Welcome to our dedicated page for First Foundation news (Ticker: FFWM), a resource for investors and traders seeking the latest updates and insights on First Foundation stock.
First Foundation Inc. (symbol: FFWM) is a comprehensive financial institution that has been serving clients since 1990. Headquartered in Orange County, California, the company extends its services across California, Nevada, and Hawaii. First Foundation offers an array of integrated financial solutions, including investment management, wealth planning, consulting, trust services, banking, and insurance services.
The company is dedicated to enhancing the wealth and well-being of its clients by providing a single source for all financial needs. This client-centric approach is underpinned by their core values:
- Listen: Understanding client needs through active listening.
- Respect: Treating clients with understanding and compassion.
- Collaborate: Working together with clients to achieve their financial goals.
- Innovate: Supporting new ideas to serve clients better.
- Serve: Being timely and proactive in client response.
First Foundation specializes in catering to high-net-worth individuals, retirement plans, charitable institutions, and private foundations. Their services are divided into two main segments: Banking and Wealth Management. They also offer loans to individuals and entities involved in multifamily residential and commercial real estate, as well as business banking solutions for small to moderate-sized businesses and professional firms.
In recent achievements, First Foundation has continued to expand its reach and enhance its service offerings through strategic partnerships and innovative financial products. The firm remains committed to its mission of providing integrated financial services to meet the diverse needs of its clients.
For the latest updates and financial news, investors and clients can check the most recent developments directly on their news section.
First Foundation (NYSE: FFWM) has announced the appointment of Thomas C. Shafer as its new Chief Executive Officer, following the retirement of Scott F. Kavanaugh who served as CEO since 2009. Shafer brings four decades of banking experience, most recently serving as Co-President of Commercial Banking at Huntington Bancshares. As part of his employment package, Shafer received 500,000 restricted stock units, with 250,000 units vesting on the second anniversary and the remainder on the third anniversary of the grant date.
First Foundation Inc. (NYSE: FFWM) announced its financial results for the third quarter ended September 30, 2024. The company, which operates through two subsidiaries - First Foundation Advisors (FFA) and First Foundation Bank (FFB), will host an earnings discussion led by CEO Scott F. Kavanaugh, CFO Jamie Britton, and COO Chris Naghibi. The presentation will be available through a live webcast and a toll-free conference call with Q&A session.
First Foundation Inc. (NYSE: FFWM) announced two significant developments:
1. The reclassification of $1.9 billion of its multifamily portfolio from loans held to maturity to loans held for sale. This strategic move aims to strengthen the company's balance sheet and improve flexibility. The company expects third quarter-end fair-value pricing to exceed 92% of the principal balance, although it will impact Q3 earnings and reduce tangible book value per share.
2. The conversion of all outstanding Series B Noncumulative Convertible Preferred Stock into 14,490,000 shares of common stock. This follows the Special Meeting of Stockholders held on September 30, 2024, and the conversion was completed on October 2, 2024.
The company also provided details on its current outstanding securities and a pro forma tangible book value per share of $10.20, adjusted for the July 2024 Capital Raise and preferred stock conversions.
First Foundation Inc. (NYSE: FFWM) has announced details for its third quarter 2024 earnings conference call. The company will release its Q3 2024 earnings results before the market opens on Tuesday, October 29. CEO Scott F. Kavanaugh will host a discussion of the financial results and provide a company update at 11:00AM ET / 8:00AM PT on the same day.
The earnings report and slide presentation will be available on First Foundation's investor relations site. Interested parties can access the live broadcast via the internet using the provided link or by visiting the company's website. For those wishing to participate in the Q&A, a toll-free dial-in number is available. Participants are advised to join the call ten minutes prior to its start. An archive of the call will be available for replay on the company's investor relations website.
First Foundation Inc. (NYSE: FFWM) has released its financial results for the second quarter of 2024. The company, which operates through two subsidiaries, First Foundation Advisors and First Foundation Bank, will host an earnings call to discuss the results and provide updates on recent activities. Scott F. Kavanaugh (CEO), Jamie Britton (CFO), and Chris Naghibi (COO) will lead the discussion.
The detailed earnings report and investor presentation are available on the company's investor relations website. Interested parties can join the live webcast or participate in the Q&A session via phone. This release does not provide specific financial figures or performance metrics, focusing instead on the logistics of the earnings call and access to detailed information.
First Foundation Inc. (NYSE: FFWM) has closed a $228 million equity investment involving Fortress Investment Group, Canyon Partners, Strategic Value Bank Partners, North Reef Capital, and other investors. The investment includes the issuance of 11,308,676 common shares at $4.10 each, alongside Series A and B Noncumulative Convertible Preferred Stock. Investors also received seven-year warrants for Series C Non-Voting Common Equivalent Stock. The investment is aimed at enhancing the company’s efforts to build a top-tier regional bank and long-term shareholder value. As of March 31, 2024, First Foundation has assets worth $13.6 billion, $10.1 billion in loans, $10.6 billion in deposits, and $929 million in total stockholders' equity.
First Foundation (NYSE: FFWM), a financial services company incorporating First Foundation Advisors and First Foundation Bank, has announced it will release its Q2 2024 earnings results on July 25, 2024, before the market opens.
A conference call hosted by President and CEO Scott F. Kavanaugh will follow at 11:00 AM ET / 8:00 AM PT to discuss the financial results, performance, and recent activities.
The conference will be accessible via a live webcast and a toll-free dial-in number. The earnings report and slide presentation will be posted on the company’s investor relations site.
A replay of the call will be available for those unable to attend the live event.
First Foundation announced a $228 million equity investment from Fortress Investment Group, Canyon Partners, Strategic Value Bank Partners, and North Reef Capital. The investment will be used to strengthen the company's balance sheet and improve its financial performance. Fortress will invest $115 million, Canyon Partners $46 million, while Strategic Value Bank Partners and North Reef Capital each contribute $22 million. The company will issue common and preferred stock to these investors, with the transaction expected to close around July 8, 2024.
Four new directors, including Simone Lagomarsino who will also be the bank's President, will join the board at closing. The equity raise is anticipated to help refocus the company's balance sheet, grow its commercial and industrial platforms, and increase earnings. The investment will also provide financial strength to improve the net interest margin and deposit base.
Shareholders will need to approve amendments to the certificate of incorporation and the issuance of common stock exceeding 19.9% of the total voting power. A strategic update call is scheduled for July 2, 2024, to discuss these developments.
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