| Over a week ago | ||||
Reports Q1 revenue… Reports Q1 revenue $66.1M, consensus $64.2M. "We experienced a great start to 2021 with record originations, strong growth in core deposits, and peak levels of assets under management," said Scott F. Kavanaugh, CEO of First Foundation Inc. "As we expand into Texas and solidify our position as a regional bank, I am very pleased at the contributions from all facets of our business, including the strongest quarter ever for commercial lending. Our business model continues to perform very well, and we are excited about the future, especially as we explore bringing digital asset solutions into our offering." | ||||
First Foundation… First Foundation announced it has made a strategic investment in NYDIG, a leading provider of technology and investment solutions for Bitcoin. Terms of the deal were not disclosed. The two companies also announced a strategic partnership that will allow First Foundation and NYDIG to collaborate on connecting the infrastructure and technologies necessary to provide First Foundation clients with efficient and secure access to Bitcoin-related financial products and services within the traditional banking network. "We believe digital assets are an important part of the future landscape of financial services and we are pleased to be a part of its evolution as we seek to serve the growing needs of our clients," said Scott F. Kavanaugh, CEO of First Foundation Inc. "NYDIG is at the forefront of the industry from a regulatory and security perspective which makes them the perfect partner as we seek to help bring Bitcoin solutions into the mainstream. Today's announcement marks an important step towards establishing ourselves as one of the first Bitcoin-friendly regional banks in the country." This Bitcoin-focused partnership is the first of its kind. Regional and community banks have historically not participated in this evolving aspect of financial services. Through its work with NYDIG, First Foundation hopes to establish itself as a key resource for clients wanting to access and use digital assets. | ||||
| Over a month ago | ||||
First Foundation … First Foundation announced their expansion into Texas with the relocation of its principal executive office to Dallas. The company will occupy space at The Crescent located at 200 Crescent Court, Suite 1400, Dallas, Texas, 75201.The move to Texas aligns with First Foundation's strategic goals of expanding into major markets that present great opportunities for banking, trust, and wealth management, and with the expansion into its fourth state moves First Foundation into the regional bank category. "The Dallas-Fort Worth area today reminds me of what Southern California was like 30 years ago, where First Foundation started, and for me personally, it is nice to return to Texas as my roots are in the South," said Scott F. Kavanaugh, CEO of First Foundation Inc. "Texas has such a business-friendly environment which gives us confidence in being able to serve the communities of Dallas with our high standard of exceptional client care. This also is a natural expansion for our company and marks a milestone as we enter our fourth state and truly become a regional bank. We are excited about offering our services to more clients and building meaningful relationships with those who seek financial guidance from our team of dedicated professionals." | ||||
B. Riley Securities… B. Riley Securities analyst Steve Moss raised the firm's price target on First Foundation to $30 from $28 and keeps a Buy rating on the shares. The analyst reiterates the stock as his top pick. A dovish Federal Reserve, combined with a 44 basis points increase in the 5-year Treasury during the March quarter, should support net interest margin expansion that will allow First Foundation to expand its loan origination capacity and accelerate loan and earnings growth, Moss tells investors in a research note. | ||||
Virtual Meeting to be… Virtual Meeting to be held on March 16 hosted by B Riley Securities. | ||||
Virtual Meeting to be… Virtual Meeting to be held on March 16 hosted by B Riley Securities. | |
B. Riley Securities… B. Riley Securities analyst Steve Moss raised the firm's price target on First Foundation to $28 from $26 and keeps a Buy rating on the shares. Federal Reserve Chairman Jerome Powell public comments yesterday signaled a continued commitment to current monetary policy that keeps short-term interest rates low for an extended period, if not years, and signaled that he did not view an "Operation Twist" to flatten the yield curve as appropriate for the current environment, Moss tells investors in a research note. The analyst views Powell's comments as broadly positive for banks, especially liability-sensitive banks like First Foundation. | |
Mid-Cap Banks Analyst… Mid-Cap Banks Analyst Chiaverini holds a conference call with CEO Kavanaugh, President DePillo and CFO Thompson on March 4 at 11 am. | |
Mid-Cap Banks Analyst… Mid-Cap Banks Analyst Chiaverini holds a conference call with CEO Kavanaugh, President DePillo and CFO Thompson on March 4 at 11 am. | |
Mid-Cap Banks Analyst… Mid-Cap Banks Analyst Chiaverini holds a conference call with CEO Kavanaugh, President DePillo and CFO Thompson on March 4 at 11 am. |