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Jun 30, 2023
First Foundation Q2 2023 Earnings Report
Reported net loss due to goodwill impairment, but maintained solid fundamentals with increased deposits.
Key Takeaways
First Foundation Inc. reported a net loss of $212.3 million for Q2 2023, primarily due to a $215.3 million non-cash goodwill impairment charge. Excluding this charge and other adjustments, adjusted net income was $3.7 million. Total revenues for the quarter were $61.1 million.
Recognized goodwill impairment of $215.3 million resulting in a net loss attributable to common shareholders of $212.3 million, or $3.76 per share.
Adjusted net income attributable to common shareholders (non-GAAP) was $3.7 million, or adjusted earnings per share (non-GAAP) of $0.07.
Total revenues of $61.1 million for the quarter.
Loan to deposit ratio of 97.9% as of June 30, 2023, and 93.1% as of July 20, 2023.
Revenue by Segment
Forward Guidance
Company fundamentals remain solid as evidenced by the increase in deposits in the second quarter.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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