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Sep 30, 2024
First Foundation Q3 2024 Earnings Report
Reported a net loss impacted by a LOCOM adjustment and raised capital through an equity offering.
Key Takeaways
First Foundation Inc. reported a net loss of $82.2 million for Q3 2024, primarily due to a $117.5 million LOCOM adjustment from reclassifying multifamily loans. Excluding this adjustment, adjusted net income was $2.7 million. The company also raised approximately $228 million in gross proceeds through an equity capital raise.
Raised approximately $228 million of gross proceeds in an equity capital raise.
Reclassified $1.9 billion of multifamily loans from loans held for investment to loans held for sale, resulting in a $117.5 million LOCOM adjustment.
Reported a net loss attributable to common shareholders of $82.2 million, or $1.23 per share (basic and diluted).
Adjusted net income attributable to common shareholders (non-GAAP) was $2.7 million, or $0.04 per share (basic and diluted), excluding the LOCOM adjustment and other adjustments.