First Foundation reports Q1 adjusted EPS 9c, consensus 3c

Reports Q1 revenue $71.3M, consensus $64.19M. Tangible book value per common share was $11.77 from $11.68 at previous quarter end. Net interest margin was 1.67% from 1.58% in previous quarter. CEO Thomas Shafer said, “We were pleased to return to profitability in the first quarter of 2025, with net interest margin continuing to expand and credit costs at more normalized levels. Nearly six months into my tenure at First Foundation (FFWM), I am excited about what the organization has already accomplished and optimistic about our ability to meaningfully improve profitability over time. Our intermediate-term goals remain unchanged: reducing our CRE exposure, improving our funding profile and freeing up capacity to grow our core private banking and commercial franchises.” CFO Jamie Britton said, “This year is off to a strong start, and our momentum continues into the second quarter. Progress on reducing the multifamily portfolio will allow us to meaningfully reduce brokered and high-cost deposits going forward. While our net interest margin has already improved meaningfully from the low point we recorded in the first quarter of 2024, we remain focused on reducing funding costs and repricing lower-yielding earning assets. This should support additional margin expansion and sustainable profitability improvements going forward”.