2 weeks Ago
First Foundation Inc. ( NYSE: FFWM ) Q3 2024 Earnings Conference Call October 29, 2024 11:00 AM ET Company Participants Scott Kavanaugh - Chief Executive Officer Jamie Britton - Executive Vice President and Chief Financial Officer Chris Naghibi - Executive Vice President, Chief Operating Officer Conference Call Participants David Feaster - Raymond James Gary Tenner - D.A.
Davidson Matthew Clark - Piper Sandler Operator Greetings, and welcome to First Foundation's Third Quarter 2024 Earnings Conference Call. Today's call is being recorded. Speaking today will be Scott Kavanaugh, First Foundation's Chief Executive Officer; James Britton, First Foundation's Chief Financial Officer; and Chris Naghibi, First Foundation's Chief Operating Officer.
Before I hand the call over to Scott, please note that management will make certain predictive statements during today's call that reflect their current views and expectations about the company's performance and financial results. These forward-looking statements are made subject to the safe harbor statement included in today's earnings release. In addition, some of the discussion may include non-GAAP financial measures.
For a more complete discussion of the risks and uncertainties that could cause actual results to differ materially from any forward-looking statements or reconciliations of non-GAAP financial measures, please see the company's filings with the Securities and Exchange Commission. And with that, I would now like to turn the call over to CEO, Scott Kavanaugh. Scott Kavanaugh Good morning, and welcome.
Thank you for joining us for today's third quarter 2024 earnings call. I would qualify this quarter as fairly noisy. As previously discussed early in the third quarter, the company completed the $228 million capital raise.
The quarter was capped off with the recently announced balance sheet realignment moving $1.9 billion of multifamily loans from held for investment to available for sale. This move created a paper loss adjustment associated with the fair value adjustment of $117.
5 million..
