FirstSun Capital Bancorp Reports First Quarter 2026 Results

FirstSun Capital Bancorp Reports First Quarter 2026 Results DENVER--( BUSINESS WIRE)--FirstSun Capital Bancorp (“FirstSun”) (NASDAQ: FSUN) reported net income of $21.6 million for the first quarter of 2026 compared to net income of $23.6 million for the first quarter of 2025. Earnings per diluted share were $0.76 for the first quarter of 2026 compared to $0.83 for the first quarter of 2025. Adjusted net income, a non-GAAP financial measure, was $23.7 million or $0.84 per diluted share for the first quarter of 2026.

On April 1, 2026, we completed our merger with First Foundation Inc. (“First Foundation”). During the first quarter of 2026, we incurred $2.7 million in merger related expenses. Because the merger closed after quarter-end, First Foundation’s historical consolidated financial results are not included in our results for the quarter ended March 31, 2026.

Neal Arnold, FirstSun’s Chief Executive Officer and President, commented, “First quarter results reflect the continued strength of our core franchise, highlighted by robust loan growth of 16.2% annualized, a consistently strong net interest margin of 4.25%, and a balanced revenue profile with noninterest income representing 24.7% of total revenue. While we saw higher credit costs this quarter, we believe our relationship focused and well-diversified business model and our presence across some of the most dynamic markets in the country position us for continued success.

“Additionally, we are pleased to welcome the customers and team members from First Foundation and are encouraged by the momentum observed during the initial stages of integration following closing. Our teams are focused on execution, and we are progressing in line with our expectations on our merger-related balance sheet repositioning while also beginning to realize identified operating synergies. As we move forward, we are confident in our ability to deliver enhanced value-added solutions to our customers across our expanded footprint while driving sustainable long-term value for our stockholders.”

First Quarter 2026 Results

Net income totaled $21.6 million, or $0.76 per diluted share, for the first quarter of 2026, compared to $24.8 million, or $0.88 per diluted share, for the prior quarter. Adjusted net income, a non-GAAP financial measure, totaled $23.7 million, or $0.84 per diluted share, for the first quarter of 2026, compared to $26.9 million, or $0.95 per diluted share, for the prior quarter.

Return on average total assets was 1.04% for the first quarter of 2026, compared to 1.17% for the prior quarter, and return on average stockholders’ equity was 7.47% for the first quarter of 2026, compared to 8.58% for the prior quarter. Adjusted return on average total assets and adjusted return on average stockholders’ equity, each a non-GAAP financial measure, were 1.14% and 8.20% respectively for the first quarter of 2026 compared to 1.27% and 9.31% respectively for the prior quarter.

Net Interest Income and Net Interest Margin

Net interest income totaled $82.8 million for the first quarter of 2026, a decrease of $0.7 million compared to the prior quarter. Our net interest margin increased 7 basis points to 4.25% compared to the prior quarter.

Average loans, including loans held-for-sale, increased by $32.1 million in the first quarter of 2026, compared to the prior quarter. Loan yield decreased by one basis point to 6.36% in the first quarter of 2026, compared to the prior quarter, primarily due to the declining interest rate environment and its impact on variable rate loans in the loan portfolio. Average interest-bearing cash and other assets decreased by $40.3 million in the first quarter of 2026, compared to the prior quarter. Interest-bearing cash and other assets yield decreased by 32 basis points to 3.36% in the first quarter of 2026, compared to the prior quarter, primarily due to the declining interest rate environment.

Average interest-bearing deposits increased $28.8 million in the first quarter of 2026, compared to the prior quarter. Total cost of interest-bearing deposits decreased by 14 basis points to 2.46% in the first quarter of 2026, compared to the prior quarter, primarily due to rate decreases for certificates of deposit and money market deposits amidst the declining interest rate environment and a decrease in certificates of deposit balances.

Asset Quality and Provision for Credit Losses

The provision for credit losses increased $2.1 million to $8.3 million for the first quarter of 2026, compared to the prior quarter, primarily due to net portfolio downgrades and impacts from growth in loan portfolio balances.

Net charge-offs for the first quarter of 2026 were $10.6 million resulting in an annualized ratio of net charge-offs to average loans of 0.63%, compared to net charge-offs of $5.0 million, or an annualized ratio of net charge-offs to average loans of 0.30% for the prior quarter. The increase in net charge-offs for the first quarter of 2026 was primarily due to write-downs related to two specific customer relationships in our C&I loan portfolio.

The allowance for credit losses as a percentage of loans outstanding was 1.20% at March 31, 2026, a decrease of seven basis points from the prior quarter. The ratio of nonperforming assets to total assets was 0.82% at March 31, 2026, compared to 0.85% at December 31, 2025.

Noninterest Income

Noninterest income totaled $27.2 million for the first quarter of 2026, an increase of $0.4 million from the prior quarter. Income from mortgage banking services increased $2.2 million for the first quarter of 2026, from the prior quarter, primarily due to an increase in net gain on sales and fair value driven by an 11.4% increase in total originations. Other noninterest income decreased $1.8 million for the first quarter of 2026, from the prior quarter, primarily due to a decrease in loan syndication fees and swap fee income, and a decrease in the fair value of investments related to our deferred compensation plan.

Noninterest income as a percentage of total revenue 1 was 24.7% for the first quarter of 2026, an increase of 0.4% from the prior quarter.

Noninterest Expense

Noninterest expense totaled $75.3 million for the first quarter of 2026, an increase of $3.3 million from the prior quarter. Salary and employee benefits increased $3.8 million in the first quarter of 2026 from the prior quarter, primarily due to the seasonal increase in payroll taxes and retirement account contributions, and an increase in medical insurance costs. Other noninterest expenses decreased $1.3 million in the first quarter of 2026 from the prior quarter, primarily due to the acceleration of remaining deferred expenses related to the $40.0 million subordinated notes redemption and maintenance expenses related to OREO properties, both incurred in the fourth quarter of 2025. Merger related expenses increased $0.5 million in the first quarter of 2026 from the prior quarter.

The efficiency ratio for the first quarter of 2026 was 68.52% compared to 65.37% for the prior quarter. The adjusted efficiency ratio, a non-GAAP financial measure, for the first quarter of 2026 was 66.08% compared to 63.36% for the prior quarter.

Tax Rate

The effective tax rate was 18.1% for the first quarter of 2026, compared to 22.4% for the prior quarter.

Loans

Loans were $6.9 billion at March 31, 2026, compared to $6.7 billion at December 31, 2025, an increase of $266.8 million, or 16.2% on an annualized basis.

Deposits

Deposits were $7.1 billion at March 31, 2026 and December 31, 2025, a decrease of $19.8 million in the first quarter of 2026, or 1.1% on an annualized basis, primarily due to decreases of $79.9 million in certificates of deposit, which includes a decrease in brokered deposit balances of $58.6 million, and a $51.5 million decrease in noninterest-bearing deposit accounts, partially offset by an increase of $86.1 million in demand and NOW accounts. Average deposits were $7.0 billion for the first quarter of 2026 and $7.1 billion for the prior quarter, decreasing $45.8 million or 2.6% on an annualized basis.

Noninterest-bearing deposit accounts represented 22.6% of total deposits at March 31, 2026 and the loan to deposit ratio was 97.9% at March 31, 2026.

The ratio of total uninsured deposits to total deposits was estimated to be 35.4% at March 31, 2026. The ratio of total uninsured and uncollateralized deposits to total deposits was estimated to be 28.6% at March 31, 2026. 2

Capital

Capital ratios remain strong and above “well-capitalized” thresholds. As of March 31, 2026, our common equity tier 1 risk-based capital ratio was 13.77%, total risk-based capital ratio was 15.29% and tier 1 leverage ratio was 13.06%. Book value per share was $42.08 at March 31, 2026, an increase of $0.72 from December 31, 2025. Tangible book value per share, a non-GAAP financial measure, was $38.57 at March 31, 2026, an increase of $0.74 from December 31, 2025.

Non-GAAP Financial Measures

This press release (including the tables within the “Non-GAAP Financial Measures and Reconciliations” section) contains financial measures determined by methods other than in accordance with accounting principles generally accepted in the United States (“GAAP”). Our management uses these non-GAAP financial measures in their analysis of our performance and the efficiency of our operations. Management believes these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant items in the current period. We believe a meaningful analysis of our financial performance requires an understanding of the factors underlying that performance. Our management believes investors may find these non-GAAP financial measures useful. These non-GAAP financial measures, however, should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Below is a listing of the non-GAAP measures used in this press release:

The tables within the “Non-GAAP Financial Measures and Reconciliations” section provide a reconciliation of each non-GAAP financial measure contained in this press release to the most comparable GAAP equivalent.

Total revenue is net interest income plus noninterest income.

Uninsured deposits and uninsured and uncollateralized deposits are reported for our wholly-owned subsidiary Sunflower Bank, N.A.

About FirstSun Capital Bancorp

FirstSun Capital Bancorp (“FirstSun”) (NASDAQ: FSUN), headquartered in Denver, Colorado, is the financial holding company for wholly owned subsidiaries including Sunflower Bank, N.A. and First Foundation Advisors. FirstSun completed its merger with First Foundation Inc. on April 1, 2026. Through its subsidiaries and affiliated entities, FirstSun provides a full range of relationship-focused services to meet personal, business, and wealth management financial objectives, with depository branches in ten states and mortgage capabilities in 44 states. FirstSun had total consolidated assets of $8.6 billion as of March 31, 2026.

To learn more, visit ir.firstsuncb.com or SunflowerBank.com.

Investor Earnings Conference Call

FirstSun will host a conference call on Tuesday, April 28, 2026 at 11:00 a.m. (ET) to discuss its first quarter 2026 financial results.

Participants may join by phone by dialing (833) 461-5787 for toll-free within the US and (585) 542-9983 for all other locations. The conference Access Code is 815574070. The numbers for international participants are available here: https://help.events.q4inc.com/eahc/international-dial-in-numbers.

An audio replay of the live call, and the accompanying presentation slides, will be available following the live event on the “Events & Presentations page” of FirstSun’s website at https://ir.firstsuncb.com/overview/default.aspx.

Deposits Classification

Previously, deposit amounts related to certain NOW accounts with limited monthly transaction activity were able to be reclassified to money market accounts to reduce reserve requirements at the Federal Reserve. As there is no longer any impact to reserve requirements across different deposit products, we have discontinued this product reclassification practice and have revised the presentation of those deposits to conform to the current presentation for periods prior to March 31, 2026.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements regarding our recently completed merger with First Foundation, including expectations with regard to the benefits of the merger, progress on the execution of our merger-related balance sheet repositioning and our ability to drive sustainable long-term value for our stockholders. These statements reflect management’s current expectations and are not guarantees of future performance. Words such as “focus,” “confident,” “may,” “will,” “believe,” “anticipate,” “expect,” “intend,” “opportunity,” “continue,” “should,” “could,” “progress” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are subject to risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results. Such risks, uncertainties and assumptions include, among others, the following: changes in interest rates and their related impact on macroeconomic conditions, customer behavior, our funding costs and our loan and securities portfolios; the quality or composition of our loan or investment portfolios and changes therein; failure to maintain our mortgage production flow to secondary markets; the sufficiency of liquidity and changes in our capital position; the inability of our infrastructure initiatives to reduce expenses; increased deposit volatility; potential regulatory developments; U.S. and global trade policies and tensions, including change in, or the imposition of, tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom; ongoing geopolitical conflicts, including hostilities involving Iran and the Middle East, which may contribute to volatility in energy prices, inflation, financial markets, cybersecurity threats, and broader macroeconomic conditions, any of which could adversely affect our borrowers, deposit base, liquidity, capital and results of operation; the possibility that the anticipated benefits of the First Foundation merger, including anticipated cost savings and strategic gains, are not realized when expected or at all; the integration of the businesses and operations of FirstSun and First Foundation may take longer than anticipated or be more costly than anticipated or have unanticipated adverse results relating to the combined company’s business; the execution of the planned balance sheet repositioning related to the First Foundation merger may be more difficult, costly or time consuming than expected and we may fail to realize the anticipated benefits; the diversion of management’s attention from ongoing business operations and opportunities due to the First Foundation merger; other factors, many of which are beyond our control.

We caution readers that the foregoing list of factors is not exclusive, is not necessarily in order of importance and readers should not place undue reliance on any forward-looking statements. Additional information concerning additional factors that could materially affect the forward-looking statements in this press release can be found in the cautionary language included under the headings “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in FirstSun’s Annual Report on Form 10-K for the year ended December 31, 2025 and other documents subsequently filed by FirstSun with the SEC. Further, any forward-looking statement speaks only as of the date on which it is made and we do not intend to and disclaim any obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as required by law.

Summary Data:

As of and for the three months ended

($ in thousands, except per share amounts)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Net interest income

82,779

83,461

80,953

78,499

74,478

Provision for credit losses

8,250

6,200

10,100

4,500

3,800

Noninterest income

27,175

26,744

26,333

27,073

21,729

Noninterest expense

75,341

72,041

68,901

68,110

62,722

Income before income taxes

26,363

31,964

28,285

32,962

29,685

Provision for income taxes

4,780

7,157

5,111

6,576

6,116

Net income

21,583

24,807

23,174

26,386

23,569

Adjusted net income 1

23,673

26,923

23,412

26,601

23,569

Weighted average common shares outstanding, basic

27,851,041

27,839,044

27,801,255

27,783,710

27,721,760

Weighted average common shares outstanding, diluted

28,316,608

28,262,530

28,291,778

28,232,319

28,293,912

Diluted earnings per share

0.76

0.88

0.82

0.93

0.83

Adjusted diluted earnings per share 1

0.84

0.95

0.83

0.94

0.83

Return on average total assets

1.04

1.17

1.09

1.28

1.20

Adjusted return on average total assets 1

1.14

1.27

1.10

1.29

1.20

Return on average stockholders' equity

7.47

8.58

8.22

9.74

9.03

Adjusted return on average stockholders' equity 1

8.20

9.31

8.31

9.82

9.03

Return on average tangible stockholders' equity 1

8.31

9.58

9.20

10.91

10.18

Adjusted return on average tangible stockholders' equity 1

9.10

10.38

9.30

11.00

10.18

Net interest margin

4.25

4.18

4.07

Net interest margin (FTE basis) 1

4.31

4.23

4.12

4.13

Efficiency ratio

68.52

65.37

64.22

64.52

65.19

Adjusted efficiency ratio 1

66.08

63.36

64.00

64.25

65.19

Noninterest income to total revenue 2

24.7

24.3

24.5

25.6

22.6

Total assets

8,565,123

8,485,162

8,495,437

8,435,861

8,216,458

Loans held-for-sale

144,407

100,539

85,250

90,781

65,603

Loans held-for-investment

6,939,972

6,673,180

6,681,629

6,507,066

6,484,008

Total deposits

7,087,513

7,107,356

7,105,415

7,100,164

6,874,239

Total stockholders' equity

1,175,507

1,153,356

1,127,513

1,095,402

1,068,295

Loan to deposit ratio

97.9

93.9

94.0

91.6

94.3

Period end common shares outstanding

27,935,888

27,887,337

27,854,764

27,834,525

27,753,918

Book value per share

42.08

41.36

40.48

39.35

38.49

Tangible book value per share 1

38.57

37.83

36.92

35.77

34.88

Represents a non-GAAP financial measure. See the tables within the “Non-GAAP Financial Measures and Reconciliations” section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.

Total revenue is net interest income plus noninterest income.

Condensed Consolidated Statements of Income (Unaudited):

For the three months ended

($ in thousands, except per share amounts)

March 31,

2026

March 31,

2025

Total interest income

116,126

110,447

Total interest expense

33,347

35,969

Net interest income

82,779

74,478

Provision for credit losses

8,250

3,800

Net interest income after credit loss expense

74,529

70,678

Noninterest income:

Service charges on deposit accounts

2,096

2,027

Treasury management service fees

4,613

4,194

Credit and debit card fees

2,713

2,586

Trust and investment advisory fees

1,489

1,421

Income from mortgage banking services, net

14,315

9,055

Other noninterest income

1,949

2,446

Total noninterest income

27,175

21,729

Noninterest expense:

Salary and employee benefits

47,356

39,561

Occupancy, equipment and software

10,006

9,536

Amortization and impairment of intangible assets

507

628

Merger related expenses

2,681

—

Other noninterest expenses

14,791

12,997

Total noninterest expense

75,341

62,722

Income before income taxes

26,363

29,685

Provision for income taxes

4,780

6,116

Net income

21,583

23,569

Earnings per share - basic

0.77

0.85

Earnings per share - diluted

0.76

0.83

Condensed Consolidated Statements of Income (Unaudited) (cont’d):

For the three months ended

($ in thousands, except per share amounts)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Total interest income

116,126

119,273

121,128

116,921

110,447

Total interest expense

33,347

35,812

40,175

38,422

35,969

Net interest income

82,779

83,461

80,953

78,499

74,478

Provision for credit losses

8,250

6,200

10,100

4,500

3,800

Net interest income after credit loss expense

74,529

77,261

70,853

73,999

70,678

Noninterest income:

Service charges on deposit accounts

2,096

2,116

2,162

2,016

2,027

Treasury management service fees

4,613

4,544

4,402

4,333

4,194

Credit and debit card fees

2,713

2,744

2,671

2,728

2,586

Trust and investment advisory fees

1,489

1,515

1,536

1,473

1,421

Income from mortgage banking services, net

14,315

12,102

12,641

13,274

9,055

Other noninterest income

1,949

3,723

2,921

3,249

2,446

Total noninterest income

27,175

26,744

26,333

27,073

21,729

Noninterest expense:

Salary and employee benefits

47,356

43,520

44,822

43,921

39,561

Occupancy, equipment and software

10,006

9,576

9,591

9,541

9,536

Amortization and impairment of intangible assets

507

628

578

628

Merger related expenses

2,681

2,217

241

285

—

Other noninterest expenses

14,791

16,100

13,669

13,785

12,997

Total noninterest expense

75,341

72,041

68,901

68,110

62,722

Income before income taxes

26,363

31,964

28,285

32,962

29,685

Provision for income taxes

4,780

7,157

5,111

6,576

6,116

Net income

21,583

24,807

23,174

26,386

23,569

Earnings per share - basic

0.77

0.89

0.83

0.95

0.85

Earnings per share - diluted

0.76

0.88

0.82

0.93

0.83

Condensed Consolidated Balance Sheets as of (Unaudited):

($ in thousands)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Assets

Cash and cash equivalents

413,732

652,592

659,899

785,115

621,377

Securities available-for-sale, at fair value

458,543

468,970

476,114

473,468

480,615

Securities held-to-maturity

33,553

33,839

34,247

34,581

34,914

Loans held-for-sale, at fair value

144,407

100,539

85,250

90,781

65,603

Loans

6,939,972

6,673,180

6,681,629

6,507,066

6,484,008

Allowance for credit losses

(82,955

)

(85,016

)

(84,040

)

(82,993

)

(91,790

)

Loans, net

6,857,017

6,588,164

6,597,589

6,424,073

6,392,218

Mortgage servicing rights, at fair value

88,993

86,651

85,695

84,736

82,927

Premises and equipment, net

81,138

81,523

81,886

82,248

82,333

Other real estate owned and foreclosed assets, net

10,908

11,514

13,418

13,052

4,914

Goodwill

93,483

Core deposits and other intangible assets, net

4,476

4,983

5,650

6,228

6,806

Other assets

378,873

362,904

362,206

348,096

351,268

Total assets

8,565,123

8,485,162

8,495,437

8,435,861

8,216,458

Liabilities and Stockholders' Equity

Liabilities:

Deposits:

Noninterest-bearing accounts

1,599,919

1,651,373

1,674,497

1,706,678

1,574,736

Interest-bearing accounts:

Demand and NOW

1,569,910

1,483,841

1,457,886

1,485,058

1,497,763

Savings

387,140

378,631

386,235

397,120

405,621

Money market

2,318,768

2,301,837

2,233,309

2,082,043

1,819,979

Certificates of deposit

1,211,776

1,291,674

1,353,488

1,429,265

1,576,140

Total deposits

7,087,513

7,107,356

7,105,415

7,100,164

6,874,239

Securities sold under agreements to repurchase

7,670

11,160

9,824

11,173

8,515

Federal Home Loan Bank advances

75,000

—

35,000

Subordinated debt, net

36,754

36,680

76,163

76,066

75,969

Other liabilities

182,679

176,610

176,522

153,056

154,440

Total liabilities

7,389,616

7,331,806

7,367,924

7,340,459

7,148,163

Stockholders' equity:

Preferred stock

—

Common stock

Additional paid-in capital

550,709

549,617

548,952

547,950

547,484

Retained earnings

652,669

631,086

606,279

583,105

556,719

Accumulated other comprehensive loss, net

(27,874

)

(27,350

)

(27,721

)

(35,656

)

(35,911

)

Total stockholders' equity

1,175,507

1,153,356

1,127,513

1,095,402

1,068,295

Total liabilities and stockholders' equity

8,565,123

8,485,162

8,495,437

8,435,861

8,216,458

Consolidated Capital Ratios as of:

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Stockholders' equity to total assets

13.72

13.59

13.27

12.99

13.00

Tangible stockholders' equity to tangible assets 1

12.73

12.58

12.25

11.94

11.93

Tangible stockholders' equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax 1, 2

12.69

12.54

12.21

11.90

11.89

Tier 1 leverage ratio

13.06

12.75

12.44

12.39

12.47

Common equity tier 1 risk-based capital ratio

13.77

14.12

13.79

13.78

13.26

Tier 1 risk-based capital ratio

13.77

14.12

13.79

13.78

13.26

Total risk-based capital ratio

15.29

15.73

15.81

15.94

15.52

Tangible stockholders’ equity and tangible assets have been adjusted to reflect net unrealized losses on held-to-maturity securities, net of tax.

Summary of Net Interest Margin:

For the three months ended

March 31, 2026

March 31, 2025

(In thousands)

Average Balance

Average Yield/Rate

Average Balance

Average Yield/Rate

Interest Earning Assets

Loans 1

6,857,477

6.36

6,420,710

6.36

Investment securities

499,792

3.30

501,809

3.53

Interest-bearing cash and other assets

543,396

3.36

500,857

4.37

Total earning assets

7,900,665

5.96

7,423,376

6.03

Other assets

523,094

548,976

Total assets

8,423,759

7,972,352

Interest-bearing liabilities

Demand and NOW deposits

1,526,124

1.69

1,471,584

1.65

Savings deposits

382,025

0.50

400,801

0.58

Money market deposits

2,291,494

2.84

1,690,853

3.10

Certificates of deposit

1,206,411

3.32

1,547,634

3.91

Total deposits

5,406,054

2.46

5,110,872

2.73

Repurchase agreements

9,712

1.70

9,615

1.57

Total deposits and repurchase agreements

5,415,766

2.46

5,120,487

2.73

FHLB borrowings

1,100

3.12

29,489

4.60

Other long-term borrowings

36,719

5.72

75,907

6.43

Total interest-bearing liabilities

5,453,585

2.48

5,225,883

2.79

Noninterest-bearing deposits

1,623,528

1,532,150

Other liabilities

175,292

155,337

Stockholders' equity

1,171,354

1,058,982

Total liabilities and stockholders' equity

8,423,759

7,972,352

Net interest spread

3.48

3.24

Net interest margin

4.25

4.07

Net interest margin (on FTE basis) 2

4.31

4.13

Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale.

Summary of Net Interest Margin (cont’d ):

For the three months ended

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

(In thousands)

Average Balance

Average Yield/Rate

Average Balance

Average Yield/Rate

Average Balance

Average Yield/Rate

Average Balance

Average Yield/Rate

Average Balance

Average Yield/Rate

Interest Earning Assets

Loans 1

6,857,477

6.36

6,825,404

6.37

6,667,158

6.49

6,620,493

6.43

6,420,710

6.36

Investment securities

499,792

3.30

506,964

3.35

505,999

3.43

510,350

3.48

501,809

3.53

Interest-bearing cash and other assets

543,396

3.36

583,717

3.68

714,885

4.25

596,713

4.28

500,857

4.37

Total earning assets

7,900,665

5.96

7,916,085

5.98

7,888,042

6.09

7,727,556

6.07

7,423,376

6.03

Other assets

523,094

519,607

540,079

537,156

548,976

Total assets

8,423,759

8,435,692

8,428,121

8,264,712

7,972,352

Interest-bearing liabilities

Demand and NOW deposits

1,526,124

1.69

1,464,053

1.75

1,437,298

1.89

1,518,316

1.77

1,471,584

1.65

Savings deposits

382,025

0.50

381,978

0.55

391,444

0.59

401,093

0.58

400,801

0.58

Money market deposits

2,291,494

2.84

2,247,034

2.99

2,211,754

3.28

1,934,487

3.28

1,690,853

3.10

Certificates of deposit

1,206,411

3.32

1,284,200

3.49

1,397,371

3.64

1,504,235

3.76

1,547,634

3.91

Total deposits

5,406,054

2.46

5,377,265

2.60

5,437,867

2.81

5,358,131

2.78

5,110,872

2.73

Repurchase agreements

9,712

1.70

9,146

1.71

8,055

1.82

9,024

1.61

9,615

1.57

Total deposits and repurchase agreements

5,415,766

2.46

5,386,411

2.60

5,445,922

2.81

5,367,155

2.78

5,120,487

2.73

FHLB borrowings

1,100

3.12

—

2,308

4.72

29,489

4.60

Other long-term borrowings

36,719

5.72

36,650

5.82

76,117

8.41

76,025

6.19

75,907

6.43

Total interest-bearing liabilities

5,453,585

2.48

5,423,061

2.62

5,522,039

2.89

5,445,488

2.83

5,225,883

2.79

Noninterest-bearing deposits

1,623,528

1,698,126

1,642,346

1,587,302

1,532,150

Other liabilities

175,292

167,658

145,730

145,064

155,337

Stockholders' equity

1,171,354

1,146,847

1,118,006

1,086,858

1,058,982

Total liabilities and stockholders' equity

8,423,759

8,435,692

8,428,121

8,264,712

7,972,352

Net interest spread

3.48

3.36

3.20

3.24

Net interest margin

4.25

4.18

4.07

Net interest margin (on FTE basis) 2

4.31

4.23

4.12

4.13

Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale.

Deposits as of:

($ in thousands)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Consumer

Noninterest-bearing deposit accounts

410,296

404,666

412,568

426,909

412,734

Interest-bearing deposit accounts:

Demand and NOW

607,465

590,535

598,499

610,623

603,309

Savings

313,910

308,655

314,954

322,672

330,489

Money market

1,397,890

1,400,593

1,416,258

1,306,140

1,090,779

Certificates of deposit

793,503

809,401

869,077

937,439

1,065,839

Total interest-bearing deposit accounts

3,112,768

3,109,184

3,198,788

3,176,874

3,090,416

Total consumer deposits

3,523,064

3,513,850

3,611,356

3,603,783

3,503,150

Business

Noninterest-bearing deposit accounts

1,189,623

1,246,707

1,261,929

1,279,769

1,162,002

Interest-bearing deposit accounts:

Demand and NOW

962,445

893,306

859,387

874,435

894,454

Savings

73,230

69,976

71,281

74,448

75,132

Money market

920,878

901,244

817,051

775,903

729,200

Certificates of deposit

51,940

57,349

57,225

56,930

65,420

Total interest-bearing deposit accounts

2,008,493

1,921,875

1,804,944

1,781,716

1,764,206

Total business deposits

3,198,116

3,168,582

3,066,873

3,061,485

2,926,208

Wholesale deposits 1

366,333

424,924

427,186

434,896

444,881

Total deposits

7,087,513

7,107,356

7,105,415

7,100,164

6,874,239

Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposit.

Balance Sheet Ratios as of:

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Cash to total assets 1

4.70

7.60

7.70

9.20

7.50

Loan to deposit ratio

97.9

93.9

94.0

91.6

94.3

Uninsured deposits to total deposits 2

35.4

36.6

36.2

37.0

35.2

Uninsured and uncollateralized deposits to total deposits 2

28.6

29.0

28.3

26.4

Wholesale deposits and borrowings to total liabilities 3

6.0

5.8

5.9

6.7

Cash consists of unencumbered cash and amounts due from banks and interest-bearing deposits with other financial institutions.

Uninsured deposits and uninsured and uncollateralized deposits are reported for our wholly-owned subsidiary Sunflower Bank, N.A. and are estimated.

Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposit. Wholesale borrowings consist of FHLB overnight and term advances.

Loan Portfolio as of:

($ in thousands)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Commercial and industrial 1

3,160,777

2,937,867

2,945,697

2,779,767

2,764,035

Commercial real estate:

Non-owner occupied

778,778

742,002

725,425

705,749

733,949

Owner occupied

694,190

700,774

668,172

660,334

677,341

Construction and land

280,781

268,652

343,803

383,969

386,056

Multifamily

227,980

210,368

183,504

134,520

85,239

Total commercial real estate

1,981,729

1,921,796

1,920,904

1,884,572

1,882,585

Residential real estate 2

1,216,810

1,221,086

1,209,742

1,226,760

1,195,714

Public Finance

494,539

501,582

516,247

524,441

551,252

Consumer

31,875

32,651

38,931

42,881

38,896

Other

54,242

58,198

50,108

48,645

51,526

Loans, net of deferred costs, fees, premiums, and discounts

6,939,972

6,673,180

6,681,629

6,507,066

6,484,008

As of September 30, 2025, loans to nondepository financial institutions are now included within commercial and industrial. Prior period amounts have been reclassified to conform to the current presentation.

Includes 1-4 family residential construction.

Asset Quality:

As of and for the three months ended

($ in thousands)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Net charge-offs (recoveries)

10,561

5,024

9,053

13,547

631

Allowance for credit losses

82,955

85,016

84,040

82,993

91,790

Nonperforming loans, including nonaccrual loans, and accrual loans greater than 90 days past due

59,656

60,771

69,641

54,841

78,590

Nonperforming assets

70,564

72,285

83,059

67,893

83,504

Ratio of net charge-offs (recoveries) to average loans outstanding

0.63

0.30

0.55

0.83

0.04

Allowance for credit losses to loans outstanding

1.20

1.27

1.26

1.28

1.42

Allowance for credit losses to nonperforming loans

139.06

139.90

120.68

151.33

116.80

Nonperforming loans to loans

0.86

0.91

1.04

0.84

1.21

Nonperforming assets to total assets

0.82

0.85

0.98

0.80

1.02

Non-GAAP Financial Measures and Reconciliations:

As of and for the three months ended

($ in thousands, except share and per share amounts)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Tangible stockholders’ equity to tangible assets:

Total stockholders' equity (GAAP)

1,175,507

1,153,356

1,127,513

1,095,402

1,068,295

Less: Goodwill and other intangible assets

Goodwill

(93,483

)

(93,483

)

(93,483

)

(93,483

)

(93,483

)

Other intangible assets

(4,476

)

(4,983

)

(5,650

)

(6,228

)

(6,806

)

Tangible stockholders' equity (non-GAAP)

1,077,548

1,054,890

1,028,380

995,691

968,006

Total assets (GAAP)

8,565,123

8,485,162

8,495,437

8,435,861

8,216,458

Less: Goodwill and other intangible assets

Goodwill

(93,483

)

(93,483

)

(93,483

)

(93,483

)

(93,483

)

Other intangible assets

(4,476

)

(4,983

)

(5,650

)

(6,228

)

(6,806

)

Tangible assets (non-GAAP)

8,467,164

8,386,696

8,396,304

8,336,150

8,116,169

Total stockholders' equity to total assets (GAAP)

13.72

13.59

13.27

12.99

13.00

Less: Impact of goodwill and other intangible assets

(0.99

(1.01

(1.02

(1.05

(1.07

Tangible stockholders' equity to tangible assets (non-GAAP)

12.73

12.58

12.25

11.94

11.93

Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax:

Tangible stockholders' equity (non-GAAP)

1,077,548

1,054,890

1,028,380

995,691

968,006

Less: Net unrealized losses on HTM securities, net of tax

(3,407

)

(3,320

)

(3,432

)

(4,238

)

(3,803

)

Tangible stockholders’ equity less net unrealized losses on HTM securities, net of tax (non-GAAP)

1,074,141

1,051,570

1,024,948

991,453

964,203

Tangible assets (non-GAAP)

8,467,164

8,386,696

8,396,304

8,336,150

8,116,169

Less: Net unrealized losses on HTM securities, net of tax

(3,407

)

(3,320

)

(3,432

)

(4,238

)

(3,803

)

Tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP)

8,463,757

8,383,376

8,392,872

8,331,912

8,112,366

Tangible stockholders’ equity to tangible assets (non-GAAP)

12.73

12.58

12.25

11.94

11.93

Less: Impact of net unrealized losses on HTM securities, net of tax

(0.04

Tangible stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP)

12.69

12.54

12.21

11.90

11.89

Tangible book value per share:

Total stockholders' equity (GAAP)

1,175,507

1,153,356

1,127,513

1,095,402

1,068,295

Tangible stockholders' equity (non-GAAP)

1,077,548

1,054,890

1,028,380

995,691

968,006

Total shares outstanding

27,935,888

27,887,337

27,854,764

27,834,525

27,753,918

Book value per share (GAAP)

42.08

41.36

40.48

39.35

38.49

Tangible book value per share (non-GAAP)

38.57

37.83

36.92

35.77

34.88

Adjusted net income:

Net income (GAAP)

21,583

24,807

23,174

26,386

23,569

Add: Adjustments

Merger related expenses, net of tax

2,090

2,116

238

215

—

Total adjustments, net of tax

2,090

2,116

238

215

—

Adjusted net income (non-GAAP)

23,673

26,923

23,412

26,601

23,569

Adjusted diluted earnings per share:

Diluted earnings per share (GAAP)

0.76

0.88

0.82

0.93

0.83

Add: Impact of adjustments

Merger related expenses, net of tax

0.08

0.07

0.01

—

Adjusted diluted earnings per share (non-GAAP)

0.84

0.95

0.83

0.94

0.83

Adjusted return on average total assets:

Return on average total assets (ROAA) (GAAP)

1.04

1.17

1.09

1.28

1.20

Add: Impact of adjustments

Merger related expenses, net of tax

0.10

0.01

—

Adjusted ROAA (non-GAAP)

1.14

1.27

1.10

1.29

1.20

Adjusted return on average stockholders’ equity:

Return on average stockholders' equity (ROAE) (GAAP)

7.47

8.58

8.22

9.74

9.03

Add: Impact of adjustments

Merger related expenses, net of tax

0.73

0.09

0.08

—

Adjusted ROAE (non-GAAP)

8.20

9.31

8.31

9.82

9.03

Return on average tangible stockholders’ equity

Return on average stockholders’ equity (ROAE) (GAAP)

7.47

8.58

8.22

9.74

9.03

Add: Impact from goodwill and other intangible assets

Goodwill

0.69

0.81

0.98

0.94

Other intangible assets

0.15

0.19

0.17

0.19

0.21

Return on average tangible stockholders’ equity (ROATE) (non-GAAP)

8.31

9.58

9.20

10.91

10.18

Adjusted return on average tangible stockholders’ equity:

Return on average tangible stockholders' equity (ROATE) (non-GAAP)

8.31

9.58

9.20

10.91

10.18

Add: Impact of adjustments

Merger related expenses, net of tax

0.79

0.80

0.10

0.09

—

Adjusted ROATE (non-GAAP)

9.10

10.38

9.30

11.00

10.18

Adjusted total noninterest expense:

Total noninterest expense (GAAP)

75,341

72,041

68,901

68,110

62,722

Less: Adjustments:

Merger related expenses

(2,681

)

(2,217

)

(241

)

(285

)

—

Total adjustments

(2,681

)

(2,217

)

(241

)

(285

)

—

Adjusted total noninterest expense (non-GAAP)

72,660

69,824

68,660

67,825

62,722

Adjusted efficiency ratio:

Efficiency ratio (GAAP)

68.52

65.37

64.22

64.52

65.19

Less: Impact of adjustments

Merger related expenses

(2.44

(2.01

(0.22

(0.27

—

Adjusted efficiency ratio (non-GAAP)

66.08

63.36

64.00

64.25

65.19

Fully tax equivalent (“FTE”) net interest income and net interest margin:

Net interest income (GAAP)

82,779

83,461

80,953

78,499

74,478

Gross income effect of tax exempt income

1,198

1,156

1,225

1,204

1,192

FTE net interest income (non-GAAP)

83,977

84,617

82,178

79,703

75,670

Average earning assets

7,900,665

7,916,085

7,888,042

7,727,556

7,423,376

Net interest margin

4.25

4.18

4.07

Net interest margin on FTE basis (non-GAAP)

4.31

4.23

4.12

4.13