FirstSun Capital Bancorp Reports Second Quarter 2025 Results

Jul 28 2025 21:00 BST

Second Quarter 2025 Highlights:

Net income of $26.4 million, $0.93 per diluted share
Net interest margin of 4.07%
Return on average total assets of 1.28%
Return on average stockholders’ equity of 9.74%
Deposit growth of 13.2%, annualized
Loan growth of 1.4%, annualized
25.6% noninterest income to total revenue¹

DENVER--(BUSINESS WIRE)--Jul. 28, 2025-- FirstSun Capital Bancorp (“FirstSun”) (NASDAQ: FSUN) reported net income of $26.4 million for the second quarter of 2025 compared to net income of $24.6 million for the second quarter of 2024. Earnings per diluted share were $0.93 for the second quarter of 2025 compared to $0.88 for the second quarter of 2024. Adjusted net income, a non-GAAP financial measure, was $25.2 million or $0.90 per diluted share for the second quarter of 2024.

Neal Arnold, FirstSun’s Chief Executive Officer and President, commented, “Our strong results this quarter continue to demonstrate the success of our relationship-focused business model, a well-diversified business mix, and the execution of our core strategic initiatives. Performance this quarter was highlighted by exceptional deposit growth, a stable net interest margin, an increase in service fees to revenue mix to 25.6% and 12.0% earnings per share growth. While we saw higher credit costs this quarter amidst the challenging banking environment, the hard work and focus of all our teams across the organization is recognized in our results. We continue to diligently focus on credit administration and responsibly growing the business by delivering the best solutions to all our customers throughout our high growth southwestern and western market footprint.”

Second Quarter 2025 Results

Net income totaled $26.4 million, or $0.93 per diluted share, for the second quarter of 2025, compared to $23.6 million, or $0.83 per diluted share, for the prior quarter.

The return on average total assets was 1.28% for the second quarter of 2025, compared to 1.20% for the prior quarter, and the return on average stockholders’ equity was 9.74% for the second quarter of 2025, compared to 9.03% for the prior quarter.

Net Interest Income and Net Interest Margin

Net interest income totaled $78.5 million for the second quarter of 2025, an increase of $4.0 million compared to the prior quarter. Our net interest margin of 4.07% was unchanged compared to the prior quarter. Results for the second quarter of 2025, compared to the prior quarter, were primarily driven by an increase of four basis points in the yield on earning assets, offset by an increase of four basis points in the cost of interest-bearing liabilities.

Average loans, including loans held-for-sale, increased by $199.8 million in the second quarter of 2025, compared to the prior quarter. Loan yield increased by seven basis points to 6.43% in the second quarter of 2025, compared to the prior quarter, primarily due to higher yields on new originations as compared to amortizing and maturing balances. Average interest-bearing deposits increased $247.3 million in the second quarter of 2025, compared to the prior quarter. Total cost of interest-bearing deposits increased by five basis points to 2.78% in the second quarter of 2025, compared to the prior quarter, primarily due to an increase in promotional rate money market deposits.

Asset Quality and Provision for Credit Losses

The provision for credit losses totaled $4.5 million for the second quarter of 2025 primarily due to deterioration in a couple of commercial and industrial (“C&I”) customer relationships and impacts from net portfolio downgrades, partially offset by impacts from net changes in loan portfolio balances.

Net charge-offs for the second quarter of 2025 were $13.5 million resulting in an annualized ratio of net charge-offs to average loans of 0.83%, compared to net charge-offs of $0.6 million, or an annualized ratio of net-charge offs to average loans of 0.04% for the prior quarter. Net charge-offs for the second quarter of 2025 were elevated primarily due to a write-down related to a specific customer relationship in our C&I loan portfolio.

The allowance for credit losses as a percentage of total loans was 1.28% at June 30, 2025, a decrease of 14 basis points from the prior quarter. The ratio of nonperforming assets to total assets was 0.80% at June 30, 2025, compared to 1.02% at March 31, 2025.

Noninterest Income

Noninterest income totaled $27.1 million for the second quarter of 2025, an increase of $5.3 million from the prior quarter. Mortgage banking income increased $4.2 million for the second quarter of 2025, primarily due to an increase in MSR capitalization and gain on sales, due to seasonally higher mortgage loans sold.

Other noninterest income increased $0.8 million for the second quarter of 2025, primarily due to an increase in the fair value of investments related to our deferred compensation plan.

Noninterest income as a percentage of total revenue¹ was 25.6%, an increase of 3.0% from the prior quarter.

Noninterest Expense

Noninterest expense totaled $68.1 million for the second quarter of 2025, an increase of $5.4 million from the prior quarter, primarily due to an increase in salary and employee benefits of $4.4 million as a result of higher levels of variable compensation and an increase in the fair value of investments related to our deferred compensation plan.

The efficiency ratio for the second quarter of 2025 was 64.52% compared to 65.19% for the prior quarter.

Tax Rate

The effective tax rate was 20.0% for the second quarter of 2025, compared to 20.6% for the prior quarter.

Loans

Loans were $6.5 billion at June 30, 2025 and March 31, 2025, increasing $23.1 million in the second quarter of 2025, or 1.4% on an annualized basis, primarily due to an increase of $31.0 million in residential real estate and $16.6 million in commercial and industrial, partially offset by a decrease of $26.8 million in public finance.

Deposits

Deposits were $7.1 billion at June 30, 2025 compared to $6.9 billion at March 31, 2025, an increase of $225.9 million in the second quarter of 2025, or 13.2% on an annualized basis, primarily due to growth of $191.7 million in savings and money market accounts, and $131.9 million in noninterest-bearing demand deposit accounts, partially offset by a decrease of $146.9 million in certificates of deposits.

Noninterest-bearing deposit accounts represented 24.0% of total deposits at June 30, 2025 and the loan-to-deposit ratio was 91.6% at June 30, 2025.

Capital

Capital ratios remain strong and above “well-capitalized” thresholds. As of June 30, 2025, our common equity tier 1 risk-based capital ratio was 13.78%, total risk-based capital ratio was 15.94% and tier 1 leverage ratio was 12.39%. Book value per share was $39.35 at June 30, 2025, an increase of $0.86 from March 31, 2025. Tangible book value per share, a non-GAAP financial measure, was $35.77 at June 30, 2025, an increase of $0.89 from March 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 principles generally accepted in the United States (“GAAP”). FirstSun management uses these non-GAAP financial measures in their analysis of FirstSun’s performance and the efficiency of its operations. Management believes these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant items in the current period. FirstSun believes a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. FirstSun management believes investors may find these non-GAAP financial measures useful. These non-GAAP financial measures, however, should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Below is a listing of the non-GAAP measures used in this press release:

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.

About FirstSun Capital Bancorp

FirstSun Capital Bancorp, headquartered in Denver, Colorado, is the financial holding company for Sunflower Bank, N.A., which operates as Sunflower Bank and First National 1870. Sunflower Bank provides a full range of relationship-focused services to meet personal, business and wealth management financial objectives, with depository branches in seven states and mortgage capabilities in 43 states. FirstSun had total consolidated assets of $8.4 billion as of June 30, 2025.

First National 1870 is a division of Sunflower Bank, N.A. To learn more, visit ir.firstsuncb.com or SunflowerBank.com

Day-Count Convention

Annualized ratios are presented utilizing the Actual/Actual day-count convention. Prior period annualized ratios have been recalculated to conform to the current presentation.

Total revenue is net interest income plus noninterest income.

Summary Data:

	As of and for the three months ended
($ in thousands, except per share amounts)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Net interest income	$	78,499		$	74,478		$	77,047		$	76,158		$	72,899
Provision for credit losses		4,500			3,800			4,850			5,000			1,200
Noninterest income		27,073			21,729			21,635			22,075			23,274
Noninterest expense		68,110			62,722			73,673			64,664			63,875
Income before income taxes		32,962			29,685			20,159			28,569			31,098
Provision for income taxes		6,576			6,116			3,809			6,147			6,538
Net income		26,386			23,569			16,350			22,422			24,560
Adjusted net income¹		26,386			23,569			24,316			23,655			25,181
Weighted average common shares outstanding, basic		27,783,710			27,721,760			27,668,470			27,612,538			27,430,761
Weighted average common shares outstanding, diluted		28,232,319			28,293,912			28,290,474			28,212,809			28,031,956
Diluted earnings per share	$	0.93		$	0.83		$	0.58		$	0.79		$	0.88
Adjusted diluted earnings per share¹	$	0.93		$	0.83		$	0.86		$	0.84		$	0.90
Return on average total assets		1.28	%		1.20	%		0.81	%		1.12	%		1.27	%
Adjusted return on average total assets¹		1.28	%		1.20	%		1.20	%		1.18	%		1.30	%
Return on average stockholders' equity		9.74	%		9.03	%		6.22	%		8.74	%		10.08	%
Adjusted return on average stockholders' equity¹		9.74	%		9.03	%		9.24	%		9.22	%		10.34	%
Return on average tangible stockholders' equity¹		10.91	%		10.18	%		7.36	%		9.94	%		11.51	%
Adjusted return on average tangible stockholders' equity¹		10.91	%		10.18	%		10.72	%		10.48	%		11.79	%
Net interest margin		4.07	%		4.07	%		4.09	%		4.08	%		4.04	%
Net interest margin (FTE basis)¹		4.13	%		4.13	%		4.15	%		4.13	%		4.10	%
Efficiency ratio		64.52	%		65.19	%		74.66	%		65.83	%		66.42	%
Adjusted efficiency ratio¹		64.52	%		65.19	%		63.63	%		64.16	%		65.33	%
Noninterest income to total revenue²		25.6	%		22.6	%		21.9	%		22.5	%		24.2	%
Total assets	$	8,435,861		$	8,216,458		$	8,097,387		$	8,138,487		$	7,999,295
Total loans held-for-sale		90,781			65,603			61,825			72,247			66,571
Total loans held-for-investment		6,507,066			6,484,008			6,376,357			6,443,756			6,337,162
Total deposits		7,100,164			6,874,239			6,672,260			6,649,880			6,619,525
Total stockholders' equity		1,095,402			1,068,295			1,041,366			1,034,085			996,599
Loan to deposit ratio		91.6	%		94.3	%		95.6	%		96.9	%		95.7	%
Period end common shares outstanding		27,834,525			27,753,918			27,709,679			27,665,918			27,443,246
Book value per share	$	39.35		$	38.49		$	37.58		$	37.38		$	36.31
Tangible book value per share¹	$	35.77		$	34.88		$	33.94		$	33.68		$	32.56

¹		Represents a non-GAAP financial measure. See the tables within the “Non-GAAP Financial Measures and Reconciliations” section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
²		Total revenue is net interest income plus noninterest income.

	As of and for the six months ended
($ in thousands, except per share amounts)	June 30, 2025			June 30, 2024
Net interest income	$	152,977		$	143,705
Provision for credit losses		8,300			17,700
Noninterest income		48,802			46,082
Noninterest expense		130,832			125,703
Income before income taxes		62,647			46,384
Provision for income taxes		12,692			9,528
Net income		49,955			36,856
Adjusted net income¹		49,955			39,773
Weighted average common shares outstanding, basic		27,753,098			27,224,968
Weighted average common shares outstanding, diluted		28,263,943			27,825,189
Diluted earnings per share	$	1.77		$	1.32
Adjusted diluted earnings per share¹	$	1.77		$	1.43
Return on average total assets		1.24	%		0.96	%
Adjusted return on average total assets¹		1.24	%		1.04	%
Return on average stockholders' equity		9.39	%		7.66	%
Adjusted return on average stockholders’ equity¹		9.39	%		8.27	%
Return on average tangible stockholders' equity¹		10.55	%		8.85	%
Adjusted return on average tangible stockholders' equity¹		10.55	%		9.53	%
Net interest margin		4.07	%		4.03	%
Net interest margin (FTE basis)¹		4.13	%		4.09	%
Efficiency ratio		64.84	%		66.23	%
Adjusted efficiency ratio¹		64.84	%		64.37	%
Noninterest income to total revenue²		24.2	%		24.3	%
Total assets	$	8,435,861		$	7,999,295
Total loans held-for-sale		90,781			66,571
Total loans held-for-investment		6,507,066			6,337,162
Total deposits		7,100,164			6,619,525
Total stockholders' equity		1,095,402			996,599
Loan to deposit ratio		91.6	%		95.7	%
Period end common shares outstanding		27,834,525			27,443,246
Book value per share	$	39.35		$	36.31
Tangible book value per share¹	$	35.77		$	32.56

¹		Represents a non-GAAP financial measure. See the tables within the “Non-GAAP Financial Measures and Reconciliations” section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
²		Total revenue is net interest income plus noninterest income.

Condensed Consolidated Statements of Income (Unaudited):

	For the three months ended				For the six months ended
($ in thousands, except per share amounts)	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Total interest income	$	116,921	$	114,529	$	227,368	$	224,569
Total interest expense		38,422		41,630		74,391		80,864
Net interest income		78,499		72,899		152,977		143,705
Provision for credit losses		4,500		1,200		8,300		17,700
Net interest income after credit loss expense		73,999		71,699		144,677		126,005
Noninterest income:
Service charges on deposit accounts		2,016		2,372		4,043		4,716
Treasury management service fees		4,333		3,631		8,527		7,099
Credit and debit card fees		2,728		2,950		5,314		5,709
Trust and investment advisory fees		1,473		1,493		2,894		2,956
Income from mortgage banking services, net		13,274		11,043		22,329		20,545
Other noninterest income		3,249		1,785		5,695		5,057
Total noninterest income		27,073		23,274		48,802		46,082
Noninterest expense:
Salary and employee benefits		43,921		39,828		83,482		77,181
Occupancy and equipment		9,541		8,701		19,077		17,296
Amortization and impairment of intangible assets		578		652		1,206		1,467
Terminated merger related expenses		—		1,046		—		3,535
Other noninterest expenses		14,070		13,648		27,067		26,224
Total noninterest expense		68,110		63,875		130,832		125,703
Income before income taxes		32,962		31,098		62,647		46,384
Provision for income taxes		6,576		6,538		12,692		9,528
Net income	$	26,386	$	24,560	$	49,955	$	36,856
Earnings per share - basic	$	0.95	$	0.90	$	1.80	$	1.35
Earnings per share - diluted	$	0.93	$	0.88	$	1.77	$	1.32

	For the three months ended
($ in thousands, except per share amounts)	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Total interest income	$	116,921	$	110,447	$	116,039	$	118,932	$	114,529
Total interest expense		38,422		35,969		38,992		42,774		41,630
Net interest income		78,499		74,478		77,047		76,158		72,899
Provision for credit losses		4,500		3,800		4,850		5,000		1,200
Net interest income after credit loss expense		73,999		70,678		72,197		71,158		71,699
Noninterest income:
Service charges on deposit accounts		2,016		2,027		2,219		2,560		2,372
Treasury management service fees		4,333		4,194		3,982		3,748		3,631
Credit and debit card fees		2,728		2,586		2,706		2,738		2,950
Trust and investment advisory fees		1,473		1,421		1,436		1,395		1,493
Income from mortgage banking services, net		13,274		9,055		9,631		8,838		11,043
Other noninterest income		3,249		2,446		1,661		2,796		1,785
Total noninterest income		27,073		21,729		21,635		22,075		23,274
Noninterest expense:
Salary and employee benefits		43,921		39,561		38,498		39,306		39,828
Occupancy and equipment		9,541		9,536		9,865		9,121		8,701
Amortization and impairment of intangible assets		578		628		1,431		651		652
Terminated merger related expenses		—		—		8,010		1,633		1,046
Other noninterest expenses		14,070		12,997		15,869		13,953		13,648
Total noninterest expense		68,110		62,722		73,673		64,664		63,875
Income before income taxes		32,962		29,685		20,159		28,569		31,098
Provision for income taxes		6,576		6,116		3,809		6,147		6,538
Net income	$	26,386	$	23,569	$	16,350	$	22,422	$	24,560
Earnings per share - basic	$	0.95	$	0.85	$	0.59	$	0.81	$	0.90
Earnings per share - diluted	$	0.93	$	0.83	$	0.58	$	0.79	$	0.88

Condensed Consolidated Balance Sheets as of (Unaudited):

($ in thousands)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Assets
Cash and cash equivalents	$	785,115		$	621,377		$	615,917		$	573,674		$	535,766
Securities available-for-sale, at fair value		473,468			480,615			469,076			496,811			491,649
Securities held-to-maturity		34,581			34,914			35,242			35,885			36,310
Loans held-for-sale, at fair value		90,781			65,603			61,825			72,247			66,571
Loans		6,507,066			6,484,008			6,376,357			6,443,756			6,337,162
Allowance for credit losses		(82,993	)		(91,790	)		(88,221	)		(83,159	)		(78,960	)
Loans, net		6,424,073			6,392,218			6,288,136			6,360,597			6,258,202
Mortgage servicing rights, at fair value		84,736			82,927			84,258			78,799			80,744
Premises and equipment, net		82,248			82,333			82,483			82,532			83,320
Other real estate owned and foreclosed assets, net		13,052			4,914			5,138			4,478			4,497
Goodwill		93,483			93,483			93,483			93,483			93,483
Core deposits and other intangible assets, net		6,228			6,806			7,434			8,866			9,517
Other assets		348,096			351,268			354,395			331,115			339,236
Total assets	$	8,435,861		$	8,216,458		$	8,097,387		$	8,138,487		$	7,999,295
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing accounts	$	1,706,678		$	1,574,736		$	1,541,158		$	1,554,762		$	1,562,308
Interest-bearing accounts:
Interest-bearing demand accounts		745,750			708,783			685,865			645,647			538,232
Savings and money market accounts		3,166,466			2,974,774			2,834,123			2,608,808			2,505,439
NOW accounts		52,005			39,806			45,539			41,234			42,687
Certificate of deposit accounts		1,429,265			1,576,140			1,565,575			1,799,429			1,970,859
Total deposits		7,100,164			6,874,239			6,672,260			6,649,880			6,619,525
Securities sold under agreements to repurchase		11,173			8,515			14,699			10,913			20,408
Federal Home Loan Bank advances		—			35,000			135,000			215,000			145,000
Subordinated debt, net		76,066			75,969			75,841			75,709			75,577
Other liabilities		153,056			154,440			158,221			152,900			142,186
Total liabilities		7,340,459			7,148,163			7,056,021			7,104,402			7,002,696
Stockholders' equity:
Preferred stock		—			—			—			—			—
Common stock		3			3			3			3			3
Additional paid-in capital		547,950			547,484			547,325			547,271			543,339
Retained earnings		583,105			556,719			533,150			516,800			494,378
Accumulated other comprehensive loss, net		(35,656	)		(35,911	)		(39,112	)		(29,989	)		(41,121	)
Total stockholders' equity		1,095,402			1,068,295			1,041,366			1,034,085			996,599
Total liabilities and stockholders' equity	$	8,435,861		$	8,216,458		$	8,097,387		$	8,138,487		$	7,999,295

Consolidated Capital Ratios as of:

	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Stockholders' equity to total assets	12.99	%	13.00	%	12.86	%	12.71	%	12.46	%
Tangible stockholders' equity to tangible assets¹	11.94	%	11.93	%	11.76	%	11.59	%	11.32	%
Tangible stockholders' equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax^{1, 2}	11.90	%	11.89	%	11.71	%	11.56	%	11.27	%
Tier 1 leverage ratio	12.39	%	12.47	%	12.11	%	11.96	%	11.83	%
Common equity tier 1 risk-based capital ratio	13.78	%	13.26	%	13.18	%	13.06	%	12.80	%
Tier 1 risk-based capital ratio	13.78	%	13.26	%	13.18	%	13.06	%	12.80	%
Total risk-based capital ratio	15.94	%	15.52	%	15.42	%	15.25	%	14.95	%

¹		Represents a non-GAAP financial measure. See the tables within the “Non-GAAP Financial Measures and Reconciliations” section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
²		Tangible stockholders’ equity and tangible assets have been adjusted to reflect net unrealized losses on held-to-maturity securities, net of tax.

Summary of Net Interest Margin:

	For the three months ended								For the six months ended
	June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
(In thousands)	Average Balance		Average Yield/Rate		Average Balance		Average Yield/Rate		Average Balance		Average Yield/Rate		Average Balance		Average Yield/Rate
Interest Earning Assets
Loans¹		6,620,493	6.43	%		6,384,709	6.63	%		6,521,154	6.39	%		6,349,282	6.57	%
Investment securities		510,350	3.48	%		523,545	3.67	%		506,103	3.51	%		535,252	3.48	%
Interest-bearing cash and other assets		596,713	4.28	%		348,509	5.28	%		549,050	4.32	%		294,009	5.37	%
Total earning assets		7,727,556	6.07	%		7,256,763	6.35	%		7,576,307	6.05	%		7,178,543	6.29	%
Other assets		537,156				548,465				543,032				548,553
Total assets	$	8,264,712			$	7,805,228			$	8,119,339			$	7,727,096

Interest-bearing liabilities
Demand and NOW deposits	$	793,461	3.26	%	$	621,343	3.82	%	$	757,282	3.23	%	$	585,417	3.70	%
Savings deposits		401,093	0.58	%		413,699	0.70	%		400,948	0.58	%		417,791	0.69	%
Money market deposits		2,659,342	2.42	%		2,092,449	2.02	%		2,551,141	2.31	%		2,077,885	1.98	%
Certificates of deposits		1,504,235	3.76	%		1,823,522	4.71	%		1,525,814	3.84	%		1,819,075	4.67	%
Total deposits		5,358,131	2.78	%		4,951,013	3.13	%		5,235,185	2.76	%		4,900,168	3.07	%
Repurchase agreements		9,024	1.61	%		16,553	1.16	%		9,318	1.59	%		18,904	1.11	%
Total deposits and repurchase agreements		5,367,155	2.78	%		4,967,566	3.12	%		5,244,503	2.76	%		4,919,072	3.07	%
FHLB borrowings		2,308	4.72	%		130,871	5.70	%		15,823	4.61	%		120,824	5.65	%
Other long-term borrowings		76,025	6.19	%		75,522	6.62	%		75,966	6.31	%		75,456	6.64	%
Total interest-bearing liabilities		5,445,488	2.83	%		5,173,959	3.24	%		5,336,292	2.81	%		5,115,352	3.18	%
Noninterest-bearing deposits		1,587,302				1,517,560				1,559,878				1,510,134
Other liabilities		145,064				133,845				150,172				134,106
Stockholders' equity		1,086,858				979,864				1,072,997				967,504
Total liabilities and stockholders' equity	$	8,264,712			$	7,805,228			$	8,119,339			$	7,727,096

Net interest spread			3.24	%			3.11	%			3.24	%			3.11	%
Net interest margin			4.07	%			4.04	%			4.07	%			4.03	%
Net interest margin (on FTE basis)²			4.13	%			4.10	%			4.13	%			4.09	%

¹		Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale.
²		Represents a non-GAAP financial measure. See the tables within the “Non-GAAP Financial Measures and Reconciliations” section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.

	For the three months ended
	June 30, 2025				March 31, 2025				December 31, 2024				September 30, 2024				June 30, 2024
(In thousands)	Average Balance		Average Yield/Rate		Average Balance		Average Yield/Rate		Average Balance		Average Yield/Rate		Average Balance		Average Yield/Rate		Average Balance		Average Yield/Rate
Interest Earning Assets
Loans¹		6,620,493	6.43	%		6,420,710	6.36	%		6,481,701	6.51	%		6,460,484	6.68	%		6,384,709	6.63	%
Investment securities		510,350	3.48	%		501,809	3.53	%		519,221	3.40	%		527,241	3.60	%		523,545	3.67	%
Interest-bearing cash and other assets		596,713	4.28	%		500,857	4.37	%		491,326	4.48	%		442,632	5.14	%		348,509	5.28	%
Total earning assets		7,727,556	6.07	%		7,423,376	6.03	%		7,492,248	6.16	%		7,430,357	6.37	%		7,256,763	6.35	%
Other assets		537,156				548,976				542,862				534,740				548,465
Total assets	$	8,264,712			$	7,972,352			$	8,035,110			$	7,965,097			$	7,805,228

Interest-bearing liabilities
Demand and NOW deposits	$	793,461	3.26	%	$	720,700	3.21	%	$	703,087	3.45	%	$	657,537	3.73	%	$	621,343	3.82	%
Savings deposits		401,093	0.58	%		400,801	0.58	%		404,762	0.64	%		411,526	0.71	%		413,699	0.70	%
Money market deposits		2,659,342	2.42	%		2,441,737	2.19	%		2,348,328	2.23	%		2,140,552	2.24	%		2,092,449	2.02	%
Certificates of deposits		1,504,235	3.76	%		1,547,634	3.91	%		1,589,721	4.08	%		1,800,502	4.56	%		1,823,522	4.71	%
Total deposits		5,358,131	2.78	%		5,110,872	2.73	%		5,045,898	2.85	%		5,010,117	3.14	%		4,951,013	3.13	%
Repurchase agreements		9,024	1.61	%		9,615	1.57	%		10,964	1.45	%		13,528	1.29	%		16,553	1.16	%
Total deposits and repurchase agreements		5,367,155	2.78	%		5,120,487	2.73	%		5,056,862	2.85	%		5,023,645	3.14	%		4,967,566	3.12	%
FHLB borrowings		2,308	4.72	%		29,489	4.60	%		121,957	5.02	%		135,641	5.58	%		130,871	5.70	%
Other long-term borrowings		76,025	6.19	%		75,907	6.43	%		75,778	6.41	%		75,654	6.54	%		75,522	6.62	%
Total interest-bearing liabilities		5,445,488	2.83	%		5,225,883	2.79	%		5,254,597	2.95	%		5,234,940	3.25	%		5,173,959	3.24	%
Noninterest-bearing deposits		1,587,302				1,532,150				1,581,571				1,568,685				1,517,560
Other liabilities		145,064				155,337				152,552				141,206				133,845
Stockholders' equity		1,086,858				1,058,982				1,046,390				1,020,266				979,864
Total liabilities and stockholders' equity	$	8,264,712			$	7,972,352			$	8,035,110			$	7,965,097			$	7,805,228

Net interest spread			3.24	%			3.24	%			3.21	%			3.12	%			3.11	%
Net interest margin			4.07	%			4.07	%			4.09	%			4.08	%			4.04	%
Net interest margin (on FTE basis)²			4.13	%			4.13	%			4.15	%			4.13	%			4.10	%

¹		Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale.
²		Represents a non-GAAP financial measure. See the tables within the “Non-GAAP Financial Measures and Reconciliations” section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.

Deposits as of:

($ in thousands)	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Consumer
Noninterest bearing deposit accounts	$	426,909	$	412,734	$	410,303	$	397,880	$	414,795
Interest-bearing deposit accounts:
Demand and NOW deposits		113,415		93,675		61,987		61,929		42,903
Savings deposits		322,672		330,489		326,916		331,811		334,741
Money market deposits		1,803,348		1,600,413		1,516,577		1,333,486		1,243,355
Certificates of deposits		937,439		1,065,839		1,069,704		1,247,348		1,438,792
Total interest-bearing deposit accounts		3,176,874		3,090,416		2,975,184		2,974,574		3,059,791
Total consumer deposits	$	3,603,783	$	3,503,150	$	3,385,487	$	3,372,454	$	3,474,586
Business
Noninterest bearing deposit accounts	$	1,279,769	$	1,162,002	$	1,130,855	$	1,156,882	$	1,147,513
Interest-bearing deposit accounts:
Demand and NOW deposits		684,340		654,914		669,417		624,952		538,016
Savings deposits		74,448		75,132		75,422		77,744		77,931
Money market deposits		965,998		968,740		915,208		865,767		849,412
Certificates of deposits		56,930		65,420		51,131		62,187		90,189
Total interest-bearing deposit accounts		1,781,716		1,764,206		1,711,178		1,630,650		1,555,548
Total business deposits	$	3,061,485	$	2,926,208	$	2,842,033	$	2,787,532	$	2,703,061
Wholesale deposits ¹	$	434,896	$	444,881	$	444,740	$	489,894	$	441,878
Total deposits	$	7,100,164	$	6,874,239	$	6,672,260	$	6,649,880	$	6,619,525

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

Balance Sheet Ratios as of:

	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Cash to total assets¹	9.20	%	7.50	%	7.50	%	6.90	%	6.60	%
Loan to deposit ratio	91.6	%	94.3	%	95.6	%	96.9	%	95.7	%
Uninsured deposits to total deposits²	37.0	%	35.2	%	34.8	%	32.7	%	32.1	%
Uninsured and uncollateralized deposits to total deposits²	28.3	%	26.4	%	25.2	%	26.8	%	25.5	%
Wholesale deposits and borrowings to total liabilities³	5.9	%	6.7	%	8.2	%	9.9	%	8.4	%

¹		Cash consists of cash and amounts due from banks and interest-bearing deposits with other financial institutions.
²		Uninsured deposits and uninsured and uncollateralized deposits are reported for our wholly-owned subsidiary Sunflower Bank, N.A. and are estimated.
³		Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposits. Wholesale borrowings consist of FHLB overnight and term advances.

Loan Portfolio as of:

($ in thousands)	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Commercial and industrial	$	2,651,646	$	2,635,028	$	2,497,772	$	2,527,636	$	2,431,110
Commercial real estate:
Non-owner occupied		705,749		733,949		752,861		821,670		866,999
Owner occupied		662,120		679,137		702,773		700,325		660,511
Construction and land		383,969		386,056		362,677		333,457		350,878
Multifamily		134,520		85,239		94,355		95,125		94,220
Total commercial real estate		1,886,358		1,884,381		1,912,666		1,950,577		1,972,608
Residential real estate¹		1,226,760		1,195,714		1,180,610		1,172,459		1,146,989
Public Finance		524,441		551,252		554,784		536,776		537,872
Consumer		43,080		39,096		41,345		45,267		42,129
Other		174,781		178,537		189,180		211,041		206,454
Total loans, net of deferred costs, fees, premiums, and discounts	$	6,507,066	$	6,484,008	$	6,376,357	$	6,443,756	$	6,337,162

Includes 1-4 family residential construction.

Asset Quality:

	As of and for the three months ended															As of and for the six months ended
($ in thousands)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			June 30, 2025			June 30, 2024
Net charge-offs (recoveries)	$	13,547		$	631		$	(462	)	$	1,401		$	2,009		$	14,178		$	19,438
Allowance for credit losses	$	82,993		$	91,790		$	88,221		$	83,159		$	78,960		$	82,993		$	78,960
Nonperforming loans, including nonaccrual loans, and accrual loans greater than 90 days past due	$	54,841		$	78,590		$	69,050		$	65,824		$	62,558		$	54,841		$	62,558
Nonperforming assets	$	67,893		$	83,504		$	74,188		$	70,302		$	67,055		$	67,893		$	67,055
Ratio of net charge-offs (recoveries) to average loans outstanding		0.83	%		0.04	%		(0.03	)%		0.09	%		0.13	%		0.44	%		0.62	%
Allowance for credit losses to total loans outstanding		1.28	%		1.42	%		1.38	%		1.29	%		1.25	%		1.28	%		1.25	%
Allowance for credit losses to total nonperforming loans		151.33	%		116.80	%		127.76	%		126.34	%		126.22	%		151.33	%		126.22	%
Nonperforming loans to total loans		0.84	%		1.21	%		1.08	%		1.02	%		0.99	%		0.84	%		0.99	%
Nonperforming assets to total assets		0.80	%		1.02	%		0.92	%		0.86	%		0.84	%		0.80	%		0.84	%

Non-GAAP Financial Measures and Reconciliations:

	As of and for the three months ended															As of and for the six months ended
($ in thousands, except share and per share amounts)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			June 30, 2025			June 30, 2024
Tangible stockholders’ equity to tangible assets:
Total stockholders' equity (GAAP)	$	1,095,402		$	1,068,295		$	1,041,366		$	1,034,085		$	996,599		$	1,095,402		$	996,599
Less: Goodwill and other intangible assets
Goodwill		(93,483	)		(93,483	)		(93,483	)		(93,483	)		(93,483	)		(93,483	)		(93,483	)
Other intangible assets		(6,228	)		(6,806	)		(7,434	)		(8,866	)		(9,517	)		(6,228	)		(9,517	)
Tangible stockholders' equity (non-GAAP)	$	995,691		$	968,006		$	940,449		$	931,736		$	893,599		$	995,691		$	893,599
Total assets (GAAP)	$	8,435,861		$	8,216,458		$	8,097,387		$	8,138,487		$	7,999,295		$	8,435,861		$	7,999,295
Less: Goodwill and other intangible assets
Goodwill		(93,483	)		(93,483	)		(93,483	)		(93,483	)		(93,483	)		(93,483	)		(93,483	)
Other intangible assets		(6,228	)		(6,806	)		(7,434	)		(8,866	)		(9,517	)		(6,228	)		(9,517	)
Tangible assets (non-GAAP)	$	8,336,150		$	8,116,169		$	7,996,470		$	8,036,138		$	7,896,295		$	8,336,150		$	7,896,295
Total stockholders' equity to total assets (GAAP)		12.99	%		13.00	%		12.86	%		12.71	%		12.46	%		12.99	%		12.46	%
Less: Impact of goodwill and other intangible assets		(1.05	)%		(1.07	)%		(1.10	)%		(1.12	)%		(1.14	)%		(1.05	)%		(1.14	)%
Tangible stockholders' equity to tangible assets (non-GAAP)		11.94	%		11.93	%		11.76	%		11.59	%		11.32	%		11.94	%		11.32	%
Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax:
Tangible stockholders' equity (non-GAAP)	$	995,691		$	968,006		$	940,449		$	931,736		$	893,599		$	995,691		$	893,599
Less: Net unrealized losses on HTM securities, net of tax		(4,238	)		(3,803	)		(4,292	)		(2,852	)		(3,949	)		(4,238	)		(3,949	)
Tangible stockholders’ equity less net unrealized losses on HTM securities, net of tax (non-GAAP)	$	991,453		$	964,203		$	936,157		$	928,884		$	889,650		$	991,453		$	889,650
Tangible assets (non-GAAP)	$	8,336,150		$	8,116,169		$	7,996,470		$	8,036,138		$	7,896,295		$	8,336,150		$	7,896,295
Less: Net unrealized losses on HTM securities, net of tax		(4,238	)		(3,803	)		(4,292	)		(2,852	)		(3,949	)		(4,238	)		(3,949	)
Tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP)	$	8,331,912		$	8,112,366		$	7,992,178		$	8,033,286		$	7,892,346		$	8,331,912		$	7,892,346
Tangible stockholders' equity to tangible assets (non-GAAP)		11.94	%		11.93	%		11.76	%		11.59	%		11.32	%		11.94	%		11.32	%
Less: Net unrealized losses on HTM securities, net of tax		(0.04	)%		(0.04	)%		(0.05	)%		(0.03	)%		(0.05	)%		(0.04	)%		(0.05	)%
Tangible stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP)		11.90	%		11.89	%		11.71	%		11.56	%		11.27	%		11.90	%		11.27	%
Tangible book value per share:
Total stockholders' equity (GAAP)	$	1,095,402		$	1,068,295		$	1,041,366		$	1,034,085		$	996,599		$	1,095,402		$	996,599
Tangible stockholders' equity (non-GAAP)	$	995,691		$	968,006		$	940,449		$	931,736		$	893,599		$	995,691		$	893,599
Total shares outstanding		27,834,525			27,753,918			27,709,679			27,665,918			27,443,246			27,834,525			27,443,246
Book value per share (GAAP)	$	39.35		$	38.49		$	37.58		$	37.38		$	36.31		$	39.35		$	36.31
Tangible book value per share (non-GAAP)	$	35.77		$	34.88		$	33.94		$	33.68		$	32.56		$	35.77		$	32.56
Adjusted net income:
Net income (GAAP)	$	26,386		$	23,569		$	16,350		$	22,422		$	24,560		$	49,955		$	36,856
Add: Non-recurring adjustments:
Terminated merger related expenses, net of tax		—			—			5,799			1,233			621			—			2,917
Write-off of Guardian Mortgage tradename, net of tax		—			—			625			—			—			—			—
Disposal of ATMs, net of tax		—			—			1,542			—			—			—			—
Total adjustments, net of tax		—			—			7,966			1,233			621			—			2,917
Adjusted net income (non-GAAP)	$	26,386		$	23,569		$	24,316		$	23,655		$	25,181		$	49,955		$	39,773
Adjusted diluted earnings per share:
Diluted earnings per share (GAAP)	$	0.93		$	0.83		$	0.58		$	0.79		$	0.88		$	1.77		$	1.32
Add: Impact of non-recurring adjustments
Terminated merger related expenses, net of tax		—			—			0.21			0.05			0.02			—			0.11
Write-off of Guardian Mortgage tradename, net of tax		—			—			0.02			—			—			—			—
Disposal of ATMs, net of tax		—			—			0.05			—			—			—			—
Adjusted diluted earnings per share (non-GAAP)	$	0.93		$	0.83		$	0.86		$	0.84		$	0.90		$	1.77		$	1.43
Adjusted return on average total assets:
Return on average total assets (ROAA) (GAAP)		1.28	%		1.20	%		0.81	%		1.12	%		1.27	%		1.24	%		0.96	%
Add: Impact of non-recurring adjustments
Terminated merger related expenses, net of tax		—	%		—	%		0.28	%		0.06	%		0.03	%		—	%		0.08	%
Write-off of Guardian Mortgage tradename, net of tax		—	%		—	%		0.03	%		—	%		—	%		—	%		—	%
Disposal of ATMs, net of tax		—	%		—	%		0.08	%		—	%		—	%		—	%		—	%
Adjusted ROAA (non-GAAP)		1.28	%		1.20	%		1.20	%		1.18	%		1.30	%		1.24	%		1.04	%
Adjusted return on average stockholders’ equity:
Return on average stockholders' equity (ROACE) (GAAP)		9.74	%		9.03	%		6.22	%		8.74	%		10.08	%		9.39	%		7.66	%
Add: Impact of non-recurring adjustments
Terminated merger related expenses, net of tax		—	%		—	%		2.19	%		0.48	%		0.26	%		—	%		0.61	%
Write-off of Guardian Mortgage tradename, net of tax		—	%		—	%		0.24	%		—	%		—	%		—	%		—	%
Disposal of ATMs, net of tax		—	%		—	%		0.59	%		—	%		—	%		—	%		—	%
Adjusted ROACE (non-GAAP)		9.74	%		9.03	%		9.24	%		9.22	%		10.34	%		9.39	%		8.27	%
Return on average tangible stockholders’ equity
Return on average stockholders’ equity (ROACE) (GAAP)		9.74	%		9.03	%		6.22	%		8.74	%		10.08	%		9.39	%		7.66	%
Add: Impact from goodwill and other intangible assets
Goodwill		0.98	%		0.94	%		0.67	%		0.98	%		1.19	%		0.97	%		0.92	%
Other intangible assets		0.19	%		0.21	%		0.47	%		0.22	%		0.24	%		0.19	%		0.27	%
Return on average tangible stockholders’ equity (ROATCE) (non-GAAP)		10.91	%		10.18	%		7.36	%		9.94	%		11.51	%		10.55	%		8.85	%
Adjusted return on average tangible stockholders’ equity:
Return on average tangible stockholders' equity (ROATCE) (non-GAAP)		10.91	%		10.18	%		7.36	%		9.94	%		11.51	%		10.55	%		8.85	%
Add: Impact of non-recurring adjustments
Terminated merger related expenses, net of tax		—	%		—	%		2.45	%		0.54	%		0.28	%		—	%		0.68	%
Write-off of Guardian Mortgage tradename, net of tax		—	%		—	%		0.26	%		—	%		—	%		—	%		—	%
Disposal of ATMs, net of tax		—	%		—	%		0.65	%		—	%		—	%		—	%		—	%
Adjusted ROATCE (non-GAAP)		10.91	%		10.18	%		10.72	%		10.48	%		11.79	%		10.55	%		9.53	%
Adjusted total noninterest expense:
Total noninterest expense (GAAP)	$	68,110		$	62,722		$	73,673		$	64,664		$	63,875		$	130,832		$	125,703
Less: Non-recurring adjustments:
Terminated merger related expenses		—			—			(8,010	)		(1,633	)		(1,046	)		—			(3,535	)
Write-off of Guardian Mortgage trade name		—			—			(828	)		—			—			—			—
Disposal of ATMs		—			—			(2,042	)		—			—			—			—
Total adjustments		—			—			(10,880	)		(1,633	)		(1,046	)		—			(3,535	)
Adjusted total noninterest expense (non-GAAP)	$	68,110		$	62,722		$	62,793		$	63,031		$	62,829		$	130,832		$	122,168
Adjusted efficiency ratio:
Efficiency ratio (GAAP)		64.52	%		65.19	%		74.66	%		65.83	%		66.42	%		64.84	%		66.23	%
Less: Impact of non-recurring adjustments
Terminated merger related expenses		—	%		—	%		(8.12	)%		(1.67	)%		(1.09	)%		—	%		(1.86	)%
Write-off of Guardian Mortgage tradename		—	%		—	%		(0.84	)%		—	%		—	%		—	%		—	%
Disposal of ATMs		—	%		—	%		(2.07	)%		—	%		—	%		—	%		—	%
Adjusted efficiency ratio (non-GAAP)		64.52	%		65.19	%		63.63	%		64.16	%		65.33	%		64.84	%		64.37	%
Fully tax equivalent (“FTE”) net interest income and net interest margin:
Net interest income (GAAP)	$	78,499		$	74,478		$	77,047		$	76,158		$	72,899		$	152,977		$	143,705
Gross income effect of tax exempt income		1,204			1,192			1,161			1,132			1,156			2,396			2,475
FTE net interest income (non-GAAP)	$	79,703		$	75,670		$	78,208		$	77,290		$	74,055		$	155,373		$	146,180
Average earning assets	$	7,727,556		$	7,423,376		$	7,492,248		$	7,430,357		$	7,256,763		$	7,576,307		$	7,178,543
Net interest margin		4.07	%		4.07	%		4.09	%		4.08	%		4.04	%		4.07	%		4.03	%
Net interest margin on FTE basis (non-GAAP)		4.13	%		4.13	%		4.15	%		4.13	%		4.10	%		4.13	%		4.09	%

View source version on businesswire.com: https://www.businesswire.com/news/home/20250725562800/en/

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

Source: FirstSun Capital Bancorp