First Foundation Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>First Foundation Inc. has submitted its 2023 10-K annual report, detailing its financial performance and operations.</b>

AI Summary

First Foundation Inc. (FFWM) filed a Annual Report (10-K) with the SEC on February 28, 2024. First Foundation Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company's primary business is commercial banking, with a SIC code of 6022. Key financial dates include December 31, 2023, for fiscal year end and February 28, 2024, for the filing date. The report details various financial instruments and accounts, including subordinated notes and common stock. The filing covers the period from January 1, 2023, to December 31, 2023.

Why It Matters

For investors and stakeholders tracking First Foundation Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of First Foundation Inc.'s financial health, operational activities, and strategic positioning for the fiscal year 2023. Investors and analysts can use this report to assess the company's performance, identify potential risks, and make informed investment decisions regarding FFWM.

Risk Assessment

Risk Level: — First Foundation Inc. shows moderate risk based on this filing. The company operates in the commercial banking sector, which is subject to significant regulatory oversight and economic fluctuations, as indicated by its SIC code and the nature of its financial instruments.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand FFWM's performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Report period)
• 2024-02-28 — Filing Date (Date of submission)
• 143 — Public Document Count (Number of documents in the filing)
• 001-36461 — SEC File Number (Company's SEC file number)

Key Players & Entities

• First Foundation Inc. (company) — Filer name
• FFWM (company) — Ticker symbol
• 2023-12-31 (date) — Fiscal year end
• 2024-02-28 (date) — Filing date
• 6022 (other) — Standard Industrial Classification

FAQ

Risk Factors

• Regulatory Environment [high — regulatory]: The company is subject to extensive regulation by federal and state agencies, which can impact its operations and profitability.
• Economic Conditions [medium — market]: Changes in the overall economic environment, interest rates, and market volatility can affect the company's financial performance and asset valuations.
• Operational Risks [medium — operational]: The company faces risks related to its ability to manage its operations effectively, including cybersecurity threats and the integration of new technologies.
• Credit Risk [medium — financial]: The company is exposed to credit risk from its lending activities, where borrowers may default on their obligations.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-28: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document type filed, providing the core financial and operational data for the year.)

SIC Code

Standard Industrial Classification code, used to classify businesses based on their primary activity. (Indicates the company's core business sector (Commercial Banks).)

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share FFWM New York Stock Excha
• $13.3 billion — milies. As of December 31, 2023, we had $13.3 billion of total assets, $10.1 billion of loans
• $10.1 billion — , we had $13.3 billion of total assets, $10.1 billion of loans, $10.7 billion of deposits, $5
• $10.7 billion — f total assets, $10.1 billion of loans, $10.7 billion of deposits, $5.2 billion of assets und
• $5.2 billion — on of loans, $10.7 billion of deposits, $5.2 billion of assets under management ("AUM"), and
• $1.3 billion — of assets under management ("AUM"), and $1.3 billion of trust assets under advisement ("AUA"
• $100,000 — be smaller in size, typically less than $100,000; will have terms ranging from 3 to 7 ye

Filing Documents

• ffwm-20231231x10k.htm (10-K) — 8467KB
• ffwm-20231231xex21d1.htm (EX-21.1) — 6KB
• ffwm-20231231xex23d1.htm (EX-23.1) — 3KB
• ffwm-20231231xex31d1.htm (EX-31.1) — 12KB
• ffwm-20231231xex31d2.htm (EX-31.2) — 12KB
• ffwm-20231231xex32d1.htm (EX-32.1) — 6KB
• ffwm-20231231xex32d2.htm (EX-32.2) — 7KB
• ffwm-20231231xex97.htm (EX-97) — 56KB
• ffwm-20231231x10k004.jpg (GRAPHIC) — 53KB
• ffwm-20231231x10k005.jpg (GRAPHIC) — 6KB
• ffwm-20231231x10k006.jpg (GRAPHIC) — 5KB
• ffwm-20231231x10k007.jpg (GRAPHIC) — 18KB
• ffwm-20231231xex23d1001.jpg (GRAPHIC) — 3KB
• 0001558370-24-002026.txt (&nbsp;) — 32498KB
• ffwm-20231231.xsd (EX-101.SCH) — 101KB
• ffwm-20231231_cal.xml (EX-101.CAL) — 115KB
• ffwm-20231231_def.xml (EX-101.DEF) — 473KB
• ffwm-20231231_lab.xml (EX-101.LAB) — 972KB
• ffwm-20231231_pre.xml (EX-101.PRE) — 817KB
• ffwm-20231231x10k_htm.xml (XML) — 8778KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS ii PART I Item 1

Business

Business 1 Item 1A

Risk Factors

Risk Factors 20 Item 1B Unresolved Staff Comments 34 Item 1C Cybersecurity 34 Item 2

Properties

Properties 35 Item 3

Legal Proceedings

Legal Proceedings 35 Item 4 Mine Safety Disclosures 35 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 35 Item 6 Reserved 39 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 40 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 69 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 70 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 127 Item 9A

Controls and Procedures

Controls and Procedures 127 Item 9B Other Information 128 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 128 PART III Item 10 Directors, Executive Officers and Corporate Governance 128 Item 11

Executive Compensation

Executive Compensation 129 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 129 Item 13 Certain Relationships and Related Transactions, and Director Independence 129 Item 14 Principal Accountant Fees and Services 129 PART IV Item 15 Exhibit and Financial Statement Schedules 129 Item 16 Form 10-K Summary 129 Index to Exhibits E-1

Signatures

Signatures S-1 i Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS In addition to historical information, this report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are those that predict or describe future events or trends or that do not relate solely to historical matters. However, our actual results and financial performance in the future will be affected by known and currently unknown risks, uncertainties and other factors that may cause our actual results or financial performance in the future to differ materially from the results or financial performance that may be expressed, predicted or implied by such forward-looking statements. Such risks, uncertainties and other factors include, among others, those set forth below in Item 1A, Risk Factors , and readers of this report are urged to read the cautionary statements contained in that section of this report. In some cases, you can identify forward-looking statements by words like "may," "will," "should," "could," "believes," "intends," "expects," "anticipates," "plans," "estimates," "predicts," "potential," "project" and "continue" and similar expressions. Readers of this report are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the respective dates on which such statements were made and which are subject to risks, uncertainties and other factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. First Foundation Inc. expressly disclaims any intent or any obligation to release publicly any revisions or updates to any of the forward-looking statements contained in this report to reflect events or circumstances after the date of this report or the occurrence of currently unanticipated events

Business

Item 1. Business Overview Unless we state otherwise or the context otherwise requires, references in this Annual Report on Form 10-K to "we," "our," and "us" refer to First Foundation Inc., a Delaware corporation, ("FFI" or the "Company") and its consolidated subsidiaries, First Foundation Advisors ("FFA") and First Foundation Bank ("FFB" or "Bank"), and FFB's wholly owned subsidiaries, First Foundation Insurance Services ("FFIS"), First Foundation Public Finance ("FFPF"), and Blue Moon Management, LLC. We are a financial services company that provides a comprehensive platform of financial services to individuals, businesses and other organizations. We currently conduct our operations in California, Nevada, Florida, Texas, and Hawaii. Our integrated platform provides banking products and services, investment advisory and wealth management services and trust services to effectively and efficiently meet the financial needs of our clients. We provide business banking products and services to small to moderate-sized businesses and professional firms, and consumer banking products and services to individuals and families. As of December 31, 2023, we had $13.3 billion of total assets, $10.1 billion of loans, $10.7 billion of deposits, $5.2 billion of assets under management ("AUM"), and $1.3 billion of trust assets under advisement ("AUA"). Our investment advisory and wealth management and trust services provide us with a stable source of diversified, fee-based, recurring revenues, and accounted for approximately 14% of total revenue in 2023. Our operating strategy is to build strong and stable long-term client relationships, one at a time, by delivering high quality banking and trust products and services and investment advisory and wealth management services. The primary role of our bankers, relationship managers and loan officers, in addition to attracting new clients, is to develop and maintain a strong relationship with their clients and to coordinate the servic

View Full Filing

View this 10-K filing on SEC EDGAR