First Foundation Inc. (FFWM) has reported a 250.29 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $9.68 million, or $0.58 a share in the quarter, compared with $2.76 million, or $0.21 a share for the same period last year.
Revenue during the quarter surged 70.10 percent to $37.01 million from $21.76 million in the previous year period. Net interest income for the quarter rose 49.82 percent over the prior year period to $23.16 million. Non-interest income for the quarter rose 119.55 percent over the last year period to $15.08 million.
First Foundation Inc. has made provision of $1.23 million for loan losses during the quarter, up 115.96 percent from $0.57 million in the same period last year.
Efficiency ratio for the quarter improved to 60 percent from 75.90 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"Our third quarter results are a reflection of remaining focused on our business plan and delivering an excellent client experience across our entire platform. We continue to manage the firm to high standards and prudent business principals, including a strong credit culture, which is reflected by our NPA ratio of 28 basis points." said Scott F. Kavanaugh, chief executive officer.
For the fourth-quarter 2016, First Foundation Inc. projects diluted earnings per share to be in the range of $0.24 to $0.26.
Liabilities outpace assets growth
Total assets stood at $3,593.67 million as on Sep. 30, 2016, up 59.81 percent compared with $2,248.75 million on Sep. 30, 2015. On the other hand, total liabilities stood at $3,306.37 million as on Sep. 30, 2016, up 66.03 percent from $1,991.45 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $2,295.23 million as on Sep. 30, 2016, up 50.54 percent compared with $1,524.70 million on Sep. 30, 2015. Deposits stood at $2,338.74 million as on Sep. 30, 2016, up 76.97 percent compared with $1,321.53 million on Sep. 30, 2015. Loans to deposits ratio was 107.30 percent for the quarter.
Investments stood at $543.25 million as on Sep. 30, 2016, up 48.81 percent or $178.20 million from year-ago. Shareholders equity stood at $287.29 million as on Sep. 30, 2016, up 11.66 percent or $30 million from year-ago.
Return on average assets moved up 70 basis points to 1.29 percent in the quarter from 0.59 percent in the last year period. At the same time, return on average equity increased 790 basis points to 13.70 percent in the quarter from 5.80 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.28 percent in the quarter.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
