FFWM - Earnings call transcript Q4 2020

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Operator

Greetings and welcome to First Foundation's Fourth Quarter 2020 Earnings Conference Call. Today's call is being recorded. At this time, all participants have been placed in a listen-only mode and the floor will be open for your questions following the presentation. [Operator Instructions] Speaking today will be Scott Kavanaugh, First Foundation's Chief Executive Officer; Kevin Thompson, Chief Financial Officer; and David DePillo, President.

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. made earnings the release. are included harbor statements today's in forward-looking subject safe to statement These

In include non-GAAP some financial addition, of measures. the discussion may

Kavanaugh. uncertainties over company's results now, to more could reconciliations any Commission. of a complete And measures of I to the and risks For turn see Securities financial the Exchange discussion forward-looking statements like cause with the differ to and actual Scott non-GAAP materially filings call from would the that and

Scott Kavanaugh

thank joining to to fourth XXXX for and welcome all quarter year like Hello We would you us. full call. of our earnings you conference and

a providing We format very worked on I'd be a then to felt and we it. regarding respond hard everybody concise appreciated was little it I some We will straightforward little had more our provided format. like activities more foremost and the and manner. new prepared in comments a a like and new say we questions. to first hope will we numbers that

highlighted we off earnings strong First for another report, Foundation. experienced the great year capped a which quarter As in

earnings the Our $XX.X quarter million for were per $X.XX or fourth share.

full year, $XX.X or share. by year, the fully over XX% earnings over increase XXXX. million the per $XX.X XXXX Total $XXX.X diluted to earnings million were for million increased $X.XX revenues for the and For quarter a XX%

$X.XX our per that report of by a increased enjoyed earnings to from XXXX to quarterly we payment million in in pleased And dividends. share. for cash form our stockholders as in morning, $X.XX XXXX $XX.X are the report we XX% We this dividend our of announced

return in XXXX. Taking clients increase at $XXX.X experienced dividend the strong $XXX loan the to and today. deliver together banking hit reporting fourth with challenges, $X.X our in year. at total book for are billion serve a returned pleased are our we to marked value billion tangible a uncertainty was that with and grew quarter business Wealth a per Our the our management we are lines, saw a cap, deposits year $X.XX the our of and returns quarter year million our both in for ended strong and in we to by for portfolios. million the our $XXX results Combined market have proud while positive million in look how $XX.XX, XX% team a during and share In loan of business and came year, macroeconomic XX%. the that XXXX extremely during shareholders the at new growth production clients as the operations investment terms year increase

by a Assets record ended the in and at fourth year increased the quarter billion. $X.X $XXX million

to achieve of services Lending that in very business ways. deposits, and this beyond. each and XXXX continue performed that our strive private services in management metric can business are well. a we investments, model we planning for meaningful to our help contributing process that making delivering signals to metric and wealth and believe to for We for trust management business sophisticated new quarter. very I'm clients uncover wealth banking continues us planning introductions A a our including profitability XX% serve this of to and banking and scale wealth general, In the Our trust combined wealth has is about hitting pretax teams. trust providing pleased opportunities strategies our saw is are

well We pipelines each as translates and banking for turn This to continue our needs. healthy our businesses and wealth new business their clients opportunities, us build who heading as for strong client management referrals with of to into to relationships XXXX.

other me the highlights year. Let for share

in digital their XXXX, complete understand of This offering multifamily a account use clients $XXX ways ability as added serve planning leveraging to profile. open to checking we third to successfully real-time complete connect continued for clients technology the commitment and have fifth help XXXX. sold securitization our Since And wealth such our our our invested in We to allow sixth to taking biometrics prepare Our also sixth and on the the easily online management have securitization. information and which we clients build we our million functionality automation. online securities who and in our and XXXX we to loans wealth loans steps new portal their convenient better we In the was to account expect sale AI, we to our $X.X already clients to linking savings enhanced enhancing of in started want our We are -- completed for features. billion financial payment quarter. increased portfolios. securitization, client We account. with

could position charitable We also for for the Overall in that especially charitable and communities we a in I proud who clients. nonprofits amidst year. recognition entire environment of hard contributions the our supporting nonprofit we included XXXX. create and about many to to our giving initiative nonprofits in the was the us deliver our the amazing the the believe team we work mission. This favorable a efforts. corporate received has all well the mean am employees have excited which to media ahead efforts, where I results meaningful of and what so needed business every of year to further day our support. our steps pandemic in our for it grateful support our strength are in community giving offering help been our Related this initiative, our strong XXXX foundation taken to their I'm

our The our wealth growth Texas. management plan strong. presence in of for we XXXX, are banking at to businesses Texas for and opportunities into expand the state Looking

XXXX. Dallas, great Metroplex for has expanding to Specifically multifamily which into to our there the of of strong major The strategic company also occur present The move expect Directors businesses goal It for we one lending holding aligns the opportunities markets markets it that in us. a is of largest of the of for fit us. of diversity and Board Dallas a makes half with first approved our

existing We will markets here continue and maintain including management in serve, California. bank the wealth currently presence Irvine, headquarters to our the in we

it off to remind on details provides found our hand Investor the are be everyone on investor this website that many to our can of discussing presentation I we and Kevin, want Relations I Before call. updated

As We you we data it to will valuable. results. way see, you taken the enhance opportunity and find the we've report our hope

to Kevin, CFO. turn Let our me it over

Kevin Thompson

XXXX Thank is of XXXX. XX% you, increase Scott. $X.XX per diluted in Earnings a over share

to this return year. of on on XX.X% was as assets equity a share with with X.XX% per our in value $XX.XX increased to to strong flexibility a The us tangible the business navigate X.XX% margin basis production. maintaining net the success. pricing these tangible great full has of uncertain our and result progress a seven as helped year result deposit have discipline As quarter The expanded the return in and made loan we of lowering book times interest in in model momentum, XX% a points

fee recognized our addition, which fee of total of net the XX% approximately originated. PPP $X In is income, we in PPP million expected loans income

yield year Excluding of XX in record quarter. to First in with a loan fundings the the full have to $X.X XX deposits of million quarter The towards $XXX The X.XX% our decreased quarter of in loan effects fundings increased for discipline the billion. NIM were the cost Loan XX Foundation multifamily to in basis fundings increased underwriting strong of we some the in X.XX% as from and points quarter. production. basis points PPP, maintained remix saw

investment with for of slight by in accounts. deposits this points by This has loans Credit relative basis utilized balances Our from to improvement increased strategy of remained economic of increased was for low XX only in calculation. points in industry growth result to XX% were resulting CECL credit the for and of XXXX. a to loans. our year at in portfolios First a assets. gained net Net high partially Foundation's credit performance the XX% and in increasing over charge-offs allowance offset our we loan an higher traction remain Total assets full a been flat in scenario charge-offs deposits basis year differentiator. billion Through the allowance the in all as has the core for the loans basis core for all-time deposits remained cycle, an nonperforming non-interest-bearing XX% and XX strong metrics key points of total losses X $X held essentially

with of million margin of strong revenues Advisory divisions and achieved quarter. $X.X were fees Trust pretax management combined our the and XX% Asset profit a in

FFB increased Assets David and now year DePillo, while benefits under efficiencies. in increased to Trust expense management our infrastructure turn under management $X.X quarter With we call both over of the the to operational ratio have The we the Foundation. full are at the advisement from billion. First made for will $X.X strong was I leverage investments efficiency President FFA at XX%. and assets seeing to growing and billion

David DePillo

indeed Foundation. year a successful Thank for you, very Kevin. It First was

We of evidenced are we seeing the morning. scale the and efficiency benefits financial by this reported results as

and to times. of as year -- follows: for billion to We business on year XX% our challenging was In has other. originated the loans some X% maintained the accomplish we we which C&I; XXXX lines. our focus able colleagues as throughout excuse core our high-quality loan the record our well communities X% continue this during commercial performed diversify originations while to as during well as very multifamily clients of all, single-family; and are The exceptionally us. pandemic $X.X me multifamily; composition into business supporting CRE mentioned year a XX% In

and to low This of loan our It's average loan even million the quality portfolio loans; robust quarter rate and credit demonstrates by and As delinquencies ability worth of on still as originations consists declining in achieve our basis multifamily $XXX fourth X.XX% XX. XX of the land record loans; to of XX% X.XX% ratio while quarter. as December points achieved mentioning compared X% evidenced portfolio. our level at consumer of weighted originations XX% for third yields December loans. is defending a volumes, NPA we our to a strong XX, our The of construction XX% the on that business single-family interest with and loans; portfolio

mentioned we have pandemic As recent by to the hit and we hospitality low industries specifically quarters exposure had in restaurants. hardest

land forbearances of down since construction first of there represents basis round or XX our points to only and which round And or outstanding. no is our portfolios. million $XX last still second There multifamily were million Our forbearances forbearances $XX variances only of quarter portfolio. loan are consumer million $X.X $X.X XX% by or in million

$XX loans million During the of forgave we PPP our or quarter XX% originated.

in increase year to the Our in growth We in the during was growth loan banking affluent digital also consistent finish our XXXX deposits. channels. of attracting attributed for with $XXX $XXX contributed in experienced Deposit the recent deposits of experienced growth the at core with specialty fourth we levels increase strategy quarters. strong XXXX the XXXX. the and deposits. were strong clients branch specialty the balances activity has through be our bank retail increase The deposits in and in the the which $XXX Digital continues $X million success pipeline success year quarter new to to to increase to level business million. was have The remains at of $XXX launched seen deposits of billion in million in and year increased digital we our our million

to As XX% quarter, the last up from from core and quarter XXXX. of from XX% in the up grew Kevin deposits year-end from mentioned, deposits XX% our total

are and of have operations digital continues starting made our we have our going through an delivery our levels see As to able offering strategy, by branch to and But to Scott seen will powerful mentioned, we growth most pay which, Kevin our in delivery seeing This network apparent our offer we is existing end-to-end that also our our off. back-office we as digital improve efficiency best the digital to date. are of our at continue attract looking capabilities investments benefit ratio, of to both to forward. be solution a growth the of highlighted, to being the client-facing differentiator clients through

of delivery through digitally with solutions, a our For network XXXX, or with us tablet. clients seamless engaged smartphone traditional branch our or are focused we on computer, creating through

banking grateful XXXX for the addition, without operator. great to Foundation. to uniquely and for at help success hard time, team so hand we and I enhancements to have we clients' could In banking are our online app. experience This our catered our the will take not have business in dedication that and consumer achieved we ready questions the consumer At this it planned user am been lending commercial define platform, our needs. online have First is All back our solution, their I'll the work.

Operator

line floor Raymond question comes questions. James. the The Instructions] of Feaster is for first Our from you. Thank now David opened of [Operator

David Feaster

everybody. Hi. Good morning,

Scott Kavanaugh

Hi, David.

David Feaster

like I of a lot. First format all, the new

time into think ton It just maybe I sense. did if you kind and Texas. on of give job It's exciting. great congrats road I'm strategic growth line the map you and from expansion a for for a M&A to trajectory necessary both a the of appetites the expansion, your guys infrastructure curious, build-out? a could just a even impacts And potentially makes us personnel maybe the regarding on perspective. you just accelerate expect any and location

Scott Kavanaugh

would are to been Yes, say is at that thing M&A. And some out opportunities all continue area investment bankers kinds different with I say at we're one to you've I frankly, looking is, the I Dallas riddled Texas press, there of one the what banks already always to companies see Metroplex many to there. is of the talking and if started everywhere. But kind hope The thing I looks have looking announce. landscape can think like. is, moved I've

think in So, we purchased It's which be think, April. holding a frame. May, that by Meeting, this done March-April hoping is complete a home. Dallas. for And be can probably Annual us. already think in I I've construction it the until great under and our won't I I time Frankly, it's Shareholder I'm expansion we'll

really So it. we're about optimistic

to loans, expansion I think, enhance deposits. geographically great there's opportunity a our just in

you things have -- powers. David out do do One there, branch. really of until one you get our I branch Trust that the can't least to a is, Trust also Texas at And want

Gordon, we're Mark So see there and to expansion. out facilities find look around we can our already try place some person, sending start to if to the

de be is But hope to going type opportunity acquisition. to do that novo. there would it's initially, of I So some an

Kevin Thompson

included expense as we really would financial we this haven't are form in really David, teams XXXX -- start year and a looking modeling load them say, at XXXX benefit as for as or years beyond. purposes, I deploying and much positioning

So long-term for a it's us, of really, diversification. strategy

David Feaster

XXXX? term? of I any the then thoughts on maybe seeing Okay. the production That's see see And market? maybe fourth growth in It's What there? quarter growth the quarter. mean, just we're to just What's are the you then, expectations And C&I. out just And near to multifamily record helpful. thoughts and great strength for on C&I it's the great as in – to pulse looking

Kevin Thompson

into the I think was of of From then a some strong at the the we the market and multifamily in the first starting end side, to saw demand and pullback through what come quarter service second quarter. quarter for the third pent-up pent-up that market and is We've and obviously into seen both purchase purchase in back. refi. demand the still fourth market the There the significant a

in are people this – call So a close operated, year environment. it have to

the the most most the We down state union. down of one are locked or in locked

product However, of people the the confidence has back. well brought have navigated strength very and the

fourth any strong the demand. quarter future. the don't saw that yield see we the dissipating on in probably deepened necessarily are So time mirror our very ROE is a though Even rates curve on is quite time. in which seen We trajectory should expectation higher we since XXXX we've still it's what obviously – that has been basis historical for And us, in competitive. than slightly, some is continued the

us numbers focusing been been fortified we're growth it's a and through that the not. very out themselves. larger expectation themselves C&I we've the our in disciplined that and very insulated interesting. On and side little that to sheets. what upstream little it's going pandemic It's a and or reposition on on We've but a We've bit continue go certainly bit XXXX. and companies And well. of diversified stay think consistent have of haves successful the very tended as latter itself served capital have that And have in to to half the tale are proved to the to side access C&I businesses balance the I seen have is

So way to even us, also ability our though huge our side provide business base. outstripping is a that's on for mortgage residential our customer not demand the

around back that. levels continues some resources that adding grow. and Equipment finance we're to saw we prepandemic additional is So to

we all the say, could fact near – anything it on the as see as would production from don't we're shutdowns hitting be that it to on in the of potentially term, here with better just well. as I California So lockdowns get some the and expectations especially far on cylinders easing in are side appears the of rest restrictions country our and

David Feaster

Okay.

Scott Kavanaugh

there's I'll management, add I'm municipal talent over our have I division, feel whether it's we there. David our the that that very thankful a pipelines, care don't it's now that ago, incredibly done year we're we launched for right got optimistic that And are like loans a pipelines just under And little a – very well. we financing I assets robust frankly, trust frankly XXXX. business, so ,deposits, that

David Feaster

how build And just but to into really you about how this as been of That's changed your great. sensitivity. and totally deposit then environment the may talk liability-sensitive hands, And sensitivity impacts the That's curious in like light rate your manage liquidity going right just just remix rate forward? mean of plan your that I great, floors? played maybe has and have pretty you've just to color.

Kevin Thompson

has Kevin. is And in can changed rate I many somewhat off. This has for you're as start environment banks. that sensitivity this right the it

sensitive. risk at basis XXX – academic rate points, scenarios We liability shock are basis perspective, from in points, you when we're by XXX an least your interest

little a Now have yield as that and as we academic types From in are that model often curves different the we less and well. of liability-sensitive. dynamics reality plays out you perspective differently an

somewhat a sheet monitor this very very take interest closely different of the order in changes we rate of mix to As manage and flexible the are a liability-sensitive. some in environments. we way really balance still in But result advantage of

Scott Kavanaugh

have mature -- And point bank we'll that April will I one that David our sometime. have The home million out. retire And loan thing is position I sure would in we're at that also is think advances add home $XXX that we loan not advances upon of I'm maturity. is, any bank

seen our restructuring you've broker deposits substantially a is As of down.

and the see you're successful continue XXXX. going repositioning into that been I side, very we've to to deposit So at think

David DePillo

levels. up things then there's are there's probably a on few those And season. from starting certainly on historical -- asset now our shortened relative is affected the to duration our side that and portfolios One

noted XXXX XXXX, growth XX% compounded our were probably was you where XXXX through product actually relatively unseasoned from that rate an was As rates environment XX%, it increasing. and at interest in

Now that we've of XX% CPR XX%, it against portfolio, call rates we're to growth on loan in is kind our relatively the plateaued and increased. closer our that

those duration the focus has little assets a more of emphasis the and portfolio. C&I also as as shortened of So well have the duration on shortened,

that kind our into we're, seeing of, both plays interest benefits levels. comment and So has rate sides on in from come Kevin's sensitivity the historical of

Kevin Thompson

And our with interest profile the last thing rate benefits to I more well based will as that our core approach. shift add relationship is deposits

David Feaster

Okay.

So, like sounds it probably core modest further NIM of together, for room kind PPP? that of, all taking exclusive expansion

David DePillo

yields Yeah. room got the on Look think I loan holding some up. We've are deposits.

We're liquidity. Our to loaded on up is we've deploying be effectively strategy that going liquidity.

paying advances does it down They're that levels way lot loan saw bank in of of mentioned of before, of a Some room. that Scott and still is give not us as are rates have at as the maturing. higher few but we deposits home a the well brokered, as cost we

So of excess the it the a have going impact first I re-price effect rates other borrowings then on cash quarter will we will near-term form as and declining probably forward. of fundings paydown deploying and additional of the gradual would be for say

some impact they're Assuming asset have should we NIM. on stay positive where going yields forward at,

Kevin Thompson

performance the depend, with those will how this yield prepayments few all on of And the how course, the curve next and -- of over interact we years.

David Feaster

course. Of Thanks everybody.

Kevin Thompson

you. Thank

David DePillo

you. Thank

Operator

from Sandler. comes Your Clark Matthew next of question the of line Piper

Matthew Clark

on PPP the amount are loop left the that update outlook? all. fees Hi, margin of net remaining on just close Can good morning to you the us

Kevin Thompson

Yeah.

and So there's deferred fees we that left were off about at net about with $X $X this million point. million started of PPP being

Matthew Clark

higher, the wealth margins What's on pre-tax we to this do outlook they continue margins, up you or at of nicely were again And think so. great. we XX% management this or level? grind Okay, for those the stabilize year? to kind Can

Scott Kavanaugh

I grind And our and historically impacted increases that person employee But some can it still higher, going an got a things. to done room occasional on say think We've But under little to for to think I systems the reduced get it by higher, some still I overhead need there. need little a management. can be we'll going here a save in -- new has bit lot in I and that of there. with I we think but technology We're add largely bit or tremendously wouldn't but it's place infrastructure. think we've higher. of still assets to that's

Matthew Clark

at you points bit assuming Okay. a And then could Do to basis the reserves just little expect we -- XX drift stabilize here? on change macro lower? we think should doesn't model it

David DePillo

model of we around kind XX. – That's

continue As Quite than tend between kind probably the models because and The to have really adjustments have more you've to we little of quarter-to-quarter, seen, loans larger market from are our XX. XX better. securities get have we only do. we the we've that a sensitivities effect, honestly, vacillated

kind during pandemic the on to end got the and we're that but fact level. qualitative reserves of at trying to be quarter. a reserve around of best that low justify do the our XX increasing basis our large, relatively are then We we've and points By continuing given kind as we to and conservative, model going still

all say, all too, Some I C&I is about we also where could out it is today. mix-related on in more driving do would model an probably that But I have as slightly it impact that higher. XX of would

Matthew Clark

anything that there rate? And fee of out run the other might quarter last next unusual this quarter In Great. come Okay. me. one income, for

Kevin Thompson

There were a unusual few items.

We are experiencing higher prepayment fees.

or had our quarter right about MSR valuation this last a mortgage $XXX,XXX. versus And then, benefit $X.X we $X.X our we were about also million million servicing So from quarter.

Scott Kavanaugh

a was milestone. It

David DePillo

will on be because that say quarters. there's the Yeah. probably several for least velocity the the in I at market good next consistent would preface,

Scott Kavanaugh

Yes, I agree. would

David DePillo

for maybe bit part having then a year, about little but the And call these on of protection that's good loans. the

Matthew Clark

Thank Okay. you.

Operator

Your comes line of the from of Moss B. Riley next question Steve Securities.

Steve Moss

guys. morning, Good Hi.

Scott Kavanaugh

Steve. morning, Good

Steve Moss

here. little Do just tie that guess, think to of David. it Good a we I close higher? number And terms or further to Yeah. a I saw the quarter billion we maybe for want originations about this in XXXX. staying for year bit just $X.X

David DePillo

right probably Yeah. I billion would $X.X say, our now. low is end

Our increase expectations we from some have are should there.

As you know, we typically talk about $X.X billion to $X billion.

about of Now we won't as say, billion $X.X But are the market I pipelines we're strong talking off saw plus the a up kind since the of knock a billion have and end we would the of that can of probably wood do benchmark. kind starting makes freeze the you our expectations, and of if sense. at should quarter $X.X first that the at be the math kind quarter that end of low second in on

Steve Moss

any or of terms just XXXX growth for does. thoughts kind of as around may you changes in have year full expenses? to just then that updated expense curious David, Yes guys

David DePillo

kind of year. – little a than each We higher bit modeled

looking I I'll the X% – growth sure, screw make So probably we're on math probably up about expenses. at don't

that's I right. about think

Kevin Thompson

merit right for at right. of increases the about employees. that's Well, beginning Yeah, the we do year

funding merit costs. associated So some about have additional averaged we with costs some of increases. variable additional X% those around We'll

Scott Kavanaugh

New employees.

Kevin Thompson

employees new still but throughout experiencing some place. year, the benefits in put Yeah, efficiencies the from we

Steve Moss

me. for all That's much. very you Thank Great. Okay.

Kevin Thompson

you. Thank

Scott Kavanaugh

Steve. Thank you,

Operator

from Gary D.A. of line Tenner Davidson. next comes question of Your the

Gary Tenner

morning. Thanks. Good

stable in sense, guess XXXX, XXXX with growth the the a topic has XX%. the of for been business terms and of loan I in for commercial of years mix production in couple pretty last On

you multifamily be Texas, would As market. it seem to move maybe, easier me it to to that grow maybe Texas that to initially or would in expand

of think you move? mix do kind of the developing that with initially how So, maybe

David DePillo

real mean, estate to I easier Yeah. lending build. usually is

the near in a I a have start estate start we However would I expect C&I states. would offering base have what as have then along. our it in and The because start expect in that to such our our and probably to have to other expectations doing large that dramatic are term probably we're amount would of much all wouldn't we yes, But funding way say, mix mix. But our a consistent on. the real we consumer adjusting go diversified fact we it with initially and we layering change in would wouldn't

Scott Kavanaugh

thing is JPMorgan a more fragmented multifamily it one The Metroplex here the is, little in Currently, say patterns Chase in in think than in even California. not about area has the I lending I will Metroplex. it's landed

hoping we're small benefit be to that that the may in marketplace. So a being

know they're California. very in here in the As you lender state formidable out a

Gary Tenner

Everything was Great. answered. actually you. only that else And my -- then sorry was other question. Thank

Scott Kavanaugh

Hey, thank you.

Operator

Your next Chiaverini question Wedbush line comes from the Securities. of of David

David Chiaverini

there? on branches Hi, year there. talking the about Just do of for morning, of couple couple about aggressive questions point one next for expansion per years? first to plan a you. thanks. pace of two Good last we I How to you novo terms the Are guys guess Texas. that be in talk growth of de the

Scott Kavanaugh

probably pick location. most a now, we one. think in a be going the moving put think of may Right initially one companies it's to to be would where to. we areas will That we're another to the seem I and be reasonable location trying that be

like Southlake, could Westlake, be areas. Plano So of some that those

mean only As you XX know I we total. have branches

it's So things. work channel digital branch-heavy state to like and types not those on to to We're our still we're going Texas. in be of the continue going of

David DePillo

Scott. Which is great a point

of but digitally. experienced I have think some our through our front digital in don't I the metro larger Texas it's us, channel. have growth major of statistics gathering decent already delivery the of We state deposits one in deposit markets from

novo and of support channel. more a around will de that bricks mortar this So be digital

Scott Kavanaugh

into don't in count any years a proven think on bring and anywhere our have revenue. think that says this And else. been would We're -- than I the off year, impact. I a people people is, in a fair Dave new substantial a look that. try job either marketplace. to outer markets for going Dave, I thing to going in that help good But XXXX this is But wouldn't think different us, that I we of any be sheet am think I we XXXX have somebody hire ever for understand say much it pretty I I these always And balance think the to affecting optimistic. think of to it's with I'm it The or only that when time making amount sure we've years. expanded can have of production we I hugely done we've marketplace can

David Chiaverini

is And Can will that? Clearly in more you there California. be than tax-friendly much talk tax Texas terms savings? about of

David DePillo

we what tax of loan tax realize what safe where most than drives definitely our which subject are California today. within will will the to The Texas. better production That's Texas loan is we of have savings be as and it rates much really production

Kevin Thompson

Yes.

you to little give bit of update. Just a

XX.X million or under Texas have already our clients of We XXX in channel -- digital currently.

David Chiaverini

about -- California capability you'll you Great. brings -- least and mentioned about you that get trusts? able and at talk compare to that Can for up the be powers. also what getting you to Trust one after running branch guys And you the do Texas have

Scott Kavanaugh

sure. Yes,

know right powers So as we you trust now. actually have three

total of for the of our state California. XX% assets is and Nevada in department. that around total massive. represent Frankly, Texas XX% And the the Nevada assets advisement are the the about -- of Hawaii, have Trust Trust We population under the assets

handle but to they're cases. been more capitalize Schwab complex work does But I First we we're their we're continue to much of where attorneys and and of have with drafting and Charles and documents. lot the to powers, Foundation with say a simple will seeing through handle Schwab a and Advisors that -- I willing because lot relationship we've CPAs able do more So mean, trust

I Nevada. here started can there a think and see to So amount fair traction in as we of gain California we

David Chiaverini

much. very Thanks Great.

Operator

question-and-answer This to concludes back turn our allotted closing now will the time for today's I Kavanaugh session. remarks. call Mr. for

Scott Kavanaugh

are you, Thank geographic so a for valuable XXXX ahead. ahead. investments pay-off. client franchise believe pleased the in We excited working accomplished are in I'm I'm and what and There excellent an producing to the year the the is everyone. see built and forward committed expansion proud opportunities very look on team Everyone to I'm technology we strong of great experience and to results deliver our related to to we've year shareholders. hard we about

reminder, day. can a great website. on again you be call. of in Relations for investor Investor presentation earnings a our remainder today's found As report Thank your and Have our participating

Operator

you. Thank call. First does fourth conference quarter conclude Foundation's earnings XXXX That

You may disconnect. now

First Foundation (FFWM) 26 Jan 212020 Q4 Earnings call transcript