First Foundation Inc. (FFWM) has reported a 29.10 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $6.52 million, or $0.19 a share in the quarter, compared with $5.05 million, or $0.15 a share for the same period last year.
Revenue during the quarter grew 20.67 percent to $30.79 million from $25.52 million in the previous year period. Net interest income for the quarter rose 43.42 percent over the prior year period to $25 million. Non-interest income for the quarter fell 18.26 percent over the last year period to $7.59 million.
First Foundation Inc. has made provision of $1.80 million for loan losses during the quarter, up 50 percent from $1.20 million in the same period last year.
Efficiency ratio for the quarter improved to 62 percent from 64.30 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"I am pleased with our results that reflect another strong year of growth for First Foundation," said Scott F. Kavanaugh, chief executive officer. "We experienced record loan production, solid deposit growth, and an uptick in our wealth management AUM. Our increases in total revenues by 43% and earnings by 74% are a testament to the strength of our platform, the quality of our employees, and our commitment to serving our clients and delivering value for our shareholders."
Liabilities outpace assets growth
Total assets stood at $3,975.40 million as on Dec. 31, 2016, up 53.34 percent compared with $2,592.58 million on Dec. 31, 2015. On the other hand, total liabilities stood at $3,691.14 million as on Dec. 31, 2016, up 58.22 percent from $2,332.84 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $2,540.31 million as on Dec. 31, 2016, up 44.76 percent compared with $1,754.88 million on Dec. 31, 2015. Deposits stood at $2,426.80 million as on Dec. 31, 2016, up 59.43 percent compared with $1,522.18 million on Dec. 31, 2015.
Loans to deposits ratio was 115.70 percent for the quarter, down from 116 percent for the previous year quarter.
Investments stood at $511.31 million as on Dec. 31, 2016, down 10.17 percent or $57.86 million from year-ago. Shareholders equity stood at $284.26 million as on Dec. 31, 2016, up 9.44 percent or $24.53 million from year-ago.
Return on average assets moved down 11 basis points to 0.80 percent in the quarter from 0.91 percent in the last year period. At the same time, return on average equity increased 130 basis points to 9.10 percent in the quarter from 7.80 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.25 percent in the quarter, down from 0.32 percent in the last year period.
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