First Foundation (NASDAQ: FFWM) reported Q3 EPS of $0.69, $0.19 better than the analyst estimate of $0.50. Revenue for the quarter came in at $75.3 million versus the consensus estimate of $65.16 million.

Third Quarter 2020 Summary

• Net income of $30.9 million and earnings per share of $0.69
• Total revenues of $75.3 million
• Return on average assets of 1.79%
• Return on average tangible equity of 22.2%
• Tangible book value per share increased to $13.05 and tangible common equity to tangible assets to 9.12%
• Net interest margin increased to 3.03%
• Completed securitization of $553 million of loans, recognizing a $15.1 million gain

“In a quarter characterized by uncertainty in the U.S. economy, we produced positive results across our business,” said David DePillo, President. “Our already strong credit quality remains solid, as evidenced by NPAs of 32 bps. And our investments in both retail and digital banking have translated to 25% growth year over year in our core deposits while our efficiency ratio improved to 40.1%.”

“In a quarter characterized by uncertainty in the U.S. economy, we produced positive results across our business,” said David DePillo, President. “Our already strong credit quality remains solid, as evidenced by NPAs of 32 bps. And our investments in both retail and digital banking have translated to 25% growth year over year in our core deposits while our efficiency ratio improved to 40.1%.”

For earnings history and earnings-related data on First Foundation (FFWM) click here.