Here are 1-3 brief analogies for First Foundation (FFWM):

• A regional Northern Trust, offering integrated banking and wealth management services.
• Think of it as a smaller, regional version of US Bank or PNC, with a strong emphasis on private banking and wealth management.
• A hybrid of a regional commercial bank and a wealth management firm like Merrill Lynch, targeting affluent individuals and businesses.

• Banking Services: Offers a full spectrum of deposit accounts, including checking, savings, and CDs, and provides diverse lending solutions such as commercial real estate, residential, and commercial & industrial loans.
• Wealth Management Services: Provides integrated financial planning, investment management, and advisory services for individuals and institutions.
• Trust Services: Delivers fiduciary services for estate planning, trust administration, and charitable giving.

First Foundation (FFWM) is a financial services company operating primarily through its bank, First Foundation Bank. As a diversified financial institution, it serves a broad base of customers rather than having a few major identifiable corporate customers in the traditional sense.

The company primarily sells its financial products and services to a combination of individuals and businesses. Its customer base can be categorized as follows:

• Individuals and Families: This category encompasses clients seeking personal banking services such as checking and savings accounts, residential mortgages, consumer loans, and comprehensive wealth management and trust services.
• Small to Medium-Sized Businesses (SMBs): First Foundation provides commercial banking services, business loans (including lines of credit and term loans), and treasury management solutions to a wide array of local and regional businesses across various industries.
• Commercial Real Estate Investors and Developers: The bank offers specialized financing for the acquisition, development, and refinancing of commercial properties, catering to investors and developers in the real estate sector.

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Thomas C. Shafer, Chief Executive Officer

Thomas C. Shafer was appointed Chief Executive Officer of First Foundation Inc. on November 22, 2024. He brings four decades of banking experience, including leadership roles at regional banks. Prior to joining First Foundation, Mr. Shafer served as Co-President of Commercial Banking and Senior Executive Vice President of Huntington Bancshares Inc. following its merger with TCF Financial Corporation, a position he held until December 2022. He also previously served as Chief Operating Officer of TCF Financial Corporation and President and Chief Operating Officer of TCF National Bank starting in August 2019, and as Chief Executive Officer of Chemical Bank from 2016 to 2019.

James Britton, Executive Vice President, Chief Financial Officer

James Britton was appointed Executive Vice President, Chief Financial Officer of First Foundation Inc., effective August 14, 2023. Mr. Britton joined First Foundation from Texas Security Bank, where he served as Executive Vice President, Chief Financial Officer, and Chief Operating Officer since March 2022. Before that, he was Executive Vice President, Director of Corporate Finance and Director of Investor Relations for Texas Capital Bank from September 2013 to March 2022, overseeing strategic and financial planning, financial forecasting, stress testing, and investor communications.

Simone Lagomarsino, President & Chief Risk Officer

Simone Lagomarsino was appointed President of First Foundation Inc. effective September 3, 2024, and also serves as Chief Risk Officer. She also became President of First Foundation Bank on July 8, 2024. Prior to joining First Foundation, Ms. Lagomarsino served as CEO of Luther Burbank Savings and as a director of Luther Burbank Corporation until February 2024. Her career includes executive positions at several financial institutions, and she was recognized as Community Banker of the Year by American Banker in 2013.

John Hakopian, President, First Foundation Advisors

John Hakopian serves as President, First Foundation Advisors, and Co-Chief Investment Officer of First Foundation Advisors.

Stuart Bernstein, Executive Vice President, Chief Banking Officer

Stuart Bernstein is the Executive Vice President, Chief Banking Officer at First Foundation.

The key risks to First Foundation's (FFWM) business are primarily centered around its exposure to interest rate fluctuations, its commercial real estate loan portfolio, and challenges in deposit funding.

1. Interest Rate Risk and Net Interest Margin Compression: First Foundation has faced significant challenges due to its large portfolio of fixed-rate multifamily loans originated when interest rates were low. As interest rates subsequently rose, the cost of the bank's deposits increased more rapidly than the income generated from these fixed-rate assets, leading to a substantial compression of its Net Interest Margin (NIM) and impacting profitability. The company's net interest margin plummeted from 3.18% before rates rose in 2022 to a trough of 1.17% at the start of 2024.
2. Commercial Real Estate (CRE) Exposure and Loan Portfolio Quality: The bank has been heavily invested in commercial real estate, particularly multifamily loans, which became a significant burden as interest rates climbed. This concentration has led to loan losses and a strategic overhaul to diversify its loan portfolio and reduce CRE exposure. The company has undertaken sales of substantial portions of these loans, resulting in quarterly losses and aggressive provisioning for credit losses, including a significant amount tied to a large Commercial and Industrial (C&I) loan, indicating a deterioration in loan quality and a conservative outlook on anticipated losses.
3. Liquidity and Deposit Funding Challenges: First Foundation has experienced aggressive loan growth that outpaced its deposit growth, resulting in a high loan-to-deposit ratio. This imbalance has led to increased reliance on higher-cost funding sources, such as brokered deposits and advances from Federal Home Loan Banks. The bank aims to build "granular core deposits" as a foundation for sustainable, long-term success. Additionally, a disclosed material weakness in internal control over financial reporting poses a risk to investor confidence and access to capital markets.

• Sustained pressure on net interest margin (NIM) due to elevated funding costs and intense competition for deposits. The prolonged high-interest-rate environment has led to increased deposit costs across the banking sector, compelling banks like First Foundation to pay more to attract and retain deposits. This trend directly compresses NIM, impacting profitability.
• Potential deterioration in Commercial Real Estate (CRE) loan portfolio quality. As a regional bank with significant exposure to CRE loans, First Foundation faces an emerging threat from potential defaults and credit losses in this segment, driven by higher refinancing costs for borrowers, ongoing shifts in demand (particularly in office and retail sectors), and tighter lending standards across the industry.

The addressable markets for First Foundation's (symbol: FFWM) main products and services in the U.S. are as follows:

• Personal Banking (U.S.): The U.S. retail banking market is valued at approximately USD 0.87 trillion in 2025 and is projected to reach USD 1.08 trillion by 2030, growing at a compound annual growth rate (CAGR) of 4.22% during this period.
• Business Banking (U.S.): The U.S. commercial banking market was valued at USD 0.95 trillion in 2024 and is projected to reach USD 1.4 trillion by 2032, expanding at a CAGR of 5.2% from 2025-2032.
• Private Wealth Management (U.S.):
  • Wealth Management (Assets Under Management - AUM): The U.S. wealth management market had USD 64.4 trillion in AUM in 2024, with expectations to reach USD 87.35 trillion by 2028. Similarly, the U.S. asset management market is valued at USD 63.28 trillion in 2025 and is forecast to expand to USD 112.17 trillion by 2030, reflecting a 12.13% CAGR.
  • Private Banking (Services Revenue): The U.S. private banking market size is projected to rise from US$ 127.6 billion in 2025 to US$ 218.4 billion by 2032, at a CAGR of 8.0%.
  • Trust Services (U.S.): The U.S. trust and corporate services market was estimated at $2.2 billion in 2023.
  • Insurance (U.S.): The U.S. insurance market size was valued at USD 1.48 trillion in 2023 and is predicted to reach USD 2.39 trillion by 2030, with a CAGR of 6.6% from 2024 to 2030.

Here are 3-5 expected drivers of future revenue growth for First Foundation (FFWM) over the next 2-3 years:

1. Merger with FirstSun Capital Bancorp: The strategic acquisition of FirstSun Capital Bancorp is anticipated to significantly accelerate First Foundation's business plan, particularly in Southern California, and is projected to double the company's size. This merger is expected to enhance growth opportunities in a prime market, improve profitability through a focus on core deposits and fee income, and diversify revenue streams by leveraging expertise in treasury management and residential mortgage.
2. Net Interest Margin (NIM) Expansion: First Foundation aims to expand its net interest margin, with a reiterated guidance of 1.8% to 1.9% by the end of 2025. Following the merger, the net interest margin is expected to increase further, from the 1.60s to nearly 4% by 2027, driven by improvements in funding costs and asset repricing.
3. Growth in Digital Banking Deposits and Core Deposits: The company has demonstrated progress in its digital banking initiatives, with digital deposits surpassing $1 billion in the second quarter of 2025, representing 12% of total deposits. A continued focus on growing these lower-cost core deposits is crucial for funding loan growth and improving overall profitability.
4. Strategic Repositioning of Loan Portfolio: First Foundation is actively repositioning its balance sheet, including a planned downsizing of $3.4 billion focused on non-relationship rate-sensitive elements and a target to exit its commercial real estate (CRE) held-for-sale portfolio by the end of 2025. This strategic shift aims to migrate to higher-yielding assets and more core deposits, with plans to bring in additional Commercial & Industrial (C&I)-focused teams, particularly in Southern California.
5. Expansion of Private Wealth Management and Fee Income Services: While wealth management income saw a decrease in Q1 2025, the combined entity with FirstSun is expected to enhance revenue synergies and diversify fee income through FirstSun's capabilities in treasury management and residential mortgage. First Foundation's integrated platform of personal banking, business banking, and private wealth management services, including investment, trust, insurance, and philanthropy, is designed to attract and grow its client base through comprehensive solutions and personalized service.

Share Repurchases

• No significant share repurchase programs have been announced or executed within the last 3-5 years.

Share Issuance

• In July 2024, First Foundation completed a $228 million equity investment, which included the issuance of 11,308,676 shares of common stock at $4.10 per share, along with new series of preferred stock.
• As of October 2, 2024, the Series B Noncumulative Convertible Preferred Stock issued in July 2024 automatically converted into an aggregate of 14,490,000 shares of common stock.

Inbound Investments

• First Foundation closed a $228 million equity investment in July 2024, with major contributions from Fortress Investment Group ($115 million), Canyon Partners ($46 million), Strategic Value Bank Partners ($22 million), and North Reef Capital ($22 million).
• This strategic equity raise was intended to enhance financial strength, improve net interest margin, and strengthen the balance sheet.

Outbound Investments

• In December 2021, First Foundation completed the acquisition of TGR Financial, Inc. and its subsidiary, First Florida Integrity Bank, in an all-stock transaction valued at approximately $295 million. This acquisition added approximately $1.1 billion in loans and $2.2 billion in deposits.
• In October 2025, First Foundation announced a proposed all-stock merger with FirstSun Capital Bancorp, valuing the deal at approximately $785 million, where First Foundation will merge into FirstSun.

Capital Expenditures

• Capital expenditures were reported as $0.64 million in 2024, $8.21 million in 2023, and $1.20 million in 2022.
• Expected capital expenditures for June 2025 were $422,000.
• The company has noted some client hesitancy regarding capital expenditures in 2025 due to the economic climate, while also making investments in the Florida market to support commercial growth.