Company: FFWM
Filing Date: 2025-04-17
Form Type: DEF 14A
Source: 0001104659-25-036041
Chunk: 63

Company: First Foundation Inc.
Filing Date: 2025-04-17
Form: DEF 14A
Chunk 63
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 Recent Developments” beginning on page 13. • Total assets of $12.6 billion at December 31, 2024 compared to $13.3 billion at December 31, 2023. Assets under management (“AUM”) at FFA of $5.4 billion at December 31, 2024 compared to $5.2 billion at December 31, 2023. • Noninterest expense to average total assets ratio of 1.76% for 2024, compared to 1.80% for 2023. 39

TABLE OF CONTENTS

• Tangible book value per common share decreased to $11.68 per share at December 31, 2024 from $16.30 per share at December 31, 2023. (1) Book value decreased to $12.79 per share at December 31, 2024 from $16.39 per share at December 31, 2023. • Nonperforming assets (“NPAs”) to total assets of 0.37% at December 31, 2024 compared to 0.15% at December 31, 2023. (1) Tangible book value per common share is a non-GAAP financial measure. Tangible book value per common share is calculated by dividing tangible common equity by basic common shares outstanding, as compared to book value per share, which is calculated by dividing shareholders’ equity by basic common shares outstanding. Tangible common equity is calculated by taking shareholders’ equity and subtracting preferred stock and intangible assets. The table below provides a reconciliation of the GAAP measure of book value per share to the non- GAAP measure of tangible book value per common share. We believe that this information is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of capital ratios. Accordingly, we believe that tangible equity and tangible book value per share provide information that is important to investors and that is useful in understanding our capital position and ratios. However, these non-GAAP financial measures are supplemental and are not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. Tangible book value per share:

| (dollars in 000’s, except share amounts) | ​ | ​ | 2024 |   |            |   | ​ | ​ | 2023 |   |            |