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--(BUSINESS WIRE)--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.
Net Interest Income and Net Interest Margin
Net interest income totaled $82.8 million for the first quarter of 2026, a decrease of $0.7 million compared to the prior quarter. Our net interest margin increased 7 basis points to 4.25% compared to the prior quarter.
Average loans, including loans held-for-sale, increased by $32.1 million in the first quarter of 2026, compared to the prior quarter. Loan yield decreased by one basis point to 6.36% in the first quarter of 2026, compared to the prior quarter, primarily due to the declining interest rate environment and its impact on variable rate loans in the loan portfolio. Average interest-bearing cash and other assets decreased by $40.3 million in the first quarter of 2026, compared to the prior quarter. Interest-bearing cash and other assets yield decreased by 32 basis points to 3.36% in the first quarter of 2026, compared to the prior quarter, primarily due to the declining interest rate environment.
Average interest-bearing deposits increased $28.8 million in the first quarter of 2026, compared to the prior quarter. Total cost of interest-bearing deposits decreased by 14 basis points to 2.46% in the first quarter of 2026, compared to the prior quarter, primarily due to rate decreases for certificates of deposit and money market deposits amidst the declining interest rate environment and a decrease in certificates of deposit balances.
Asset Quality and Provision for Credit Losses
The provision for credit losses increased $2.1 million to $8.3 million for the first quarter of 2026, compared to the prior quarter, primarily due to net portfolio downgrades and impacts from growth in loan portfolio balances.
Net charge-offs for the first quarter of 2026 were $10.6 million resulting in an annualized ratio of net charge-offs to average loans of 0.63%, compared to net charge-offs of $5.0 million, or an annualized ratio of net charge-offs to average loans of 0.30% for the prior quarter. The increase in net charge-offs for the first quarter of 2026 was primarily due to write-downs related to two specific customer relationships in our C&I loan portfolio.
The allowance for credit losses as a percentage of loans outstanding was 1.20% at March 31, 2026, a decrease of seven basis points from the prior quarter. The ratio of nonperforming assets to total assets was 0.82% at March 31, 2026, compared to 0.85% at December 31, 2025.
Noninterest Income
Noninterest income totaled $27.2 million for the first quarter of 2026, an increase of $0.4 million from the prior quarter. Income from mortgage banking services increased $2.2 million for the first quarter of 2026, from the prior quarter, primarily due to an increase in net gain on sales and fair value driven by an 11.4% increase in total originations. Other noninterest income decreased $1.8 million for the first quarter of 2026, from the prior quarter, primarily due to a decrease in loan syndication fees and swap fee income, and a decrease in the fair value of investments related to our deferred compensation plan.
Noninterest income as a percentage of total revenue(1) was 24.7% for the first quarter of 2026, an increase of 0.4% from the prior quarter.
Noninterest Expense
Noninterest expense totaled $75.3 million for the first quarter of 2026, an increase of $3.3 million from the prior quarter. Salary and employee benefits increased $3.8 million in the first quarter of 2026 from the prior quarter, primarily due to the seasonal increase in payroll taxes and retirement account contributions, and an increase in medical insurance costs. Other noninterest expenses decreased $1.3 million in the first quarter of 2026 from the prior quarter, primarily due to the acceleration of remaining deferred expenses related to the $40.0 million subordinated notes redemption and maintenance expenses related to OREO properties, both incurred in the fourth quarter of 2025. Merger related expenses increased $0.5 million in the first quarter of 2026 from the prior quarter.
The efficiency ratio for the first quarter of 2026 was 68.52% compared to 65.37% for the prior quarter. The adjusted efficiency ratio, a non-GAAP financial measure, for the first quarter of 2026 was 66.08% compared to 63.36% for the prior quarter.
Tax Rate
The effective tax rate was 18.1% for the first quarter of 2026, compared to 22.4% for the prior quarter.
Loans
Loans were $6.9 billion at March 31, 2026, compared to $6.7 billion at December 31, 2025, an increase of $266.8 million, or 16.2% on an annualized basis.
Deposits
Deposits were $7.1 billion at March 31, 2026 and December 31, 2025, a decrease of $19.8 million in the first quarter of 2026, or 1.1% on an annualized basis, primarily due to decreases of $79.9 million in certificates of deposit, which includes a decrease in brokered deposit balances of $58.6 million, and a $51.5 million decrease in noninterest-bearing deposit accounts, partially offset by an increase of $86.1 million in demand and NOW accounts. Average deposits were $7.0 billion for the first quarter of 2026 and $7.1 billion for the prior quarter, decreasing $45.8 million or 2.6% on an annualized basis.
Noninterest-bearing deposit accounts represented 22.6% of total deposits at March 31, 2026 and the loan to deposit ratio was 97.9% at March 31, 2026.
The ratio of total uninsured deposits to total deposits was estimated to be 35.4% at March 31, 2026. The ratio of total uninsured and uncollateralized deposits to total deposits was estimated to be 28.6% at March 31, 2026.(2)
Capital
Capital ratios remain strong and above "well-capitalized" thresholds. As of March 31, 2026, our common equity tier 1 risk-based capital ratio was 13.77%, total risk-based capital ratio was 15.29% and tier 1 leverage ratio was 13.06%. Book value per share was $42.08 at March 31, 2026, an increase of $0.72 from December 31, 2025. Tangible book value per share, a non-GAAP financial measure, was $38.57 at March 31, 2026, an increase of $0.74 from December 31, 2025.
Non-GAAP Financial Measures
This press release (including the tables within the "Non-GAAP Financial Measures and Reconciliations" section) contains financial measures determined by methods other than in accordance with accounting principles generally accepted in the United States ("GAAP"). Our management uses these non-GAAP financial measures in their analysis of our performance and the efficiency of our operations. Management believes these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant items in the current period. We believe a meaningful analysis of our financial performance requires an understanding of the factors underlying that performance. Our management believes investors may find these non-GAAP financial measures useful. These non-GAAP financial measures, however, should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Below is a listing of the non-GAAP measures used in this press release:
-- 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 within the "Non-GAAP Financial Measures and Reconciliations" section provide a reconciliation of each non-GAAP financial measure contained in this press release to the most comparable GAAP equivalent.
____________________
(1) Total revenue is net interest income plus noninterest income.
(2) Uninsured deposits and uninsured and uncollateralized deposits are
reported for our wholly-owned subsidiary Sunflower Bank, N.A.
About FirstSun Capital Bancorp
FirstSun Capital Bancorp ("FirstSun") (NASDAQ: FSUN), headquartered in Denver, Colorado, is the financial holding company for wholly owned subsidiaries including Sunflower Bank, N.A. and First Foundation Advisors. FirstSun completed its merger with First Foundation Inc. on April 1, 2026. Through its subsidiaries and affiliated entities, FirstSun provides a full range of relationship-focused services to meet personal, business, and wealth management financial objectives, with depository branches in ten states and mortgage capabilities in 44 states. FirstSun had total consolidated assets of $8.6 billion as of March 31, 2026.
To learn more, visit ir.firstsuncb.com or SunflowerBank.com.
Investor Earnings Conference Call
FirstSun will host a conference call on Tuesday, April 28, 2026 at 11:00 a.m. $(ET)$ to discuss its first quarter 2026 financial results.
Participants may join by phone by dialing (833) 461-5787 for toll-free within the US and (585) 542-9983 for all other locations. The conference Access Code is 815574070. The numbers for international participants are available here: https://help.events.q4inc.com/eahc/international-dial-in-numbers.
An audio replay of the live call, and the accompanying presentation slides, will be available following the live event on the "Events & Presentations page" of FirstSun's website at https://ir.firstsuncb.com/overview/default.aspx.
Deposits Classification
Previously, deposit amounts related to certain NOW accounts with limited monthly transaction activity were able to be reclassified to money market accounts to reduce reserve requirements at the Federal Reserve. As there is no longer any impact to reserve requirements across different deposit products, we have discontinued this product reclassification practice and have revised the presentation of those deposits to conform to the current presentation for periods prior to March 31, 2026.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements regarding our recently completed merger with First Foundation, including expectations with regard to the benefits of the merger, progress on the execution of our merger-related balance sheet repositioning and our ability to drive sustainable long-term value for our stockholders. These statements reflect management's current expectations and are not guarantees of future performance. Words such as "focus," "confident," "may," "will," "believe," "anticipate," "expect," "intend," "opportunity," "continue," "should," "could," "progress" and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are subject to risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results. Such risks, uncertainties and assumptions include, among others, the following: changes in interest rates and their related impact on macroeconomic conditions, customer behavior, our funding costs and our loan and securities portfolios; the quality or composition of our loan or investment portfolios and changes therein; failure to maintain our mortgage production flow to secondary markets; the sufficiency of liquidity and changes in our capital position; the inability of our infrastructure initiatives to reduce expenses; increased deposit volatility; potential regulatory developments; U.S. and global trade policies and tensions, including change in, or the imposition of, tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom; ongoing geopolitical conflicts, including hostilities involving Iran and the Middle East, which may contribute to volatility in energy prices, inflation, financial markets, cybersecurity threats, and broader macroeconomic conditions, any of which could adversely affect our borrowers, deposit base, liquidity, capital and results of operation; the possibility that the anticipated benefits of the First Foundation merger, including anticipated cost savings and strategic gains, are not realized when expected or at all; the integration of the businesses and operations of FirstSun and First Foundation may take longer than anticipated or be more costly than anticipated or have unanticipated adverse results relating to the combined company's business; the execution of the planned balance sheet repositioning related to the First Foundation merger may be more difficult, costly or time consuming than expected and we may fail to realize the anticipated benefits; the diversion of management's attention from ongoing business operations and opportunities due to the First Foundation merger; other factors, many of which are beyond our control.
We caution readers that the foregoing list of factors is not exclusive, is not necessarily in order of importance and readers should not place undue reliance on any forward-looking statements. Additional information concerning additional factors that could materially affect the forward-looking statements in this press release can be found in the cautionary language included under the headings "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" in FirstSun's Annual Report on Form 10-K for the year ended December 31, 2025 and other documents subsequently filed by FirstSun with the SEC. Further, any forward-looking statement speaks only as of the date on which it is made and we do not intend to and disclaim any obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as required by law.
Summary Data:
As of and for the three months ended
-----------------------------------------------------------------------------------
($ in thousands,
except per share March 31, December 31, September 30, June 30, March 31,
amounts) 2026 2025 2025 2025 2025
--------------- --------------- --------------- --------------- ---------------
Net interest income $ 82,779 $ 83,461 $ 80,953 $ 78,499 $ 74,478
Provision for credit
losses 8,250 6,200 10,100 4,500 3,800
Noninterest income 27,175 26,744 26,333 27,073 21,729
Noninterest expense 75,341 72,041 68,901 68,110 62,722
Income before income
taxes 26,363 31,964 28,285 32,962 29,685
Provision for income
taxes 4,780 7,157 5,111 6,576 6,116
Net income 21,583 24,807 23,174 26,386 23,569
Adjusted net
income(1) 23,673 26,923 23,412 26,601 23,569
Weighted average
common shares
outstanding, basic 27,851,041 27,839,044 27,801,255 27,783,710 27,721,760
Weighted average
common shares
outstanding,
diluted 28,316,608 28,262,530 28,291,778 28,232,319 28,293,912
Diluted earnings per
share $ 0.76 $ 0.88 $ 0.82 $ 0.93 $ 0.83
Adjusted diluted
earnings per
share(1) 0.84 0.95 0.83 0.94 0.83
Return on average
total assets 1.04% 1.17% 1.09% 1.28% 1.20%
Adjusted return on
average total
assets(1) 1.14% 1.27% 1.10% 1.29% 1.20%
Return on average
stockholders'
equity 7.47% 8.58% 8.22% 9.74% 9.03%
Adjusted return on
average
stockholders'
equity(1) 8.20% 9.31% 8.31% 9.82% 9.03%
Return on average
tangible
stockholders'
equity(1) 8.31% 9.58% 9.20% 10.91% 10.18%
Adjusted return on
average tangible
stockholders'
equity(1) 9.10% 10.38% 9.30% 11.00% 10.18%
Net interest margin 4.25% 4.18% 4.07% 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
ratio(1) 66.08% 63.36% 64.00% 64.25% 65.19%
Noninterest income to
total revenue(2) 24.7% 24.3% 24.5% 25.6% 22.6%
Total assets $ 8,565,123 $ 8,485,162 $ 8,495,437 $ 8,435,861 $ 8,216,458
Loans held-for-sale 144,407 100,539 85,250 90,781 65,603
Loans
held-for-investment 6,939,972 6,673,180 6,681,629 6,507,066 6,484,008
Total deposits 7,087,513 7,107,356 7,105,415 7,100,164 6,874,239
Total stockholders'
equity 1,175,507 1,153,356 1,127,513 1,095,402 1,068,295
Loan to deposit ratio 97.9% 93.9% 94.0% 91.6% 94.3%
Period end common
shares outstanding 27,935,888 27,887,337 27,854,764 27,834,525 27,753,918
Book value per share $ 42.08 $ 41.36 $ 40.48 $ 39.35 $ 38.49
Tangible book value
per share(1) 38.57 37.83 36.92 35.77 34.88
(1) Represents a non-GAAP financial measure. See the tables within the
"Non-GAAP Financial Measures and Reconciliations" section for a
reconciliation of each non-GAAP measure to the most comparable GAAP
equivalent.
(2) Total revenue is net interest income plus noninterest income.
Condensed Consolidated Statements of Income (Unaudited):
For the three months ended
--------------------------------
($ in thousands, except per share March 31, March 31,
amounts) 2026 2025
----------------- -------------
Total interest income $ 116,126 $ 110,447
Total interest expense 33,347 35,969
--- ------------ ----------
Net interest income 82,779 74,478
Provision for credit losses 8,250 3,800
--- ------------ ----------
Net interest income after credit
loss expense 74,529 70,678
Noninterest income:
Service charges on deposit
accounts 2,096 2,027
Treasury management service fees 4,613 4,194
Credit and debit card fees 2,713 2,586
Trust and investment advisory
fees 1,489 1,421
Income from mortgage banking
services, net 14,315 9,055
Other noninterest income 1,949 2,446
--- ------------ ----------
Total noninterest income 27,175 21,729
Noninterest expense:
Salary and employee benefits 47,356 39,561
Occupancy, equipment and
software 10,006 9,536
Amortization and impairment of
intangible assets 507 628
Merger related expenses 2,681 --
Other noninterest expenses 14,791 12,997
--- ------------ ----------
Total noninterest expense 75,341 62,722
--- ------------ ----------
Income before income
taxes 26,363 29,685
Provision for income taxes 4,780 6,116
--- ------------ ----------
Net income $ 21,583 $ 23,569
=== ============ ==========
Earnings per share - basic $ 0.77 $ 0.85
Earnings per share - diluted 0.76 0.83
Condensed Consolidated Statements of Income (Unaudited) (cont'd):
For the three months ended
-----------------------------------------------------
($ in thousands, March December
except per share 31, 31, September June 30, March 31,
amounts) 2026 2025 30, 2025 2025 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
Condensed Consolidated Balance Sheets as of (Unaudited):
March 31, December September June 30, March 31,
($ in thousands) 2026 31, 2025 30, 2025 2025 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
========= ========= ========= ========= =========
Consolidated Capital Ratios as of:
March 31, December September June 30, March 31,
2026 31, 2025 30, 2025 2025 2025
--------- ---------- ----------- --------- ---------
Stockholders'
equity to
total assets 13.72% 13.59% 13.27% 12.99% 13.00%
Tangible
stockholders'
equity to
tangible
assets(1) 12.73% 12.58% 12.25% 11.94% 11.93%
Tangible
stockholders'
equity to
tangible
assets
reflecting net
unrealized
losses on HTM
securities,
net of tax(1,
2) 12.69% 12.54% 12.21% 11.90% 11.89%
Tier 1 leverage
ratio 13.06% 12.75% 12.44% 12.39% 12.47%
Common equity
tier 1
risk-based
capital ratio 13.77% 14.12% 13.79% 13.78% 13.26%
Tier 1
risk-based
capital ratio 13.77% 14.12% 13.79% 13.78% 13.26%
Total
risk-based
capital ratio 15.29% 15.73% 15.81% 15.94% 15.52%
(1) Represents a non-GAAP financial measure. See the tables within the
"Non-GAAP Financial Measures and Reconciliations" section for a
reconciliation of each non-GAAP measure to the most comparable GAAP
equivalent.
(2) Tangible stockholders' equity and tangible assets have been adjusted to
reflect net unrealized losses on held-to-maturity securities, net of
tax.
Summary of Net Interest Margin:
For the three months ended
--------------------------------------------------
March 31, 2026 March 31, 2025
------------------------ ------------------------
Average Average Average Average
(In thousands) Balance Yield/Rate Balance Yield/Rate
---------- ------------ ---------- ------------
Interest Earning Assets
Loans(1) $6,857,477 6.36% $6,420,710 6.36%
Investment securities 499,792 3.30% 501,809 3.53%
Interest-bearing cash and
other assets 543,396 3.36% 500,857 4.37%
--------- ----- ---- --------- ---- -----
Total earning assets 7,900,665 5.96% 7,423,376 6.03%
Other assets 523,094 548,976
--------- ---------
Total assets $8,423,759 $7,972,352
========= =========
Interest-bearing
liabilities
Demand and NOW deposits $1,526,124 1.69% $1,471,584 1.65%
Savings deposits 382,025 0.50% 400,801 0.58%
Money market deposits 2,291,494 2.84% 1,690,853 3.10%
Certificates of deposit 1,206,411 3.32% 1,547,634 3.91%
--------- ----- ---- --------- ---- -----
Total deposits 5,406,054 2.46% 5,110,872 2.73%
Repurchase agreements 9,712 1.70% 9,615 1.57%
--------- ----- ---- --------- ---- -----
Total deposits and
repurchase agreements 5,415,766 2.46% 5,120,487 2.73%
FHLB borrowings 1,100 3.12% 29,489 4.60%
Other long-term borrowings 36,719 5.72% 75,907 6.43%
--------- ----- ---- --------- ---- -----
Total
interest-bearing
liabilities 5,453,585 2.48% 5,225,883 2.79%
Noninterest-bearing
deposits 1,623,528 1,532,150
Other liabilities 175,292 155,337
Stockholders' equity 1,171,354 1,058,982
--------- ---------
Total
liabilities
and
stockholders'
equity $8,423,759 $7,972,352
========= =========
Net interest spread 3.48% 3.24%
Net interest margin 4.25% 4.07%
Net interest margin (on FTE
basis)(2) 4.31% 4.13%
(1) Includes loans held-for-investment, including nonaccrual loans, and
loans held-for-sale.
(2) Represents a non-GAAP financial measure. See the tables within the
"Non-GAAP Financial Measures and Reconciliations" section for a
reconciliation of each non-GAAP measure to the most comparable GAAP
equivalent.
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
------------------------ ------------------------ ------------------------ ------------------------ ------------------------
Average Average Average Average Average Average Average Average Average Average
(In thousands) Balance Yield/Rate Balance Yield/Rate Balance Yield/Rate Balance Yield/Rate Balance Yield/Rate
---------- ------------ ---------- ------------ ---------- ------------ ---------- ------------ ---------- ------------
Interest Earning Assets
Loans(1) $6,857,477 6.36% $6,825,404 6.37% $6,667,158 6.49% $6,620,493 6.43% $6,420,710 6.36%
Investment securities 499,792 3.30% 506,964 3.35% 505,999 3.43% 510,350 3.48% 501,809 3.53%
Interest-bearing cash
and other assets 543,396 3.36% 583,717 3.68% 714,885 4.25% 596,713 4.28% 500,857 4.37%
--------- ----- ---- --------- ---- ----- --------- ---- ----- --------- ----- ---- --------- ---- -----
Total earning assets 7,900,665 5.96% 7,916,085 5.98% 7,888,042 6.09% 7,727,556 6.07% 7,423,376 6.03%
Other assets 523,094 519,607 540,079 537,156 548,976
--------- --------- --------- --------- ---------
Total assets $8,423,759 $8,435,692 $8,428,121 $8,264,712 $7,972,352
========= ========= ========= ========= =========
Interest-bearing
liabilities
Demand and NOW deposits $1,526,124 1.69% $1,464,053 1.75% $1,437,298 1.89% $1,518,316 1.77% $1,471,584 1.65%
Savings deposits 382,025 0.50% 381,978 0.55% 391,444 0.59% 401,093 0.58% 400,801 0.58%
Money market deposits 2,291,494 2.84% 2,247,034 2.99% 2,211,754 3.28% 1,934,487 3.28% 1,690,853 3.10%
Certificates of deposit 1,206,411 3.32% 1,284,200 3.49% 1,397,371 3.64% 1,504,235 3.76% 1,547,634 3.91%
--------- ----- ---- --------- ---- ----- --------- ---- ----- --------- ----- ---- --------- ---- -----
Total deposits 5,406,054 2.46% 5,377,265 2.60% 5,437,867 2.81% 5,358,131 2.78% 5,110,872 2.73%
Repurchase agreements 9,712 1.70% 9,146 1.71% 8,055 1.82% 9,024 1.61% 9,615 1.57%
--------- ----- ---- --------- ---- ----- --------- ---- ----- --------- ----- ---- --------- ---- -----
Total deposits and
repurchase
agreements 5,415,766 2.46% 5,386,411 2.60% 5,445,922 2.81% 5,367,155 2.78% 5,120,487 2.73%
FHLB borrowings 1,100 3.12% -- --% -- --% 2,308 4.72% 29,489 4.60%
Other long-term
borrowings 36,719 5.72% 36,650 5.82% 76,117 8.41% 76,025 6.19% 75,907 6.43%
--------- ----- ---- --------- ---- ----- --------- ---- ----- --------- ----- ---- --------- ---- -----
Total
interest-bearing
liabilities 5,453,585 2.48% 5,423,061 2.62% 5,522,039 2.89% 5,445,488 2.83% 5,225,883 2.79%
Noninterest-bearing
deposits 1,623,528 1,698,126 1,642,346 1,587,302 1,532,150
Other liabilities 175,292 167,658 145,730 145,064 155,337
Stockholders' equity 1,171,354 1,146,847 1,118,006 1,086,858 1,058,982
--------- --------- --------- --------- ---------
Total
liabilities
and
stockholders'
equity $8,423,759 $8,435,692 $8,428,121 $8,264,712 $7,972,352
========= ========= ========= ========= =========
Net interest spread 3.48% 3.36% 3.20% 3.24% 3.24%
Net interest margin 4.25% 4.18% 4.07% 4.07% 4.07%
Net interest margin (on
FTE basis)(2) 4.31% 4.23% 4.12% 4.13% 4.13%
(1) Includes loans held-for-investment, including nonaccrual loans, and
loans held-for-sale.
(2) Represents a non-GAAP financial measure. See the tables within the
"Non-GAAP Financial Measures and Reconciliations" section for a
reconciliation of each non-GAAP measure to the most comparable GAAP
equivalent.
Deposits as of:
March 31, December September June 30, March 31,
($ in thousands) 2026 31, 2025 30, 2025 2025 2025
---------- ---------- ---------- ---------- ------------
Consumer
-----------------------
Noninterest-bearing
deposit accounts $ 410,296 $ 404,666 $ 412,568 $ 426,909 $ 412,734
Interest-bearing
deposit accounts:
Demand and NOW 607,465 590,535 598,499 610,623 603,309
Savings 313,910 308,655 314,954 322,672 330,489
Money market 1,397,890 1,400,593 1,416,258 1,306,140 1,090,779
Certificates of
deposit 793,503 809,401 869,077 937,439 1,065,839
--------- --------- --------- --------- ---------
Total
interest-bearing
deposit accounts 3,112,768 3,109,184 3,198,788 3,176,874 3,090,416
--------- --------- --------- --------- ---------
Total consumer
deposits $3,523,064 $3,513,850 $3,611,356 $3,603,783 $3,503,150
========= ========= ========= ========= =========
Business
-----------------------
Noninterest-bearing
deposit accounts $1,189,623 $1,246,707 $1,261,929 $1,279,769 $1,162,002
Interest-bearing
deposit accounts:
Demand and NOW 962,445 893,306 859,387 874,435 894,454
Savings 73,230 69,976 71,281 74,448 75,132
Money market 920,878 901,244 817,051 775,903 729,200
Certificates of
deposit 51,940 57,349 57,225 56,930 65,420
--------- --------- --------- --------- ---------
Total
interest-bearing
deposit accounts 2,008,493 1,921,875 1,804,944 1,781,716 1,764,206
--------- --------- --------- --------- ---------
Total business
deposits $3,198,116 $3,168,582 $3,066,873 $3,061,485 $2,926,208
========= ========= ========= ========= =========
Wholesale deposits(1) $ 366,333 $ 424,924 $ 427,186 $ 434,896 $ 444,881
------------------------ --------- --------- --------- --------- ---------
Total
deposits $7,087,513 $7,107,356 $7,105,415 $7,100,164 $6,874,239
========= ========= ========= ========= =========
(1) Wholesale deposits primarily consist of brokered deposits included in
our condensed consolidated balance sheets within certificates of
deposit.
Balance Sheet Ratios as of:
March 31, December September June 30, March 31,
2026 31, 2025 30, 2025 2025 2025
--------- ---------- ----------- --------- ---------
Cash to total
assets(1) 4.70% 7.60% 7.70% 9.20% 7.50%
Loan to deposit
ratio 97.9% 93.9% 94.0% 91.6% 94.3%
Uninsured deposits
to total
deposits(2) 35.4% 36.6% 36.2% 37.0% 35.2%
Uninsured and
uncollateralized
deposits to total
deposits(2) 28.6% 29.0% 28.3% 28.3% 26.4%
Wholesale deposits
and borrowings to
total
liabilities(3) 6.0% 5.8% 5.8% 5.9% 6.7%
(1) Cash consists of unencumbered cash and amounts due from banks and
interest-bearing deposits with other financial institutions.
(2) Uninsured deposits and uninsured and uncollateralized deposits are
reported for our wholly-owned subsidiary Sunflower Bank, N.A. and are
estimated.
(3) Wholesale deposits primarily consist of brokered deposits included in
our condensed consolidated balance sheets within certificates of
deposit. Wholesale borrowings consist of FHLB overnight and term
advances.
Loan Portfolio as of:
March 31, December September June 30, March 31,
($ in thousands) 2026 31, 2025 30, 2025 2025 2025
---------- ---------- ---------- ---------- ------------
Commercial and
industrial(1) $3,160,777 $2,937,867 $2,945,697 $2,779,767 $2,764,035
Commercial real
estate:
Non-owner
occupied 778,778 742,002 725,425 705,749 733,949
Owner occupied 694,190 700,774 668,172 660,334 677,341
Construction and
land 280,781 268,652 343,803 383,969 386,056
Multifamily 227,980 210,368 183,504 134,520 85,239
--------- --------- --------- --------- ---------
Total
commercial
real estate 1,981,729 1,921,796 1,920,904 1,884,572 1,882,585
Residential real
estate(2) 1,216,810 1,221,086 1,209,742 1,226,760 1,195,714
Public Finance 494,539 501,582 516,247 524,441 551,252
Consumer 31,875 32,651 38,931 42,881 38,896
Other 54,242 58,198 50,108 48,645 51,526
--------- --------- --------- --------- ---------
Loans, net
of
deferred
costs,
fees,
premiums,
and
discounts $6,939,972 $6,673,180 $6,681,629 $6,507,066 $6,484,008
========= ========= ========= ========= =========
(1) As of September 30, 2025, loans to nondepository financial institutions
are now included within commercial and industrial. Prior period amounts
have been reclassified to conform to the current presentation.
(2) Includes 1-4 family residential construction.
Asset Quality:
As of and for the three months ended
----------------------------------------------------------------
March 31, December September June 30, March 31,
($ in thousands) 2026 31, 2025 30, 2025 2025 2025
----------- ----------- ------------ ----------- -----------
Net charge-offs
(recoveries) $10,561 $ 5,024 $ 9,053 $13,547 $ 631
Allowance for
credit losses 82,955 85,016 84,040 82,993 91,790
Nonperforming
loans, including
nonaccrual loans,
and accrual loans
greater than 90
days past due 59,656 60,771 69,641 54,841 78,590
Nonperforming
assets 70,564 72,285 83,059 67,893 83,504
Ratio of net
charge-offs
(recoveries) to
average loans
outstanding 0.63% 0.30% 0.55% 0.83% 0.04%
Allowance for
credit losses to
loans
outstanding 1.20% 1.27% 1.26% 1.28% 1.42%
Allowance for
credit losses to
nonperforming
loans 139.06% 139.90% 120.68% 151.33% 116.80%
Nonperforming
loans to loans 0.86% 0.91% 1.04% 0.84% 1.21%
Nonperforming
assets to total
assets 0.82% 0.85% 0.98% 0.80% 1.02%
Non-GAAP Financial Measures and Reconciliations:
As of and for the three months ended
-----------------------------------------------------------------------------------
($ in thousands, except
share and per share March 31, December 31, September 30, June 30, March 31,
amounts) 2026 2025 2025 2025 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
========== ========== ========== ========== ==========
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%
========== ========== ========== ========== ==========
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%
========== ========== ========== ========== ==========
View source version on businesswire.com: https://www.businesswire.com/news/home/20260424706611/en/
CONTACT: 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
(END) Dow Jones Newswires
April 27, 2026 16:40 ET (20:40 GMT)