First Foundation Inc. (NASDAQ:FFWM) headquartered in Irvine, California, announced net income for the second quarter of $ 5.15 million or $ 0.12 per share, compared to income $ 9.17 million or $ 0.28 per share for the year-ago quarter.
Analysts from Thomson Reuters expected income of $ 0.28 per share.
Top line figures for the second quarter rose 30% to $ 36.25 million from $ 27.90 million in the same quarter last year, where as analysts anticipated $ 46.20 million.
We have been able to maintain strong growth in both our loan production and revenues while we continue to work through a challenging interest rate environment. We used this quarter as an opportunity to start a process to restructure our balance sheet to better position us for 2019 and beyond, said Scott F. Kavanaugh, CEO.