First Foundation Inc. [FFWM] has reported a net loss of $199,064,000.0 for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $573.7 million
Based in IRVINE, California, First Foundation Inc. operates in the FINANCE sector.
In the Consolidated Statements of Operations for the year ended December 31, 2023, the financial figures are as follows:
Interest income:
- Loans: $488.7 million
- Securities: $39.9 million
- FHLB Stock, fed funds sold and interest-bearing deposits: $45.1 million
Total interest income: $573.7 million
Interest expense:
- Deposits: $310.8 million
- Borrowings: $53.8 million
- Subordinated debt: $6.8 million
Total interest expense: $371.4 million
Net interest income: $202.3 million
Provision (reversal) for credit losses: ($0.48) million
Net interest income after provision for credit losses: $202.79 million
Noninterest income:
- Asset management, consulting and other fees: $35.3 million
- Gain on sale of loans: $21.5 million
- Gain on sale of securities available-for-sale: $2.3 million
- Other income: $11.8 million
Total noninterest income: $49.4 million
Noninterest expense:
- Compensation and benefits: $84.3 million
- Occupancy and depreciation: $36.8 million
- Professional services and marketing costs: $15.2 million
- Customer service costs: $76.8 million
- Goodwill impairment: $215.25 million
- Other expenses: $23.9 million
Total noninterest expense: $452.2 million
(Loss) income before income taxes: ($200.06) million
Income tax (benefit) expense: ($1.0) million
Net (loss) income: ($199.06) million
Net (loss) income per share:
- Basic: ($3.53) per share
- Diluted: ($3.53) per share
Shares used in computation:
- Basic: 56,426,093 shares
- Diluted: 56,426,093 shares
Comparing these figures with the previous year, there is a decrease in net income, attributed to higher noninterest expenses, including a significant goodwill impairment charge. This resulted in a negative impact on earnings per share for both basic and diluted calculations. Additionally, there was a substantial increase in interest income and expense, affecting the overall net interest income.
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