First Foundation Inc. Reports Fourth Quarter and Full Year 2024 Financial Results

First Foundation Inc., a financial services company, has recently reported its consolidated financial results for the fourth quarter and full year of 2024. The company issued an earnings release detailing key financial updates, including various operational and financial highlights.

For the fourth quarter of 2024, First Foundation sold approximately $489 million worth of multifamily loans held for sale, marking an essential strategic move to enhance its financial position. The company also recorded a net loss attributable to common shareholders of $14.1 million or a net loss per share of $0.17. This net loss reflects an ongoing restructuring strategy aimed at reducing exposure to low coupon fixed-rate loans and concentration in multifamily commercial real estate assets.

Noteworthy additions to the company’s leadership team included the appointment of Thomas C. Shafer as the new CEO and Allen Parker as a new member of the Board of Directors. In his statement, Thomas C. Shafer emphasized the significance of the multifamily loan sale in supporting the company’s strategic objectives.

Looking ahead, the company remains focused on further reducing its commercial real estate exposure, improving its funding risk profile, and expanding its business lines. The financial results for the quarter illustrated a net interest margin of 1.58%, an increase from the previous quarter, and highlighted a strong liquidity position with total liquidity of $4.4 billion as of December 31, 2024.

Moreover, the company’s financial statements reflected a total risk-based capital ratio of 13.87%, signifying a robust capital position, as outlined in the Consolidated Balance Sheets for that period. Overall, the company’s comprehensive financial services platform aims to cater to clients across various financial needs, setting it apart from competitors.

First Foundation Inc. is scheduled to host a conference call on January 30, 2025, to discuss its financial results in further detail. Analysts, investors, and the general public are invited to participate in the call to gain insights into the company’s performance and future prospects.

For more information on the financial results and strategic direction of First Foundation Inc., participants can access the conference call through various channels, including the company’s website. The company’s forward-looking statements and achievements in the financial services industry demonstrate its commitment to growth and client service excellence.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read First Foundation’s 8K filing here.

First Foundation Company Profile

First Foundation Inc, through its subsidiaries, provides banking services, investment advisory, wealth management, and trust services to individuals, businesses, and other organizations in the United States. The company operates in two segments, Banking and Wealth Management. It offers a range of deposit products, including personal and business checking accounts, savings accounts, interest-bearing demand deposit accounts, money market accounts, and time certificate of deposits; and loan products consisting of multifamily and single family residential real estate loans, commercial real estate loans, commercial term loans, and line of credits, as well as consumer loans, such as personal installment loans and line of credits, and home equity line of credits.