First Foundation Investor Presentation Deck
Non-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 42 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 2022
3Q23 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
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$
$
559,184 $
99,482
459,702 $
9.57%
8.01%
$12.57
$10.33
613,869 $
97,191
516,678 $
$ 5,840,412 $ 6,314,436 $
99,482
97,191
6,957,160 $ 10,196,204 $13,014,179 $13,051,564
95,296
222,125
221,835
5,337
$ 5,740,930 $ 6,217,245 $ 6,861,864 $ 9,974,079 $ 12,792,344 $ 13,046,227
9.72%
8.31%
$13.74
$11.57
44,496,007 44,670,743
42,092,361
42,567,108
$1.02
$1.01
$1.06
$1.04
695,711 $ 1,064,051 $ 1,134,378 $
95,296
222,125 221,835
600,415 $ 841,926 $ 912,543 $
10.00%
8.75%
$15.58
$13.44
44,667,650
FY 2021
$ 44,408 $ 57,866 $ 85,714 $
$1.89
$1.88
$1.92
$1.91
10.44%
8.44%
$18.86
$20.14
$14.92
$16.20
56,432,070 56,325,242
110,632 $ 114,061 $ 14,739
44,617,361 44,639,430 45,272,183 56,422,450 56,443,539
44,911,265 44,900,805 45,459,540 56,490,060 56,449,720
$1.26
$2.42
$1.96
$1.25
$2.41
$1.96
$1.30
$2.44
$2.02
$1.29
$2.43
$2.02
919,207
5,337
913,870
8.72%
7.13%
7.04%
7.00%
$16.29
$16.19
56,443,774
($3.57)
($3.57)
$0.26
$0.26
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