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‌Exhibit 99.1

FIRST FOUNDATION INC. REPORTS SECOND QUARTER 2022 RESULTS

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DALLAS, TX – First Foundation Inc. (NASDAQ: FFWM), a financial services company with two wholly-owned operating subsidiaries, First Foundation Advisors (“FFA”) and First Foundation Bank (“FFB”), reported net income of $33.3 million, or $0.59 per diluted share, for the second quarter of 2022, compared to net income of $30.8 million, or $0.55 per diluted share, for the first quarter of 2022.  Additionally, First Foundation Inc. announced today that its Board of Directors has approved the payment of a quarterly cash dividend of $0.11 per common share, payable on August 16, 2022, to common shareholders of record as of August 6, 2022.

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Loans

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Loans increased $1.5 billion, or 19.3%, to $9.4 billion as of June 30, 2022, compared to $7.9 billion as of March 31, 2022, and increased $3.4 billion, or 56.8%, compared to $6.0 billion as of June 30, 2021. The increases in loan balances were primarily due to an increase in loan fundings, which in the second quarter of 2022 were $2.2 billion, an increase of $1.1 billion, or 95.5%, from the first quarter of 2022 and an increase of $1.1 billion, or 98.1%, from the second quarter of 2021. Loan balances during the second quarter of 2022 were also impacted by loan payoffs of $719 million, compared to payoffs of $657 million in the first quarter of 2022 and $752 million in the second quarter of 2021. The current pipeline continues to remain at strong levels going into the third quarter for multifamily and other commercial business loans.

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Contributing to loan originations during the quarter, our commercial business division funded a record $1.2 billion of new commercial loans during the second quarter of 2022, of which 30% were adjustable commercial revolving lines of credit. The remaining C&I originations were comprised of $518 million of public finance loans, $289 million of commercial term loans, $33 million of owner occupied commercial real estate loans, and $32 million of equipment finance leases. The large increase in public finance loans was driven by a temporary increase in demand for bank loans away from the bond market by public municipalities, following dramatic interest rate market movements in the second quarter. Our public finance division has become a strategic component of our business originations, benefiting both our credit quality with historically low loan losses, while also lowering our effective tax rate over time. We anticipate heightened originations in this channel through July, as this pipeline is funded, with a return to our historical run rate starting in August.

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Investment Securities

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Investment securities were $1.2 billion as of June 30, 2022, and March 31, 2022, and increased $436.2 million, or 56.9%, compared to $745.9 million as of June 30, 2021. The increase from June 30, 2021 was primarily due to the investment securities acquired in the TGR Financial acquisition during the fourth quarter of 2021.  

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The allowance for credit losses for investments increased by $0.5 million from the prior quarter, to $11.2 million as of June 30, 2022, from $10.7 million as of March 31, 2022, and increased $2.1 million, from $9.1 million as of June 30, 2021. The increase was a result of faster than expected prepayments that negatively impacted the projected cash flows on interest-only strip securities.

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Deposits and Borrowings

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Deposits were $9.5 billion as of June 30, 2022, an increase of $581 million, or 6.5%, compared to $9.0 billion as of March 31, 2022, and an increase of $2.4 billion, or 34.2%, compared to $7.1 billion as of June 30, 2021. Deposit growth during the second quarter of 2022 compared to the first quarter of 2022 was primarily driven by an increase of $291.3 million, or 8.8%, in non-interest bearing demand deposits, largely attributable to our commercial deposit services division, and an increase in money market and savings accounts of $277.3 million, or 10.7%, largely attributable to our retail branches and digital bank channel.  Noninterest-bearing demand deposits measured 37.6% of total deposits as of June 30, 2022, compared to 36.8% of total deposits as of March 31, 2022, while core deposits increased by $581 million compared to the linked quarter, and measured 99% of total deposits as of June 30, 2022, and March 31, 2022. Commercial business deposits were 74% of total core deposits as of June 30, 2022.

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Our loan to deposit ratio measured 98.8% as of June 30, 2022, compared to 88.2% as of March 31, 2022, and 84.6% as of June 30, 2021.

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Borrowings were $493.7 million as of June 30, 2022, compared to $326.0 million as of March 31, 2022. Borrowings increased in the second quarter of 2022 compared to the linked quarter primarily due to the addition of $149 million in FHLB advances to fund the increase in new loan volume.

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Private Wealth Management and Trust Assets

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AUM was $4.8 billion as of June 30, 2022, compared to $5.5 billion as of March 31, 2022. There were $100 million of new accounts and $77 million of net withdrawals in the second quarter of 2022. AUA at FFB’s Trust Department was $1.2 billion as of June 30, 2022, compared to $1.3 billion as of March 31, 2022. The Advisory and Trust divisions achieved a combined pre-tax profit margin of 24% in the quarter.

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Net Interest Income

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Net interest income increased in the linked quarter by $7.3 million, from $81.8 million for the second quarter of 2022, compared to $74.5 million in the first quarter of 2022, and increased by $23.9 million, from $57.9 million in the second quarter of 2021. Interest income from loans increased 13.9% to $82.0 million for the second quarter of 2022 compared to $72.0 million in the first quarter of 2022, and increased 46.5% compared to $56.0 million for the second quarter of 2021, driven primarily by an increase in average loan balances. Interest income from investment securities and interest-earning cash was $7.9 million for the second quarter of 2022, compared to $7.1 million for the first quarter of 2022, and $5.4 million in the second quarter of 2021. The increase in the linked quarter was primarily due to an increase in rates on interest-earning cash held at the Federal Reserve. The prior year quarter change was due primarily to an increase in average securities balances.

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Interest expense increased 75.6% to $8.2 million in the second quarter of 2022, compared to $4.7 million in the first quarter of 2022, and increased from $3.5 million in the second quarter of 2021. The linked quarter increase in interest expense was driven primarily by an 88.8% increase in interest expense on deposits and a 41.3% increase in interest expense on borrowings. Interest expense on deposits and borrowings increased due to increased costs of interest-bearing deposits, resulting from increases in deposit rates, and increased costs of borrowings, as the average rate on FHLB advances and other borrowings increased from 1.74% in the first quarter of 2022, to 2.27% in the second quarter of 2022.

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Net Interest Margin

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Net interest margin (“NIM”) was 3.18% in the second quarter of 2022, compared to 3.00% in the first quarter of 2022, and 3.20% in the second quarter of 2021. The NIM increase in the linked quarter was primarily driven by an increase in the yield on interest earning assets, which increased to 3.50% in the second quarter of 2022, from 3.19% in the first quarter of 2022, offset partially by an increase in deposit costs in the linked quarter, from 0.15% in the first quarter of 2022, to 0.28% in the second quarter.

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Noninterest Income

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Noninterest income was $13.4 million in the second quarter of 2022, compared to $15.4 million in the first quarter of 2022 and $14.0 million in the second quarter of 2021.

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Noninterest income during the second quarter of 2022 was comprised primarily of $7.7 million of investment advisory fees from Wealth Management, $2.1 million of trust administrative and consulting fees, $2.1 million of loan and servicing fees, $0.7 million of deposit account fees and other income of $0.8 million. The linked quarter

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decrease in noninterest income was primarily due to a decrease of $0.5 million in loan prepayment fees and a $1.1 million gain on a sale-leaseback transaction in the first quarter of 2022.

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Noninterest Expense

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Noninterest expense increased 2.5%, to $48.8 million for the second quarter of 2022, compared to $47.6 million for the first quarter of 2022, and increased 37.0%, compared to $35.6 million for the second quarter of 2021. Compensation and benefits were $27.6 million in the second quarter of 2022, compared to $29.8 million in the first quarter of 2021, and $20.2 million in the second quarter of 2021.  Customer service costs increased from $1.8 million in the first quarter of 2022, to $4.6 million in the second quarter of 2022. The decrease in compensation and benefits in the second quarter of 2022 was primarily due to merit increases and annual bonus and commission payouts in the first quarter. The increase in customer service costs were due to increases in the earnings credit rates paid on the related deposit balances.

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Our efficiency ratio for the second quarter of 2022 was 50.7%, compared to 53.1% for the first quarter of 2022 and 47.3% in the second quarter of 2021. The linked quarter decrease in the efficiency ratio was primarily due to the $7.3 million increase in net interest income. The efficiency ratio for the first quarter in 2022 excludes a $1.1 million gain on a sale-leaseback transaction.

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Income Tax Expense

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We recorded an income tax expense of $12.9 million in the second quarter of 2022, compared to an income tax expense of $12.3 million in the first quarter of 2022, and an income tax expense of $10.2 million in the second quarter of 2021. Our effective tax rate for the second quarter of 2022 was 27.9%, compared to 28.4% for the first quarter of 2022, and 28.2% for the second quarter of 2021.

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Asset Quality

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Total nonperforming assets were $11.1 million as of June 30, 2022, compared to $10.8 million as of March 31, 2022, and $16.2 million as of June 30, 2021. Our ratio of nonperforming assets to total assets was 0.15% as of June 30, 2022, compared to 0.16% as of March 31, 2022, and 0.20% as of June 30, 2021. Total delinquent loans were $8.7 million as of June 30, 2022, compared to $6.7 million as of March 31, 2022, and $2.6 million as of June 30, 2021.

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Our allowance for credit losses for loans was $33.2 million, or 0.37% of total loans held for investment, as of June 30, 2022, compared to $32.8 million, or 0.44%, as of March 31, 2022, and $22.3 million, or 0.40%, as of June 30, 2021. The linked quarter increase in the allowance for credit losses for loans of $343 thousand was the result of a $2.8 million specific reserve release related to PCD loans from prior acquisitions, offset by an increase in allowance of $811 thousand related to impaired loans and an increase of $2.3 million related to the remaining loan portfolio, mainly due to an increase in loan balances. Net recoveries during the second quarter of 2022 were $164,000, compared to net charge-offs of $11,000 for the first quarter of 2022, and $91,000 of net charge-offs, or 0.01% of average loans annualized, for the second quarter of 2021.  

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The ratio of the allowance for credit losses for loans to total nonperforming assets was 299.2% as of June 30, 2022, compared to 302.7% as of March 31, 2022, and 137.6% as of June 30, 2021.

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Capital

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As of June 30, 2022, FFB exceeded all Basel III minimum regulatory capital requirements necessary to be considered a "well-capitalized" depository institution, as summarized in the table below:

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Shareholders' equity totaled $1.10 billion as of June 30, 2022, an increase from $1.08 billion and $734.0 million as of March 31, 2022, and June 30, 2021, respectively. Our tangible book value per common share was $15.61 as of June 30, 2022, compared to $15.21 as of March 31, 2022, and increased $1.34, compared to $14.27, as of June 30, 2021. The linked quarter increase in tangible book value per common share was attributable to positive EPS of $0.59 during the quarter, offset by $0.11 dividends per share.

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About First Foundation

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First Foundation Inc. (NASDAQ: FFWM) and its subsidiaries offer personal banking, business banking, and private wealth management services, including investment, trust, insurance, and philanthropy services. This comprehensive platform of financial services is designed to help clients at any stage in their financial journey. The broad range of financial products and services offered by First Foundation are more consistent with those offered by larger financial institutions, while its high level of personalized service, accessibility, and responsiveness to clients is more aligned with community banks and boutique wealth management firms. This combination of an integrated platform of comprehensive financial products and personalized service differentiates First Foundation from many of its competitors and has contributed to the growth of its client base and business. Learn more at firstfoundationinc.com, or connect with us on LinkedIn and Twitter.  

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Forward-Looking Statements

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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 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 the Federal Reserve Board taking actions with respect to interest rates, which could adversely affect our interest income and interest rate margins 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; 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.

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Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in our 2021 Annual Report on Form 10-K for the fiscal year ended December 31, 2021, that we filed with the SEC on February 28, 2022, 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 these 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.

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CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED INCOME STATEMENTS

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SELECTED CONSOLIDATED FINANCIAL DATA AND ASSET QUALITY

(unaudited)

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SEGMENT REPORTING

(unaudited)