First Foundation : Investor Presentation Q4 2022

INVESTOR PRESENTATION

January 2023

PRIVATE WEALTH MANAGEMENT ● PERSONAL BANKING ● BUSINESS BANKING

Safe Harbor Statement

This presentation and the accompanying oral commentary contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statement s often include words such a s "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," "outlook," or words of similar meaning, or future or conditional verbs such a s " will," "would," "should," "could," or "ma y." The forward-looking statements in this presentation and any accompanying oral commentary are based on current information and on assumptions t hat we make about future events and circumstances that are subject to a number of risk s and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, our actual financial result s in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this presentation and any accompanying oral statements and could cause us to make changes to our future plans. Those risk s 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 t he COVID-19 pandemic on our colleagues, clients, t he 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 t he expiration of the respective deferral periods; the risk that we will not be able to access the securitization market on favorable t erms 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 chang es in interest rates, which could adversely affect our int erest income and interest rate margins and, t herefore, 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 t heir funds from or close t heir investment accounts with us, which would reduce our asset s under management and adversely affect our operating results; t he risk that we may be unable or that our board of directors may det ermine that it is inadvisable to pay future dividends; risk s associated with chang es in income tax laws and regulations; and risk s associated with seeking new client relationships and maintaining existing client relationships.

Additional information regarding these and other risk s 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 t he SEC on February 28, 2022, and other documents we file with the SEC from time to time. We urge recipient s of this presentation to review those reports and ot her 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 a ware or which we do not currently view as, but in the future may become, material to our business or operating results. Due to t hese and other possible uncertainties and risks, rea ders are cautioned not to place undue reliance on the forward-looking statement s contained in this presentation, 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 presentation 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 mea sures based on GAAP and non-GAAP based financial measures, which are used when management believes them to be helpful in understanding the Company's result s of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to t he comparable GAAP financial measure, can be found in the appendix of this presentation as of and for the quarter ended December 31, 2022. 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.

Copyright © 2023 First Foundation Inc. All Rights Reserved

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A Multi-Diversified Regional Financial Services Company with a Personal Touch

		$13.0		$5.0		$1.3
					Scale with a
		Billion in		Billion in		Billion in Trust		proven
COMPANY		Bank Assets		Assets Under		Assets Under
				business
			Management		Advisement
						model

NASDAQ: FFWM

Five States: CA, TX, NV, HI, and FL

713 Employees, 31 Branch/Office Locations

CORE	PERSONAL BANKING		PRIVATE WEALTH			TRUST
PRIVATE BANKING		MANAGEMENT			SERVICES
BUSINESS
BUSINESS BANKING

Complementary services

TARGET	BUSINESS OWNERS	HIGH NET WORTH INDIVIDUALS
CLIENTS	REAL ESTATE INVESTORS	MULTI-GENERATIONAL FAMILIES
	SMALL AND MEDIUM BUSINESSES	CORPORATE EXECUTIVES
	HOAs, MSRs, 1031 EXCHANGES, TITLE	NONPROFITS
	AND ESCROW COMPANIES
	LOCAL MUNICIPALITIES

Focus on providing exceptional service

Data as of December 31, 2022.

Copyright © 2023 First Foundation Inc. All Rights Reserved

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Commercial Banking at Our Core

First Foundation is a full-service regional commercial bank offering robust business and consumer banking in addition to a full suite of wealth management and trust solutions for our clients

		• Diversified commercial business lending with 32% of loans comprised of commercial term loans,
			revolving lines of credit, owner occupied CRE, public financing, and equipment leasing.
	Diversified	•	Commercial business originations totaled 49% for 2022, a 78% increase year over year.
Commercial Lending	•	Mature commercial real estate offerings.
		• 50% of total loans in multifamily. Deep relationships with our multifamily borrowers with 58% of
			originations in 2022 sourced directly from borrowers (no broker involvement).
		• Strong base of core deposits with 87% attributable to core, non-wholesale deposits.
		• 72% of core deposit base is made up of commercial business deposits.
	Core	• 26% of deposits are in non-interest bearingaccounts.
	• Our commercial deposit services channel, representing39% of total deposits, offers complex treasury
	Deposit Funding
		management services to a variety of large commercial clients such as mortgageservicers, HOAs, 1031
			exchange accommodators, property management,contractor retention, among many others.
		• Wholesale deposits make up 13% of the total deposits.
		• Advisory and trust fees provide diversification to revenue. 14% of total revenue is derived from recurring
	Complementary		noninterest income in 2022.
	• Pre-tax profit margin for Advisory and Trust divisions of 32%(1) in 4Q22 (22% for 2022).
Wealth Management
• Solid year-over-year client growth, 100% of new assets throughorganic growth.
	and Trust Offering
	• Ability to attract and retain clients usingtrust solutions and estate planning.
		• Diversified client acquisition model from key internal and external referrals and centers of influence.
	Consistent	• ROAA of 0.96% (Adjusted ROAA(2) of 1.00%) and ROATCE(3) of 13.0% in 2022
	•	Efficient operations with efficiency ratio(4) of 58.6% in 2022
	Profitability
	•	NIM of 2.45% in 4Q22 (2.91% in 2022)
1.	Margin in 4Q22 impacted by a decrease of $1.3 million in compensation and benefits in the fourth quarter due to	3.	See "Non-GAAP Measurements" slide on page 46.
	the reversal of accruals for incentive compensation.	4.	See "Non-GAAP Measurements" slide on page 47.
2.	See "Non-GAAP Measurements" slide on page 46.

Copyright © 2023 First Foundation Inc. All Rights Reserved

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Strong Regional Presence

• Headquartered in Dallas, TX, FFWM has 31 branch / offices locations in five states: CA, TX, NV, HI, and FL
• Recent expansion to Southwest Florida with the acquisition of TGR Financial fits well with FFWM's history of delivering commercial banking and wealth management services
• FFWM's loan portfolio is primarily concentrated within the branch footprint; 71% of total loans in CA, 4% in TX, 1% in NV, 1% in HI, and 10% in FL
• Expansion focused on attractive markets with positive demographic trends and business friendly environments

Presence in Some of the Fastest Growing MSAs in the Country

Located in Expanding and Affluent Markets

Source: SNL Financial; Claritas LLC; FDIC branch reports from SNL Financial; Company Reports

1. As of May 2022.
2. As of latest FDIC branch report dated September 2022.
3. 5 year historical.
4. 5 year projected.

Copyright © 2023 First Foundation Inc. All Rights Reserved

• Average household income of $83k versus overall U.S. market of $74k(1)
• ~2.0x the U.S. average branch deposit growth in our footprint over the past 5 years
  o 87% in our footprint versus 45% nationwide(2)

Outsized population growth in markets with large market share(1)(3)

• Riverside-SanBernardino-Ontario, CA: 3.7%
• Sacramento-Roseville-Folsom,CA: 4.2%
• Las Vegas-Henderson-Paradise, NV: 8.1%

Exceptional historical and projected population growth in newly-entered markets(1)

• Dallas-FortWorth-Arlington, TX (Historical): 7.3%(3)
• Dallas-FortWorth-Arlington, TX (Projected): 5.9%( 4)
• Naples-MarcoIsland, FL (Historical): 8.8%( 3)
• Naples-MarcoIsland, FL (Projected): 5.7%( 4)

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