First Foundation reports Q3 adjusted EPS 4c, consensus (54c)
The Fly

First Foundation reports Q3 adjusted EPS 4c, consensus (54c)

Reports Q3 revenue $61.06M, consensus $60.67M. Q3 net interest margin was 1.50% from 1.36% in Q2 and 1.66% a year ago. Tangible book value per common share was $15.71 from $16.43 at previous quarter end. CEO Scott Kavanaugh said, “I am proud to share the tremendous work and success of our team throughout Q3 2024. We continue to make progress executing our strategic plan while taking advantage of the recent capital raise to pivot to an offensive approach as optimism builds in the current rate environment. Our recent decision to reclassify $1.9B of multifamily loans to loans held for sale underscores our commitment to fortify our balance sheet and embrace a more proactive stance. Despite the impact on our third-quarter earnings, we remain optimistic as the fair-value pricing for the multifamily portfolio surpassed initial estimates. Our focus remains on the continued trajectory of improvement to earnings and performance, positioning us for sustained growth and profitability.”

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