First Foundation Inc . (NYSE:FFWM) has undergone significant changes in its executive and board composition, as detailed in a recent SEC Form 8-K filing. Simone Lagomarsino has been appointed as the President of First Foundation Inc., effective September 3, 2024. Concurrently, Scott F. Kavanaugh has stepped down from his role as President but will continue to serve as the company's Chief Executive Officer.
Lagomarsino, who also became President of First Foundation Bank on July 8, 2024, brings a wealth of experience to her new role. Prior to joining First Foundation, she served as CEO of Luther Burbank (NASDAQ:LBC) Savings and as a director of Luther Burbank Corporation (NASDAQ:LBC) until February 2024.
Her career includes executive positions at several financial institutions and she has been recognized for her leadership, including being named Community Banker of the Year by American Banker in 2013.
In addition to the presidential appointment, there have been several changes to First Foundation's board of directors. Four former directors, John A. Hakopian, David G. Lake, Diane M. Rubin, CPA, and Gabriel V. Vazquez, have tendered their resignations, effective September 3, 2024. Their departure was not due to any disagreements with the company's operations, policies, or practices.
To fill the vacancies, four new directors have been appointed to the board: Sam Edelson, Henchy R. Enden, Simone Lagomarsino, and Benjamin Mackovak. These appointments were also effective on September 3, 2024. The new directors bring diverse experience to the board, with backgrounds in real estate, investment management, and banking.
In other recent news, First Foundation Inc. outperformed expectations with its Q2 2024 earnings, reporting a net income of $3.1 million. Alongside this, the financial services company announced a capital raise of $228 million, aimed at bolstering growth and stability. Analysts at Standard Chartered (OTC:SCBFF) have responded by raising the price target for First Foundation shares from $6 to $7, while maintaining an Inline rating.
The company has also revealed strategic plans for the future, including diversifying its loan portfolio with a focus on commercial and industrial lending, and expanding its wealth management services. First Foundation is planning a repositioning of part of its multifamily portfolio, with an expected move of 20% to Held for Sale in the third quarter.
Looking ahead, the company has set significant financial targets for the end of 2026, including achieving a return on average assets between 0.90% and 1.00%, and an asset size of $12.5 billion to $13 billion. These recent developments, along with the upcoming shareholder vote on strategic initiatives, underscore First Foundation's commitment to growth and profitability.
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