First Foundation reaffirms financial position strength amid recent developments

First Foundation (FFWM), First Foundation Advisors and First Foundation Bank issued an updated financial information to reiterate its strong financial position as a regional bank. The company said First Foundation has a resilient core business, with "First Foundation Bank managing assets valued at more than $13.2 billion. First Foundation Bank has a strong liquidity position with the following balances: Cash and cash equivalents held on balance sheet of approximately $972 million as of 3/10/23. Fully collateralized credit facility from the Federal Home Loan Bank with $2.3 billion available as of 3/10/23. Federal Reserve discount window availability of $343 million as of 3/10/23. Available uncommitted credit lines of $254 million as of 3/10/23. Market value of unpledged securities is $576 million as of 2/28/23, that could be liquidated or pledged to provide additional liquidity if needed. Held-to-maturity securities of 6% of assets with an unrecognized adverse mark of only $96 million, as of 2/28/23. Loan balance of $10.7 billion as of 3/10/23. The loan-to-deposit ratio was 98% as of 3/10/23. First Foundation Bank has a diversified mix of deposits that has limited-to-no direct exposure to venture capital-backed deposits. Total deposits measured $10.9 billion as of 3/10/23, an increase of $600 million since year-end 2022. Additionally, First Foundation Bank maintained the following deposit balances: Total branch deposits of $4.1 billion as of 3/10/23, compared to $4.1 billion of 12/31/22. This is consistent with typical cyclicality of branch inflows and outflows in the first quarter of the year. Total digital banking deposits of $876 million as of 3/10/23, compared to $789 million of 12/31/22. This continues to be a robust channel for gathering deposits. Total commercial services deposits, or specialty deposits, of $4.0 billion as of 3/10/23, compared to $4.0 billion of 12/31/22. First Foundation Bank’s industry reputation for serving this specialized client base remains strong. Non-interest-bearing demand deposits measured 24% of total deposits as of 3/10/23. Exposure to the technology industry is limited as First Foundation Bank has not focused on technology clients, instead attracting deposits from a variety of sectors. Additionally, asset quality remains excellent, and First Foundation Bank has experienced no significant changes in classified assets, non-performing assets, and charge-offs since year-end. Known for outstanding credit quality and capital strength, First Foundation Bank has NPAs of 12 basis points as of 12/31/22 and a CET1 ratio of 10.6% as of 12/31/22." Furthermore, First Foundation Bank said it has no direct exposure to Silicon Valley Bank (SIVB) or Silvergate Bank (SI).