First Foundation Inc. Files Q3 2024 10-Q

TL;DR

FFWM Q3 10-Q is in - check out their debt and interest rate swap details.

AI Summary

First Foundation Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the company, which operates in the commercial banking sector. Specific financial instruments and debt obligations, such as subordinated notes due in 2030 and 2032, are mentioned in relation to interest rate swaps.

Why It Matters

This filing provides investors with a detailed look at First Foundation's financial health and strategic positioning as of the end of the third quarter of 2024.

Risk Assessment

Risk Level: medium — The company operates in the banking sector, which is subject to regulatory and economic risks, and the filing mentions specific debt instruments and interest rate derivative activities.

Key Numbers

• 2024-09-30 — Reporting Period End Date (The financial data presented in the 10-Q pertains to this date.)
• 2024-11-08 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• First Foundation Inc. (company) — Filer
• 2024-09-30 (date) — Reporting Period End Date
• 2024-11-08 (date) — Filing Date
• 6022 (number) — Standard Industrial Classification for Commercial Banks
• 001-36461 (number) — SEC File Number
• Subordinated Notes Due 2032 (financial_instrument) — Debt Obligation
• Subordinated Notes Due 2030 (financial_instrument) — Debt Obligation
• Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate (financial_instrument) — Interest Rate Derivative

FAQ

From the Filing

0001558370-24-015032.txt : 20241108 0001558370-24-015032.hdr.sgml : 20241108 20241108144155 ACCESSION NUMBER: 0001558370-24-015032 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 86 CONFORMED PERIOD OF REPORT: 20240930 FILED AS OF DATE: 20241108 DATE AS OF CHANGE: 20241108 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-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36461 FILM NUMBER: 241439996 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-Q 1 ffwm-20240930x10q.htm 10-Q http://fasb.org/us-gaap/2024#InvestmentAdvisoryManagementAndAdministrativeServiceMember http://fasb.org/us-gaap/2024#InvestmentAdvisoryManagementAndAdministrativeServiceMember http://fasb.org/us-gaap/2024#InvestmentAdvisoryManagementAndAdministrativeServiceMember 0001413837 --12-31 2024 Q3 false http://fasb.org/us-gaap/2024#InvestmentAdvisoryManagementAndAdministrativeServiceMember P7Y 0001413837 srt:MinimumMember 2024-09-30 0001413837 srt:MaximumMember 2024-09-30 0001413837 ffwm:UnsecuredFederalFundsMember 2024-09-30 0001413837 ffwm:UnsecuredFederalFundsMember 2023-12-31 0001413837 ffwm:SubordinatedNotesDue2032Member 2023-12-31 0001413837 ffwm:SubordinatedNotesDue2030Member 2023-12-31 0001413837 ffwm:SubordinatedNotesDue2032Member us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember 2024-01-01 2024-09-30 0001413837 ffwm:SubordinatedNotesDue2030Member us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember 2024-01-01 2024-09-30 0001413837 ffwm:SubordinatedNotesDue2032Member 2024-01-01 2024-09-30 0001413837 ffwm:SubordinatedNotesDue2030Member 2024-01-01 2024-09-30 0001413837 us-gaap:CommonStockMember 2024-07-01 2024-09-30 0001413837 us-gaap:CommonStockMember ffwm:July2024CapitalRaiseMember 2024-07-01 2024-07-31 0001413837 ffwm:SeriesNoncumulativeConvertiblePreferredStockMember ffwm:July2024CapitalRaiseMember 2024-07-01 2024-07-31 0001413837 ffwm:SeriesBNoncumulativeConvertiblePreferredStockMember ffwm:July2024CapitalRaiseMember 2024-07-01 2024-07-31 0001413837 us-gaap:RetainedEarningsMember 2024-09-30 0001413837 us-gaap:AdditionalPaidInCapitalMember 2024-09-30 0001413837 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-09-30 0001413837 us-gaap:RetainedEarningsMember 2024-06-30 0001413837 us-gaap:AdditionalPaidInCapitalMember 2024-06-30 0001413837 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-06-30 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 2023-09-30 0001413837 us-gaap:AdditionalPaidInCapitalMember 2023-09-30 0001413837 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-09-30 0001413837 us-gaap:RetainedEarningsMember 2023-06-30 0001413837 us-gaap:AdditionalPaidInCapitalMember 2023-06-30 0001413837 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-06-30 0001413837 us-gaap:RetainedEarningsMember 2022-12-31 0001413837 us-gaap:AdditionalPaidInCapitalMember 2022-12-31 0001413837 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-12-31 0001413837 us-gaap:WarrantMember 2024-09-30 0001413837 us-gaap:PreferredStockMember 2024-09-30 0001413837 us-gaap:CommonStockMember 2024-09-30 0001413837 us-gaap:CommonStockMember 2024-06-30 0001413837 us-gaap:CommonStockMember 2023-12-31 0001413837 us-gaap:CommonStockMember 2023-09-30 0001413837 us-gaap:CommonStockMember 2023-06-30 0001413837 us-gaap:CommonStockMember 2022-12-31 00