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 experienced significant fluctuations in financial performance over the last several years through Q4 2024. Analyzing income statements, balance sheets, and cash flow statements reveals the following key trends and considerations:
- Net interest income has generally remained strong, reaching $51.3 million in Q4 2024, supported by robust loans and leases interest income of $115.3 million.
- The company consistently generates positive net interest income, with Q4 2024 net interest income at $51.3 million compared to $42.5 million in Q4 2022, indicating growth in core banking activities.
- Provision for credit losses has seen a decline recently, with negative or low charges in several quarters, suggesting improved asset quality compared to the large loss provision of $215 million in Q2 2023.
- Strong balance sheet growth is noted, with total assets increasing to $13.38 billion by Q3 2024 from $12.33 billion in Q3 2022, driven by growth in cash, securities, and loans.
- First Foundation maintains a solid capital base, with total equity rising to approximately $1.07 billion by Q3 2024 from about $1.12 billion in Q3 2022, indicating stable shareholder equity despite recent earnings challenges.
- The company ended Q4 2024 with a consolidated net loss of $14.1 million, impacted by a high provision for credit losses of $20.6 million and elevated non-interest expenses.
- Non-interest income is volatile, reflected by a significant negative $117.5 million 'Other Non-Interest Income' in Q3 2024, largely influencing total revenue negatively that quarter.
- Cash flow from operations saw a negative swing in Q4 2024 (-$21.1 million) compared to prior quarters, implying challenges in core cash generation during this period.
- The company has engaged in active investing and financing activities, including large purchases and sales of investment securities, and sizable fluctuations in deposit levels quarter-over-quarter.
- Earnings volatility is a concern, with net income per share declining from positive $0.31 in Q4 2022 to a loss of $0.24 in Q4 2024 and even a loss per share of $1.23 in Q3 2024.
- The sharp widening of loss in Q3 2024 with a net loss of $82.2 million indicates operational stress, possibly driven by significant non-interest income losses and impairments reflected in that period.
- Net cash used in financing activities ballooned notably to -$700.4 million in Q4 2024, primarily due to a steep decrease in deposits (-$434.3 million), affecting liquidity positions.
- Provision for credit losses surged in late 2024, reversing prior negative provisions and increasing costs, signaling potential rising credit risks.
- Non-interest expenses increased, with salaries and other operating expenses peaking in Q4 2024 around $25.4 million and $31.2 million respectively, pressuring profitability.
Summary: While First Foundation has demonstrated growth in net interest income and an improving asset quality trend over the years, recent quarters in 2024 show rising credit loss provisions, volatile non-interest income, and widening net losses impacting earnings and cash flows. Investors should closely watch the company’s efforts to stabilize non-interest income and control credit losses to return to consistent profitability.
08/10/25 09:18 PMAI Generated. May Contain Errors.