First Foundation Inc. (FFWM): Business Model Canvas [Dec-2025 Updated]

You're looking right at the operational blueprint of First Foundation Inc. as it stands on the edge of a major transformation, specifically the all-stock merger announced in October 2025 with FirstSun Capital Bancorp. Honestly, to grasp the current state, you need to see past the steady fee income from their $5.1 billion in Assets Under Management (AUM) as of Q3 2025 and focus on the immediate pressures, like that hefty $65.0 million provision for credit losses taken that same quarter. This Business Model Canvas distills exactly how their integrated banking and wealth platform is structured to execute this strategic repositioning, so let's dive into the key activities and partnerships making this happen below.

First Foundation Inc. (FFWM) - Canvas Business Model: Key Partnerships

You're looking at the critical relationships First Foundation Inc. has built to support its operations and strategic direction as of late 2025. These aren't just casual connections; they are deep, often financial, ties that shape the company's immediate future and balance sheet.

The most significant partnership right now is the pending combination with FirstSun Capital Bancorp (FSUN). This all-stock merger, announced on October 27, 2025, values the transaction at approximately $785 million, based on FirstSun's closing stock price as of October 24, 2025. This deal creates a combined regional banking franchise with projected total assets of $17 billion. The structure dictates that First Foundation stockholders will receive 0.16083 shares of FirstSun common stock for each share they own, and warrant holders will receive an aggregate of $17.5 million in cash consideration. If this closes in the expected second quarter of 2026, First Foundation stockholders will hold 40.5% of the combined entity.

Before this merger, First Foundation secured crucial capital from major institutional investors in July 2024. Fortress Investment Group anchored a recapitalization, with affiliates agreeing to invest $115 million out of a total aggregate investment of $228 million from several parties. Canyon Partners was also a key participant in that 2024 capital raise.

Canyon Partners, specifically Canyon Capital Advisors LLC, remains a major stockholder, filing a Schedule 13D on November 3, 2025, showing beneficial ownership of 8,152,392 shares of common stock, which was 9.9% of the class based on 82,386,071 shares outstanding as of August 4, 2025. This filing reflects their commitment to the FSUN merger, as they entered a Support Agreement on October 27, 2025, to vote in favor of the deal. Honestly, the math shows they paid about $34,725,270 for the common stock reported in that filing.

Here's a quick look at the financial commitments from these key equity partners:

Partner	Role/Transaction	Reported Financial Amount	Date Context
FirstSun Capital Bancorp (FSUN)	Acquisition Equity Value	$785 million (Aggregate Transaction Value)	Announced October 2025
Fortress Investment Group	2024 Equity Investment Anchor	$115 million (of $228 million total)	Closed July 2024
Canyon Partners	2024 Investment (Common Stock Portion)	Approx. $34,725,270 paid for reported common shares	Reported August 2025 (based on prior investment)
Canyon Partners	2024 Investment (Total)	Approx. $46 million (Total Investment)	July 2024
FSUN Merger (Warrants)	Cash Consideration to Warrant Holders	$17.5 million (Aggregate)	Merger Terms (Oct 2025)

The bank also partners with numerous nonprofit organizations to meet its regulatory obligations and community goals. This is defintely a core part of its relationship strategy for Community Reinvestment Act (CRA) compliance.

• First Foundation Bank awarded a total of $160,000 in its 2025 Supporting Our Communities Grant Awards.
• These grants supported organizations across fourteen counties in California, Nevada, Florida, Texas, and Hawaii.
• The 2025 funding focused on priorities like affordable housing, financial literacy, and small business development.
• As of September 30, 2025, the bank served 194 Nonprofit Organizations.
• The bank recorded 3,000 Volunteer Hours as of September 30, 2025.

Finance: draft pro forma capital structure analysis based on the merger terms by Monday.

First Foundation Inc. (FFWM) - Canvas Business Model: Key Activities

You're looking at the core things First Foundation Inc. (FFWM) is doing to run its business and execute its current strategy, which is heavily focused on balance sheet optimization as of late 2025. Here are the hard numbers behind those activities, based on the latest available data from the third quarter of 2025.

Providing integrated personal and business banking services

The banking division, First Foundation Bank (FFB), is a key part of the integrated model, offering a full suite of services. As of the end of the second quarter of 2025, the bank held total assets amounting to $11.6 billion. A critical activity here is managing deposits to fund loan growth efficiently. As of September 30, 2025, the loan to deposit ratio (LDR) had improved significantly to 83.6%, down from 93.4% at June 30, 2025. This suggests a successful effort to bring deposits more in line with lending. Furthermore, the cost of deposits for the third quarter of 2025 was 3.11%, which was an increase from 2.95% in the prior quarter, but the company is managing its funding mix. Insured and collateralized deposits accounted for approximately 85% of total deposits as of September 30, 2025.

Key banking metrics as of late Q2 2025:

Metric	Value as of June 30, 2025
Total Bank Assets	$11.6 billion
Loan to Deposit Ratio	93.4%
Digital Banking Deposits (as % of total)	12% (surpassed $1 billion)
Borrowings	$1.7 billion

Delivering private wealth management and trust services

The wealth management arm, First Foundation Advisors (FFA), focuses on managing client assets, a core fee-generating activity. Assets Under Management (AUM) stood at $5.3 billion at the end of the second quarter of 2025, though this figure decreased to $5.1 billion by September 30, 2025. Trust assets under advisement (AUA) at FFB remained stable at $1.2 billion across both Q2 and Q3 2025. The activity within the AUM balance during Q3 2025 shows a net outflow trend, with $416 million in net withdrawals being a significant factor, despite $222 million in performance gains and $27 million in new accounts. The firm's expertise in this area was recognized when First Foundation Advisors made Barron's list of the top 100 registered investment advisory firms in 2024.

Wealth Management Asset Snapshot:

• Assets Under Management (AUM) end of Q2 2025: $5.3 billion
• Assets Under Management (AUM) end of Q3 2025: $5.1 billion
• Trust Assets Under Advisement (AUA) end of Q3 2025: $1.2 billion
• Q3 2025 Net Withdrawals from AUM: $416 million

Managing a loan portfolio, with a focus on commercial real estate reduction

Managing the loan portfolio is central, with a clear, executed strategy to reduce Commercial Real Estate (CRE) concentration. First Foundation Inc. sold approximately $858 million principal balance of CRE loans held for sale in two transactions during Q2 2025, at an average sale price of 94.0%. This strategic move resulted in a pretax income impact of ($12.1) million for the quarter. Management has stated they are on track to completely exit the held-for-sale CRE portfolio by the end of 2025. This aggressive reduction has materially improved the CRE concentration, which the CEO noted had fallen from a high of over 600% of regulatory capital to 365% as of Q3 2025. The total loan portfolio held for investment as of June 30, 2025, included $3.3 billion in multifamily loans and approximately $528 million in non-owner occupied CRE loans.

Executing the strategic merger and balance sheet re-positioning

The execution of balance sheet re-positioning is a major, albeit costly, activity impacting current results. The Q2 2025 loan sales were specifically part of a strategy to reduce exposure to low-coupon fixed-rate loans and high-cost deposits, helping to pay down $975 million of higher-cost deposits. The financial impact of these strategic moves was evident in Q3 2025, which reported a GAAP net loss of $146.3 million, or a loss per share of ($1.78). This loss was heavily influenced by non-operational charges, including a $65.0 million provision for credit losses and a $94.7 million valuation allowance against deferred tax assets. The goal of this re-positioning is to migrate the business to a higher profitability model. The company also reduced borrowings to $1.4 billion as of September 30, 2025, down from $1.7 billion at June 30, 2025, following the maturity of a 4.55% fixed-rate borrowing.

Maintaining regulatory compliance and strong credit quality

Maintaining strong credit quality is a non-negotiable activity supporting the overall strategy. Despite the portfolio shifts, asset quality remains solid. As of June 30, 2025, the allowance for credit losses (ACL) for loans was $37.6 million, representing 0.50% of total loans held for investment. Net charge-offs for Q2 2025 were minimal at $0.1 million, or 0.003% annualized. Nonperforming assets (NPAs) to total assets were reported at 0.35% as of June 30, 2025, improving slightly to 0.33% by September 30, 2025. The company remains well-capitalized, with the Common Equity Tier 1 Ratio at 11.1% and the Tier 1 Leverage Ratio at 8.3% as of Q2 2025. Management expects the Net Interest Margin (NIM) to improve to a range of 1.80-1.90% by the fourth quarter of 2025, up from 1.68% in Q2 2025.

Credit Quality Indicators (as of Q2/Q3 2025):

• ACL to Total Loans Held for Investment (as of June 30, 2025): 0.50%
• Nonperforming Assets to Total Assets (as of Sept 30, 2025): 0.33%
• Net Charge-Offs (Q2 2025): $0.1 million
• Common Equity Tier 1 Ratio (as of Q2 2025): 11.1%

Finance: draft the pro forma profitability model based on the Q3 2025 results by Monday.

First Foundation Inc. (FFWM) - Canvas Business Model: Key Resources

You're looking at the core assets First Foundation Inc. (FFWM) relies on to execute its strategy. These aren't just line items on a balance sheet; they are the engine for their integrated banking and advisory model.

The most tangible measure of the wealth management side is the capital they oversee. As of Q3 2025, the Assets Under Management (AUM) stood at $5.1 billion. This is supported by the bank's balance sheet strength, with total bank assets reported at $11.9 billion as of September 30, 2025.

The firm's structure itself is a key resource, built around the combination of its two main operating subsidiaries:

• Integrated platform of First Foundation Bank and First Foundation Advisors.

Here's a quick look at the scale of the managed and held assets as of the end of the third quarter of 2025, using the figures you specified for the canvas:

Resource Metric	Amount as of Late 2025
Assets Under Management (AUM)	$5.1 billion as of Q3 2025
Investment Securities	$2.2 billion as of September 30, 2025
Total Bank Assets	$11.9 billion as of September 30, 2025

The quality of the human capital is critical in this sector. That means the experienced management team and professional staff are a non-negotiable asset. Their physical footprint also matters for client service delivery and market presence.

• Experienced management team and professional staff.
• Physical branch network across five states including California and Texas.

To be more specific on the physical network, as of late 2025, First Foundation Bank maintained 31 locations across its operating footprint. These locations span the required states, plus Florida and Nevada:

• States served include California, Texas, Florida, Nevada, and Hawaii.

You can also see the health of the lending book, which is another core resource for the bank segment. For instance, the loan to deposit ratio was tight at 83.6% as of September 30, 2025. Also, the allowance for credit losses to total loans held for investment was 1.40% on that same date. Honestly, keeping nonperforming assets in check is always a focus; they were reported at $44.6 million as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

First Foundation Inc. (FFWM) - Canvas Business Model: Value Propositions

Integrated platform: banking, wealth, and trust services in one place.

First Foundation Inc. provides a comprehensive platform combining personal banking, business banking, private wealth management, investment, trust, insurance, and philanthropy services under one roof. This integration is designed to serve clients throughout their entire financial journey. As of September 30, 2025, the Private Wealth Management and Trust Assets under management (AUM) stood at $5.1 billion. The Bank segment reported total bank assets of $11.9 billion as of the same date.

The scale of the integrated operation is reflected in its geographic footprint, with 31 locations across California, Florida, Hawaii, Nevada, and Texas. The trailing twelve-month revenue as of September 30, 2025, was $196.204 million.

Personalized service aligned with community banks.

The value proposition emphasizes a high level of personalized service, accessibility, and responsiveness, which is more aligned with community banks and boutique wealth management firms, despite offering a broad range of products. This approach aims to foster deep client relationships. The company employs 551 total employees to deliver this service model.

Sophisticated financial solutions comparable to larger institutions.

The financial products and services offered are intentionally broad and consistent with those found at larger financial institutions. This means clients receive sophisticated options without necessarily moving to a massive, impersonal firm. For example, Asset Management and Trust income for the third quarter of 2025 totaled $8.6 million.

Comprehensive financial services for clients at any stage.

First Foundation Inc. is structured to help clients at any stage in their financial lives, from initial growth to legacy preservation. The platform supports this by offering both banking and wealth management segments.

The following table summarizes key financial figures as of late 2025, illustrating the scale of the integrated platform:

Metric	Amount (as of 9/30/2025)	Source Period
Private Wealth Management and Trust AUM	$5.1 billion	Q3 2025
Total Bank Assets	$11.9 billion	Q3 2025
Total Revenue (TTM)	$196.204 million	TTM ending 9/30/2025
Q3 2025 Total Revenue	$63.6 million	Q3 2025
Total Employees	551	2025 Data

Expertise in wealth planning and estate planning.

The offering includes specific expertise in wealth planning and trust services, which are key components of preserving legacy for growth-minded individuals and businesses. The company's structure includes First Foundation Advisors, which offers comprehensive investment management and wealth planning strategies.

• Services include investment, trust, insurance, and philanthropy services.
• Focus on enabling growth-minded individuals and businesses.
• Support for preserving the legacy clients have built.
• Nonperforming assets to total assets ratio was 0.33% as of September 30, 2025.
• Loan to deposit ratio was 83.6% as of September 30, 2025.

First Foundation Inc. (FFWM) - Canvas Business Model: Customer Relationships

You're looking at how First Foundation Inc. (FFWM) keeps its clients close, which is central to their integrated financial services pitch. Honestly, their entire model hinges on making clients feel like they're dealing with a boutique firm, even though they offer the products of a much larger institution. This focus on personal connection is their stated differentiator.

High-touch, personalized service model.

First Foundation Inc. explicitly positions its service style as having a high level of personalized service, accessibility, and responsiveness, which they say is more aligned with community banks and boutique wealth management firms. This isn't just talk; it's backed by the structure of their team. For instance, looking at just one state, they list 66 bankers and advisors in California alone. This density of personnel supports the claim of being readily available to clients across their banking, wealth management, and trust needs.

Dedicated private banking relationship managers.

The structure of their team suggests a move toward dedicated management. While the exact ratio of clients to relationship managers isn't public, the presence of specialized roles like Managing Directors for Equity Investments, Fixed Income, and Alternative Investments, alongside dedicated Wealth Advisors, points to specialized, high-touch service delivery for their clientele. This specialization is key to delivering the sophisticated solutions they promise. The firm's advisors were recognized, with First Foundation Advisors making Barron's list of the top 100 registered investment advisory firms in 2024.

To give you a sense of the scale they are managing with this personalized approach, here are the latest asset figures:

Metric	Date	Amount
Assets Under Management (AUM)	June 30, 2025	$5.3 billion
Trust Assets Under Advisement (AUA)	June 30, 2025	$1.2 billion
AUM (Prior Quarter End)	March 31, 2025	$5.1 billion
Total Assets (Bank)	June 30, 2025	$11.6 billion

Cross-selling between banking and wealth management divisions.

The integrated platform is designed to facilitate this. First Foundation Bank was originally created to serve the clients of its wealth management division. This structural linkage is the engine for cross-selling. The goal is to have clients use both the banking services (deposits, loans) and the wealth management services (investment, trust, philanthropy) under one roof. The firm describes its platform as comprehensive, designed to help clients at any stage in their financial journey.

Long-term relationship building for client retention.

Retention is where the rubber meets the road for a relationship-focused model. You can see the challenge in the Q2 2025 activity: AUM saw $184 million of net withdrawals against $83 million of new accounts. That net outflow suggests that while they are bringing in new business, retaining the existing book is a constant, active effort. The company states its focus is on building long-term relationships built on trust. The health of the loan portfolio, with delinquent and nonaccrual loans at 0.66% of total loans held for investment as of June 30, 2025, is also a reflection of the quality of the relationships they maintain with their borrowers. You need clean books to keep clients confident in the bank side of the offering.

Finance: draft a sensitivity analysis on AUM net flows vs. NIM targets by next Tuesday.

First Foundation Inc. (FFWM) - Canvas Business Model: Channels

You're looking at how First Foundation Inc. gets its services to the client base, which is a mix of physical presence and digital tools, reflecting its dual focus on high-touch service and scale.

The physical footprint supports the integrated model, connecting the banking and wealth advisory arms.

Channel Component	Key Metric/Data Point	As of Date
Physical Offices (High-Growth Markets)	Presence in California, Texas, Florida, Nevada, Hawaii	Late 2025
First Foundation Bank (FFB) Deposits	$8.6 billion	June 30, 2025
First Foundation Bank (FFB) Loan to Deposit Ratio	83.6%	September 30, 2025
First Foundation Advisors (FFA) AUM	$5.1 billion	September 30, 2025
Total Employees	551	Late 2025

The physical offices serve as hubs for the relationship-focused service delivery model.

• Physical offices in high-growth markets: California, Texas (Headquarters), Florida, Nevada, Hawaii.

The structure relies heavily on the two main subsidiaries to deliver the integrated offering.

• First Foundation Bank (FFB): Member FDIC and Equal Housing Lender. NMLS #793235.
• First Foundation Advisors (FFA): SEC-Registered Investment Advisor.
• FFA Private Wealth Management and Trust Assets (AUM) were $5.1 billion as of September 30, 2025.
• FFB total deposits were $8.6 billion as of June 30, 2025.

Digital channels are essential for modern access, even with the emphasis on personalized service. While specific First Foundation Inc. digital adoption rates aren't public, the industry context shows the importance of these tools.

• Industry data suggests over 83% of U.S. adults used digital banking services as of 2025.
• Industry data shows 72% of global banking customers prefer using mobile apps for core banking services.

The direct sales force is the mechanism for acquiring and servicing commercial and private banking clients, often coordinating with the physical office locations.

• The firm offers personal banking, business banking, and private wealth management services.
• The platform is designed to be consistent with larger financial institutions but deliver service aligned with community banks.

First Foundation Inc. (FFWM) - Canvas Business Model: Customer Segments

You're looking at the core groups First Foundation Inc. serves, which are clearly split between wealth management clients and commercial banking clients, though the bank was historically more concentrated in real estate lending.

The Private Wealth Management division targets high-net-worth individuals and families seeking comprehensive financial guidance.

• High-net-worth individuals and families seeking private wealth management.

As of September 30, 2025, Assets Under Management (AUM) for First Foundation Advisors stood at $5.2 billion, with Trust assets Under Advisement (AUA) at First Foundation Bank at $1.2 billion. This division is recognized, having ranked #55 nationally on the CNBC FA100 list for 2025.

Growth-minded businesses are served through First Foundation Bank, which offers commercial banking and lending services. The bank is actively shifting its loan mix toward these clients.

• Growth-minded businesses needing commercial banking and lending.

Commercial and industrial (C&I) loans represented a significant portion of new lending activity, making up 81% of total fundings in the third quarter of 2025.

The bank's overall size and lending focus can be seen in these figures from the end of Q3 2025:

Metric	Amount as of September 30, 2025
Total Bank Assets	$11.9 billion
Total Deposits	$6.8 billion
Loan Balances (Total)	$7.8 billion
Loans Held for Investment	$7.3 billion
Loans Held for Sale	$0.5 billion

Historically, a major segment was real estate investors and developers, a concentration the company has been aggressively reducing. They are on track to exit the remaining held-for-sale commercial real estate (CRE) portfolio by the end of 2025.

• Real estate investors and developers (historically, now reducing concentration).

The CRE concentration relative to regulatory capital was reduced to approximately 365% as of Q2 2025, down from a high over 600%. The loans held for sale portfolio stood at $0.5 billion at the end of Q3 2025.

Finally, First Foundation Inc. also serves institutional investors and large stockholders who participated in a significant capital raise.

• Institutional investors and large stockholders like Canyon Partners.

In July 2024, affiliates of several firms, including Canyon Partners, agreed to investments aggregating to $228 million. Canyon Partners was specifically expected to invest $46 million in that transaction.

To be fair, the bank's geographic footprint supports these segments, with 31 locations across California, Florida, Hawaii, Nevada, and Texas as of September 30, 2025. Finance: review the Q3 2025 loan origination mix by dollar amount by Monday.

First Foundation Inc. (FFWM) - Canvas Business Model: Cost Structure

You're looking at the major drains on First Foundation Inc.'s bottom line as of late 2025, which really tells the story of where the firm is focusing its capital. The cost structure is heavily influenced by managing credit risk and investing in specialized talent, especially given the recent strategic moves.

A significant, non-recurring-type cost that hit the third quarter of 2025 was the $94.7 million valuation allowance recorded against the deferred tax asset balance. This is a big accounting entry reflecting management's view on the realizability of those future tax benefits, based on current results and projections. Also hitting the P&L hard was the $65.0 million provision for credit losses recorded in Q3 2025, which was a forward-looking adjustment due to changes in the Allowance for Credit Losses (ACL) quantitative assumptions. To be fair, this provision was net of only $0.5 million in net charge-offs for the same quarter.

The investment in people, which is key for a firm blending banking and wealth management, shows up clearly in personnel costs. Compensation and benefits expense for specialized staff in Q3 2025 totaled $23.7 million, up from $22.9 million in the linked prior quarter. This increase reflects investments made to bring in talent and retain institutional knowledge needed to organize around strategic initiatives.

The cost of funding deposits is a core operating expense, and you can see the pressure here. While the cost of deposits was 2.95% in Q2 2025, it ticked up to 3.11% for the quarter ending September 30, 2025. This is a key metric to watch as the firm works to shift its deposit mix.

Other operating expenses include professional support for ongoing changes. Professional services and marketing costs for Q3 2025 were $6.8 million. Overall, total Noninterest expense for Q3 2025 was $57.5 million.

Here is a quick look at some of the key cost components for the third quarter of 2025, in thousands of dollars, where available:

Cost Category	Q3 2025 Amount (in thousands)	Q2 2025 Amount (in thousands)
Provision for Credit Losses	$65,000	(Not specified in the same context)
Valuation Allowance on DTA	$94,700	$0 (Implied)
Compensation and Benefits Expense	$23,700	$22,900
Professional Services and Marketing Costs	$6,800	$7,200
Total Noninterest Expense	$57,500	$60,000

The interest expense component related to deposits is best tracked via the cost rate, but total interest expense on deposits for Q3 2025 isn't explicitly broken out from total interest expense in the immediate results. However, the Banking segment's total Interest Expense was $99,444 thousand in Q2 2025, which gives you a sense of the scale of funding costs before the deposit mix shift.

You should track the trend in the cost of deposits against the firm's stated goal of reducing high-cost deposits. The fact that the cost rose from 2.95% in Q2 2025 to 3.11% in Q3 2025, despite efforts to reduce higher-cost specialty deposits, is something Finance needs to dig into by next week.

First Foundation Inc. (FFWM) - Canvas Business Model: Revenue Streams

The revenue streams for First Foundation Inc. are derived from both traditional banking activities and its wealth management operations. You see this split clearly when looking at the core components of their top-line performance as of the second quarter of 2025.

The primary driver remains the spread between what First Foundation Bank earns on its assets and what it pays for its liabilities. This is the Net Interest Income, which was reported at $50,082 thousand for the quarter ended June 30, 2025. This figure reflects the bank's core lending and investment securities business, even amidst strategic balance sheet adjustments during that period.

The non-interest income side captures the fees generated by the advisory side of the business, First Foundation Advisors, alongside other banking charges and transaction-related gains or losses. You need to look closely at the details here, as large, one-time events can skew the picture significantly.

Here's a look at the key revenue components for Q2 2025, which was a quarter heavily impacted by strategic loan sales:

Revenue Component	Amount (in thousands)	Notes
Net Interest Income	$50,082	From loans and investment securities for Q2 2025.
Asset Management, Consulting and Other Fees	$8,601	Proxy for private wealth management and trust/advisory fees for Q2 2025.
Gain on Sale of Securities Available-for-Sale	$4,702	A positive component of non-interest income for Q2 2025.
Service Charges and Other Non-Interest Income	$289	Derived from Capital Market Activities for Q2 2025 (as a net negative component).
Gains/Losses from Loan Sales	($10,405)	Net loss on sale of loans held for sale in Q2 2025.

To get a clearer picture of the recurring fee-based revenue, you look at the wealth management components. As of June 30, 2025, Assets Under Management (AUM) at First Foundation Advisors stood at $5.3 billion. Trust Assets Under Advisement (AUA) at First Foundation Bank were $1.2 billion at the same date. These balances directly feed the fee income stream.

The fee income from wealth management and trust services is generally calculated as a percentage of these assets under management/advisement. For Q2 2025, the line item 'Asset management, consulting and other fees' was reported as $8,601 thousand. This single figure is the best available number to represent the combined revenue from:

• Fee income from private wealth management (AUM fees).
• Trust and investment advisory fees.

The remaining non-interest income is comprised of transactional items, like the gain on sale of securities available-for-sale, which was $4,702 thousand in Q2 2025. The negative figure for loan sales is a direct result of the strategic move to sell approximately $858 million principal balance of commercial real estate loans.

Service charges and other non-interest income from banking activities are less explicitly detailed as a standalone positive number, but the table shows 'Capital market activities' as a net negative of ($289) thousand for the quarter. You should definitely watch the trend in the 'Asset management, consulting and other fees' line item, as that is the most sustainable part of the non-interest revenue.