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 (NASDAQ:FFWM) has exhibited significant financial fluctuations over the past four years, with 2024 showing some challenges relative to earlier periods. Below is a summary of the key financial trends and data points based on the most recent quarterly information and historical data through 2022.
- Interest Income Growth: Loans and leases interest income steadily increased from approximately $100.98 million in Q3 2022 to $115.35 million in Q4 2024, signalling growth in core lending activities over this period.
- Net Interest Income Stability: Despite fluctuations, net interest income remained relatively stable with $42.5 million in Q4 2023 and a higher $51.3 million in Q4 2024, indicating solid revenue generation from lending operations.
- Strong Cash From Investing Activities Q4 2024: $631.2 million in net cash from investing activities in Q4 2024, up significantly from negative cash flows in prior quarters, suggesting beneficial asset management and investment dispositions.
- Deposit Levels and Changes: Deposits decreased substantially by $434.3 million in Q4 2024, reflecting possible customer withdrawals or funding shifts. However, deposits have fluctuated widely over previous periods.
- Balance Sheet Asset Base: Total assets hovered around $13 billion in 2023 and 2024, showing consistency in asset scale but slight variability in components such as loans and securities.
- Net Income Volatility and Recent Losses: After profitable quarters in 2022 and early 2023, net income sharply swung to losses of -$14.1 million in Q4 2024 and an especially large loss of -$82.2 million in Q3 2024, dragging overall profitability down.
- Provision for Credit Losses Increase: The provision surged to $20.6 million in Q4 2024, far above prior quarters, indicating rising credit risk and anticipated loan losses that negatively impact earnings and capital.
- Rising Non-Interest Expense: Sellers and other operating expense increased, with total non-interest expense reaching nearly $67 million in Q4 2024, squeezing margins despite revenue levels.
- Significant Negative Non-Interest Income in Q3 2024: Total non-interest income was negative $105.6 million in Q3 2024 due largely to a large negative "Other Non-Interest Income" line, dramatically affecting total revenue and earnings in that quarter.
- Net Cash from Operating Activities Turned Negative: Cash flow from operating activities was $-21.1 million in Q4 2024 and heavily negative in Q4 2023, pointing to operational cash pressures that may need management attention.
Summary:
First Foundation's financials show a company navigating growth in lending and interest income but facing headwinds from rising credit provisions, increased expenses, and erratic non-interest income. After a solid 2022 and early 2023, profitability deteriorated sharply mid-2023 and into 2024. While investing cash flows have recently been strong, operating cash flow weakness and deposits decline present concerns. Investors should carefully monitor credit quality trends and expense control efforts to assess if the firm can return to more stable profitability.
08/29/25 03:16 AM ETAI Generated. May Contain Errors.