First Foundation Inc. Files 2023 10-K, Details Subordinated Debt

TL;DR

**FFWM just dropped its 10-K, showing its 2023 financials and debt structure, including subordinated notes due 2030 and 2032.**

AI Summary

First Foundation Inc. (FFWM) filed its 10-K on February 28, 2024, for the fiscal year ending December 31, 2023. The filing details the company's financial position as a state commercial bank based in Irvine, CA. Key financial instruments mentioned include subordinated notes due in 2030 and 2032, and unsecured federal funds as of December 31, 2023.

Why It Matters

This filing provides transparency into First Foundation Inc.'s financial health and debt structure, which is crucial for investors and regulators to assess its stability and future prospects in the banking sector.

Risk Assessment

Risk Level: medium — The presence of subordinated notes due in 2030 and 2032 indicates long-term debt obligations that could impact future financial flexibility, warranting a medium risk assessment.

Key Numbers

• 2023-12-31 — Conformed Period of Report (End date of the financial reporting period)
• 001-36461 — SEC File Number (Unique identifier for SEC filings)
• 143 — Public Document Count (Number of documents in the filing)

Key Players & Entities

• First Foundation Inc. (company) — Filer of the 10-K
• Keller Financial Group (company) — Former name of First Foundation Inc.
• Irvine, CA (company) — Business address location
• December 31, 2023 (date) — Conformed period of report end date
• February 28, 2024 (date) — Filed as of date
• 2030 (date) — Maturity year for subordinated notes
• 2032 (date) — Maturity year for subordinated notes

FAQ

From the Filing

0001558370-24-002026.txt : 20240228 0001558370-24-002026.hdr.sgml : 20240228 20240228165958 ACCESSION NUMBER: 0001558370-24-002026 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 143 CONFORMED PERIOD OF REPORT: 20231231 FILED AS OF DATE: 20240228 DATE AS OF CHANGE: 20240228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: First Foundation Inc. CENTRAL INDEX KEY: 0001413837 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] ORGANIZATION NAME: 02 Finance IRS NUMBER: 000000000 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36461 FILM NUMBER: 24696524 BUSINESS ADDRESS: STREET 1: 18101 VON KARMAN AVE STREET 2: SUITE 700 CITY: IRVINE STATE: CA ZIP: 92612 BUSINESS PHONE: 949-222-2030 MAIL ADDRESS: STREET 1: 18101 VON KARMAN AVE STREET 2: SUITE 700 CITY: IRVINE STATE: CA ZIP: 92612 FORMER COMPANY: FORMER CONFORMED NAME: KELLER FINANCIAL GROUP DATE OF NAME CHANGE: 20071001 10-K 1 ffwm-20231231x10k.htm 10-K http://fasb.org/us-gaap/2023#InvestmentAdvisoryManagementAndAdministrativeServiceMember http://fasb.org/us-gaap/2023#InvestmentAdvisoryManagementAndAdministrativeServiceMember http://fasb.org/us-gaap/2023#OtherAssets http://fasb.org/us-gaap/2023#OtherLiabilities 0001413837 2023 FY false http://fasb.org/us-gaap/2023#NoninterestIncomeOtherOperatingIncome http://fasb.org/us-gaap/2023#NoninterestIncomeOtherOperatingIncome http://fasb.org/us-gaap/2023#NoninterestIncomeOtherOperatingIncome http://fasb.org/us-gaap/2023#InvestmentAdvisoryManagementAndAdministrativeServiceMember http://fasb.org/us-gaap/2023#FederalHomeLoanBankCertificatesAndObligationsFHLBMember P3Y P6M P20M 1900000 3400000 2200000 http://fasb.org/us-gaap/2023#OtherAssets http://fasb.org/us-gaap/2023#OtherLiabilities P13Y 2100000 0001413837 ffwm:UnsecuredFederalFundsMember 2023-12-31 0001413837 ffwm:SubordinatedNotesDue2032Member 2022-12-31 0001413837 ffwm:SubordinatedNotesDue2030Member 2022-12-31 0001413837 ffwm:SubordinatedNotesDue2032Member us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember 2023-01-01 2023-12-31 0001413837 ffwm:SubordinatedNotesDue2030Member us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember 2023-01-01 2023-12-31 0001413837 ffwm:SubordinatedNotesDue2032Member 2023-01-01 2023-12-31 0001413837 ffwm:SubordinatedNotesDue2030Member 2023-01-01 2023-12-31 0001413837 2017-01-18 2017-01-18 0001413837 us-gaap:RetainedEarningsMember 2023-12-31 0001413837 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0001413837 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0001413837 us-gaap:RetainedEarningsMember 2022-12-31 0001413837 us-gaap:AdditionalPaidInCapitalMember 2022-12-31 0001413837 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-12-31 0001413837 us-gaap:RetainedEarningsMember 2021-12-31 0001413837 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0001413837 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-12-31 0001413837 us-gaap:RetainedEarningsMember 2020-12-31 0001413837 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001413837 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0001413837 us-gaap:CommonStockMember 2023-12-31 0001413837 us-gaap:CommonStockMember 2022-12-31 0001413837 us-gaap:CommonStockMember 2021-12-31 0001413837 us-gaap:CommonStockMember 2020-12-31 0001413837 2010-12-01 2010-12-31 0001413837 ffwm:ExecutiveOfficersKeyEmployeesAndDirectorsMember 2015-12-31 0001413837 2007-12-31 0001413837 srt:MaximumMember 2023-01-01 2023-12-31 0001413837 us-gaap:RestrictedStockMember 2021-12-31 0001413837 us-gaap:RestrictedStockMember 2020-12-31 0001413837 us-gaap:FederalReserveBankAdvancesMember 2023-12-31 0001413837 ffwm:SubordinatedNotesDue2030Member 2023-12-31 0001413837 ffwm:OvernightFhlbAdvanceMember 2023-12-31 0001413837 ffwm:SubordinatedNotesDue2030Member 2022-12-31 0001413837 ffwm:WealthManagementMember 2023-01-01 2023-12-31 0001413837 ffwm:TrustFeesMember 2023-01-01 2023-12-31 0001413837 ffwm