IRVING, Texas (AP) — IRVING, Texas (AP) — First Foundation Inc. (FFWM) on Thursday reported a loss of $146.3 million in its third quarter.
The bank, based in Irving, Texas, said it had a loss of $1.78 per share. Earnings, adjusted for severance costs and non-recurring costs, were 16 cents per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 2 cents per share.
The wealth manager and commercial bank posted revenue of $152.3 million in the period. Its revenue net of interest expense was $63.6 million, also exceeding Street forecasts.
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