First Foundation Inc. (NASDAQ: FFWM), a financial services company with
two wholly-owned operating subsidiaries, First Foundation Advisors
(“FFA”) and First Foundation Bank (“FFB” or the “Bank”), which
collectively provide investment management, wealth planning, consulting,
insurance, trust and banking services primarily to high net-worth
individuals and businesses, today released a list of some of its most
important accomplishments over the past year.
“As 2016 begins, I feel it is important to reflect on what our team has
accomplished over the past year. These accomplishments have expanded and
strengthened First Foundation’s offering for the benefit of our clients,
our stakeholders, and our employees,” said Scott F. Kavanaugh, CEO of
First Foundation. “I am more excited than ever about where we are today
and what we can accomplish in the years ahead. Our team continues to do
great work executing our mission and enhancing the way we do business to
solve the complex financial needs of our clients.”
First Foundation’s list of accomplishments highlights successes in
adding to the strength of its executive leadership team, expanding into
new regions while growing its presence within its existing regions,
completing a public offering and capital raise, and continuing support
of its non-profit initiative, as detailed below:
Additionally, due in part to the items noted above, the Bank has been
able to attract highly qualified and experienced individuals to help
increase its lending and deposit gathering capabilities. Staffing at the
Bank increased from 167 at the end of May to 213 at the end of September
to 230 at the end of December. As a result:
-
Loan originations increased from $504 million in 2014 to over $925
million in 2015;
-
Loan originations in the 4th quarter were over $300
million; and
-
Deposits grew by over $550 million during 2015.
As would be expected with the increase in staffing and loan balances,
the Bank has seen increases in noninterest expenses and in our provision
for loan losses. However, First Foundation expects that these costs will
be more than offset in future periods through higher revenues generated
from the loan growth.
First Foundation Advisors benefited from over $500 million in assets
under management (“AUM”) generated from new accounts in 2015. However,
market performance during the year negatively impacted AUM balances,
resulting in lower revenue growth. That said, First Foundation Advisors
expanded the strength of its investment management team and made
additional enhancements to its infrastructure to support expected AUM
growth.
About First Foundation
First Foundation, a financial
institution founded in 1990, provides integrated investment management,
wealth planning, consulting, insurance, trust and banking services. The
Company is headquartered in Irvine, California, with offices in Newport
Beach, Pasadena, West Los Angeles, Oakland, San Diego, Palm Desert and
the Imperial Valley in California; in Las Vegas, Nevada; and in
Honolulu, Hawaii. For more information, please visit www.ff-inc.com.
Forward-Looking Statements
Statements in this news release
regarding our expectations and beliefs about our future financial
performance and financial condition, as well as trends in our business
and markets, are "forward-looking statements" as defined in the Private
Securities Litigation Reform Act of 1995. Forward-looking statements
often include words such as "believe," "expect," "anticipate," "intend,"
"plan," "estimate," "project," or words of similar meaning, or future or
conditional verbs such as "will," "would," "should," "could" or "may."
The forward-looking statements in this news release are based on current
information and on assumptions that we make about future events and
circumstances that are subject to a number of risks and uncertainties
that are often difficult to predict and beyond our control. As a result
of those risks and uncertainties, our actual financial results in the
future could differ, possibly materially, from those expressed in or
implied by the forward-looking statements contained in this news release
and could cause us to make changes to our future plans. Those risks and
uncertainties include, but are not limited to, the risk of incurring
loan losses, which is an inherent risk of the banking business; the risk
that the economic recovery in the United States will stall or will be
adversely affected by domestic or international economic conditions and
the risk that the Federal Reserve Board will continue to keep interest
rates low, any of which could adversely affect our interest income and
interest rate margins and, therefore, our future operating results; the
risk that the performance of our investment management business or of
the equity and bond markets could lead clients to move their funds from
or close their investment accounts with us, which would reduce our
assets under management and adversely affect our operating results; and
the risk that we may not be able to continue to attract deposit and loan
customers, any of which could adversely impact future earnings.
Additional information regarding these and other risks and uncertainties
to which our business and future financial performance are subject is
contained in Item 1A, entitled “Risk Factors” in our 2014 Annual Report
on Form 10-K for the fiscal year ended December 31, 2014 that we filed
with the SEC on March 16, 2015, and other documents we file with the SEC
from time to time. We urge readers of this news release to review the
Risk Factors section of that Annual Report. Also, our actual financial
results in the future may differ from those currently expected due to
additional risks and uncertainties of which we are not currently aware
or which we do not currently view as, but in the future may become,
material to our business or operating results. Due to these and other
possible uncertainties and risks, readers are cautioned not to place
undue reliance on the forward-looking statements contained in this news
release, which speak only as of today's date, or to make predictions
based solely on historical financial performance. We also disclaim any
obligation to update forward-looking statements contained in this news
release or in the above-referenced 2014 Annual Report on Form 10-K,
whether as a result of new information, future events or otherwise,
except as may be required by law or NASDAQ rules.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160107005387/en/
Copyright Business Wire 2016