Gary Tenner

David Feaster

Adam Butler

Matthew Clark

Andrew Terrell

Jackson Laurent

Liam Coohill

- First Foundation Inc. reported a **net loss of $146.3 million**, or **($1.78) per share**, for the third quarter of 2025, primarily driven by a **$65.0 million provision for credit losses** and a **$94.7 million valuation allowance against deferred tax assets**.  **[1413837_0001104659-25-103999_ffwm-20251030xex99d1.htm:0]** **[1413837_0001104659-25-103999_ffwm-20251030xex99d1.htm:1]** 
- Total revenue for the quarter was **$63.6 million**, an increase from **$51.4 million** in the prior quarter.  **[1413837_0001104659-25-103999_ffwm-20251030xex99d1.htm:0]** 
- The company announced a **merger with FirstSun Capital Bancorp**, which is expected to create a regional bank with **$17 billion in assets**.  **[1413837_0001104659-25-103999_ffwm-20251030xex99d1.htm:0]** **[1413837_0001104659-25-103999_ffwm-20251030xex99d1.htm:1]** 
- As of September 30, 2025, the loan to deposit ratio improved to **83.6%** from **93.4%** in the prior quarter, and total liquidity stood at **$4.4 billion**.  **[1413837_0001104659-25-103999_ffwm-20251030xex99d1.htm:0]**

First Foundation Inc. Reports Q3 2025 Results and Announces Merger

- **FirstSun Capital Bancorp (FSUN)** is set to acquire **First Foundation Inc. (FFWM)** in an **all-stock transaction** valued at **$785 million**.  **[0001413837_2206516:13]**  FFWM common stockholders will receive **0.16083 shares of FSUN** for each FFWM share, equivalent to **$6.50** based on FSUN's closing stock price on October 24, 2025.  **[0001413837_2206516:13]** 
- The combined entity is projected to have **$17 billion** in Pro Forma Total Assets and **$7 billion** in Pro Forma AUM.  **[0001413837_2206516:11]** 
- The transaction is expected to result in **30%+ EPS accretion** by 2027E, with anticipated pro forma profitability margins including a **1.45% Pro Forma 2027E ROAA** and **13.3% Pro Forma 2027E ROATCE**.  **[0001413837_2206516:11]** 
- A significant balance sheet re-positioning plan, involving a **~$3.4 billion** down-sizing of assets and high-cost funding, is expected to reduce risk and generate **$68.8 million** in pre-tax cost savings.  **[0001413837_2206516:13]** **[0001413837_2206516:15]** **[0001413837_2206516:20]** 
- Post-merger, FSUN shareholders will own **59.5%** and FFWM shareholders **40.5%** of the combined company.  **[0001413837_2206516:13]**

FirstSun Capital Bancorp to acquire First Foundation Inc. for $785 million

- **FirstSun Capital Bancorp** is acquiring **First Foundation** in a **$785 million all-stock deal**, which will create a regional bank with **$17 billion in total assets**.  **[1413837_b8aad67ea39f4666b0b73bf1c344bbe0]** 
- The transaction is expected to close in the **second quarter of 2026**, with FirstSun shareholders owning nearly **60%** and First Foundation shareholders approximately **40.5%** of the combined entity.  **[1413837_b8aad67ea39f4666b0b73bf1c344bbe0]** 
- As part of the merger agreement, First Foundation warrant holders will convert their warrants early, receiving FirstSun common stock along with **$17.5 million** in cash payments.  **[1413837_b8aad67ea39f4666b0b73bf1c344bbe0]** 
- The merger has been **unanimously approved** by the boards of both FirstSun and First Foundation.  **[1413837_b8aad67ea39f4666b0b73bf1c344bbe0]**

FirstSun Capital Bancorp to Acquire First Foundation

- First Foundation Inc. (FFWM) and FirstSun Capital Bancorp (FSUN) have entered into a definitive all-stock merger agreement, valued at approximately **$785 million**.  **[1413837_0001104659-25-102633_tm2529539d1_ex99-2.htm:1]** 
- Under the terms of the agreement, First Foundation common and preferred stockholders will receive **0.16083 of a share of FirstSun common stock** for each share of First Foundation common stock owned.  **[1413837_0001104659-25-102633_tm2529539d1_ex99-2.htm:1]** 
- The combined entity is projected to be a **$17 billion bank** with **$6.8 billion in pro forma Assets Under Management (AUM)** and an estimated **30%+ accretion to FirstSun’s 2027 estimated EPS**.  **[1413837_0001104659-25-102633_tm2529539d1_ex99-2.htm:1]** **[1413837_0001104659-25-102633_tm2529539d1_ex99-2.htm:3]** 
- The transaction is expected to close **early in the second quarter of 2026**, subject to regulatory approvals and shareholder consent.  **[1413837_0001104659-25-102633_tm2529539d1_8k.htm:2]** **[1413837_0001104659-25-102633_tm2529539d1_ex99-2.htm:3]** 
- Following the merger, FirstSun stockholders will own **59.5%** and First Foundation stockholders will own **40.5%** of the combined company.  **[1413837_0001104659-25-102633_tm2529539d1_ex99-2.htm:1]**

First Foundation (FFWM)