Company: FFWM
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001558370-25-011054
Chunk: 14

Company: First Foundation Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 3
Chunk 14
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  These measures include engaging with a professional services firm during the second quarter of 2025 to assist management with the material weakness pertaining to the allowance for credit loss (“ACL”) as noted in Item 9A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.  The scope of the engagement included:  (1) assessment of the current state ACL process, documentation, control activities, and estimation risk factors; (2) identification of gaps, associated recommendations, and a plan to address such gaps; (3) documenting the existing ACL process documentation; and (4) identifying, implementing, and documenting enhancements to the ACL process during the second half of 2025.  Management expects the scope of the work to address the ACL deficiencies.

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