71.4 F
Laguna Hills
Sunday, Dec 10, 2023

First Foundation to List on Nasdaq

Shares of Irvine-based First Foundation Inc. will start trading on the Nasdaq exchange next month.

First Foundation, which operates one of the largest banks with headquarters in Orange County, also provides other financial services, including investment management and wealth planning.

The company’s stock will trade starting Nov. 3, under the ticker symbol “FFWM.”

“We’re not doing an IPO—we’re dry-listing the shares,” Chief Executive Scott Kavanaugh said, adding that all current shareholders are able to sell their shares. “The listing will give us an opportunity to strategically use our stock to do transactions…and to provide liquidity to the existing shareholders.”

It’s not determined how many shares will trade or at what price, Kavanaugh said.

“The price is to be established, that’s for the market makers to determine,” he said.

First Foundation had filed papers for an IPO with the Securities and Exchange Commission in April, before canceling plans in May. The company at the time said it would offer about 2.2 million shares of its common stock, each priced between $21 and $24.

First Foundation, which announced its third-quarter earnings Thursday, said it had net income of $2.7 million, up 83% from the same time a year ago.

Net interest income totaled $11.1 million, up 36%.

Noninterest income reached $6.7 million, up 32%.

The company had $1.3 billion in total assets as of Sept. 30, up 24% year-over-year. Net loans totaled $1.1 billion, up 22%.

Want more from the best local business newspaper in the country?

Sign-up for our FREE Daily eNews update to get the latest Orange County news delivered right to your inbox!


Featured Articles


Related Articles