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

NASDAQ

Website

www.ff-inc.com

CEO

Scott Kavanaugh

Incorporated

California

Location

California

Fiscal year end

Dec 31

Sector

Finance and Insurance > Commercial Banking

Industry (SIC)

State Commercial Banks

Bank Of New York Mellon • State Street • Citizens Financial • Northern Trust • M & T Bank • Fifth Third Bancorp • Associated Banc-Corp. • First Citizens Bancshares, Inc • SVB Financial • Commerce Bancshares ...

Former names

KELLER FINANCIAL GROUP

SEC CIK

0001413837

Corporate docs

Articles of Incorporation & Bylaws

Underwriting Agreements

Plans of Reorganization

Indentures

Material Contracts & Credit Agreements

Subsidiaries Lists

Subsidiaries

First Foundation Advisors, a California corporation • First Foundation Bank, a California corporation ...

FFWM stock data

1M 1Y 5Y

News

From Benzinga Pro

First Foundation: Dividend Insights

1 Aug 22

Wednesday marks the last chance for investors to receive the next dividend payout from First Foundation (NASDAQ:FFWM).

Raymond James Maintains Outperform on First Foundation, Lowers Price Target to $23

27 Jul 22

Raymond James analyst David Feaster maintains First Foundation (NASDAQ:FFWM) with a Outperform and lowers the price target from $25 to $23.

Recap: First Foundation Q2 Earnings

26 Jul 22

First Foundation (NASDAQ:FFWM) reported its Q2 earnings results on Tuesday, July 26, 2022 at 07:00 AM. Here's what investors need to know about the announcement.

First Foundation Q2 EPS $0.59 Beats $0.53 Estimate

26 Jul 22

Earnings Scheduled For July 26, 2022

26 Jul 22

Press releases

From Benzinga Pro

First Foundation Inc. Reports Second Quarter 2022 Financial Results

26 Jul 22

First Foundation Inc. (NASDAQ:FFWM), a financial services company with two wholly-owned operating subsidiaries, First Foundation Advisors ("FFA") and First Foundation Bank ("FFB"), reported today its financial results

First Foundation Inc. Announces Second Quarter 2022 Earnings Conference Call Details

6 Jul 22

First Foundation Inc. (NASDAQ:FFWM) ("First Foundation"), a financial services company with two wholly-owned operating subsidiaries, First Foundation Advisors and First Foundation Bank, announced today that it will

Analyst ratings and price targets

Last 3 months

Average target

$22.00

Low target

$21.00

High target

$23.00

Investment data

Data from SEC filings

Securities sold

Number of investors

Calendar

8 Aug 22

16 Aug 22

31 Dec 22

Financial summary

Financial statements Chart FFWM financial data

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

Financial data from company earnings reports.

Recent insider trades

FFWM insider ownership history Insider history

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

Data from 3, 4 and 5 filings. Values as filed, not updated for current price.

Institutional ownership, Q1 2022

FFWM institutional ownership history Ownership history

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%

Data from 13F filings, for the last complete 13F reporting period. For most recent data, click the ownership history button. Values as filed, not updated for current price. Long positions only.

Financial report summary

Competition

Comerica • Northern Trust • Luther 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.