Annual Income Statements for First Foundation
This table shows First Foundation's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.
Quarterly Income Statements for First Foundation
This table shows First Foundation's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Net Income / (Loss) Attributable to Common Shareholders |
|
29 |
17 |
8.50 |
-212 |
2.18 |
2.55 |
0.79 |
3.09 |
-82 |
-14 |
Consolidated Net Income / (Loss) |
|
29 |
17 |
8.50 |
-212 |
2.18 |
2.55 |
0.79 |
3.09 |
-82 |
-14 |
Net Income / (Loss) Continuing Operations |
|
29 |
17 |
8.50 |
-212 |
2.18 |
2.55 |
0.79 |
3.09 |
-82 |
-14 |
Total Pre-Tax Income |
|
40 |
21 |
11 |
-213 |
1.58 |
0.25 |
-0.12 |
2.66 |
-117 |
-23 |
Total Revenue |
|
100 |
82 |
70 |
61 |
64 |
56 |
51 |
57 |
-56 |
65 |
Net Interest Income / (Expense) |
|
88 |
75 |
59 |
49 |
52 |
42 |
38 |
44 |
49 |
51 |
Total Interest Income |
|
109 |
126 |
137 |
145 |
145 |
147 |
150 |
151 |
157 |
152 |
Loans and Leases Interest Income |
|
101 |
115 |
121 |
123 |
124 |
120 |
118 |
120 |
120 |
115 |
Investment Securities Interest Income |
|
6.75 |
6.68 |
6.89 |
6.77 |
11 |
16 |
20 |
18 |
21 |
23 |
Deposits and Money Market Investments Interest Income |
|
1.02 |
4.30 |
9.47 |
15 |
9.80 |
11 |
12 |
13 |
15 |
14 |
Total Interest Expense |
|
21 |
51 |
78 |
96 |
93 |
104 |
112 |
107 |
108 |
101 |
Deposits Interest Expense |
|
16 |
37 |
62 |
73 |
85 |
91 |
94 |
91 |
89 |
84 |
Long-Term Debt Interest Expense |
|
5.48 |
15 |
16 |
23 |
7.88 |
13 |
18 |
16 |
19 |
18 |
Total Non-Interest Income |
|
12 |
7.22 |
12 |
12 |
12 |
14 |
13 |
14 |
-106 |
13 |
Other Service Charges |
|
12 |
7.22 |
12 |
12 |
12 |
12 |
11 |
11 |
12 |
12 |
Net Realized & Unrealized Capital Gains on Investments |
|
- |
- |
0.00 |
0.00 |
0.00 |
2.30 |
1.16 |
1.40 |
-0.01 |
4.40 |
Other Non-Interest Income |
|
0.00 |
- |
0.00 |
0.00 |
0.00 |
- |
0.84 |
0.84 |
-118 |
-3.29 |
Provision for Credit Losses |
|
-0.02 |
1.17 |
0.42 |
0.89 |
-2.02 |
0.23 |
0.58 |
-0.81 |
0.28 |
21 |
Total Non-Interest Expense |
|
60 |
60 |
59 |
273 |
64 |
56 |
51 |
56 |
60 |
67 |
Salaries and Employee Benefits |
|
30 |
23 |
25 |
21 |
20 |
18 |
19 |
19 |
20 |
25 |
Net Occupancy & Equipment Expense |
|
9.59 |
9.26 |
8.90 |
9.18 |
9.25 |
9.48 |
9.09 |
9.03 |
9.01 |
10 |
Other Operating Expenses |
|
21 |
27 |
25 |
27 |
35 |
28 |
22 |
28 |
31 |
31 |
Income Tax Expense |
|
11 |
3.59 |
2.20 |
-0.30 |
-0.60 |
-2.30 |
-0.91 |
-0.42 |
-35 |
-8.85 |
Basic Earnings per Share |
|
$0.51 |
$0.31 |
$0.15 |
($3.76) |
$0.04 |
$0.04 |
$0.01 |
$0.05 |
($1.23) |
($0.24) |
Weighted Average Basic Shares Outstanding |
|
56.39M |
56.42M |
56.38M |
56.43M |
56.44M |
56.43M |
56.48M |
56.52M |
66.99M |
65.60M |
Diluted Earnings per Share |
|
$0.51 |
$0.31 |
$0.15 |
($3.76) |
$0.04 |
$0.04 |
$0.01 |
$0.05 |
($1.23) |
($0.24) |
Weighted Average Diluted Shares Outstanding |
|
56.45M |
56.49M |
56.41M |
56.43M |
56.45M |
56.43M |
56.50M |
56.53M |
66.99M |
65.60M |
Weighted Average Basic & Diluted Shares Outstanding |
|
56.39M |
56.35M |
56.42M |
56.44M |
56.44M |
56.47M |
56.51M |
67.85M |
82.35M |
82.37M |
Annual Cash Flow Statements for First Foundation
This table details how cash moves in and out of First Foundation's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.
Metric |
2022 |
2023 |
2024 |
Net Change in Cash & Equivalents |
-465 |
670 |
-310 |
Net Cash From Operating Activities |
101 |
7.92 |
-8.78 |
Net Cash From Continuing Operating Activities |
101 |
7.92 |
-8.78 |
Net Income / (Loss) Continuing Operations |
111 |
-199 |
-92 |
Consolidated Net Income / (Loss) |
111 |
-199 |
-92 |
Provision For Loan Losses |
0.97 |
1.62 |
21 |
Depreciation Expense |
4.04 |
4.43 |
4.76 |
Amortization Expense |
3.85 |
-3.76 |
-9.16 |
Non-Cash Adjustments to Reconcile Net Income |
4.84 |
211 |
64 |
Changes in Operating Assets and Liabilities, net |
-23 |
-6.68 |
2.92 |
Net Cash From Investing Activities |
-3,247 |
133 |
287 |
Net Cash From Continuing Investing Activities |
-3,247 |
133 |
287 |
Purchase of Property, Leasehold Improvements and Equipment |
-4.58 |
-8.21 |
-2.73 |
Purchase of Investment Securities |
-3,499 |
-667 |
-1,543 |
Sale of Property, Leasehold Improvements and Equipment |
3.39 |
0.00 |
2.09 |
Sale and/or Maturity of Investments |
253 |
808 |
1,831 |
Net Cash From Financing Activities |
2,680 |
529 |
-589 |
Net Cash From Continuing Financing Activities |
2,680 |
529 |
-589 |
Net Change in Deposits |
1,551 |
326 |
-819 |
Issuance of Debt |
86,050 |
0.06 |
2,794 |
Issuance of Preferred Equity |
0.00 |
0.00 |
138 |
Issuance of Common Equity |
0.02 |
0.16 |
90 |
Repayment of Debt |
-85,090 |
412 |
-2,777 |
Repurchase of Common Equity |
-4.62 |
-0.54 |
-0.15 |
Payment of Dividends |
-25 |
-9.02 |
-1.13 |
Other Financing Activities, Net |
199 |
-200 |
-14 |
Cash Interest Paid |
76 |
329 |
401 |
Cash Income Taxes Paid |
41 |
-5.48 |
0.18 |
Quarterly Cash Flow Statements for First Foundation
This table details how cash moves in and out of First Foundation's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Net Change in Cash & Equivalents |
|
144 |
339 |
661 |
-391 |
-108 |
508 |
261 |
-167 |
-315 |
-90 |
Net Cash From Operating Activities |
|
30 |
1.25 |
9.79 |
17 |
16 |
-34 |
7.21 |
-9.12 |
14 |
-21 |
Net Cash From Continuing Operating Activities |
|
30 |
1.25 |
9.79 |
17 |
16 |
-34 |
7.21 |
-9.12 |
14 |
-21 |
Net Income / (Loss) Continuing Operations |
|
29 |
17 |
8.50 |
-212 |
2.18 |
2.55 |
0.79 |
3.09 |
-82 |
-14 |
Consolidated Net Income / (Loss) |
|
29 |
17 |
8.50 |
-212 |
2.18 |
2.55 |
0.79 |
3.09 |
-82 |
-14 |
Provision For Loan Losses |
|
-0.02 |
1.61 |
0.42 |
1.81 |
-1.20 |
0.60 |
0.58 |
-0.50 |
0.36 |
21 |
Depreciation Expense |
|
1.04 |
0.98 |
1.10 |
1.05 |
1.08 |
1.19 |
1.19 |
1.19 |
1.22 |
1.15 |
Amortization Expense |
|
0.91 |
0.85 |
0.88 |
0.84 |
-2.25 |
-3.23 |
-10 |
-0.21 |
0.91 |
0.53 |
Non-Cash Adjustments to Reconcile Net Income |
|
-0.20 |
0.31 |
3.03 |
218 |
-9.78 |
0.53 |
-3.92 |
-3.04 |
81 |
-9.93 |
Changes in Operating Assets and Liabilities, net |
|
-0.86 |
-20 |
-4.14 |
7.53 |
26 |
-36 |
19 |
-9.64 |
13 |
-19 |
Net Cash From Investing Activities |
|
-893 |
-342 |
44 |
157 |
-310 |
241 |
8.41 |
-285 |
-67 |
631 |
Net Cash From Continuing Investing Activities |
|
-893 |
-342 |
44 |
157 |
-310 |
241 |
8.41 |
-285 |
-67 |
631 |
Purchase of Property, Leasehold Improvements and Equipment |
|
-0.48 |
-0.58 |
-2.49 |
-0.11 |
-3.70 |
-1.91 |
-1.29 |
-0.25 |
-0.83 |
-0.36 |
Purchase of Investment Securities |
|
-944 |
-366 |
-33 |
39 |
-623 |
-50 |
-1,148 |
-430 |
-207 |
241 |
Sale of Property, Leasehold Improvements and Equipment |
|
- |
- |
0.00 |
- |
- |
- |
0.00 |
2.04 |
0.04 |
0.01 |
Sale and/or Maturity of Investments |
|
52 |
25 |
80 |
118 |
317 |
293 |
1,157 |
143 |
141 |
390 |
Net Cash From Financing Activities |
|
1,008 |
679 |
607 |
-565 |
186 |
301 |
246 |
128 |
-262 |
-700 |
Net Cash From Continuing Financing Activities |
|
1,008 |
679 |
607 |
-565 |
186 |
301 |
246 |
128 |
-262 |
-700 |
Net Change in Deposits |
|
11 |
813 |
-311 |
755 |
5.21 |
-123 |
-50 |
117 |
-452 |
-434 |
Issuance of Debt |
|
0.02 |
85,902 |
995 |
-995 |
87,506 |
-87,506 |
284 |
2,509 |
0.02 |
0.01 |
Repayment of Debt |
|
1,003 |
-86,229 |
-70 |
-29 |
-87,419 |
87,931 |
12 |
-2,498 |
-25 |
-266 |
Repurchase of Common Equity |
|
- |
-1.05 |
-0.53 |
- |
-0.00 |
-0.00 |
-0.14 |
- |
- |
-0.01 |
Payment of Dividends |
|
-6.20 |
-6.20 |
-6.20 |
-1.13 |
-1.13 |
-0.56 |
-0.57 |
-0.57 |
0.00 |
0.00 |
Cash Interest Paid |
|
22 |
44 |
66 |
77 |
81 |
106 |
15 |
166 |
99 |
120 |
Cash Income Taxes Paid |
|
8.52 |
10.00 |
- |
- |
- |
-5.48 |
- |
- |
-0.07 |
-0.02 |
Annual Balance Sheets for First Foundation
This table presents First Foundation's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.
Metric |
2022 |
2023 |
2024 |
Total Assets |
13,014 |
13,327 |
12,645 |
Cash and Due from Banks |
656 |
1,327 |
1,016 |
Trading Account Securities |
1,100 |
1,493 |
3,317 |
Loans and Leases, Net of Allowance |
10,692 |
10,149 |
7,909 |
Loans and Leases |
10,726 |
10,178 |
7,941 |
Allowance for Loan and Lease Losses |
34 |
29 |
32 |
Premises and Equipment, Net |
36 |
40 |
36 |
Intangible Assets |
6.58 |
4.95 |
3.56 |
Other Assets |
307 |
314 |
364 |
Total Liabilities & Shareholders' Equity |
13,014 |
13,327 |
12,645 |
Total Liabilities |
11,880 |
12,402 |
11,592 |
Non-Interest Bearing Deposits |
10,363 |
10,689 |
9,870 |
Long-Term Debt |
1,370 |
1,582 |
1,599 |
Other Long-Term Liabilities |
147 |
131 |
123 |
Total Equity & Noncontrolling Interests |
1,134 |
925 |
1,053 |
Total Preferred & Common Equity |
1,134 |
925 |
1,053 |
Preferred Stock |
- |
0.00 |
88 |
Total Common Equity |
1,134 |
925 |
966 |
Common Stock |
720 |
721 |
850 |
Retained Earnings |
427 |
219 |
125 |
Accumulated Other Comprehensive Income / (Loss) |
-12 |
-14 |
-8.92 |
Quarterly Balance Sheets for First Foundation
This table presents First Foundation's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Total Assets |
|
12,329 |
13,616 |
12,841 |
13,052 |
13,586 |
13,714 |
13,377 |
Cash and Due from Banks |
|
318 |
1,317 |
926 |
819 |
1,588 |
1,421 |
1,106 |
Trading Account Securities |
|
1,123 |
1,071 |
1,024 |
1,631 |
1,579 |
1,867 |
3,829 |
Loans and Leases, Net of Allowance |
|
10,323 |
10,639 |
10,554 |
10,254 |
10,057 |
10,058 |
8,060 |
Loans and Leases |
|
10,355 |
10,670 |
10,585 |
10,283 |
10,086 |
10,087 |
8,089 |
Allowance for Loan and Lease Losses |
|
33 |
31 |
31 |
29 |
29 |
29 |
29 |
Premises and Equipment, Net |
|
37 |
38 |
37 |
39 |
40 |
37 |
37 |
Intangible Assets |
|
222 |
221 |
5.73 |
5.34 |
4.58 |
4.22 |
3.89 |
Other Assets |
|
307 |
331 |
294 |
303 |
318 |
327 |
341 |
Total Liabilities & Shareholders' Equity |
|
12,329 |
13,616 |
12,841 |
13,052 |
13,586 |
13,714 |
13,377 |
Total Liabilities |
|
11,207 |
12,482 |
11,925 |
12,132 |
12,658 |
12,781 |
12,307 |
Non-Interest Bearing Deposits |
|
9,550 |
10,052 |
10,807 |
10,812 |
10,639 |
10,756 |
10,305 |
Long-Term Debt |
|
1,496 |
2,295 |
976 |
1,158 |
1,879 |
1,890 |
1,865 |
Other Long-Term Liabilities |
|
161 |
136 |
142 |
162 |
140 |
135 |
137 |
Total Equity & Noncontrolling Interests |
|
1,122 |
1,134 |
916 |
919 |
929 |
933 |
1,070 |
Total Preferred & Common Equity |
|
1,122 |
1,134 |
916 |
919 |
929 |
933 |
1,070 |
Preferred Stock |
|
- |
- |
- |
- |
- |
- |
130 |
Total Common Equity |
|
1,122 |
1,134 |
916 |
919 |
929 |
933 |
940 |
Common Stock |
|
720 |
719 |
720 |
720 |
721 |
722 |
806 |
Retained Earnings |
|
416 |
429 |
216 |
217 |
219 |
221 |
139 |
Accumulated Other Comprehensive Income / (Loss) |
|
-14 |
-15 |
-20 |
-18 |
-11 |
-9.95 |
-5.49 |
Annual Metrics And Ratios for First Foundation
This table displays calculated financial ratios and metrics derived from First Foundation's official financial filings.
Metric |
2022 |
2023 |
2024 |
Growth Metrics |
- |
- |
- |
Revenue Growth |
20.80% |
-31.41% |
-53.60% |
EBITDA Growth |
-0.06% |
-226.45% |
28.90% |
EBIT Growth |
-1.31% |
-233.55% |
31.33% |
NOPAT Growth |
0.91% |
-226.72% |
31.33% |
Net Income Growth |
0.91% |
-280.13% |
53.58% |
EPS Growth |
-18.67% |
-280.10% |
60.06% |
Operating Cash Flow Growth |
4.70% |
-92.19% |
-210.85% |
Free Cash Flow Firm Growth |
-459.94% |
87.18% |
-67.61% |
Invested Capital Growth |
96.54% |
0.14% |
5.76% |
Revenue Q/Q Growth |
1.71% |
-9.22% |
7.66% |
EBITDA Q/Q Growth |
-6.59% |
-14.05% |
-15.93% |
EBIT Q/Q Growth |
-7.07% |
-11.54% |
-20.33% |
NOPAT Q/Q Growth |
-5.57% |
-11.54% |
-20.33% |
Net Income Q/Q Growth |
-5.57% |
-8.04% |
-21.99% |
EPS Q/Q Growth |
-8.84% |
-8.28% |
-24.78% |
Operating Cash Flow Q/Q Growth |
-20.11% |
-81.57% |
63.49% |
Free Cash Flow Firm Q/Q Growth |
34.98% |
-134.50% |
74.35% |
Invested Capital Q/Q Growth |
-4.36% |
20.75% |
-9.63% |
Profitability Metrics |
- |
- |
- |
EBITDA Margin |
42.98% |
-79.24% |
-121.42% |
EBIT Margin |
40.83% |
-79.50% |
-117.65% |
Profit (Net Income) Margin |
30.12% |
-79.10% |
-79.13% |
Tax Burden Percent |
73.77% |
99.50% |
67.26% |
Interest Burden Percent |
100.00% |
100.00% |
100.00% |
Effective Tax Rate |
26.23% |
0.00% |
0.00% |
Return on Invested Capital (ROIC) |
5.85% |
-5.59% |
-3.73% |
ROIC Less NNEP Spread (ROIC-NNEP) |
5.85% |
-9.59% |
-3.49% |
Return on Net Nonoperating Assets (RNNOA) |
4.20% |
-13.74% |
-5.61% |
Return on Equity (ROE) |
10.05% |
-19.33% |
-9.34% |
Cash Return on Invested Capital (CROIC) |
-59.26% |
-5.73% |
-9.32% |
Operating Return on Assets (OROA) |
1.29% |
-1.52% |
-1.06% |
Return on Assets (ROA) |
0.95% |
-1.51% |
-0.71% |
Return on Common Equity (ROCE) |
10.05% |
-19.33% |
-8.93% |
Return on Equity Simple (ROE_SIMPLE) |
9.74% |
-21.51% |
-8.77% |
Net Operating Profit after Tax (NOPAT) |
111 |
-140 |
-96 |
NOPAT Margin |
30.12% |
-55.65% |
-82.35% |
Net Nonoperating Expense Percent (NNEP) |
0.00% |
4.00% |
-0.24% |
SG&A Expenses to Revenue |
39.92% |
48.12% |
103.98% |
Operating Expenses to Revenue |
59.03% |
179.69% |
199.92% |
Earnings before Interest and Taxes (EBIT) |
150 |
-200 |
-137 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
158 |
-199 |
-142 |
Valuation Ratios |
- |
- |
- |
Price to Book Value (P/BV) |
0.70 |
0.59 |
0.53 |
Price to Tangible Book Value (P/TBV) |
0.87 |
0.59 |
0.53 |
Price to Revenue (P/Rev) |
2.16 |
2.16 |
4.38 |
Price to Earnings (P/E) |
7.19 |
0.00 |
0.00 |
Dividend Yield |
3.12% |
2.69% |
0.64% |
Earnings Yield |
13.91% |
0.00% |
0.00% |
Enterprise Value to Invested Capital (EV/IC) |
0.60 |
0.32 |
0.45 |
Enterprise Value to Revenue (EV/Rev) |
4.11 |
3.18 |
10.12 |
Enterprise Value to EBITDA (EV/EBITDA) |
9.56 |
0.00 |
0.00 |
Enterprise Value to EBIT (EV/EBIT) |
10.06 |
0.00 |
0.00 |
Enterprise Value to NOPAT (EV/NOPAT) |
13.64 |
0.00 |
0.00 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
14.86 |
101.03 |
0.00 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
0.00 |
0.00 |
0.00 |
Leverage & Solvency |
- |
- |
- |
Debt to Equity |
1.21 |
1.71 |
1.52 |
Long-Term Debt to Equity |
1.21 |
1.71 |
1.52 |
Financial Leverage |
0.72 |
1.43 |
1.61 |
Leverage Ratio |
10.56 |
12.79 |
13.13 |
Compound Leverage Factor |
10.56 |
12.79 |
13.13 |
Debt to Total Capital |
54.70% |
63.10% |
60.28% |
Short-Term Debt to Total Capital |
0.00% |
0.00% |
0.00% |
Long-Term Debt to Total Capital |
54.70% |
63.10% |
60.28% |
Preferred Equity to Total Capital |
0.00% |
0.00% |
3.30% |
Noncontrolling Interests to Total Capital |
0.00% |
0.00% |
0.00% |
Common Equity to Total Capital |
45.30% |
36.90% |
36.41% |
Debt to EBITDA |
8.69 |
-7.94 |
-11.28 |
Net Debt to EBITDA |
4.52 |
-1.28 |
-4.11 |
Long-Term Debt to EBITDA |
8.69 |
-7.94 |
-11.28 |
Debt to NOPAT |
12.40 |
-11.30 |
-16.63 |
Net Debt to NOPAT |
6.46 |
-1.83 |
-6.06 |
Long-Term Debt to NOPAT |
12.40 |
-11.30 |
-16.63 |
Noncontrolling Interest Sharing Ratio |
0.00% |
0.00% |
4.43% |
Liquidity Ratios |
- |
- |
- |
Cash Flow Metrics |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
-1,120 |
-144 |
-241 |
Operating Cash Flow to CapEx |
8,492.89% |
96.50% |
-1,374.65% |
Free Cash Flow to Firm to Interest Expense |
-13.14 |
-0.39 |
-0.56 |
Operating Cash Flow to Interest Expense |
1.19 |
0.02 |
-0.02 |
Operating Cash Flow Less CapEx to Interest Expense |
1.18 |
0.00 |
-0.02 |
Efficiency Ratios |
- |
- |
- |
Asset Turnover |
0.03 |
0.02 |
0.01 |
Fixed Asset Turnover |
9.91 |
6.62 |
3.08 |
Capital & Investment Metrics |
- |
- |
- |
Invested Capital |
2,504 |
2,508 |
2,652 |
Invested Capital Turnover |
0.19 |
0.10 |
0.05 |
Increase / (Decrease) in Invested Capital |
1,230 |
3.48 |
144 |
Enterprise Value (EV) |
1,508 |
801 |
1,182 |
Market Capitalization |
794 |
545 |
511 |
Book Value per Share |
$20.12 |
$16.39 |
$11.73 |
Tangible Book Value per Share |
$16.18 |
$16.31 |
$11.68 |
Total Capital |
2,504 |
2,508 |
2,652 |
Total Debt |
1,370 |
1,582 |
1,599 |
Total Long-Term Debt |
1,370 |
1,582 |
1,599 |
Net Debt |
713 |
256 |
583 |
Capital Expenditures (CapEx) |
1.20 |
8.21 |
0.64 |
Net Nonoperating Expense (NNE) |
0.00 |
59 |
-3.76 |
Net Nonoperating Obligations (NNO) |
1,370 |
1,582 |
1,599 |
Total Depreciation and Amortization (D&A) |
7.88 |
0.66 |
-4.40 |
Earnings Adjustments |
- |
- |
- |
Adjusted Basic Earnings per Share |
$1.96 |
($3.53) |
($1.41) |
Adjusted Weighted Average Basic Shares Outstanding |
56.42M |
56.43M |
65.60M |
Adjusted Diluted Earnings per Share |
$1.96 |
($3.53) |
($1.41) |
Adjusted Weighted Average Diluted Shares Outstanding |
56.49M |
56.43M |
65.60M |
Adjusted Basic & Diluted Earnings per Share |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
56.35M |
56.47M |
82.37M |
Normalized Net Operating Profit after Tax (NOPAT) |
111 |
11 |
-96 |
Normalized NOPAT Margin |
30.12% |
4.22% |
-82.35% |
Pre Tax Income Margin |
40.83% |
-79.50% |
-117.65% |
Debt Service Ratios |
- |
- |
- |
EBIT to Interest Expense |
1.76 |
-0.54 |
-0.32 |
NOPAT to Interest Expense |
1.30 |
-0.38 |
-0.22 |
EBIT Less CapEx to Interest Expense |
1.74 |
-0.56 |
-0.32 |
NOPAT Less CapEx to Interest Expense |
1.28 |
-0.40 |
-0.23 |
Payout Ratios |
- |
- |
- |
Dividend Payout Ratio |
22.47% |
-4.53% |
-1.22% |
Augmented Payout Ratio |
26.65% |
-4.80% |
-1.38% |
Quarterly Metrics And Ratios for First Foundation
This table displays calculated financial ratios and metrics derived from First Foundation's official financial filings.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Revenue Growth |
|
11.12% |
8.12% |
-21.65% |
-35.86% |
-36.14% |
-31.21% |
-27.51% |
-5.86% |
-188.54% |
14.74% |
EBITDA Growth |
|
-22.36% |
-32.82% |
-71.34% |
-528.26% |
-98.99% |
-107.89% |
-173.43% |
101.73% |
-27,639.57% |
-1,084.69% |
EBIT Growth |
|
-23.81% |
-35.25% |
-75.18% |
-559.88% |
-96.00% |
-98.82% |
-101.09% |
101.25% |
-7,503.04% |
-9,357.66% |
NOPAT Growth |
|
-22.08% |
-27.32% |
-72.45% |
-546.67% |
-92.48% |
-85.32% |
-100.96% |
102.07% |
-3,855.85% |
-730.74% |
Net Income Growth |
|
-22.08% |
-27.32% |
-72.45% |
-737.20% |
-92.48% |
-85.32% |
-90.67% |
101.45% |
-3,869.45% |
-653.81% |
EPS Growth |
|
-38.55% |
-38.00% |
-72.73% |
-737.29% |
-92.16% |
-87.10% |
-93.33% |
101.33% |
-3,175.00% |
-700.00% |
Operating Cash Flow Growth |
|
1.34% |
-95.34% |
-75.74% |
-44.90% |
-46.92% |
-2,843.31% |
-26.31% |
-155.14% |
-10.36% |
38.45% |
Free Cash Flow Firm Growth |
|
-983.70% |
-324.66% |
-208.82% |
45.23% |
130.04% |
99.92% |
130.86% |
-109.60% |
-272.83% |
-17,080.55% |
Invested Capital Growth |
|
235.98% |
96.54% |
143.40% |
18.44% |
-20.68% |
0.14% |
-18.10% |
49.29% |
41.30% |
5.76% |
Revenue Q/Q Growth |
|
4.89% |
-17.94% |
-14.02% |
-13.33% |
4.43% |
-11.61% |
-9.40% |
12.57% |
-198.22% |
214.55% |
EBITDA Q/Q Growth |
|
-15.68% |
-45.11% |
-44.34% |
-1,762.05% |
100.20% |
-530.70% |
-418.32% |
139.14% |
-3,251.48% |
81.47% |
EBIT Q/Q Growth |
|
-14.47% |
-47.02% |
-48.93% |
-2,087.55% |
100.74% |
-84.30% |
-147.18% |
2,376.92% |
-4,490.69% |
80.37% |
NOPAT Q/Q Growth |
|
-12.94% |
-40.17% |
-51.04% |
-1,851.55% |
101.46% |
16.88% |
-103.21% |
3,866.79% |
-2,754.06% |
80.37% |
Net Income Q/Q Growth |
|
-12.94% |
-40.17% |
-51.04% |
-2,598.68% |
101.03% |
16.88% |
-68.88% |
289.03% |
-2,763.66% |
82.83% |
EPS Q/Q Growth |
|
-13.56% |
-39.22% |
-51.61% |
-2,606.67% |
101.06% |
0.00% |
-75.00% |
400.00% |
-2,560.00% |
80.49% |
Operating Cash Flow Q/Q Growth |
|
-0.47% |
-95.82% |
1,103.57% |
69.06% |
-4.13% |
-316.04% |
120.82% |
-226.50% |
255.85% |
-248.34% |
Free Cash Flow Firm Q/Q Growth |
|
-123.66% |
33.00% |
-65.84% |
77.96% |
222.67% |
-100.17% |
66,547.12% |
-249.70% |
-1.14% |
82.92% |
Invested Capital Q/Q Growth |
|
64.00% |
-4.36% |
36.90% |
-44.84% |
9.83% |
20.75% |
11.96% |
0.56% |
3.95% |
-9.63% |
Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBITDA Margin |
|
41.55% |
27.79% |
17.99% |
-345.05% |
0.65% |
-3.19% |
-18.23% |
6.34% |
0.00% |
-32.90% |
EBIT Margin |
|
39.59% |
25.56% |
15.18% |
-348.15% |
2.48% |
0.44% |
-0.23% |
4.63% |
0.00% |
-35.50% |
Profit (Net Income) Margin |
|
29.05% |
21.18% |
12.06% |
-347.65% |
3.42% |
4.52% |
1.55% |
5.37% |
0.00% |
-21.82% |
Tax Burden Percent |
|
73.37% |
82.86% |
79.43% |
99.86% |
137.97% |
1,027.42% |
-677.78% |
115.80% |
70.25% |
61.46% |
Interest Burden Percent |
|
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
Effective Tax Rate |
|
26.63% |
17.14% |
20.57% |
0.00% |
-37.97% |
-927.42% |
0.00% |
-15.80% |
0.00% |
0.00% |
Return on Invested Capital (ROIC) |
|
6.17% |
4.11% |
1.73% |
-43.79% |
0.40% |
0.45% |
-0.01% |
0.52% |
0.00% |
-1.12% |
ROIC Less NNEP Spread (ROIC-NNEP) |
|
6.17% |
4.11% |
1.73% |
-52.43% |
0.40% |
0.45% |
0.03% |
0.52% |
0.00% |
-1.00% |
Return on Net Nonoperating Assets (RNNOA) |
|
4.93% |
2.96% |
2.05% |
-38.16% |
0.52% |
0.65% |
0.06% |
0.81% |
0.00% |
-1.61% |
Return on Equity (ROE) |
|
11.10% |
7.07% |
3.78% |
-81.95% |
0.93% |
1.10% |
0.05% |
1.33% |
0.00% |
-2.73% |
Cash Return on Invested Capital (CROIC) |
|
-101.36% |
-59.26% |
-79.87% |
-22.56% |
17.72% |
-5.73% |
15.17% |
-39.18% |
-37.42% |
-9.32% |
Operating Return on Assets (OROA) |
|
1.42% |
0.81% |
0.44% |
-9.06% |
0.05% |
0.01% |
0.00% |
0.08% |
0.00% |
-0.32% |
Return on Assets (ROA) |
|
1.04% |
0.67% |
0.35% |
-9.04% |
0.07% |
0.09% |
0.03% |
0.09% |
0.00% |
-0.20% |
Return on Common Equity (ROCE) |
|
11.10% |
7.07% |
3.78% |
-81.95% |
0.93% |
1.10% |
0.05% |
1.33% |
0.00% |
-2.61% |
Return on Equity Simple (ROE_SIMPLE) |
|
10.43% |
0.00% |
7.78% |
-17.20% |
-20.05% |
0.00% |
-22.26% |
0.92% |
-7.08% |
0.00% |
Net Operating Profit after Tax (NOPAT) |
|
29 |
17 |
8.50 |
-149 |
2.18 |
2.55 |
-0.08 |
3.09 |
-82 |
-16 |
NOPAT Margin |
|
29.05% |
21.18% |
12.06% |
-243.70% |
3.42% |
4.52% |
-0.16% |
5.37% |
0.00% |
-24.85% |
Net Nonoperating Expense Percent (NNEP) |
|
0.00% |
0.00% |
0.00% |
8.64% |
0.00% |
0.00% |
-0.04% |
0.00% |
0.02% |
-0.12% |
SG&A Expenses to Revenue |
|
39.18% |
39.66% |
48.52% |
49.47% |
45.29% |
49.37% |
55.80% |
48.92% |
0.00% |
55.32% |
Operating Expenses to Revenue |
|
60.43% |
73.01% |
84.23% |
446.69% |
100.68% |
99.15% |
99.10% |
96.77% |
0.00% |
103.57% |
Earnings before Interest and Taxes (EBIT) |
|
40 |
21 |
11 |
-213 |
1.58 |
0.25 |
-0.12 |
2.66 |
-117 |
-23 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
41 |
23 |
13 |
-211 |
0.42 |
-1.80 |
-9.31 |
3.64 |
-115 |
-21 |
Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Price to Book Value (P/BV) |
|
0.89 |
0.70 |
0.37 |
0.24 |
0.37 |
0.59 |
0.46 |
0.40 |
0.45 |
0.53 |
Price to Tangible Book Value (P/TBV) |
|
1.11 |
0.87 |
0.46 |
0.24 |
0.37 |
0.59 |
0.46 |
0.40 |
0.45 |
0.53 |
Price to Revenue (P/Rev) |
|
2.77 |
2.16 |
1.20 |
0.71 |
1.23 |
2.16 |
1.83 |
1.62 |
3.90 |
4.38 |
Price to Earnings (P/E) |
|
8.53 |
7.19 |
4.71 |
0.00 |
0.00 |
0.00 |
0.00 |
43.01 |
0.00 |
0.00 |
Dividend Yield |
|
2.37% |
3.12% |
5.97% |
8.87% |
4.29% |
2.69% |
0.66% |
0.61% |
0.64% |
0.64% |
Earnings Yield |
|
11.73% |
13.91% |
21.22% |
0.00% |
0.00% |
0.00% |
0.00% |
2.33% |
0.00% |
0.00% |
Enterprise Value to Invested Capital (EV/IC) |
|
0.83 |
0.60 |
0.41 |
0.14 |
0.33 |
0.32 |
0.26 |
0.30 |
0.45 |
0.45 |
Enterprise Value to Revenue (EV/Rev) |
|
6.03 |
4.11 |
4.01 |
0.87 |
2.46 |
3.18 |
3.08 |
3.67 |
12.10 |
10.12 |
Enterprise Value to EBITDA (EV/EBITDA) |
|
12.89 |
9.56 |
11.04 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Enterprise Value to EBIT (EV/EBIT) |
|
13.50 |
10.06 |
11.86 |
0.00 |
0.00 |
0.00 |
0.00 |
191.69 |
0.00 |
0.00 |
Enterprise Value to NOPAT (EV/NOPAT) |
|
18.60 |
13.64 |
15.80 |
0.00 |
0.00 |
0.00 |
0.00 |
97.45 |
0.00 |
0.00 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
|
17.13 |
14.86 |
19.76 |
4.77 |
15.84 |
101.03 |
220.65 |
0.00 |
0.00 |
0.00 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
|
0.00 |
0.00 |
0.00 |
0.00 |
1.64 |
0.00 |
1.51 |
0.00 |
0.00 |
0.00 |
Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Debt to Equity |
|
1.33 |
1.21 |
2.02 |
1.07 |
1.26 |
1.71 |
2.02 |
2.03 |
1.74 |
1.52 |
Long-Term Debt to Equity |
|
1.33 |
1.21 |
2.02 |
1.07 |
1.26 |
1.71 |
2.02 |
2.03 |
1.74 |
1.52 |
Financial Leverage |
|
0.80 |
0.72 |
1.18 |
0.73 |
1.30 |
1.43 |
2.02 |
1.55 |
1.52 |
1.61 |
Leverage Ratio |
|
10.62 |
10.56 |
10.87 |
11.93 |
12.43 |
12.79 |
13.19 |
14.36 |
13.29 |
13.13 |
Compound Leverage Factor |
|
10.62 |
10.56 |
10.87 |
11.93 |
12.43 |
12.79 |
13.19 |
14.36 |
13.29 |
13.13 |
Debt to Total Capital |
|
57.15% |
54.70% |
66.93% |
51.59% |
55.74% |
63.10% |
66.92% |
66.94% |
63.55% |
60.28% |
Short-Term Debt to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Long-Term Debt to Total Capital |
|
57.15% |
54.70% |
66.93% |
51.59% |
55.74% |
63.10% |
66.92% |
66.94% |
63.55% |
60.28% |
Preferred Equity to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
4.44% |
3.30% |
Noncontrolling Interests to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Common Equity to Total Capital |
|
42.85% |
45.30% |
33.07% |
48.41% |
44.26% |
36.90% |
33.08% |
33.06% |
32.02% |
36.41% |
Debt to EBITDA |
|
8.86 |
8.69 |
18.19 |
-7.29 |
-6.62 |
-7.94 |
-8.49 |
-268.31 |
-15.25 |
-11.28 |
Net Debt to EBITDA |
|
6.98 |
4.52 |
7.75 |
-0.37 |
-1.94 |
-1.28 |
-1.31 |
-66.51 |
-6.20 |
-4.11 |
Long-Term Debt to EBITDA |
|
8.86 |
8.69 |
18.19 |
-7.29 |
-6.62 |
-7.94 |
-8.49 |
-268.31 |
-15.25 |
-11.28 |
Debt to NOPAT |
|
12.79 |
12.40 |
26.02 |
-9.86 |
-9.22 |
-11.30 |
-12.73 |
219.61 |
-23.33 |
-16.63 |
Net Debt to NOPAT |
|
10.07 |
6.46 |
11.09 |
-0.50 |
-2.70 |
-1.83 |
-1.97 |
54.44 |
-9.49 |
-6.06 |
Long-Term Debt to NOPAT |
|
12.79 |
12.40 |
26.02 |
-9.86 |
-9.22 |
-11.30 |
-12.73 |
219.61 |
-23.33 |
-16.63 |
Noncontrolling Interest Sharing Ratio |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
4.43% |
Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
|
-1,810 |
-1,213 |
-2,011 |
-443 |
544 |
-0.93 |
621 |
-929 |
-940 |
-160 |
Operating Cash Flow to CapEx |
|
6,173.76% |
216.84% |
392.34% |
15,177.06% |
428.65% |
-1,795.81% |
561.60% |
0.00% |
1,799.62% |
-5,940.85% |
Free Cash Flow to Firm to Interest Expense |
|
-85.89 |
-23.64 |
-25.71 |
-4.60 |
5.87 |
-0.01 |
5.54 |
-8.68 |
-8.70 |
-1.59 |
Operating Cash Flow to Interest Expense |
|
1.42 |
0.02 |
0.13 |
0.17 |
0.17 |
-0.33 |
0.06 |
-0.09 |
0.13 |
-0.21 |
Operating Cash Flow Less CapEx to Interest Expense |
|
1.39 |
0.01 |
0.09 |
0.17 |
0.13 |
-0.35 |
0.05 |
-0.07 |
0.12 |
-0.21 |
Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Asset Turnover |
|
0.04 |
0.03 |
0.03 |
0.03 |
0.02 |
0.02 |
0.02 |
0.02 |
0.01 |
0.01 |
Fixed Asset Turnover |
|
16.14 |
9.91 |
9.46 |
8.50 |
7.31 |
6.62 |
5.99 |
6.21 |
2.86 |
3.08 |
Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Invested Capital |
|
2,618 |
2,504 |
3,428 |
1,891 |
2,077 |
2,508 |
2,808 |
2,823 |
2,935 |
2,652 |
Invested Capital Turnover |
|
0.21 |
0.19 |
0.14 |
0.18 |
0.12 |
0.10 |
0.07 |
0.10 |
0.04 |
0.05 |
Increase / (Decrease) in Invested Capital |
|
1,839 |
1,230 |
2,020 |
294 |
-542 |
3.48 |
-621 |
932 |
858 |
144 |
Enterprise Value (EV) |
|
2,176 |
1,508 |
1,393 |
272 |
681 |
801 |
716 |
839 |
1,312 |
1,182 |
Market Capitalization |
|
998 |
794 |
415 |
223 |
342 |
545 |
425 |
370 |
423 |
511 |
Book Value per Share |
|
$19.90 |
$20.12 |
$20.12 |
$16.23 |
$16.29 |
$16.39 |
$16.44 |
$16.51 |
$13.85 |
$11.73 |
Tangible Book Value per Share |
|
$15.96 |
$16.18 |
$16.19 |
$16.12 |
$16.19 |
$16.31 |
$16.36 |
$16.44 |
$13.79 |
$11.68 |
Total Capital |
|
2,618 |
2,504 |
3,428 |
1,891 |
2,077 |
2,508 |
2,808 |
2,823 |
2,935 |
2,652 |
Total Debt |
|
1,496 |
1,370 |
2,295 |
976 |
1,158 |
1,582 |
1,879 |
1,890 |
1,865 |
1,599 |
Total Long-Term Debt |
|
1,496 |
1,370 |
2,295 |
976 |
1,158 |
1,582 |
1,879 |
1,890 |
1,865 |
1,599 |
Net Debt |
|
1,179 |
713 |
977 |
49 |
339 |
256 |
291 |
468 |
758 |
583 |
Capital Expenditures (CapEx) |
|
0.48 |
0.58 |
2.49 |
0.11 |
3.70 |
1.91 |
1.28 |
-1.79 |
0.79 |
0.36 |
Net Nonoperating Expense (NNE) |
|
0.00 |
0.00 |
0.00 |
63 |
0.00 |
0.00 |
-0.87 |
0.00 |
0.30 |
-1.96 |
Net Nonoperating Obligations (NNO) |
|
1,496 |
1,370 |
2,295 |
976 |
1,158 |
1,582 |
1,879 |
1,890 |
1,865 |
1,599 |
Total Depreciation and Amortization (D&A) |
|
1.95 |
1.83 |
1.98 |
1.89 |
-1.16 |
-2.04 |
-9.19 |
0.98 |
2.13 |
1.68 |
Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
|
$0.51 |
$0.31 |
$0.15 |
($3.76) |
$0.04 |
$0.04 |
$0.01 |
$0.05 |
($1.23) |
($0.24) |
Adjusted Weighted Average Basic Shares Outstanding |
|
56.39M |
56.42M |
56.38M |
56.43M |
56.44M |
56.43M |
56.48M |
56.52M |
66.99M |
65.60M |
Adjusted Diluted Earnings per Share |
|
$0.51 |
$0.31 |
$0.15 |
($3.76) |
$0.04 |
$0.04 |
$0.01 |
$0.05 |
($1.23) |
($0.24) |
Adjusted Weighted Average Diluted Shares Outstanding |
|
56.45M |
56.49M |
56.41M |
56.43M |
56.45M |
56.43M |
56.50M |
56.53M |
66.99M |
65.60M |
Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
56.39M |
56.35M |
56.42M |
56.44M |
56.44M |
56.47M |
56.51M |
67.85M |
82.35M |
82.37M |
Normalized Net Operating Profit after Tax (NOPAT) |
|
29 |
17 |
8.50 |
1.86 |
1.11 |
0.17 |
-0.08 |
1.86 |
-82 |
-16 |
Normalized NOPAT Margin |
|
29.05% |
21.18% |
12.06% |
3.05% |
1.73% |
0.31% |
-0.16% |
3.24% |
0.00% |
-24.85% |
Pre Tax Income Margin |
|
39.59% |
25.56% |
15.18% |
-348.15% |
2.48% |
0.44% |
-0.23% |
4.63% |
0.00% |
-35.50% |
Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBIT to Interest Expense |
|
1.88 |
0.41 |
0.14 |
-2.21 |
0.02 |
0.00 |
0.00 |
0.02 |
-1.08 |
-0.23 |
NOPAT to Interest Expense |
|
1.38 |
0.34 |
0.11 |
-1.54 |
0.02 |
0.02 |
0.00 |
0.03 |
-0.76 |
-0.16 |
EBIT Less CapEx to Interest Expense |
|
1.85 |
0.40 |
0.10 |
-2.21 |
-0.02 |
-0.02 |
-0.01 |
0.04 |
-1.09 |
-0.23 |
NOPAT Less CapEx to Interest Expense |
|
1.35 |
0.33 |
0.08 |
-1.55 |
-0.02 |
0.01 |
-0.01 |
0.05 |
-0.77 |
-0.16 |
Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dividend Payout Ratio |
|
19.41% |
22.47% |
28.15% |
-12.53% |
-7.96% |
-4.53% |
-1.64% |
32.83% |
-2.24% |
-1.22% |
Augmented Payout Ratio |
|
22.92% |
26.65% |
32.73% |
-13.54% |
-8.81% |
-4.80% |
-1.71% |
34.52% |
-2.43% |
-1.38% |
Key Financial Trends
First Foundation Inc. (NASDAQ:FFWM) has experienced notable fluctuations in its financial performance over the last four years through various quarters, influenced by changes in interest income, expenses, and credit provisions. Here's a summary of key trends and factors that may impact the company:
- Net Interest Income has generally remained strong, with quarterly totals frequently exceeding $40 million, reaching up to $58.8 million in Q1 2023 and $51.3 million in Q4 2024, underscoring consistent core banking profitability from loans and deposits.
- Loan and Lease Interest Income has shown signs of stability or growth, increasing from around $100 million in early 2022 quarters to over $120 million in several 2024 quarters, reflecting potential loan portfolio growth or improved yield.
- Provision for Credit Losses has been low or even a credit in some quarters (e.g., negative provision of $806,000 in Q2 2024), indicating effective credit risk management and limited loan defaults in recent periods.
- The company maintained positive net income in many quarters in 2022 and early 2023, with net income attributable to common shareholders reaching $29 million in Q3 2022 and $8.5 million in Q1 2023.
- Operating expenses, including salaries and employee benefits as well as occupancy and equipment expenses, have been relatively steady, totaling around $50 to $66 million per quarter most recently, suggesting controlled cost management but also a significant fixed cost base.
- Non-Interest Income fluctuated significantly, with some quarters showing positive contributions around $12 to $14 million, but notable sharp declines in Q3 and Q4 2024, where other non-interest income was negative (e.g., -$117 million in Q3 2024), adversely affecting overall revenue.
- Cash and equivalents have experienced volatility, ranging from approximately $317 million in Q3 2022 up to nearly $1.6 billion in early 2024, reflecting active balance sheet management and possible fluctuations in liquidity or deposit base.
- Deposits show large values with non-interest bearing deposits increasing over time, reaching over $10 billion by mid-2024, indicating a stable core funding base but also substantial deposit costs given high deposit interest expenses.
- There has been a material net loss in recent quarters, particularly in Q3 2024 (-$82 million) and Q4 2024 (-$14.1 million), largely due to a combination of heavy negative non-interest income, high operating expenses, and increased provisions for credit losses in Q4 2024 (~$20.6 million).
- The firm's cash flows from operating activities turned negative in Q4 2024 (-$21 million) after positive cash flow in prior quarters, suggesting operational challenges and possibly working capital pressures.
In summary, while First Foundation has demonstrated strength in its core interest income and credit quality over the years, sharp swings in non-interest income and provisions recently have pressured earnings. The bank's cost structure remains substantial but controlled, and the balance sheet shows solid deposit growth and liquidity. Investors should watch the company's efforts to stabilize non-interest income and manage expenses to return to consistent profitability.
10/08/25 02:53 PM ETAI Generated. May Contain Errors.