8-K
First Foundation Inc. (FFWM)
8-K
2023-01-26
For: 2023-01-26
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Added on
April 04, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 26, 2023
FIRST FOUNDATION INC.
(Exact name of registrant as specified in its charter)
| | | | | |
|---|---|---|---|---|
| Delaware | | 001-36461 | | 20-8639702 |
| (State or other jurisdiction<br><br>of incorporation) | | (Commission<br><br>File Number) | | (IRS Employer<br><br>Identification Number) |
| | | |
|---|---|---|
| 200 Crescent Court , Suite 1400 | | |
| Dallas , Texas | | 75201 |
| (Address of Principal Executive Offices) | | (Zip Code) |
( 469 ) 638-9636
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| | |
|---|---|
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| | | | | |
|---|---|---|---|---|
| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
| | | | | |
| Common Stock | | FFWM | | NASDAQ Global Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure
A copy of a slide presentation that First Foundation Inc. (the “Company”) may use for upcoming meetings with investors and other interested parties is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated by reference herein. Additionally, the Company has posted the slide presentation in the Investor Relations section of its website at http://investor.ff-inc.com/. Information obtained or linked to the foregoing website shall not be deemed to be included in this Current Report on Form 8-K. The furnishing of the attached presentation is not an admission as to the materiality of any information therein. The information contained in the slides is summary information that is intended to be considered in the context of more complete information included in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”) and other public announcements that the Company has made and may make from time to time by press release or otherwise. The Company undertakes no duty or obligation to update or revise the information contained in this Current Report on Form 8-K except to the extent required by applicable law, although the Company may do so from time to time as its management believes is appropriate. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosures. For important information about forward looking statements, see the slide titled “Safe Harbor Statement” in Exhibit 99.1 attached hereto.
The information in this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 7.01 and in the presentation attached as Exhibit 99.1 to this Current Report shall not be incorporated by reference into any filing with the SEC made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
| Item 9.01 | Financial Statements and Exhibits |
|---|
| | | |
|---|---|---|
| Exhibit No. | Description | |
| 99.1 | Company Slide Presentation – January 2023 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Uly | | | |
|---|---|---|---|
| | FIRST FOUNDATION INC. | ||
| | | | |
| Date: January 26, 2023 | | By: | /s/ AMY DJOU |
| | | | Amy Djou |
| | | | Executive Vice President and Chief Financial Officer |
Exhibit 99.1
| PRIVATE WEALTH MANAGEMENT<br>●<br>PERSONAL BANKING<br>●<br>BUSINESS BANKING<br>January 2023<br>INVESTOR PRESENTATION |
|---|
| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>This<br>presentation<br>and<br>the<br>accompanying<br>oral<br>commentary<br>contain<br>"forward<br>-<br>looking<br>statements"<br>as<br>defined<br>in<br>the<br>Private<br>Securities<br>Litigation<br>Reform<br>Act<br>of<br>1995<br>..<br>Forward<br>-<br>looking<br>statements<br>often<br>include<br>words<br>such<br>as<br>"believe,"<br>"expect,"<br>"anticipate,"<br>"intend,"<br>"plan,"<br>"estimate,"<br>"project,"<br>"outlook,"<br>or<br>words<br>of<br>similar<br>meaning,<br>or<br>future<br>or<br>conditional<br>verbs<br>such<br>as<br>"will,"<br>"would,"<br>"should,"<br>"could,"<br>or<br>"may<br>..<br>"<br>The<br>forward<br>-<br>looking<br>statements<br>in<br>this<br>presentation<br>and<br>any<br>accompanying<br>oral<br>commentary<br>are<br>based<br>on<br>current<br>information<br>and<br>on<br>assumptions<br>that<br>we<br>make<br>about<br>future<br>events<br>and<br>circumstances<br>that<br>are<br>subject<br>to<br>a<br>number<br>of<br>risks<br>and<br>uncertainties<br>that<br>are<br>often<br>difficult<br>to<br>predict<br>and<br>beyond<br>our<br>control<br>..<br>As<br>a<br>result<br>of<br>those<br>risks<br>and<br>uncertainties,<br>our<br>actual<br>financial<br>results<br>in<br>the<br>future<br>could<br>differ,<br>possibly<br>materially,<br>from<br>those<br>expressed<br>in<br>or<br>implied<br>by<br>the<br>forward<br>-<br>looking<br>statements<br>contained<br>in<br>this<br>presentation<br>and<br>any<br>accompanying<br>oral<br>statements<br>and<br>could<br>cause<br>us<br>to<br>make<br>changes<br>to<br>our<br>future<br>plans<br>..<br>Those<br>risks<br>and<br>uncertainties<br>include,<br>but<br>are<br>not<br>limited<br>to<br>the<br>risk<br>of<br>incurring<br>credit<br>losses,<br>which<br>is<br>an<br>inherent<br>risk<br>of<br>the<br>banking<br>business<br>;<br>the<br>negative<br>impacts<br>and<br>disruptions<br>resulting<br>from<br>the<br>COVID<br>-<br>19<br>pandemic<br>on<br>our<br>colleagues,<br>clients,<br>the<br>communities<br>we<br>serve<br>and<br>the<br>domestic<br>and<br>global<br>economy,<br>which<br>may<br>have<br>an<br>adverse<br>effect<br>on<br>our<br>business,<br>financial<br>position<br>and<br>results<br>of<br>operations<br>;<br>the<br>risk<br>that<br>we<br>will<br>not<br>be<br>able<br>to<br>continue<br>our<br>internal<br>growth<br>rate<br>;<br>the<br>performance<br>of<br>loans<br>currently<br>on<br>deferral<br>following<br>the<br>expiration<br>of<br>the<br>respective<br>deferral<br>periods<br>;<br>the<br>risk<br>that<br>we<br>will<br>not<br>be<br>able<br>to<br>access<br>the<br>securitization<br>market<br>on<br>favorable<br>terms<br>or<br>at<br>all<br>;<br>changes<br>in<br>general<br>economic<br>conditions,<br>either<br>nationally<br>or<br>locally<br>in<br>the<br>areas<br>in<br>which<br>we<br>conduct<br>or<br>will<br>conduct<br>our<br>business<br>;<br>risks<br>associated<br>with<br>changes<br>in<br>interest<br>rates,<br>which<br>could<br>adversely<br>affect<br>our<br>interest<br>income<br>and<br>interest<br>rate<br>margins<br>and,<br>therefore,<br>our<br>future<br>operating<br>results<br>;<br>the<br>risk<br>that<br>the<br>performance<br>of<br>our<br>investment<br>management<br>business<br>or<br>of<br>the<br>equity<br>and<br>bond<br>markets<br>could<br>lead<br>clients<br>to<br>move<br>their<br>funds<br>from<br>or<br>close<br>their<br>investment<br>accounts<br>with<br>us,<br>which<br>would<br>reduce<br>our<br>assets<br>under<br>management<br>and<br>adversely<br>affect<br>our<br>operating<br>results<br>;<br>the<br>risk<br>that<br>we<br>may<br>be<br>unable<br>or<br>that<br>our<br>board<br>of<br>directors<br>may<br>determine<br>that<br>it<br>is<br>inadvisable<br>to<br>pay<br>future<br>dividends<br>;<br>risks<br>associated<br>with<br>changes<br>in<br>income<br>tax<br>laws<br>and<br>regulations<br>;<br>and<br>risks<br>associated<br>with<br>seeking<br>new<br>client<br>relationships<br>and<br>maintaining<br>existing<br>client<br>relationships<br>..<br>Additional<br>information<br>regarding<br>these<br>and<br>other<br>risks<br>and<br>uncertainties<br>to<br>which<br>our<br>business<br>and<br>future<br>financial<br>performance<br>are<br>subject<br>is<br>contained<br>in<br>our<br>2021<br>Annual<br>Report<br>on<br>Form<br>10<br>-<br>K<br>for<br>the<br>fiscal<br>year<br>ended<br>December<br>31<br>,<br>2021<br>that<br>we<br>filed<br>with<br>the<br>SEC<br>on<br>February<br>28<br>,<br>2022<br>,<br>and<br>other<br>documents<br>we<br>file<br>with<br>the<br>SEC<br>from<br>time<br>to<br>time<br>..<br>We<br>urge<br>recipients<br>of<br>this<br>presentation<br>to<br>review<br>those<br>reports<br>and<br>other<br>documents<br>we<br>file<br>with<br>the<br>SEC<br>from<br>time<br>to<br>time<br>..<br>Also,<br>our<br>actual<br>financial<br>results<br>in<br>the<br>future<br>may<br>differ<br>from<br>those<br>currently<br>expected<br>due<br>to<br>additional<br>risks<br>and<br>uncertainties<br>of<br>which<br>we<br>are<br>not<br>currently<br>aware<br>or<br>which<br>we<br>do<br>not<br>currently<br>view<br>as,<br>but<br>in<br>the<br>future<br>may<br>become,<br>material<br>to<br>our<br>business<br>or<br>operating<br>results<br>..<br>Due<br>to<br>these<br>and<br>other<br>possible<br>uncertainties<br>and<br>risks,<br>readers<br>are<br>cautioned<br>not<br>to<br>place<br>undue<br>reliance<br>on<br>the<br>forward<br>-<br>looking<br>statements<br>contained<br>in<br>this<br>presentation,<br>which<br>speak<br>only<br>as<br>of<br>today's<br>date,<br>or<br>to<br>make<br>predictions<br>based<br>solely<br>on<br>historical<br>financial<br>performance<br>..<br>We<br>also<br>disclaim<br>any<br>obligation<br>to<br>update<br>forward<br>-<br>looking<br>statements<br>contained<br>in<br>this<br>presentation<br>or<br>in<br>the<br>above<br>-<br>referenced<br>reports,<br>whether<br>as<br>a<br>result<br>of<br>new<br>information,<br>future<br>events<br>or<br>otherwise,<br>except<br>as<br>may<br>be<br>required<br>by<br>law<br>or<br>NASDAQ<br>rules<br>..<br>Non<br>-<br>GAAP<br>Financial<br>Measures<br>This<br>presentation<br>contains<br>both<br>financial<br>measures<br>based<br>on<br>GAAP<br>and<br>non<br>-<br>GAAP<br>based<br>financial<br>measures,<br>which<br>are<br>used<br>when<br>management<br>believes<br>them<br>to<br>be<br>helpful<br>in<br>understanding<br>the<br>Company’s<br>results<br>of<br>operations<br>or<br>financial<br>position<br>..<br>Where<br>non<br>-<br>GAAP<br>financial<br>measures<br>are<br>used,<br>the<br>comparable<br>GAAP<br>financial<br>measure,<br>as<br>well<br>as<br>the<br>reconciliation<br>to<br>the<br>comparable<br>GAAP<br>financial<br>measure,<br>can<br>be<br>found<br>in<br>the<br>appendix<br>of<br>this<br>presentation<br>as<br>of<br>and<br>for<br>the<br>quarter<br>ended<br>December<br>31<br>,<br>2022<br>..<br>These<br>disclosures<br>should<br>not<br>be<br>viewed<br>as<br>a<br>substitute<br>for<br>operating<br>results<br>determined<br>in<br>accordance<br>with<br>GAAP,<br>nor<br>are<br>they<br>necessarily<br>comparable<br>to<br>non<br>-<br>GAAP<br>performance<br>measures<br>that<br>may<br>be<br>presented<br>by<br>other<br>companies<br>..<br>Safe Harbor Statement<br>1 |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>A Multi<br>-<br>Diversified Regional Financial Services Company<br>with a Personal Touch<br>$5.0<br>Billion in Assets<br>Under<br>Management<br>$13.0<br>Billion in<br>Bank Assets<br>COMPANY<br>TRUST<br>SERVICES<br>PERSONAL BANKING<br>PRIVATE BANKING<br>BUSINESS BANKING<br>PRIVATE WEALTH<br>MANAGEMENT<br>Data as of December 31, 2022.<br>Five States: CA, TX, NV, HI, and FL<br>713 Employees, 31 Branch/Office Locations<br>CORE<br>BUSINESS<br>TARGET<br>CLIENTS<br>BUSINESS OWNERS<br>REAL ESTATE INVESTORS<br>SMALL AND MEDIUM BUSINESSES<br>HOAs, MSRs, 1031 EXCHANGES,<br>TITLE AND ESCROW COMPANIES<br>LOCAL MUNICIPALITIES<br>HIGH NET WORTH INDIVIDUALS<br>MULTI<br>-<br>GENERATIONAL FAMILIES<br>CORPORATE EXECUTIVES<br>NONPROFITS<br>Focus on<br>providing<br>exceptional<br>service<br>Complementary services<br>$1.3<br>Billion in Trust<br>Assets Under<br>Advisement<br>Scale with a<br>proven<br>business<br>model<br>2<br>NASDAQ: FFWM |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>3<br>Diversified<br>Commercial<br>Lending<br>•<br>Diversified commercial business lending with 32% of loans comprised of commercial term loans,<br>revolving lines of credit, owner occupied CRE, public financing, and equipment leasing.<br>•<br>Commercial business originations totaled 49% for 2022, a 78% increase year over year.<br>•<br>Mature commercial real estate offerings.<br>•<br>50% of total loans in multifamily. Deep relationships with our multifamily borrowers with 58% of<br>originations in 2022 sourced directly from borrowers (no broker involvement).<br>Core<br>Deposit<br>Funding<br>•<br>Strong base of core deposits with 87% attributable to core, non<br>-<br>wholesale deposits.<br>•<br>72% of core deposit base is made up of commercial business deposits.<br>•<br>26% of deposits are in non<br>-<br>interest bearing accounts.<br>•<br>Our commercial deposit services channel, representing 39% of total deposits, offers complex<br>treasury management services to a variety of large commercial clients such as mortgage servicers,<br>HOAs, 1031 exchange accommodators, property management, contractor retention, among many<br>others.<br>•<br>Wholesale deposits make up 13% of the total deposits.<br>Complementary<br>Wealth<br>Management and<br>Trust Offering<br>•<br>Advisory and trust fees provide diversification to revenue. 14% of total revenue is derived from<br>recurring noninterest income in 2022.<br>•<br>Pre<br>-<br>tax profit margin for Advisory and Trust divisions of 32%<br>(1)<br>in 4Q22 (22% for 2022).<br>•<br>Solid year<br>-<br>over<br>-<br>year client growth, 100% of new assets through organic growth.<br>•<br>Ability to attract and retain clients using trust solutions and estate planning.<br>•<br>Diversified client acquisition model from key internal and external referrals and centers of<br>influence.<br>Consistent<br>Profitability<br>•<br>ROAA of 0.96% (Adjusted ROAA<br>(2)<br>of 1.00%) and ROATCE<br>(3)<br>of 13.0% in 2022<br>•<br>Efficient operations with efficiency ratio<br>(4)<br>of 58.6% in 2022<br>•<br>NIM of 2.45% in 4Q22 (2.91% in 2022)<br>Commercial Banking at Our Core<br>First Foundation is a full<br>-<br>service regional commercial bank offering robust business and consumer<br>banking in addition to a full suite of wealth management and trust solutions for our clients<br>1.<br>Margin in 4Q22 impacted by a decrease of $1.3 million in compensation and benefits in the fourth quarter<br>due to the reversal of accruals for incentive compensation.<br>2.<br>See “Non<br>-<br>GAAP Measurements” slide on page 46.<br>3. See “Non<br>-<br>GAAP Measurements” slide on page 46.<br>4. See “Non<br>-<br>GAAP Measurements” slide on page 47. |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>4<br>Strong Regional Presence<br>▪<br>Headquartered in Dallas, TX, FFWM has 31 branch / offices locations in five states: CA, TX, NV, HI, and<br>FL<br>▪<br>Recent expansion to Southwest Florida with the acquisition of TGR Financial fits well with FFWM's<br>history of delivering commercial banking and wealth management services<br>▪<br>FFWM’s loan portfolio is primarily concentrated within the branch footprint; 71% of total loans in CA,<br>4% in TX, 1% in NV, 1% in HI, and 10% in FL<br>▪<br>Expansion focused on attractive markets with positive demographic trends and business friendly<br>environments<br>Located in Expanding and Affluent Markets<br>▪<br>Average household income of $83k versus overall<br>U.S. market of $74k<br>(1)<br>▪<br>~2.0x the U.S. average branch deposit growth in<br>our footprint over the past 5 years<br>o<br>87% in our footprint versus 45%<br>nationwide<br>(2)<br>Outsized population growth in markets with large<br>market share<br>(1)(3)<br>▪<br>Riverside<br>-<br>San Bernardino<br>-<br>Ontario, CA: 3.7%<br>▪<br>Sacramento<br>-<br>Roseville<br>-<br>Folsom, CA: 4.2%<br>▪<br>Las Vegas<br>-<br>Henderson<br>-<br>Paradise, NV: 8.1%<br>Exceptional historical and projected population<br>growth in newly<br>-<br>entered markets<br>(1)<br>▪<br>Dallas<br>-<br>Fort Worth<br>-<br>Arlington, TX (Historical):<br>7.3%<br>(3)<br>▪<br>Dallas<br>-<br>Fort Worth<br>-<br>Arlington, TX (Projected): 5.9%<br>(<br>4)<br>▪<br>Naples<br>-<br>Marco Island, FL (Historical): 8.8%<br>( 3)<br>▪<br>Naples<br>-<br>Marco Island, FL (Projected): 5.7%<br>( 4)<br>Source: SNL Financial; Claritas LLC; FDIC branch reports from SNL Financial; Company Reports<br>1.<br>As of May 2022.<br>2.<br>As of latest FDIC branch report dated September 2022.<br>3.<br>5 year historical.<br>4.<br>5 year projected.<br>Presence in Some of the Fastest Growing MSAs in the<br>Country |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Our Approach Within Attractive Markets<br>Three<br>-<br>pronged approach to market entry and presence.<br>1.<br>Grow presence in business friendly and expanding markets<br>▪<br>Dallas<br>-<br>Fort Worth Metroplex, TX<br>▪<br>Naples<br>-<br>Marco Island, FL<br>2.<br>Maintain<br>a strong presence in mature and affluent markets<br>▪<br>West Los Angeles<br>and<br>Pasadena, CA<br>▪<br>Palos Verdes and the South Bay, CA<br>▪<br>Orange County, CA<br>▪<br>San Diego, CA<br>▪<br>Indian Wells and Palm Springs, CA<br>▪<br>San Francisco,<br>CA<br>▪<br>Sacramento, CA<br>▪<br>Las Vegas, NV<br>▪<br>Honolulu, HI<br>3.<br>Obtain market share in secondary and stable markets<br>(1)<br>▪<br>Lucerne Valley: 100%<br>▪<br>Running Springs: 100%<br>▪<br>Big Bear Lake: 28.3%<br>▪<br>El Centro: 8.4%<br>▪<br>Auburn: 3.0%<br>Source: SNL Financial; Company Reports<br>1. As of latest FDIC branch report dated September 2022.<br>Provide excellent<br>customer service<br>and deepen<br>relationships<br>Focus on deposits<br>as the bank of<br>choice in local<br>region<br>5<br>Significant new<br>opportunities for<br>entire suite of<br>services |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Serving<br>Clients Across Generations<br>Educate<br>+<br>Protect<br>BUILD<br>“Millennials”<br>Plan<br>+<br>Build<br>GROW<br>“Gen X”<br>Consum<br>e<br>+<br>Distribut<br>e<br>ENJOY<br>“Boomers”<br>Solutions for every stage in the financial journey<br>Focused Consumer, Real Estate, and Commercial Lending<br>▪<br>SBA & Small Business<br>▪<br>Small Balance Business<br>▪<br>Equipment Finance<br>▪<br>Owner Occupied Real Estate<br>▪<br>Multifamily<br>▪<br>Investor Owned Real Estate<br>Private Wealth Management<br>▪<br>Wealth Planning & Advisory<br>▪<br>Investment Management<br>▪<br>Business Succession<br>▪<br>Philanthropy Services<br>▪<br>Corporate Trustee<br>▪<br>Nevada Asset Protection Trust<br>▪<br>Successor Trustee<br>Personal and Business Banking<br>▪<br>Checking and Savings Accounts<br>▪<br>Money Market Accounts<br>▪<br>Certificate of Deposits (CDs)<br>▪<br>Digital Account Opening and<br>Support<br>▪<br>Mobile Banking<br>▪<br>Full<br>Suite of<br>Treasury<br>Management Offerings<br>▪<br>Primary Single Family<br>▪<br>Rental Single Family<br>▪<br>Home Equity Lines of<br>Credit<br>▪<br>Personal Lines of Credit<br>Solutions to serve both the<br>boomer<br>and the next generations.<br>Expertise on multi<br>-<br>generational<br>gifting strategies and setting up<br>the next gen for financial success.<br>6<br>Well Positioned to Facilitate The Great Wealth Transfer<br>45 million U.S. households will pass a<br>mind<br>-<br>boggling $68 trillion ($48 trillion<br>from Boomers alone) to their children<br>—<br>the biggest generational wealth transfer<br>ever.*<br>*According to report by Cerulli Associates |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Technology Driving Efficiencies and Enhancing Client Experience<br>7<br>Core Technology Tech<br>Driving Process Efficiencies<br>Client Experience Tech<br>Enhancing the Client Experience<br>Existing Strong<br>Foundation<br>✓<br>Latest Fiserv Core Banking system: Precision<br>✓<br>Data warehouse / CRM<br>–<br>marketing and client data<br>mining<br>✓<br>Deep integrations with loan origination systems and<br>core<br>✓<br>AI automating workflows to drive efficiency<br>✓<br>Technology<br>-<br>enhanced compliance tracking<br>✓<br>Digital banking processes with open APIs<br>✓<br>Dedicated to the strictest security measures<br>✓<br>Peer<br>-<br>to<br>-<br>peer payments through Zelle®<br>✓<br>Digital signature capture for lending and deposit<br>products<br>✓<br>Automated online deposit account opening and delivery<br>✓<br>Industry<br>-<br>leading commercial business banking online<br>✓<br>Automated account switching solution to move new<br>customer direct deposits and bill pay to bank<br>Recent<br>Enhancements<br>Made /<br>Planned<br>•<br>Upgraded to Orion, state<br>-<br>of<br>-<br>the<br>-<br>art enterprise<br>investment software platform for wealth management<br>clients<br>•<br>Deep integration between trust accounting and<br>portfolio management systems<br>•<br>New single family loan origination system<br>•<br>New commercial loan origination system upgrades<br>•<br>Account aggregation across institutions<br>•<br>New mobile and desktop consumer banking<br>applications<br>•<br>Digital wallet<br>•<br>New client portal for wealth management clients<br>•<br>Rewards deposit accounts<br>•<br>Financial wellness scoring<br>Traditional<br>Banking<br>Services<br>With the<br>Same<br>Features as a<br>Fintech<br>Nationally recognized for our<br>investment to drive innovation<br>Key Partners |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Brand Awareness Using Digital Channels<br>8<br>1) SEMRush, as of<br>December 31,<br>2022; based on all internet traffic; does not include paid search; does however include all website<br>traffic, not just those of banks and financial services companies.<br>Focused on 50<br>-<br>60 key terms related to<br>our business. Ranked consistently in<br>Top 25 nationally for high<br>-<br>value search<br>phrases.<br>1.<br>AWARE<br>-<br>NESS<br>Search Engine<br>Optimization<br>Building awareness without paid<br>advertising by ranking highly for<br>relevant search phrases on Google.<br>2.<br>ENGAGE<br>-<br>MENT<br>Social<br>Media<br>Presence on major social networks<br>▪<br>Engaged community of followers<br>▪<br>Affinity towards brand and culture<br>3.<br>DELIVERY<br>Content<br>Marketing<br>Valuable content sourced by in<br>-<br>house<br>and third<br>-<br>party writers<br>▪<br>Provides education; Fosters interest<br>▪<br>Boosts SEO; Generates leads<br>Key Content<br>Topics<br>Frequency<br>Investment Commentary<br>4 / year<br>Market Alerts<br>2<br>–<br>4 / year<br>The Week Ahead<br>50 / year<br>Wealth Planning<br>4<br>–<br>6 / year<br>Cyber Security<br>4 / year<br>Sample Search Phrases<br>(note:<br>rankings fluctuate daily)<br>National<br>Rank<br>1<br>“What is wealth planning”<br>1<br>“Multifamily lending”<br>3<br>“Apartment lending”<br>6<br>“Income property lending”<br>14<br>“What is personal banking”<br>13<br>“Private wealth<br>management”<br>15<br>“Online savings account”<br>20<br>Digital brand awareness<br>significantly reduces the cost of<br>new client acquisition |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Loans<br>9 |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>▪<br>Loan<br>g<br>r<br>o<br>wth<br>ha<br>s<br>b<br>e<br>e<br>n<br>a<br>c<br>hi<br>e<br>v<br>e<br>d<br>while<br>maintain<br>in<br>g<br>cr<br>e<br>di<br>t<br>dis<br>cipline.<br>▪<br>$<br>2.3<br>billion of loans sold since beginning of 2018, not included in CAGR.<br>▪<br>Consistently low non<br>-<br>performing assets.<br>Loan Growth Driven by Experienced Lending Team<br>Gross Loans ($ in millions)<br>10<br>1)<br>Represents loan balance, net of mark to market, as of closing December 17, 2021 for loans acquired from TGR Financial.<br>$1,055<br>$4,801<br>$5,051<br>$5,309<br>$7,408<br>$10,726<br>YE 2018<br>YE 2019<br>YE 2020<br>YE 2021<br>YE 2022<br>FFWM Legacy<br> TGR Financial Acquisition(1)<br>(1) |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Multifamily<br>,<br>$5,342<br>,<br>50%<br>Commercial<br>Business(1)<br>,<br>$3,468<br>,<br>32%<br>Single Family<br>,<br>$1,016<br>,<br>9%<br>CRE Investment<br>,<br>$720<br>,<br>7%<br>Land and<br>Construction<br>,<br>$159<br>,<br>2%<br>Consumer<br>,<br>$4<br>,<br>0%<br>Other(2)<br>,<br>$17<br>,<br>0%<br>Loan Portfolio by Asset Class 4Q22<br>($ in millions)<br>California<br>$7,608<br>71%<br>Florida<br>$1,083<br>10%<br>Texas<br>,<br>$451<br>,<br>4%<br>Hawaii<br>,<br>$44<br>,<br>1%<br>Nevada<br>,<br>$104<br>,<br>1%<br>Other<br>$1,436<br>13%<br>Loan Portfolio by State 4Q22<br>($ in millions)<br>Loan Portfolio Overview<br>$10,726<br>Total<br>Loans<br>4<br>Q22 Yield on Loans:<br>4.<br>34%<br>11<br>1)<br>Commercial Business asset class includes C&I and Commercial Owner Occupied CRE Loans.<br>2)<br>Other includes premiums, discounts and deferred fees and expenses on all loans.<br>$10,726<br>Total<br>Loans<br>Diversification by<br>asset class and<br>geography/state |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>California<br>,<br>$1,818<br>,<br>52%<br>Florida<br>,<br>$327<br>,<br>9%<br>Texas<br>,<br>$156<br>,<br>5%<br>Hawaii<br>,<br>$12<br>,<br>0%<br>Nevada<br>,<br>$52<br>,<br>2%<br>Other<br>,<br>$1,103<br>,<br>32%<br>Commercial Business Loans 4Q22<br>($ in millions)<br>Loan Portfolio by Geographic Distribution<br>$<br>5,342<br>Total<br>Loans<br>12<br>$<br>720<br>Total<br>Loans<br>$<br>1,016<br>Total<br>Loans<br>$3,468<br>Total<br>Loans<br>▪<br>Texas and Florida markets continue to be a focus for growth.<br>▪<br>Texas originations<br>totaled $<br>329<br>million during 2022 including $<br>129<br>million in commercial business, $<br>194<br>million in multifamily and $6<br>million in land and construction.<br>▪<br>Florida originations totaled $170 million during 2022 including $64<br>million in NOO CRE, $74 million in commercial business, $20 million in<br>single family, $9 million in multifamily, and $3 million in land and<br>construction.<br>▪<br>Closed acquisition of TGR Financial in December 2021,<br>providing $1.1<br>billion of loans and<br>36<br>lending employees.<br>California<br>,<br>$4,663<br>,<br>87%<br>Florida<br>,<br>$90<br>,<br>2%<br>Texas<br>,<br>$264<br>,<br>5%<br>Hawaii<br>,<br>$2<br>,<br>0%<br>Nevada<br>,<br>$35<br>,<br>1%<br>Other<br>,<br>$287<br>,<br>5%<br>Multifamily Loans 4Q22<br>($ in millions)<br>California<br>,<br>$256<br>,<br>35%<br>Florida<br>,<br>$422<br>,<br>59%<br>Texas<br>,<br>$22<br>,<br>3%<br>Hawaii<br>,<br>$1<br>,<br>0%<br>Nevada<br>,<br>$5<br>,<br>1%<br>Other<br>,<br>$14<br>,<br>2%<br>NOO CRE Loans 4Q22<br>($ in millions)<br>California<br>,<br>$821<br>,<br>81%<br>Florida<br>,<br>$125<br>,<br>12%<br>Texas<br>,<br>$2<br>,<br>0%<br>Hawaii<br>,<br>$29<br>,<br>3%<br>Nevada<br>,<br>$11<br>,<br>1%<br>Other<br>,<br>$28<br>,<br>3%<br>Single Family Loans 4Q22<br>($ in millions) |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>$1,844<br>$1,932<br>$2,493<br>$3,913<br>$5,8<br>…<br>$1,213<br>$849<br>$676<br>$551<br>$555<br>$559<br>$0<br>$0<br>$1,000<br>$2,000<br>$3,000<br>$4,000<br>$5,000<br>$6,000<br>2018<br>2019<br>2020<br>2021<br>2022<br>4Q21<br>4Q22<br>2018<br>2019<br>2020<br>2021<br>2022<br>▪<br>FFB has been able to obtain scale and efficiencies of a larger origination platform due to consistent loan sales.<br>▪<br>Proven ability to manage portfolio mix.<br>▪<br>Deep relationships with multifamily borrowers<br>with 58%<br>of originations in 2022 sourced directly from borrowers (no broker involvement).<br>▪<br>Quarterly originations in 4Q22 of $849 million at a weighted average rate of 5.72% compared to 4.63% in 3Q22.<br>Strong Originations Plus Consistent Loan Sales<br>Originations<br>($ in millions)<br>$2.8Bn in Loan Sales<br>13<br>Loan Sales<br>($ in millions) |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Net Loan Growth<br>14<br>3Q22<br>4Q22<br>FY<br>2021<br>FY<br>2022 |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>$0<br>$1,000<br>$2,000<br>$3,000<br>$4,000<br>$5,000<br>$6,000<br>2018<br>2019<br>2020<br>2021<br>2022<br> 4Q21<br> 4Q22<br>Loan Origination Composition Trend<br>($ in millions)<br> Commercial Business<br> Multifamily<br> CRE Investment<br> Single Family<br>▪<br>Commercial business platform provides continued diversification to the bank’s loan originations.<br>▪<br>Commercial business originations in 4Q22 of $433 million and $2.9 billion in 2022.<br>▪<br>Commercial business originations were 49% of 2022, representing a 78% increase in origination balances compared to 2021.<br>Strong Growth in Commercial Business Originations<br>15<br>(1)<br>1)<br>Includes $171 million in PPP loans.<br>2)<br>Includes $56 million in PPP loans.<br>(2)<br>50%<br>49%<br>41%<br>41%<br>0%<br>3%<br>8%<br>5%<br>1%<br>2%<br>0%<br>10%<br>20%<br>30%<br>40%<br>50%<br>60%<br>70%<br>80%<br>90%<br>100%<br>2021<br>2022<br>Origination Composition<br> Commercial Business<br> Multifamily<br> CRE Investment<br> Single Family<br> Other |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Public<br>Administration<br>30%<br>Finance and<br>Insurance<br>27%<br>Real Estate and<br>Rental and Leasing<br>7%<br>Manufacturing<br>6%<br>Construction<br>5%<br>Professional, Scientific, and<br>Technical Services<br>4%<br>Wholesale Trade<br>3%<br>Admin, and Waste<br>Management and<br>Remediation<br>Services<br>3%<br>Other Services (except<br>Public Administration)<br>2%<br>Accommodation and<br>Food Services<br>…<br>Retail Trade<br>2%<br>Other(1)<br>9%<br>Commercial Portfolio by Industry Sectors<br>4Q22<br>Diversified Commercial Business Portfolio<br>No sector comprises more than 30%<br>of the portfolio.<br>1)<br>No individual sector within “Other” category is larger than 2.1%.<br>16<br>86% of commercial business portfolio is<br>not commercial real estate.<br>$3,468<br>Total<br>Loans<br>$3,468<br>Total<br>Loans<br>CRE Own Occ<br>13%<br>Commercial<br>Term<br>16%<br>Commercial<br>Line of Credit<br>33%<br>Equipment<br>Finance<br>7%<br>SBA 7A<br>0%<br>SBA Own Occ<br>CRE<br>1%<br>SBA PPP<br>0%<br>Municipal<br>Financing<br>30%<br>Commercial Portfolio by Facility Type<br>4Q22 |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Conservative Portfolio of Residential Loans<br>Multifamily<br>Loan Characteristics<br>(1)<br>Average<br>Loan Size<br>$3.29 Million<br>Average LTV<br>(2)<br>54%<br>Average DSCR<br>(3)<br>1.42x<br>% Delinquent<br>0.00%<br>Single Family Real Estate<br>Loan Characteristics<br>(1)<br>Average<br>Loan Size<br>(5)<br>$664k<br>Average LTV<br>(2)<br>49%<br>Median FICO<br>(4)<br>763<br>% Delinquent<br>0.31%<br>(0.29% as of 3Q22)<br>1)<br>Data as of December 31, 2022, unless otherwise noted.<br>2)<br>Loan<br>-<br>to<br>-<br>Value (“LTV”) at time of origination.<br>3)<br>Debt Service Coverage Ratio (“DSCR”) represents the actual fully amortizing DSCR based on the initial interest rate, loan amo<br>unt<br>and property’s Net Operating Income<br>(“NOI”) at time of origination.<br>4)<br>Median FICO based on the lowest median score of the borrowing entities associated with each loan at time of origination. FIC<br>O d<br>ata at time of origination not<br>available on ~6% of portfolio related to loans originated by acquired banks.<br>5)<br>Excludes zero balance HELOCs.<br>▪<br>High credit quality with consistently low LTVs for both multifamily and single family loans and strong DSCR ratios on<br>multifamily loans.<br>▪<br>Conservative underwriting to in<br>-<br>place rents and higher of market or actual vacancy and expenses.<br>▪<br>No multifamily charge<br>-<br>offs since FFB’s creation in 2007.<br>▪<br>Strong single family borrower characteristics with high FICO scores and larger loan balances.<br>17 |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Our Multifamily Expertise<br>18<br>The Bank has been originating multifamily loans since 2008 with zero losses to date on its portfolio.<br>Product Overview<br>–<br>Essential Housing Focus<br>▪<br>Primary focus is on small balance (average size of $3.3 million) loans on non<br>-<br>luxury<br>Essential<br>Housing<br>apartment stock<br>▪<br>Average property has<br>22 units<br>▪<br>Buildings tend to be older and smaller in size with over 60% of properties built between<br>1950<br>-<br>1980<br>catering towards at or below median income earners<br>▪<br>Approx. 68% of the $2.4B originations in 2022 were<br>rent controlled<br>and on average 14%<br>below market, providing potential upside in rents if units turn over<br>▪<br>Loans are generally fixed for 3<br>-<br>,5<br>-<br>,7<br>-<br>and 10<br>-<br>year periods<br>▪<br>Weighted average life of portfolio is<br>3.9<br>(1)<br>years<br>▪<br>30<br>-<br>year maturity with 30<br>-<br>year amortization<br>Conservative Underwriting<br>▪<br>Conservative underwriting to the lower of in<br>-<br>place rents or market and the higher of market or<br>actual vacancy and expenses<br>▪<br>No credit is given for future or pro forma figures for rents<br>▪<br>Loan amounts are underwritten to DSCRs using a qualifying rate that is higher than the initial<br>rate for 3<br>-<br>and 5<br>-<br>year fixed loans<br>▪<br>7 and 10 year fixed are underwritten to the initial start rate<br>▪<br>Interest only options for lower LTV and higher DSCR properties with strong sponsorship<br>▪<br>All IO loans underwritten to a fully amortizing DSCR<br>▪<br>Sponsors are required to meet minimum liquidity requirements of 6<br>-<br>12 months principal,<br>interest, taxes and insurance, and a minimum of 10% of the loan amount<br>1)<br>WA Life per Moody’s Analytics CMM/Impairment Studio reporting as of 12.31.2022<br>Geographic Exposure<br>California<br>,<br>$4,663<br>,<br>87%<br>Florida<br>,<br>$90<br>,<br>2%<br>Texas<br>,<br>$264<br>,<br>5%<br>Hawaii<br>,<br>$2<br>,<br>0%<br>Nevada<br>,<br>$35<br>,<br>1%<br>Other<br>,<br>$287<br>,<br>5%<br>Multifamily Loans 4Q22<br>($ in millions)<br>Vast majority of the<br>portfolio is in rent<br>controlled markets<br>within California<br>$<br>5,342<br>Total<br>Loans<br>Exposure by Top 10 Counties<br>(000s)<br>%<br>Los Angeles (CA)<br>$2,702,785<br>50.6%<br>Orange (CA)<br>$444,720<br>8.3%<br>San Diego (CA)<br>$396,553<br>7.4%<br>San Francisco (CA)<br>$255,363<br>4.8%<br>Alameda (CA)<br>$229,267<br>4.3%<br>Santa Clara (CA)<br>$157,508<br>2.9%<br>Maricopa (AZ)<br>$139,009<br>2.6%<br>Sacramento (CA)<br>$104,778<br>2.0%<br>Bexar (TX)<br>$97,098<br>1.8%<br>San Mateo (CA)<br>$85,568<br>1.6%<br>Top 10 Counties Total<br>$4,612,649<br>86.4%<br>Portfolio Total<br>$5,341,596<br>100.0% |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Industry Trends: Essential Housing<br>–<br>Well Positioned for Credit Cycle<br>19<br>Majority of the Bank’s multifamily portfolio is focused on non<br>-<br>luxury “Essential Housing” (Class B and C)<br>apartments which exhibit high barriers to entry for new stock versus high<br>-<br>end luxury Class A properties.<br>Essential Housing has experienced substantially less<br>supply growth than Class A averaging between 1<br>-<br>2% per<br>year<br>Apartment Stock Nationwide YoY Growth<br>Essential Housing Inventory vs Low Income Renters<br>Significantl<br>y more<br>supply<br>growth in<br>Class A<br>Significantly<br>more demand<br>than supply<br>for last 20<br>years<br>▪<br>High barrier to entry for new development in many of the bank’s<br>primary markets such as Southern California.<br>▪<br>High construction costs, zoning complexities, parking restrictions, etc.<br>all add to the overall high<br>-<br>cost structure for development, skewing new<br>supply towards higher targeted rental rate Class A properties and less<br>towards Essential Housing.<br>▪<br>Given the gap between essential housing inventory and below median<br>income renters, occupancy rates in essential housing have remained<br>quite strong.<br>Low vacancy because there are<br>simply not enough units<br>Apartment Occupancy by Class<br>Source: Costar and AEW Research. “Essential Housing”. April 2021<br>Source: Costar , Census, and AEW Research. “Essential Housing”. April 2021<br>Source: Costar and AEW Research. “Essential Housing”. April 2021 |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Industry Trends: Top Performing Asset Class<br>Multifamily loans have historically been the best performing of all real estate loan types<br>Source: SNL Data; FDIC Call Report<br>Note: Charge off rate weighted the loan balance of each bank’s associated asset class. Only includes California headquartere<br>d c<br>ommercial and<br>savings banks.<br>0.00%<br>0.50%<br>1.00%<br>1.50%<br>2.00%<br>2.50%<br>3.00%<br>Charge offs by Loan Type for CA<br>-<br>Based Banks<br>Single Family<br>Multifamily<br>NOO CRE<br>Commercial and Industrial<br>20<br>Average Charge off Rate (2009-9.30.22)<br>Multifamily<br>0.19%<br>Single Family<br>0.23%<br>NOO CRE<br>0.30%<br>Commercial and Industrial<br>0.70% |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Public Finance: Low Historical Defaults for the Industry<br>The average five<br>-<br>year municipal default rate since 2011 was 0.12%, compared to 0.08% from 1970 to 2020,<br>according to Moody’s Analytics providing for infrequent defaults and strong stability in the asset class.<br>Source: Moody’s Investor Service: US Municipal bond defaults and recoveries, 1970<br>-<br>2020.<br>21 |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>0.31%<br>0.21%<br>0.20%<br>0.30%<br>0.14%<br>0.13%<br>0.30%<br>0.24%<br>0.25%<br>0.39%<br>0.11%<br>0.10%<br>0.51%<br>0.55%<br>0.47%<br>0.55%<br>0.50%<br>0.41%<br>0.00%<br>0.20%<br>0.40%<br>0.60%<br>0.80%<br>1.00%<br>YE 2017<br>YE 2018<br>YE 2019<br>YE 2020<br>YE 2021<br>YE 2022<br>Non<br>-<br>Performing Loans and Assets<br>FFB NPAs/Assets<br>FFB NPLs/Loans<br>Peer NPLs/Loans(1)(2)<br>1)<br>UPBR peer group includes commercial banks with assets between $3 billion and $10 billion for data through 3Q21. Starting in 4<br>Q21<br>peer group includes commercial banks with assets between $10 and $100 billion.<br>2)<br>Ratio defined as Total loans and leases on nonaccrual status divided by total loans and leases.<br>3)<br>Ratio defined as loan and lease charge<br>-<br>off, net of recoveries divided by average total loans and leases.<br>4) Peer group data based on the most recently available UBPR report of 3Q22.<br>Strong Credit Quality<br>22<br>(4)<br>(4)<br>FFB NCO Average<br>,<br>0.02%<br>Peer NCO Average<br>,<br>0.09%<br>-0.01%<br>0.09%<br>0.19%<br>0.29%<br>2017<br>2018<br>2019<br>2020<br>2021<br>2022<br>4Q22<br>Net Charge<br>-<br>offs (NCOs)/Average Loans<br>FFB NCOs/Average Loans<br>Peer NCOs/Average Loans(1)(3)<br>FFB NCO Average<br>Peer NCO Average<br>Peer Average<br>4.8x<br>FFB |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Deposits<br>23 |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Significant Growth in Commercial and Retail Deposits<br>4Q<br>22 Cost of Deposits: 1.47%<br>$10,363<br>Total<br>Deposits<br>24<br>Brokered deposits make up a smaller % of total<br>deposits than three years ago<br>Noninterest<br>-<br>bearing deposits make up 26% of<br>deposit base<br>$2,737<br>26%<br>$2,569<br>25%<br>$3,178<br>31%<br>$1,879<br>18%<br>Noninterest-Bearing Demand<br>Interest-Bearing Demand<br>Money Market & Savings<br>Deposits by Type 4Q22<br>($ in millions)<br>$2,247<br>$2,285<br>$2,808<br>$5,318<br>$4,146<br>$0<br>$550<br>$414<br>$789<br>$1,029<br>$1,251<br>$2,230<br>$2,989<br>$4,047<br>$1,257<br>$1,208<br>$326<br>$90<br>$1,381<br>$4,533<br>$4,891<br>$5,913<br>$8,812<br>$10,363<br>$0<br>$2,000<br>$4,000<br>$6,000<br>$8,000<br>$10,000<br>$12,000<br>YE 2018<br>YE 2019<br>YE 2020<br>YE 2021<br>YE 2022<br>Deposits by Channel 4Q22<br>($ in millions)<br>Branch<br>Digital<br>Brokered Deposits as a % of Total Deposits<br>27.7%<br>24.7%<br>5.5%<br>1.0%<br>13.3% |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>California<br>,<br>$1,382<br>,<br>50%<br>Florida<br>,<br>$390<br>,<br>14%<br>Texas<br>,<br>$549<br>,<br>20%<br>Hawaii<br>,<br>$15<br>,<br>1%<br>Nevada<br>,<br>$20<br>,<br>1%<br>Other<br>,<br>$381<br>,<br>14%<br>Noninterest<br>-<br>Bearning Deposits 4Q22<br>($ in millions)<br>California<br>,<br>$2,533<br>,<br>33%<br>Florida<br>,<br>$1,941<br>,<br>26%<br>Texas<br>,<br>$108<br>,<br>1%<br>Hawaii<br>,<br>$288<br>,<br>4%<br>Nevada<br>,<br>$73<br>,<br>1%<br>Other<br>,<br>$2,684<br>,<br>35%<br>Interest<br>-<br>Bearing Deposits 4Q22<br>($ in millions)<br>California<br>,<br>$2,456<br>,<br>38%<br>Florida<br>,<br>$1,715<br>,<br>27%<br>Texas<br>,<br>$612<br>,<br>9%<br>Hawaii<br>,<br>$39<br>,<br>1%<br>Nevada<br>,<br>$252<br>,<br>4%<br>Other<br>,<br>$1,350<br>,<br>21%<br>Core Business Deposits 4Q22<br>($ in millions)<br>Deposits by Geographic Distribution<br>25<br>$2,737<br>Total Non<br>-<br>IB<br>Deposits<br>▪<br>First retail Texas branch opened in May 2022 in<br>Plano.<br>▪<br>Closed acquisition of TGR Financial in December<br>2021,<br>providing $2.2 billion of deposits.<br>▪<br>Florida ranks 2<br>nd<br>and Texas 3<br>rd<br>for total number of<br>accounts raised from our nationwide digital bank<br>channel.<br>$7,626<br>Total IB<br>Deposits<br>$<br>6<br>,424<br>Total<br>Business<br>Deposits |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Core Deposits Account for 87% of all Deposits<br>26<br>Core deposits increased from 76% to 87% of total<br>deposits over the last four years<br>1)<br>Total deposits excluding brokered deposits divided by total deposits.<br>2)<br>Brokered deposits plus FHLB borrowings divided by total deposits plus FHLB borrowings<br>plus customer repurchase agreements.<br>Reduction in wholesale funding compared to four<br>years ago<br>$3,684<br>$5,587<br>$8,722<br>$8,982<br>$1,208<br>$326<br>$90<br>$1,381<br>$733<br>$255<br>$805<br>$172<br>$5,624<br>$6,168<br>$8,978<br>$11,339<br>35%<br>19%<br>0%<br>5%<br>10%<br>15%<br>20%<br>25%<br>30%<br>35%<br>$0<br>$1,000<br>$2,000<br>$3,000<br>$4,000<br>$5,000<br>$6,000<br>$7,000<br>$8,000<br>$9,000<br>$10,000<br>$11,000<br>$12,000<br>4Q19<br>4Q20<br>4Q21<br>4Q22<br>Funding Summary 4Q22<br>($ in millions)<br>Customer Repurchase Agreements<br>FHLB Borrowings<br>Brokered Deposits<br>Core Deposits<br>Total Wholesale Funding Ratio(2)<br>$3,684<br>$5,587<br>$8,722<br>$8,982<br>75%<br>87%<br>65%<br>70%<br>75%<br>80%<br>85%<br>90%<br>95%<br>100%<br>$0<br>$1,000<br>$2,000<br>$3,000<br>$4,000<br>$5,000<br>$6,000<br>$7,000<br>$8,000<br>$9,000<br>$10,000<br>4Q19<br>4Q20<br>4Q21<br>4Q22<br>Core Deposits 4Q22<br>($ in millions)<br>Core Deposits<br>Core Deposit Ratio(1) |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Commercial Deposits Are Significant Source of<br>Funding<br>27<br>Commercial business deposits continue to be main source of core funding:<br>1031 Exchanges, Title and Escrow,<br>MSRs, HOAs<br>Business<br>73%<br>Business<br>72%<br>Personal<br>27%<br>Personal<br>28%<br>3Q22<br>4Q22<br>Core Deposits By Client Type |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Launched digital consumer deposit channel in 3Q 2019<br>▪<br>Online savings<br>–<br>2019<br>▪<br>Online CDs<br>–<br>2020<br>▪<br>Online checking<br>–<br>2020<br>▪<br>Online money market<br>–<br>2022<br>▪<br>Balances: $789 million at 12/31/2022<br>▪<br>31% growth quarter over quarter<br>▪<br>Good granularity of clients: ~ 9,100<br>▪<br>Over 90% new clients<br>▪<br>Reaching new, younger client audience<br>▪<br>Strong retention experience when<br>dropping rates<br>▪<br>Low costs to obtain and service<br>▪<br>Expanded digital experience into our retail<br>branches to include paperless onboarding<br>and in branch support for online opening<br>Account<br>Data<br>Products<br>Benefits<br>28<br>Digital Deposit Channel Success<br>Gen Z (18<br>-<br>25)<br>8%<br>Millennial<br>(26<br>-<br>40)<br>36%<br>Gen X (41<br>-<br>55)<br>24%<br>Baby Boomer<br>(56<br>-<br>76)<br>29%<br>Silent Gen (77<br>-<br>93)<br>3%<br>Number of Accounts by Generation 4Q22<br>68% of<br>digital bank<br>clients are<br>younger<br>than Baby<br>Boomers<br>0<br>1,000<br>2,000<br>3,000<br>4,000<br>5,000<br>6,000<br>7,000<br>8,000<br>9,000<br>10,000<br>$0<br>$200<br>$400<br>$600<br>$800<br>$1,000<br>Sep-19<br>Oct-19<br>Nov-19<br>Dec-19<br>Jan-20<br>Feb-20<br>Mar-20<br>Apr-20<br>May-20<br>Jun-20<br>Jul-20<br>Aug-20<br>Sep-20<br>Oct-20<br>Nov-20<br>Dec-20<br>Jan-21<br>Feb-21<br>Mar-21<br>Apr-21<br>May-21<br>Jun-21<br>Jul-21<br>Aug-21<br>Sep-21<br>Oct-21<br>Nov-21<br>Dec-21<br>Jan-22<br>Feb-22<br>Mar-22<br>Apr-22<br>May-22<br>Jun-22<br>Jul-22<br>Aug-22<br>Sep-22<br>Oct-22<br>Nov-22<br>Dec-22<br>Growth Driven by Digital Marketing<br>Strategy ($ in millions)<br>Account Balance<br>Number of Accounts |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Wealth Management and Trust<br>29 |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>In<br>-<br>House Expertise to<br>Serve Clients<br>Wealth Planning<br>•<br>Lead with planning<br>•<br>Entry point to client’s total financial picture<br>Asset Allocation<br>•<br>Manage custom investment strategies to<br>serve clients across the risk and return<br>spectrum<br>•<br>Utilizes a mix of equities, fixed income, real<br>estate, and alternative assets<br>•<br>Open architecture<br>Portfolio Construction<br>•<br>Conduct due diligence<br>•<br>Create custom portfolios to match<br>clients’ goals<br>•<br>Monitor, report, and adjust as necessary<br>INVESTMENT MANAGEMENT<br>PHILANTHROPY SERVICES<br>WEALTH PLANNING<br>TRUST SERVICES<br>ASSET ALLOCATION<br>LEGACY PLANNING<br>Key Characteristics<br>▪<br>Lead with sophisticated financial planning to address client needs<br>▪<br>Open architecture investment philosophy with mix of stocks, bonds,<br>mutual funds, ETFs, private equity, REITs, and separately managed<br>accounts<br>▪<br>In<br>-<br>house investment capabilities with strong performance<br>▪<br>Fee<br>-<br>only model (vs. commission<br>-<br>based brokerage) with avg. fee of 60<br>to<br>70<br>bps<br>▪<br>Significant cross promotion opportunities with bank, trust, and<br>philanthropy services<br>▪<br>Ability to deepen relationship with multiple generations of the family<br>because of trust and philanthropy business<br>▪<br>100% of new Assets Under Management (AUM) and Assets Under<br>Advisement (AUA) through organic growth, more stable than M&A<br>▪<br>Presence in affluent communities throughout CA such as Pasadena,<br>San Diego, West Los Angeles, Orange County,<br>in addition to<br>expanding into<br>Naples, FL in 1Q22<br>▪<br>Combined Advisory and Trust business pre<br>-<br>tax profit margin of 32%<br>(1)<br>in 4Q22 (22% in 2022)<br>Comprehensive Offering for High<br>-<br>Net<br>-<br>Worth Clients<br>30<br>1.<br>Margin in 4Q22 impacted by a one<br>-<br>time a decrease of $1.3 million in compensation and benefits in the fourth quarter due to the r<br>eversal of accruals for incentive<br>compensation. |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Loyal Clients and Growing Assets<br>Profile of Client Growth<br>▪<br>Target client of $3 million to $<br>50<br>million in investible assets<br>▪<br>Clients are high<br>-<br>net<br>-<br>worth individuals and families (as opposed to<br>institutional)<br>▪<br>Serve as central point of contact for clients’ financial matters<br>▪<br>Average size of new clients is increasing as model attracts higher net<br>worth clients<br>▪<br>New client referrals through centers of influence (COIs) and partner<br>channels, which is difficult for other RIAs to replicate<br>▪<br>30+ year track record of building relationships with COIs<br>–<br>shows<br>trust in ability to serve complex client cases<br>▪<br>Client referrals from existing clients<br>–<br>shows loyalty across clients<br>31<br>$3,935<br>$4,438<br>$4,927<br>$5,681<br>$4,985<br>$742<br>$888<br>$1,105<br>$1,345<br>$1,276<br>$4,677<br>$5,327<br>$6,032<br>$7,026<br>$6,261<br>$0<br>$1,000<br>$2,000<br>$3,000<br>$4,000<br>$5,000<br>$6,000<br>$7,000<br>$8,000<br> YE 2018<br> YE 2019<br> YE 2020<br> YE 2021<br> YE 2022<br>Wealth Management AUM and Trust AUA ($ in millions)<br> FFA AUM<br> Trust AUA<br>Stable organic growth |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Profitability<br>32 |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>$155.6<br>$170.0<br>$196.6<br>$233.3<br>$318.7<br>$62.0<br>$74.7<br> $-<br> $50.0<br> $100.0<br> $150.0<br> $200.0<br> $250.0<br> $300.0<br> $350.0<br>2018<br>2019<br>2020<br>2021<br>2022<br>4Q21<br>4Q22<br>Net Interest Income<br>($ in millions)<br>Strong Net Interest Income Growth<br>33<br>(1)<br>1)<br>Cost of interest bearing liabilities excludes the positive impact of non<br>-<br>interest bearing deposits.<br>$5,200<br>$5,921<br>$6,498<br>$7,409<br>$10,938<br>$12,204<br>$0<br>$2,000<br>$4,000<br>$6,000<br>$8,000<br>$10,000<br>$12,000<br>$14,000<br>YE 2018<br>YE 2019<br>YE 2020<br>YE 2021<br>YE 2022<br>4Q22<br>Average Interest<br>-<br>Earning Assets<br>($ in millions)<br>Loans<br>Securities<br>Other<br>3.57%<br>3.45%<br>3.39%<br>3.22%<br>3.31%<br>3.19%<br>3.50%<br>3.84%<br>4.12%<br>3.19%<br>3.16%<br>3.20%<br>3.07%<br>3.17%<br>3.00%<br>3.18%<br>3.10%<br>2.45%<br>0.60%<br>0.45%<br>0.35%<br>0.28%<br>0.26%<br>0.32%<br>0.54%<br>1.23%<br>2.52%<br>0.00%<br>0.50%<br>1.00%<br>1.50%<br>2.00%<br>2.50%<br>3.00%<br>3.50%<br>4.00%<br>4.50%<br>4Q20<br>1Q21<br>2Q21<br>3Q21<br>4Q21<br>1Q22<br>2Q22<br>3Q22<br>4Q22<br>Net Interest Margin<br>Earning Assets Yield<br>Net Interest Margin |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>57%<br>20%<br>23%<br>Recurring<br>(1)<br>Noninterest Income<br>Breakdown<br>2022<br> Investment advisory fees<br> Trust and consulting fees<br>▪<br>Proven ability to generate consistent growth of noninterest recurring fee income.<br>▪<br>Fee income diversifies First Foundation’s operating revenue stream with 14% generated from recurring noninterest<br>income for 2022.<br>Attractive Noninterest Fee Income<br>34<br>$50.5<br>Million<br>1)<br>Recurring revenue includes all noninterest income excluding revenue in the “other” category.<br>$24.4<br>$23.1<br>$23.4<br>$28.4<br>$29.0<br>$7.5<br>$6.5<br>$4.3<br>$5.6<br>$6.1<br>$7.6<br>$9.8<br>$2.1<br>$3.2<br>$5.3<br>$7.7<br>$9.6<br>$10.9<br>$11.7<br>$2.8<br>$3.2<br>$0.4<br>$4.2<br>$15.1<br>$21.5<br>$0.0<br>$34.4<br>$40.6<br>$54.2<br>$68.4<br>$50.5<br>$12.4<br>$12.9<br>$0<br>$10<br>$20<br>$30<br>$40<br>$50<br>$60<br>$70<br>2018<br>2019<br>2020<br>2021<br>2022<br> 4Q21<br> 4Q22<br>Recurring<br>(1)<br>Noninterest Income Growth<br>($ in millions)<br> Investment advisory fees<br> Trust and consulting fees<br> Loan and deposit fees<br> Gain on sale of loans |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Efficient Operating Platform<br>▪<br>Levering its investments in personnel and technology, FFB has consistently lowered its noninterest expense to average<br>assets and is currently operating at a significant advantage to peers.<br>1)<br>See “Non<br>-<br>GAAP Measurements” slide on page 48.<br>2)<br>Uniform Bank Performance Report (“UBPR”) Peer group includes commercial banks with assets between $3 billion and $10 billion<br>for<br>data through 3Q21. Starting in<br>4Q21 peer group includes commercial banks with assets between $10 and $100 billion. Peer group data based on the most recentl<br>y a<br>vailable UBPR report of 3Q22.<br>35<br>81<br>bps<br><br>1.00%<br>1.25%<br>1.50%<br>1.75%<br>2.00%<br>2.25%<br>2.50%<br>4Q20<br>1Q21<br>2Q21<br>3Q21<br>4Q21<br>1Q22<br>2Q22<br>3Q22<br>4Q22<br>Noninterest Expense / Average Assets<br> FFB Total(1)<br> FFB Excluding customer service(1)<br> Bank Peer group(2) |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Consistent Earnings<br>Growth<br>While Investing in the Future<br>▪<br>P<br>er<br>f<br>o<br>r<br>man<br>c<br>e<br>d<br>r<br>iv<br>en<br>b<br>y<br>g<br>r<br>o<br>wt<br>h<br>in<br>loa<br>n<br>s<br>,<br>d<br>e<br>p<br>o<br>s<br>its,<br>and<br>as<br>s<br>ets<br>und<br>er<br>man<br>a<br>g<br>em<br>en<br>t.<br>▪<br>Sca<br>l<br>a<br>b<br>le<br>bu<br>si<br>n<br>e<br>s<br>s<br>m<br>od<br>el<br>w<br>i<br>th<br>sig<br>n<br>i<br>f<br>i<br>c<br>ant<br>exp<br>en<br>s<br>e<br>le<br>v<br>er<br>a<br>ge.<br>1)<br>See “Non<br>-<br>GAAP Measurements” slide on page 46.<br>36<br>$60.0<br>$79.4<br>$118.8<br>$151.3<br>$149.8<br>$32.3<br>$20.9<br> $-<br> $20<br> $40<br> $60<br> $80<br> $100<br> $120<br> $140<br> $160<br> $180<br>2018<br>2019<br>2020<br>2021<br>2022<br>4Q21<br>4Q22<br>Income Before Taxes<br>($ in millions)<br>11.0%<br>11.9%<br>15.5%<br>16.9%<br>13.0%<br>13.4%<br>8.8%<br>2018<br>2019<br>2020<br>2021<br>2022<br>4Q21<br>4Q22<br>Return on Average<br>Tangible Common Equity<br>(1) |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Track Record of Delivering Consistent Profitability<br>37<br>1)<br>See “Non<br>-<br>GAAP Measurements” slide on page 46.<br>2)<br>See “Non<br>-<br>GAAP Measurements” slide on page 47.<br>0.81%<br>0.91%<br>1.26%<br>1.42%<br>0.96%<br>1.15%<br>0.55%<br>2018<br>2019<br>2020<br>2021<br>2022<br>4Q21<br>4Q22<br>Return on Average Assets<br>11.0%<br>11.9%<br>15.5%<br>16.9%<br>13.0%<br>13.4%<br>8.8%<br>2018<br>2019<br>2020<br>2021<br>2022<br>4Q21<br>4Q22<br>Return on Average Tangible<br>Common Equity<br>(1)<br>63.3%<br>60.8%<br>49.3%<br>47.5%<br>58.6%<br>51.0%<br>70.9%<br>2018<br>2019<br>2020<br>2021<br>2022<br>4Q21<br>4Q22<br>Efficiency Ratio<br>(2)<br>$1.01<br>$1.25<br>$1.88<br>$2.41<br>$1.96<br>$0.51<br>$0.31<br>2018<br>2019<br>2020<br>2021<br>2022<br>4Q21<br>4Q22<br>Diluted Earnings Per Share |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Superior per Share Value While Expanding its Size<br>38<br>7.5%<br>11.0%<br>Bank<br>Index<br>FFI<br>Revenue per Share<br>FFI Outperformance of 46%<br>9.2%<br>18.2%<br>Bank<br>Index<br>FFI<br>PPNR per Share<br>7.5%<br>8.4%<br>Bank<br>Index<br>FFI<br>TBV per Share +<br>Dividends per Share<br>FFI Outperformance of 97%<br>FFI Outperformance of 12%<br>FFI Outperformance of 207%<br>▪<br>Since follow<br>-<br>on equity offering in Q3 2015, FFI has kept best in class per share CAGRs while<br>substantially grown its loan portfolio<br>Notes:<br>•<br>CAGRs calculated from September 30, 2015 to September 30, 2022.<br>•<br>Bank Index metrics are obtained through market capitalization weighting for all banks of<br>the Nasdaq Regional Bank Index (KRX).<br>9.8%<br>30.1%<br>Bank<br>Index<br>FFI<br>Loans |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Why First Foundation<br>Financial<br>Performance<br>▪<br>Strong and stable revenue from core<br>operations<br>▪<br>Recurring non<br>-<br>interest revenue from in<br>-<br>house wealth management and trust<br>operations<br>▪<br>Diversified and high<br>-<br>quality loan growth<br>▪<br>Growing profitability<br>▪<br>Track record of strong investor returns<br>Valuable Business<br>Model<br>▪<br>Commercial banking model augmented<br>with wealth management and trust<br>expertise<br>▪<br>Organic growth strategy complemented<br>by strategic acquisitions<br>▪<br>Valuable client base with cross promotion<br>opportunities. Strong presence in<br>geographic markets with high household<br>income<br>▪<br>Technology<br>-<br>centric infrastructure to<br>enhance the client experience and drive<br>efficiency<br>Leadership and<br>Culture<br>▪<br>Experienced and proven management<br>team<br>▪<br>Talented workforce with client<br>-<br>centric<br>culture<br>▪<br>Significant insider ownership aligned<br>with shareholders’ interests<br>Credit<br>Quality<br>▪<br>Conservative credit culture driving<br>superior asset quality<br>▪<br>Very low non performing assets<br>▪<br>Low to minimal historical charge<br>-<br>offs<br>▪<br>Well capitalized<br>39 |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Appendix<br>40 |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>A Tradition of Serving Our Clients<br>History of First Foundation<br>The path First Foundation Inc. has taken to provide banking, trust, financial planning, investment management, estate and leg<br>acy<br>planning and consulting services to our clients, all under one roof and all under this level of care, is a path not often tra<br>vel<br>ed. But<br>we prefer it this way. At First Foundation Inc., we’ve never taken the easy path, but we’ve always chosen the right one<br>–<br>for o<br>ur<br>clients, our communities, and our stakeholders.<br>The Keller Group<br>was created as an<br>RIA to provide<br>private wealth<br>management<br>services<br>First Foundation<br>Bank was created<br>as a de novo<br>banking charter.<br>First Foundation is<br>adopted as the<br>name for all<br>affiliates.<br>First Foundation<br>Bank acquires<br>Desert Commercial<br>Bank.<br>First Foundation<br>West Los Angeles<br>opens for business.<br>First Foundation<br>lists shares on<br>NASDAQ Global<br>Stock Market<br>under ticker<br>“FFWM”<br>Created services<br>to meet the needs<br>of individuals,<br>families, and<br>businesses.<br>First Foundation<br>San Diego Office<br>opens for business.<br>First Foundation<br>Las Vegas Office<br>opens for<br>business.<br>First Foundation<br>begins offering<br>trust services.<br>First Foundation<br>expands into<br>Sacramento, Auburn,<br>and Roseville through<br>acquisition of<br>Community 1st<br>Bancorp<br>1990<br>2007<br>2010<br>2012<br>2014<br>2017<br>2013<br>2011<br>2008<br>2004<br>Philanthropy<br>Services are added<br>to complement<br>HNW business.<br>2015<br>First Foundation<br>enters Hawaii<br>market through<br>acquisition of<br>Pacific Rim Bank.<br>First Foundation<br>Bank opens offices<br>in Laguna Hills and<br>Seal Beach.<br>2016<br>First Foundation<br>expands in LA with<br>office in Palos<br>Verdes Estates<br>through<br>acquisition of<br>PBB<br>Bancorp<br>2018<br>First Foundation<br>enhances digital<br>offering through<br>partnership with<br>leading FinTech<br>provider.<br>2020<br>Relocation of<br>Principal Executive<br>Office to Dallas,<br>TX.<br>Expands into<br>Florida through<br>acquisition of TGR<br>Financial.<br>2021<br>-<br>22 |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>A sampling of awards and accolades received<br>42<br>Industry Recognition<br>Model Bank Employee Enablement<br>First Foundation Bank was recognized as a Model Bank for<br>Employee Enablement by Celent as we developed an integrated<br>back<br>-<br>end and front<br>-<br>end data warehouse and employee intranet<br>designed to keep everything connected and in sync.<br>2021 Civic 50<br>First Foundation was included in the OneOC Civic 50 list, which<br>is compiled annually to spotlight those companies who are<br>civic<br>-<br>minded within the communities they serve.<br>Best<br>-<br>in<br>-<br>Class for HR Management<br>Gallagher, a global human resources consulting firm, has<br>awarded our team with an award for Best<br>-<br>in<br>-<br>Class for HR<br>Management from their 2019 Benefits Strategy and<br>Benchmarking Survey.<br>Bank & Thrift Sm<br>-<br>All Stars Class of 2022: FFWM<br>The Sm<br>-<br>All Stars represent the top performing small<br>-<br>cap banks<br>and thrifts in the country. This is the third time FFWM was one<br>of 35 banks chosen. According to Piper Sandler, banks selected<br>have superior performance metrics in growth, profitability,<br>credit quality and capital strength.<br>Featured in the Media<br>First Foundation is a contributor to the media on important topics related to our industry<br>Best Performing Bank in 2021 with Assets Greater than<br>$10B<br>First Foundation Bank ranked as the 6th best performing bank<br>in 2021 with assets greater than $10B. S&P Global Market<br>Intelligence calculated score for each bank on six key metrics.<br>2021 Vision List<br>–<br>Outperforming Stock<br>First Foundation Inc. (FFWM) made B Riley’s Vision List which is<br>a list of the top<br>-<br>24 stocks across all industries selected by<br>analysts to outperform the small<br>-<br>cap benchmark Russell 2000<br>Index in the current year. Each year analysts are tasked to<br>identify a single, immutable pick to outperform based on a set<br>of defined criteria.<br>Barron’s Top 100 Independent Advisors<br>America's top independent financial advisors, as identified by<br>Barron's. The ranking reflects the volume of assets overseen by<br>the advisors and their teams, revenues generated for the firms,<br>and the quality of the advisors' practices.<br>CNBC FA 100<br>The<br>CNBC FA 100 recognizes<br>the advisory firms that top the list<br>when it comes to offering a comprehensive planning and<br>financial service that helps clients navigate through their<br>complex financial life.<br>Bank Director Best Small Regional Bank<br>First Foundation Bank (FFB) was selected as the Top 4 small regional bank in the nation in the most recent ranking by Bank Di<br>rec<br>tor. The<br>list selected the top 10 banks in each peer group based on several metrics provided by S&P Global Market Intelligence as of y<br>ear<br>-<br>end<br>2020 and then studied and ranked each bank further for its performance.<br>See disclosures at: https://www.firstfoundationinc.com/important<br>-<br>disclosure<br>-<br>information. |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Selected Financial Information<br>Financial Highlights<br>: As of for FY2022<br>Loans<br>$10.7 Billion<br>Revenue:<br>$367 Million<br>Deposits<br>$10.4 Billion<br>Net Income:<br>$111 Million<br>Total<br>Assets<br>$13.0 Billion<br>ROAA<br>0.96%<br>FFA AUM &<br>Trust AUA<br>AUA<br>$6.3 Billion<br>ROATCE<br>(<br>3)<br>13.0%<br>TBV per share<br>(2)<br>$16.20<br>Efficiency Ratio<br>(1)<br>58.6%<br>Growth<br>Loan<br>production<br>:<br>2020<br>–<br>$2.49 billion; 2021<br>–<br>$3.91 billion; 2022<br>–<br>$5.8 billion<br>Deposit<br>growth:<br>2020<br>–<br>$1.02 billion; 2021<br>–<br>$2.90 billion; 2022<br>–<br>$1.6 billion<br>AUM & AUA growth:<br>2020<br>–<br>$<br>705<br>million; 2021<br>–<br>$<br>994<br>million<br>; 2022<br>–<br>($765) million<br>Revenue growth:<br>2020<br>–<br>19%;<br>2021<br>–<br>21<br>%; 2022<br>–<br>21%<br>Net Income growth:<br>2020<br>–<br>50%;<br>2021<br>–<br>30<br>%; 2022<br>–<br>1%<br>1)<br>See “Non<br>-<br>GAAP Measurements” slide on page 47.<br>2)<br>See “Non<br>-<br>GAAP Measurements” slide on page 49.<br>3)<br>See “Non<br>-<br>GAAP Measurements” slide on page 46.<br>43 |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>▪<br>Allowance for Credit Loss of 31 bps of loans held for investment includes a net increase of $831<br>thousand in 4Q22 as a result of a $414 thousand specific reserve release related to PCD loans from prior<br>acquisitions, offset by an increase in allowance of $408 thousand related to impaired loans and an<br>increase of $837 thousand related to the remaining loan portfolio, mainly due to an increase in loan<br>balances.<br>▪<br>Net decrease to allowance for credit losses for securities of $80 thousand in 4Q22, representing 95 bps<br>of securities as a result of changes in expected cash flows on interest<br>-<br>only strip securities due to<br>changes in the interest rate environment and prepayment speeds offset by lower securities balances.<br>▪<br>Probability of Default (“PD”) and Loss Given Default (‘LGD”) term structure approach for majority of<br>loan portfolio (96% of Non<br>-<br>PCD portfolio) with Loss Rate approach for remainder of Non<br>-<br>PCD loan<br>portfolio.<br>▪<br>PCD loans associated with the TGR Financial acquisition were individually assessed for credit losses<br>based on methodologies consistent with the CECL standards.<br>▪<br>Reasonable and supportable forecast period of 2 years using a weighting of Moody’s consensus and<br>alternative economic scenarios.<br>▪<br>Reversion to long run historical PDs and LGDs after 2 year period.<br>▪<br>Management expects key drivers of provisioning and reserving under CECL standard going forward to<br>include:<br>▪<br>Replenishment of reserves for net charge<br>-<br>offs<br>▪<br>Change in portfolio size and composition<br>▪<br>All other macroeconomic variables and loan level characteristics<br>▪<br>Ongoing reserve levels will continue to utilize quantitative and qualitative information<br>CECL<br>Methodology<br>Reserves<br>Ongoing<br>Impact<br>44<br>Current Expected Credit Losses (“CECL”) |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Balance Sheet and Equity Capital<br>1)<br>See “Non<br>-<br>GAAP Measurements” slide on page 49.<br>2)<br>Regulatory capital ratios for 4Q22 are preliminary until filing of our December 31, 2022 FDIC call report.<br>FFI holding company ratios not yet available.<br>45<br>8.26%<br>8.22%<br>8.98%<br>8.53%<br>8.59%<br>8.39%<br>8.25%<br>8.93%<br>8.43%<br>YE 2018<br>YE 2019<br>YE 2020<br>YE 2021<br>YE 2022<br>Tier I Leverage Ratio<br>(2)<br>FFB<br>FFI<br>$10.33<br>$11.57<br>$13.44<br>$14.92<br>$16.20<br>YE 2018<br>YE 2019<br>YE 2020<br>YE 2021<br>YE 2022<br>FFI TBV Per Share<br>(1)<br>8.01%<br>8.31%<br>8.75%<br>8.44%<br>7.13%<br>YE 2018<br>YE 2019<br>YE 2020<br>YE 2021<br>YE 2022<br>FFI TCE/TA<br>(1)<br>10.99%<br>11.12%<br>12.25%<br>12.04%<br>11.01%<br>11.16%<br>11.15%<br>12.17%<br>11.90%<br>YE 2018<br>YE 2019<br>YE 2020<br>YE 2021<br>YE 2022<br>Total Risk Based Capital Ratio<br>(2)<br>FFB<br>FFI<br>N<br>A<br>N<br>A |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Non<br>-<br>GAAP Return on Average Tangible Common Equity (ROATCE),<br>Adjusted Return on Average Assets and Net Income<br>46<br>1)<br>Annualized net income divided by average shareholders’ equity.<br>2)<br>Annualized adjusted net income available to common shareholders divided by average tangible common<br>equity.<br>3)<br>Annualized net income divided by average assets.<br>Return<br>on<br>average<br>tangible<br>common<br>equity<br>was<br>calculated<br>by<br>excluding<br>average<br>goodwill<br>and<br>intangibles<br>assets<br>from<br>the<br>average<br>shareholders’<br>equity<br>during<br>the<br>associated<br>periods<br>..<br>Adjusted<br>net<br>income<br>available<br>to<br>common<br>shareholders<br>includes<br>various<br>adjustments<br>to<br>net<br>income<br>and<br>the<br>associated<br>tax<br>effect<br>of<br>those<br>adjustments<br>during<br>the<br>associated<br>periods<br>..<br>Adjusted<br>return<br>on<br>average<br>assets<br>represents<br>adjusted<br>net<br>income<br>available<br>to<br>common<br>shareholders<br>divided<br>by<br>average<br>total<br>assets<br>..<br>The<br>table<br>below<br>provides<br>a<br>reconciliation<br>of<br>the<br>GAAP<br>measure<br>of<br>return<br>on<br>average<br>equity<br>to<br>the<br>non<br>-<br>GAAP<br>measure<br>of<br>return<br>on<br>average<br>tangible<br>common<br>equity<br>..<br>The<br>table<br>below<br>also<br>provides<br>a<br>reconciliation<br>of<br>the<br>GAAP<br>measure<br>of<br>return<br>on<br>average<br>assets<br>to<br>the<br>non<br>-<br>GAAP<br>measure<br>of<br>adjusted<br>return<br>on<br>average<br>assets<br>:<br>4) Annualized adjusted net income divided by average assets.<br>5) Non<br>-<br>GAAP measure.<br>Three Months Ended,<br>($ in thousands)<br>FY 2018<br>FY 2019<br>FY 2020<br>FY 2021<br>FY 2022<br>12/31/2021<br>12/31/2022<br>Average shareholders' equity<br>474,256<br>$<br><br>585,728<br>$<br><br>649,031<br>$<br><br>759,101<br>$<br><br>1,100,684<br>$<br><br>844,089<br>$<br><br>1,128,276<br>$<br><br>Less: Average goodwill and intangible assets<br>69,177<br><br><br>98,291<br><br><br>96,209<br><br><br>104,355<br><br><br>222,393<br><br><br>126,002<br><br><br>222,062<br><br><br>Average tangible common equity<br>405,080<br>$<br><br>487,437<br>$<br><br>552,823<br>$<br><br>654,746<br>$<br><br>878,291<br>$<br><br>718,087<br>$<br><br>906,214<br>$<br><br>Average total assets<br>5,300,243<br><br><br>6,156,739<br><br><br>6,690,422<br><br><br>7,733,279<br><br><br>11,456,932<br><br><br>8,313,123<br><br><br>12,728,499<br><br><br>Net Income<br>42,958<br>$<br><br>56,239<br>$<br><br>84,369<br>$<br><br>109,511<br>$<br><br>110,512<br>$<br><br>23,876<br>$<br><br>17,354<br>$<br><br>Adjustments:<br>Plus: Amortization of intangible assets expense<br>2,043<br><br><br>2,291<br><br><br>1,895<br><br><br>1,579<br><br><br>1,914<br><br><br>365<br><br><br>454<br><br><br>Plus: Valuation loss on equity investment<br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>6,250<br><br><br>-<br><br><br>6,250<br><br><br>Less: Incentive compensation reversal<br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>(4,150)<br><br><br>-<br><br><br>(4,150)<br><br><br>Less: Merger Related costs<br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>(36)<br><br><br>-<br><br><br>-<br><br><br>Plus: Professional service costs<br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>971<br><br><br>-<br><br><br>971<br><br><br>Total Adjustments<br>2,043<br><br><br>2,291<br><br><br>1,895<br><br><br>1,579<br><br><br>4,949<br><br><br>365<br><br><br>3,525<br><br><br>Less: Tax effect on amortization of intangible assets expense<br>(592)<br><br><br>(664)<br><br><br>(550)<br><br><br>(458)<br><br><br>(1,400)<br><br><br>(106)<br><br><br>(987)<br><br><br>Adjusted Net Income (loss) available to common shareholders<br>44,408<br>$<br><br>57,866<br>$<br><br>85,714<br>$<br><br>110,632<br>$<br><br>114,061<br>$<br><br>24,135<br>$<br><br>19,892<br>$<br><br>Tax rate utilized for calculating tax effect on amortization<br>29%<br>29%<br>29%<br>29%<br>28%<br>29%<br>28%<br>of intangible assets expense<br>Return on average equity<br>(1)<br>9.1%<br>9.6%<br>13.0%<br>14.4%<br>10.0%<br>11.3%<br>6.2%<br>Return on average tangible common equity<br>(2)<br>11.0%<br>11.9%<br>15.5%<br>16.9%<br>13.0%<br>13.4%<br>8.8%<br>Return on average assets<br>(3)<br>0.81%<br>0.91%<br>1.26%<br>1.42%<br>0.96%<br>1.15%<br>0.55%<br>Adjusted return on average assets<br>(4)(5)<br>0.84%<br>0.94%<br>1.28%<br>1.43%<br>1.00%<br>1.16%<br>0.63% |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Non<br>-<br>GAAP Efficiency Ratio<br>47<br>Efficiency<br>ratio<br>is<br>a<br>non<br>-<br>GAAP<br>financial<br>measurement<br>determined<br>by<br>methods<br>other<br>than<br>in<br>accordance<br>with<br>U<br>..<br>S<br>..<br>GAAP<br>..<br>This<br>figure<br>represents<br>the<br>ratio<br>of<br>adjusted<br>noninterest<br>expense<br>to<br>adjusted<br>revenue<br>..<br>The table below provides a calculation of the non<br>-<br>GAAP measure of efficiency ratio:<br>Three Months Ended,<br>($ in thousands)<br>FY 2018<br>FY 2019<br>FY 2020<br>FY 2021<br>FY 2022<br>12/31/2021<br>12/31/2022<br>Total noninterest expense<br>127,075<br>$<br><br>129,594<br>$<br><br>125,778<br>$<br><br>148,086<br>$<br><br>216,589<br>$<br><br>39,564<br>$<br><br>59,824<br>$<br><br>Less: Amortization of intangible assets expense<br>(2,043)<br><br><br>(2,291)<br><br><br>(1,895)<br><br><br>(1,579)<br><br><br>(1,914)<br><br><br>(365)<br><br><br>(454)<br><br><br>(Less)/Plus: Merger-related expense<br>(3,794)<br><br><br>-<br><br><br>-<br><br><br>(2,606)<br><br><br>36<br><br><br>(1,056)<br><br><br>-<br><br><br>Less: Professional service costs<br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>(971)<br><br><br>-<br><br><br>(971)<br><br><br>Less: FDIC insurance expense refund<br>-<br><br><br>1,211<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>Less: Incentive Compensation Reversal<br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>4,150<br><br><br>-<br><br><br>4,150<br><br><br>Adjusted Noninterest expense<br>121,238<br>$<br><br>128,514<br>$<br><br>123,883<br>$<br><br>143,901<br>$<br><br>217,890<br>$<br><br>38,143<br>$<br><br>62,549<br>$<br><br>Net interest income<br>155,610<br>$<br><br>169,954<br>$<br><br>196,644<br>$<br><br>233,284<br>$<br><br>318,690<br>$<br><br>61,958<br>$<br><br>74,719<br>$<br><br>Plus: Total noninterest income<br>35,771<br><br><br>41,776<br><br><br>54,647<br><br><br>70,453<br><br><br>48,234<br><br><br>13,830<br><br><br>7,223<br><br><br>Plus: Valuation loss on equity investment<br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>6,250<br><br><br>-<br><br><br>6,250<br><br><br>Less: Net gain (loss) from other real estate owned<br>-<br><br><br>(742)<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>Less: Net gain (loss) from securities<br>-<br><br><br>316<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>Less: Net gain on other equity investments<br>-<br><br><br>-<br><br><br>-<br><br><br>(1,069)<br><br><br>-<br><br><br>(1,069)<br><br><br>-<br><br><br>Less: Net gain on sale-leaseback<br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>(1,111)<br><br><br>-<br><br><br>-<br><br><br>Adjusted Revenue<br>191,381<br>$<br><br>211,304<br>$<br><br>251,291<br>$<br><br>302,668<br>$<br><br>372,063<br>$<br><br>74,719<br>$<br><br>88,192<br>$<br><br>Efficiency Ratio<br>63.3%<br>60.8%<br>49.3%<br>47.5%<br>58.6%<br>51.0%<br>70.9% |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Non<br>-<br>GAAP Noninterest Expense to Average Assets Ratio<br>48<br>Noninterest<br>expense<br>to<br>average<br>asset<br>ratio<br>is<br>a<br>non<br>-<br>GAAP<br>financial<br>measurement<br>determined<br>by<br>methods<br>other<br>than<br>in<br>accordance<br>with<br>U<br>..<br>S<br>..<br>GAAP<br>..<br>This<br>figure<br>represents<br>the<br>ratio<br>of<br>noninterest<br>expense<br>less<br>amortization<br>of<br>intangible<br>assets<br>expense<br>to<br>the<br>average<br>assets<br>during<br>the<br>associated<br>periods<br>for<br>First<br>Foundation<br>Bank<br>..<br>We<br>believe<br>this<br>non<br>-<br>GAAP<br>measure<br>is<br>important<br>to<br>investors<br>and<br>provides<br>meaningful<br>supplemental<br>information<br>regarding<br>the<br>performance<br>of<br>the<br>Company<br>..<br>This<br>non<br>-<br>GAAP<br>measure<br>should<br>not<br>be<br>considered<br>a<br>substitute<br>for<br>financial<br>measures<br>presented<br>in<br>accordance<br>with<br>GAAP<br>and<br>may<br>differ<br>from<br>similarly<br>titled<br>measures<br>reported<br>by<br>other<br>companies<br>..<br>The table below provides a calculation of the non<br>-<br>GAAP measure of noninterest expense to average assets for FFB:<br>($ in thousands)<br>3Q20<br>4Q20<br>1Q21<br>2Q21<br>3Q21<br>4Q21<br>1Q22<br>2Q22<br>3Q22<br>4Q22<br>Noninterest Expense to Average Assets Ratio<br>Total noninterest expense<br>24,949<br>$<br><br>25,784<br>$<br><br>28,579<br>$<br><br>28,868<br>$<br><br>31,488<br>$<br><br>32,440<br>$<br><br>40,101<br>$<br><br>42,032<br>$<br><br>53,571<br>$<br><br>52,915<br>$<br><br>Less: Amortization of intangible assets expense<br>(445)<br><br><br>(439)<br><br><br>(432)<br><br><br>(410)<br><br><br>(372)<br><br><br>(365)<br><br><br>(509)<br><br><br>(491)<br><br><br>(459)<br><br><br>(454)<br><br><br>(Less)/Plus: Merger-related expense<br>-<br><br><br>-<br><br><br>-<br><br><br>(1,166)<br><br><br>(384)<br><br><br>(1,056)<br><br><br>36<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>Less: Professional service costs<br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>(971)<br><br><br>Plus: Bonus Accrual Adjustment<br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>2,850<br><br><br>Less: FDIC insurance expense refund<br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>Less: One-time Impairment of Interest Only Strip<br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>-<br><br><br>Adjusted Noninterest expense<br>24,504<br>$<br><br>25,345<br>$<br><br>28,147<br>$<br><br>27,292<br>$<br><br>30,732<br>$<br><br>31,019<br>$<br><br>39,628<br>$<br><br>41,541<br>$<br><br>53,112<br>$<br><br>54,340<br>$<br><br>Less: Customer service expense<br>(1,723)<br><br><br>(1,728)<br><br><br>(1,770)<br><br><br>(2,353)<br><br><br>(2,512)<br><br><br>(2,140)<br><br><br>(1,788)<br><br><br>(4,611)<br><br><br>(13,560)<br><br><br>(18,219)<br><br><br>Adjusted Noninterest expense exc. customer service expense<br>22,781<br>$<br><br>23,617<br>$<br><br>26,377<br>$<br><br>24,939<br>$<br><br>28,220<br>$<br><br>28,879<br>$<br><br>37,840<br>$<br><br>36,930<br>$<br><br>39,552<br>$<br><br>36,121<br>$<br><br>Average Assets<br>7,012,084<br><br><br>6,710,191<br><br><br>7,074,136<br><br><br>7,449,361<br><br><br>7,922,934<br><br><br>8,088,622<br><br><br>10,391,150<br><br><br>10,720,238<br><br><br>12,035,375<br><br><br>12,680,435<br><br><br>Noninterest Expense to Average Assets Ratio<br>1.40%<br>1.51%<br>1.59%<br>1.47%<br>1.55%<br>1.53%<br>1.53%<br>1.55%<br>1.77%<br>1.71%<br>Noninterest Expense exc. Customer Service Expense<br>1.30%<br>1.41%<br>1.49%<br>1.34%<br>1.42%<br>1.43%<br>1.46%<br>1.38%<br>1.31%<br>1.14%<br>to Average Assets Ratio |
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| Copyright © 2023 First Foundation Inc. All Rights Reserved<br>Non<br>-<br>GAAP Tangible Common Equity Ratio, Tangible Book<br>value Per Share, And Adjusted Earnings Per Share<br>49<br>Tangible<br>common<br>equity<br>ratio,<br>tangible<br>book<br>value<br>per<br>share,<br>and<br>adjusted<br>earnings<br>per<br>share<br>are<br>non<br>-<br>GAAP<br>financial<br>measurements<br>determined<br>by<br>methods<br>other<br>than<br>in<br>accordance<br>with<br>U<br>..<br>S<br>..<br>GAAP<br>..<br>Tangible<br>common<br>equity<br>ratio<br>is<br>calculated<br>by<br>taking<br>tangible<br>common<br>equity<br>which<br>is<br>shareholders’<br>equity<br>excluding<br>the<br>balance<br>of<br>goodwill<br>and<br>intangible<br>assets<br>and<br>dividing<br>by<br>tangible<br>assets<br>which<br>is<br>total<br>assets<br>excluding<br>the<br>balance<br>of<br>goodwill<br>and<br>intangible<br>assets<br>..<br>Tangible<br>book<br>value<br>per<br>share<br>is<br>calculated<br>by<br>dividing<br>tangible<br>common<br>equity<br>by<br>basic<br>common<br>shares<br>outstanding,<br>as<br>compared<br>to<br>book<br>value<br>per<br>share,<br>which<br>is<br>calculated<br>by<br>dividing<br>shareholders’<br>equity<br>by<br>basic<br>common<br>shares<br>outstanding<br>..<br>Adjusted<br>earnings<br>per<br>share<br>(basic<br>and<br>diluted)<br>is<br>calculated<br>by<br>dividing<br>adjusted<br>net<br>income<br>available<br>to<br>common<br>shareholders<br>by<br>average<br>common<br>shares<br>outstanding<br>(basic<br>and<br>diluted)<br>..<br>The<br>reconciliation<br>of<br>GAAP<br>net<br>income<br>to<br>adjusted<br>net<br>income<br>available<br>to<br>common<br>shareholders<br>is<br>presented<br>on<br>slide<br>46<br>in<br>“Non<br>-<br>GAAP<br>Return<br>on<br>Average<br>Tangible<br>Common<br>Equity<br>(ROATCE)<br>and<br>Adjusted<br>Return<br>on<br>Average<br>Assets<br>..<br>”<br>The<br>table<br>below<br>provides<br>a<br>reconciliation<br>of<br>the<br>GAAP<br>measure<br>of<br>equity<br>to<br>asset<br>ratio<br>to<br>the<br>non<br>-<br>GAAP<br>measure<br>of<br>tangible<br>common<br>equity<br>ratio<br>and<br>the<br>GAAP<br>measure<br>of<br>book<br>value<br>per<br>share<br>to<br>the<br>non<br>-<br>GAAP<br>measure<br>of<br>tangible<br>book<br>value<br>per<br>share<br>:<br>($ in thousands, except per share amounts)<br>FY 2018<br>FY 2019<br>FY 2020<br>FY 2021<br>FY 2022<br>4Q22<br>Shareholders' equity<br>559,184<br>$<br><br>613,869<br>$<br><br>695,711<br>$<br><br>1,064,051<br>$<br><br>1,134,378<br>$<br><br>Less: Goodwill and intangible assets<br>99,482<br><br><br>97,191<br><br><br>95,296<br><br><br>222,125<br><br><br>221,835<br><br><br>Tangible Common Equity<br>459,702<br>$<br><br>516,678<br>$<br><br>600,415<br>$<br><br>841,926<br>$<br><br>912,543<br>$<br><br>Total assets<br>5,840,412<br>$<br><br>6,314,436<br>$<br><br>6,957,160<br>$<br><br>10,196,204<br>$<br><br>13,014,179<br>$<br><br>Less: Goodwill and intangible assets<br>99,482<br><br><br>97,191<br><br><br>95,296<br><br><br>222,125<br><br><br>221,835<br><br><br>Tangible assets<br>5,740,930<br>$<br><br>6,217,245<br>$<br><br>6,861,864<br>$<br><br>9,974,079<br>$<br><br>12,792,344<br>$<br><br>Equity to Asset Ratio<br>9.57%<br>9.72%<br>10.00%<br>10.44%<br>8.72%<br>Tangible Common Equity Ratio<br>8.01%<br>8.31%<br>8.75%<br>8.44%<br>7.13%<br>Book value per share<br>$12.57<br>$13.74<br>$15.58<br>$18.86<br>$20.14<br>Tangible book value per share<br>$10.33<br>$11.57<br>$13.44<br>$14.92<br>$16.20<br>Basic common shares outstanding<br>44,496,007<br>44,670,743<br>44,667,650<br>56,432,070<br>56,325,242<br>Adjusted net income available to common shareholders<br>44,408<br>$<br><br>57,866<br>$<br><br>85,714<br>$<br><br>110,632<br>$<br><br>114,061<br>$<br><br>19,892<br>$<br><br>Average basic common shares outstanding<br>42,092,361<br>44,617,361<br>44,639,430<br>45,272,183<br>56,422,450<br>56,366,499<br>Average diluted common shares outstanding<br>42,567,108<br>44,911,265<br>44,900,805<br>45,459,540<br>56,490,060<br>56,433,461<br>Earnings per share (basic)<br>$1.02<br>$1.26<br>$1.89<br>$2.42<br>$1.96<br>$0.31<br>Earnings per share (diluted)<br>$1.01<br>$1.25<br>$1.88<br>$2.41<br>$1.96<br>$0.31<br>Adjusted earnings per share (basic)<br>$1.06<br>$1.30<br>$1.92<br>$2.44<br>$2.02<br>$0.35<br>Adjusted earnings per share (diluted)<br>$1.04<br>$1.29<br>$1.91<br>$2.43<br>$2.02<br>$0.35 |
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