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Dec 31, 2023
First Foundation Q4 2023 Earnings Report
Reported net income of $2.5 million for Q4 2023, with earnings per share at $0.045.
Key Takeaways
First Foundation Inc. reported a net income of $2.5 million for the fourth quarter of 2023, with earnings per share at $0.045. The company's loan to deposit ratio stood at 95.2% as of December 31, 2023, and the tangible book value per share was $16.30.
Net income of $2.5 million for the quarter, with earnings per share of $0.045.
Loan to deposit ratio of 95.2% as of December 31, 2023.
Tangible book value per share of $16.30.
Maintained a strong liquidity position with $1.3 billion in cash and cash equivalents.
Forward Guidance
Management expressed optimism about increasing earnings and capital ratios in 2024, focusing on cost control and operational optimization. They anticipate strengthening the balance sheet due to an uncertain economic outlook.
Positive Outlook
- Earnings and capital ratios are expected to increase in 2024.
- Focus on controlling costs.
- Focus on optimizing operations.
- Building momentum into the new year.
- Commitment to prudent underwriting.
Challenges Ahead
- Economic outlook is positive but uncertain.
- Contraction in net interest margin due to a higher increase in average rate paid on interest-bearing liability balances compared to the increase in average yield earned on interest-earning assets.
- Nonperforming assets to total assets increased to 0.15%.
- Cost of deposits increased to 3.41%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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