First Foundation (US:FFWM)2021-01-26 14:49Company Overview - First Foundation Inc is a multi-diversified financial services company with a personal touch[6] - The company has $7.0 billion in assets, $4.9 billion in Assets Under Management, and $1.1 billion in Trust Assets Under Advisement as of December 31, 2020[6] - The company has 502 employees and 20 locations in the West Region[6] COVID-19 Response and Portfolio Strength - The company funded $171 million in PPP loans with an average size of ~$284,000 per loan[10] - $26.7 million or 16% of the total $171 million PPP loans funded were forgiven during 4Q20[11] - Forbearances are down over $107 million or 81% since June 30th 2020[13] - Non-performing assets ratio to total assets was 30 bps at the end of 4Q20[18] Loan Portfolio and Originations - Approximately 81% of the total loan portfolio is secured by stabilized real estate properties[17] - Record originations in 4Q20 of $715 million at a weighted average rate of 3.61%[40] - C&I originations comprised approximately 37% of total originations in 2020[42] Deposits and Funding - Total deposits reached $5.913 billion in 4Q20, with a cost of deposits at 0.41%[49] - Digital deposit channel balances reached $550 million at 12/31/20, with 15% growth quarter over quarter[53] - Brokered deposits as a percentage of total deposits was 6% in 4Q20[48] Financial Performance - Revenue for the full year 2020 was $251 million[76] - Net income for the full year 2020 was $84 million[76] - Return on Average Tangible Common Equity was 15.50% for the full year 2020[76]