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First Foundation (FFWM)

First Foundation Inc. and its subsidiaries offer personal banking, business banking, and private wealth management services, including investment, trust, insurance, and philanthropy services. This comprehensive platform of financial services is designed to help clients at any stage in their financial journey. First Foundation is comprised of an extraordinary team of financial professionals united around a single cause: to enable growth-minded individuals and businesses to boldly live the life they imagined and preserve the legacy they've worked so hard to build. The broad range of financial products and services offered by First Foundation are more consistent with those offered by larger financial institutions, while its high level of personalized service, accessibility, and responsiveness to clients is more aligned with community banks and boutique wealth management firms. This combination of an integrated platform of comprehensive financial services and the products along with personalized service differentiates First Foundation from many of its competitors and has contributed to the growth of its client base and business. Services are offered through bank and/or wealth management branch offices in California, Nevada, and Hawaii.

Company profile

Ticker
FFWM
Exchange
Website
CEO
Scott Kavanaugh
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
KELLER FINANCIAL GROUP
SEC CIK
Subsidiaries
First Foundation Advisors, a California corporation • First Foundation Bank, a California corporation ...

FFWM stock data

Analyst ratings and price targets

Last 3 months

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

8 Aug 22
16 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 173.52M 173.52M 173.52M 173.52M 173.52M 173.52M
Cash burn (monthly) 252.73M 66.34M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 400.19M 105.05M n/a n/a n/a n/a
Cash remaining -226.67M 68.47M n/a n/a n/a n/a
Runway (months of cash) -0.9 1.0 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
8 Jun 22 Thompson Kevin L Payment of exercise Dispose F No No 22 345 7.59K 3,000
8 Jun 22 Thompson Kevin L Option exercise Acquire M No No 22 1,000 22K 3,345
8 Jun 22 Thompson Kevin L RSU Common Stock Option exercise Dispose M No No 22 1,000 22K 1,000
24 May 22 Lake David G. Common Stock Option exercise Acquire M No No 0 1,328 0 121,752
24 May 22 Lake David G. RSU Common Stock Option exercise Dispose M Yes No 22.01 1,328 29.23K 1,328
24 May 22 Rubin Diane M. Common Stock Option exercise Acquire M Yes No 0 1,517 0 12,593
24 May 22 Rubin Diane M. RSU Common Stock Option exercise Dispose M No No 22.01 1,517 33.39K 1,518
24 May 22 Rosenberg Mitchell M. Common Stock Option exercise Acquire M Yes No 0 1,328 0 60,001
24 May 22 Rosenberg Mitchell M. RSU Common Stock Option exercise Dispose M No No 22.01 1,328 29.23K 1,328
24 May 22 Elizabeth A. Pagliarini Common Stock Option exercise Acquire M Yes No 0 1,328 0 11,267
68.1% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 167 169 -1.2%
Opened positions 23 34 -32.4%
Closed positions 25 8 +212.5%
Increased positions 79 64 +23.4%
Reduced positions 44 48 -8.3%
13F shares Current Prev Q Change
Total value 3.65B 3.88B -6.0%
Total shares 38.42M 33.93M +13.2%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
FMR 5.01M $121.58M +23.3%
BLK Blackrock 3.82M $92.74M +22.1%
Vanguard 2.51M $60.87M +26.0%
GMT Capital 2.21M $53.64M +28.7%
Dimensional Fund Advisors 1.89M $45.92M -0.2%
MCQEF Macquarie 1.69M $41.05M +51.5%
STT State Street 1.34M $32.59M +25.0%
Banc Funds 1.16M $28.29M -1.5%
Jennison Associates 1.06M $25.66M +2.8%
Russell Investments 1.04M $25.16M -10.9%
Largest transactions Shares Bought/sold Change
Endicott Management 0 -1.4M EXIT
FMR 5.01M +946.73K +23.3%
BLK Blackrock 3.82M +691.49K +22.1%
Millennium Management 994.23K +666.92K +203.8%
MCQEF Macquarie 1.69M +574.7K +51.5%
Vanguard 2.51M +517.63K +26.0%
GMT Capital 2.21M +492.4K +28.7%
Nuveen Asset Management 517.63K +336.35K +185.5%
STT State Street 1.34M +268K +25.0%
Wellington Management 752.76K +234.5K +45.2%

Financial report summary

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Competition
ComericaNorthern TrustLuther Burbank
Management Discussion
  • The primary sources of revenue for Banking are net interest income, fees from its deposits and trust services, gains on sales of loans, certain loan fees, and consulting fees. The primary sources of revenue for Wealth Management are asset management fees assessed on the balance of assets under management (“AUM”). Compensation and benefit costs, which represent the largest component of noninterest expense, accounted for 57% and 78%, respectively, of the total noninterest expense for Banking and Wealth Management in the six months ended June 30, 2022.
  • General. Our net income and income before taxes in the three months ended June 30, 2022 were $33.3 million and $46.2 million, respectively, as compared to $26.1 million and $36.3 million, respectively, in the three months ended June 30, 2021. The $9.9 million increase in income before taxes was the result of a $10.8 million increase in income before taxes for Banking, which was partially offset by a $0.1 million decrease in Wealth Management and a $0.8 million increase in corporate expenses. The increase in Banking was due to higher net interest income, which was partially offset by an increase in noninterest expenses. The decrease in Wealth Management was due to higher noninterest expenses, which was partially offset by an increase in noninterest income. The increase in corporate expenses was due primarily to an increase in interest expense from subordinated debt acquired in the TGRF acquisition and the $150 million of subordinated notes issued by the Company in the first quarter of 2022.
  • General. Our net income and income before taxes in the six months ended June 30, 2022 were $64.2 million and $89.3 million, respectively, as compared to $48.4 million and $67.6 million, respectively, in the six months ended June 30, 2021. The $21.7 million increase in income before taxes was the result of a $24.1 million increase in income before taxes for Banking and a $0.4 million increase in income before taxes for Wealth Management, which was partially offset by a $2.8 million increase in corporate expenses. The increase in Banking was due to higher net interest income, higher noninterest income, and lower provision for credit losses. The increase in Wealth Management was due to higher noninterest income. The increase in corporate expenses was due primarily to an increase in interest expense from subordinated debt acquired in the TGRF acquisition and the $150 million of subordinated notes issued by the Company in the first quarter of 2022.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
New words: advance, bore, reclassification, release, replaced, superseded
Removed: connection, improvement, marketing, outlook, professional, scenario