First Foundation reports Q1 adjusted EPS 2c, consensus 1c

Reports Q1 revenue $, consensus $56.69M. Tangible book value per share was $16.35 from $16.30 at previous quarter. Q1 provision for credit losses was $577M from $229M iun 4Q23 and $417M last year. CEO Scott Kavanaugh said, “I am pleased to announce the performance of our team during Q1 2024. Despite the ongoing challenges faced by our industry, we have once again demonstrated our resilience and ability to navigate through turbulent times. Our continuous focus on controlling costs and optimizing operations has resulted in a steady but encouraging trajectory, as reflected by a decrease in total non-interest expense, a healthy increase in cash and cash equivalents, low ratio of nonperforming assets, and a continuously improving loan to deposit ratio…” CFO Jamie Britton said, “We are delighted to present another quarter of building momentum despite what continues to be a dynamic economic landscape. As we navigate the environment, we remain focused not only on our strategic opportunities, but also on the ways we can continue strengthening our execution and risk-management discipline to deliver improved financial performance and resilience going forward. We are proud of our teammates’ successes this quarter, and we remain optimistic about the opportunities that lie ahead.”