IRVINE, Calif. (AP) — First Foundation Inc. (FFWM) on Tuesday reported fourth-quarter earnings of $22.4 million.
The Irvine, California-based bank said it had earnings of 50 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.
The wealth manager and commercial bank posted revenue of $69.3 million in the period. Its revenue net of interest expense was $63.1 million, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $60.7 million.
For the year, the company reported profit of $84.4 million, or $1.88 per share. Revenue was reported as $251.3 million.
First Foundation shares have increased 7% since the beginning of the year. The stock has risen 29% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FFWM at https://www.zacks.com/ap/FFWM
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