First Foundation's continues to grow as we make our way into the second half of the year. The signing of a lease for a new 5,800 square foot office in San Diego, as well as the lease signing of an additional 22,000 square feet to our Irvine corporate headquarters at Lake Shore Towers, were key additions in the second quarter. Both offices are expected to be operational late in the third quarter.

We also surpassed the 100 employee mark during the second quarter. The ability to find strong, quality people within our organization has been critical to our expansion. We remain committed to finding talented people to meet the level of existing client service as we continue to expand throughout California.

The growth to our business this year has been driven from our ever expanding banking and investment management services. We recently announced the formation of First Foundation Insurance Services to assist client needs for both personal and business insurance products. We also recently announced the signing of a definitive agreement for First Foundation Bank to acquire Desert Commercial Bank in Palm Desert. The acquisition is subject to certain conditions and regulatory approval. While we remain cautiously optimistic on the economy for the rest of the year, we expect the momentum of our success since creating the integrated wealth management platform in 2007 to carry us forward.