First Foundation: 2Q Earnings Snapshot
IRVINE, Calif. (AP) _ First Foundation Inc. (FFWM) on Wednesday reported second-quarter net income of $12.4 million.
The bank, based in Irvine, California, said it had earnings of 28 cents per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 26 cents per share.
The wealth manager and commercial bank posted revenue of $72.4 million in the period. Its revenue net of interest expense was $51 million, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $50.4 million.
First Foundation shares have increased 7% since the beginning of the year. The stock has declined 27% in the last 12 months.