17. The company completed the sale of approximately $489 million in multifamily loans as part of a strategic initiative to reduce exposure to low coupon fixed-rate loans. Additionally, the company reported an increase in net interest income to $51.3 million for the quarter, with a net interest margin improvement to 1.58%.
Key financial performance highlights include a notable provision for loan losses amounting to $20.1 million, increasing the allowance for credit losses ratio to 0.41%. The company’s total deposits decreased to $9.9 billion, with a loan-to-deposit ratio of 93.5%. Furthermore, the company maintained strong liquidity with $4.4 billion in total liquidity and a total risk-based capital ratio of 13.87%.
Looking ahead, First Foundation Inc. is focused on continuing its strategic initiatives, including further sales of held-for-sale loan portfolios to improve its funding risk profile and develop other business lines. The company remains optimistic about achieving its strategic objectives in the coming year, as indicated by the management’s outlook.
