The following is a summary of the First Foundation Inc. (FFWM) Q1 2024 Earnings Call Transcript:

Financial Performance:

• First Foundation reported Q1 net income of $793,000 or $0.014 per share.

• Interest income for the quarter increased to $150.5 million from $146.6 million in Q4 2023.

• Non-interest income as a percentage of total revenue was stable at 25% compared to the last quarter.

• Non-interest expense for the quarter decreased to $50.6 million from $55.9 million in Q4 2023.

Business Progress:

• First Foundation improved its loan-to-deposit ratio and maintained overall loan yield.

• The company is projected to see deposit growth, which is mainly expected to be noninterest-bearing.

• Strategically exiting equipment finance operations in Q1 is anticipated to save approximately $1.5 million annually.

• First Foundation is focusing on boosting its recurring revenues by adding investment securities and hedges to reduce interest rate sensitivity.

• First Foundation Bank increased its core funding to over $9.7 billion in Q1 2024.

• Efforts are being made to reduce dependence on broker deposits and home loan bank advances.

• The bank is converting its physical branches into digital branches to enhance customer service.

• The company is focusing on expansion, particularly in California and Florida, with a focus on enhancing their Commercial & Industrial (C&I) teams in Dallas.

More details: First Foundation IR

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