FirstSun Capital Bancorp Reports Third Quarter 2025 Results
DENVER--( BUSINESS WIRE)--FirstSun Capital Bancorp (“FirstSun”) (NASDAQ: FSUN) reported net income of $23.2 million for the third quarter of 2025 compared to net income of $22.4 million for the third quarter of 2024. Earnings per diluted share were $0.82 for the third quarter of 2025 compared to $0.79 for the third quarter of 2024. Adjusted net income, a non-GAAP financial measure, was $23.7 million or $0.84 per diluted share for the third quarter of 2024.
Neal Arnold, FirstSun’s Chief Executive Officer and President, commented, “The results for this quarter continue to demonstrate the fundamental strength of our core franchise. The quarter was highlighted by a consistently strong net interest margin of 4.07%, healthy loan growth of 10.6% and a diversified revenue mix with service fees to total revenue of 24.5%. While we did experience higher credit costs this quarter, our operating results remain strong. We remain focused on the great opportunity provided by the robust business environment across our high growth southwestern and western footprint to further grow our franchise and deliver strong financial results.”
Third Quarter 2025 Results
Net income totaled $23.2 million, or $0.82 per diluted share, for the third quarter of 2025, compared to $26.4 million, or $0.93 per diluted share, for the prior quarter.
The return on average total assets was 1.09% for the third quarter of 2025, compared to 1.28% for the prior quarter, and the return on average stockholders’ equity was 8.22% for the third quarter of 2025, compared to 9.74% for the prior quarter.
Net Interest Income and Net Interest Margin
Net interest income totaled $81.0 million for the third quarter of 2025, an increase of $2.5 million compared to the prior quarter. Our net interest margin of 4.07% was unchanged compared to the prior quarter. Results for the third quarter of 2025, compared to the prior quarter, were primarily driven by an increase of two basis points in the yield on earning assets and increase of $160.5 million in average earnings assets, offset by an increase of six basis points in the cost of interest-bearing liabilities and increase of $76.6 million in average interest-bearing liabilities.
Average loans, including loans held-for-sale, increased by $46.7 million in the third quarter of 2025, compared to the prior quarter. Loan yield increased by six basis points to 6.49% in the third quarter of 2025, compared to the prior quarter, primarily due to higher yields on new originations as compared to amortizing and maturing balances. Average interest-bearing deposits increased $79.7 million in the third quarter of 2025, compared to the prior quarter. Total cost of interest-bearing deposits increased by three basis points to 2.81% in the third quarter of 2025, compared to the prior quarter, primarily due to an increase in promotional rate money market deposit balances, partially offset by a decrease in certificates of deposit balances.
Asset Quality and Provision for Credit Losses
The provision for credit losses totaled $10.1 million for the third quarter of 2025 primarily due to deterioration in a specific commercial and industrial (“C&I”) customer relationship, impacts from net changes in loan portfolio balances, and impacts from net portfolio downgrades.
Net charge-offs for the third quarter of 2025 were $9.1 million resulting in an annualized ratio of net charge-offs to average loans of 0.55%, compared to net charge-offs of $13.5 million, or an annualized ratio of net-charge offs to average loans of 0.83% for the prior quarter. Net charge-offs for the third quarter of 2025 were elevated primarily due to a write-down related to a specific customer relationship in our C&I loan portfolio.
The allowance for credit losses as a percentage of total loans was 1.26% at September 30, 2025, a decrease of two basis points from the prior quarter. The ratio of nonperforming assets to total assets was 0.98% at September 30, 2025, compared to 0.80% at June 30, 2025.
Noninterest Income
Noninterest income totaled $26.3 million for the third quarter of 2025, a decrease of $0.7 million from the prior quarter. Mortgage banking income decreased $0.6 million for the third quarter of 2025, primarily due to a decrease in fair value impact, net of hedging, related to interest rate lock commitments and loans held-for-sale, partially offset by an increase in gain on sales driven by higher margins.
Other noninterest income decreased $0.3 million for the third quarter of 2025, primarily due to a decrease in loan syndication and agency fees.
Noninterest income as a percentage of total revenue 1 was 24.5%, a decrease of 1.1% from the prior quarter.
Noninterest Expense
Noninterest expense totaled $68.9 million for the third quarter of 2025, an increase of $0.8 million from the prior quarter, primarily due to an increase in salary and employee benefits of $0.9 million resulting from an increase in headcount of C&I bankers and support personnel, in addition to higher medical insurance costs.
The efficiency ratio for the third quarter of 2025 was 64.22% compared to 64.52% for the prior quarter.
Tax Rate
The effective tax rate was 18.1% for the third quarter of 2025, compared to 20.0% for the prior quarter.
Loans
Loans were $6.7 billion at September 30, 2025 and $6.5 billion at June 30, 2025, increasing $174.6 million in the third quarter of 2025, or 10.6% on an annualized basis, primarily due to an increase of $165.9 million in commercial and industrial, and an increase of $49.0 million in multifamily, partially offset by a decrease of $40.2 million in construction and land.
Deposits
Deposits were $7.1 billion at September 30, 2025 and June 30, 2025, an increase of $5.3 million in the third quarter of 2025, or 0.3% on an annualized basis, primarily due to growth of $65.9 million in interest-bearing demand accounts, and $56.8 million in savings and money market accounts, partially offset by a decrease of $75.8 million in certificates of deposits, and $32.2 million in non-interest-bearing demand deposit accounts. Average deposits increased $134.8 million in the third quarter of 2025, or 7.7% on an annualized basis, compared to the prior quarter.
Noninterest-bearing deposit accounts represented 23.6% of total deposits at September 30, 2025 and the loan-to-deposit ratio was 94.0% at September 30, 2025.
Capital
Capital ratios remain strong and above “well-capitalized” thresholds. As of September 30, 2025, our common equity tier 1 risk-based capital ratio was 13.79%, total risk-based capital ratio was 15.81% and tier 1 leverage ratio was 12.44%. Book value per share was $40.48 at September 30, 2025, an increase of $1.13 from June 30, 2025. Tangible book value per share, a non-GAAP financial measure, was $36.92 at September 30, 2025, an increase of $1.15 from June 30, 2025.
Subsequent Event
On October 1, 2025, FirstSun Capital Bancorp redeemed the entire principal amount, or $40 million, of its 6.000% Fixed-to-Floating Rate Subordinated Notes Due July 1, 2030.
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 principles generally accepted in the United States (“GAAP”). FirstSun management uses these non-GAAP financial measures in their analysis of FirstSun’s performance and the efficiency of its 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. FirstSun believes a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. FirstSun 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.
About FirstSun Capital Bancorp
FirstSun Capital Bancorp, headquartered in Denver, Colorado, is the financial holding company for Sunflower Bank, N.A., which operates as Sunflower Bank and First National 1870. Sunflower Bank provides a full range of relationship-focused services to meet personal, business and wealth management financial objectives, with depository branches in seven states and mortgage capabilities in 43 states. FirstSun had total consolidated assets of $8.5 billion as of September 30, 2025.
First National 1870 is a division of Sunflower Bank, N.A. To learn more, visit ir.firstsuncb.com or SunflowerBank.com
Analyst Conference Call
FirstSun will host a conference call on Tuesday, October 28, 2025 at 10:00 a.m. (ET) to discuss its third quarter 2025 results. Participants may call in by dialing (833) 470-1428 for toll-free within the US and (404) 975-4839 for all other locations. The conference ID number is 154988. Phone numbers for international participants are listed at https://www.netroadshow.com/events/global-numbers?confId=48643.
Alternatively, individuals may listen to the live webcast of the presentation by visiting the link on the Events & Presentations page of FirstSun’s website. An audio replay of the live webcast is expected to be available following the live event on the Events & Presentations page of FirstSun’s website.
Day-Count Convention
Annualized ratios are presented utilizing the Actual/Actual day-count convention. Prior period annualized ratios have been recalculated to conform to the current presentation.
1 Total revenue is net interest income plus noninterest income.
Summary Data:
As of and for the three months ended
($ in thousands, except per share amounts)
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
September 30,
2024
Net interest income
$
80,953
$
78,499
$
74,478
$
77,047
$
76,158
Provision for credit losses
10,100
4,500
3,800
4,850
5,000
Noninterest income
26,333
27,073
21,729
21,635
22,075
Noninterest expense
68,901
68,110
62,722
73,673
64,664
Income before income taxes
28,285
32,962
29,685
20,159
28,569
Provision for income taxes
5,111
6,576
6,116
3,809
6,147
Net income
23,174
26,386
23,569
16,350
22,422
Adjusted net income 1
23,174
26,386
23,569
24,316
23,655
Weighted average common shares outstanding, basic
27,801,255
27,783,710
27,721,760
27,668,470
27,612,538
Weighted average common shares outstanding, diluted
28,291,778
28,232,319
28,293,912
28,290,474
28,212,809
Diluted earnings per share
$
0.82
$
0.93
$
0.83
$
0.58
$
0.79
Adjusted diluted earnings per share 1
$
0.82
$
0.93
$
0.83
$
0.86
$
0.84
Return on average total assets
1.09
%
1.28
%
1.20
%
0.81
%
1.12
%
Adjusted return on average total assets 1
1.09
%
1.28
%
1.20
%
1.20
%
1.18
%
Return on average stockholders' equity
8.22
%
9.74
%
9.03
%
6.22
%
8.74
%
Adjusted return on average stockholders' equity 1
8.22
%
9.74
%
9.03
%
9.24
%
9.22
%
Return on average tangible stockholders' equity 1
9.20
%
10.91
%
10.18
%
7.36
%
9.94
%
Adjusted return on average tangible stockholders' equity 1
9.20
%
10.91
%
10.18
%
10.72
%
10.48
%
Net interest margin
4.07
%
4.07
%
4.07
%
4.09
%
4.08
%
Net interest margin (FTE basis) 1
4.12
%
4.13
%
4.13
%
4.15
%
4.13
%
Efficiency ratio
64.22
%
64.52
%
65.19
%
74.66
%
65.83
%
Adjusted efficiency ratio 1
64.22
%
64.52
%
65.19
%
63.63
%
64.16
%
Noninterest income to total revenue 2
24.5
%
25.6
%
22.6
%
21.9
%
22.5
%
Total assets
$
8,495,437
$
8,435,861
$
8,216,458
$
8,097,387
$
8,138,487
Total loans held-for-sale
85,250
90,781
65,603
61,825
72,247
Total loans held-for-investment
6,681,629
6,507,066
6,484,008
6,376,357
6,443,756
Total deposits
7,105,415
7,100,164
6,874,239
6,672,260
6,649,880
Total stockholders' equity
1,127,513
1,095,402
1,068,295
1,041,366
1,034,085
Loan to deposit ratio
94.0
%
91.6
%
94.3
%
95.6
%
96.9
%
Period end common shares outstanding
27,854,764
27,834,525
27,753,918
27,709,679
27,665,918
Book value per share
$
40.48
$
39.35
$
38.49
$
37.58
$
37.38
Tangible book value per share 1
$
36.92
$
35.77
$
34.88
$
33.94
$
33.68
1 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.
2 Total revenue is net interest income plus noninterest income.
As of and for the nine months ended
($ in thousands, except per share amounts)
September 30,
2025
September 30,
2024
Net interest income
$
233,930
$
219,863
Provision for credit losses
18,400
22,700
Noninterest income
75,135
68,157
Noninterest expense
199,733
190,367
Income before income taxes
90,932
74,953
Provision for income taxes
17,803
15,675
Net income
73,129
59,278
Adjusted net income 1
73,129
63,428
Weighted average common shares outstanding, basic
27,769,320
27,355,098
Weighted average common shares outstanding, diluted
28,274,134
27,976,215
Diluted earnings per share
$
2.59
$
2.12
Adjusted diluted earnings per share 1
$
2.59
$
2.27
Return on average total assets
1.19
%
1.01
%
Adjusted return on average total assets 1
1.19
%
1.09
%
Return on average stockholders' equity
8.99
%
8.04
%
Adjusted return on average stockholders’ equity 1
8.99
%
8.60
%
Return on average tangible stockholders' equity 1
10.08
%
9.23
%
Adjusted return on average tangible stockholders' equity 1
10.08
%
9.86
%
Net interest margin
4.07
%
4.04
%
Net interest margin (FTE basis) 1
4.13
%
4.11
%
Efficiency ratio
64.62
%
66.10
%
Adjusted efficiency ratio 1
64.62
%
64.30
%
Noninterest income to total revenue 2
24.3
%
23.7
%
Total assets
$
8,495,437
$
8,138,487
Total loans held-for-sale
85,250
72,247
Total loans held-for-investment
6,681,629
6,443,756
Total deposits
7,105,415
6,649,880
Total stockholders' equity
1,127,513
1,034,085
Loan to deposit ratio
94.0
%
96.9
%
Period end common shares outstanding
27,854,764
27,665,918
Book value per share
$
40.48
$
37.38
Tangible book value per share 1
$
36.92
$
33.68
1 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.
2 Total revenue is net interest income plus noninterest income.
Condensed Consolidated Statements of Income (Unaudited):
For the three months ended
For the nine months ended
($ in thousands, except per share amounts)
September 30,
2025
September 30,
2024
September 30,
2025
September 30,
2024
Total interest income
$
121,128
$
118,932
$
348,496
$
343,501
Total interest expense
40,175
42,774
114,566
123,638
Net interest income
80,953
76,158
233,930
219,863
Provision for credit losses
10,100
5,000
18,400
22,700
Net interest income after credit loss expense
70,853
71,158
215,530
197,163
Noninterest income:
Service charges on deposit accounts
2,162
2,560
6,205
7,276
Treasury management service fees
4,402
3,748
12,929
10,847
Credit and debit card fees
2,671
2,738
7,985
8,447
Trust and investment advisory fees
1,536
1,395
4,430
4,351
Income from mortgage banking services, net
12,641
8,838
34,970
29,383
Other noninterest income
2,921
2,796
8,616
7,853
Total noninterest income
26,333
22,075
75,135
68,157
Noninterest expense:
Salary and employee benefits
44,822
39,306
128,304
116,487
Occupancy and equipment
9,591
9,121
28,668
26,417
Amortization and impairment of intangible assets
578
651
1,784
2,118
Terminated merger related expenses
—
1,633
—
5,168
Other noninterest expenses
13,910
13,953
40,977
40,177
Total noninterest expense
68,901
64,664
199,733
190,367
Income before income taxes
28,285
28,569
90,932
74,953
Provision for income taxes
5,111
6,147
17,803
15,675
Net income
$
23,174
$
22,422
$
73,129
$
59,278
Earnings per share - basic
$
0.83
$
0.81
$
2.63
$
2.17
Earnings per share - diluted
$
0.82
$
0.79
$
2.59
$
2.12
For the three months ended
($ in thousands, except per share amounts)
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
September 30,
2024
Total interest income
$
121,128
$
116,921
$
110,447
$
116,039
$
118,932
Total interest expense
40,175
38,422
35,969
38,992
42,774
Net interest income
80,953
78,499
74,478
77,047
76,158
Provision for credit losses
10,100
4,500
3,800
4,850
5,000
Net interest income after credit loss expense
70,853
73,999
70,678
72,197
71,158
Noninterest income:
Service charges on deposit accounts
2,162
2,016
2,027
2,219
2,560
Treasury management service fees
4,402
4,333
4,194
3,982
3,748
Credit and debit card fees
2,671
2,728
2,586
2,706
2,738
Trust and investment advisory fees
1,536
1,473
1,421
1,436
1,395
Income from mortgage banking services, net
12,641
13,274
9,055
9,631
8,838
Other noninterest income
2,921
3,249
2,446
1,661
2,796
Total noninterest income
26,333
27,073
21,729
21,635
22,075
Noninterest expense:
Salary and employee benefits
44,822
43,921
39,561
38,498
39,306
Occupancy and equipment
9,591
9,541
9,536
9,865
9,121
Amortization and impairment of intangible assets
578
578
628
1,431
651
Terminated merger related expenses
—
—
—
8,010
1,633
Other noninterest expenses
13,910
14,070
12,997
15,869
13,953
Total noninterest expense
68,901
68,110
62,722
73,673
64,664
Income before income taxes
28,285
32,962
29,685
20,159
28,569
Provision for income taxes
5,111
6,576
6,116
3,809
6,147
Net income
$
23,174
$
26,386
$
23,569
$
16,350
$
22,422
Earnings per share - basic
$
0.83
$
0.95
$
0.85
$
0.59
$
0.81
Earnings per share - diluted
$
0.82
$
0.93
$
0.83
$
0.58
$
0.79
Condensed Consolidated Balance Sheets as of (Unaudited):
($ in thousands)
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
September 30,
2024
Assets
Cash and cash equivalents
$
659,899
$
785,115
$
621,377
$
615,917
$
573,674
Securities available-for-sale, at fair value
476,114
473,468
480,615
469,076
496,811
Securities held-to-maturity
34,247
34,581
34,914
35,242
35,885
Loans held-for-sale, at fair value
85,250
90,781
65,603
61,825
72,247
Loans
6,681,629
6,507,066
6,484,008
6,376,357
6,443,756
Allowance for credit losses
(84,040
)
(82,993
)
(91,790
)
(88,221
)
(83,159
)
Loans, net
6,597,589
6,424,073
6,392,218
6,288,136
6,360,597
Mortgage servicing rights, at fair value
85,695
84,736
82,927
84,258
78,799
Premises and equipment, net
81,886
82,248
82,333
82,483
82,532
Other real estate owned and foreclosed assets, net
13,418
13,052
4,914
5,138
4,478
Goodwill
93,483
93,483
93,483
93,483
93,483
Core deposits and other intangible assets, net
5,650
6,228
6,806
7,434
8,866
Other assets
362,206
348,096
351,268
354,395
331,115
Total assets
$
8,495,437
$
8,435,861
$
8,216,458
$
8,097,387
$
8,138,487
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing accounts
$
1,674,497
$
1,706,678
$
1,574,736
$
1,541,158
$
1,554,762
Interest-bearing accounts:
Interest-bearing demand accounts
811,617
745,750
708,783
685,865
645,647
Savings and money market accounts
3,223,254
3,166,466
2,974,774
2,834,123
2,608,808
NOW accounts
42,559
52,005
39,806
45,539
41,234
Certificate of deposit accounts
1,353,488
1,429,265
1,576,140
1,565,575
1,799,429
Total deposits
7,105,415
7,100,164
6,874,239
6,672,260
6,649,880
Securities sold under agreements to repurchase
9,824
11,173
8,515
14,699
10,913
Federal Home Loan Bank advances
—
—
35,000
135,000
215,000
Subordinated debt, net
76,163
76,066
75,969
75,841
75,709
Other liabilities
176,522
153,056
154,440
158,221
152,900
Total liabilities
7,367,924
7,340,459
7,148,163
7,056,021
7,104,402
Stockholders' equity:
Preferred stock
—
—
—
—
—
Common stock
3
3
3
3
3
Additional paid-in capital
548,952
547,950
547,484
547,325
547,271
Retained earnings
606,279
583,105
556,719
533,150
516,800
Accumulated other comprehensive loss, net
(27,721
)
(35,656
)
(35,911
)
(39,112
)
(29,989
)
Total stockholders' equity
1,127,513
1,095,402
1,068,295
1,041,366
1,034,085
Total liabilities and stockholders' equity
$
8,495,437
$
8,435,861
$
8,216,458
$
8,097,387
$
8,138,487
Consolidated Capital Ratios as of:
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
September 30,
2024
Stockholders' equity to total assets
13.27
%
12.99
%
13.00
%
12.86
%
12.71
%
Tangible stockholders' equity to tangible assets 1
12.25
%
11.94
%
11.93
%
11.76
%
11.59
%
Tangible stockholders' equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax 1, 2
12.21
%
11.90
%
11.89
%
11.71
%
11.56
%
Tier 1 leverage ratio
12.44
%
12.39
%
12.47
%
12.11
%
11.96
%
Common equity tier 1 risk-based capital ratio
13.79
%
13.78
%
13.26
%
13.18
%
13.06
%
Tier 1 risk-based capital ratio
13.79
%
13.78
%
13.26
%
13.18
%
13.06
%
Total risk-based capital ratio
15.81
%
15.94
%
15.52
%
15.42
%
15.25
%
1 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.
2 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
For the nine months ended
September 30, 2025
September 30, 2024
September 30, 2025
September 30, 2024
(In thousands)
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
6,667,158
6.49
%
6,460,484
6.68
%
6,570,356
6.43
%
6,386,620
6.61
%
Investment securities
505,999
3.43
%
527,241
3.60
%
506,068
3.48
%
532,562
3.52
%
Interest-bearing cash and other assets
714,885
4.25
%
442,632
5.14
%
604,936
4.29
%
343,911
5.27
%
Total earning assets
7,888,042
6.09
%
7,430,357
6.37
%
7,681,360
6.07
%
7,263,093
6.32
%
Other assets
540,079
534,740
542,038
543,916
Total assets
$
8,428,121
$
7,965,097
$
8,223,398
$
7,807,009
Interest-bearing liabilities
Demand and NOW deposits
$
796,192
3.29
%
$
657,537
3.73
%
$
770,395
3.25
%
$
609,632
3.71
%
Savings deposits
391,444
0.59
%
411,526
0.71
%
397,745
0.58
%
415,687
0.70
%
Money market deposits
2,852,860
2.58
%
2,140,552
2.24
%
2,652,819
2.41
%
2,098,927
2.07
%
Certificates of deposits
1,397,371
3.64
%
1,800,502
4.56
%
1,482,529
3.77
%
1,812,839
4.63
%
Total deposits
5,437,867
2.81
%
5,010,117
3.14
%
5,303,488
2.78
%
4,937,085
3.10
%
Repurchase agreements
8,055
1.82
%
13,528
1.29
%
8,892
1.66
%
17,099
1.16
%
Total deposits and repurchase agreements
5,445,922
2.81
%
5,023,645
3.14
%
5,312,380
2.77
%
4,954,184
3.09
%
FHLB borrowings
—
—
%
135,641
5.58
%
10,491
4.61
%
125,799
5.62
%
Other long-term borrowings
76,117
8.41
%
75,654
6.54
%
76,017
7.02
%
75,522
6.61
%
Total interest-bearing liabilities
5,522,039
2.89
%
5,234,940
3.25
%
5,398,888
2.84
%
5,155,505
3.20
%
Noninterest-bearing deposits
1,642,346
1,568,685
1,587,670
1,529,793
Other liabilities
145,730
141,206
148,675
136,491
Stockholders' equity
1,118,006
1,020,266
1,088,165
985,220
Total liabilities and stockholders' equity
$
8,428,121
$
7,965,097
$
8,223,398
$
7,807,009
Net interest spread
3.20
%
3.12
%
3.23
%
3.12
%
Net interest margin
4.07
%
4.08
%
4.07
%
4.04
%
Net interest margin (on FTE basis) 2
4.12
%
4.13
%
4.13
%
4.11
%
1 Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale.
2 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.
For the three months ended
September 30, 2025
June 30, 2025
March 31, 2025
December 31, 2024
September 30, 2024
(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
6,667,158
6.49
%
6,620,493
6.43
%
6,420,710
6.36
%
6,481,701
6.51
%
6,460,484
6.68
%
Investment securities
505,999
3.43
%
510,350
3.48
%
501,809
3.53
%
519,221
3.40
%
527,241
3.60
%
Interest-bearing cash and other assets
714,885
4.25
%
596,713
4.28
%
500,857
4.37
%
491,326
4.48
%
442,632
5.14
%
Total earning assets
7,888,042
6.09
%
7,727,556
6.07
%
7,423,376
6.03
%
7,492,248
6.16
%
7,430,357
6.37
%
Other assets
540,079
537,156
548,976
542,862
534,740
Total assets
$
8,428,121
$
8,264,712
$
7,972,352
$
8,035,110
$
7,965,097
Interest-bearing liabilities
Demand and NOW deposits
$
796,192
3.29
%
$
793,461
3.26
%
$
720,700
3.21
%
$
703,087
3.45
%
$
657,537
3.73
%
Savings deposits
391,444
0.59
%
401,093
0.58
%
400,801
0.58
%
404,762
0.64
%
411,526
0.71
%
Money market deposits
2,852,860
2.58
%
2,659,342
2.42
%
2,441,737
2.19
%
2,348,328
2.23
%
2,140,552
2.24
%
Certificates of deposits
1,397,371
3.64
%
1,504,235
3.76
%
1,547,634
3.91
%
1,589,721
4.08
%
1,800,502
4.56
%
Total deposits
5,437,867
2.81
%
5,358,131
2.78
%
5,110,872
2.73
%
5,045,898
2.85
%
5,010,117
3.14
%
Repurchase agreements
8,055
1.82
%
9,024
1.61
%
9,615
1.57
%
10,964
1.45
%
13,528
1.29
%
Total deposits and repurchase agreements
5,445,922
2.81
%
5,367,155
2.78
%
5,120,487
2.73
%
5,056,862
2.85
%
5,023,645
3.14
%
FHLB borrowings
—
—
%
2,308
4.72
%
29,489
4.60
%
121,957
5.02
%
135,641
5.58
%
Other long-term borrowings
76,117
8.41
%
76,025
6.19
%
75,907
6.43
%
75,778
6.41
%
75,654
6.54
%
Total interest-bearing liabilities
5,522,039
2.89
%
5,445,488
2.83
%
5,225,883
2.79
%
5,254,597
2.95
%
5,234,940
3.25
%
Noninterest-bearing deposits
1,642,346
1,587,302
1,532,150
1,581,571
1,568,685
Other liabilities
145,730
145,064
155,337
152,552
141,206
Stockholders' equity
1,118,006
1,086,858
1,058,982
1,046,390
1,020,266
Total liabilities and stockholders' equity
$
8,428,121
$
8,264,712
$
7,972,352
$
8,035,110
$
7,965,097
Net interest spread
3.20
%
3.24
%
3.24
%
3.21
%
3.12
%
Net interest margin
4.07
%
4.07
%
4.07
%
4.09
%
4.08
%
Net interest margin (on FTE basis) 2
4.12
%
4.13
%
4.13
%
4.15
%
4.13
%
1 Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale.
2 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.
Deposits as of:
($ in thousands)
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
September 30,
2024
Consumer
Noninterest bearing deposit accounts
$
412,568
$
426,909
$
412,734
$
410,303
$
397,880
Interest-bearing deposit accounts:
Demand and NOW deposits
129,148
113,415
93,675
61,987
61,929
Savings deposits
314,953
322,672
330,489
326,916
331,811
Money market deposits
1,885,610
1,803,348
1,600,413
1,516,577
1,333,486
Certificates of deposits
869,077
937,439
1,065,839
1,069,704
1,247,348
Total interest-bearing deposit accounts
3,198,788
3,176,874
3,090,416
2,975,184
2,974,574
Total consumer deposits
$
3,611,356
$
3,603,783
$
3,503,150
$
3,385,487
$
3,372,454
Business
Noninterest bearing deposit accounts
$
1,261,929
$
1,279,769
$
1,162,002
$
1,130,855
$
1,156,882
Interest-bearing deposit accounts:
Demand and NOW deposits
725,028
684,340
654,914
669,417
624,952
Savings deposits
71,281
74,448
75,132
75,422
77,744
Money market deposits
951,410
965,998
968,740
915,208
865,767
Certificates of deposits
57,225
56,930
65,420
51,131
62,187
Total interest-bearing deposit accounts
1,804,944
1,781,716
1,764,206
1,711,178
1,630,650
Total business deposits
$
3,066,873
$
3,061,485
$
2,926,208
$
2,842,033
$
2,787,532
Wholesale deposits 1
$
427,186
$
434,896
$
444,881
$
444,740
$
489,894
Total deposits
$
7,105,415
$
7,100,164
$
6,874,239
$
6,672,260
$
6,649,880
1 Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposits.
Balance Sheet Ratios as of:
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
September 30,
2024
Cash to total assets 1
7.70
%
9.20
%
7.50
%
7.50
%
6.90
%
Loan to deposit ratio
94.0
%
91.6
%
94.3
%
95.6
%
96.9
%
Uninsured deposits to total deposits 2
36.2
%
37.0
%
35.2
%
34.8
%
32.7
%
Uninsured and uncollateralized deposits to total deposits 2
28.3
%
28.3
%
26.4
%
25.2
%
26.8
%
Wholesale deposits and borrowings to total liabilities 3
5.8
%
5.9
%
6.7
%
8.2
%
9.9
%
1 Cash consists of cash and amounts due from banks and interest-bearing deposits with other financial institutions.
2 Uninsured deposits and uninsured and uncollateralized deposits are reported for our wholly-owned subsidiary Sunflower Bank, N.A. and are estimated.
3 Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposits. Wholesale borrowings consist of FHLB overnight and term advances.
Loan Portfolio as of:
($ in thousands)
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
September 30,
2024
Commercial and industrial 1
$
2,945,697
$
2,779,767
$
2,764,035
$
2,627,591
$
2,678,859
Commercial real estate:
Non-owner occupied
725,425
705,749
733,949
752,628
821,434
Owner occupied
668,172
660,334
677,341
700,867
698,398
Construction and land
343,803
383,969
386,056
362,677
333,457
Multifamily
183,504
134,520
85,239
94,355
95,125
Total commercial real estate
1,920,904
1,884,572
1,882,585
1,910,527
1,948,414
Residential real estate 2
1,209,742
1,226,760
1,195,714
1,180,610
1,172,459
Public Finance
516,247
524,441
551,252
554,784
536,776
Consumer
38,931
42,881
38,896
41,144
45,067
Other
50,108
48,645
51,526
61,701
62,181
Total loans, net of deferred costs, fees, premiums, and discounts
$
6,681,629
$
6,507,066
$
6,484,008
$
6,376,357
$
6,443,756
1 Loans to nondepository financial institutions are included within commercial and industrial. Prior period amounts have been reclassified to conform to the current presentation.
2 Includes 1-4 family residential construction.
Asset Quality:
As of and for the three months ended
As of and for the nine months ended
($ in thousands)
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
September 30,
2024
September 30,
2025
September 30,
2024
Net charge-offs (recoveries)
$
9,053
$
13,547
$
631
$
(462
)
$
1,401
$
23,231
$
20,839
Allowance for credit losses
$
84,040
$
82,993
$
91,790
$
88,221
$
83,159
$
84,040
$
83,159
Nonperforming loans, including nonaccrual loans, and accrual loans greater than 90 days past due
$
69,641
$
54,841
$
78,590
$
69,050
$
65,824
$
69,641
$
65,824
Nonperforming assets
$
83,059
$
67,893
$
83,504
$
74,188
$
70,302
$
83,059
$
70,302
Ratio of net charge-offs (recoveries) to average loans outstanding
0.55
%
0.83
%
0.04
%
(0.03
)%
0.09
%
0.48
%
0.44
%
Allowance for credit losses to total loans outstanding
1.26
%
1.28
%
1.42
%
1.38
%
1.29
%
1.26
%
1.29
%
Allowance for credit losses to total nonperforming loans
120.68
%
151.33
%
116.80
%
127.76
%
126.34
%
120.68
%
126.34
%
Nonperforming loans to total loans
1.04
%
0.84
%
1.21
%
1.08
%
1.02
%
1.04
%
1.02
%
Nonperforming assets to total assets
0.98
%
0.80
%
1.02
%
0.92
%
0.86
%
0.98
%
0.86
%
Non-GAAP Financial Measures and Reconciliations:
As of and for the three months ended
As of and for the nine months ended
($ in thousands, except share and per share amounts)
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
September 30,
2024
September 30,
2025
September 30,
2024
Tangible stockholders’ equity to tangible assets:
Total stockholders' equity (GAAP)
$
1,127,513
$
1,095,402
$
1,068,295
$
1,041,366
$
1,034,085
$
1,127,513
$
1,034,085
Less: Goodwill and other intangible assets
Goodwill
(93,483
)
(93,483
)
(93,483
)
(93,483
)
(93,483
)
(93,483
)
(93,483
)
Other intangible assets
(5,650
)
(6,228
)
(6,806
)
(7,434
)
(8,866
)
(5,650
)
(8,866
)
Tangible stockholders' equity (non-GAAP)
$
1,028,380
$
995,691
$
968,006
$
940,449
$
931,736
$
1,028,380
$
931,736
Total assets (GAAP)
$
8,495,437
$
8,435,861
$
8,216,458
$
8,097,387
$
8,138,487
$
8,495,437
$
8,138,487
Less: Goodwill and other intangible assets
Goodwill
(93,483
)
(93,483
)
(93,483
)
(93,483
)
(93,483
)
(93,483
)
(93,483
)
Other intangible assets
(5,650
)
(6,228
)
(6,806
)
(7,434
)
(8,866
)
(5,650
)
(8,866
)
Tangible assets (non-GAAP)
$
8,396,304
$
8,336,150
$
8,116,169
$
7,996,470
$
8,036,138
$
8,396,304
$
8,036,138
Total stockholders' equity to total assets (GAAP)
13.27
%
12.99
%
13.00
%
12.86
%
12.71
%
13.27
%
12.71
%
Less: Impact of goodwill and other intangible assets
(1.02
)%
(1.05
)%
(1.07
)%
(1.10
)%
(1.12
)%
(1.02
)%
(1.12
)%
Tangible stockholders' equity to tangible assets (non-GAAP)
12.25
%
11.94
%
11.93
%
11.76
%
11.59
%
12.25
%
11.59
%
Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax:
Tangible stockholders' equity (non-GAAP)
$
1,028,380
$
995,691
$
968,006
$
940,449
$
931,736
$
1,028,380
$
931,736
Less: Net unrealized losses on HTM securities, net of tax
(3,432
)
(4,238
)
(3,803
)
(4,292
)
(2,852
)
(3,432
)
(2,852
)
Tangible stockholders’ equity less net unrealized losses on HTM securities, net of tax (non-GAAP)
$
1,024,948
$
991,453
$
964,203
$
936,157
$
928,884
$
1,024,948
$
928,884
Tangible assets (non-GAAP)
$
8,396,304
$
8,336,150
$
8,116,169
$
7,996,470
$
8,036,138
$
8,396,304
$
8,036,138
Less: Net unrealized losses on HTM securities, net of tax
(3,432
)
(4,238
)
(3,803
)
(4,292
)
(2,852
)
(3,432
)
(2,852
)
Tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP)
$
8,392,872
$
8,331,912
$
8,112,366
$
7,992,178
$
8,033,286
$
8,392,872
$
8,033,286
Tangible stockholders' equity to tangible assets (non-GAAP)
12.25
%
11.94
%
11.93
%
11.76
%
11.59
%
12.25
%
11.59
%
Less: Net unrealized losses on HTM securities, net of tax
(0.04
)%
(0.04
)%
(0.04
)%
(0.05
)%
(0.03
)%
(0.04
)%
(0.03
)%
Tangible stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP)
12.21
%
11.90
%
11.89
%
11.71
%
11.56
%
12.21
%
11.56
%
Tangible book value per share:
Total stockholders' equity (GAAP)
$
1,127,513
$
1,095,402
$
1,068,295
$
1,041,366
$
1,034,085
$
1,127,513
$
1,034,085
Tangible stockholders' equity (non-GAAP)
$
1,028,380
$
995,691
$
968,006
$
940,449
$
931,736
$
1,028,380
$
931,736
Total shares outstanding
27,854,764
27,834,525
27,753,918
27,709,679
27,665,918
27,854,764
27,665,918
Book value per share (GAAP)
$
40.48
$
39.35
$
38.49
$
37.58
$
37.38
$
40.48
$
37.38
Tangible book value per share (non-GAAP)
$
36.92
$
35.77
$
34.88
$
33.94
$
33.68
$
36.92
$
33.68
Adjusted net income:
Net income (GAAP)
$
23,174
$
26,386
$
23,569
$
16,350
$
22,422
$
73,129
$
59,278
Add: Non-recurring adjustments:
Terminated merger related expenses, net of tax
—
—
—
5,799
1,233
—
4,150
Write-off of Guardian Mortgage tradename, net of tax
—
—
—
625
—
—
—
Disposal of ATMs, net of tax
—
—
—
1,542
—
—
—
Total adjustments, net of tax
—
—
—
7,966
1,233
—
4,150
Adjusted net income (non-GAAP)
$
23,174
$
26,386
$
23,569
$
24,316
$
23,655
$
73,129
$
63,428
Adjusted diluted earnings per share:
Diluted earnings per share (GAAP)
$
0.82
$
0.93
$
0.83
$
0.58
$
0.79
$
2.59
$
2.12
Add: Impact of non-recurring adjustments
Terminated merger related expenses, net of tax
—
—
—
0.21
0.05
—
0.15
Write-off of Guardian Mortgage tradename, net of tax
—
—
—
0.02
—
—
—
Disposal of ATMs, net of tax
—
—
—
0.05
—
—
—
Adjusted diluted earnings per share (non-GAAP)
$
0.82
$
0.93
$
0.83
$
0.86
$
0.84
$
2.59
$
2.27
Adjusted return on average total assets:
Return on average total assets (ROAA) (GAAP)
1.09
%
1.28
%
1.20
%
0.81
%
1.12
%
1.19
%
1.01
%
Add: Impact of non-recurring adjustments
Terminated merger related expenses, net of tax
—
%
—
%
—
%
0.28
%
0.06
%
—
%
0.08
%
Write-off of Guardian Mortgage tradename, net of tax
—
%
—
%
—
%
0.03
%
—
%
—
%
—
%
Disposal of ATMs, net of tax
—
%
—
%
—
%
0.08
%
—
%
—
%
—
%
Adjusted ROAA (non-GAAP)
1.09
%
1.28
%
1.20
%
1.20
%
1.18
%
1.19
%
1.09
%
Adjusted return on average stockholders’ equity:
Return on average stockholders' equity (ROACE) (GAAP)
8.22
%
9.74
%
9.03
%
6.22
%
8.74
%
8.99
%
8.04
%
Add: Impact of non-recurring adjustments
Terminated merger related expenses, net of tax
—
%
—
%
—
%
2.19
%
0.48
%
—
%
0.56
%
Write-off of Guardian Mortgage tradename, net of tax
—
%
—
%
—
%
0.24
%
—
%
—
%
—
%
Disposal of ATMs, net of tax
—
%
—
%
—
%
0.59
%
—
%
—
%
—
%
Adjusted ROACE (non-GAAP)
8.22
%
9.74
%
9.03
%
9.24
%
9.22
%
8.99
%
8.60
%
Return on average tangible stockholders’ equity
Return on average stockholders’ equity (ROACE) (GAAP)
8.22
%
9.74
%
9.03
%
6.22
%
8.74
%
8.99
%
8.04
%
Add: Impact from goodwill and other intangible assets
Goodwill
0.81
%
0.98
%
0.94
%
0.67
%
0.98
%
0.90
%
0.94
%
Other intangible assets
0.17
%
0.19
%
0.21
%
0.47
%
0.22
%
0.19
%
0.25
%
Return on average tangible stockholders’ equity (ROATCE) (non-GAAP)
9.20
%
10.91
%
10.18
%
7.36
%
9.94
%
10.08
%
9.23
%
Adjusted return on average tangible stockholders’ equity:
Return on average tangible stockholders' equity (ROATCE) (non-GAAP)
9.20
%
10.91
%
10.18
%
7.36
%
9.94
%
10.08
%
9.23
%
Add: Impact of non-recurring adjustments
Terminated merger related expenses, net of tax
—
%
—
%
—
%
2.45
%
0.54
%
—
%
0.63
%
Write-off of Guardian Mortgage tradename, net of tax
—
%
—
%
—
%
0.26
%
—
%
—
%
—
%
Disposal of ATMs, net of tax
—
%
—
%
—
%
0.65
%
—
%
—
%
—
%
Adjusted ROATCE (non-GAAP)
9.20
%
10.91
%
10.18
%
10.72
%
10.48
%
10.08
%
9.86
%
Adjusted total noninterest expense:
Total noninterest expense (GAAP)
$
68,901
$
68,110
$
62,722
$
73,673
$
64,664
$
199,733
$
190,367
Less: Non-recurring adjustments:
Terminated merger related expenses
—
—
—
(8,010
)
(1,633
)
—
(5,168
)
Write-off of Guardian Mortgage trade name
—
—
—
(828
)
—
—
—
Disposal of ATMs
—
—
—
(2,042
)
—
—
—
Total adjustments
—
—
—
(10,880
)
(1,633
)
—
(5,168
)
Adjusted total noninterest expense (non-GAAP)
$
68,901
$
68,110
$
62,722
$
62,793
$
63,031
$
199,733
$
185,199
Adjusted efficiency ratio:
Efficiency ratio (GAAP)
64.22
%
64.52
%
65.19
%
74.66
%
65.83
%
64.62
%
66.10
%
Less: Impact of non-recurring adjustments
Terminated merger related expenses
—
%
—
%
—
%
(8.12
)%
(1.67
)%
—
%
(1.80
)%
Write-off of Guardian Mortgage tradename
—
%
—
%
—
%
(0.84
)%
—
%
—
%
—
%
Disposal of ATMs
—
%
—
%
—
%
(2.07
)%
—
%
—
%
—
%
Adjusted efficiency ratio (non-GAAP)
64.22
%
64.52
%
65.19
%
63.63
%
64.16
%
64.62
%
64.30
%
Fully tax equivalent (“FTE”) net interest income and net interest margin:
Net interest income (GAAP)
$
80,953
$
78,499
$
74,478
$
77,047
$
76,158
$
233,930
$
219,863
Gross income effect of tax exempt income
1,225
1,204
1,192
1,161
1,132
3,621
3,606
FTE net interest income (non-GAAP)
$
82,178
$
79,703
$
75,670
$
78,208
$
77,290
$
237,551
$
223,469
Average earning assets
$
7,888,042
$
7,727,556
$
7,423,376
$
7,492,248
$
7,430,357
$
7,681,360
$
7,263,093
Net interest margin
4.07
%
4.07
%
4.07
%
4.09
%
4.08
%
4.07
%
4.04
%
Net interest margin on FTE basis (non-GAAP)
4.12
%
4.13
%
4.13
%
4.15
%
4.13
%
4.13
%
4.11
%