FirstSun Capital Bancorp Reports First Quarter 2026 Results

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Key Terms

net interest margin financial

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

noninterest income financial

Noninterest income is the money a bank or financial firm earns from activities other than charging interest on loans, such as account fees, transaction charges, advisory and underwriting fees, trading gains, and service income — like a store making extra money from repairs, warranties or delivery charges rather than product sales. It matters to investors because it shows how diversified a company’s revenue is and whether it can withstand changes in interest rates; a strong noninterest income stream can stabilize profits but may also be more variable than steady loan interest.

provision for credit losses financial

Provision for credit losses is an amount set aside by a financial institution to cover potential future losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution manage risks and stay financially healthy. For investors, it signals how cautious a lender is about potential loan defaults and can impact the company's profitability and financial stability.

net charge-offs financial

Net charge-offs are the amount of loans or credit a lender removes from its books as uncollectible after subtracting any money later recovered from previously written-off accounts. Think of it like a store writing off unpaid tabs but getting back a few dollars later — the net figure shows the real loss. Investors watch this to judge a lender’s loan quality, future profits and how much capital may be needed to cover bad debts.

allowance for credit losses financial

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

nonperforming assets financial

Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.

efficiency ratio financial

A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.

04/27/2026 - 04:40 PM

First Quarter 2026 Highlights:

Net interest margin of 4.25%
Loan growth of 16.2%, annualized
24.7% noninterest income to total revenue¹
Net income of $21.6 million, $0.76 per diluted share (adjusted, $23.7 million, $0.84 per diluted share, see “Non-GAAP Financial Measures and Reconciliations” below)
Return on average total assets of 1.04% (adjusted, 1.14%, see “Non-GAAP Financial Measures and Reconciliations” below)
Return on average stockholders’ equity of 7.47% (adjusted, 8.20%, see “Non-GAAP Financial Measures and Reconciliations” below)

DENVER--(BUSINESS WIRE)-- FirstSun Capital Bancorp (“FirstSun”) (NASDAQ: FSUN) reported net income of $21.6 million for the first quarter of 2026 compared to net income of $23.6 million for the first quarter of 2025. Earnings per diluted share were $0.76 for the first quarter of 2026 compared to $0.83 for the first quarter of 2025. Adjusted net income, a non-GAAP financial measure, was $23.7 million or $0.84 per diluted share for the first quarter of 2026.

On April 1, 2026, we completed our merger with First Foundation Inc. (“First Foundation”). During the first quarter of 2026, we incurred $2.7 million in merger related expenses. Because the merger closed after quarter-end, First Foundation’s historical consolidated financial results are not included in our results for the quarter ended March 31, 2026.

Neal Arnold, FirstSun’s Chief Executive Officer and President, commented, “First quarter results reflect the continued strength of our core franchise, highlighted by robust loan growth of 16.2% annualized, a consistently strong net interest margin of 4.25%, and a balanced revenue profile with noninterest income representing 24.7% of total revenue. While we saw higher credit costs this quarter, we believe our relationship focused and well-diversified business model and our presence across some of the most dynamic markets in the country position us for continued success.

“Additionally, we are pleased to welcome the customers and team members from First Foundation and are encouraged by the momentum observed during the initial stages of integration following closing. Our teams are focused on execution, and we are progressing in line with our expectations on our merger-related balance sheet repositioning while also beginning to realize identified operating synergies. As we move forward, we are confident in our ability to deliver enhanced value-added solutions to our customers across our expanded footprint while driving sustainable long-term value for our stockholders.”

First Quarter 2026 Results

Net income totaled $21.6 million, or $0.76 per diluted share, for the first quarter of 2026, compared to $24.8 million, or $0.88 per diluted share, for the prior quarter. Adjusted net income, a non-GAAP financial measure, totaled $23.7 million, or $0.84 per diluted share, for the first quarter of 2026, compared to $26.9 million, or $0.95 per diluted share, for the prior quarter.

Return on average total assets was 1.04% for the first quarter of 2026, compared to 1.17% for the prior quarter, and return on average stockholders’ equity was 7.47% for the first quarter of 2026, compared to 8.58% for the prior quarter. Adjusted return on average total assets and adjusted return on average stockholders’ equity, each a non-GAAP financial measure, were 1.14% and 8.20% respectively for the first quarter of 2026 compared to 1.27% and 9.31% respectively for the prior quarter.

Net Interest Income and Net Interest Margin

Net interest income totaled $82.8 million for the first quarter of 2026, a decrease of $0.7 million compared to the prior quarter. Our net interest margin increased 7 basis points to 4.25% compared to the prior quarter.

Average loans, including loans held-for-sale, increased by $32.1 million in the first quarter of 2026, compared to the prior quarter. Loan yield decreased by one basis point to 6.36% in the first quarter of 2026, compared to the prior quarter, primarily due to the declining interest rate environment and its impact on variable rate loans in the loan portfolio. Average interest-bearing cash and other assets decreased by $40.3 million in the first quarter of 2026, compared to the prior quarter. Interest-bearing cash and other assets yield decreased by 32 basis points to 3.36% in the first quarter of 2026, compared to the prior quarter, primarily due to the declining interest rate environment.

Average interest-bearing deposits increased $28.8 million in the first quarter of 2026, compared to the prior quarter. Total cost of interest-bearing deposits decreased by 14 basis points to 2.46% in the first quarter of 2026, compared to the prior quarter, primarily due to rate decreases for certificates of deposit and money market deposits amidst the declining interest rate environment and a decrease in certificates of deposit balances.

Asset Quality and Provision for Credit Losses

The provision for credit losses increased $2.1 million to $8.3 million for the first quarter of 2026, compared to the prior quarter, primarily due to net portfolio downgrades and impacts from growth in loan portfolio balances.

Net charge-offs for the first quarter of 2026 were $10.6 million resulting in an annualized ratio of net charge-offs to average loans of 0.63%, compared to net charge-offs of $5.0 million, or an annualized ratio of net charge-offs to average loans of 0.30% for the prior quarter. The increase in net charge-offs for the first quarter of 2026 was primarily due to write-downs related to two specific customer relationships in our C&I loan portfolio.

The allowance for credit losses as a percentage of loans outstanding was 1.20% at March 31, 2026, a decrease of seven basis points from the prior quarter. The ratio of nonperforming assets to total assets was 0.82% at March 31, 2026, compared to 0.85% at December 31, 2025.

Noninterest Income

Noninterest income totaled $27.2 million for the first quarter of 2026, an increase of $0.4 million from the prior quarter. Income from mortgage banking services increased $2.2 million for the first quarter of 2026, from the prior quarter, primarily due to an increase in net gain on sales and fair value driven by an 11.4% increase in total originations. Other noninterest income decreased $1.8 million for the first quarter of 2026, from the prior quarter, primarily due to a decrease in loan syndication fees and swap fee income, and a decrease in the fair value of investments related to our deferred compensation plan.

Noninterest income as a percentage of total revenue¹ was 24.7% for the first quarter of 2026, an increase of 0.4% from the prior quarter.

Noninterest Expense

Noninterest expense totaled $75.3 million for the first quarter of 2026, an increase of $3.3 million from the prior quarter. Salary and employee benefits increased $3.8 million in the first quarter of 2026 from the prior quarter, primarily due to the seasonal increase in payroll taxes and retirement account contributions, and an increase in medical insurance costs. Other noninterest expenses decreased $1.3 million in the first quarter of 2026 from the prior quarter, primarily due to the acceleration of remaining deferred expenses related to the $40.0 million subordinated notes redemption and maintenance expenses related to OREO properties, both incurred in the fourth quarter of 2025. Merger related expenses increased $0.5 million in the first quarter of 2026 from the prior quarter.

The efficiency ratio for the first quarter of 2026 was 68.52% compared to 65.37% for the prior quarter. The adjusted efficiency ratio, a non-GAAP financial measure, for the first quarter of 2026 was 66.08% compared to 63.36% for the prior quarter.

Tax Rate

The effective tax rate was 18.1% for the first quarter of 2026, compared to 22.4% for the prior quarter.

Loans

Loans were $6.9 billion at March 31, 2026, compared to $6.7 billion at December 31, 2025, an increase of $266.8 million, or 16.2% on an annualized basis.

Deposits

Deposits were $7.1 billion at March 31, 2026 and December 31, 2025, a decrease of $19.8 million in the first quarter of 2026, or 1.1% on an annualized basis, primarily due to decreases of $79.9 million in certificates of deposit, which includes a decrease in brokered deposit balances of $58.6 million, and a $51.5 million decrease in noninterest-bearing deposit accounts, partially offset by an increase of $86.1 million in demand and NOW accounts. Average deposits were $7.0 billion for the first quarter of 2026 and $7.1 billion for the prior quarter, decreasing $45.8 million or 2.6% on an annualized basis.

Noninterest-bearing deposit accounts represented 22.6% of total deposits at March 31, 2026 and the loan to deposit ratio was 97.9% at March 31, 2026.

The ratio of total uninsured deposits to total deposits was estimated to be 35.4% at March 31, 2026. The ratio of total uninsured and uncollateralized deposits to total deposits was estimated to be 28.6% at March 31, 2026.²

Capital

Capital ratios remain strong and above “well-capitalized” thresholds. As of March 31, 2026, our common equity tier 1 risk-based capital ratio was 13.77%, total risk-based capital ratio was 15.29% and tier 1 leverage ratio was 13.06%. Book value per share was $42.08 at March 31, 2026, an increase of $0.72 from December 31, 2025. Tangible book value per share, a non-GAAP financial measure, was $38.57 at March 31, 2026, an increase of $0.74 from December 31, 2025.

Non-GAAP Financial Measures

This press release (including the tables within the “Non-GAAP Financial Measures and Reconciliations” section) contains financial measures determined by methods other than in accordance with accounting principles generally accepted in the United States (“GAAP”). Our management uses these non-GAAP financial measures in their analysis of our performance and the efficiency of our operations. Management believes these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant items in the current period. We believe a meaningful analysis of our financial performance requires an understanding of the factors underlying that performance. Our management believes investors may find these non-GAAP financial measures useful. These non-GAAP financial measures, however, should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Below is a listing of the non-GAAP measures used in this press release:

Tangible stockholders’ equity to tangible assets;
Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax;
Tangible book value per share;
Adjusted net income;
Adjusted diluted earnings per share;
Adjusted return on average total assets;
Adjusted return on average stockholders’ equity;
Return on average tangible stockholders’ equity;
Adjusted return on average tangible stockholders’ equity;
Adjusted total noninterest expense;
Adjusted efficiency ratio; and
Fully tax equivalent (“FTE”) net interest income and net interest margin.

The tables within the “Non-GAAP Financial Measures and Reconciliations” section provide a reconciliation of each non-GAAP financial measure contained in this press release to the most comparable GAAP equivalent.

____________________
¹		Total revenue is net interest income plus noninterest income.
²		Uninsured deposits and uninsured and uncollateralized deposits are reported for our wholly-owned subsidiary Sunflower Bank, N.A.

About FirstSun Capital Bancorp

FirstSun Capital Bancorp (“FirstSun”) (NASDAQ: FSUN), headquartered in Denver, Colorado, is the financial holding company for wholly owned subsidiaries including Sunflower Bank, N.A. and First Foundation Advisors. FirstSun completed its merger with First Foundation Inc. on April 1, 2026. Through its subsidiaries and affiliated entities, FirstSun provides a full range of relationship-focused services to meet personal, business, and wealth management financial objectives, with depository branches in ten states and mortgage capabilities in 44 states. FirstSun had total consolidated assets of $8.6 billion as of March 31, 2026.

To learn more, visit ir.firstsuncb.com or SunflowerBank.com.

Investor Earnings Conference Call

FirstSun will host a conference call on Tuesday, April 28, 2026 at 11:00 a.m. (ET) to discuss its first quarter 2026 financial results.

Participants may join by phone by dialing (833) 461-5787 for toll-free within the US and (585) 542-9983 for all other locations. The conference Access Code is 815574070. The numbers for international participants are available here: https://help.events.q4inc.com/eahc/international-dial-in-numbers.

An audio replay of the live call, and the accompanying presentation slides, will be available following the live event on the “Events & Presentations page” of FirstSun’s website at https://ir.firstsuncb.com/overview/default.aspx.

Deposits Classification

Previously, deposit amounts related to certain NOW accounts with limited monthly transaction activity were able to be reclassified to money market accounts to reduce reserve requirements at the Federal Reserve. As there is no longer any impact to reserve requirements across different deposit products, we have discontinued this product reclassification practice and have revised the presentation of those deposits to conform to the current presentation for periods prior to March 31, 2026.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements regarding our recently completed merger with First Foundation, including expectations with regard to the benefits of the merger, progress on the execution of our merger-related balance sheet repositioning and our ability to drive sustainable long-term value for our stockholders. These statements reflect management’s current expectations and are not guarantees of future performance. Words such as “focus,” “confident,” “may,” “will,” “believe,” “anticipate,” “expect,” “intend,” “opportunity,” “continue,” “should,” “could,” “progress” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are subject to risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results. Such risks, uncertainties and assumptions include, among others, the following: changes in interest rates and their related impact on macroeconomic conditions, customer behavior, our funding costs and our loan and securities portfolios; the quality or composition of our loan or investment portfolios and changes therein; failure to maintain our mortgage production flow to secondary markets; the sufficiency of liquidity and changes in our capital position; the inability of our infrastructure initiatives to reduce expenses; increased deposit volatility; potential regulatory developments; U.S. and global trade policies and tensions, including change in, or the imposition of, tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom; ongoing geopolitical conflicts, including hostilities involving Iran and the Middle East, which may contribute to volatility in energy prices, inflation, financial markets, cybersecurity threats, and broader macroeconomic conditions, any of which could adversely affect our borrowers, deposit base, liquidity, capital and results of operation; the possibility that the anticipated benefits of the First Foundation merger, including anticipated cost savings and strategic gains, are not realized when expected or at all; the integration of the businesses and operations of FirstSun and First Foundation may take longer than anticipated or be more costly than anticipated or have unanticipated adverse results relating to the combined company’s business; the execution of the planned balance sheet repositioning related to the First Foundation merger may be more difficult, costly or time consuming than expected and we may fail to realize the anticipated benefits; the diversion of management’s attention from ongoing business operations and opportunities due to the First Foundation merger; other factors, many of which are beyond our control.

We caution readers that the foregoing list of factors is not exclusive, is not necessarily in order of importance and readers should not place undue reliance on any forward-looking statements. Additional information concerning additional factors that could materially affect the forward-looking statements in this press release can be found in the cautionary language included under the headings “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in FirstSun’s Annual Report on Form 10-K for the year ended December 31, 2025 and other documents subsequently filed by FirstSun with the SEC. Further, any forward-looking statement speaks only as of the date on which it is made and we do not intend to and disclaim any obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as required by law.

Summary Data:

	As of and for the three months ended
($ in thousands, except per share amounts)	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Net interest income	$	82,779		$	83,461		$	80,953		$	78,499		$	74,478
Provision for credit losses		8,250			6,200			10,100			4,500			3,800
Noninterest income		27,175			26,744			26,333			27,073			21,729
Noninterest expense		75,341			72,041			68,901			68,110			62,722
Income before income taxes		26,363			31,964			28,285			32,962			29,685
Provision for income taxes		4,780			7,157			5,111			6,576			6,116
Net income		21,583			24,807			23,174			26,386			23,569
Adjusted net income¹		23,673			26,923			23,412			26,601			23,569
Weighted average common shares outstanding, basic		27,851,041			27,839,044			27,801,255			27,783,710			27,721,760
Weighted average common shares outstanding, diluted		28,316,608			28,262,530			28,291,778			28,232,319			28,293,912
Diluted earnings per share	$	0.76		$	0.88		$	0.82		$	0.93		$	0.83
Adjusted diluted earnings per share¹		0.84			0.95			0.83			0.94			0.83
Return on average total assets		1.04	%		1.17	%		1.09	%		1.28	%		1.20	%
Adjusted return on average total assets¹		1.14	%		1.27	%		1.10	%		1.29	%		1.20	%
Return on average stockholders' equity		7.47	%		8.58	%		8.22	%		9.74	%		9.03	%
Adjusted return on average stockholders' equity¹		8.20	%		9.31	%		8.31	%		9.82	%		9.03	%
Return on average tangible stockholders' equity¹		8.31	%		9.58	%		9.20	%		10.91	%		10.18	%
Adjusted return on average tangible stockholders' equity¹		9.10	%		10.38	%		9.30	%		11.00	%		10.18	%
Net interest margin		4.25	%		4.18	%		4.07	%		4.07	%		4.07	%
Net interest margin (FTE basis)¹		4.31	%		4.23	%		4.12	%		4.13	%		4.13	%
Efficiency ratio		68.52	%		65.37	%		64.22	%		64.52	%		65.19	%
Adjusted efficiency ratio¹		66.08	%		63.36	%		64.00	%		64.25	%		65.19	%
Noninterest income to total revenue²		24.7	%		24.3	%		24.5	%		25.6	%		22.6	%
Total assets	$	8,565,123		$	8,485,162		$	8,495,437		$	8,435,861		$	8,216,458
Loans held-for-sale		144,407			100,539			85,250			90,781			65,603
Loans held-for-investment		6,939,972			6,673,180			6,681,629			6,507,066			6,484,008
Total deposits		7,087,513			7,107,356			7,105,415			7,100,164			6,874,239
Total stockholders' equity		1,175,507			1,153,356			1,127,513			1,095,402			1,068,295
Loan to deposit ratio		97.9	%		93.9	%		94.0	%		91.6	%		94.3	%
Period end common shares outstanding		27,935,888			27,887,337			27,854,764			27,834,525			27,753,918
Book value per share	$	42.08		$	41.36		$	40.48		$	39.35		$	38.49
Tangible book value per share¹		38.57			37.83			36.92			35.77			34.88

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

Condensed Consolidated Statements of Income (Unaudited):

	For the three months ended
($ in thousands, except per share amounts)	March 31, 2026		March 31, 2025
Total interest income	$	116,126	$	110,447
Total interest expense		33,347		35,969
Net interest income		82,779		74,478
Provision for credit losses		8,250		3,800
Net interest income after credit loss expense		74,529		70,678
Noninterest income:
Service charges on deposit accounts		2,096		2,027
Treasury management service fees		4,613		4,194
Credit and debit card fees		2,713		2,586
Trust and investment advisory fees		1,489		1,421
Income from mortgage banking services, net		14,315		9,055
Other noninterest income		1,949		2,446
Total noninterest income		27,175		21,729
Noninterest expense:
Salary and employee benefits		47,356		39,561
Occupancy, equipment and software		10,006		9,536
Amortization and impairment of intangible assets		507		628
Merger related expenses		2,681		—
Other noninterest expenses		14,791		12,997
Total noninterest expense		75,341		62,722
Income before income taxes		26,363		29,685
Provision for income taxes		4,780		6,116
Net income	$	21,583	$	23,569
Earnings per share - basic	$	0.77	$	0.85
Earnings per share - diluted		0.76		0.83

Condensed Consolidated Statements of Income (Unaudited) (cont’d):

	For the three months ended
($ in thousands, except per share amounts)	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Total interest income	$	116,126	$	119,273	$	121,128	$	116,921	$	110,447
Total interest expense		33,347		35,812		40,175		38,422		35,969
Net interest income		82,779		83,461		80,953		78,499		74,478
Provision for credit losses		8,250		6,200		10,100		4,500		3,800
Net interest income after credit loss expense		74,529		77,261		70,853		73,999		70,678
Noninterest income:
Service charges on deposit accounts		2,096		2,116		2,162		2,016		2,027
Treasury management service fees		4,613		4,544		4,402		4,333		4,194
Credit and debit card fees		2,713		2,744		2,671		2,728		2,586
Trust and investment advisory fees		1,489		1,515		1,536		1,473		1,421
Income from mortgage banking services, net		14,315		12,102		12,641		13,274		9,055
Other noninterest income		1,949		3,723		2,921		3,249		2,446
Total noninterest income		27,175		26,744		26,333		27,073		21,729
Noninterest expense:
Salary and employee benefits		47,356		43,520		44,822		43,921		39,561
Occupancy, equipment and software		10,006		9,576		9,591		9,541		9,536
Amortization and impairment of intangible assets		507		628		578		578		628
Merger related expenses		2,681		2,217		241		285		—
Other noninterest expenses		14,791		16,100		13,669		13,785		12,997
Total noninterest expense		75,341		72,041		68,901		68,110		62,722
Income before income taxes		26,363		31,964		28,285		32,962		29,685
Provision for income taxes		4,780		7,157		5,111		6,576		6,116
Net income	$	21,583	$	24,807	$	23,174	$	26,386	$	23,569
Earnings per share - basic	$	0.77	$	0.89	$	0.83	$	0.95	$	0.85
Earnings per share - diluted		0.76		0.88		0.82		0.93		0.83

Condensed Consolidated Balance Sheets as of (Unaudited):

($ in thousands)	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Assets
Cash and cash equivalents	$	413,732		$	652,592		$	659,899		$	785,115		$	621,377
Securities available-for-sale, at fair value		458,543			468,970			476,114			473,468			480,615
Securities held-to-maturity		33,553			33,839			34,247			34,581			34,914
Loans held-for-sale, at fair value		144,407			100,539			85,250			90,781			65,603
Loans		6,939,972			6,673,180			6,681,629			6,507,066			6,484,008
Allowance for credit losses		(82,955	)		(85,016	)		(84,040	)		(82,993	)		(91,790	)
Loans, net		6,857,017			6,588,164			6,597,589			6,424,073			6,392,218
Mortgage servicing rights, at fair value		88,993			86,651			85,695			84,736			82,927
Premises and equipment, net		81,138			81,523			81,886			82,248			82,333
Other real estate owned and foreclosed assets, net		10,908			11,514			13,418			13,052			4,914
Goodwill		93,483			93,483			93,483			93,483			93,483
Core deposits and other intangible assets, net		4,476			4,983			5,650			6,228			6,806
Other assets		378,873			362,904			362,206			348,096			351,268
Total assets	$	8,565,123		$	8,485,162		$	8,495,437		$	8,435,861		$	8,216,458
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing accounts	$	1,599,919		$	1,651,373		$	1,674,497		$	1,706,678		$	1,574,736
Interest-bearing accounts:
Demand and NOW		1,569,910			1,483,841			1,457,886			1,485,058			1,497,763
Savings		387,140			378,631			386,235			397,120			405,621
Money market		2,318,768			2,301,837			2,233,309			2,082,043			1,819,979
Certificates of deposit		1,211,776			1,291,674			1,353,488			1,429,265			1,576,140
Total deposits		7,087,513			7,107,356			7,105,415			7,100,164			6,874,239
Securities sold under agreements to repurchase		7,670			11,160			9,824			11,173			8,515
Federal Home Loan Bank advances		75,000			—			—			—			35,000
Subordinated debt, net		36,754			36,680			76,163			76,066			75,969
Other liabilities		182,679			176,610			176,522			153,056			154,440
Total liabilities		7,389,616			7,331,806			7,367,924			7,340,459			7,148,163
Stockholders' equity:
Preferred stock		—			—			—			—			—
Common stock		3			3			3			3			3
Additional paid-in capital		550,709			549,617			548,952			547,950			547,484
Retained earnings		652,669			631,086			606,279			583,105			556,719
Accumulated other comprehensive loss, net		(27,874	)		(27,350	)		(27,721	)		(35,656	)		(35,911	)
Total stockholders' equity		1,175,507			1,153,356			1,127,513			1,095,402			1,068,295
Total liabilities and stockholders' equity	$	8,565,123		$	8,485,162		$	8,495,437		$	8,435,861		$	8,216,458

Consolidated Capital Ratios as of:

	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Stockholders' equity to total assets	13.72	%	13.59	%	13.27	%	12.99	%	13.00	%
Tangible stockholders' equity to tangible assets¹	12.73	%	12.58	%	12.25	%	11.94	%	11.93	%
Tangible stockholders' equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax^{1, 2}	12.69	%	12.54	%	12.21	%	11.90	%	11.89	%
Tier 1 leverage ratio	13.06	%	12.75	%	12.44	%	12.39	%	12.47	%
Common equity tier 1 risk-based capital ratio	13.77	%	14.12	%	13.79	%	13.78	%	13.26	%
Tier 1 risk-based capital ratio	13.77	%	14.12	%	13.79	%	13.78	%	13.26	%
Total risk-based capital ratio	15.29	%	15.73	%	15.81	%	15.94	%	15.52	%

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

Summary of Net Interest Margin:

	For the three months ended
	March 31, 2026				March 31, 2025
(In thousands)	Average Balance		Average Yield/Rate		Average Balance		Average Yield/Rate
Interest Earning Assets
Loans¹	$	6,857,477	6.36	%	$	6,420,710	6.36	%
Investment securities		499,792	3.30	%		501,809	3.53	%
Interest-bearing cash and other assets		543,396	3.36	%		500,857	4.37	%
Total earning assets		7,900,665	5.96	%		7,423,376	6.03	%
Other assets		523,094				548,976
Total assets	$	8,423,759			$	7,972,352

Interest-bearing liabilities
Demand and NOW deposits	$	1,526,124	1.69	%	$	1,471,584	1.65	%
Savings deposits		382,025	0.50	%		400,801	0.58	%
Money market deposits		2,291,494	2.84	%		1,690,853	3.10	%
Certificates of deposit		1,206,411	3.32	%		1,547,634	3.91	%
Total deposits		5,406,054	2.46	%		5,110,872	2.73	%
Repurchase agreements		9,712	1.70	%		9,615	1.57	%
Total deposits and repurchase agreements		5,415,766	2.46	%		5,120,487	2.73	%
FHLB borrowings		1,100	3.12	%		29,489	4.60	%
Other long-term borrowings		36,719	5.72	%		75,907	6.43	%
Total interest-bearing liabilities		5,453,585	2.48	%		5,225,883	2.79	%
Noninterest-bearing deposits		1,623,528				1,532,150
Other liabilities		175,292				155,337
Stockholders' equity		1,171,354				1,058,982
Total liabilities and stockholders' equity	$	8,423,759			$	7,972,352

Net interest spread			3.48	%			3.24	%
Net interest margin			4.25	%			4.07	%
Net interest margin (on FTE basis)²			4.31	%			4.13	%

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

Summary of Net Interest Margin (cont’d ):

	For the three months ended
	March 31, 2026				December 31, 2025				September 30, 2025				June 30, 2025				March 31, 2025
(In thousands)	Average Balance		Average Yield/Rate		Average Balance		Average Yield/Rate		Average Balance		Average Yield/Rate		Average Balance		Average Yield/Rate		Average Balance		Average Yield/Rate
Interest Earning Assets
Loans¹	$	6,857,477	6.36	%	$	6,825,404	6.37	%	$	6,667,158	6.49	%	$	6,620,493	6.43	%	$	6,420,710	6.36	%
Investment securities		499,792	3.30	%		506,964	3.35	%		505,999	3.43	%		510,350	3.48	%		501,809	3.53	%
Interest-bearing cash and other assets		543,396	3.36	%		583,717	3.68	%		714,885	4.25	%		596,713	4.28	%		500,857	4.37	%
Total earning assets		7,900,665	5.96	%		7,916,085	5.98	%		7,888,042	6.09	%		7,727,556	6.07	%		7,423,376	6.03	%
Other assets		523,094				519,607				540,079				537,156				548,976
Total assets	$	8,423,759			$	8,435,692			$	8,428,121			$	8,264,712			$	7,972,352

Interest-bearing liabilities
Demand and NOW deposits	$	1,526,124	1.69	%	$	1,464,053	1.75	%	$	1,437,298	1.89	%	$	1,518,316	1.77	%	$	1,471,584	1.65	%
Savings deposits		382,025	0.50	%		381,978	0.55	%		391,444	0.59	%		401,093	0.58	%		400,801	0.58	%
Money market deposits		2,291,494	2.84	%		2,247,034	2.99	%		2,211,754	3.28	%		1,934,487	3.28	%		1,690,853	3.10	%
Certificates of deposit		1,206,411	3.32	%		1,284,200	3.49	%		1,397,371	3.64	%		1,504,235	3.76	%		1,547,634	3.91	%
Total deposits		5,406,054	2.46	%		5,377,265	2.60	%		5,437,867	2.81	%		5,358,131	2.78	%		5,110,872	2.73	%
Repurchase agreements		9,712	1.70	%		9,146	1.71	%		8,055	1.82	%		9,024	1.61	%		9,615	1.57	%
Total deposits and repurchase agreements		5,415,766	2.46	%		5,386,411	2.60	%		5,445,922	2.81	%		5,367,155	2.78	%		5,120,487	2.73	%
FHLB borrowings		1,100	3.12	%		—	—	%		—	—	%		2,308	4.72	%		29,489	4.60	%
Other long-term borrowings		36,719	5.72	%		36,650	5.82	%		76,117	8.41	%		76,025	6.19	%		75,907	6.43	%
Total interest-bearing liabilities		5,453,585	2.48	%		5,423,061	2.62	%		5,522,039	2.89	%		5,445,488	2.83	%		5,225,883	2.79	%
Noninterest-bearing deposits		1,623,528				1,698,126				1,642,346				1,587,302				1,532,150
Other liabilities		175,292				167,658				145,730				145,064				155,337
Stockholders' equity		1,171,354				1,146,847				1,118,006				1,086,858				1,058,982
Total liabilities and stockholders' equity	$	8,423,759			$	8,435,692			$	8,428,121			$	8,264,712			$	7,972,352

Net interest spread			3.48	%			3.36	%			3.20	%			3.24	%			3.24	%
Net interest margin			4.25	%			4.18	%			4.07	%			4.07	%			4.07	%
Net interest margin (on FTE basis)²			4.31	%			4.23	%			4.12	%			4.13	%			4.13	%

¹		Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale.
²		Represents a non-GAAP financial measure. See the tables 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)	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Consumer
Noninterest-bearing deposit accounts	$	410,296	$	404,666	$	412,568	$	426,909	$	412,734
Interest-bearing deposit accounts:
Demand and NOW		607,465		590,535		598,499		610,623		603,309
Savings		313,910		308,655		314,954		322,672		330,489
Money market		1,397,890		1,400,593		1,416,258		1,306,140		1,090,779
Certificates of deposit		793,503		809,401		869,077		937,439		1,065,839
Total interest-bearing deposit accounts		3,112,768		3,109,184		3,198,788		3,176,874		3,090,416
Total consumer deposits	$	3,523,064	$	3,513,850	$	3,611,356	$	3,603,783	$	3,503,150
Business
Noninterest-bearing deposit accounts	$	1,189,623	$	1,246,707	$	1,261,929	$	1,279,769	$	1,162,002
Interest-bearing deposit accounts:
Demand and NOW		962,445		893,306		859,387		874,435		894,454
Savings		73,230		69,976		71,281		74,448		75,132
Money market		920,878		901,244		817,051		775,903		729,200
Certificates of deposit		51,940		57,349		57,225		56,930		65,420
Total interest-bearing deposit accounts		2,008,493		1,921,875		1,804,944		1,781,716		1,764,206
Total business deposits	$	3,198,116	$	3,168,582	$	3,066,873	$	3,061,485	$	2,926,208
Wholesale deposits¹	$	366,333	$	424,924	$	427,186	$	434,896	$	444,881
Total deposits	$	7,087,513	$	7,107,356	$	7,105,415	$	7,100,164	$	6,874,239

¹		Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposit.

Balance Sheet Ratios as of:

	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Cash to total assets¹	4.70	%	7.60	%	7.70	%	9.20	%	7.50	%
Loan to deposit ratio	97.9	%	93.9	%	94.0	%	91.6	%	94.3	%
Uninsured deposits to total deposits²	35.4	%	36.6	%	36.2	%	37.0	%	35.2	%
Uninsured and uncollateralized deposits to total deposits²	28.6	%	29.0	%	28.3	%	28.3	%	26.4	%
Wholesale deposits and borrowings to total liabilities³	6.0	%	5.8	%	5.8	%	5.9	%	6.7	%

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

Loan Portfolio as of:

($ in thousands)	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Commercial and industrial¹	$	3,160,777	$	2,937,867	$	2,945,697	$	2,779,767	$	2,764,035
Commercial real estate:
Non-owner occupied		778,778		742,002		725,425		705,749		733,949
Owner occupied		694,190		700,774		668,172		660,334		677,341
Construction and land		280,781		268,652		343,803		383,969		386,056
Multifamily		227,980		210,368		183,504		134,520		85,239
Total commercial real estate		1,981,729		1,921,796		1,920,904		1,884,572		1,882,585
Residential real estate²		1,216,810		1,221,086		1,209,742		1,226,760		1,195,714
Public Finance		494,539		501,582		516,247		524,441		551,252
Consumer		31,875		32,651		38,931		42,881		38,896
Other		54,242		58,198		50,108		48,645		51,526
Loans, net of deferred costs, fees, premiums, and discounts	$	6,939,972	$	6,673,180	$	6,681,629	$	6,507,066	$	6,484,008

¹		As of September 30, 2025, loans to nondepository financial institutions are now included within commercial and industrial. Prior period amounts have been reclassified to conform to the current presentation.
²		Includes 1-4 family residential construction.

Asset Quality:

	As of and for the three months ended
($ in thousands)	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Net charge-offs (recoveries)	$	10,561		$	5,024		$	9,053		$	13,547		$	631
Allowance for credit losses		82,955			85,016			84,040			82,993			91,790
Nonperforming loans, including nonaccrual loans, and accrual loans greater than 90 days past due		59,656			60,771			69,641			54,841			78,590
Nonperforming assets		70,564			72,285			83,059			67,893			83,504
Ratio of net charge-offs (recoveries) to average loans outstanding		0.63	%		0.30	%		0.55	%		0.83	%		0.04	%
Allowance for credit losses to loans outstanding		1.20	%		1.27	%		1.26	%		1.28	%		1.42	%
Allowance for credit losses to nonperforming loans		139.06	%		139.90	%		120.68	%		151.33	%		116.80	%
Nonperforming loans to loans		0.86	%		0.91	%		1.04	%		0.84	%		1.21	%
Nonperforming assets to total assets		0.82	%		0.85	%		0.98	%		0.80	%		1.02	%

Non-GAAP Financial Measures and Reconciliations:

	As of and for the three months ended
($ in thousands, except share and per share amounts)	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Tangible stockholders’ equity to tangible assets:
Total stockholders' equity (GAAP)	$	1,175,507		$	1,153,356		$	1,127,513		$	1,095,402		$	1,068,295
Less: Goodwill and other intangible assets
Goodwill		(93,483	)		(93,483	)		(93,483	)		(93,483	)		(93,483	)
Other intangible assets		(4,476	)		(4,983	)		(5,650	)		(6,228	)		(6,806	)
Tangible stockholders' equity (non-GAAP)	$	1,077,548		$	1,054,890		$	1,028,380		$	995,691		$	968,006
Total assets (GAAP)	$	8,565,123		$	8,485,162		$	8,495,437		$	8,435,861		$	8,216,458
Less: Goodwill and other intangible assets
Goodwill		(93,483	)		(93,483	)		(93,483	)		(93,483	)		(93,483	)
Other intangible assets		(4,476	)		(4,983	)		(5,650	)		(6,228	)		(6,806	)
Tangible assets (non-GAAP)	$	8,467,164		$	8,386,696		$	8,396,304		$	8,336,150		$	8,116,169
Total stockholders' equity to total assets (GAAP)		13.72	%		13.59	%		13.27	%		12.99	%		13.00	%
Less: Impact of goodwill and other intangible assets		(0.99	)%		(1.01	)%		(1.02	)%		(1.05	)%		(1.07	)%
Tangible stockholders' equity to tangible assets (non-GAAP)		12.73	%		12.58	%		12.25	%		11.94	%		11.93	%
Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax:
Tangible stockholders' equity (non-GAAP)	$	1,077,548		$	1,054,890		$	1,028,380		$	995,691		$	968,006
Less: Net unrealized losses on HTM securities, net of tax		(3,407	)		(3,320	)		(3,432	)		(4,238	)		(3,803	)
Tangible stockholders’ equity less net unrealized losses on HTM securities, net of tax (non-GAAP)	$	1,074,141		$	1,051,570		$	1,024,948		$	991,453		$	964,203
Tangible assets (non-GAAP)	$	8,467,164		$	8,386,696		$	8,396,304		$	8,336,150		$	8,116,169
Less: Net unrealized losses on HTM securities, net of tax		(3,407	)		(3,320	)		(3,432	)		(4,238	)		(3,803	)
Tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP)	$	8,463,757		$	8,383,376		$	8,392,872		$	8,331,912		$	8,112,366
Tangible stockholders’ equity to tangible assets (non-GAAP)		12.73	%		12.58	%		12.25	%		11.94	%		11.93	%
Less: Impact of net unrealized losses on HTM securities, net of tax		(0.04	)%		(0.04	)%		(0.04	)%		(0.04	)%		(0.04	)%
Tangible stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP)		12.69	%		12.54	%		12.21	%		11.90	%		11.89	%
Tangible book value per share:
Total stockholders' equity (GAAP)	$	1,175,507		$	1,153,356		$	1,127,513		$	1,095,402		$	1,068,295
Tangible stockholders' equity (non-GAAP)		1,077,548			1,054,890			1,028,380			995,691			968,006
Total shares outstanding		27,935,888			27,887,337			27,854,764			27,834,525			27,753,918
Book value per share (GAAP)	$	42.08		$	41.36		$	40.48		$	39.35		$	38.49
Tangible book value per share (non-GAAP)	$	38.57		$	37.83		$	36.92		$	35.77		$	34.88
Adjusted net income:
Net income (GAAP)	$	21,583		$	24,807		$	23,174		$	26,386		$	23,569
Add: Adjustments
Merger related expenses, net of tax		2,090			2,116			238			215			—
Total adjustments, net of tax		2,090			2,116			238			215			—
Adjusted net income (non-GAAP)	$	23,673		$	26,923		$	23,412		$	26,601		$	23,569
Adjusted diluted earnings per share:
Diluted earnings per share (GAAP)	$	0.76		$	0.88		$	0.82		$	0.93		$	0.83
Add: Impact of adjustments
Merger related expenses, net of tax		0.08			0.07			0.01			0.01			—
Adjusted diluted earnings per share (non-GAAP)	$	0.84		$	0.95		$	0.83		$	0.94		$	0.83
Adjusted return on average total assets:
Return on average total assets (ROAA) (GAAP)		1.04	%		1.17	%		1.09	%		1.28	%		1.20	%
Add: Impact of adjustments
Merger related expenses, net of tax		0.10	%		0.10	%		0.01	%		0.01	%		—	%
Adjusted ROAA (non-GAAP)		1.14	%		1.27	%		1.10	%		1.29	%		1.20	%
Adjusted return on average stockholders’ equity:
Return on average stockholders' equity (ROAE) (GAAP)		7.47	%		8.58	%		8.22	%		9.74	%		9.03	%
Add: Impact of adjustments
Merger related expenses, net of tax		0.73	%		0.73	%		0.09	%		0.08	%		—	%
Adjusted ROAE (non-GAAP)		8.20	%		9.31	%		8.31	%		9.82	%		9.03	%
Return on average tangible stockholders’ equity
Return on average stockholders’ equity (ROAE) (GAAP)		7.47	%		8.58	%		8.22	%		9.74	%		9.03	%
Add: Impact from goodwill and other intangible assets
Goodwill		0.69	%		0.81	%		0.81	%		0.98	%		0.94	%
Other intangible assets		0.15	%		0.19	%		0.17	%		0.19	%		0.21	%
Return on average tangible stockholders’ equity (ROATE) (non-GAAP)		8.31	%		9.58	%		9.20	%		10.91	%		10.18	%
Adjusted return on average tangible stockholders’ equity:
Return on average tangible stockholders' equity (ROATE) (non-GAAP)		8.31	%		9.58	%		9.20	%		10.91	%		10.18	%
Add: Impact of adjustments
Merger related expenses, net of tax		0.79	%		0.80	%		0.10	%		0.09	%		—	%
Adjusted ROATE (non-GAAP)		9.10	%		10.38	%		9.30	%		11.00	%		10.18	%
Adjusted total noninterest expense:
Total noninterest expense (GAAP)	$	75,341		$	72,041		$	68,901		$	68,110		$	62,722
Less: Adjustments:
Merger related expenses		(2,681	)		(2,217	)		(241	)		(285	)		—
Total adjustments		(2,681	)		(2,217	)		(241	)		(285	)		—
Adjusted total noninterest expense (non-GAAP)	$	72,660		$	69,824		$	68,660		$	67,825		$	62,722
Adjusted efficiency ratio:
Efficiency ratio (GAAP)		68.52	%		65.37	%		64.22	%		64.52	%		65.19	%
Less: Impact of adjustments
Merger related expenses		(2.44	)%		(2.01	)%		(0.22	)%		(0.27	)%		—	%
Adjusted efficiency ratio (non-GAAP)		66.08	%		63.36	%		64.00	%		64.25	%		65.19	%
Fully tax equivalent (“FTE”) net interest income and net interest margin:
Net interest income (GAAP)	$	82,779		$	83,461		$	80,953		$	78,499		$	74,478
Gross income effect of tax exempt income		1,198			1,156			1,225			1,204			1,192
FTE net interest income (non-GAAP)	$	83,977		$	84,617		$	82,178		$	79,703		$	75,670
Average earning assets	$	7,900,665		$	7,916,085		$	7,888,042		$	7,727,556		$	7,423,376
Net interest margin		4.25	%		4.18	%		4.07	%		4.07	%		4.07	%
Net interest margin on FTE basis (non-GAAP)		4.31	%		4.23	%		4.12	%		4.13	%		4.13	%

View source version on businesswire.com: https://www.businesswire.com/news/home/20260424706611/en/

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

FirstSun Capital Bancorp Reports First Quarter 2026 Results

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