First Foundation (FFWM) Reports In-Line Q1 EPS, Revenues Miss

First Foundation (NASDAQ: FFWM) reported Q1 EPS of $0.25, in-line with the analyst estimate of $0.25. Revenue for the quarter came in at $49.5 million versus the consensus estimate of $51 million.

“I am very pleased with our results for the quarter and, in particular, our ability to deliver strong earnings through consistent, high quality growth,” said Scott F. Kavanaugh, CEO. “Our team works incredibly hard for our clients and our solid loan and AUM growth, among other key metrics, are a testament to our success in attracting new clients to our firm.”

Highlights

Financial Results:

2019 first quarter compared to 2018 first quarter:

• Total revenues were $49.5 million, an increase of 14%
• Net interest income was $41.0 million, an increase of 20%
• Income before taxes was $16.0 million, an increase of 27%
• Earnings were $11.3 million, an increase of 25%
• Earnings per fully diluted share were $0.25, compared to $0.23 in 2018

2019 Financial ratios:

• Return on average tangible equity of 9.7% for the quarter
• Return on average assets of 0.76% for the quarter
• Efficiency ratio of 66.7% for the quarter
• Total tangible shareholders’ equity of $469 million, tangible book value of $10.52 per share, and tangible common equity to tangible assets of 7.95%, in each case, as of March 31, 2019

For earnings history and earnings-related data on First Foundation (FFWM) click here.

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