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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.
First Foundation
First Foundation
First Foundation Revenue by Segment
Revenue by Segment
Banking Revenue
CapyFin.comWealth Management Revenue
CapyFin.com 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