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, with detailed data available from 2022 through the fourth quarter of 2024. Below is an analysis of key trends across income statements, cash flow statements, and balance sheets.
- Despite recent challenges, the company generated a significant net interest income in Q4 2024 of $51.3 million, showing resilience in core lending operations.
- Total revenue reached $64.7 million in Q4 2024, supported by both interest and non-interest income sources.
- The provision for credit losses increased in Q4 2024 to $20.6 million, reflecting proactive risk management.
- Cash flow from investing activities turned strongly positive in Q4 2024 at $631.2 million, mainly due to high proceeds from sales and maturities of investments, improving liquidity.
- Total loans and leases remained substantial, with net loans and leases around $8.1 billion in Q3 2024, signifying a solid loan portfolio base.
- Deposits declined significantly in Q4 2024, with a net change of -$434.3 million, indicating some deposit base pressure.
- Long-term debt levels remain elevated, approximately $1.87 billion as of Q3 2024, which may affect future interest expenses.
- Operating expenses remain high, with total non-interest expenses of $66.99 million in Q4 2024, requiring ongoing management attention.
- First Foundation reported a net loss of $14.1 million for Q4 2024, continuing a trend of quarterly losses after a profitable 2023.
- The quarterly net income has swung from positive in early 2023 (e.g., $8.5 million in Q1 2023) to significant losses in late 2023 and 2024, evidencing financial headwinds.
Detailed Observations:
Income Statement Trends: The company’s net interest income has generally trended downward from a high of $58.8 million in Q1 2023 to $51.3 million in Q4 2024, reflecting rising interest expenses and margin pressure. Non-interest income showed volatility, with Q3 2024 seeing a steep non-interest loss (negative $105.6 million) mainly caused by large negative other non-interest income. The provision for credit losses rose notably in late 2024, suggesting heightened credit risk or loan portfolio stress.
Cash Flow Dynamics: Cash flow from operating activities swung from positive $14.2 million in Q3 2024 to negative $21 million in Q4 2024. Significant investment activity, particularly sales of investments, contributed positive cash flow in late 2024, giving a large boost to investing cash flows. Financing activities showed heavy deposit outflows and substantial debt repayments in recent quarters, resulting in negative financing cash flows and a significant net cash decrease in Q4 2024.
Balance Sheet Highlights: Loans and leases remain a core asset near $8-10 billion over 2023-2024, with allowance for loan losses around $29-31 million, reflecting a stable but potentially pressured credit portfolio. Total assets hovered around $13 billion recently. Deposits have fluctuated, with non-interest bearing deposits constituting a significant portion (~$10 billion) of total liabilities. Equity levels remain robust near $940 million in Q3 2024 but have decreased from $1.13 billion in early 2023, mirroring net income trends.
Overall Analysis: First Foundation’s financials illustrate a company experiencing margin pressures and credit challenges in 2024, following a profitable 2023. The rise in credit loss provisions and losses in non-interest income have led to quarterly net losses. The company’s ability to manage expenses and deposit stability, while maintaining capital adequacy, will be critical. Positive investment cash flows offer liquidity flexibility, but financing outflows due to deposit decreases and debt repayment impact cash resources. Retail investors should monitor upcoming quarterly results and management commentary for signs of stabilization or improvement in credit quality and profitability.
09/03/25 10:26 AM ETAI Generated. May Contain Errors.