First Foundation (FFWM) - 2024 Q2 - Quarterly Results

Financial Performance - Net income for Q2 2024 was $3.1 million, or $0.05 per share, compared to a net loss of $212.3 million in Q2 2023[3] - Total revenue for Q2 2024 increased to $57.5 million, up from $51.1 million in the prior quarter[11] - Net interest income was $43.8 million for the quarter, compared to $38.4 million in the prior quarter and $49.0 million in Q2 2023[25] - Noninterest income increased to $13.7 million in the quarter, up from $12.7 million in the prior quarter and $12.1 million in Q2 2023[28] - Net income for Q2 2024 was $3,085 thousand, compared to a net loss of $212,288 thousand in Q2 2023, indicating a significant recovery[50] - The company reported a basic net income per share of $0.05 for Q2 2024, compared to a loss of $3.76 per share in Q2 2023[50] - Net income for Q2 2024 was $3,535, compared to a loss of $211,117 in Q1 2024 and a loss of $200,774 in Q2 2023[54] - Adjusted net income attributable to common shareholders for Q2 2024 was $3.34 million, up from $1.06 million in Q1 2024 and $3.71 million in Q2 2023[67] Asset and Liability Management - Total assets increased to $13,714,423 thousand as of June 30, 2024, compared to $12,840,554 thousand a year earlier, representing a growth of 6.8%[49] - Total liabilities stood at $12,781,179 thousand as of June 30, 2024, compared to $11,925,020 thousand a year earlier, an increase of 7.2%[49] - Total loans remained stable at $10.1 billion as of June 30, 2024, with loan originations of $516 million for the quarter[13] - Total deposits increased to $10.8 billion as of June 30, 2024, compared to $10.6 billion in the prior quarter[11] - Deposits totaled $10,756,344 thousand as of June 30, 2024, a slight decrease from $10,806,986 thousand in the previous year[49] Efficiency and Profitability Ratios - The efficiency ratio improved to 96.1% in Q2 2024, down from 98.4% in Q1 2024[2] - Return on average assets increased to 0.09% in Q2 2024 from 0.02% in Q1 2024, while it was (6.38)% in Q2 2023[52] - Return on average equity improved to 1.3% in Q2 2024 compared to 0.3% in Q1 2024, down from (78.8)% in Q2 2023[52] - The efficiency ratio (non-GAAP) improved to 96.1% for the quarter, compared to 98.4% in the prior quarter[34] - Efficiency ratio for Q2 2024 improved to 96.1%, compared to 98.4% in Q1 2024 and 92.5% in Q2 2023[66] Capital and Book Value - The company raised $228 million in strategic capital investment, indicating strong confidence from investors[4] - Shareholders' equity totaled $933.2 million as of June 30, 2024, compared to $928.7 million in the prior quarter[40] - Tangible book value per share rose to $16.43, up from $16.35 in the prior quarter[11] - Book value per share increased to $16.50 in Q2 2024 from $16.43 in Q1 2024 and $16.22 in Q2 2023[52] - Tangible book value per share increased to $16.43 in Q2 2024, compared to $16.35 in Q1 2024 and $16.12 in Q2 2023[67] Loan and Deposit Metrics - The loan to deposit ratio was 93.8% as of June 30, 2024, down from 94.8% in the prior quarter[21] - Demand deposits increased to $10,756,344 in Q2 2024, up 1.11% from $10,638,970 in Q1 2024[55] - Noninterest-bearing demand deposits rose to $2,109,830 in Q2 2024, up 15.43% from $1,827,520 in Q1 2024[55] - Total real estate loans amounted to $7,203,293 in Q2 2024, a decrease of 0.46% from $7,236,948 in Q1 2024[55] Credit Quality - Nonperforming assets to total assets remained unchanged at 0.18%[11] - Nonperforming assets totaled $25.1 million as of June 30, 2024, with a ratio of nonperforming assets to total assets at 0.18%[36] - The allowance for credit losses for loans was $29.3 million, or 0.29% of total loans held for investment as of June 30, 2024[37] - The allowance for credit losses on loans decreased to $29,295 thousand from $31,485 thousand year-over-year, indicating improved asset quality[49] - Total nonperforming loans increased to $25,129 in Q2 2024 from $24,020 in Q1 2024, up from $15,836 in Q2 2023[52]

First Foundation (FFWM) - 2024 Q2 - Quarterly Results - Reportify