#1FIRST FOUNDATION INVESTOR PRESENTATION FIRST FOUNDATION July 2023 PRIVATE WEALTH MANAGEMENT PERSONAL BANKING BUSINESS BANKING#2Safe Harbor Statement This report includes forward-looking statements within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including forward-looking statements regarding our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business and markets. Forward-looking statements often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," "outlook," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." The forward-looking statements in this report are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this report and could cause us to make changes to our future plans. Those risks and uncertainties include, but are not limited to, the risk of incurring credit losses, which is an inherent risk of the banking business; the quality and quantity of our deposits; adverse developments in the financial services industry generally such as the recent bank failures and any related impact on depositor behavior or investor sentiment; risks related to the sufficiency of liquidity; the negative impacts and disruptions resulting from the COVID-19 pandemic on our colleagues, clients, the communities we serve and the domestic and global economy, which may have an adverse effect on our business, financial position and results of operations; the risk that we will not be able to continue our internal growth rate; the performance of loans currently on deferral following the expiration of the respective deferral periods; the risk that we will not be able to access the securitization market on favorable terms or at all; changes in general economic conditions, either nationally or locally in the areas in which we conduct or will conduct our business; risks associated with changes in interest rates, which could adversely affect our interest income, interest rate margins, and the value of our interest-earning assets, and therefore our future operating results; the risk that the performance of our investment management business or of the equity and bond markets could lead clients to move their funds from or close their investment accounts with us, which would reduce our assets under management and adversely affect our operating results; negative impacts of news or analyst reports about us or the financial services industry; risks associated with proxy contests and other actions of activist stockholders, which may cause us to incur significant expense, cause disruption to our business and impact our stock price; the risk that we may be unable or that our board of directors may determine that it is inadvisable to pay future dividends at historic levels or at all; risks associated with changes in income tax laws and regulations; and risks associated with seeking new client relationships and maintaining existing client relationships. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as amended, and other documents we file with the SEC from time to time. We urge readers of this report to review those reports and other documents we file with the SEC from time to time. Also, our actual financial results in the future may differ from those currently expected due to additional risks and uncertainties of which we are not currently aware or which we do not currently view as, but in the future may become, material to our business or operating results. Due to ese and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this report, which speak only as of today's date, or to make predictions based solely on historical financial performance. We also disclaim any obligation to update forward-looking statements contained in this report or in the above-referenced reports, whether as a result of new information, future events or otherwise, except as may be required by law or NASDAQ rules. Non-GAAP Financial Measures This presentation contains both financial measures based on GAAP and non-GAAP based financial measures, which are used when management believes them to be helpful in understanding the Company's results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the appendix of this presentation as of and for the quarter ended June 30, 2023. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved 1#3A Multi-Diversified Regional Financial Services Company with a Personal Touch COMPANY CORE BUSINESS TARGET CLIENTS $12.8 Billion in Bank Assets PERSONAL BANKING PRIVATE BANKING BUSINESS BANKING $5.3 Billion in Assets Under Management Data as of June 30, 2023. FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved FIRST FOUNDATION BANK BUSINESS OWNERS REAL ESTATE INVESTORS SMALL AND MEDIUM BUSINESSES HOAS, MSRs, 1031 EXCHANGES, TITLE AND ESCROW COMPANIES LOCAL MUNICIPALITIES FIRST FOUNDATION ADVISORS NASDAQ: FFWM Five States: CA, TX, NV, HI, and FL 588 Employees, 31 Branch/Office Locations PRIVATE WEALTH $1.2 Billion in Trust Assets Under Advisement MANAGEMENT Complementary services HIGH NET WORTH INDIVIDUALS MULTI-GENERATIONAL FAMILIES CORPORATE EXECUTIVES NONPROFITS Scale with a proven business model TRUST SERVICES Focus on providing exceptional service 2#42023 Banking Environment ■ ■ ■ Fed interest rate actions culminated, causing unprecedented challenges throughout the industry during the quarter. Fed has raised interest rates 525bps since January 2022, creating significant NIM compression for all banks. Total deposits at Q2'23 were $10.81 billion, up $755 million from prior quarter. Deposit inflows and outflows normalized in Q2'23. FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved 3#5Deposits As of June 30, 2023, insured and collateralized deposits represent approximately 88% of total deposits, including accounts eligible for pass-through insurance. This figure improved from the previously reported 85% of total deposits as of March 31, 2023. ■ $8,544 85% $10,052 Total Deposits Insured and Collateralized vs. Uninsured Deposit Mix ($ in thousands) FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved $1,508 15% March 31, 2023 Insured and Collateralized Deposits $9,494, 88% $10,807 Total Deposits $1,313, 12% June 30, 2023 Uninsured and Uncollateralized Deposits 4.#6Deposits Loan to deposit ratio negatively impacted in Q1'23 due to dislocation in the banking industry mid-March 2023. Loan to deposit ratio of 98% as of June 30, 2023. Loan to deposit ratio of 93% as of July 20, 2023. Deposit levels hit low point during Q1'23 and have risen $755 million since (as of June 30, 2023). ■ 120% 100% 80% 60% 40% 20% 0% 95% Loan / Deposit Ratio 93% 81% 78% Loan/ Deposit Ratio FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved 104% 106% YE 2018 YE 2019 YE 2020 YE 2021 YE 2022 Q1'23 Q2'23 98% Average Average 94% 12,000 10,000 8,000 6,000 4,000 2,000 0 10,363 1,879 1,020 2,158 2,569 2,737 Dec'22 Deposit by Type ($ in thousands) 11,047 10,602 2,016 1,050 2,202 2,668 2,666 Jan'23 Non-interest Bearing ■Money Market CDs 2,271 1,074 2,238 2,743 2,721 Feb'23 10,052 2,306 1,049 1,949 2,364 2,263 Mar¹23 Interest Bearing Savings 10,807 2,769 1,150 1,947 2,281 2,660 Jun¹23 5#7Strong Liquidity Position ■ ■ Due to the proactive steps taken before March 2023, First Foundation Bank continues to be in a strong liquidity position Available cash and cash equivalents held on balance sheet: $926 million. Fully collateralized credit from the Federal Home Loan Bank: $2.3 billion. Federal Reserve discount window availability: $900 million. Available uncommitted credit lines: $145 million. Market value of unpledged securities of $156 million as of June 30, 2023. FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved $4.4 billion on and off balance sheet liquidity#8Strong Regional Presence Headquartered in Dallas, TX, FFWM has 31 branch / offices locations in five states: CA, TX, NV, HI, and FL FFWM's loan portfolio is primarily concentrated within the branch footprint; 71% of total loans in CA, 4% in TX, 1% in NV, and 10% in FL Expansion focused on attractive markets with positive demographic trends and business friendly environments I ■ Presence in Some of the Fastest Growing MSAs in the Country 1. 2. 3. 4. AUBURN SHERMAN OAKS PASADENA WESTWOOD ROSEVILLE SACRAMENTO SAN FRANCISCO OAKLAND BURLINGAME SAN JOSE PALOS VERDES ESTATES ROLLING HILS ESTATES LOS ANGELES TORRANCE You HONOLULU NEVADA CALIFORNIA 900 SEAL BEACH LAGUNA HILLS IRVINE HAWAI'I LAS VEGAS O SAN DIEGO LUCERNE VALLEY BIG BEAR LAKE RUNNING SPRINGS INDIAN WELLS EL CENTRO DALLAS - HQ IRVING FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved TEXAS 5 year historical. 5 year projected based on Company management estimates. PLANO BONITA SPRINGS NAPLES ICROSSPOINTE DR JANCHOR RODE DRJ MARCO ISLAND Source: SNL Financial; Claritas LLC; FDIC branch reports from SNL Financial; Company Reports As of May 2022. As of latest FDIC branch report dated September 2022. IMMOKALEE AVE MARIA NAPLES (KRAFTRO NAPLES PINE ROGERD) NAPLES FIFTH AVE) FLORIDA TAMPA Located in Expanding and Affluent Markets Average household income of $83k versus overall U.S. average of $74k(¹) ■ ■ ■ ■ Outsized population growth in markets with large market share(1) (3) ■ ~2.0x the U.S. average branch deposit growth in our footprint over the past 5 years " O I 87% in our footprint versus 45% nationwide (2) Exceptional historical and projected population growth in newly-entered markets(1) Dallas-Fort Worth-Arlington, TX (Historical): 7.3% (3) Dallas-Fort Worth-Arlington, TX (Projected): 5.9%(4) Naples-Marco Island, FL (Historical): 8.8% (3) Naples-Marco Island, FL (Projected): 5.7% (4) Riverside-San Bernardino-Ontario, CA: 3.7% Sacramento-Roseville-Folsom, CA: 4.2% Las Vegas-Henderson-Paradise, NV: 8.1% 7#9Our Approach Within Attractive Markets Three-pronged approach to market entry and presence. 1. Grow presence in business friendly and expanding markets Dallas-Fort Worth Metroplex, TX Naples-Marco Island, FL 2. Maintain a strong presence in mature and affluent markets West Los Angeles and Pasadena, CA Palos Verdes and the South Bay, CA Orange County, CA San Diego, CA Indian Wells and Palm Springs, CA San Francisco, CA 3. I ■ Sacramento, CA Las Vegas, NV Honolulu, HI Obtain market share in secondary and stable markets (¹) Lucerne Valley: 100% Running Springs: 100% ■ M ■ I I Big Bear Lake: 28.3% El Centro: 8.4% Auburn: 3.1% Source: SNL Financial; Company Reports 1. As of latest FDIC branch report dated September 2022. FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved Significant new opportunities for entire suite of services Provide excellent customer service and deepen relationships Focus on deposits as the bank of choice in local region 8#10Serving Clients Across Generations Educate + Protect Personal and Business Banking Checking and Savings Accounts Money Market Accounts Certificate of Deposits (CDs) Digital Account Opening and Support Mobile Banking I ■ . BUILD "Millennials" I Full Suite of Treasury Management Offerings $48 Trillion Greatest Generation Silent (87<) Generation Baby Boomers (70-87) (51-69) ɔ FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved Solutions for every stage in the financial journey · Focused Consumer, Real Estate, and Commercial Lending SBA & Small Business Small Balance Business ■ ■ Plan + Build Equipment Finance Owner Occupied Real Estate Multifamily Investor Owned Real Estate GROW "Gen X" Well Positioned to Facilitate The Great Wealth Transfer Generation X & Millennials (<51) 57% of total assets are estimated to be transferred to Generation X households. ■ I Primary Single Family Rental Single Family Home Equity Lines of Credit Personal Lines of Credit 45 million U.S. households will pass a mind-boggling $68 trillion ($48 trillion from Boomers alone) to their children the biggest generational wealth transfer ever.* *According to report by Cerulli Associates Consume + Distribute Private Wealth Management Wealth Planning & Advisory Investment Management Business Succession . ■ ■ ■ ENJOY "Boomers" ■ Philanthropy Services Corporate Trustee Nevada Asset Protection Trust Successor Trustee Solutions to serve both the boomer and the next generations. Expertise on multi-generational gifting strategies and setting up the next gen for financial success. 9#11Technology Driving Efficiencies and Enhancing Client Experience Nationally recognized for our investment to drive innovation Traditional Banking Services With the Same Features as a Fintech 8 ● 8 ... Existing Strong Foundation Recent Enhancements Made / Planned FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved ● WILD . CELENT MODEL BANK ✓Latest Fiserv Core Banking system: Precision ✓ Data warehouse / CRM - marketing and client data mining ✓ Deep integrations with loan origination systems and core ✓ Al automating workflows to drive efficiency ✓ Technology-enhanced compliance tracking ✓ Digital banking processes with open APIs ✓ Dedicated to the strictest security measures Core Technology Tech Driving Process Efficiencies fiserv. accutech Key Partners ✓Peer-to-peer payments through Zelle® ✓ Digital signature capture for lending and deposit products ✓ Automated online deposit account opening and delivery ✓ Industry-leading commercial business banking online ✓ Automated account switching solution to move new customer direct deposits and bill pay to bank MX Upgraded to Orion, state-of-the-art enterprise investment software platform for wealth management clients Deep integration between trust accounting and portfolio management systems New single family loan origination system New commercial loan origination system upgrades ● Client Experience Tech Enhancing the Client Experience . ORION ADVISOR TECH Account aggregation across institutions New mobile and desktop consumer banking applications New client portal for wealth management clients Rewards deposit accounts Financial wellness scoring 10#12Brand Awareness Using Digital Channels Sample Search Phrases (note: rankings fluctuate daily) "Multifamily lending" "Apartment lending" "Wealth planning services" "What is personal banking" "Life and wealth planning" "Business banking" "Wealth planning" "Savings goal calculator" "Income property lending" "Owner occ. real estate financing" "Online savings account" "Online savings account rates" 1. AWARE- NESS Building awareness without paid advertising by ranking highly for relevant search phrases on Google. Focused on 50-60 key terms related to our business. Ranked consistently in Top 25 nationally for high-value search phrases. 2. ENGAGE- MENT Search Engine Optimization ■ Presence on major social networks Engaged community of followers Affinity towards brand and culture ■ Social Media 3. Content DELIVERY Marketing Valuable content sourced by in-house and third-party writers Provides education; Fosters interest Boosts SEO; Generates leads FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved Google Key Content Topics Investment Commentary Market Alerts The Week Ahead Wealth Planning Cyber Security National Rank ¹ 1 3 8 11 12 15 16 29 31 40 55 56 Frequency 4/ year 2-4 / year 50/year 4-6 / year 4/ year Online Savings Account | First Foundation Bank https://firstfoundationinc.com > personal-banking bank online-savings. Your soon-to-be favorite savings account.. An Overview of First Foundation.. Our Online Savings account offers one of the highest available interest rates in the market. Savings Accounts - Discover Your Options - HSBC Bank USA https://www.us.hsbc.com>savings-accounts Digital brand awareness significantly reduces the cost of new client acquisition Compare and apply online for HSBC Savings Accounts that offer higher rates the more you sav competitive rates or a traditional savings account that helps to ... High Yield Online Savings Account | Marcus by Goldman... https://www.marcus.com › savings > high-yield-savings. Marcus by Goldman Sachs offers an online savings account with a rate that beats the Nation Savings Average. Learn more and open an online savings... Q . Trghum THE WEEK AH 4343 Mock Dedolevad in O Security Tips for Online Holiday Shoppers f First Foundation @FirstFoundinc Dec 23, 2018 h celebration of the winter holiday, we will be closing our branch offices at 2pm on December 24 and will reopen on Thursday December 26. Feel free to visit our website at firstloundationinc.com 1) SEMRush, as July 17, 2023; based on all internet traffic; does not include paid search; does however include all website traffic, not just those of banks and financial services companies. 11#13Loans FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved 12#14Loan Portfolio Overview Loan Portfolio by Asset Class 2Q23 ($ in millions) Multifamily, $5,267, 50% Consumer, $4, 0% $10,585 Total Loans CRE Investment, $634, 6% Other(2), $17,0% Single Family, $983, 9% Commercial Business (1), $3,522, 33% Land and Construction, $159, 2% California $7,493 71% 1) Commercial Business asset class includes C&l and Commercial Owner Occupied CRE Loans. 2) Other includes premiums, discounts and deferred fees and expenses on all loans. FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved Loan Portfolio by State 2Q23 ($ in millions) $10,585 Total Loans 2Q23 Yield on Originations: 7.90% 2Q23 Yield on Loans: 4.69% Florida $1,015 10% Texas, $409, 4% Other $1,520 14% Hawaii, $42, 0% Nevada, $106, 1% Diversification by asset class and geography/state 13#15Loan Portfolio by Geographic Distribution Texas originations totaled $13 million during 2Q23 with $11 million in commercial business. ■ ■ Florida originations totaled $23 million during 2Q23 with $22 million in commercial business. Multifamily Loans 2Q23 ($ in millions) California, $4,611, 87% $5,267 Total Loans Florida, $100, 2% Other, $294, 6% FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved Texas, $226, 4% Hawaii, $2,0% Nevada, $35, 1% NOO CRE Loans 2Q23 ($ in millions) Florida, $370, 58% $634 Total Loans California, $229, 36% Commercial Business Loans 2Q23 ($ in millions) Other, $9, 1% Texas, $22,4% Hawaii, $1,0% Nevada, $3, 1% Florida, $320 9% $3,522 Total Loans California, $1,806, 51% California, $799, 81% Single Family Loans 2Q23 ($ in millions) $983 Total Loans Texas, $150, 4% Hawaii, $10, 0% Nevada, $58, 2% Other, $1,178, 34% Florida, $116, 12% Other, $28,3% Texas, $2,0% Hawaii, $29, 3% Nevada, $10, 1% 14#16Net Loan Activity $10,670 Beginning Balance 1Q23 $10,726 Beginning Balance 4Q22 $474 Total Originations $955 Total Originations FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved ($279) Line Paydowns/ Scheduled Payments ($504) 2Q23 Loan Roll Forward Line Paydowns/ Scheduled Payments ($279) Prepayments 2Q23 YTD Loan Roll Forward ($590) ($0) Prepayments Net Charge Offs ($2) Net Charge Offs $0 Loan Sales $0 Loan Sales: $0 Loans Acquired $0 Loans Acquired $10,585 Ending Balance 2Q23 $10,585 Ending Balance 2Q23 15#17Lending Activities Limited but Focused on High Quality Commercial Business $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 M $0 Loan Origination Composition Trend ($ in millions) 1) 2) 2018 2019 2020(¹) 2021(2) 2022 2Q22 YTD ■ Commercial Business ■CRE Investment Includes $171 million in PPP loans. Includes $56 million in PPP loans. Multifamily ■ Single Family FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved 2Q23 YTD 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Commercial business originations in 2Q23 YTD of $863 million and $2.9 billion in 2022. Origination Composition 2% 4% 3% 40% 2Q22 YTD ■ Commercial Business ■ Other 51% CRE Investment 4% 2% 3% ■ Multifamily ■ Single Family 90% 2Q23 YTD 16#18Diversified Commercial Business Portfolio Commercial Portfolio by Industry Sectors 2Q23 Professional, Scientific, Arts, Entertainment and Technical Services and Recreation 2% 2% Other Services (except Public Administration) 2% Admin, and Waste Management and Remediation Services 2% Accommodation and Food Services 3% Wholesale Trade 3% Construction 4% Manufacturing 5% Real Estate and Rental and Leasing 7% Other(1) 9% $3,522 Total Loans Finance and Insurance 32% FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved Public Administration 29% No sector comprises more than a 1/3 of the portfolio. Low CRE exposure 1) No individual sector within "Other" category is larger than 1.9%. Commercial Portfolio by Facility Type 2023 Commercial Term 16% CRE Own Occ 11% Commercial Line of Credit 36% $3,522 Total Loans Municipal Financing 29% Equipment Finance 7% SBA PPP 0% 88% of commercial business portfolio is not commercial real estate. SBA 7A 0% SBA Own Occ CRE 1% 17#19Conservative Portfolio of Residential Loans Multifamily Loan Characteristics (1) Average Loan Size Average LTV(2) Average DSCR (3) % Delinquent ■ ■ ■ 1) 2) 3) $3.28 Million 4) 54% 1.42x 0.00% Single Family Real Estate Loan Characteristics (1) Average Loan Size(5) Average LTV(2) Median FICO (4) % Delinquent $678 Thousand 49% Conservative underwriting to in-place rents and higher of market or actual vacancy and expenses. No multifamily charge-offs since FFB's creation in 2007. 764 0.40% High credit quality with consistently low LTVs for both multifamily and single family loans and strong DSCR ratios on multifamily loans. Strong single family borrower characteristics with high FICO scores and larger loan balances. Data as of June 30, 2023, unless otherwise noted. Loan-to-Value ("LTV") at time of origination. Debt Service Coverage Ratio ("DSCR") represents the actual fully amortizing DSCR based on the initial interest rate, loan amount and property's Net Operating Income ("NOI") at time of origination. Median FICO based on lowest median score of the borrowing entities associated with each loan at time of origination. FICO data at time of origination not available on ~6% of portfolio related to loans originated by acquired banks. 5) Excludes zero balance HELOCS. FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved 18#20Our Multifamily Expertise The Bank has been originating multifamily loans since 2008 with zero losses to date on its portfolio. . ■ ■ ■ . ■ Product Overview - Essential Housing Focus Primary focus is on small balance (average size of $3.3 million) loans on non-luxury Essential Housing apartment stock Average property has 22 units ■ ■ ■ ■ Loans are generally fixed for 3-,5-,7- and 10-year periods Weighted average life of portfolio is 5 (¹) years · Buildings tend to be older and smaller in size with over 60% of properties built between 1950-1980 catering towards at or below median income earners 30-year maturity with 30-year amortization Approx. 68% of the $2.4B originations in 2022 were rent controlled and on average 14% below market, providing potential upside in rents if units turn over ■ GIM Conservative Underwriting Conservative underwriting to the lower of in-place rents or market and the higher of market or actual vacancy and expenses No credit is given for future or pro forma figures for rents X X Loan amounts are underwritten to DSCRs using a qualifying rate that is higher than the initial rate for 3- and 5-year fixed loans 7 and 10 year fixed are underwritten to the initial start rate PENG Interest only options for lower LTV and higher DSCR properties with strong sponsorship All IO loans underwritten to a fully amortizing DSCR FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved Sponsors are required to meet minimum liquidity requirements of 6-12 months principal, interest, taxes and insurance, and a minimum of 10% of the loan amount Geographic Exposure Multifamily Loans 2Q23 ($ in millions) California, $4,611, 87% $5,267 Total Loans Exposure by Top 10 Counties Los Angeles (CA) Orange (CA) San Diego (CA) San Francisco (CA) Alameda (CA) Santa Clara (CA) Maricopa (AZ) Sacramento (CA) Bexar (TX) San Mateo (CA) Top 10 Counties Total Portfolio Total Vast majority of the portfolio is in rent controlled markets within California Florida, $100, 2% Texas, $226, 4% Hawaii, $2,0% Nevada, $35, 1% Other, $294, 6% 1) WA Life per Moody's Analytics CMM/Impairment Studio reporting as of 06.30.2023 % 51.06% 8.46% 7.36% 4.82% 4.29% 2.95% 2.78% 1.98% 1.84% 1.53% 4,585,593 87.1% 5,267,047 100.0% (000s) 2,689,223 445,454 387,675 253,691 225,862 155,534 146,167 104,459 96,974 80,555 19#21Industry Trends: Top Performing Asset Class Multifamily loans have historically been the best performing of all real estate loan types 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% 2009 2010 2011 Charge offs by Loan Type for CA-Based Banks W 2012 FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved Average Charge off Rate (2009 - 12.31.22) Multifamily Single Family NOO CRE Commercial and Industrial J 2013 2014 2015 2016 Single Family Multifamily NOO CRE Commercial and Industrial 2017 2018 2019 2020 2021 0.19% 0.23% 0.30% 0.70% 2022 Source: SNL Data; FDIC Call Report Note: Charge off rate weighted the loan balance of each bank's associated asset class. Only includes California headquartered commercial and savings banks. 20#22Strong Credit Quality 1.00% 0.90% I 0.80% 1 0.70% 0.60% 0.50% 0.40% I 0.30% 0.21% 0.20% 0.10% 0.00% 0.29% 0.19% 0.09% I -0.01% 1) 2) 3) 4) 0.24% YE 2018 0.55% I 0.20% 0.25% YE 2019 Non-Performing Loans and Assets 2019 I 0.47% ! 0.30% 0.39% 0.55% I 10.14% 2020 0.11% YE 2020 YE 2021 ■FFB NPAS/Assets ■FFB NPLs/Loans Peer NPLs/Loans(1)(2) Net Charge-offs (NCOs)/Average Loans 0.40% I 0.13% 0.10% 2021 Peer NCO Average, 0.09% ........ ...... YE 2022 FFB NCO Average, 0.03% 2018 2Q23 FFB NCOS/Average Loans Peer NCOS/Average Loans(1)(3) FFB NCO Average ...... Peer NCO Average UPBR peer group includes commercial banks with assets between $3 billion and $10 billion for data through 3Q21. Starting in 4Q21 peer group includes commercial banks with assets between $10 and $100 billion. Ratio defined as Total loans and leases on nonaccrual status divided by total loans and leases. Ratio defined as loan and lease charge-off, net of recoveries divided by average total loans and leases. Peer group data based on the most recently available UBPR report of 1Q23. FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved 0.32% I Peer Average 3.7x FFB 0.12% 0.09% 2022 2023 ........ (4) (4) 0.33% 21#23Deposits FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved 22#24Profile of Deposits $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $0 $4,891 $1,208 $1,251 $2,285 Deposits by Channel 2Q23 ($ in millions) $5,913 $326 $2,230 24.7% $550 $2,808 YE 2020 YE 2019 ■Branch Digital 5.5% $8,812 $90 FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved $2,989 $414 $5,318 $10,363 $1,381 $4,047 $789 $4,146 $10,807 $2,204 $3,775 $913 Brokered Deposits as a % of Total Deposits 1.0% 13.3% $3,915 YE 2021 YE 2022 2Q23 Commercial Services Brokered 20.4% Insured and Collateralized Deposits 88%, Uninsured and Uncollateralized Deposits 12% as of 2Q23 Deposits by Type 2Q23 ($ in millions) $2,660 25% $2,281 21% $10,807 Total $3,096 Deposits 29% $2,769 26% ■ Noninterest-Bearing Demand Interest-Bearing Demand ■ Money Market & Savings ■ Certificates of Deposits 2Q23 Cost of Deposits: 2.85% Noninterest-bearing deposits make up 25% of deposit base 23#25Deposits by Geographic Distribution Insured and Collateralized Deposits 88%, Uninsured and Uncollateralized Deposits 12% as of 2Q23 ■ Florida ranks 2nd and Texas 3rd for total number of accounts raised from our nationwide digital bank channel. Core Business Deposits 2Q23 ($ in millions) Florida, $1,504 , 25% $6,118 Total Business Deposits California, $2,484, 41% FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved Texas, $949, 15% Other, $936, 15% Hawaii, $209, 3% Nevada, $35, 1% Noninterest-Bearing Deposits 2Q23 ($ in millions) Florida, $294 11% California, $1,307, 49% Texas, $151, 2% $2,660 Total Non-IB Deposits Texas, $858 32% Interest-Bearing Deposits 2Q23 ($ in millions) Hawaii, Nevada, $252, 3% $73, 1% Florida, $1,756 , 22% $8,147 Total IB Deposits California, $2,623, 32% Hawaii, $14, 1% Nevada, $13, Other, 0% $174, 7% Other, $3,292, 40% 24#26Digital Deposit Channel Success Launched digital consumer deposit channel in 3Q 2019 Products Account Data Benefits Ⓡ I ■ ■ ■ Online savings - 2019 Online CDs - 2020 Online checking - 2020 Online money market - 2022 Balances: $913 million at 6/30/2023 ■ $ 7% growth quarter over quarter Good granularity of clients: ~ 10,000 Over 90% new clients D Reaching new, younger client audience Average account size:~$83 K FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved Strong retention experience when dropping rates Low costs to obtain and service Expanded digital experience into our retail branches to include paperless onboarding and in branch support for online opening Number of Accounts by Generation 2Q23 $1,000 $800 $600 $400 $200 $0 Silent Gen (80-96) 2% Baby Boomer (59- 79) 29% Gen Z (18- 28) 9% Sep-19 Dec-19 Gen X (44-58) 25% Millennial (29-43) 35% Growth Driven by Digital Marketing Strategy ($ in millions) 69% of digital bank clients are younger than Baby Boomers Account Balance Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Number of Accounts 12,000 10,000 8,000 6,000 4,000 2,000 0 25#27Wealth Management and Trust FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved 26#28Comprehensive Offering for High-Net-Worth Clients INVESTMENT MANAGEMENT ■ PHILANTHROPY SERVICES WEALTH PLANNING Key Characteristics Lead with sophisticated financial planning to address client needs Open architecture investment philosophy with mix of stocks, bonds, mutual funds, ETFs, private equity, REITs, and separately managed accounts TRUST SERVICES In-house investment capabilities with strong performance Fee-only model (vs. commission-based brokerage) with avg. fee of 60 to 70 bps Significant cross promotion opportunities with bank, trust, and philanthropy services Ability to deepen relationship with multiple generations of the family because of trust and philanthropy business 100% of new Assets Under Management (AUM) and Assets Under Advisement (AUA) through organic growth, more stable than M&A Presence in affluent communities throughout CA such as Pasadena, San Diego, West Los Angeles, Orange County, in addition to expanding into Naples, FL in 2022 FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved Combined Advisory and Trust business pre-tax profit margin of 25% in 2Q23 (17% in 1Q23) In-House Expertise to Serve Clients ● ASSET ALLOCATION Wealth Planning ● LEGACY PLANNING ● Lead with planning Entry point to client's total financial picture Asset Allocation Manage custom investment strategies to serve clients across the risk and return spectrum • Utilizes a mix of equities, fixed income, real estate, and alternative assets Open architecture Portfolio Construction Conduct due diligence Create custom portfolios to match clients' goals • Monitor, report, and adjust as necessary 27#29Loyal Clients and Growing Assets Profile of Client Growth Target client of $3 million to $50 million in investible assets Clients are high-net-worth individuals and families (as opposed to institutional) I I ■ Serve as central point of contact for clients' financial matters Average size of new clients is increasing as model attracts higher net worth clients New client referrals through centers of influence (COIs) and partner channels, which is difficult for other RIAS to replicate ■ 30+ year track record of building relationships with COIS - shows trust in ability to serve complex client cases Client referrals from existing clients - shows loyalty across clients $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 $5,327 $888 $4,438 Wealth Management AUM and Trust AUA ($ in millions) 6% CAGR YE 2019 FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved $6,032 $1,105 $4,927 YE 2020 $7,026 $1,345 FFA AUM $5,681 Stable organic growth YE 2021 Trust AUA $6,261 $1,276 $4,985 Referrals from Centers of Influence Attorneys, CPAs, and Schwab Advisory Network YE 2022 CLIENTS Target Investible Assets: $3 million to $50 million Referrals from Approx. 20% from loyal clients Existing Clients $6,526 $1,207 $5,319 2Q23 Recruit New Advisors Qualified advisors join firm and attract new clients 28#30Profitability FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved 29#31Net Interest Income NII and NIM were adversely impacted due to Fed interest rate actions since 2022. NIM compression is expected if Fed continues with interest rate increases $350.0 $300.0 $250.0 $200.0 $150.0 $100.0 $50.0 $- $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $0 $155.6 2018 Net Interest Income ($ in millions) $5,200 $170.0 $196.6 $5,921 $233.3 YE 2018 YE 2019 $318.7 Average Interest-Earning Assets ($ in millions) $6,498 2019 2020 2021 2022 2Q22 2Q23 YTD YTD $7,409 YE 2020 YE 2021 FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved I I + Loans Securities Other + $156.3 1 $10,938 L YE 2022 $107.7 $12,909 2Q23 5.00% 4.50% 4.00% 3.50% 3.00% 3.20% 2.50% 2.00% 1.50% 1.00% 0.50% 3.39% 0.00% 1) 0.35% 3.22% 3.07% Net Interest Margin 3.31% 3.17% 3.19% 3.00% 3.50% 3.18%.10% 0.54% 3.84% (1) 4.12% 1.23% 4.32% 3.41% 2.52% 2.45% 1.83% 4.51% 3.97% 0.28% 0.26% 0.32% 2Q21 3Q21 4Q21 1Q22 2Q22 Earning Assets Yield Cost of Interest Bearing Liabilities Cost of interest bearing liabilities excludes the positive impact of non-interest bearing deposits. 1.51% 3Q22 4Q22 1Q23 2Q23 Net Interest Margin 30#32Attractive Noninterest Fee Income $70 $60 $50 $40 $30 $20 $10 $0 $34.4 35:3 $4.3 ■ $24.4 2018 Recurring (¹) Noninterest Income ($ in millions) $68.4 10% CAGR $40.6 $4.2 $7.7 $5.6 $23.1 2019 $54.2 $15.1 $9.6 $6.1 $23.4 2020 $21.5 $10.9 $7.6 $28.4 2021 ■ Investment advisory fees ■ Loan and deposit fees $50.5 $11.7 $9.8 $29.0 I $26.0 $5.9 $4.5 $15.6 $22.5 $4.7 $3.7 $14.1 2022 2Q22 YTD 2Q23 YTD ■ Trust and consulting fees ■ Gain on sale of loans Recurring(¹)Noninterest Income Breakdown 2Q23 YTD 17% 21% $22.5 Million 62% ■ Investment advisory fees ■ Trust and consulting fees ■ Loan and deposit fees Proven ability to generate consistent noninterest recurring fee income. Fee income diversifies First Foundation's operating revenue stream with 25% generated from recurring noninterest income for 2Q23. 1) Recurring revenue includes all noninterest income excluding revenue in the "other" category. FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved 31#33Efficient Operating Platform ■ 2.55% 2.30% 2.05% 1.80% 1.55% 1.30% 1.05% 0.80% 2Q21 3Q21 Noninterest Expense / Average Assets 4Q21 FFB Total(1) 1Q22 2Q22 FFB Excluding customer service(1) 3Q22 FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved 4Q22 Bank Peer group(2) 1Q23 115 bps A Levering its investments in personnel and technology, FFB has consistently lowered its noninterest expense to average assets and is currently operating at a significant advantage to peers. 2Q23 1) Non-GAAP measure. See "Non-GAAP Financial Measures". 2) Uniform Bank Performance Report ("UBPR") Peer group includes commercial banks with assets between $3 billion and $10 billion for data through 3Q21. Starting in 4Q21 peer group includes commercial banks with assets between $10 and $100 billion. Peer group data based on the most recently available UBPR report of 1Q23. 32#34Earnings Growth While Investing in the Future Adjusted Income Before Taxes ($ in millions) (1) 1) $180 $160 $140 $120 $100 $80 $60 $40 $20 $- I ■ ■ $62.0 26% CAGR $81.7 $120.7 $152.9 $154.8 Non-GAAP measure. See "Non-GAAP Financial Measures". FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved $90.3 $14.2 Return on Average Tangible Common Equity (¹) 11.0% 11.9% 15.5% 2018 2019 2020 2021 2022 2022 2023 YTD YTD Performance driven by growth in loans, deposits, and assets under management. Scalable business model with significant expense leverage. Challenges to earnings in 2023 are due to continued anticipation of future Fed rate hikes. Expect 2023 earnings to be challenged due to continued margin compression. 16.9% 2018 2019 2020 13.0% I I 15.1% 2.7% 2021 2022 2022 2023 YTD YTD 33#35Track Record of Delivering Profitability Adjusted Return on Average Assets(¹) 1.43% 1) 0.84% 2018 63.3% 0.94% 2019 60.2% 1.28% Efficiency Ratio (¹) 49.3% 2020 2021 2022 2Q22 2Q23 YTD YTD 47.5% 1.00% 2018 2019 2020 2021 FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved 58.6% I 2022 Non-GAAP measure. See "Non-GAAP Financial Measures". 1.22% 0.18% 1 51.9% 88.2% 2Q22 2Q23 YTD YTD 11.0% $1.04 Return on Average Tangible Common Equity(1) 2018 11.9% 2018 2019 2020 15.5% $1.29 $1.91 16.9% 2019 2020 2021 13.0% $2.43 Adjusted Diluted Earnings Per Share (1) 2022 2Q22 YTD 15.1% $2.02 2021 2022 $1.15 2.7% 2Q22 YTD 2Q23 YTD $0.21 2Q23 YTD 34#36Securities Portfolio ■ ■ 1) 84% of investment portfolio is government guaranteed Highly liquid and pledgeable Portfolio Investment Securities 2Q23 1% Tax-effected. 1% 5% ■CMO MBS Munis FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved 0% 1% 11% $1,015 MM Total 81% SBA FHLMC Corporate ■Treasury AFS unrealized loss $21 Million (¹) HTM unrealized loss $64 Million(¹) Total unrealized loss $85 Million(¹) Securities Mix 2Q23 ($ in millions) HTM 815 80% $1,015 MM Total AFS HTM AFS 201 20% 35#37Why First Foundation l Financial Performance Strong and stable revenue from core operations Recurring non-interest revenue from in- house wealth management and trust operations Diversified and high-quality loans S Leadership and Culture Experienced and proven management team Talented workforce with client-centric culture FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved Significant insider ownership aligned with shareholders' interests ■ ZE Valuable Business Model Commercial banking model augmented with wealth management and trust expertise Organic growth strategy complemented by strategic acquisitions Valuable client base with cross promotion opportunities. Strong presence in geographic markets with high household income Technology-centric infrastructure to enhance the client experience and drive efficiency II Credit Quality Conservative credit culture driving superior asset quality Very low non-performing assets Low to minimal historical charge-offs Well capitalized 36#38Appendix FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved 37#39A Tradition of Serving Our Clients History of First Foundation The Keller Group was created as an RIA to provide private wealth management services 1990 First Foundation Bank was created as a de novo banking charter. 2007 2004 Created services to meet the nee individuals, families, and businesses. First Foundation is adopted as the name for all affiliates. 2010 2008 Philanthropy Serv are added to complement HNW business. First Foundation Bank acquires Desert Commercial Bank. FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved First Foundation West Los Angeles opens for business. 2012 2011 First Foundation. San Diego Office opens for business. First Foundation lists shares on NASDAQ Global Stock Market under ticker "FFWM" 2014 2013 First Foundation Las Vegas Office opens for business. First Foundation begins offering trust services. First Foundation Bank opens offices in Laguna Hills and Seal Beach. 2016 2015 First Foundation enters Ha market through acquisition of Pacific Rim Bank. First Foundation expands in LA with office in Palos Verdes Estates through acquisition of PBB Bancorp 2018 2017 First Foundation expands into Sacramento, Auburn, and Roseville through acquisition of Community 1st Bancorp Relocation of Principal Executive Office to Dallas, TX. Expands into Florida through acquisition of TGR Financial. 2021-22 2020 First Foundation enhances digital offering through partnership with leading FinTech provider. The path First Foundation Inc. has taken to provide banking, trust, financial planning, investment management, estate and legacy planning and consulting services to our clients, all under one roof and all under this level of care, is a path not often traveled. But we prefer it this way. At First Foundation Inc., we've never taken the easy path, but we've always chosen the right one - for our clients, our communities, and our stakeholders. 38#40B Industry Recognition A sampling of awards and accolades received 2021 Vision List - Outperforming Stock Member FINRA/SIPCI a B. Riley Financial company First Foundation Inc. (FFWM) made B Riley's Vision List which is a list RILEY Securities of the top-24 stocks across all industries selected by analysts to outperform the small-cap benchmark Russell 2000 Index in the current year. Each year analysts are tasked to identify a single, immutable pick to outperform based on a set of defined criteria. CELENT MODEL BANK 2020 THE CIVIC 50 POINTS OF LIGHT BARRON'S Model Bank Employee Enablement First Foundation Bank was recognized as a Model Bank for Employee Enablement by Celent as we developed an integrated back-end and front-end data warehouse and employee intranet designed to keep everything connected and in sync. 2021 Civic 50 First Foundation was included in the OneOC Civic 50 list, which is compiled annually to spotlight those companies who are civic- minded within the communities they serve. Barron's Top 100 Independent Advisors America's top independent financial advisors, as identified by Barron's. The ranking reflects the volume of assets overseen by the advisors and their teams, revenues generated for the firms, and the quality of the advisors' practices. WALL STREET JOURNAL Bank & Thrift Sm-All Stars Class of 2022: FFWM The Sm-All Stars represent the top performing small-cap banks and PIPER SANDLER thrifts in the country. This is the third time FFWM was one of 35 banks chosen. According to Piper Sandler, banks selected have superior performance metrics in growth, profitability, credit quality and capital strength. FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved S&P Global CNBC Gallagher CNBC Best Performing Bank in 2021 with Assets Greater than $10B First Foundation Bank ranked as the 6th best performing bank in 2021 with assets greater than $10B. S&P Global Market Intelligence calculated score for each bank on six key metrics. BankDirector.com Bank Director Best Small Regional Bank First Foundation Bank (FFB) was selected as the Top 4 small regional bank in the nation in the most recent ranking by Bank Director. The list selected the top 10 banks in each peer group based on several metrics provided by S&P Global Market Intelligence as of year-end 2020 and then studied and ranked each bank further for its performance. Best-in-Class for HR Management Gallagher, a global human resources consulting firm, has awarded our team with an award for Best-in-Class for HR Management from their 2019 Benefits Strategy and Benchmarking Survey. Featured in the Media First Foundation is a contributor to the media on important topics related to our industry CNBC FA 100 The CNBC FA 100 recognizes the advisory firms that top the list when it comes to offering a comprehensive planning and financial service that helps clients navigate through their complex financial life. BARRON'S See disclosures at: https://www.firstfoundationinc.com/important-disclosure-information. MarketWatch 39#41Selected Financial Information Financial Highlights: As of for 2Q23 YTD Loans $10.6 Billion $10.8 Billion $12.8 Billion $6.5 Billion $16.12 Deposits Total Assets FFA AUM & Trust AUA TBV per share(1) 1) Non-GAAP measure. See "Non-GAAP Financial Measures". FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved Revenue: Adjusted Net Income(¹) Adjusted ROAA (1) ROATCE(1) Efficiency Ratio (1) $131.5 Million $12.1 Million 0.18% 2.65% 88.2% 40#42Current Expected Credit Losses (“CECL”) Reserves CECL Methodology Ongoing Impact ■ ▪ The increase of allowance to remaining loan portfolio is mainly due to adjustments in economic assumptions in the models. H - H I M Allowance for Credit Loss of 30 bps of loans held for investment includes a net increase of $390 thousand in 2Q23 as a result of a $358 thousand specific reserve release related to PCD loans from prior acquisitions due to payoffs or updated valuations, offset by an increase of $130 thousand related to impaired loans and $614 thousand related to the remaining loan portfolios. H Probability of Default ("PD") and Loss Given Default ('LGD") term structure approach for majority of loan portfolio (97% of Non-PCD portfolio) with Loss Rate approach for remainder of Non-PCD loan portfolio. PCD loans associated with the TGR Financial acquisition were individually assessed for credit losses based on methodologies consistent with the CECL standards. Reasonable and supportable forecast period of 2 years using a weighting of Moody's consensus and alternative economic scenarios. Reversion to long run historical PDs and LGDs after 2 year period. Management expects key drivers of provisioning and reserving under CECL standard going forward to include: Replenishment of reserves for net charge-offs Change in portfolio size and composition All other macroeconomic variables and loan level characteristics Ongoing reserve levels will continue to utilize quantitative and qualitative information. ■ ■ FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved 41#43Balance Sheet and Equity Capital FFI TCE/TA(¹) 8.31% YE 2019 $11.57 YE 2019 8.75% YE 2020 $13.44 8.44% YE 2020 YE 2021 FFI TBV Per Share(¹) 9.9% CAGR $14.92 YE 2021 7.13% YE 2022 FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved $16.20 YE 2022 7.09% 2Q23 $16.12 2Q23 8.22% 8.25% YE 2019 11.12% 11.15% 1) Use of Non-GAAP Measures 2) Regulatory capital ratios for 2Q23 are preliminary until filing of our June 30, 2023 FDIC call report. YE 2019 Tier I Leverage Ratio (2) 8.98% 8.93% YE 2020 8.53% 8.43% YE 2021 FFB FFI YE 2020 12.25% 12.17% 12.04% 11.90% Total Risk Based Capital Ratio (2) YE 2021 8.59% FFBFFI 7.44% YE 2022 11.01% 11.29% 8.21% YE 2022 6.97% 2Q23 11.73% 11.76% 2Q23 42#44Non-GAAP Return on Average Tangible Common Equity (ROATCE), Adjusted Return on Average Assets and Net Income Return on average tangible common equity was calculated by excluding average goodwill and intangibles assets from the average shareholders' equity during the associated periods. Adjusted return on average assets represents adjusted net income attributable to common shareholders divided by average total assets. Adjusted net income attributable to common shareholders includes various adjustments to net income, including an adjustment for non-cash goodwill impairment charges, and any associated tax effect of those adjustments during the associated periods. The table below provides a reconciliation of the GAAP measure of return on average equity to the non-GAAP measure of return on average tangible common equity. The table below also provides a reconciliation of the GAAP measure of net (loss) income to the non-GAAP measure of adjusted net income attributable to common shareholders. The table below also provides a reconciliation of the GAAP measure of return on average assets to the non-GAAP measure of adjusted return on average assets: ($ in thousands) Unaudited Average shareholders' equity Less: Average goodwill and intangible assets Average tangible common equity Average total assets Net Income Add: Goodwill impairment Adjustments: Plus: Amortization of intangible assets expense Plus/(Less): Merger related costs Plus: Professional service costs Plus: Valuation loss on equity investment Plus: Severance costs Less: Incentive compensation reversal Less: Stock compensation reversal Less: FDIC insurance expense refund Total Adjustments Less: Tax effect on adjustments Adjusted Net Income (loss) available to common shareholders Tax rate utilized for calculating tax effect on adjustments Return on average equity(¹) Return on average tangible common equity (2) Return on average assets (³) Adjusted return on average assets (4) (5) 1) 2) 3) $ 474,256 $ 69,177 $ 405,080 $ $ FY 2018 $ 42,958 $ 5,300,243 6,156,739 2,043 2,043 (592) 29% FY 2019 9.1% 11.0% 585,728 $ 98,291 487,437 $ 0.81% 0.84% 56,239 $ (664) 44,408 $ 57,866 $ 2,291 2,291 29% 9.6% 11.9% 0.91% 0.94% FY 2020 649,031 $ 96,209 552,823 $ 6,690,422 84,369 $ 1,895 29% 13.0% 15.5% FY 2021 1.26% 1.28% 7,733,279 1,895 1,579 (550) (458) 85,714 $ 110,632 $ 759,101 $ 1,100,684 $ 1,080,696 $ 1,102,811 104,355 222,393 190,653 654,746 $ 878,291 $ 912,158 222,547 858,149 $ 109,511 $ 110,512 $ 1,579 Annualized net income divided by average shareholders' equity. Annualized adjusted net income available to common shareholders divided by average tangible common equity. Annualized net income divided by average assets. FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved 29% FY 2022 14.4% 16.9% 1.42% 1.43% 11,456,932 10,616,648 1,914 (36) 971 6,250 (4,150) 28% Six Months Ended, 6/30/2022 10.0% 13.0% 0.96% 1.00% 4,949 965 (280) (1,400) 114,061 $ 64,837 $ 4) 5) 64,152 $ 1,000 (35) 29% 11.9% 15.1% 6/30/2023 1.21% 1.22% 13,222,955 (203,792) 215,252 853 1,124 748 (1,118) (724) 883 (247) 12,095 28% -37.0% 2.7% -3.08% 0.18% Annualized adjusted net income divided by average assets. Use of Non-GAAP measure. 43#45Non-GAAP Efficiency Ratio Efficiency ratio is a non-GAAP financial measurement determined by methods other than in accordance with U.S. GAAP. This figure represents the ratio of adjusted noninterest expense to adjusted revenue. The table below provides a calculation of the non-GAAP measure of efficiency ratio: ($ in thousands) Unaudited Total noninterest expense Less: Amortization of intangible assets expense (Less)/Plus: Merger-related expense Less: Professional service costs Less: Severance costs Less: Goodwill impairment Plus: Incentive compensation reversal Plus: Stock compensation reversal Plus: FDIC insurance expense refund Adjusted Noninterest expense Net interest income Plus: Total noninterest income Plus: Valuation loss on equity investment Less: Net gain (loss) from other real estate owned Less: Net gain (loss) from securities Less: Net gain on other equity investments Less: Net gain on sale-leaseback Adjusted Revenue Efficiency Ratio FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved $ FY 2018 $ 127,075 $ (2,043) (3,794) $ 121,238 $ 155,610 $ 35,771 $ 191,381 $ 63.3% FY 2019 129,594 $ 125,778 $ (2,291) (1,895) 127,303 $ 169,954 $ 41,776 (742) 316 211,304 $ FY 2020 60.2% 123,883 $ 196,644 $ 54,647 FY 2021 49.3% 148,086 $ (1,579) (2,606) 143,901 $ 233,284 $ 70,453 (1,069) 251,291 $ 302,668 $ 47.5% FY 2022 216,589 $ (1,914) 36 (971) 4,150 217,890 $ 318,690 $ 48,234 6,250 Six Months Ended, 6/30/2022 58.6% 96,423 $ (1,000) 35 95,458 $ (1,111) (1,111) 372,063 $ 184,015 $ 6/30/2023 51.9% 332,102 (853) (1,124) (748) (215,252) 156,299 $ 107,740 28,827 23,775 1,118 724 115,967 131,514 88.2% 44#46Non-GAAP Noninterest Expense to Average Assets Ratio Noninterest expense to average asset ratio is a non- GAAP financial measurement determined by methods other than in accordance with U.S. GAAP. This figure represents the ratio of noninterest expense less amortization of intangible assets expense to the average assets during the associated periods for First Foundation Bank. We believe this non-GAAP measure is important to investors and provides meaningful supplemental information regarding the performance of the Company. This non-GAAP measure should not be considered a substitute for financial measures presented in accordance with GAAP and may differ from similarly titled measures reported by other companies. The table below provides a calculation of the non-GAAP measure of noninterest expense to average assets for FFB Consolidated: ($ in thousands) - Unaudited Noninterest Expense to Average Assets Ratio Total noninterest expense Less: Amortization of intangible assets expense (Less)/Plus: Merger-related expense Less: Professional service costs Less: Severance costs Less: Goodwill impairment Plus: Bonus accrual adjustment Plus: Stock compensation reversal Plus: FDIC insurance expense refund Adjusted Noninterest expense Less: Customer service expense just Noninterest expense exc. ustomer service expense Average Assets Noninterest Expense to Average Assets Ratio Noninterest Expense exc. Customer Service Expense to Average Assets Ratio FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved $ $ 2021 28,868 $ (410) (1,166) 27,292 $ (2,353) $ 24,93 $ 7,449,361 1.47% 1.34% 3Q21 31,488 $ (372) (384) 30,732 $ (2,512) 7,922,934 1.55% 1.42% $ 4Q21 32,440 $ (365) (1,056) 31,019 $ (2,140) 28,879 $ 1Q22 1.53% 1.43% 40,101 $ (509) 36 2Q22 39,628 $ 41,541 $ (1,788) (4,611) 37,840 $ 36,930 $ 1.53% 1.46% 42,032 $ 53,571 $ (491) (459) 3Q22 8,088,622 10,391,150 10,720,238 11,757,962 1.55% 1.38% 53,112 $ (13,560) 9,55 $ 1.81% 1.35% 4Q22 52,915 $ (454) (971) 2,850 54,340 $ (18,219) $ 1.71% 1.14% 1Q23 51,645 $ 265,952 (434) (419) (782) (468) 1,118 724 51,803 $ (16,715) 35,088 $ 12,680,435 13,220,269 2023 1.57% 1.06% (342) (280) (215,252) 49,659 (19,004) 30 13,388,980 1.48% 0.92% 45#47Non-GAAP Tangible Common Equity Ratio, Tangible Book value Per Share, And Adjusted Earnings Per Share Tangible shareholders' equity, tangible common equity to tangible asset ratio, tangible book value per share, and adjusted earnings per share (basic and diluted) are non-GAAP financial measurements determined by methods other than in accordance with U.S. GAAP. Tangible shareholder's equity is calculated by taking shareholder's equity and subtracting goodwill and intangible assets. Tangible common equity to tangible asset ratio is calculated by taking tangible shareholders' equity and dividing by tangible assets which is total assets excluding the balance of goodwill and intangible assets. Tangible book value per share is calculated by dividing tangible shareholders' 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. Adjusted earnings per share (basic and diluted) is calculated by dividing adjusted net income attributable to common shareholders by average common shares outstanding (basic and diluted). The reconciliation of GAAP net (loss) income to adjusted net income attributable to common shareholders is presented on slide 43 in "Non-GAAP Return on Average Tangible Common Equity (ROATCE), Adjusted Return on Average Assets and Net Income." The table below provides a reconciliation of the GAAP measure of shareholders' equity to tangible shareholders' equity. The table below also provides a reconciliation of the GAAP measure of equity to asset ratio to the non-GAAP measure of tangible common equity to tangible assets ratio. The table below also provides a reconciliation of GAAP measure of book value per share to the non-GAAP measure of tangible book value per share. The table below also provides a reconciliation of the GAAP measure of net (loss) income per share (basic and diluted) to the non-GAAP measure of adjusted earnings per share (basic and diluted): ($ in thousands, except per share amounts) FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 2023 YTD Unaudited Shareholders' equity Less: Goodwill and intangible assets Tangible Common Equity Total assets Less: Goodwill and intangible assets Tangible assets Equity to Asset Ratio Tangible Common Equity Ratio Book value per share Tangible book value per share Basic common shares outstanding Adjusted net income available to common shareholders Average basic common shares outstanding Average diluted common shares outstanding Earnings per share (basic) Earnings per share (diluted) Adjusted earnings per share (basic) Adjusted earnings per share (diluted) FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved $ $ 559,184 $ 99,482 459,702 $ $ 613,869 $ 97,191 516,678 $ 9.57% 8.01% $ 5,840,412 $ 6,314,436 $ 6,957,160 $ 10,196,204 $13,014,179 $12,840,554 97,191 95,296 222,125 221,835 99,482 5,730 $ 5,740,930 $ 6,217,245 $ 6,861,864 $ 9,974,079 $12,792,344 $12,834,824 695,711 $ 1,064,051 $ 1,134,378 $ 95,296 222,125 221,835 600,415 $ 841,926 $ 912,543 $ 9.72% 8.31% 10.00% 8.75% 10.44% 8.44% $1.92 $1.91 915,534 5,730 909,804 8.72% 7.13% 7.13% 7.09% $12.57 $13.74 $15.58 $18.86 $20.14 $11.57 $13.44 $16.20 $10.33 44,496,007 44,670,743 44,667,650 $14.92 56,432,070 56,325,242 44,408 $ 57,866 $ 85,714 $ 110,632 $ 114,061 $ 12,095 42,092,361 42,567,108 $1.02 44,617,361 44,639,430 45,272,183 56,422,450 44,911,265 44,900,805 45,459,540 56,490,060 $1.26 $1.89 $2.42 $1.96 $1.01 $1.25 $1.88 $2.41 $1.96 $1.06 $1.30 $2.44 $2.02 $1.04 $1.29 $2.43 $2.02 $16.22 $16.12 56,443,070 56,430,813 56,430,870 ($3.61) ($3.61) $0.21 $0.21 46#48FIRST FOUNDATION Copyright © 2023 First Foundation Inc. All Rights Reserved FIRST FOUNDATION firstfoundationinc.com