{"id":728424,"date":"2023-02-02T16:34:53","date_gmt":"2023-02-02T21:34:53","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/first-foundation-inc-comments-on-actions-by-driver-management\/"},"modified":"2023-02-02T16:34:53","modified_gmt":"2023-02-02T21:34:53","slug":"first-foundation-inc-comments-on-actions-by-driver-management","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/first-foundation-inc-comments-on-actions-by-driver-management\/","title":{"rendered":"First Foundation Inc. Comments on Actions by Driver Management"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwlistdisc { list-style-type: disc }\n.bwmarginl1 { margin-left: 30px }\n.bwpadl9 { padding-left: 45px }\n.bwtablemarginb { margin-bottom: 10px }\n.bwvertalignt { vertical-align: top }\n.bwwidth100 { width: 100% }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>First Foundation Inc. Comments on Actions by Driver Management<\/b><\/p>\n<p class=\"bwalignc\"><i>No Stockholder Action Required at this Time<\/i><\/p>\n<p>DALLAS&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nFirst Foundation Inc. (NASDAQ: FFWM) (\u201cFirst Foundation\u201d or the \u201cCompany\u201d), a financial services company with two wholly-owned operating subsidiaries, First Foundation Advisors and First Foundation Bank, today issued the following statement with respect to actions taken by Driver Opportunity Partners I LP, an affiliate of Driver Management Company LLC (together, \u201cDriver\u201d), as well as Driver\u2019s purported intent to nominate two director candidates to stand for election to the First Foundation Board of Directors (the \u201cBoard\u201d) at the Company\u2019s 2023 Annual Meeting of Stockholders (the \u201c2023 Annual Meeting\u201d):\n<\/p>\n<p class=\"bwmarginl1\">\nFirst Foundation is committed to acting in the best interests of all its stockholders and the communities and clients that we serve. It is not our practice to comment publicly on specific engagements with stockholders. However, given Driver\u2019s refusal to engage in a constructive manner, and repeated efforts to misrepresent First Foundation\u2019s concerted efforts of engagement, we are compelled to make the following observations about Driver\u2019s self-serving campaign against the Company:\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwpadl9\" rowspan=\"1\" colspan=\"1\">\n<ul class=\"bwlistdisc\">\n<li>\nDriver is running what we view as an opportunistic campaign while First Foundation is in the midst of a management transition and internal reorganization to optimize our workforce, identify the right talent for critical positions and realign First Foundation to best execute on behalf of our clients and stockholders.\n<\/li>\n<li>\nMembers of management have responded to and attempted to meet with Driver to better understand its perspectives and to avoid a costly and distracting public campaign. During our first and only meeting, which Driver ended after less than a minute, Driver did not share any of its perspectives about the Company.\n<\/li>\n<li>\nDriver has shown no interest in constructive engagement with the Company and appears to be focused only on publicly disseminating misinformation and defamatory attacks to help promote its social media profile, gain notoriety in the media, and advance its other investment objectives.\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/table>\n<p class=\"bwmarginl1\">\nFirst Foundation\u2019s review of the validity of Driver\u2019s purported intent to nominate directors at the Company\u2019s 2023 Annual Meeting remains ongoing in accordance with the Company\u2019s established procedures. First Foundation is open to interviewing Driver\u2019s purported nominees as part of our established governance process to understand what they would be able to contribute to the Board and the Company.\n<\/p>\n<p class=\"bwmarginl1\">\nWhile it is unfortunate that Driver continues to act in a manner that we believe is harmful to the best interests of First Foundation and its stockholders, the Board and management team remain focused on delivering value for stockholders. Despite a challenging macroeconomic cycle, we are continuing to execute on our strategy through which we achieved strong results over the last ten years<sup>1<\/sup>.\n<\/p>\n<p class=\"bwmarginl1\">\nDuring that timeframe, on a compounded annual growth rate we have achieved:\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignt bwwidth100 bwpadl9\" rowspan=\"1\" colspan=\"1\">\n<ul class=\"bwlistdisc\">\n<li>\nTotal loan growth of 30.7%, growing from $735.3 million to $10,692.5 million, compared to the KRX Bank Index median of 12.1%;\n<\/li>\n<li>\nTotal assets growth of 31.7%, from $830.5 million to $13,014 million, compared to the KRX Bank Index median peers of 11.2%;\n<\/li>\n<li>\nNet income growth of 34.3% to $110.5 million, versus the KRX Bank Index median of 13.3%;\n<\/li>\n<li>\nEarnings per share growth of 16.7%, growing from $0.42 to $1.96, compared to the KRX Bank Index median of 8.5%;\n<\/li>\n<li>\nOperating revenue growth of 23.7%, an increase from $44.3 million to $372.1 million, compared to the KRX Bank Index median of 9.6%;\n<\/li>\n<li>\nTotal tangible common equity growth of 28.7%, from $73.2 million to $912.5 million, compared to the KRX Bank Index median of 8.2%;\n<\/li>\n<li>\nTangible book value per share growth of 12.5%, growing from $4.97 to $16.20, compared to the KRX Bank Index median of 4.1%; and\n<\/li>\n<li>\nDividend per share growth of approximately 30.1%, growing from $0.20 to $0.44, compared to the KRX Bank Index median of 5.6%<sup>2<\/sup>.\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/table>\n<p>\nThe Company looks forward to maintaining a constructive dialogue with all stockholders over the coming months.\n<\/p>\n<p>\nStockholders are not required to take any action at this time with respect to Driver\u2019s purported efforts to nominate directors at the 2023 Annual Meeting. First Foundation will present the Board\u2019s recommendation with respect to the election of directors in the Company\u2019s proxy statement, which will be filed with the Securities and Exchange Commission.\n<\/p>\n<p><b>About First Foundation<\/b><\/p>\n<p>\nFirst 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.\n<\/p>\n<p><b>Important Additional Information<\/b><\/p>\n<p>\nThe Company, its directors and certain of its executive officers are participants in the solicitation of proxies from the Company\u2019s stockholders in connection with its upcoming 2023 Annual Meeting. The Company intends to file a definitive proxy statement and a <b>BLUE<\/b><sup \/>universal proxy card with the SEC in connection with any such solicitation of proxies from the Company\u2019s stockholders. <b>STOCKHOLDERS OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ SUCH PROXY STATEMENT, ACCOMPANYING BLUE UNIVERSAL PROXY CARD AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION.<\/b> The Company\u2019s definitive proxy statement for the 2022 Annual Meeting of Stockholders contains information regarding the direct and indirect interests, by security holdings or otherwise, of the Company\u2019s directors and executive officers in the Company\u2019s securities. Information regarding subsequent changes to their holdings of the Company\u2019s securities can be found in the SEC filings on Forms 3, 4 and 5, which are available on the Company\u2019s website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.ff-inc.com&amp;esheet=53299912&amp;newsitemid=20230202005751&amp;lan=en-US&amp;anchor=www.ff-inc.com&amp;index=1&amp;md5=7cc2669f000045bf63bb2d8cd897fcc7\">www.ff-inc.com<\/a> or through the SEC\u2019s website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=53299912&amp;newsitemid=20230202005751&amp;lan=en-US&amp;anchor=www.sec.gov&amp;index=2&amp;md5=5552c5608f0d842c8779a3787d8a0cb9\">www.sec.gov<\/a>. Information can also be found in the Company\u2019s other SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2022 (when it becomes available). Updated information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in the definitive proxy statement and other materials to be filed with the SEC in connection with the 2023 Annual Meeting. Stockholders will be able to obtain the definitive proxy statement, any amendments or supplements to the proxy statement and other documents filed by the Company with the SEC at no charge at the SEC\u2019s website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=53299912&amp;newsitemid=20230202005751&amp;lan=en-US&amp;anchor=www.sec.gov&amp;index=3&amp;md5=f28b1847c6c2717ad9de72d0b5bb1dbe\">www.sec.gov<\/a>. Copies will also be available at no charge on the Company\u2019s website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.ff-inc.com&amp;esheet=53299912&amp;newsitemid=20230202005751&amp;lan=en-US&amp;anchor=www.ff-inc.com&amp;index=4&amp;md5=8c23b907d72bdd5aa805a96f45b6f45b\">www.ff-inc.com<\/a>.\n<\/p>\n<p>\n___________________________________\n<\/p>\n<p><sup>1<\/sup> Financial data growth based on year end 2012 versus year end 2022; Growth calculated using CAGR; KRX Bank Index = NASDAQ Regional Bank Index (KRX).<br \/>\n<br \/><sup>2<\/sup> First Foundation and KRX dividend CAGR based on year end 2019 (3 years), when First Foundation began distributing dividends.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230202005751r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230202005751\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230202005751\/en\/<\/a><\/span><\/p>\n<p><b>Investor and Media Contact:<br \/>\n<\/b><br \/>Shannon Wherry<br \/>\n<br \/>Director of Corporate Communications<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:swherry@ff-inc.com\">swherry@ff-inc.com<br \/>\n<\/a><br \/>(469) 638-9642\n<\/p>\n<p><b>KEYWORDS:<\/b> United States North America Texas<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Personal Finance Finance Banking Professional Services Asset Management<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230202005751\/en\/608452\/3\/FF_new_logo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>First Foundation Inc. Comments on Actions by Driver Management No Stockholder Action Required at this Time DALLAS&#8211;(BUSINESS WIRE)&#8211; First Foundation Inc. (NASDAQ: FFWM) (\u201cFirst Foundation\u201d or the \u201cCompany\u201d), a financial services company with two wholly-owned operating subsidiaries, First Foundation Advisors and First Foundation Bank, today issued the following statement with respect to actions taken by Driver Opportunity Partners I LP, an affiliate of Driver Management Company LLC (together, \u201cDriver\u201d), as well as Driver\u2019s purported intent to nominate two director candidates to stand for election to the First Foundation Board of Directors (the \u201cBoard\u201d) at the Company\u2019s 2023 Annual Meeting of Stockholders (the \u201c2023 Annual Meeting\u201d): First Foundation is committed to acting in the best interests of all its stockholders and &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/first-foundation-inc-comments-on-actions-by-driver-management\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;First Foundation Inc. Comments on Actions by Driver Management&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-728424","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>First Foundation Inc. Comments on Actions by Driver Management - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/first-foundation-inc-comments-on-actions-by-driver-management\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First Foundation Inc. Comments on Actions by Driver Management - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"First Foundation Inc. Comments on Actions by Driver Management No Stockholder Action Required at this Time DALLAS&#8211;(BUSINESS WIRE)&#8211; First Foundation Inc. (NASDAQ: FFWM) (\u201cFirst Foundation\u201d or the \u201cCompany\u201d), a financial services company with two wholly-owned operating subsidiaries, First Foundation Advisors and First Foundation Bank, today issued the following statement with respect to actions taken by Driver Opportunity Partners I LP, an affiliate of Driver Management Company LLC (together, \u201cDriver\u201d), as well as Driver\u2019s purported intent to nominate two director candidates to stand for election to the First Foundation Board of Directors (the \u201cBoard\u201d) at the Company\u2019s 2023 Annual Meeting of Stockholders (the \u201c2023 Annual Meeting\u201d): First Foundation is committed to acting in the best interests of all its stockholders and &hellip; Continue reading &quot;First Foundation Inc. 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(NASDAQ: FFWM) (\u201cFirst Foundation\u201d or the \u201cCompany\u201d), a financial services company with two wholly-owned operating subsidiaries, First Foundation Advisors and First Foundation Bank, today issued the following statement with respect to actions taken by Driver Opportunity Partners I LP, an affiliate of Driver Management Company LLC (together, \u201cDriver\u201d), as well as Driver\u2019s purported intent to nominate two director candidates to stand for election to the First Foundation Board of Directors (the \u201cBoard\u201d) at the Company\u2019s 2023 Annual Meeting of Stockholders (the \u201c2023 Annual Meeting\u201d): First Foundation is committed to acting in the best interests of all its stockholders and &hellip; Continue reading \"First Foundation Inc. 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