First Foundation (FFWM) Surpasses Q2 Earnings and Revenue Estimates

Core Viewpoint - First Foundation (FFWM) reported quarterly earnings of $0.06 per share, exceeding the Zacks Consensus Estimate of $0.01 per share, representing a 500% earnings surprise [1] - The company has shown a consistent ability to surpass consensus EPS estimates over the last four quarters [2] Financial Performance - First Foundation's revenues for the quarter ended June 2024 were $57.49 million, surpassing the Zacks Consensus Estimate by 6%, but down from $61.06 million a year ago [2] - The company has topped consensus revenue estimates two times in the last four quarters [2] Stock Performance - First Foundation shares have declined approximately 30.7% since the beginning of the year, contrasting with the S&P 500's gain of 13.8% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating expectations of underperformance in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.08 on revenues of $58.27 million, and $0.03 on revenues of $225.13 million for the current fiscal year [7] - The trend of estimate revisions for First Foundation has been unfavorable leading up to the earnings release [6] Industry Context - The Banks - Southwest industry, to which First Foundation belongs, is currently ranked in the top 42% of over 250 Zacks industries, suggesting a relatively strong industry performance [8] - Red River Bancshares, another company in the same industry, is expected to report quarterly earnings of $1.12 per share, reflecting a year-over-year decline of 10.4% [9]