Earnings Call Summary | First Foundation(FFWM.US) Q1 2024 Earnings Conference
Earnings Call Summary | First Foundation(FFWM.US) Q1 2024 Earnings Conference
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
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
The following is a summary of the First Foundation Inc. (FFWM) Q1 2024 Earnings Call Transcript:
以下是第一基金會公司(FFWM)2024年第一季度業績電話會議記錄的摘要:
Financial Performance:
財務業績:
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.
第一基金會公佈的第一季度淨收益爲79.3萬美元,合每股收益0.014美元。
該季度的利息收入從2023年第四季度的1.466億美元增至1.505億美元。
與上一季度相比,非利息收入佔總收入的百分比穩定在25%。
該季度的非利息支出從2023年第四季度的5,590萬美元降至5,060萬美元。
Business Progress:
業務進展:
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.
第一基金會提高了貸款存款比率並維持了總體貸款收益率。
預計該公司的存款將增長,主要預計將是無息的。
預計在第一季度戰略性地退出設備融資業務每年將節省約150萬美元。
First Foundation專注於通過增加投資證券和套期保值來提高其經常性收入,以降低利率敏感度。
第一基金會銀行在2024年第一季度將其核心資金增加到97億美元以上。
正在努力減少對經紀人存款和住房貸款銀行預付款的依賴。
該銀行正在將其實體分行轉換爲數字分行,以增強客戶服務。
該公司專注於擴張,特別是在加利福尼亞和佛羅里達州,重點是加強其在達拉斯的商業和工業(C&I)團隊。
More details: First Foundation IR
更多詳情: 第一基金會投資者關係
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
提示:欲了解更多詳情,請訪問投資者關係網站。本文僅供投資者參考,不構成任何投資建議。
譯文內容由第三人軟體翻譯。
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