DALLAS (AP) — DALLAS (AP) — First Foundation Inc. (FFWM) on Thursday reported first-quarter profit of $793,000.
The Dallas-based bank said it had earnings of 1 cent per share. Earnings, adjusted for one-time gains and costs, came to 2 cents per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 1 cent per share.
The wealth manager and commercial bank posted revenue of $163.1 million in the period. Its revenue net of interest expense was $51.1 million, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $58.9 million.
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