First Foundation Inc (FFWM, Financial) released its earnings report for the third quarter of 2023 on October 26, 2023. The financial services company reported a net income of $2.2 million, marking a significant recovery from the net loss of $212,288 reported in the previous quarter. The company's total revenues for the quarter amounted to $63.8 million.
Financial Performance Highlights
The company's net interest income increased to $52,073 in Q3 2023, up from $48,984 in Q2 2023. Noninterest income slightly decreased to $11,698 in Q3 2023 from $12,079 in Q2 2023. The company's total loans decreased to $10,283,353 in Q3 2023, down from $10,585,201 in Q2 2023. Meanwhile, total deposits slightly increased to $10,812,194 in Q3 2023 from $10,806,986 in Q2 2023.
Management Commentary
Our unwavering commitment to strategic execution and strong fundamentals has positioned First Foundation Inc.'s resilience amidst the challenges of a volatile market. Our dedication to financial discipline is evident in the continued improvement of our loan-to-deposit ratio to 95.1% and our stable asset quality, said Scott F. Kavanaugh, President and CEO of First Foundation Inc.
Being appointed as First Foundation Inc.'s Chief Financial Officer is an incredible honor, and I am excited to contribute to our company's continued success, said Jamie Britton, Chief Financial Officer of First Foundation Inc.
Future Outlook
Despite the volatile market conditions, the company's performance remains robust, attributed largely to prudent risk management practices and disciplined cost control. The company plans to continue investing in top-notch talent, cutting-edge technology, and strategic initiatives to drive sustainable growth and deliver exceptional value to stakeholders.
Conference Call Information
First Foundation Inc. will host a conference call at 8:00 a.m. PT / 11:00 a.m. ET on October 26, 2023, to discuss its financial results. The call will be broadcast live over the Internet and can be accessed by visiting First Foundation’s website.
Explore the complete 8-K earnings release (here) from First Foundation Inc for further details.
