First Foundation: 2Q Earnings Snapshot
IRVINE, Calif. (AP) _ First Foundation Inc. (FFWM) on Monday reported second-quarter earnings of $5.1 million.
The Irvine, California-based bank said it had earnings of 12 cents per share. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, were 28 cents per share.
The results met Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was also for earnings of 28 cents per share.
The wealth manager and commercial bank posted revenue of $55.5 million in the period. Its revenue net of interest expense was $43.2 million, missing Street forecasts. Four analysts surveyed by Zacks expected $45.4 million.
First Foundation shares have dropped nearly 3 percent since the beginning of the year. The stock has increased almost 4 percent in the last 12 months.