Form 8-K
8-K — FIRSTSUN CAPITAL BANCORP
Accession: 0001709442-26-000026
Filed: 2026-04-27
Period: 2026-04-27
CIK: 0001709442
SIC: 6021 (NATIONAL COMMERCIAL BANKS)
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — fcb-20260427.htm (Primary)
EX-99.1 (exhibit991-earningspressre.htm)
EX-99.2 (a1q26earningspresentatio.htm)
GRAPHIC (a1q26earningspresentatio001.jpg)
GRAPHIC (a1q26earningspresentatio002.jpg)
GRAPHIC (a1q26earningspresentatio003.jpg)
GRAPHIC (a1q26earningspresentatio004.jpg)
GRAPHIC (a1q26earningspresentatio005.jpg)
GRAPHIC (a1q26earningspresentatio006.jpg)
GRAPHIC (a1q26earningspresentatio007.jpg)
GRAPHIC (a1q26earningspresentatio008.jpg)
GRAPHIC (a1q26earningspresentatio009.jpg)
GRAPHIC (a1q26earningspresentatio010.jpg)
GRAPHIC (a1q26earningspresentatio011.jpg)
GRAPHIC (a1q26earningspresentatio012.jpg)
GRAPHIC (a1q26earningspresentatio013.jpg)
GRAPHIC (a1q26earningspresentatio014.jpg)
GRAPHIC (a1q26earningspresentatio015.jpg)
GRAPHIC (a1q26earningspresentatio016.jpg)
GRAPHIC (a1q26earningspresentatio017.jpg)
GRAPHIC (a1q26earningspresentatio018.jpg)
GRAPHIC (a1q26earningspresentatio019.jpg)
GRAPHIC (a1q26earningspresentatio020.jpg)
GRAPHIC (a1q26earningspresentatio021.jpg)
GRAPHIC (a1q26earningspresentatio022.jpg)
GRAPHIC (a1q26earningspresentatio023.jpg)
GRAPHIC (a1q26earningspresentatio024.jpg)
GRAPHIC (a1q26earningspresentatio025.jpg)
GRAPHIC (a1q26earningspresentatio026.jpg)
GRAPHIC (a1q26earningspresentatio027.jpg)
GRAPHIC (a1q26earningspresentatio028.jpg)
GRAPHIC (a1q26earningspresentatio029.jpg)
GRAPHIC (a1q26earningspresentatio030.jpg)
GRAPHIC (a1q26earningspresentatio031.jpg)
GRAPHIC (fscb-horizontallogox01a.jpg)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: fcb-20260427.htm · Sequence: 1
fcb-20260427
0001709442FALSE00017094422026-04-272026-04-27
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): April 27, 2026
FIRSTSUN CAPITAL BANCORP
(Exact name of registrant as specified in its charter)
Delaware
001-42175
81-4552413
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification Number)
1400 16th Street, Suite 250
Denver, Colorado 80202
(Address of principal executive offices and zip code)
(303) 831-6704
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange
on which registered
Common Stock, $.0001 Par Value
FSUN
Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17CFR § 230.405) or 12b-2 of the Exchange Act of 1934 (17 CFR § 240.12b-2).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On April 27, 2026, FirstSun Capital Bancorp (the “Company”) issued an earnings press release announcing financial results for the first quarter ended March 31, 2026. The earnings press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 7.01 Regulation FD Information.
On April 27, 2026, the Company made available on its website an investor presentation regarding the Company’s financial results for the first quarter ended March 31, 2026, which will be used in connection with an earnings conference call for investors and analysts at 11:00 a.m. (ET) on Tuesday, April 28, 2026 and at upcoming investor conferences. The investor presentation is furnished as Exhibit 99.2.
Item 9.01 Financial Statements and Exhibits
(d) The following exhibit index lists the exhibits that are either filed or furnished with this Current Report on Form 8-K:
EXHIBIT INDEX
Exhibit Number
Description
99.1
Earnings Press Release
99.2
Investor Presentation
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FIRSTSUN CAPITAL BANCORP
Date: April 27, 2026
By:
/s/ Robert A. Cafera, Jr.
Name:
Robert A. Cafera, Jr.
Title:
Senior Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
EX-99.1
EX-99.1
Filename: exhibit991-earningspressre.htm · Sequence: 2
Document
FirstSun Capital Bancorp Reports First Quarter 2026 Results
First Quarter 2026 Highlights:
•Net interest margin of 4.25%
•Loan growth of 16.2%, annualized
•24.7% noninterest income to total revenue1
•Net income of $21.6 million, $0.76 per diluted share (adjusted, $23.7 million, $0.84 per diluted share, see “Non-GAAP Financial Measures and Reconciliations” below)
•Return on average total assets of 1.04% (adjusted, 1.14%, see “Non-GAAP Financial Measures and Reconciliations” below)
•Return on average stockholders’ equity of 7.47% (adjusted, 8.20%, see “Non-GAAP Financial Measures and Reconciliations” below)
Denver, Colorado – April 27, 2026 – 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.
1 Total revenue is net interest income plus noninterest income.
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 revenue2 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.
2 Total revenue is net interest income plus noninterest income.
2
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, 2026.3
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.
3 Uninsured deposits and uninsured and uncollateralized deposits are reported for our wholly-owned subsidiary Sunflower Bank, N.A.
3
Non-GAAP Financial Measures
This press release (including the tables beginning on page 15) 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:
•Tangible stockholders’ equity to tangible assets;
•Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax;
•Tangible book value per share;
•Adjusted net income;
•Adjusted diluted earnings per share;
•Adjusted return on average total assets;
•Adjusted return on average stockholders’ equity;
•Return on average tangible stockholders’ equity;
•Adjusted return on average tangible stockholders’ equity;
•Adjusted total noninterest expense;
•Adjusted efficiency ratio; and
•Fully tax equivalent (“FTE”) net interest income and net interest margin.
The tables beginning on page 15 provide a reconciliation of each non-GAAP financial measure contained in this press release to the most comparable GAAP equivalent.
About FirstSun
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.
4
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.
5
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 income1
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 share1
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 assets1
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' equity1
8.20 % 9.31 % 8.31 % 9.82 % 9.03 %
Return on average tangible stockholders' equity1
8.31 % 9.58 % 9.20 % 10.91 % 10.18 %
Adjusted return on average tangible stockholders' equity1
9.10 % 10.38 % 9.30 % 11.00 % 10.18 %
Net interest margin 4.25 % 4.18 % 4.07 % 4.07 % 4.07 %
Net interest margin (FTE basis)1
4.31 % 4.23 % 4.12 % 4.13 % 4.13 %
Efficiency ratio 68.52 % 65.37 % 64.22 % 64.52 % 65.19 %
Adjusted efficiency ratio1
66.08 % 63.36 % 64.00 % 64.25 % 65.19 %
Noninterest income to total revenue2
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 share1
38.57 37.83 36.92 35.77 34.88
1 Represents a non-GAAP financial measure. See the tables beginning on page 15 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
2 Total revenue is net interest income plus noninterest income.
6
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
7
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 507 628 578 578 628
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
8
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 93,483 93,483 93,483 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 3 3 3 3 3
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
9
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 assets1
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 tax1, 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 %
1 Represents a non-GAAP financial measure. See the tables beginning on page 15 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.
10
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
Loans1
$ 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 %
1 Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale.
2 Represents a non-GAAP financial measure. See the tables beginning on page 15 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
11
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
Loans1
$ 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 % 3.24 %
Net interest margin 4.25 % 4.18 % 4.07 % 4.07 % 4.07 %
Net interest margin (on FTE basis)2
4.31 % 4.23 % 4.12 % 4.13 % 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 beginning on page 15 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
12
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 deposits1
$ 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
1 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 assets1
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 deposits2
35.4 % 36.6 % 36.2 % 37.0 % 35.2 %
Uninsured and uncollateralized deposits to total deposits2
28.6 % 29.0 % 28.3 % 28.3 % 26.4 %
Wholesale deposits and borrowings to total liabilities3
6.0 % 5.8 % 5.8 % 5.9 % 6.7 %
1 Cash consists of unencumbered 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 deposit. Wholesale borrowings consist of FHLB overnight and term advances.
13
Loan Portfolio as of:
($ in thousands) March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025 March 31,
2025
Commercial and industrial1
$ 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 estate2
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
1As 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.
2 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 %
14
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) % (0.04) % (0.04) % (0.04) % (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
15
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
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 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 % 0.10 % 0.01 % 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 % 0.73 % 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 % 0.81 % 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 %
16
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
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 % 4.07 % 4.07 %
Net interest margin on FTE basis (non-GAAP) 4.31 % 4.23 % 4.12 % 4.13 % 4.13 %
Contacts:
Investor Contact:
Ed Jacques
Director of Investor Relations & Business Development, FirstSun
Investor.Relations@firstsuncb.com
Media Contact:
Jeanne Lipson
Director of Marketing, Sunflower Bank
Jeanne.Lipson@SunflowerBank.com
17
EX-99.2
EX-99.2
Filename: a1q26earningspresentatio.htm · Sequence: 3
a1q26earningspresentatio
1Q2026 Earnings Presentation April 27, 2026 FirstSun Capital Bancorp NASDAQ: FSUN
FirstSun Capital Bancorp | 2 Disclaimers Forward-Looking Statements This presentation contains forward-looking information and statements by FirstSun Capital Bancorp (“FirstSun” or the “Company”) within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by the use of words such as “believe”, “expect”, “anticipate”, “plan”, “project”, “intend”, “estimate”, “may”, “will”, “would”, “could”, “should”, “assume”, “assumptions”, “view”, “continue”, “opportunity”, “strategic emphasis,” “seek to,” and “outlook” or other similar expressions, and in this presentation include statements regarding our strategy, our planned remaining balance sheet repositioning related to our merger with First Foundation Inc. (“First Foundation” or “FFWM”), our outlook regarding our loan portfolio, deposit mix, net interest income, noninterest income, noninterest expense, asset quality, liquidity and capital priorities, as well as statements on the slide entitled “2026 Full Year Financial Outlook,” including our full year 2026 outlook, key assumptions and further expectations. 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 presentation 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. 2026 Full Year Outlook - Basis and Limitations Our 2026 Full Year Financial Outlook reflects management’s current expectations regarding certain financial and operating metrics and related key assumptions and further expectations as of April 27, 2026. Unless otherwise noted, outlook metrics represent full-year expectations and includes nine months impact of the First Foundation merger that closed on April 1, 2026. The outlook includes preliminary estimates of acquisition-related purchase accounting adjustments and the expected impact of our planned balance sheet repositioning activities, each with respect to the First Foundation merger, which are subject to change. The outlook and further expectations are provided for convenience and should not be regarded as a guarantee of future results. Actual results, conditions or outcomes may differ materially. See “Forward-Looking Statements” in the above heading. We undertake no obligation to update or affirm the outlook or further expectations, except as required by law. Forward-looking non-GAAP measures appearing in the 2026 Full Year Financial Outlook should be read together with “Use of Non-GAAP Measures.”
FirstSun Capital Bancorp | 3 Disclaimers (cont’d) Use of Non-GAAP Measures This presentation includes certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures include certain operating performance measures that exclude merger-related and other charges that are not considered part of the Company’s recurring operations. The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance and the efficiency of its operations. Management believes these non-GAAP measures provide a greater understanding of the Company’s ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant items in the current period. The Company believes a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. The Company’s management believes investors may find these non-GAAP financial measures useful and that these non-GAAP financial measures provide useful supplemental information for evaluating the Company’s performance trends. Further, the Company’s management uses these measures in managing and evaluating the Company’s business and intends to refer to them in discussions about the Company’s operations and performance. 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 These measures should be viewed in addition to, and not as an alternative to, or substitute for, measures that are determined in accordance with GAAP. To the extent applicable, reconciliations of these non-GAAP measures to the most directly comparable GAAP measure are included in the Appendix to this presentation. Pro Forma Data Neither FirstSun’s nor First Foundation’s independent registered public accounting firms have studied, reviewed or performed any procedures with respect to the pro forma or pro forma forward-looking financial data for the purpose of inclusion in this presentation, and, accordingly, neither have expressed an opinion or provided any form of assurance with respect thereto for the purpose of this presentation. The pro forma combined data of FirstSun and First Foundation is as of March 31, 2026, and is based on the GAAP results of FirstSun and First Foundation for the applicable periods without adjustments, except where specifically noted. The pro forma combined data included in this presentation does not reflect any purchase accounting adjustments. All pro forma data should be reviewed in connection with the historical information of FirstSun and First Foundation, as applicable. These pro forma and pro forma forward-looking financial data are for illustrative purposes only and should not be relied on as necessarily being indicative of future results. The assumptions and estimates underlying the pro forma and pro forma forward-looking financial data are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information, including those risks and uncertainties included in Disclaimers—Forward Looking-Statements on slide 2 of this presentation. Pro forma and pro forma forward-looking financial data are inherently uncertain due to a number of factors outside of FirstSun’s control. Accordingly, there can be no assurance that the pro forma combined information, pro forma forward-looking financial information or prospective results are indicative of future performance of the combined company after the merger with First Foundation which closed on April 1, 2026 or that actual results will not differ materially from those presented in the pro forma and pro forma forward-looking financial data. Inclusion of pro forma and pro forma forward-looking financial data in this presentation should not be regarded as a representation by any person that such results will be achieved. Further, neither the pro forma nor the pro forma forward-looking financial data has been prepared in accordance with Article 11 of Regulation S-X, and, therefore, does not reflect any of the adjustments that would be required thereby.
FirstSun Capital Bancorp | 4 Disclaimers (cont’d) 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. Market, Industry and Statistical Data Certain market and industry data used in this presentation are based on third-party sources, publicly available information and internal estimates. We believe such information to be reliable, but we have not independently verified it and make no representation as to its accuracy or completeness.
FirstSun Capital Bancorp | 5 Corporate Profile as of March 31, 2026 Operating in five of the Top 10 Fastest Growing MSAs1 # 1 Austin, TX 2 Dallas, TX 3 Orlando, FL 4 Charlotte, NC 5 Houston, TX 6 Tampa, FL 7 Nashville, TN 8 San Antonio, TX 9 Phoenix, AZ 10 Atlanta, GA With a Presence in seven of the 10 Largest MSAs in the Southwest & Western US2 # 1 Southern CA3 2 Dallas, TX 3 Houston, TX 4 Phoenix, AZ 5 Ontario, CA 6 San Francisco, CA 7 Seattle, WA 8 Minneapolis, MN 9 San Diego, CA 10 Denver, CO 1,210 Full-Time Employees 70 Full Service Branches 44 States with Mortgage Capabilities Headquarters: FirstSun: Denver, CO Sunflower Bank: Dallas, TX Key Facts and Statistics $1.0B $36.46 0.95x $38.57 10.24x Market Cap Price per Share Price / TBV5 TBV per Share5 Price / LTM Adjusted Diluted EPS5 KBRA Ratings4 FirstSun Capital Bancorp Sunflower Bank, N.A. Senior Unsecured Debt = BBB Deposit = BBB+ Subordinated Debt = BBB- Senior Unsecured Debt = BBB+ Short-Term Debt = K3 Short-Term Deposit = K2 Short-Term Debt = K2 Source: S&P Global Market Intelligence, Company documents. Company data, key facts and statistics are as of March 31, 2026, and does not reflect the impact of our merger with First Foundation Inc., which closed on April 1, 2026. 1MSAs with leading household income and growth with a population currently over 2 million. 2Defined as states west of the Mississippi River. 3The MSA of Southern California includes Los Angeles, Long Beach, and Anaheim; excludes San Diego and Ontario, CA. 4As of Oct 31, 2025. 5Represents a non-GAAP financial measure. See Appendix for Non-GAAP Reconciliation. $8.6B Total Assets $7.1B Total Deposits $6.9B Loans HFI Franchise Footprint
FirstSun Capital Bancorp | 6 Unique High Growth Franchise Universe Size Attractive Footprint3 Strong Service Fee Revenue Lending Focus Growth ~ 50 Banks 1 Bank Banks with Total Assets $10B - $30B MRQ Service Fee Revenue / Rev. > 20% Specialized C&I Lending1 Loan Growth2 > 10% With scale in six of the top 10 fastest growing MSA’s post-acquisition Durable & Growing Earnings Differentiated Platform Strong Growth Momentum Strategic Focus in Key US Markets Attractive core deposit funded franchise with proven ability to deliver strong organic growth SCARCITY VALUE Source: S&P Global Market Intelligence; Financial data as of most recent quarter available. 1Specialized C&I lending defined as C&I concentration of 25% or greater of total loan portfolio. 2Loan Growth represents CAGR calculated from December 31, 2018 to March 31, 2026. 3MSAs with leading household income and growth with a population currently over 2 million.
FirstSun Capital Bancorp | 7 Investment Thesis — Focused Strategy Mix of community and high growth metro markets with emphasis on Southwest and Western US C&I business focus with a disciplined and careful CRE exposure to core customers in our geography Vertical lending expertise provides true alternative to larger banks Core deposit funded franchise Financial service income at high end of peers Tenured management team
FirstSun Capital Bancorp | 8 First Quarter 2026 Results Net Income $21.6 million $23.7 million Reported Adjusted1 Diluted EPS $0.76 $0.84 Reported Adjusted1 PTPP ROAA1 1.67% 1.80% Reported1 Adjusted1 Noninterest Income to Total Revenue3 24.7% ROAA 1.04% 1.14% Reported Adjusted1 Net Interest Margin 4.25% ROATE1 8.31% 9.10% Reported1 Adjusted1 Net Charge-Offs to Average Loans2 0.63% Annualized EOP Loan Growth2 16.2% Annualized EOP Deposit Growth (1.1)% • EOP loan growth2 of 16.2%, annualized over Q4 • Continued strong NIM of 4.25%, up 7 basis points over Q4 • Noninterest income to total revenue of 24.7%, up 0.4% over Q4 • Wholesale deposits decreased $58.6 million over Q4 • Increased tangible book value1 per share by $0.74 or 1.96% over Q4 • Efficiency ratio of 68.52%; Adjusted Efficiency ratio1 of 66.08% • Loan to deposit ratio of 97.9% • CET 1 of 13.77% 1Represents a non-GAAP financial measure. See Appendix for Non-GAAP Reconciliation. 2Represents loans held-for-investment. 3Total revenue is net interest income plus noninterest income. 2026 Q1 Highlights
FirstSun Capital Bancorp | 9 Loan Portfolio Trends Portfolio Composition 45.5% 10.0% 11.2% 7.4% 17.5% 7.1% 1.3% Commercial and Industrial Commercial Real Estate: Owner Occupied Commercial Real Estate: Non-Owner Occupied Multifamily, Construction, and Land Residential Real Estate Public Finance Consumer and Other $ in m ill io ns Originations, Paydowns & Payoffs Loan Originations Loan Paydowns and Payoffs Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 $200 $300 $400 $500 $600 Average Total Loans and Yield $6,421 $6,620 $6,667 $6,825 $6,857 6.36% 6.43% 6.49% 6.37% 6.36% Average Loans HFI + HFS Loan Yield Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 1 Regulatory CRE consists of commercial and residential construction, multifamily and non-owner occupied CRE. ($ in millions) • Strategic emphasis on C&I lending • Seek to maintain variable vs fixed portfolio mix ◦ ~ 65% variable (~ 55% repricing w/in 1 year): ▪ ~ 40% reprices monthly (< 30 days) ▪ ~ 15% reprices w/in months 2-12 • EOP balances up 16.2%, annualized over Q4 • 4% increase in line utilization over Q4 • Low overall regulatory CRE1 to total capital level of 115% • Office CRE composition 4% of loans: NOO of $48.4 million; OO of $217.2 million ◦ Not central business district properties • Loans to nondepository financial institutions comprise less than 7% of loans ◦ 99% pass graded Strategy and Highlights
FirstSun Capital Bancorp | 10 Deposit Trends Average Deposit Composition $7,030 $7,075 $7,080 $6,945 $6,643 Noninterest-bearing Interest-bearing demand and NOW Savings Money market CDs Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Cost of Deposits 2.73% 2.78% 2.81% 2.60% 2.46% 2.10% 2.15% 2.16% 1.98% 1.89% Int-bearing deposits Total Deposits Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Loan to Deposit Ratio 94.3% 91.6% 94.0% 93.9% 97.9% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 ($ in millions) • Strategic emphasis on high quality relationship- based core deposits to drive organic balance sheet growth • EOP balances down $19.8 million, or 1.1% annualized over Q4 ◦ Wholesale deposits decreased $58.6 million over Q4 • Continued mix shift ◦ Money market increased to 32.7% from 32.4% at Q4 ◦ CDs decreased to 17.1% from 18.2% at Q4 • Commercial business deposits represented 45% of total deposits and represented 74% of non-interest bearing deposits Strategy and Highlights 24.0% 20.7% 5.4% 31.8% 18.1% 23.2% 20.3% 5.6% 31.2% 19.7% 22.8% 21.9% 5.8% 27.8% 21.7% 23.1% 22.1% 6.0% 25.5% 23.3% 23.1% 21.7% 5.4% 32.6% 17.2% Beta - Current Cycle = 39%1 1Change in cost of interest bearing deposits from Q3 2024 to Q1 2026, divided by the cumulative rate cut of 1.75% since the beginning of the current rate-cutting cycle.
FirstSun Capital Bancorp | 11 NIM Bridge 4.18% 0.03% (0.05)% 0.09% 4.25% Q4 2025 Loans Other IB Assets IB Liabilities Q1 2026 Loan Yield, NIM, Cost of Funds 6.36% 6.43% 6.49% 6.37% 6.36% 4.07% 4.07% 4.07% 4.18% 4.25% 2.16% 2.19% 2.22% 2.00% 1.91% Loan Yield NIM Cost of Funds Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Net Interest Income $74,478 $78,499 $80,953 $83,461 $82,779 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Loan Repricing Mix March 31, 2026 30% 56% 11% 2% Fixed SOFR Prime Other Net Interest Income & Net Interest Margin Trends ($ in thousands) • Growth in NIM to 4.25% largely driven by funding cost improvement of 9 basis points • Stability of NIM - trailing 14 qtrs above 4.00% ◦ Driven by balance sheet composition Quarter Highlights YoY Growth 11.1% 1Components of the NIM bridge reflect the changes relative to average total earnings assets at each respective period. 2Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale. 12
FirstSun Capital Bancorp | 12 Noninterest Income Trends Noninterest Income Composition $27,175 $26,744 $26,333 $27,073 $21,729 $14,315 $12,102 $12,641 $13,274 $9,055 $4,613 $4,544 $4,402 $4,333 $4,194 $2,713 $2,744 $2,671 $2,728 $2,586 $2,096 $2,116 $2,162 $2,016 $2,027 $1,489 $1,515 $1,536 $1,473 $1,421 $1,949 $3,723 $2,921 $3,249 $2,446 Mortgage Banking Services Treasury Management Service Fees Credit and Debit Card Fees Service Charges on Deposit Accounts Trust and Investment Advisory Fees Other Noninterest Income Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 ($ in thousands) Strategy and Highlights 1Total revenue is net interest income plus noninterest income. • Strategic emphasis on diversified revenue mix, targeting > 20% noninterest income / total revenue • 18% growth in Mortgage Banking Services revenue over Q4, partially offset by a decline of 65% in loan syndication and swap revenue from Q4 • Continued strong growth in Treasury Management Service Fees, up 6%, annualized over Q4 Mortgage Banking Services Composition (0.1)% 15.3% 12.0% 7.9% 7.0% 49.7% 35.0% 37.4% 39.6% 34.7% 50.4% 49.7% 50.6% 52.5% 58.3% 9.4% 12.6% 11.8% 11.0% 13.0% MSR, net Mortgage servicing revenue Origination revenue Percent of total revenue Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 —% 100.0% Mortgage Originations 2.93% 2.88% 3.04% 2.79% 2.85% Total Secondary Gain on sale margin Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 $—M $150M $300M $450M $600M 1 Noninterest Income to Total Revenue1 Q1 2026 24.7 % Q4 2025 24.3 % Q3 2025 24.5 % Q2 2025 25.6 % Q1 2025 22.6 %
FirstSun Capital Bancorp | 13 Noninterest Expense Trends Noninterest Expense Composition $75,341 $72,041 $68,901 $68,110 $62,722 $47,356 $43,520 $44,822 $43,921 $39,561 $10,006 $9,576 $9,591 $9,541 $9,536 $14,791 $16,100 $13,669 $13,785 $12,997 Salary and Employee Benefits Occupancy, Equipment and Software Amortization of Intangible Assets Other Noninterest Expenses Merger Related Expenses Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Efficiency Ratio 65.19% 64.52% 64.22% 65.37% 68.52% 64.25% 64.00% 63.36% 66.08% Adjusted Efficiency Ratio Efficiency Ratio Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 ($ in thousands) 1Represents a non-GAAP financial measure. See Appendix for Non-GAAP Reconciliation. • Expect to continue investment in building out our franchise organically (sales force & infrastructure) ◦ Continued investment in growth markets • Noninterest expenses increased 4.6% compared to Q4 primarily driven by an increase in salary and employee benefits due to the seasonal increase in payroll taxes and retirement account contributions, and an increase in medical insurance costs Strategy and Highlights 1
FirstSun Capital Bancorp | 14 Asset Quality Trends Net Charge-Offs (Recoveries) $631 $13,547 $9,053 $5,024 $10,561 Commercial and Industrial Public Finance Commercial Real Estate, Residential Real Estate, Consumer and Other Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 $— $5,000 $10,000 $15,000 Allowance for Credit Losses $91,790 $82,993 $84,040 $85,016 $82,955 1.42% 1.28% 1.26% 1.27% 1.20% ACL ACL to Loans Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 ($ in thousands) ($ in thousands)($ in thousands) • Classified loans remained relatively flat from Q4 • Loan loss provisioning in Q1, impacted by: ◦ Net portfolio downgrades ◦ Growth in loan portfolio balances • Net charge-offs increased in Q1 over Q4 due to write-downs related to two specific customer relationships in our C&I loan portfolio Quarter Highlights Nonperforming Loans $78,590 $54,841 $69,641 $60,771 $59,656 1.21% 0.84% 1.04% 0.91% 0.86% Commercial and Industrial Residential Real Estate Commercial Real Estate Public Finance Consumer and Other Nonperforming Loans to Loans Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 $— $30,000 $60,000 $90,000
FirstSun Capital Bancorp | 15 Asset Quality Trends (cont’d) ($ in thousands) ($ in thousands) ACL & NCO %s 1.12% 1.28% 1.38% 1.27% 1.20% (0.01)% 0.13% 0.32% 0.43% 0.63% 0.22% ACL to Loans Net Charge-Off (Recoveries) % Trailing 5 Year NCO % 2022 2023 2024 2025 2026 YTD Provision for Credit Losses & Net Charge-Offs $18,050 $18,247 $27,550 $24,600 $8,250 $(320) $7,810 $20,377 $28,255 $10,561 Provision for Credit Losses Net Charge-Offs 2022 2023 2024 2025 2026 YTD Nonperforming Loans $29,067 $63,143 $69,050 $60,771 $59,656 0.49% 1.01% 1.08% 0.91% 0.86% Commercial and Industrial Residential Real Estate Commercial Real Estate Public Finance Consumer and Other Nonperforming Loans to Loans 2022 2023 2024 2025 2026 $— $30,000 $60,000 $90,000 Credit Risk-Adjusted Returns NIM NCO Earning Assets Adj.2 Credit Adjusted NIM1 1 Year Average 4.14% (0.58)% 0.09% 3.65% 3 Year Average 4.11% (0.35)% 0.05% 3.81% 5 Year Average 3.89% (0.22)% 0.03% 3.70% 1Represents a non-GAAP financial measure. See Appendix for Non-GAAP Reconciliation. Credit adjusted NIM is defined as net interest margin less net charge-offs over average earning assets. 2Reflects impact from use of average earning assets to align denominator for both NIM and NCO calculations.
FirstSun Capital Bancorp | 16 Capital and Liquidity Total Capital Ratio 15.52% 15.94% 15.81% 15.73% 15.29% 11.0% Total Capital Ratio Capital Operating Threshold Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Common Equity Tier 1 Capital Ratio 13.26% 13.78% 13.79% 14.12% 13.77% 8.0% CET1 Capital Operating Threshold Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Liquidity Ratios TCE / TA, + Net Unrealized Losses on HTM Securities, Net of Tax Wholesale Deposits and Borrowings to Total Liabilities AOCI + HTM Unrealized Loss, Net of Tax / Total Equity Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 3.00% 6.00% 9.00% 12.00% 15.00% • Liquidity & IRR ◦ Seek to maintain historical solid liquidity positioning across multiple sources ◦ Seek to maintain balance sheet strength with relative neutrality objective to downward/upward rates (-/+ 100bps) • Capital Priorities ◦ Support organic growth through earnings ◦ Near-term share repurchases • Wholesale funding reliance of 6% • Cash to total assets of 5% • AOCI & HTM unrealized loss, net of tax to total equity of 3% Strategy and Highlights $3.7B Immediate Borrowing Availability 1Represents a non-GAAP financial measure. See Appendix for Non-GAAP Reconciliation. 1
FirstSun Capital Bancorp | 17 Consistent Long-Term Strategy Southwest and Western Growth Market Emphasis C&I Focused Commercial Bank High Service Fee to Revenue Mix Core Deposit Franchise Operating Strategy Focused on Organic Loan and Deposit Growth in Targeted Markets Operating in six of 10 Fastest Growing MSAs1 in US Robust Mix of Customer Relationships across Urban and Rural Communities Relationship Driven C&I Banking with Attractive Specialty Verticals Expansive Treasury Management Services Multi Family Based CRE Concentration Revenue Diversification Emphasis Multiple Profitable Service Fee Income Lines of Business Best in Class Revenue Mix High Quality, Attractive Long-Term Beta, Low Cost Deposits Balanced Geographic Distribution Across Deposit Rich Markets in the Southwest and Western US and Florida Advantageous Funding Solid Core Earnings Progression Sound Risk and Compliance Programs Unique Organic Growth Opportunity with Low Market Share in Higher Growth Attractive Markets 1 2 3 4 5 Reflects long-term strategy of the pro forma combined company following the acquisition of First Foundation on April 1, 2026. 1Defined as MSAs with population over 2 million.
FirstSun Capital Bancorp | 18 First Foundation Merger Update
FirstSun Capital Bancorp | 19 First Foundation Inc. Quarterly Snapshot As of and for the three months ended ($ in thousands) March 31, 2026 December 31, 2025 March 31, 2025 Income Statement: Net interest income $ 31,166 $ 39,444 $ 51,799 Provision for credit losses 818 (6,522) 3,417 Noninterest income 11,912 8,914 19,602 Noninterest expense 55,670 62,888 61,721 Provision (benefit) for income taxes — 32 (633) Net (loss) income (13,410) (8,040) 6,896 Balance Sheet: Total assets $ 11,363,510 $ 11,904,077 $ 12,588,397 Total loans 6,485,074 6,990,626 8,996,786 Allowance for credit losses (ACL) 76,535 93,850 35,200 Total securities, net 2,914,746 3,064,808 2,209,884 Core deposit intangibles 2,146 2,400 3,245 Deposits 8,756,293 9,284,570 9,561,645 Borrowings 1,603,490 1,604,040 1,847,788 Total shareholders’ equity 904,609 912,587 1,060,611 Key information: Net interest margin 1.07 % 1.36 % 1.67 % Net charge-offs to average loans outstanding 1.18% 0.01% 0.01% Allowance for credit losses to loans 1.23% 1.39% 0.46% Nonperforming assets to total assets 0.31% 0.37% 0.36% Assets under management (“AUM”) $ 4,834,721 $ 5,069,481 $ 5,059,004 • FirstSun closed its merger with First Foundation on April 1, 2026 • Financial statement information is historical for First Foundation and does not include any acquisition accounting adjustments • Q1 Net interest income impacts: ◦ ($8.3M) amortization of hedge premium vs. ($5.6M) for Q4 ◦ ($10M) interest income impact due to average balance reduction of ~ $450M of SNC’s and ~ $225M of Multifamily ◦ $4.5M interest expense impact from reduced deposit balances • Q1 Noninterest income impacts: ◦ $1M increase to $1.2M for deposit fees related to one-way exchange deposits ◦ $0.9M increase to $0.6M for capital markets activities related to loans HFS ◦ $0.9M increase to ($1.6M) on certain equity investments • Merger related costs were $0.8M for Q1 2026 and $6.1M for Q4 2025 • Decline in ACL primarily attributable to a SNC charge-off in 1Q26 (partially reserved in 2025) as well as overall reduction in loan balances • Wholesale deposits decrease of approx. $600M in Q1 Commentary
FirstSun Capital Bancorp | 20 Balance Sheet Repositioning1 1 Estimated impact of the planned balance sheet repositioning is for illustrative purposes only. Pro forma data includes forward-looking expectations with respect to additional planned balance sheet repositioning. There is no assurance that we will complete our additional planned balance sheet repositioning efforts when expected or at all. See the information set forth under "Pro Forma Data" on slide 3 of this presentation. 2 Total loan repositioning was approximately 44% complete as of March 31, 2026, which is calculated based on total planned repositioning. 3Excludes acquisition-related purchase accounting adjustments with respect to FFWM and assumes planned remaining repositioning was completed as of March 31, 2026. ($ in millions) Targeted at Merger Announcement Completed by FFWM through March 31, 2026 Planned for Q2 2026 (Preliminary) Total Assets: Loans: Shared National Credit $ 650 $ 660 $ 60 $ 720 Multifamily 1,185 350 850 1,200 Public Finance 470 10 390 400 Total loans2 2,305 1,020 1,300 2,320 Securities 500 — 1,250 1,250 Cash 600 — 850 850 Subtotal $ 3,405 $ 1,020 $ 3,400 $ 4,420 Liabilities: Deposits $ 2,005 $ 1,020 $ 2,000 $ 3,020 Borrowings 1,400 — 1,400 1,400 Subtotal $ 3,405 $ 1,020 $ 3,400 $ 4,420 Balance Sheet Repositioning Progress Pro Forma Combined Financial Information After Repositioning ($ in millions) FSUN as of March 31, 2026 FFWM as of March 31, 2026 Planned Remaining Repositioning (Preliminary) Pro Forma Combined3 Loans $ 7,084 $ 6,485 $ (1,300) $ 12,269 Securities 492 2,915 (1,250) 2,157 Cash 414 1,744 (850) 1,308 Total assets 8,565 11,364 (3,400) 16,529 Deposits 7,088 8,756 (2,000) 13,844 Borrowings 112 1,603 (1,400) 315 Total liabilities 7,390 10,459 (3,400) 14,449
FirstSun Capital Bancorp | 21 2026 Full Year Financial Outlook1 Inclusive of First Foundation beginning April 1st Business Driver Full Year 2026 Outlook Loans (Avg balances) Relatively stable to post-acquisition balances after purchase accounting adjustments and post-repositioning Deposits (Avg balances) Investments (Avg balances) Net Interest Margin (%) Mid-3.80s range (4Q in 3.90s range) Noninterest Income to Total Revenue (%)2 Low-20s range Adjusted Efficiency Ratio (%)3 Mid- to Low-60s range (4Q in low-60s) Credit Outlook Net Charge-Offs to Avg Loans: Mid-20s range in bps ACL to Loans: Low- to Mid-140s in bps 1Our 2026 Full Year Financial Outlook and key assumptions and further expectations contain forward-looking statements. See "Disclaimers" beginning on slide 2. 2026 expectations assume no material changes to current regional, national and international macroeconomic environment. 2 Total revenue is net income plus noninterest income. 3Adjusted efficiency ratio is a forward-looking non-GAAP measure that exclude merger related expenses. We are unable to provide a reconciliation of forward-looking non-GAAP financial measures because we are unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. The unavailable information could be material to future GAAP results, and we cannot quantify its probable significance because such items are inherently uncertain and depend on future events. Key Assumptions: • The outlook includes estimates of acquisition-related purchase accounting adjustments with respect to the First Foundation acquisition, which are subject to change • Includes the expected impact of our planned remaining repositioning activities, which are subject to change • One Fed Funds rate cut of 25 bps in September 2026 Further Expectations: • TBV dilution from acquisition expected to be a couple points better than the 14% level targeted at announcement ◦ Loan interest rate accretion for 2026 expected in range of $55-$60M • Fully phased-in cost savings expected to be slightly above 35% cost savings targeted at announcement for First Foundation core non-interest expense • Continued loan remix into C&I (including re-mix of acquired non-relationship multi-family loans and SNC loans) • Investor CRE concentration expected to be below targeted 250% of capital post-repositioning • Loan to deposit ratio expected to be in mid to high 80s range post- repositioning • Wholesale funding ratio expected to be ~10% post-repositioning • CET 1 ratio expected to be in the 10.70s range post-repositioning Key Assumptions and Further Expectations
FirstSun Capital Bancorp | 22 Appendix
FirstSun Capital Bancorp | 23 C&I Portfolio by Industry Industry1 ($ in millions) Balance Q1 2026 Change from Q4 2025 Average Loan Size Finance and Insurance $507.6 (3.7)% $4.2 Information (Technology, Media and Telecommunications) 377.6 2.4% 3.7 Healthcare 323.0 9.4% 0.6 Real Estate and Rental and Leasing 282.4 (0.2)% 3.1 Manufacturing 281.9 (0.8)% 2.0 Wholesale Trade 241.5 29.0% 3.0 Professional, Scientific, and Technical Services 223.7 9.5% 1.7 Construction 209.6 (7.2)% 0.9 Other Services2 198.2 4.8% 1.1 Transportation and Warehousing 149.9 41.6% 1.8 Retail Trade 120.6 46.5% 2.1 Utilities 82.8 442.1% 20.7 Arts, Entertainment, and Recreation 38.4 5.1% 3.8 Other 123.5 (7.2)% 6.0 $3,161 16% 12% 10% 9% 9% 8% 7% 7% 6% 5% 4% 3% 1% 4% % of Total C&I Loans *Amounts may not total due to rounding. 1These segments are based on two-digit NAICS industry divisions. 2Includes Administrative and Support, Waste Management and Remediation Services, and Public Administration.
FirstSun Capital Bancorp | 24 Total Criticized Loans Held-for-Investment * Amounts may not total due to rounding. 1 These segments are based on two-digit NAICS industry divisions. Criticized Loans by Risk Grade $278.8 $263.5 $291.7 $311.7 $296.3 $93.7 $94.0 $130.1 $158.9 $143.6 $106.6 $114.9 $91.9 $92.7 $93.3 $50.9 $36.0 $59.9 $58.7 $41.8$27.6 $18.7 $9.7 $1.4 $17.6 4.3% 4.1% 4.4% 4.7% 4.3% Special Mention Substandard - Accruing Substandard - Nonaccrual Doubtful Criticized loans to total loans Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Criticized Loans by Industry $42.3 $42.8 $38.6 $26.8 $26.8 $24.7 $20.5 $16.8 $13.8 $10.9 $0.6 $31.5 $58.5 $43.4 $22.4 $37.1 $21.8 $31.3 $20.7 $19.0 $9.1 $24.2 $0.6 $23.6 Q1 2026 Q4 2025 Construction Transportation and Warehousing Real Estate and Rental and Leasing Healthcare Residential Mortgage Professional, Scientific, and Technical Services Other Services Manufacturing Finance and Insurance Information (Technology, Media and Telecommunications) Education Services Other 1 ($ in millions) ($ in millions)
FirstSun Capital Bancorp | 25 ~ 65%2 of Total Deposits are FDIC-Insured Granular Deposit Base1 Customer Base 127,600 Consumer Accounts Granular Deposit Base $28,000 Avg. Account Balance Customer Base 12,700 Commercial Business Accounts Granular Deposit Base $252,000 Avg. Account Balance $7.1 Billion Total Deposits Deposits by State3 $2.4B Texas 21 branches $1.6B Kansas 22 branches $1.2B New Mexico 9 branches $0.8B Colorado 11 branches $0.5B Arizona 4 branches ~ 71%2 of Total Deposits are FDIC-Insured + Collateralized 1As of March 31, 2026. 2Uninsured deposits and uninsured and uncollateralized deposits are reported for our wholly-owned subsidiary Sunflower Bank, N.A. and are estimated. 3Excludes wholesale and internal deposit accounts. $0.2B California 2 branches $0.0B Washington 1 branch
FirstSun Capital Bancorp | 26 Financial Summary As of and for the three months ended ($ 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 income1 23,673 26,923 23,412 26,601 23,569 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 share1 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 assets1 1.14 % 1.27 % 1.10 % 1.29 % 1.20 % Pre-tax pre provision return on average assets1 1.67 % 1.79 % 1.81 % 1.82 % 1.70 % Adjusted pre-tax pre provision return on average assets1 1.80 % 1.90 % 1.82 % 1.83 % 1.70 % Return on average tangible stockholders' equity1 8.31 % 9.58 % 9.20 % 10.91 % 10.18 % Adjusted return on average tangible stockholders' equity1 9.10 % 10.38 % 9.30 % 11.00 % 10.18 % Net interest margin 4.25 % 4.18 % 4.07 % 4.07 % 4.07 % Efficiency ratio 68.52 % 65.37 % 64.22 % 64.52 % 65.19 % Adjusted efficiency ratio1 66.08 % 63.36 % 64.00 % 64.25 % 65.19 % Noninterest income to total revenue2 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 share1 38.57 37.83 36.92 35.77 34.88 1 Represents a non-GAAP financial measure. See Appendix for Non-GAAP Reconciliation. 2 Total revenue is net interest income plus noninterest income.
FirstSun Capital Bancorp | 27 Non-GAAP Reconciliation 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 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) % (0.04) % (0.04) % (0.04) % (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
FirstSun Capital Bancorp | 28 Non-GAAP Reconciliation (cont’d) 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 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 — 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 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 % 0.10 % 0.01 % 0.01 % — % Adjusted ROAA (non-GAAP) 1.14 % 1.27 % 1.10 % 1.29 % 1.20 % Adjusted pre-tax pre provision return on average assets: Net income (GAAP) $ 21,583 $ 24,807 $ 23,174 $ 26,386 $ 23,569 Add: Income taxes and provision for credit losses Income taxes 4,780 7,157 5,111 6,576 6,116 Provision for credit losses 8,250 6,200 10,100 4,500 3,800 PTPP net income (non-GAAP) $ 34,613 $ 38,164 $ 38,385 $ 37,462 $ 33,485 Add: Adjustments Merger related expenses 2,681 2,217 241 285 — Adjusted PTPP Net Income (non-GAAP) $ 37,294 $ 40,381 $ 38,626 $ 37,747 $ 33,485 Return on average total assets (ROAA) (GAAP) 1.04 % 1.17 % 1.09 % 1.28 % 1.20 % Add: Impact of income taxes and provision for credit losses Income taxes 0.23 % 0.33 % 0.24 % 0.32 % 0.31 % Provision for credit losses 0.40 % 0.29 % 0.48 % 0.22 % 0.19 % PTPP ROAA (non-GAAP) 1.67 % 1.79 % 1.81 % 1.82 % 1.70 % Add: Impact of adjustments Merger related expenses 0.13 % 0.11 % 0.01 % 0.01 % — % Adjusted PTPP ROAA (non-GAAP) 1.80 % 1.90 % 1.82 % 1.83 % 1.70 %
FirstSun Capital Bancorp | 29 Non-GAAP Reconciliation (cont’d) 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 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 % 0.73 % 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 % 0.81 % 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) — 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 %
FirstSun Capital Bancorp | 30 Non-GAAP Reconciliation (cont’d) As of and for the twelve months ended ($ in thousands) March 31, 2026 March 31, 2025 March 31, 2024 March 31, 2023 March 31, 2022 Credit adjusted net interest margin: Net interest income (GAAP) $ 325,692 $ 300,582 $ 290,120 $ 274,464 $ 158,101 Less: Net charge-off’s (38,185) (3,579) (25,185) 1,005 (3,756) Credit adjusted net interest income (non-GAAP) $ 287,507 $ 297,003 $ 264,935 $ 275,469 $ 154,345 Average earning assets $ 7,858,212 $ 7,400,956 $ 7,019,736 $ 6,591,746 $ 5,319,835 Net interest margin (GAAP) 4.14 % 4.07 % 4.12 % 4.16 % 2.97 % Impact from net charge-offs to average earning assets 0.49 % 0.05 % 0.35 % (0.02) % 0.07 % Credit adjusted net interest margin (non-GAAP) 3.65 % 4.02 % 3.77 % 4.18 % 2.90 % Net interest margin (GAAP) 1 year average (Q2 2025 - Q1 2026) 4.14 % 3 year average (Q2 2023 - Q1 2026) 4.11 % 5 year average (Q2 2021 - Q1 2026) 3.89 % Credit adjusted net interest margin (non-GAAP) 1 year average (Q2 2025 - Q1 2026) 3.65 % 3 year average (Q2 2023 - Q1 2026) 3.81 % 5 year average (Q2 2021 - Q1 2026) 3.70 %
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio001.jpg · Sequence: 7
Binary file (84718 bytes)
Download a1q26earningspresentatio001.jpg
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio002.jpg · Sequence: 8
Binary file (297774 bytes)
Download a1q26earningspresentatio002.jpg
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio003.jpg · Sequence: 9
Binary file (257240 bytes)
Download a1q26earningspresentatio003.jpg
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio004.jpg · Sequence: 10
Binary file (78302 bytes)
Download a1q26earningspresentatio004.jpg
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio005.jpg · Sequence: 11
Binary file (149838 bytes)
Download a1q26earningspresentatio005.jpg
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio006.jpg · Sequence: 12
Binary file (115247 bytes)
Download a1q26earningspresentatio006.jpg
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio007.jpg · Sequence: 13
Binary file (102411 bytes)
Download a1q26earningspresentatio007.jpg
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio008.jpg · Sequence: 14
Binary file (127352 bytes)
Download a1q26earningspresentatio008.jpg
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio009.jpg · Sequence: 15
Binary file (135803 bytes)
Download a1q26earningspresentatio009.jpg
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio010.jpg · Sequence: 16
Binary file (132545 bytes)
Download a1q26earningspresentatio010.jpg
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio011.jpg · Sequence: 17
Binary file (118207 bytes)
Download a1q26earningspresentatio011.jpg
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio012.jpg · Sequence: 18
Binary file (160896 bytes)
Download a1q26earningspresentatio012.jpg
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio013.jpg · Sequence: 19
Binary file (126733 bytes)
Download a1q26earningspresentatio013.jpg
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio014.jpg · Sequence: 20
Binary file (126575 bytes)
Download a1q26earningspresentatio014.jpg
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio015.jpg · Sequence: 21
Binary file (130818 bytes)
Download a1q26earningspresentatio015.jpg
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio016.jpg · Sequence: 22
Binary file (132816 bytes)
Download a1q26earningspresentatio016.jpg
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio017.jpg · Sequence: 23
Binary file (128157 bytes)
Download a1q26earningspresentatio017.jpg
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio018.jpg · Sequence: 24
Binary file (117542 bytes)
Download a1q26earningspresentatio018.jpg
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio019.jpg · Sequence: 25
Binary file (177650 bytes)
Download a1q26earningspresentatio019.jpg
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio020.jpg · Sequence: 26
Binary file (151032 bytes)
Download a1q26earningspresentatio020.jpg
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio021.jpg · Sequence: 27
Binary file (180756 bytes)
Download a1q26earningspresentatio021.jpg
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio022.jpg · Sequence: 28
Binary file (110215 bytes)
Download a1q26earningspresentatio022.jpg
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio023.jpg · Sequence: 29
Binary file (102906 bytes)
Download a1q26earningspresentatio023.jpg
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio024.jpg · Sequence: 30
Binary file (117073 bytes)
Download a1q26earningspresentatio024.jpg
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio025.jpg · Sequence: 31
Binary file (110573 bytes)
Download a1q26earningspresentatio025.jpg
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio026.jpg · Sequence: 32
Binary file (184096 bytes)
Download a1q26earningspresentatio026.jpg
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio027.jpg · Sequence: 33
Binary file (203492 bytes)
Download a1q26earningspresentatio027.jpg
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio028.jpg · Sequence: 34
Binary file (184070 bytes)
Download a1q26earningspresentatio028.jpg
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio029.jpg · Sequence: 35
Binary file (160582 bytes)
Download a1q26earningspresentatio029.jpg
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio030.jpg · Sequence: 36
Binary file (116128 bytes)
Download a1q26earningspresentatio030.jpg
GRAPHIC
GRAPHIC
Filename: a1q26earningspresentatio031.jpg · Sequence: 37
Binary file (54511 bytes)
Download a1q26earningspresentatio031.jpg
GRAPHIC
GRAPHIC
Filename: fscb-horizontallogox01a.jpg · Sequence: 38
Binary file (93827 bytes)
Download fscb-horizontallogox01a.jpg
XML — IDEA: XBRL DOCUMENT
XML
Filename: R1.htm · Sequence: 40
v3.26.1
Cover
Apr. 27, 2026
Cover [Abstract]
Document Type
8-K
Document Period End Date
Apr. 27, 2026
Entity Registrant Name
FIRSTSUN CAPITAL BANCORP
Entity Incorporation, State or Country Code
DE
Entity File Number
001-42175
Entity Tax Identification Number
81-4552413
Entity Address, Address Line One
1400 16th Street
Entity Address, Address Line Two
Suite 250
Entity Address, City or Town
Denver
Entity Address, State or Province
CO
Entity Address, Postal Zip Code
80202
City Area Code
303
Local Phone Number
831-6704
Written Communications
false
Soliciting Material
false
Pre-commencement Tender Offer
false
Pre-commencement Issuer Tender Offer
false
Entity Emerging Growth Company
true
Entity Ex Transition Period
false
Entity Central Index Key
0001709442
Amendment Flag
false
Trading Symbol
FSUN
Security Exchange Name
NASDAQ
Title of 12(b) Security
Common Stock, $.0001 Par Value
X
- Definition
Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
No definition available.
+ Details
Name:
dei_AmendmentFlag
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Area code of city
+ References
No definition available.
+ Details
Name:
dei_CityAreaCode
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Cover page.
+ References
No definition available.
+ Details
Name:
dei_CoverAbstract
Namespace Prefix:
dei_
Data Type:
xbrli:stringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
No definition available.
+ Details
Name:
dei_DocumentPeriodEndDate
Namespace Prefix:
dei_
Data Type:
xbrli:dateItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
No definition available.
+ Details
Name:
dei_DocumentType
Namespace Prefix:
dei_
Data Type:
dei:submissionTypeItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Address Line 1 such as Attn, Building Name, Street Name
+ References
No definition available.
+ Details
Name:
dei_EntityAddressAddressLine1
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Address Line 2 such as Street or Suite number
+ References
No definition available.
+ Details
Name:
dei_EntityAddressAddressLine2
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the City or Town
+ References
No definition available.
+ Details
Name:
dei_EntityAddressCityOrTown
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Code for the postal or zip code
+ References
No definition available.
+ Details
Name:
dei_EntityAddressPostalZipCode
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the state or province.
+ References
No definition available.
+ Details
Name:
dei_EntityAddressStateOrProvince
Namespace Prefix:
dei_
Data Type:
dei:stateOrProvinceItemType
Balance Type:
na
Period Type:
duration
X
- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityCentralIndexKey
Namespace Prefix:
dei_
Data Type:
dei:centralIndexKeyItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Indicate if registrant meets the emerging growth company criteria.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityEmergingGrowthCompany
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 7A
-Section B
-Subsection 2
+ Details
Name:
dei_EntityExTransitionPeriod
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
No definition available.
+ Details
Name:
dei_EntityFileNumber
Namespace Prefix:
dei_
Data Type:
dei:fileNumberItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Two-character EDGAR code representing the state or country of incorporation.
+ References
No definition available.
+ Details
Name:
dei_EntityIncorporationStateCountryCode
Namespace Prefix:
dei_
Data Type:
dei:edgarStateCountryItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityRegistrantName
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityTaxIdentificationNumber
Namespace Prefix:
dei_
Data Type:
dei:employerIdItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Local phone number for entity.
+ References
No definition available.
+ Details
Name:
dei_LocalPhoneNumber
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
+ Details
Name:
dei_PreCommencementIssuerTenderOffer
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
+ Details
Name:
dei_PreCommencementTenderOffer
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Title of a 12(b) registered security.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
+ Details
Name:
dei_Security12bTitle
Namespace Prefix:
dei_
Data Type:
dei:securityTitleItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the Exchange on which a security is registered.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
+ Details
Name:
dei_SecurityExchangeName
Namespace Prefix:
dei_
Data Type:
dei:edgarExchangeCodeItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
+ Details
Name:
dei_SolicitingMaterial
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
+ Details
Name:
dei_TradingSymbol
Namespace Prefix:
dei_
Data Type:
dei:tradingSymbolItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
+ Details
Name:
dei_WrittenCommunications
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration