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what it is
First Foundation is a bank-plus-wealth firm that offers deposits, loans, investment advice, and trust services.
how it gets paid
Last year First Foundation made $36M in revenue. deposit service fees was the main engine at $12M, or 33% of sales.
what just happened
The quarter said the quiet part out loud: FFWM posted $26M in revenue, but earnings were still deeply negative at -$1.79 a share.
At a glance
C balance sheet — red flag territory — real financial stress
20/100 earnings predictability — expect surprises
$0.02 fy2024 eps est
$6M fy2024 rev est
1.5 beta
xvary composite: 12/100 — weak
What they do
First Foundation is a bank-plus-wealth firm that offers deposits, loans, investment advice, and trust services.
You can keep your deposits, loans, investments, and trust work in one place. That convenience matters when 551 employees are serving clients across banking and wealth advice. Moving your checking account is annoying. Moving your trust setup too is worse.
How they make money
$36M
annual revenue
deposit service fees
$12M
investment advisory
$8M
wealth management
$7M
trust services
$5M
loan-related fees
$4M
The products that matter
commercial and private banking
First Foundation Bank
$11.6B in assets
this is the core bank. it holds $11.6B in assets, but the current snapshot also shows a -91.02% trailing profit margin. size without profitability is not much comfort.
$8.6B deposits
wealth and investment management
First Foundation Advisors
$191M trailing 12-month revenue referenced
this business helps explain why FFWM was worth buying, but the current snapshot does not break out its economics cleanly. all you can say with confidence from the data here is that it sits inside a company referenced at $191M in trailing 12-month revenue.
data thin
Key numbers
$1.6B
long-term debt
Debt equals 77% of capital. Plain English: the balance sheet is heavily borrowed. So what: small credit mistakes get big fast.
$0.02
2024 EPS
Annual EPS was barely above zero after a -$0.52 loss in 2023. Plain English: the comeback is tiny. So what: there is no earnings cushion yet.
1.5
beta
Beta measures how hard a stock swings versus the market. Plain English: FFWM moves about 50% more than the market. So what: your drawdowns can get ugly.
10/100
price stability
Price stability means how calm the stock has traded. Plain English: this chart has not been calm. So what: you should expect sharp swings, not a smooth ride.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 10 / 100
- long-term debt $1.6B (77% of capital)
C — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for FFWM right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The quarter said the quiet part out loud: FFWM posted $26M in revenue, but earnings were still deeply negative at -$1.79 a share.
Revenue rose 203% vs. prior year, based on EDGAR data. That sounds good until you remember the company still lost money. Sales improved. Profit did not.
$26M
revenue
$1.79
eps
+203%
revenue growth
the number that mattered
$1.79 EPS matters most because a bank with rising revenue and falling profits is telling you the balance sheet is still doing damage.
source: company earnings report, 2026
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What could go wrong
the #1 risk is the FirstSun merger slipping or breaking. if that happens, you are no longer holding a near-term deal — you are holding a C-rated bank with a -91.02% trailing profit margin.
high
merger delay or failure
the all-stock deal is valued at $1.44B and expected to close on apr 1, 2026. if timing slips or terms change, the market has to reprice FFWM as a standalone bank again.
the stock has already traded at $4 within the last 52 weeks. that shows you where downside memory lives.
high
deposit pressure keeps eroding the franchise
FFWM reported $8.6B in deposits in q2 2025, down $1B from the prior quarter. for a bank, deposit outflow is not cosmetic — it affects funding flexibility and confidence at the same time.
if deposits keep falling before closing, the buyer inherits a weaker balance sheet and shareholders inherit more uncertainty.
med
post-close cleanup could be harsher than hoped
firstsun has already signaled balance-sheet restructuring, while FFWM carries $1.6B in long-term debt equal to 77% of capital. the quiet part: buyers do not clean up healthy situations.
write-downs, balance-sheet changes, or weaker-than-expected accretion would confirm the business was worth less on its own than the headline deal made it appear.
if the deal slips, you are left underwriting $1.6B of long-term debt, $8.6B of deposits, and a -91.02% trailing margin. that is a very different stock from a routine merger close.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
april 1 close date
this is the main event. if the deal closes on schedule, the spread story ends and the page changes completely.
risk
any shift in merger language
watch for updates on final conditions, timing, or exchange mechanics. in a late-stage deal, wording changes matter.
metric
deposits and funding stability
$8.6B in deposits was already $1B lower than the prior quarter. if that line weakens again, the bank is still deteriorating into the handoff.
trend
the april 28 earnings date
if the merger closes on time, this may barely matter. if it does not, it becomes your next reality check on standalone damage.
Analyst rankings
earnings predictability
20 / 100
in human-speak, analysts do not trust this earnings stream to behave normally.
price stability
10 / 100
this stock does not trade like a sleepy bank. it trades like a stressed situation with a deadline attached.
source: institutional data
Institutional activity
institutional ownership data for FFWM is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$6
current price
n/a
target midpoint · n/a from current
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