Total assets have declined from $13.7 billion in 2024Q2 to $11.9 billion in 2025Q4, while the equity-to-assets ratio remains stagnant at 0.08.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash & Short Term Investments | 4.06B | 2.33B | 2.03B | 882.65M | 2.31B | 1.44B | 1.08B | 876.88M | 639.76M | 1.11B | 780.88M | 167.96M | 116.06M | 68.92M | 0 |
| Cash & Due from Banks | 1.62B | 1.02B | 1.33B | 656.49M | 1.12B | 629.71M | 65.39M | 67.31M | 120.39M | 597.95M | 215.75M | 29.69M | 56.95M | 63.11M | 0 |
| Short Term Investments | 2.43B | 1.31B | 703.23M | 226.16M | 1.19B | 807.43M | 1.01B | 809.57M | 519.36M | 509.58M | 565.13M | 138.27M | 59.11M | 5.81M | 0 |
| Total Investments | 10.02B | 11.25B | 11.64B | 11.78B | 8.57B | 6.09B | 6.04B | 5.59B | 4.32B | 3.3B | 2.32B | 1.29B | 952.84M | 741.1M | 4.88M |
| Investments Growth % | -10.96% | -3.34% | -1.19% | 37.54% | 40.6% | 0.79% | 8.1% | 29.47% | 30.85% | 42.28% | 79.22% | 35.86% | 28.57% | 15077.15% | - |
| Long-Term Investments | 7.54B | 9.94B | 10.94B | 11.56B | 7.37B | 5.29B | 5.03B | 4.78B | 3.8B | 2.79B | 1.75B | 1.16B | 893.73M | 735.29M | 4.88M |
| Accounts Receivables | 45.82M | 54.8M | 54.16M | 51.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 2.4M | 3.56M | 4.95M | 221.84M | 222.13M | 95.3M | 0 | 0 | 33.58M | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 215.25M | 0 | 0 | 0 | 0 | 27.28M | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 2.4M | 3.56M | 4.95M | 6.58M | 222.13M | 95.3M | 0 | 0 | 6.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 34.66M | 35.81M | 39.92M | 36.14M | 37.92M | 8.01M | 8.36M | 9.14M | 6.58M | 6.73M | 2.65M | 2.19M | 3.25M | 2.38M | 1.23M |
| Other Assets | -7.54B | 205.21M | 231.04M | 242.99M | 227.8M | 123.11M | 87.59M | 59.34M | 49.42M | 50.91M | 36.35M | 19.09M | 12.26M | 13.86M | 530.72M |
| Total Current Assets | 4.1B | 2.38B | 2.09B | 934.01M | 2.31B | 1.44B | 1.08B | 876.88M | 639.76M | 1.11B | 780.88M | 167.96M | 116.06M | 68.92M | 10.1M |
| Total Non-Current Assets | 37.06M | 10.26B | 11.24B | 12.08B | 7.88B | 5.52B | 5.23B | 4.96B | 3.9B | 2.87B | 1.81B | 1.19B | 921.29M | 761.59M | 541.49M |
| Total Assets | 11.9B | 12.65B | 13.33B | 13.01B | 10.2B | 6.96B | 6.31B | 5.84B | 4.54B | 3.98B | 2.59B | 1.36B | 1.04B | 830.51M | 551.58M |
| Asset Growth % | -5.86% | -5.12% | 2.41% | 27.64% | 46.56% | 10.18% | 8.12% | 28.61% | 14.23% | 53.34% | 91.27% | 30.66% | 24.91% | 50.57% | - |
| Return on Assets (ROA) | -1.26% | -0.71% | -1.51% | 0.95% | 1.28% | 1.27% | 0.93% | 0.83% | 0.65% | 0.71% | 0.68% | 0.7% | 0.84% | 0.84% | 1.65% |
| Accounts Payable | 0 | 0 | 0 | 147.25M | 110.07M | 79.02M | 66.42M | 40.26M | 24.71M | 14.34M | 0 | 0 | 0 | 0 | 0 |
| Total Debt | 1.6B | 1.6B | 1.58B | 1.37B | 210.13M | 269M | 743M | 708M | 678M | 1.25B | 796M | 282.9M | 141.1M | 100M | 91M |
| Net Debt | -20.83M | 582.7M | 255.82M | 713.44M | -911.63M | -360.71M | 677.61M | 640.69M | 557.61M | 652.05M | 580.25M | 253.21M | 84.15M | 36.89M | 91M |
| Long-Term Debt | 1.6B | 1.6B | 1.58B | 1.37B | 210.13M | 269M | 743M | 708M | 678M | 1.25B | 796M | 282.9M | 141.1M | 100M | 91M |
| Short-Term Debt | 24.79M | 431.82M | 515.84M | 1.18B | 173.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 9.39B | 122.8M | 130.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.67M | 10.07M | 7.46M | 7.19M | 331.59M |
| Total Current Liabilities | 24.79M | 9.87B | 10.69B | 10.51B | 8.92B | 5.99B | 4.96B | 4.57B | 3.47B | 2.44B | 1.52B | 962.95M | 802.04M | 649.74M | 79.79M |
| Total Non-Current Liabilities | 10.99B | 1.72B | 1.71B | 1.37B | 210.13M | 269M | 743M | 708M | 678M | 1.25B | 810.67M | 292.97M | 148.56M | 107.19M | 422.59M |
| Total Liabilities | 10.99B | 11.59B | 12.4B | 11.88B | 9.13B | 6.26B | 5.7B | 5.28B | 4.15B | 3.69B | 2.33B | 1.26B | 950.6M | 756.93M | 502.39M |
| Total Equity | 912.59M | 1.05B | 925.34M | 1.13B | 1.06B | 695.71M | 613.87M | 559.18M | 394.95M | 284.26M | 259.74M | 99.5M | 86.76M | 73.58M | 49.2M |
| Equity Growth % | -13.36% | 13.83% | -18.43% | 6.61% | 52.94% | 13.33% | 9.78% | 41.58% | 38.94% | 9.44% | 161.05% | 14.68% | 17.92% | 49.56% | - |
| Equity / Assets (Capital Ratio) | 7.67% | 8.33% | 6.94% | 8.72% | 10.44% | 10% | 9.72% | 9.57% | 8.7% | 7.15% | 10.02% | 7.34% | 8.36% | 8.86% | 8.92% |
| Return on Equity (ROE) | -15.78% | -9.34% | -19.33% | 10.05% | 12.45% | 12.88% | 9.59% | 9% | 8.12% | 8.57% | 7.45% | 9.01% | 9.79% | 9.45% | 18.49% |
| Book Value per Share | 11.06 | 16.06 | 16.40 | 20.08 | 23.70 | 15.49 | 13.67 | 13.14 | 11.18 | 8.49 | 11.22 | 6.09 | 4.36 | 3.70 | 2.47 |
| Tangible BV per Share | 11.03 | 16.00 | 16.31 | 16.15 | 18.75 | 13.37 | 13.67 | 13.14 | 10.23 | 8.49 | 11.22 | 6.09 | 4.36 | 3.70 | 2.47 |
| Common Stock | 83K | 82K | 56K | 56K | 56K | 45K | 45K | 44K | 38K | 16K | 16K | 8K | 8K | 7K | 6K |
| Additional Paid-in Capital | 855.27M | 849.51M | 720.9M | 719.61M | 720.74M | 433.94M | 433.77M | 431.83M | 314.5M | 232.43M | 227.26M | 78.2M | 76.33M | 69.43M | 50.87M |
| Retained Earnings | -30.12M | 125.04M | 218.57M | 426.66M | 340.98M | 247.64M | 175.77M | 128.46M | 85.5M | 57.06M | 33.76M | 20.38M | 11.99M | 4.14M | -1.66M |
| Accumulated OCI | 556K | -8.91M | -14.19M | -11.94M | 2.27M | 14.09M | 4.28M | -1.15M | -5.09M | -5.25M | -1.3M | 900K | -1.57M | 0 | -14K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 86.8M | 87.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Asset-Liability Duration Mismatch
According to recent regulatory filings, First Foundation's total assets have declined from a peak of $13.7 billion in 2024Q2 to $11.9 billion by 2025Q4, signaling a deliberate balance sheet shrinkage as the institution attempts to navigate significant margin compression and regional market volatility.
The reduction in total assets appears to be a defensive maneuver to preserve capital in the face of persistent net losses. This contraction suggests that the bank is prioritizing liquidity over growth, likely to mitigate the risks associated with its legacy multifamily loan book.
Based on the latest financial statements, the equity-to-assets ratio has remained stagnant at approximately 0.08, which, when combined with recent negative ROE figures, indicates that the bank's capital base is struggling to absorb ongoing operational losses and potential credit-related impairments.
The lack of meaningful capital accretion suggests that the bank's internal generation capacity is currently impaired. Investors should monitor whether this thin capital buffer necessitates future capital raises or further asset divestitures to maintain regulatory compliance.
As reported in quarterly balance sheet data, the bank maintains a cash and cash equivalents position of $1.6 billion as of 2025Q4, which serves as a critical liquidity buffer against the volatility inherent in its $10.0 billion investment securities portfolio.
The reliance on the securities portfolio to manage liquidity suggests that the bank is sensitive to market price fluctuations in its fixed-income holdings. This liquidity profile warrants close scrutiny, as any further need to liquidate these assets at a loss could exacerbate the existing capital strain.
Financial data indicates that the bank's heavy concentration in long-duration, fixed-rate multifamily loans, funded by shorter-term liabilities, has created a structural duration mismatch that continues to suppress net interest margins to a negligible 0.3% as of 2025Q4.
This mismatch appears to be the primary driver of the bank's current profitability challenges, as the cost of funding has outpaced the yield on legacy assets. The persistence of this gap suggests that the bank may remain vulnerable to interest rate volatility for the foreseeable future.
Quick answers to the most common questions about buying FFWM stock.
As of 2025, First Foundation Inc. (FFWM) had total assets of $11.90B including $4.10B in current assets.
First Foundation Inc. (FFWM) carries total debt of $1.60B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
First Foundation Inc. (FFWM) has total shareholders' equity (book value) of $912.6M ($11.06 book value per share). Book value represents the net worth of the company belonging to common stock holders.
First Foundation Inc. (FFWM) reported a current ratio of 165.47x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.