First Foundation Investor Presentation Deck
Non-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
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$
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%
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