Fourth Quarter 2025 Highlights:
-- Net income of $24.8 million, $0.88 per diluted share (adjusted, $26.9
million, $0.95 per diluted share, see the "Non-GAAP Financial Measures
and Reconciliations" below)
-- Net interest margin of 4.18%
-- Return on average total assets of 1.17% (adjusted, 1.27%, see the
"Non-GAAP Financial Measures and Reconciliations" below)
-- Return on average stockholders' equity of 8.58% (adjusted, 9.31%, see
the "Non-GAAP Financial Measures and Reconciliations" below)
-- Average loan growth of 8.5%, annualized
-- 24.3% noninterest income to total revenue1
DENVER--(BUSINESS WIRE)--January 26, 2026--
FirstSun Capital Bancorp ("FirstSun") (NASDAQ: FSUN) reported net income of $24.8 million for the fourth quarter of 2025 compared to net income of $16.4 million for the fourth quarter of 2024. Earnings per diluted share were $0.88 for the fourth quarter of 2025 compared to $0.58 for the fourth quarter of 2024. Adjusted net income, a non-GAAP financial measure, was $26.9 million or $0.95 per diluted share for the fourth quarter of 2025 compared to $24.3 million or $0.86 per diluted share for the fourth quarter of 2024.
Neal Arnold, FirstSun's Chief Executive Officer and President, commented, "We are very pleased with our strong operating results in the fourth quarter. Among the highlights were our growth in net interest margin to a strong 4.18%, average loan growth of 8.5%, annualized and revenue growth driving our earnings growth. Our strategic focus on our C&I, consumer and service fee businesses has enabled us to continue to responsibly grow our franchise and deliver strong earnings once again this year. While we acknowledge the potential influence of macroeconomic and geopolitical risks, we look forward to the franchise opportunities ahead in 2026 and believe our business model and well diversified business mix will position us for continued success.
"We are also encouraged with the progress we are making with the First Foundation team on operational integration planning and balance sheet optimization work. Finally, I want to thank all of our hard-working employees for their continued focus on creating a best-in-class bank while delivering value added solutions to all our customers throughout our footprint."
Fourth Quarter 2025 Results
Net income totaled $24.8 million, or $0.88 per diluted share, for the fourth quarter of 2025, compared to $23.2 million, or $0.82 per diluted share, for the prior quarter. Adjusted net income, a non-GAAP financial measure, totaled $26.9 million, or $0.95 per diluted share, for the fourth quarter of 2025, compared to $23.4 million, or $0.83 per diluted share, for the prior quarter.
The return on average total assets was 1.17% for the fourth quarter of 2025, compared to 1.09% for the prior quarter, and the return on average stockholders' equity was 8.58% for the fourth quarter of 2025, compared to 8.22% for the prior quarter. Adjusted return on average total assets and adjusted return on average stockholders' equity, each a non-GAAP financial measure, were 1.27% and 9.31% respectively for the fourth quarter of 2025 compared to 1.10% and 8.31% respectively for the prior quarter.
Net Interest Income and Net Interest Margin
Net interest income totaled $83.5 million for the fourth quarter of 2025, an increase of $2.5 million compared to the prior quarter. Our net interest margin increased 11 basis points to 4.18% compared to the prior quarter.
Average loans, including loans held-for-sale, increased by $158.2 million in the fourth quarter of 2025, compared to the prior quarter. Loan yield decreased by 12 basis points to 6.37% in the fourth quarter of 2025, 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 $131.2 million in the fourth quarter of 2025, compared to the prior quarter. Interest-bearing cash and other assets yield decreased by 57 basis points to 3.68% in the fourth quarter of 2025, compared to the prior quarter, primarily due to the declining interest rate environment.
Average interest-bearing deposits decreased $60.6 million in the fourth quarter of 2025, compared to the prior quarter. Total cost of interest-bearing deposits decreased by 21 basis points to 2.60% in the fourth quarter of 2025, 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. Average other long-term borrowings decreased $39.5 million in the fourth quarter of 2025, compared to the prior quarter. Cost of other long-term borrowings decreased 259 basis points to 5.82% in the fourth quarter of 2025, compared to the prior quarter, primarily due to the redemption of $40.0 million of subordinated notes.
Asset Quality and Provision for Credit Losses
The provision for credit losses totaled $6.2 million for the fourth quarter of 2025 primarily due to impacts from net portfolio downgrades.
Net charge-offs for the fourth quarter of 2025 were $5.0 million resulting in an annualized ratio of net charge-offs to average loans of 0.30%, compared to net charge-offs of $9.1 million, or an annualized ratio of net-charge offs to average loans of 0.55% for the prior quarter. Net charge-offs for the fourth 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 loans was 1.27% at December 31, 2025, an increase of one basis point from the prior quarter. The ratio of nonperforming assets to total assets was 0.85% at December 31, 2025, compared to 0.98% at September 30, 2025.
Noninterest Income
Noninterest income totaled $26.7 million for the fourth quarter of 2025, an increase of $0.4 million from the prior quarter. Income from mortgage banking services decreased $0.5 million for the fourth quarter of 2025, from the prior quarter, primarily due to a decrease in net MSR capitalization resulting from higher balance runoff in the servicing portfolio. Other noninterest income increased $0.8 million for the fourth quarter of 2025, from the prior quarter, primarily due to an increase in loan syndication fees and swap fee income, partially offset by a decrease in the fair value of investments related to our deferred compensation plan.
Noninterest income as a percentage of total revenue(1) was 24.3%, a decrease of 0.2% from the prior quarter.
Noninterest Expense
Noninterest expense totaled $72.0 million for the fourth quarter of 2025, an increase of $3.1 million from the prior quarter. Salary and employee benefits decreased $1.3 million in the fourth quarter of 2025 from the prior quarter, primarily due to a decrease in the fair value of investments related to our deferred compensation plan and a reduction in medical insurance costs. Other noninterest expenses increased $2.4 million in the fourth quarter of 2025 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 incurred related to OREO properties. Merger related expenses increased $2.0 million in the fourth quarter of 2025 from the prior quarter.
The efficiency ratio for the fourth quarter of 2025 was 65.37% compared to 64.22% for the prior quarter. The adjusted efficiency ratio, a non-GAAP financial measure, for the fourth quarter of 2025 was 63.36% compared to 64.00% for the prior quarter.
Tax Rate
The effective tax rate was 22.4% for the fourth quarter of 2025, compared to 18.1% for the prior quarter.
Loans
Loans were $6.7 billion at December 31, 2025 and September 30, 2025, decreasing $8.4 million in the fourth quarter of 2025, or 0.5% on an annualized basis.
Deposits
Deposits were $7.1 billion at December 31, 2025 and September 30, 2025, an increase of $1.9 million in the fourth quarter of 2025, or 0.1% on an annualized basis, primarily due to an increase of $100.0 million in money market accounts, partially offset by decreases of $61.8 million in certificates of deposit and $23.1 million in noninterest-bearing deposit accounts. Average deposits were $7.1 billion for fourth quarter of 2025 and for the prior quarter, decreasing $4.8 million or 0.3% on an annualized basis.
Noninterest-bearing deposit accounts represented 23.2% of total deposits at December 31, 2025 and the loan to deposit ratio was 93.9% at December 31, 2025.
The ratio of total uninsured deposits to total deposits was estimated to be 36.6% at December 31, 2025. The ratio of total uninsured and uncollateralized deposits to total deposits was estimated to be 29.0% at December 31, 2025.(2)
Capital
Capital ratios remain strong and above "well-capitalized" thresholds. As of December 31, 2025, our common equity tier 1 risk-based capital ratio was 14.12%, total risk-based capital ratio was 15.73% and tier 1 leverage ratio was 12.75%. Book value per share was $41.36 at December 31, 2025, an increase of $0.88 from September 30, 2025. Tangible book value per share, a non-GAAP financial measure, was $37.83 at December 31, 2025, an increase of $0.91 from September 30, 2025.
Full Year 2025 Results
Full Year Highlights:
-- Net income of $97.9 million, $3.47 per diluted share (adjusted, $100.5
million, $3.56 per diluted share, see the "Non-GAAP Financial Measures
and Reconciliations" below)
-- Net interest margin of 4.10%
-- Return on average total assets of 1.18% (adjusted, 1.21%, see the
"Non-GAAP Financial Measures and Reconciliations" below)
-- Return on average stockholders' equity of 8.88% (adjusted, 9.11%, see
the "Non-GAAP Financial Measures and Reconciliations" below)
-- Loan growth of 4.7%
-- Average deposit growth of 6.6%
-- 24.3% noninterest income to total revenue1
Net income totaled $97.9 million, or $3.47 per diluted share, in 2025, compared to $75.6 million, or $2.69 per diluted share, in 2024. Adjusted net income, a non-GAAP financial measure, was $100.5 million, or $3.56 per diluted share, in 2025 compared to $87.7 million, or $3.13 per diluted share, in 2024.
The return on average total assets was 1.18% in 2025, compared to 0.96% in 2024, and the return on average stockholders' equity was 8.88% in 2025, compared to 7.56% in 2024. Adjusted return on average total assets and adjusted return on average stockholders' equity, each a non-GAAP financial measure, were 1.21% and 9.11% respectively in 2025 compared to 1.12% and 8.77% respectively in 2024.
Net Interest Income and Net Interest Margin
Net interest income totaled $317.4 million in 2025, an increase of $20.5 million compared to 2024. Our net interest margin increased four basis points to 4.10% compared to 2024.
Average loans, including loans held-for-sale, increased by $224.1 million in 2025, compared to 2024. Loan yield decreased by 17 basis points to 6.41% in 2025, compared to 2024, 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 increased by $218.6 million in 2025, compared to 2024. Interest-bearing cash and other assets yield decreased by 88 basis points to 4.14% in 2025, compared to 2024, primarily due to the declining interest rate environment.
Average deposits increased $357.6 million in 2025, compared to 2024. Total cost of interest-bearing deposits decreased by 30 basis points to 2.73% in 2025, compared to 2024, primarily due to a decrease in balances and rates for certificates of deposit amidst the declining interest rate environment, partially offset by an increase in promotional rate money market deposit balances. Average FHLB borrowings decreased $117.0 million in 2025, compared to 2024. The cost of FHLB borrowings decreased by 87 basis points to 4.61% in 2025, compared to 2024.
Asset Quality and Provision for Credit Losses
The provision for credit losses totaled $24.6 million in 2025, a decrease of $3.0 million compared to 2024. The provision for credit losses in 2025 was primarily due to a combination of deterioration of two customer relationships in our commercial and industrial (C&I) portfolio, impacts from net portfolio downgrades, and impacts from growth in loan portfolio balances.
Net charge-offs in 2025 were $28.3 million, or a ratio of net charge-offs to average loans of 0.43%, compared to net charge-offs of $20.4 million, or a ratio of net charge-offs to average loans of 0.32%, in 2024. Net charge-offs in 2025 were elevated primarily due to write-downs of two customer relationships in our C&I loan portfolio.
The allowance for credit losses as a percentage of loans was 1.27% at December 31, 2025, compared to 1.38% at December 31, 2024. The ratio of nonperforming assets to total assets was 0.85% at December 31, 2025, compared to 0.92% at December 31, 2024.
Noninterest Income
Noninterest income totaled $101.9 million during 2025, an increase of $12.1 million from 2024. Income from mortgage banking services increased $8.1 million in 2025 compared to 2024, primarily due to an increase in gain on sales driven by higher origination volume and margins and an increase in mortgage servicing revenue driven by higher servicing portfolio balances. Treasury management service fees increased $2.6 million in 2025 compared to 2024, primarily due to growth in services provided to our business customers. Other noninterest income increased $2.8 million in 2025 compared to 2024, primarily due to an increase in loan syndication fees and swap fee income.
Noninterest income as a percentage of total revenue(1) totaled 24.3% in 2025, compared to 23.2% in 2024.
Noninterest Expense
Noninterest expense totaled $271.8 million in 2025, an increase of $7.7 million from 2024. Salaries and employee benefits increased $16.8 million in 2025 compared to 2024, primarily due to an increase in headcount of C&I bankers and support personnel, higher levels of variable compensation, including those associated with an increase in mortgage loan originations, and an increase in medical insurance costs. Merger related expenses decreased $10.4 million in 2025 compared to 2024.
The efficiency ratio for 2025 was 64.82% compared to 68.28% in 2024. The adjusted efficiency ratio, a non-GAAP financial measure, in 2025 was 64.17% compared to 64.13% in 2024.
Tax Rate
The effective tax rate was 20.3% in 2025, compared to 20.5% in 2024.
Loans
Loans were $6.7 billion at December 31, 2025 compared to $6.4 billion at December 31, 2024, an increase of $0.3 billion or 4.7%, primarily due to growth of $0.3 billion in C&I loans.
Deposits
Deposits were $7.1 billion at December 31, 2025 and $6.7 billion at December 31, 2024, an increase of $0.4 billion or 6.5% in 2025, primarily due to increases of $0.1 billion in noninterest-bearing deposit accounts, $0.1 billion in interest-bearing demand and NOW accounts, and $0.5 billion in money market accounts, partially offset by a decrease of $0.3 billion in certificates of deposit. Average deposits were $6.9 billion for the year ending December 31, 2025, compared to $6.5 billion for the prior year, an increase of $430.4 million or 6.6%.
Capital
Capital ratios remain strong and above "well-capitalized" thresholds. As of December 31, 2025, our common equity tier 1 risk-based capital ratio was 14.12%, total risk-based capital ratio was 15.73% and tier 1 leverage ratio was 12.75%. Book value per share was $41.36 at December 31, 2025, an increase of $3.78 from December 31, 2024. Tangible book value per share, a non-GAAP financial measure, was $37.83 at December 31, 2025, an increase of $3.89 from December 31, 2024.
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.
____________________
(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 (NASDAQ: FSUN), 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 44 states. FirstSun had total consolidated assets of $8.5 billion as of December 31, 2025.
First National 1870 is a division of Sunflower Bank, N.A. To learn more, visit ir.firstsuncb.com or SunflowerBank.com
Investor Earnings Conference Call
FirstSun will host a conference call on Tuesday, January 27, 2026 at 11:00 a.m. (EST) to discuss its fourth quarter and full year 2025 financial results.
Participants may join by phone by dialing (833) 470-1428 for toll-free within the US and (404) 975-4839 for all other locations. The conference Access Code is 586052. The numbers for international participants are available here: https://www.netroadshow.com/events/global-numbers?confId=48643.
An audio replay of the live call, and the accompanying presentation slides, is expected to be available following the live event on the Events & Presentations page of FirstSun's website at https://ir.firstsuncb.com/overview/default.aspx.
Day-Count Convention
Annualized ratios are presented utilizing the Actual/Actual day-count convention. Annualized ratios have been recalculated to conform to the current presentation for periods prior to March 31, 2025.
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 future franchise opportunities and continued success in 2026. These statements reflect management's current expectations and are not guarantees of future performance. Words such as "focus," "may," "will," "believe," "anticipate," "expect," "intend," "opportunity," "continue," "should," and "could" 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 (including anticipated Federal Reserve rate cuts that might not occur) 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, and geopolitical instability; the possibility that our previously announced merger with First Foundation Inc. ("First Foundation") does not close when expected or at all because required regulatory, stockholder or other approvals and conditions to closing are not received or satisfied on a timely basis or at all; the possibility that the proposed First Foundation merger, including the re-positioning strategy, will not be completed as planned, or achieve the anticipated benefits; the diversion of management's attention from ongoing business operations and opportunities due to the proposed First Foundation merger; the occurrence of any event, change or other circumstances that could give rise to the termination of the First Foundation merger agreement; the possibility that the anticipated benefits of the proposed First Foundation merger, including anticipated cost savings and synergies, are not realized when expected or at all, including because of the impact of, or problems arising from, the integration of the companies or as a result of the strength of the economy, competitive factors in the areas where we do business, or because of other unexpected factors or events; and other general competitive, economic, business, market and political conditions.
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 the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and other documents subsequently filed by the Company with the SEC, including its Quarterly Reports on Form 10-Q. 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.
Additional Information About the Merger and Where to Find It
This communication contains statements regarding the proposed transaction between FirstSun and First Foundation. In connection with the proposed transaction, FirstSun filed a registration statement on Form S-4 on December 11, 2025, as amended on January 14, 2026 (and which is available at https://www.sec.gov/Archives/edgar/data/1709442/000155278126000014/e26019_fsun-s4a.htm), to register FirstSun's shares that will be issued to First Foundation's stockholders in connection with the merger. The registration statement includes a joint proxy statement of FirstSun and First Foundation and a prospectus of FirstSun, as well as other relevant documents concerning the proposed transaction. The Registration Statement was declared effective by the SEC on January 15, 2026 and FirstSun filed a definitive joint proxy statement/prospectus on January 15, 2026 (and which is available at https://www.sec.gov/Archives/edgar/data/1709442/000155278126000019/e26025_fsun-424b3.htm) and it was first mailed to FirstSun and First Foundation stockholders on January 16, 2026.
INVESTORS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION OR INCORPORATED BY REFERENCE INTO THE REGISTRATION STATEMENT ON FORM S-4 AND THE JOINT PROXY STATEMENT/PROSPECTUS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION REGARDING FIRSTSUN, FIRST FOUNDATION, THE TRANSACTION AND RELATED MATTERS.
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
A free copy of the joint proxy statement/prospectus, as well as other documents filed by FirstSun or First Foundation may be obtained at the SEC's Internet site at http://www.sec.gov. Investors and security holders may also obtain free copies of the documents filed with the SEC by (i) FirstSun on its website at https://ir.firstsuncb.com/overview/default.aspx under the Financials tab and then under the SEC Filings option, and (ii) First Foundation on its website at https://investor.ff-inc.com/investor-home/default.aspx under the Financials tab and then under the SEC Filings option.
Participants in the Solicitation
FirstSun, First Foundation and certain of their directors and executive officers may be deemed participants in the solicitation of proxies from stockholders of FirstSun or First Foundation in connection with the proposed transaction. Information regarding the directors and executive officers of FirstSun and First Foundation and other persons who may be deemed participants in the solicitation of the stockholders of FirstSun or First Foundation in connection with the proposed transaction is included in the joint proxy statement/prospectus, which was filed by FirstSun with the SEC on January 15, 2026 (and which is available at https://www.sec.gov/Archives/edgar/data/1709442/000155278126000019/e26025_fsun-424b3.htm). Information about the directors and officers of FirstSun and their ownership of FirstSun common stock can be found in FirstSun's definitive proxy statement in connection with its 2025 annual meeting of stockholders, including under the headings "Director Experience", "Biographical Information for Executive Officers", "Certain Relationships and Related Party Transactions", "Security Ownership of Certain Beneficial Owners and Management", "Executive Compensation", and "Compensation of Directors for Fiscal Year 2024", as filed with the SEC on March 21, 2025 and available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0001709442/000170944225000020/fcb-20250321.htm, and other documents subsequently filed by FirstSun with the SEC, including on Statements of Change in Ownership on Form 4 filed with the SEC, available at https://www.sec.gov/edgar/browse/?CIK=1709442&owner=exclude. Information about the directors and officers of First Foundation and their ownership of First Foundation common stock can be found in First Foundation's definitive proxy statement in connection with its 2025 annual meeting of stockholders, including under the headings "Security Ownership of Certain Beneficial Owners and Management", "Election of Directors (Proposal No. 1)", "Advisory Vote on the Compensation of the Company's Named Executive Officers (Proposal No. 4)", "Compensation Committee Report", and "Certain Relationships and Related Party Transactions" as filed with the SEC on April 17, 2025 and available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0001413837/000110465925036041/tm252563-3_def14a.htm, and other documents subsequently filed by First Foundation with the SEC, including on Statements of Change in Ownership on Form 4 filed with the SEC, available at https://www.sec.gov/edgar/browse/?CIK=1413837&owner=exclude. Additional information regarding the interests of participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, are included in the joint proxy statement/prospectus filed by FirstSun with the SEC on January 15, 2026 (which is available at
https://www.sec.gov/Archives/edgar/data/1709442/000155278126000019/e26025_fsun-424b3.htm). You may obtain free copies of these documents through the website maintained by the SEC at https://www.sec.gov.
Summary Data:
As of and for the three months ended
-----------------------------------------------------------------------------------
($ in thousands,
except per share December 31, September 30, June 30, March 31, December 31,
amounts) 2025 2025 2025 2025 2024
--------------- --------------- --------------- --------------- ---------------
Net interest income $ 83,461 $ 80,953 $ 78,499 $ 74,478 $ 77,047
Provision for credit
losses 6,200 10,100 4,500 3,800 4,850
Noninterest income 26,744 26,333 27,073 21,729 21,635
Noninterest expense 72,041 68,901 68,110 62,722 73,673
Income before income
taxes 31,964 28,285 32,962 29,685 20,159
Provision for income
taxes 7,157 5,111 6,576 6,116 3,809
Net income 24,807 23,174 26,386 23,569 16,350
Adjusted net
income(1) 26,923 23,412 26,601 23,569 24,316
Weighted average
common shares
outstanding, basic 27,839,044 27,801,255 27,783,710 27,721,760 27,668,470
Weighted average
common shares
outstanding,
diluted 28,262,530 28,291,778 28,232,319 28,293,912 28,290,474
Diluted earnings per
share $ 0.88 $ 0.82 $ 0.93 $ 0.83 $ 0.58
Adjusted diluted
earnings per
share(1) $ 0.95 $ 0.83 $ 0.94 $ 0.83 $ 0.86
Return on average
total assets 1.17% 1.09% 1.28% 1.20% 0.81%
Adjusted return on
average total
assets(1) 1.27% 1.10% 1.29% 1.20% 1.20%
Return on average
stockholders'
equity 8.58% 8.22% 9.74% 9.03% 6.22%
Adjusted return on
average
stockholders'
equity(1) 9.31% 8.31% 9.82% 9.03% 9.24%
Return on average
tangible
stockholders'
equity(1) 9.58% 9.20% 10.91% 10.18% 7.36%
Adjusted return on
average tangible
stockholders'
equity(1) 10.38% 9.30% 11.00% 10.18% 10.72%
Net interest margin 4.18% 4.07% 4.07% 4.07% 4.09%
Net interest margin
(FTE basis)(1) 4.23% 4.12% 4.13% 4.13% 4.15%
Efficiency ratio 65.37% 64.22% 64.52% 65.19% 74.66%
Adjusted efficiency
ratio(1) 63.36% 64.00% 64.25% 65.19% 63.63%
Noninterest income to
total revenue(2) 24.3% 24.5% 25.6% 22.6% 21.9%
Total assets $ 8,485,162 $ 8,495,437 $ 8,435,861 $ 8,216,458 $ 8,097,387
Loans held-for-sale 100,539 85,250 90,781 65,603 61,825
Loans
held-for-investment 6,673,180 6,681,629 6,507,066 6,484,008 6,376,357
Total deposits 7,107,356 7,105,415 7,100,164 6,874,239 6,672,260
Total stockholders'
equity 1,153,356 1,127,513 1,095,402 1,068,295 1,041,366
Loan to deposit ratio 93.9% 94.0% 91.6% 94.3% 95.6%
Period end common
shares outstanding 27,887,337 27,854,764 27,834,525 27,753,918 27,709,679
Book value per share $ 41.36 $ 40.48 $ 39.35 $ 38.49 $ 37.58
Tangible book value
per share(1) $ 37.83 $ 36.92 $ 35.77 $ 34.88 $ 33.94
(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.
Summary Data (cont'd):
As of and for the year ended
------------------------------------
($ in thousands, except per share December 31, December 31,
amounts) 2025 2024
------------------- ---------------
Net interest income $ 317,391 $ 296,910
Provision for credit losses 24,600 27,550
Noninterest income 101,879 89,792
Noninterest expense 271,774 264,040
Income before income taxes 122,896 95,112
Provision for income taxes 24,960 19,484
Net income 97,936 75,628
Adjusted net income(1) 100,505 87,744
Weighted average common shares
outstanding, basic 27,786,887 27,433,865
Weighted average common shares
outstanding, diluted 28,249,796 28,067,273
Diluted earnings per share $ 3.47 $ 2.69
Adjusted diluted earnings per
share(1) $ 3.56 $ 3.13
Return on average total assets 1.18% 0.96%
Adjusted return on average total
assets(1) 1.21% 1.12%
Return on average stockholders'
equity 8.88% 7.56%
Adjusted return on average
stockholders' equity(1) 9.11% 8.77%
Return on average tangible
stockholders' equity(1) 9.95% 8.74%
Adjusted return on average
tangible stockholders' equity(1) 10.21% 10.09%
Net interest margin 4.10% 4.06%
Net interest margin (FTE basis)(1) 4.16% 4.12%
Efficiency ratio 64.82% 68.28%
Adjusted efficiency ratio(1) 64.17% 64.13%
Noninterest income to total
revenue(2) 24.3% 23.2%
Total assets $ 8,485,162 $ 8,097,387
Loans held-for-sale 100,539 61,825
Loans held-for-investment 6,673,180 6,376,357
Total deposits 7,107,356 6,672,260
Total stockholders' equity 1,153,356 1,041,366
Loan to deposit ratio 93.9% 95.6%
Period end common shares
outstanding 27,887,337 27,709,679
Book value per share $ 41.36 $ 37.58
Tangible book value per share(1) $ 37.83 $ 33.94
(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 year ended
------------------ --------------------
($ in thousands, December December December
except per share 31, 31, 31, December
amounts) 2025 2024 2025 31, 2024
-------- -------- -------- ----------
Total interest income $119,273 $116,039 $467,769 $459,540
Total interest
expense 35,812 38,992 150,378 162,630
------- ------- ------- -------
Net interest
income 83,461 77,047 317,391 296,910
Provision for credit
losses 6,200 4,850 24,600 27,550
------- ------- ------- -------
Net interest
income after
credit loss
expense 77,261 72,197 292,791 269,360
Noninterest income:
Service charges
on deposit
accounts 2,116 2,219 8,321 9,495
Treasury
management
service fees 4,544 3,982 17,473 14,829
Credit and debit
card fees 2,744 2,706 10,729 11,153
Trust and
investment
advisory fees 1,515 1,436 5,945 5,787
Income from
mortgage banking
services, net 12,102 9,631 47,072 39,014
Other noninterest
income 3,723 1,661 12,339 9,514
------- ------- ------- -------
Total
noninterest
income 26,744 21,635 101,879 89,792
Noninterest expense:
Salary and
employee
benefits 43,520 38,498 171,824 154,985
Occupancy and
equipment 9,576 9,865 38,244 36,282
Amortization and
impairment of
intangible
assets 628 1,431 2,412 3,549
Merger related
expenses 2,217 8,010 2,743 13,178
Other noninterest
expenses 16,100 15,869 56,551 56,046
------- ------- ------- -------
Total
noninterest
expense 72,041 73,673 271,774 264,040
------- ------- ------- -------
Income
before
income
taxes 31,964 20,159 122,896 95,112
Provision for income
taxes 7,157 3,809 24,960 19,484
------- ------- ------- -------
Net
income $ 24,807 $ 16,350 $ 97,936 $ 75,628
======= ======= ======= =======
Earnings per share -
basic $ 0.89 $ 0.59 $ 3.52 $ 2.76
Earnings per share -
diluted $ 0.88 $ 0.58 $ 3.47 $ 2.69
Condensed Consolidated Statements of Income (Unaudited) (cont'd):
For the three months ended
-----------------------------------------------------
($ in thousands, December March
except per share 31, September June 30, 31, December
amounts) 2025 30, 2025 2025 2025 31, 2024
-------- ----------- -------- -------- ----------
Total interest income $119,273 $ 121,128 $116,921 $110,447 $116,039
Total interest
expense 35,812 40,175 38,422 35,969 38,992
------- ------- ------- ------- -------
Net interest
income 83,461 80,953 78,499 74,478 77,047
Provision for credit
losses 6,200 10,100 4,500 3,800 4,850
------- ------- ------- ------- -------
Net interest
income after
credit loss
expense 77,261 70,853 73,999 70,678 72,197
Noninterest income:
Service charges
on deposit
accounts 2,116 2,162 2,016 2,027 2,219
Treasury
management
service fees 4,544 4,402 4,333 4,194 3,982
Credit and debit
card fees 2,744 2,671 2,728 2,586 2,706
Trust and
investment
advisory fees 1,515 1,536 1,473 1,421 1,436
Income from
mortgage banking
services, net 12,102 12,641 13,274 9,055 9,631
Other noninterest
income 3,723 2,921 3,249 2,446 1,661
------- ------- ------- ------- -------
Total
noninterest
income 26,744 26,333 27,073 21,729 21,635
Noninterest expense:
Salary and
employee
benefits 43,520 44,822 43,921 39,561 38,498
Occupancy and
equipment 9,576 9,591 9,541 9,536 9,865
Amortization and
impairment of
intangible
assets 628 578 578 628 1,431
Merger related
expenses 2,217 241 285 -- 8,010
Other noninterest
expenses 16,100 13,669 13,785 12,997 15,869
------- ------- ------- ------- -------
Total
noninterest
expense 72,041 68,901 68,110 62,722 73,673
------- ------- ------- ------- -------
Income
before
income
taxes 31,964 28,285 32,962 29,685 20,159
Provision for income
taxes 7,157 5,111 6,576 6,116 3,809
------- ------- ------- ------- -------
Net
income $ 24,807 $ 23,174 $ 26,386 $ 23,569 $ 16,350
======= ======= ======= ======= =======
Earnings per share -
basic $ 0.89 $ 0.83 $ 0.95 $ 0.85 $ 0.59
Earnings per share -
diluted $ 0.88 $ 0.82 $ 0.93 $ 0.83 $ 0.58
Condensed Consolidated Balance Sheets as of (Unaudited):
December September June 30, March 31, December 31,
($ in thousands) 31, 2025 30, 2025 2025 2025 2024
----------- ----------- ----------- ----------- -------------
Assets
Cash and cash equivalents $ 652,592 $ 659,899 $ 785,115 $ 621,377 $ 615,917
Securities available-for-sale,
at fair value 468,970 476,114 473,468 480,615 469,076
Securities held-to-maturity 33,839 34,247 34,581 34,914 35,242
Loans held-for-sale, at fair
value 100,539 85,250 90,781 65,603 61,825
Loans 6,673,180 6,681,629 6,507,066 6,484,008 6,376,357
Allowance for credit losses (85,016) (84,040) (82,993) (91,790) (88,221)
--------- --------- --------- --------- ---------
Loans, net 6,588,164 6,597,589 6,424,073 6,392,218 6,288,136
Mortgage servicing rights, at
fair value 86,651 85,695 84,736 82,927 84,258
Premises and equipment, net 81,523 81,886 82,248 82,333 82,483
Other real estate owned and
foreclosed assets, net 11,514 13,418 13,052 4,914 5,138
Goodwill 93,483 93,483 93,483 93,483 93,483
Core deposits and other
intangible assets, net 4,983 5,650 6,228 6,806 7,434
Other assets 362,904 362,206 348,096 351,268 354,395
--------- --------- --------- --------- ---------
Total assets $8,485,162 $8,495,437 $8,435,861 $8,216,458 $8,097,387
========= ========= ========= ========= =========
Liabilities and Stockholders'
Equity
Liabilities:
Deposits:
Noninterest-bearing
accounts $1,651,373 $1,674,497 $1,706,678 $1,574,736 $1,541,158
Interest-bearing
accounts:
Demand and NOW 848,661 854,176 797,755 748,589 731,404
Savings 378,631 386,235 397,120 405,621 402,338
Money market 2,937,017 2,837,019 2,769,346 2,569,153 2,431,785
Certificates of
deposit 1,291,674 1,353,488 1,429,265 1,576,140 1,565,575
--------- --------- --------- --------- ---------
Total deposits 7,107,356 7,105,415 7,100,164 6,874,239 6,672,260
Securities sold under
agreements to repurchase 11,160 9,824 11,173 8,515 14,699
Federal Home Loan Bank
advances -- -- -- 35,000 135,000
Subordinated debt, net 36,680 76,163 76,066 75,969 75,841
Other liabilities 176,610 176,522 153,056 154,440 158,221
--------- --------- --------- --------- ---------
Total liabilities 7,331,806 7,367,924 7,340,459 7,148,163 7,056,021
Stockholders' equity:
Preferred stock -- -- -- -- --
Common stock 3 3 3 3 3
Additional paid-in capital 549,617 548,952 547,950 547,484 547,325
Retained earnings 631,086 606,279 583,105 556,719 533,150
Accumulated other
comprehensive loss, net (27,350) (27,721) (35,656) (35,911) (39,112)
--------- --------- --------- --------- ---------
Total
stockholders'
equity 1,153,356 1,127,513 1,095,402 1,068,295 1,041,366
--------- --------- --------- --------- ---------
Total
liabilities
and
stockholders'
equity $8,485,162 $8,495,437 $8,435,861 $8,216,458 $8,097,387
========= ========= ========= ========= =========
Consolidated Capital Ratios as of:
December September June 30, March 31, December
31, 2025 30, 2025 2025 2025 31, 2024
---------- ----------- --------- --------- ----------
Stockholders'
equity to
total assets 13.59% 13.27% 12.99% 13.00% 12.86%
Tangible
stockholders'
equity to
tangible
assets(1) 12.58% 12.25% 11.94% 11.93% 11.76%
Tangible
stockholders'
equity to
tangible
assets
reflecting net
unrealized
losses on HTM
securities,
net of tax(1,
2) 12.54% 12.21% 11.90% 11.89% 11.71%
Tier 1 leverage
ratio 12.75% 12.44% 12.39% 12.47% 12.11%
Common equity
tier 1
risk-based
capital ratio 14.12% 13.79% 13.78% 13.26% 13.18%
Tier 1
risk-based
capital ratio 14.12% 13.79% 13.78% 13.26% 13.18%
Total
risk-based
capital ratio 15.73% 15.81% 15.94% 15.52% 15.42%
(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 year ended
-------------------------------------------------- --------------------------------------------------
December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024
------------------------ ------------------------ ------------------------ ------------------------
Average Average Average Average Average Average Average Average
(In thousands) Balance Yield/Rate Balance Yield/Rate Balance Yield/Rate Balance Yield/Rate
---------- ------------ ---------- ------------ ---------- ------------ ---------- ------------
Interest Earning Assets
Loans(1) 6,825,404 6.37% 6,481,701 6.51% 6,634,643 6.41% 6,410,520 6.58%
Investment securities 506,964 3.35% 519,221 3.40% 506,294 3.45% 529,209 3.49%
Interest-bearing cash
and other assets 583,717 3.68% 491,326 4.48% 599,588 4.14% 380,967 5.02%
--------- ----- ---- --------- ----- ---- --------- ----- ---- --------- ----- ----
Total earning assets 7,916,085 5.98% 7,492,248 6.16% 7,740,525 6.04% 7,320,696 6.28%
Other assets 519,607 542,862 536,383 543,650
--------- --------- --------- ---------
Total assets $8,435,692 $8,035,110 $8,276,908 $7,864,346
========= ========= ========= =========
Interest-bearing
liabilities
Demand and NOW deposits $ 831,419 2.98% $ 703,087 3.45% $ 785,777 3.18% $ 633,123 3.63%
Savings deposits 381,978 0.55% 404,762 0.64% 393,771 0.57% 412,941 0.69%
Money market deposits 2,879,668 2.36% 2,348,328 2.23% 2,709,997 2.40% 2,161,618 2.11%
Certificates of deposit 1,284,200 3.49% 1,589,721 4.08% 1,432,539 3.71% 1,756,755 4.51%
--------- ----- ---- --------- ----- ---- --------- ----- ---- --------- ----- ----
Total deposits 5,377,265 2.60% 5,045,898 2.85% 5,322,084 2.73% 4,964,437 3.03%
Repurchase agreements 9,146 1.71% 10,964 1.45% 8,956 1.67% 15,557 1.21%
--------- ----- ---- --------- ----- ---- --------- ----- ---- --------- ----- ----
Total deposits and
repurchase
agreements 5,386,411 2.60% 5,056,862 2.85% 5,331,040 2.73% 4,979,994 3.03%
FHLB borrowings -- --% 121,957 5.02% 7,847 4.61% 124,833 5.48%
Other long-term
borrowings 36,650 5.82% 75,778 6.41% 66,094 6.85% 75,586 6.55%
--------- ----- ---- --------- ----- ---- --------- ----- ---- --------- ----- ----
Total
interest-bearing
liabilities 5,423,061 2.62% 5,254,597 2.95% 5,404,981 2.78% 5,180,413 3.14%
Noninterest-bearing
deposits 1,698,126 1,581,571 1,615,511 1,542,808
Other liabilities 167,658 152,552 153,460 140,529
Stockholders' equity 1,146,847 1,046,390 1,102,956 1,000,596
--------- --------- --------- ---------
Total
liabilities
and
stockholders'
equity $8,435,692 $8,035,110 $8,276,908 $7,864,346
========= ========= ========= =========
Net interest spread 3.36% 3.21% 3.26% 3.14%
Net interest margin 4.18% 4.09% 4.10% 4.06%
Net interest margin (on
FTE basis)(2) 4.23% 4.15% 4.16% 4.12%
(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
--------------------------------------------------------------------------------------------------------------------------------
December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024
------------------------ ------------------------ ------------------------ ------------------------ ------------------------
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) 6,825,404 6.37% 6,667,158 6.49% 6,620,493 6.43% 6,420,710 6.36% 6,481,701 6.51%
Investment securities 506,964 3.35% 505,999 3.43% 510,350 3.48% 501,809 3.53% 519,221 3.40%
Interest-bearing cash
and other assets 583,717 3.68% 714,885 4.25% 596,713 4.28% 500,857 4.37% 491,326 4.48%
--------- ----- ---- --------- ----- ---- --------- ------ --- --------- ------ --- --------- ----- ----
Total earning assets 7,916,085 5.98% 7,888,042 6.09% 7,727,556 6.07% 7,423,376 6.03% 7,492,248 6.16%
Other assets 519,607 540,079 537,156 548,976 542,862
--------- --------- --------- --------- ---------
Total assets $8,435,692 $8,428,121 $8,264,712 $7,972,352 $8,035,110
========= ========= ========= ========= =========
Interest-bearing
liabilities
Demand and NOW deposits $ 831,419 2.98% $ 796,192 3.29% $ 793,461 3.26% $ 720,700 3.21% $ 703,087 3.45%
Savings deposits 381,978 0.55% 391,444 0.59% 401,093 0.58% 400,801 0.58% 404,762 0.64%
Money market deposits 2,879,668 2.36% 2,852,860 2.58% 2,659,342 2.42% 2,441,737 2.19% 2,348,328 2.23%
Certificates of deposit 1,284,200 3.49% 1,397,371 3.64% 1,504,235 3.76% 1,547,634 3.91% 1,589,721 4.08%
--------- ----- ---- --------- ----- ---- --------- ------ --- --------- ------ --- --------- ----- ----
Total deposits 5,377,265 2.60% 5,437,867 2.81% 5,358,131 2.78% 5,110,872 2.73% 5,045,898 2.85%
Repurchase agreements 9,146 1.71% 8,055 1.82% 9,024 1.61% 9,615 1.57% 10,964 1.45%
--------- ----- ---- --------- ----- ---- --------- ------ --- --------- ------ --- --------- ----- ----
Total deposits and
repurchase
agreements 5,386,411 2.60% 5,445,922 2.81% 5,367,155 2.78% 5,120,487 2.73% 5,056,862 2.85%
FHLB borrowings -- --% -- --% 2,308 4.72% 29,489 4.60% 121,957 5.02%
Other long-term
borrowings 36,650 5.82% 76,117 8.41% 76,025 6.19% 75,907 6.43% 75,778 6.41%
--------- ----- ---- --------- ----- ---- --------- ------ --- --------- ------ --- --------- ----- ----
Total
interest-bearing
liabilities 5,423,061 2.62% 5,522,039 2.89% 5,445,488 2.83% 5,225,883 2.79% 5,254,597 2.95%
Noninterest-bearing
deposits 1,698,126 1,642,346 1,587,302 1,532,150 1,581,571
Other liabilities 167,658 145,730 145,064 155,337 152,552
Stockholders' equity 1,146,847 1,118,006 1,086,858 1,058,982 1,046,390
--------- --------- --------- --------- ---------
Total
liabilities
and
stockholders'
equity $8,435,692 $8,428,121 $8,264,712 $7,972,352 $8,035,110
========= ========= ========= ========= =========
Net interest spread 3.36% 3.20% 3.24% 3.24% 3.21%
Net interest margin 4.18% 4.07% 4.07% 4.07% 4.09%
Net interest margin (on
FTE basis)(2) 4.23% 4.12% 4.13% 4.13% 4.15%
(1) Includes loans held-for-investment, including nonaccrual loans, and
loans held-for-sale.
(2) Represents a non-GAAP financial measure. See the tables within the
"Non-GAAP Financial Measures and Reconciliations" section for a
reconciliation of each non-GAAP measure to the most comparable GAAP
equivalent.
Deposits as of:
December September June 30, March 31, December 31,
($ in thousands) 31, 2025 30, 2025 2025 2025 2024
---------- ---------- ---------- ---------- ------------
Consumer
-----------------------
Noninterest-bearing
deposit accounts $ 404,666 $ 412,568 $ 426,909 $ 412,734 $ 410,303
Interest-bearing
deposit accounts:
Demand and NOW 110,155 129,148 113,415 93,675 61,987
Savings 308,655 314,954 322,672 330,489 326,916
Money market 1,880,973 1,885,609 1,803,348 1,600,413 1,516,577
Certificates of
deposit 809,401 869,077 937,439 1,065,839 1,069,704
--------- --------- --------- --------- ---------
Total
interest-bearing
deposit accounts 3,109,184 3,198,788 3,176,874 3,090,416 2,975,184
--------- --------- --------- --------- ---------
Total consumer
deposits $3,513,850 $3,611,356 $3,603,783 $3,503,150 $3,385,487
========= ========= ========= ========= =========
Business
-----------------------
Noninterest-bearing
deposit accounts $1,246,707 $1,261,929 $1,279,769 $1,162,002 $1,130,855
Interest-bearing
deposit accounts:
Demand and NOW 738,506 725,028 684,340 654,914 669,417
Savings 69,976 71,281 74,448 75,132 75,422
Money market 1,056,044 951,410 965,998 968,740 915,208
Certificates of
deposit 57,349 57,225 56,930 65,420 51,131
--------- --------- --------- --------- ---------
Total
interest-bearing
deposit accounts 1,921,875 1,804,944 1,781,716 1,764,206 1,711,178
--------- --------- --------- --------- ---------
Total business
deposits $3,168,582 $3,066,873 $3,061,485 $2,926,208 $2,842,033
========= ========= ========= ========= =========
Wholesale deposits(1) $ 424,924 $ 427,186 $ 434,896 $ 444,881 $ 444,740
------------------------ --------- --------- --------- --------- ---------
Total
deposits $7,107,356 $7,105,415 $7,100,164 $6,874,239 $6,672,260
========= ========= ========= ========= =========
(1) Wholesale deposits primarily consist of brokered deposits included in
our condensed consolidated balance sheets within certificates of
deposit.
Balance Sheet Ratios as of:
December September June 30, March 31, December
31, 2025 30, 2025 2025 2025 31, 2024
---------- ----------- --------- --------- ----------
Cash to total
assets(1) 7.60% 7.70% 9.20% 7.50% 7.50%
Loan to deposit
ratio 93.9% 94.0% 91.6% 94.3% 95.6%
Uninsured deposits
to total
deposits(2) 36.6% 36.2% 37.0% 35.2% 34.8%
Uninsured and
uncollateralized
deposits to total
deposits(2) 29.0% 28.3% 28.3% 26.4% 25.2%
Wholesale deposits
and borrowings to
total
liabilities(3) 5.8% 5.8% 5.9% 6.7% 8.2%
(1) Cash consists of cash and amounts due from banks and interest-bearing
deposits with other financial institutions.
(2) Uninsured deposits and uninsured and uncollateralized deposits are
reported for our wholly-owned subsidiary Sunflower Bank, N.A. and are
estimated.
(3) Wholesale deposits primarily consist of brokered deposits included in
our condensed consolidated balance sheets within certificates of
deposit. Wholesale borrowings consist of FHLB overnight and term
advances.
Loan Portfolio as of:
December September June 30, March 31, December 31,
($ in thousands) 31, 2025 30, 2025 2025 2025 2024
---------- ---------- ---------- ---------- ------------
Commercial and
industrial(1) $2,937,867 $2,945,697 $2,779,767 $2,764,035 $2,627,591
Commercial real
estate:
Non-owner
occupied 742,002 725,425 705,749 733,949 752,628
Owner occupied 700,774 668,172 660,334 677,341 700,867
Construction and
land 268,652 343,803 383,969 386,056 362,677
Multifamily 210,368 183,504 134,520 85,239 94,355
--------- --------- --------- --------- ---------
Total
commercial
real estate 1,921,796 1,920,904 1,884,572 1,882,585 1,910,527
Residential real
estate(2) 1,221,086 1,209,742 1,226,760 1,195,714 1,180,610
Public Finance 501,582 516,247 524,441 551,252 554,784
Consumer 32,651 38,931 42,881 38,896 41,144
Other 58,198 50,108 48,645 51,526 61,701
--------- --------- --------- --------- ---------
Loans, net
of
deferred
costs,
fees,
premiums,
and
discounts $6,673,180 $6,681,629 $6,507,066 $6,484,008 $6,376,357
========= ========= ========= ========= =========
(1) As of September 30, 2025, loans to nondepository financial institutions
are now included within commercial and industrial. Prior period amounts
have been reclassified to conform to the current presentation.
(2) Includes 1-4 family residential construction.
Asset Quality:
As of and for the year
As of and for the three months ended ended
---------------------------------------------------------------- -------------------------
December September June 30, March 31, December December 31, December
($ in thousands) 31, 2025 30, 2025 2025 2025 31, 2024 2025 31, 2024
----------- ------------ ----------- ----------- ----------- ------------ -----------
Net charge-offs
(recoveries) $ 5,024 $ 9,053 $13,547 $ 631 $ (462) $28,255 $20,377
Allowance for
credit losses $85,016 $84,040 $82,993 $91,790 $88,221 $85,016 $88,221
Nonperforming
loans, including
nonaccrual loans,
and accrual loans
greater than 90
days past due $60,771 $69,641 $54,841 $78,590 $69,050 $60,771 $69,050
Nonperforming
assets $72,285 $83,059 $67,893 $83,504 $74,188 $72,285 $74,188
Ratio of net
charge-offs
(recoveries) to
average loans
outstanding 0.30% 0.55% 0.83% 0.04% (0.03)% 0.43% 0.32%
Allowance for
credit losses to
loans
outstanding 1.27% 1.26% 1.28% 1.42% 1.38% 1.27% 1.38%
Allowance for
credit losses to
nonperforming
loans 139.90% 120.68% 151.33% 116.80% 127.76% 139.90% 127.76%
Nonperforming
loans to loans 0.91% 1.04% 0.84% 1.21% 1.08% 0.91% 1.08%
Nonperforming
assets to total
assets 0.85% 0.98% 0.80% 1.02% 0.92% 0.85% 0.92%
Non-GAAP Financial
Measures and
Reconciliations:
As of and for the three months ended As of and for the year ended
----------------------------------------------------------------------------------- --------------------------------
($ in thousands, except
share and per share December 31, September 30, June 30, March 31, December 31, December 31, December 31,
amounts) 2025 2025 2025 2025 2024 2025 2024
--------------- --------------- --------------- --------------- --------------- --------------- ---------------
Tangible stockholders'
equity to tangible
assets:
Total stockholders'
equity (GAAP) $ 1,153,356 $ 1,127,513 $ 1,095,402 $ 1,068,295 $ 1,041,366 $ 1,153,356 $ 1,041,366
Less: Goodwill and
other intangible
assets
Goodwill (93,483) (93,483) (93,483) (93,483) (93,483) (93,483) (93,483)
Other intangible
assets (4,983) (5,650) (6,228) (6,806) (7,434) (4,983) (7,434)
---------- ---------- ---------- ---------- ---------- ---------- ----------
Tangible
stockholders'
equity
(non-GAAP) $ 1,054,890 $ 1,028,380 $ 995,691 $ 968,006 $ 940,449 $ 1,054,890 $ 940,449
========== ========== ========== ========== ========== ========== ==========
Total assets (GAAP) $ 8,485,162 $ 8,495,437 $ 8,435,861 $ 8,216,458 $ 8,097,387 $ 8,485,162 $ 8,097,387
Less: Goodwill and
other intangible
assets
Goodwill (93,483) (93,483) (93,483) (93,483) (93,483) (93,483) (93,483)
Other intangible
assets (4,983) (5,650) (6,228) (6,806) (7,434) (4,983) (7,434)
---------- ---------- ---------- ---------- ---------- ---------- ----------
Tangible assets
(non-GAAP) $ 8,386,696 $ 8,396,304 $ 8,336,150 $ 8,116,169 $ 7,996,470 $ 8,386,696 $ 7,996,470
========== ========== ========== ========== ========== ========== ==========
Total stockholders'
equity to total assets
(GAAP) 13.59% 13.27% 12.99% 13.00% 12.86% 13.59% 12.86%
Less: Impact of
goodwill and other
intangible assets (1.01)% (1.02)% (1.05)% (1.07)% (1.10)% (1.01)% (1.10)%
---------- ---------- ---------- ---------- ---------- ---------- ----------
Tangible
stockholders'
equity to tangible
assets (non-GAAP) 12.58% 12.25% 11.94% 11.93% 11.76% 12.58% 11.76%
========== ========== ========== ========== ========== ========== ==========
Tangible stockholders'
equity to tangible
assets, reflecting net
unrealized losses on HTM
securities, net of tax:
Tangible stockholders'
equity (non-GAAP) $ 1,054,890 $ 1,028,380 $ 995,691 $ 968,006 $ 940,449 $ 1,054,890 $ 940,449
Less: Net unrealized
losses on HTM
securities, net of
tax (3,320) (3,432) (4,238) (3,803) (4,292) (3,320) (4,292)
---------- ---------- ---------- ---------- ---------- ---------- ----------
Tangible
stockholders'
equity less net
unrealized losses
on HTM securities,
net of tax
(non-GAAP) $ 1,051,570 $ 1,024,948 $ 991,453 $ 964,203 $ 936,157 $ 1,051,570 $ 936,157
========== ========== ========== ========== ========== ========== ==========
Tangible assets
(non-GAAP) $ 8,386,696 $ 8,396,304 $ 8,336,150 $ 8,116,169 $ 7,996,470 $ 8,386,696 $ 7,996,470
Less: Net unrealized
losses on HTM
securities, net of
tax (3,320) (3,432) (4,238) (3,803) (4,292) (3,320) (4,292)
---------- ---------- ---------- ---------- ---------- ---------- ----------
Tangible assets
less net
unrealized losses
on HTM securities,
net of tax
(non-GAAP) $ 8,383,376 $ 8,392,872 $ 8,331,912 $ 8,112,366 $ 7,992,178 $ 8,383,376 $ 7,992,178
========== ========== ========== ========== ========== ========== ==========
Tangible stockholders'
equity to tangible
assets (non-GAAP) 12.58% 12.25% 11.94% 11.93% 11.76% 12.58% 11.76%
Less: Impact of net
unrealized losses on
HTM securities, net
of tax (0.04)% (0.04)% (0.04)% (0.04)% (0.05)% (0.04)% (0.05)%
---------- ---------- ---------- ---------- ---------- ---------- ----------
Tangible
stockholders'
equity to tangible
assets reflecting
net unrealized
losses on HTM
securities, net of
tax (non-GAAP) 12.54% 12.21% 11.90% 11.89% 11.71% 12.54% 11.71%
========== ========== ========== ========== ========== ========== ==========
Tangible book value per
share:
Total stockholders'
equity (GAAP) $ 1,153,356 $ 1,127,513 $ 1,095,402 $ 1,068,295 $ 1,041,366 $ 1,153,356 $ 1,041,366
Tangible stockholders'
equity (non-GAAP) $ 1,054,890 $ 1,028,380 $ 995,691 $ 968,006 $ 940,449 $ 1,054,890 $ 940,449
Total shares outstanding 27,887,337 27,854,764 27,834,525 27,753,918 27,709,679 27,887,337 27,709,679
Book value per share
(GAAP) $ 41.36 $ 40.48 $ 39.35 $ 38.49 $ 37.58 $ 41.36 $ 37.58
========== ========== ========== ========== ========== ========== ==========
Tangible book value per
share (non-GAAP) $ 37.83 $ 36.92 $ 35.77 $ 34.88 $ 33.94 $ 37.83 $ 33.94
========== ========== ========== ========== ========== ========== ==========
Adjusted net income:
Net income (GAAP) $ 24,807 $ 23,174 $ 26,386 $ 23,569 $ 16,350 $ 97,936 $ 75,628
Add: Adjustments
Merger related
expenses, net of
tax 2,116 238 215 -- 5,799 2,569 9,949
Write-off of
Guardian Mortgage
tradename, net of
tax -- -- -- -- 625 -- 625
Disposal of ATMs,
net of tax -- -- -- -- 1,542 -- 1,542
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total
adjustments,
net of tax 2,116 238 215 -- 7,966 2,569 12,116
---------- ---------- ---------- ---------- ---------- ---------- ----------
Adjusted net
income
(non-GAAP) $ 26,923 $ 23,412 $ 26,601 $ 23,569 $ 24,316 $ 100,505 $ 87,744
Adjusted diluted
earnings per share:
Diluted earnings per
share (GAAP) $ 0.88 $ 0.82 $ 0.93 $ 0.83 $ 0.58 $ 3.47 $ 2.69
Add: Impact of
adjustments
Merger related
expenses, net of
tax 0.07 0.01 0.01 -- 0.21 0.09 0.36
Write-off of
Guardian Mortgage
tradename, net of
tax -- -- -- -- 0.02 -- 0.02
Disposal of ATMs,
net of tax -- -- -- -- 0.05 -- 0.06
---------- ---------- ---------- ---------- ---------- ---------- ----------
Adjusted diluted
earnings per
share
(non-GAAP) $ 0.95 $ 0.83 $ 0.94 $ 0.83 $ 0.86 $ 3.56 $ 3.13
========== ========== ========== ========== ========== ========== ==========
Adjusted return on
average total assets:
Return on average total
assets (ROAA) (GAAP) 1.17% 1.09% 1.28% 1.20% 0.81% 1.18% 0.96%
Add: Impact of
adjustments
Merger related
expenses, net of
tax 0.10% 0.01% 0.01% --% 0.28% 0.03% 0.13%
Write-off of
Guardian Mortgage
tradename, net of
tax --% --% --% --% 0.03% --% 0.01%
Disposal of ATMs,
net of tax --% --% --% --% 0.08% --% 0.02%
---------- ---------- ---------- ---------- ---------- ---------- ----------
Adjusted ROAA
(non-GAAP) 1.27% 1.10% 1.29% 1.20% 1.20% 1.21% 1.12%
========== ========== ========== ========== ========== ========== ==========
Adjusted return on
average stockholders'
equity:
Return on average
stockholders' equity
(ROACE) (GAAP) 8.58% 8.22% 9.74% 9.03% 6.22% 8.88% 7.56%
Add: Impact of
adjustments
Merger related
expenses, net of
tax 0.73% 0.09% 0.08% --% 2.19% 0.23% 1.00%
Write-off of
Guardian Mortgage
tradename, net of
tax --% --% --% --% 0.24% --% 0.06%
Disposal of ATMs,
net of tax --% --% --% --% 0.59% --% 0.15%
---------- ---------- ---------- ---------- ---------- ---------- ----------
Adjusted ROACE
(non-GAAP) 9.31% 8.31% 9.82% 9.03% 9.24% 9.11% 8.77%
========== ========== ========== ========== ========== ========== ==========
Return on average
tangible stockholders'
equity
Return on average
stockholders' equity
(ROACE) (GAAP) 8.58% 8.22% 9.74% 9.03% 6.22% 8.88% 7.56%
Add: Impact from
goodwill and other
intangible assets
Goodwill 0.81% 0.81% 0.98% 0.94% 0.67% 0.88% 0.87%
Other intangible
assets 0.19% 0.17% 0.19% 0.21% 0.47% 0.19% 0.31%
---------- ---------- ---------- ---------- ---------- ---------- ----------
Return on
average
tangible
stockholders'
equity (ROATCE)
(non-GAAP) 9.58% 9.20% 10.91% 10.18% 7.36% 9.95% 8.74%
========== ========== ========== ========== ========== ========== ==========
Adjusted return on
average tangible
stockholders' equity:
Return on average
tangible stockholders'
equity (ROATCE)
(non-GAAP) 9.58% 9.20% 10.91% 10.18% 7.36% 9.95% 8.74%
Add: Impact of
adjustments
Merger related
expenses, net of
tax 0.80% 0.10% 0.09% --% 2.45% 0.26% 1.11%
Write-off of
Guardian Mortgage
tradename, net of
tax --% --% --% --% 0.26% --% 0.07%
Disposal of ATMs,
net of tax --% --% --% --% 0.65% --% 0.17%
---------- ---------- ---------- ---------- ---------- ---------- ----------
Adjusted ROATCE
(non-GAAP) 10.38% 9.30% 11.00% 10.18% 10.72% 10.21% 10.09%
========== ========== ========== ========== ========== ========== ==========
Adjusted total
noninterest expense:
Total noninterest expense
(GAAP) $ 72,041 $ 68,901 $ 68,110 $ 62,722 $ 73,673 $ 271,774 $ 264,040
Less: Adjustments:
Merger related
expenses (2,217) (241) (285) -- (8,010) (2,743) (13,178)
Write-off of
Guardian Mortgage
tradename -- -- -- -- (828) -- (828)
Disposal of ATMs -- -- -- -- (2,042) -- (2,042)
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total
adjustments (2,217) (241) (285) -- (10,880) (2,743) (16,048)
---------- ---------- ---------- ---------- ---------- ---------- ----------
Adjusted
total
noninterest
expense
(non-GAAP) $ 69,824 $ 68,660 $ 67,825 $ 62,722 $ 62,793 $ 269,031 $ 247,992
Adjusted efficiency
ratio:
Efficiency ratio (GAAP) 65.37% 64.22% 64.52% 65.19% 74.66% 64.82% 68.28%
Less: Impact of
adjustments
Merger related
expenses (2.01)% (0.22)% (0.27)% --% (8.12)% (0.65)% (3.41)%
Write-off of
Guardian Mortgage
tradename --% --% --% --% (0.84)% --% (0.21)%
Disposal of ATMs --% --% --% --% (2.07)% --% (0.53)%
---------- ---------- ---------- ---------- ---------- ---------- ----------
Adjusted
efficiency
ratio
(non-GAAP) 63.36% 64.00% 64.25% 65.19% 63.63% 64.17% 64.13%
Fully tax equivalent
("FTE") net interest
income and net interest
margin:
Net interest income
(GAAP) $ 83,461 $ 80,953 $ 78,499 $ 74,478 $ 77,047 $ 317,391 $ 296,910
Gross income effect of
tax exempt income 1,156 1,225 1,204 1,192 1,161 4,777 4,767
---------- ---------- ---------- ---------- ---------- ---------- ----------
FTE net interest
income (non-GAAP) $ 84,617 $ 82,178 $ 79,703 $ 75,670 $ 78,208 $ 322,168 $ 301,677
========== ========== ========== ========== ========== ========== ==========
Average earning assets $ 7,916,085 $ 7,888,042 $ 7,727,556 $ 7,423,376 $ 7,492,248 $ 7,740,525 $ 7,320,696
Net interest margin 4.18% 4.07% 4.07% 4.07% 4.09% 4.10% 4.06%
========== ========== ========== ========== ========== ========== ==========
Net interest margin on
FTE basis (non-GAAP) 4.23% 4.12% 4.13% 4.13% 4.15% 4.16% 4.12%
========== ========== ========== ========== ========== ========== ==========
View source version on businesswire.com: https://www.businesswire.com/news/home/20260123862881/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
January 26, 2026 16:30 ET (21:30 GMT)