FirstSun Capital Bancorp Reports Third Quarter 2026 Results

Lower credit-loss provisions and expenses accompanied a return to quarterly profit, while loans and deposits declined.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Third Quarter 2026 Highlights:

• Net interest margin of 3.82%
• 21.9% noninterest income to total revenue¹
• Net income of $38.4 million, $0.82 per diluted share (adjusted, $48.2 million, $1.03 per diluted share, see “Non-GAAP Financial Measures and Reconciliations” below)
• Return on average total assets of 0.98% (adjusted, 1.23%, see “Non-GAAP Financial Measures and Reconciliations” below)
• Return on average stockholders’ equity of 8.23% (adjusted, 10.33%, see “Non-GAAP Financial Measures and Reconciliations” below)
• Repurchased 1,245,224 common shares for $49.7 million under our share repurchase program

DENVER--(BUSINESS WIRE)-- FirstSun Capital Bancorp (“FirstSun”) (NASDAQ: FSUN) reported net income of $38.4 million in the third quarter of 2026 compared to net income of $23.2 million in the third quarter of 2025. Earnings per diluted share were $0.82 in both the third quarter of 2026 and 2025. Adjusted net income, a non-GAAP financial measure, was $48.2 million or $1.03 per diluted share in the third quarter of 2026 compared to $23.4 million or $0.83 per diluted share in the third quarter of 2025. See “Non-GAAP Financial Measures and Reconciliations” below.

Neal Arnold, FirstSun’s Chief Executive Officer and President, commented, “Third quarter results reflect our continued progress on our strategic priorities highlighted by an improved net interest margin as a result of continued balance sheet improvements, a strong diversified revenue profile and improved earnings performance, including benefits from operating synergies realized following the acquisition of First Foundation in the second quarter. We believe our relationship-based business model, our presence in some of the stronger economic growth markets in the country and our disciplined focus on a balanced risk profile position us for continued success.

“Additionally, in late September, we successfully completed the core system conversion of First Foundation, representing another important milestone in our overall integration plan. I'm extremely proud of our teammates for all the hard work, planning and collaboration in completing the conversion while continuing to serve our great clients throughout the process. We remain focused on continuing to grow our franchise and delivering strong financial results and sustainable long-term value for our stockholders.”

Third Quarter 2026 Results

Net income totaled $38.4 million, or $0.82 per diluted share, in the third quarter of 2026, compared to a net loss of $22.9 million, or $0.49 per diluted share, in the prior quarter. Adjusted net income, a non-GAAP financial measure, totaled $48.2 million, or $1.03 per diluted share, in the third quarter of 2026, compared to $21.0 million, or $0.45 per diluted share, in the prior quarter.

Return on average total assets was 0.98% in the third quarter of 2026, compared to (0.54)% in the prior quarter, and return on average stockholders’ equity was 8.23% in the third quarter of 2026, compared to (4.92)% in the prior quarter. Adjusted return on average total assets and adjusted return on average stockholders’ equity, each a non-GAAP financial measure, were 1.23% and 10.33% respectively in the third quarter of 2026 compared to 0.50% and 4.52%, respectively, in the prior quarter.

Net Interest Income and Net Interest Margin

Net interest income totaled $140.3 million in the third quarter of 2026, a decrease of $2.9 million compared to the prior quarter. Our net interest margin increased 24 basis points to 3.82% compared to the prior quarter. Average loans, including loans held-for-sale, decreased by $1.0 billion in the third quarter of 2026, compared to the prior quarter, primarily due to the sale of $1.3 billion in loans late in the second quarter of 2026, a component of our merger-related balance sheet repositioning strategy. Loan yield increased by 17 basis points to 6.33% in the third quarter of 2026, compared to the prior quarter, primarily due to the loan sales in the second quarter of 2026, comprised of lower-yielding multifamily and public finance loans acquired from First Foundation, and the rising interest rate environment and its impact on variable rate loans in the loan portfolio. Average investment securities decreased by $0.2 billion in the third quarter of 2026, compared to the prior quarter, primarily due to the sale of $1.4 billion in securities in the second quarter of 2026, a component of our merger-related balance sheet repositioning strategy. Investment securities yield decreased by 28 basis points to 4.52% in the third quarter of 2026, compared to the prior quarter, primarily reflecting lower purchase accounting discount accretion. Average interest-bearing cash and other assets decreased by $229.2 million in the third quarter of 2026, compared to the prior quarter. Interest-bearing cash and other assets yield increased by 29 basis points to 3.49% in the third quarter of 2026, compared to the prior quarter, primarily reflecting an increase in yield on cash on deposit at the Federal Reserve and an increase in dividends received from the Federal Home Loan Bank.

Average interest-bearing deposits decreased $1.3 billion in the third quarter of 2026, compared to the prior quarter, primarily due to the reduction of $2.5 billion in deposits in the second quarter of 2026, a component of our merger-related balance sheet repositioning strategy. Total cost of interest-bearing deposits decreased by two basis points to 2.75% in the third quarter of 2026, compared to the prior quarter, due primarily to the disposition of higher-cost certificates of deposit acquired from First Foundation.

Asset Quality and Provision for Credit Losses

The provision for credit losses totaled $4.4 million in the third quarter of 2026, primarily reflecting specific reserves established for two CRE loans, partially offset by a decrease in the loan portfolio, compared to a provision for credit losses of $40.4 million in the second quarter of 2026. The provision for credit losses in the second quarter of 2026 primarily reflected the downgrades and write-downs of two C&I lending relationships.

Net charge-offs totaled $3.3 million, or 0.11% of average loans on an annualized basis, in the third quarter of 2026, primarily related to one C&I lending relationship and one multifamily relationship, both acquired from First Foundation, compared to net charge-offs of $42.4 million or 1.45% of average loans on an annualized basis, in the second quarter of 2026.

The allowance for credit losses as a percentage of loans outstanding was 1.52% at September 30, 2026, an increase of two basis points from the prior quarter. The ratio of nonperforming assets to total assets was 1.46% at September 30, 2026, compared to 1.32% at June 30, 2026.

Noninterest Income

Noninterest income totaled $39.4 million in the third quarter of 2026, a decrease of $1.6 million from the prior quarter. Income from mortgage banking services decreased $3.2 million in the third quarter of 2026 from the prior quarter, primarily due to a decrease in loan originations sold, as well as a decrease in income resulting from changes in MSR fair value, net of hedging. Other noninterest income increased $1.0 million in the third quarter of 2026 compared to the prior quarter, primarily driven by higher swap and loan syndication revenue. The increase in other noninterest income from swap and loan syndication revenue in the third quarter of 2026, was partially offset by the combined impact of a decline in the fair value of investments associated with our deferred compensation plan and lower OREO property losses.

Noninterest income as a percentage of total revenue¹ was 21.9% for the third quarter of 2026, a decrease of 0.3% from the prior quarter.

Noninterest Expense

Noninterest expense totaled $126.6 million in the third quarter of 2026, a decrease of $45.2 million from the prior quarter. Merger related expenses decreased $44.3 million in the third quarter of 2026 from the prior quarter. Salary and employee benefits decreased $5.4 million in the third quarter of 2026 from the prior quarter, primarily due to merger-related workforce reductions and a lower expense impact resulting from a decline in the fair value of investments associated with our deferred compensation plan. Other noninterest expense increased $4.5 million in the third quarter of 2026 compared to the prior quarter, primarily driven by higher loan collection expenses.

The efficiency ratio in the third quarter of 2026 was 70.43% compared to 93.25% in the prior quarter. The adjusted efficiency ratio, a non-GAAP financial measure, was 63.06% in the third quarter of 2026 compared to 61.99% in the prior quarter.

Tax Rate

The effective tax rate was 21.2% in the third quarter of 2026, compared to 18.3% in the prior quarter.

Loans

Loans decreased to $11.5 billion at September 30, 2026, from $11.6 billion at June 30, 2026, reflecting an annualized decline of 3.8%. The decrease was primarily attributable to paydowns in commercial real estate loans, notably multifamily, non-owner occupied, and owner-occupied properties, as well as lower public finance loan balances, partially offset by increased C&I loans.

Deposits

Deposits were $13.0 billion at September 30, 2026, compared to $13.4 billion at June 30, 2026, a decrease of $0.4 billion in the third quarter of 2026, or 13.2% on an annualized basis, primarily due to a decrease in money market and savings deposits and certificates of deposit, partially offset by an increase in demand and NOW deposits.

Average deposits were $13.2 billion for the third quarter of 2026, compared to $14.5 billion for the prior quarter, a decrease of $1.3 billion or 35.0% on an annualized basis, primarily due to a decrease in certificates of deposit, a component of our merger-related balance sheet repositioning strategy.

Noninterest-bearing deposit accounts represented 20.6% of total deposits at September 30, 2026 and our loan to deposit ratio was 88.3% at September 30, 2026.

The ratio of total uninsured deposits to total deposits was estimated to be 33.2% at September 30, 2026. The ratio of total uninsured and uncollateralized deposits to total deposits was estimated to be 25.8% at September 30, 2026².

Capital

As of September 30, 2026, FirstSun’s common equity tier 1 risk-based capital ratio was 11.99%, total risk-based capital ratio was 14.29% and tier 1 leverage ratio was 10.33%. Our capital ratios remain strong and exceeded the levels required to be considered well capitalized. Book value per share was $39.75 at September 30, 2026, an increase of $0.46 from June 30, 2026. Tangible book value per share, a non-GAAP financial measure, was $35.60 at September 30, 2026, an increase of $0.44 from June 30, 2026. See “Non-GAAP Financial Measures and Reconciliations” below.

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;
• Tangible net income;
• 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 margin³.

The tables beginning within the “Non-GAAP Financial Measures and Reconciliations” section provide a reconciliation of the non-GAAP financial measures 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.

3 FTE net interest income and net interest margin are calculated using a federal tax rate of 21%.

About FirstSun

FirstSun Capital Bancorp (“FirstSun”) (NASDAQ: FSUN), headquartered in Denver, Colorado, is the financial holding company for wholly owned subsidiaries including Sunflower Bank, N.A. and First Foundation Advisors. 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 $15.3 billion as of September 30, 2026.

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

Investor Earnings Conference Call

FirstSun will host a conference call on Tuesday, October 27, 2026 at 11:00 a.m. (ET) to discuss its third quarter 2026 financial results.

Participants may join by phone by dialing (833) 461-5787 for toll-free within the U.S. and (585) 542-9983 for all other locations. The conference Meeting ID is 141121855. 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.

Certain insured reciprocal deposits acquired in the First Foundation acquisition were reclassified from savings deposits to money market deposits as of June 30, 2026, to conform to the current presentation.

Additionally, in conjunction with the integration of First Foundation, certain deposit products were converted from money market accounts to interest bearing demand accounts in the third quarter of 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 the impact of our acquisition of First Foundation and our completion of the related balance sheet repositioning strategy, our relationship-based business model, our markets, our risk profile, our ability to drive growth, that we are well positioned for continued success, and our ability to deliver strong financial results and sustainable long-term stockholder value. 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,” “excited,” “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 changes 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 operations; 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 diversion of management’s attention from ongoing business operations and opportunities due to the integration of the First Foundation merger; credit risk in our loan portfolio; and 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)		September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025
Net interest income		$	140,301			$	143,195			$	82,779			$	83,461			$	80,953
Provision for credit losses			4,400				40,400				8,250				6,200				10,100
Noninterest income			39,382				40,948				27,175				26,744				26,333
Noninterest expense			126,553				171,712				75,341				72,041				68,901
Income (loss) before income taxes			48,730				(27,969	)			26,363				31,964				28,285
Provision for (benefit from) income taxes			10,348				(5,119	)			4,780				7,157				5,111
Net income (loss)			38,382				(22,850	)			21,583				24,807				23,174
Adjusted net income1			48,212				21,021				23,673				26,923				23,412
Weighted average common shares outstanding, basic			46,304,015				46,722,106				27,851,041				27,839,044				27,801,255
Weighted average common shares outstanding, diluted			46,871,679				46,722,106				28,316,608				28,262,530				28,291,778
Diluted earnings (loss) per share		$	0.82			$	(0.49	)		$	0.76			$	0.88			$	0.82
Adjusted diluted earnings per share1			1.03				0.45				0.84				0.95				0.83
Return on average total assets			0.98	%			(0.54	)%			1.04	%			1.17	%			1.09	%
Adjusted return on average total assets1			1.23	%			0.50	%			1.14	%			1.27	%			1.10	%
Return on average stockholders' equity			8.23	%			(4.92	)%			7.47	%			8.58	%			8.22	%
Adjusted return on average stockholders' equity1			10.33	%			4.52	%			8.20	%			9.31	%			8.31	%
Return on average tangible stockholders' equity1			9.97	%			(4.69	)%			8.31	%			9.58	%			9.20	%
Adjusted return on average tangible stockholders' equity1			12.32	%			5.86	%			9.10	%			10.38	%			9.30	%
Net interest margin			3.82	%			3.58	%			4.25	%			4.18	%			4.07	%
Net interest margin (FTE basis)1			3.87	%			3.63	%			4.31	%			4.23	%			4.12	%
Efficiency ratio			70.43	%			93.25	%			68.52	%			65.37	%			64.22	%
Adjusted efficiency ratio1			63.06	%			61.99	%			66.08	%			63.36	%			64.00	%
Noninterest income to total revenue2			21.9	%			22.2	%			24.7	%			24.3	%			24.5	%
Total assets		$	15,276,885			$	15,717,985			$	8,565,123			$	8,485,162			$	8,495,437
Loans held-for-sale			120,491				140,706				144,407				100,539				85,250
Loans held-for-investment			11,457,891				11,568,443				6,939,972				6,673,180				6,681,629
Total deposits			12,970,958				13,418,004				7,087,513				7,107,356				7,105,415
Total stockholders' equity			1,810,506				1,837,392				1,175,507				1,153,356				1,127,513
Loan to deposit ratio			88.3	%			86.2	%			97.9	%			93.9	%			94.0	%
Period end common shares outstanding			45,552,676				46,765,434				27,935,888				27,887,337				27,854,764
Book value per share		$	39.75			$	39.29			$	42.08			$	41.36			$	40.48
Tangible book value per share1			35.60				35.16				38.57				37.83				36.92
1 Represents a non-GAAP financial measure. See the tables beginning 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 nine months ended
($ in thousands, except per share amounts)		September 30, 2026				September 30, 2025
Net interest income		$	366,275			$	233,930
Provision for credit losses			53,050				18,400
Noninterest income			107,505				75,135
Noninterest expense			373,606				199,733
Income before income taxes			47,124				90,932
Provision for income taxes			10,009				17,803
Net income			37,115				73,129
Adjusted net income1			92,906				73,655
Weighted average common shares outstanding, basic			40,343,797				27,769,320
Weighted average common shares outstanding, diluted			40,901,707				28,274,134
Diluted earnings per share		$	0.91			$	2.59
Adjusted diluted earnings per share1		$	2.27			$	2.61
Return on average total assets			0.36	%			1.19	%
Adjusted return on average total assets1			0.91	%			1.20	%
Return on average stockholders' equity			3.04	%			8.99	%
Adjusted return on average stockholders’ equity1			7.61	%			9.05	%
Return on average tangible stockholders' equity1			4.02	%			10.08	%
Adjusted return on average tangible stockholders' equity1			9.10	%			10.16	%
Net interest margin			3.81	%			4.07	%
Net interest margin (FTE basis)1			3.86	%			4.13	%
Efficiency ratio			78.86	%			64.62	%
Adjusted efficiency ratio1			63.35	%			64.45	%
Noninterest income to total revenue2			22.7	%			24.3	%
Total assets		$	15,276,885			$	8,495,437
Loans held-for-sale			120,491				85,250
Loans held-for-investment			11,457,891				6,681,629
Total deposits			12,970,958				7,105,415
Total stockholders' equity			1,810,506				1,127,513
Loan to deposit ratio			88.3	%			94.0	%
Period end common shares outstanding			45,552,676				27,854,764
Book value per share		$	39.75			$	40.48
Tangible book value per share1		$	35.60			$	36.92
1 Represents a non-GAAP financial measure. See the tables beginning 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 nine months ended
($ in thousands, except per share amounts)		September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Total interest income		$	216,662		$	121,128		$	562,804		$	348,496
Total interest expense			76,361			40,175			196,529			114,566
Net interest income			140,301			80,953			366,275			233,930
Provision for credit losses			4,400			10,100			53,050			18,400
Net interest income after credit loss expense			135,901			70,853			313,225			215,530
Noninterest income:
Deposit account service fees			2,371			2,162			6,759			6,205
Treasury management service fees			5,096			4,402			14,776			12,929
Credit and debit card fees			3,060			2,671			8,725			7,985
Trust and investment advisory fees			9,881			1,536			20,783			4,430
Mortgage banking services, net			12,743			12,641			43,016			34,970
Other noninterest income			6,231			2,921			13,446			8,616
Total noninterest income			39,382			26,333			107,505			75,135
Noninterest expense:
Salary and employee benefits			63,344			44,822			179,444			128,304
Occupancy, equipment and software			15,532			9,591			41,042			28,668
Customer service costs			2,762			—			5,504			—
Amortization and impairment of intangible assets			4,238			578			8,982			1,784
Merger related expenses			13,246			241			73,486			526
Other noninterest expenses			27,431			13,669			65,148			40,451
Total noninterest expense			126,553			68,901			373,606			199,733
Income before income taxes			48,730			28,285			47,124			90,932
Provision for income taxes			10,348			5,111			10,009			17,803
Net income		$	38,382		$	23,174		$	37,115		$	73,129
Earnings per share - basic		$	0.83		$	0.83		$	0.92		$	2.63
Earnings per share - diluted			0.82			0.82		$	0.91		$	2.59

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

		For the three months ended
($ in thousands, except per share amounts)		September 30, 2026			June 30, 2026				March 31, 2026			December 31, 2025			September 30, 2025
Total interest income		$	216,662		$	230,016			$	116,126		$	119,273		$	121,128
Total interest expense			76,361			86,821				33,347			35,812			40,175
Net interest income			140,301			143,195				82,779			83,461			80,953
Provision for credit losses			4,400			40,400				8,250			6,200			10,100
Net interest income after credit loss expense			135,901			102,795				74,529			77,261			70,853
Noninterest income:
Deposit account service fees			2,371			2,292				2,096			2,116			2,162
Treasury management service fees			5,096			5,067				4,613			4,544			4,402
Credit and debit card fees			3,060			2,952				2,713			2,744			2,671
Trust and investment advisory fees			9,881			9,413				1,489			1,515			1,536
Mortgage banking services, net			12,743			15,958				14,315			12,102			12,641
Other noninterest income			6,231			5,266				1,949			3,723			2,921
Total noninterest income			39,382			40,948				27,175			26,744			26,333
Noninterest expense:
Salary and employee benefits			63,344			68,744				47,356			43,520			44,822
Occupancy, equipment and software			15,532			15,504				10,006			9,576			9,591
Customer service costs			2,762			2,742				—			—			—
Amortization and impairment of intangible assets			4,238			4,237				507			628			578
Merger related expenses			13,246			57,559				2,681			2,217			241
Other noninterest expenses			27,431			22,926				14,791			16,100			13,669
Total noninterest expense			126,553			171,712				75,341			72,041			68,901
Income (loss) before income taxes			48,730			(27,969	)			26,363			31,964			28,285
Provision for (benefit from) income taxes			10,348			(5,119	)			4,780			7,157			5,111
Net income (loss)		$	38,382		$	(22,850	)		$	21,583		$	24,807		$	23,174
Earnings (loss) per share - basic		$	0.83		$	(0.49	)		$	0.77		$	0.89		$	0.83
Earnings (loss) per share - diluted			0.82			(0.49	)			0.76			0.88			0.82

Condensed Consolidated Balance Sheets as of (Unaudited):

($ in thousands)		September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025
Assets
Cash and cash equivalents		$	729,157			$	989,511			$	413,732			$	652,592			$	659,899
Securities available-for-sale, at fair value			1,827,344				1,907,374				458,543				468,970				476,114
Securities held-to-maturity			32,213				33,274				33,553				33,839				34,247
Loans held-for-sale, at fair value			120,491				140,706				144,407				100,539				85,250
Loans			11,457,891				11,568,443				6,939,972				6,673,180				6,681,629
Allowance for credit losses			(174,638	)			(173,551	)			(82,955	)			(85,016	)			(84,040	)
Loans, net			11,283,253				11,394,892				6,857,017				6,588,164				6,597,589
Mortgage servicing rights, at fair value			107,405				99,736				88,993				86,651				85,695
Premises and equipment, net			118,751				118,967				81,138				81,523				81,886
Other real estate owned and foreclosed assets, net			20,502				16,808				10,908				11,514				13,418
Goodwill			102,536				102,536				93,483				93,483				93,483
Core deposits and other intangible assets, net			86,215				90,452				4,476				4,983				5,650
Other assets			849,018				823,729				378,873				362,904				362,206
Total assets		$	15,276,885			$	15,717,985			$	8,565,123			$	8,485,162			$	8,495,437
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing accounts		$	2,671,066			$	2,673,289			$	1,599,919			$	1,651,373			$	1,674,497
Interest-bearing accounts:
Demand and NOW			3,181,848				2,869,439				1,569,910				1,483,841				1,457,886
Savings			1,747,226				1,961,598				387,140				378,631				386,235
Money market			3,436,362				3,902,069				2,318,768				2,301,837				2,233,309
Certificates of deposit			1,934,456				2,011,609				1,211,776				1,291,674				1,353,488
Total deposits			12,970,958				13,418,004				7,087,513				7,107,356				7,105,415
Securities sold under agreements to repurchase			18,687				17,475				7,670				11,160				9,824
Federal Home Loan Bank advances			—				—				75,000				—				—
Subordinated debt, net			206,222				205,256				36,754				36,680				76,163
Other liabilities			270,512				239,858				182,679				176,610				176,522
Total liabilities			13,466,379				13,880,593				7,389,616				7,331,806				7,367,924
Stockholders' equity:
Preferred stock			—				—				—				—				—
Common stock			5				5				3				3				3
Additional paid-in capital			1,189,456				1,238,000				550,709				549,617				548,952
Retained earnings			668,201				629,819				652,669				631,086				606,279
Accumulated other comprehensive loss, net			(47,156	)			(30,432	)			(27,874	)			(27,350	)			(27,721	)
Total stockholders' equity			1,810,506				1,837,392				1,175,507				1,153,356				1,127,513
Total liabilities and stockholders' equity		$	15,276,885			$	15,717,985			$	8,565,123			$	8,485,162			$	8,495,437

Consolidated Capital Ratios as of:

		September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Stockholders' equity to total assets		11.85	%		11.69	%		13.72	%		13.59	%		13.27	%
Tangible stockholders' equity to tangible assets1		10.75	%		10.59	%		12.73	%		12.58	%		12.25	%
Tangible stockholders' equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax1, 2		10.72	%		10.57	%		12.69	%		12.54	%		12.21	%
Tier 1 leverage ratio		10.33	%		9.47	%		13.06	%		12.75	%		12.44	%
Common equity tier 1 risk-based capital ratio		11.99	%		11.95	%		13.77	%		14.12	%		13.79	%
Tier 1 risk-based capital ratio		11.99	%		11.95	%		13.77	%		14.12	%		13.79	%
Total risk-based capital ratio		14.29	%		14.13	%		15.29	%		15.73	%		15.81	%
1 Represents a non-GAAP financial measure. See the tables beginning 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 nine months ended
		September 30, 2026						September 30, 2025						September 30, 2026						September 30, 2025
(In thousands)		Average Balance			Average Yield/Rate			Average Balance			Average Yield/Rate			Average Balance			Average Yield/Rate			Average Balance			Average Yield/Rate
Interest Earning Assets
Loans1		$	11,650,322		6.33	%		$	6,667,158		6.49	%		$	10,418,262		6.27	%		$	6,570,356		6.43	%
Investment securities			1,912,990		4.52	%			505,999		3.43	%			1,507,230		4.52	%			506,068		3.48	%
Interest-bearing cash and other assets			1,015,170		3.49	%			714,885		4.25	%			935,974		3.34	%			604,936		4.29	%
Total earning assets			14,578,482		5.90	%			7,888,042		6.09	%			12,861,466		5.85	%			7,681,360		6.07	%
Other assets			953,709						540,079						814,541						542,038
Total assets		$	15,532,191					$	8,428,121					$	13,676,007					$	8,223,398
Interest-bearing liabilities
Demand and NOW deposits		$	2,782,453		2.05	%		$	1,437,298		1.89	%		$	2,445,045		1.98	%		$	1,475,608		1.77	%
Savings deposits			1,917,139		2.82	%			391,444		0.59	%			1,410,811		2.62	%			397,745		0.58	%
Money market deposits			3,896,991		2.90	%			2,211,754		3.28	%			3,443,184		2.88	%			1,947,606		3.23	%
Certificates of deposit			1,935,244		3.37	%			1,397,371		3.64	%			1,982,827		3.35	%			1,482,529		3.77	%
Total deposits			10,531,827		2.75	%			5,437,867		2.81	%			9,281,867		2.70	%			5,303,488		2.78	%
Repurchase agreements			19,963		2.50	%			8,055		1.82	%			17,752		2.40	%			8,892		1.66	%
Total deposits and repurchase agreements			10,551,790		2.75	%			5,445,922		2.81	%			9,299,619		2.70	%			5,312,380		2.77	%
FHLB borrowings			—		—	%			—		—	%			50,154		3.95	%			10,491		4.61	%
Other long-term borrowings			205,786		6.38	%			76,117		8.41	%			149,676		6.37	%			76,017		7.02	%
Total interest-bearing liabilities			10,757,576		2.82	%			5,522,039		2.89	%			9,499,449		2.77	%			5,398,888		2.84	%
Noninterest-bearing deposits			2,665,398						1,642,346						2,307,562						1,587,670
Other liabilities			257,967						145,730						237,672						148,675
Stockholders' equity			1,851,250						1,118,006						1,631,324						1,088,165
Total liabilities and stockholders' equity		$	15,532,191					$	8,428,121					$	13,676,007					$	8,223,398
Net interest spread					3.08	%					3.20	%					3.08	%					3.23	%
Net interest margin					3.82	%					4.07	%					3.81	%					4.07	%
Net interest margin (on FTE basis)2					3.87	%					4.12	%					3.86	%					4.13	%
1 Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale.
2 Represents a non-GAAP financial measure. See the tables beginning 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
		September 30, 2026						June 30, 2026						March 31, 2026						December 31, 2025						September 30, 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		$	11,650,322		6.33	%		$	12,694,317		6.16	%		$	6,857,477		6.36	%		$	6,825,404		6.37	%		$	6,667,158		6.49	%
Investment securities			1,912,990		4.52	%			2,093,214		4.80	%			499,792		3.30	%			506,964		3.35	%			505,999		3.43	%
Interest-bearing cash and other assets			1,015,170		3.49	%			1,244,337		3.20	%			543,396		3.36	%			583,717		3.68	%			714,885		4.25	%
Total earning assets			14,578,482		5.90	%			16,031,868		5.75	%			7,900,665		5.96	%			7,916,085		5.98	%			7,888,042		6.09	%
Other assets			953,709						962,089						523,094						519,607						540,079
Total assets		$	15,532,191					$	16,993,957					$	8,423,759					$	8,435,692					$	8,428,121
Interest-bearing liabilities
Demand and NOW deposits		$	2,782,453		2.05	%		$	3,012,754		2.06	%		$	1,526,124		1.69	%		$	1,464,053		1.75	%		$	1,437,298		1.89	%
Savings deposits			1,917,139		2.82	%			1,970,300		2.84	%			382,025		0.50	%			381,978		0.55	%			391,444		0.59	%
Money market deposits			3,896,991		2.90	%			4,069,523		2.87	%			2,291,494		2.84	%			2,247,034		2.99	%			2,211,754		3.28	%
Certificates of deposit			1,935,244		3.37	%			2,798,815		3.35	%			1,206,411		3.32	%			1,284,200		3.49	%			1,397,371		3.64	%
Total deposits			10,531,827		2.75	%			11,851,392		2.77	%			5,406,054		2.46	%			5,377,265		2.60	%			5,437,867		2.81	%
Repurchase agreements			19,963		2.50	%			23,468		2.61	%			9,712		1.70	%			9,146		1.71	%			8,055		1.82	%
Total deposits and repurchase agreements			10,551,790		2.75	%			11,874,860		2.77	%			5,415,766		2.46	%			5,386,411		2.60	%			5,445,922		2.81	%
FHLB borrowings			—		—	%			149,374		3.97	%			1,100		3.12	%			—		—	%			—		—	%
Other long-term borrowings			205,786		6.38	%			204,667		6.46	%			36,719		5.72	%			36,650		5.82	%			76,117		8.41	%
Total interest-bearing liabilities			10,757,576		2.82	%			12,228,901		2.85	%			5,453,585		2.48	%			5,423,061		2.62	%			5,522,039		2.89	%
Noninterest-bearing deposits			2,665,398						2,622,311						1,623,528						1,698,126						1,642,346
Other liabilities			257,967						278,849						175,292						167,658						145,730
Stockholders' equity			1,851,250						1,863,896						1,171,354						1,146,847						1,118,006
Total liabilities and stockholders' equity		$	15,532,191					$	16,993,957					$	8,423,759					$	8,435,692					$	8,428,121
Net interest spread					3.08	%					2.90	%					3.48	%					3.36	%					3.20	%
Net interest margin					3.82	%					3.58	%					4.25	%					4.18	%					4.07	%
Net interest margin (on FTE basis)2					3.87	%					3.63	%					4.31	%					4.23	%					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 beginning 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)		September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Consumer
Noninterest-bearing deposit accounts		$	1,093,197		$	1,000,584		$	410,296		$	404,666		$	412,568
Interest-bearing deposit accounts:
Demand and NOW			1,048,086			937,796			607,465			590,535			598,499
Savings			1,233,040			1,469,618			313,910			308,655			314,954
Money market			2,144,717			2,488,103			1,397,890			1,400,593			1,416,258
Certificates of deposit			938,097			1,044,959			793,503			809,401			869,077
Total interest-bearing deposit accounts			5,363,940			5,940,476			3,112,768			3,109,184			3,198,788
Total consumer deposits		$	6,457,137		$	6,941,060		$	3,523,064		$	3,513,850		$	3,611,356
Business
Noninterest-bearing deposit accounts		$	1,577,869		$	1,672,705		$	1,189,623		$	1,246,707		$	1,261,929
Interest-bearing deposit accounts:
Demand and NOW			2,133,750			1,905,387			962,445			893,306			859,387
Savings			478,534			434,076			73,230			69,976			71,281
Money market			1,291,645			1,413,966			920,878			901,244			817,051
Certificates of deposit			126,640			103,360			51,940			57,349			57,225
Total interest-bearing deposit accounts			4,030,569			3,856,789			2,008,493			1,921,875			1,804,944
Total business deposits		$	5,608,438		$	5,529,494		$	3,198,116		$	3,168,582		$	3,066,873
Wholesale1		$	905,383		$	947,450		$	366,333		$	424,924		$	427,186
Total deposits		$	12,970,958		$	13,418,004		$	7,087,513		$	7,107,356		$	7,105,415
1 Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposit.

Balance Sheet Ratios as of:

		September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Cash to total assets1		4.7	%		6.2	%		4.7	%		7.6	%		7.7	%
Loan to deposit ratio		88.3	%		86.2	%		97.9	%		93.9	%		94.0	%
Uninsured deposits to total deposits2		33.2	%		31.6	%		35.4	%		36.6	%		36.2	%
Uninsured and uncollateralized deposits to total deposits2		25.8	%		28.0	%		28.6	%		29.0	%		28.3	%
Wholesale deposits and borrowings to total liabilities3		6.7	%		6.8	%		6.0	%		5.8	%		5.8	%
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)		September 30, 2026				June 30, 2026				March 31, 2026			December 31, 2025			September 30, 2025
Commercial and industrial		$	3,663,661			$	3,579,772			$	3,160,777		$	2,937,867		$	2,945,697
Commercial real estate:
Non-owner occupied			1,136,193				1,195,172				778,778			742,002			725,425
Owner occupied			919,091				951,226				694,190			700,774			668,172
Construction and land			256,561				218,441				280,781			268,652			343,803
Multifamily			2,543,964				2,613,194				227,980			210,368			183,504
Total commercial real estate			4,855,809				4,978,033				1,981,729			1,921,796			1,920,904
Residential real estate1			1,891,223				1,913,575				1,216,810			1,221,086			1,209,742
Public Finance			929,074				957,556				494,539			501,582			516,247
Consumer			36,815				29,569				31,875			32,651			38,931
Other			100,905				114,047				54,242			58,198			50,108
Loans, excluding loan hedge fair value			11,477,487				11,572,552				6,939,972			6,673,180			6,681,629
Loan hedge fair value2			(19,596	)			(4,109	)			—			—			—
Loans		$	11,457,891			$	11,568,443			$	6,939,972		$	6,673,180		$	6,681,629
1 Includes 1-4 family residential construction. 2 Represents fair value hedge basis adjustments related to active portfolio layer method hedges, which are not allocated to individual loans.

Asset Quality:

		As of and for the three months ended
($ in thousands)		September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025
Net charge-offs		$	3,313			$	42,404			$	10,561			$	5,024			$	9,053
Allowance for credit losses			174,638				173,551				82,955				85,016				84,040
Nonperforming loans, including nonaccrual loans, and accrual loans greater than 90 days past due			202,851				190,115				59,656				60,771				69,641
Nonperforming assets			223,353				206,923				70,564				72,285				83,059
Ratio of net charge-offs to average loans outstanding			0.11	%			1.45	%			0.63	%			0.30	%			0.55	%
Allowance for credit losses to loans outstanding			1.52	%			1.50	%			1.20	%			1.27	%			1.26	%
Allowance for credit losses to nonperforming loans			86.09	%			91.29	%			139.06	%			139.90	%			120.68	%
Nonperforming loans to loans			1.77	%			1.64	%			0.86	%			0.91	%			1.04	%
Nonperforming assets to total assets			1.46	%			1.32	%			0.82	%			0.85	%			0.98	%

Non-GAAP Financial Measures and Reconciliations:
		As of and for the three months ended																				As of and for the nine months ended
($ in thousands, except share and per share amounts)		September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025				September 30, 2026				September 30, 2025
Tangible stockholders’ equity to tangible assets:
Total stockholders' equity (GAAP)		$	1,810,506			$	1,837,392			$	1,175,507			$	1,153,356			$	1,127,513			$	1,810,506			$	1,127,513
Less: Goodwill and other intangible assets
Goodwill			(102,536	)			(102,536	)			(93,483	)			(93,483	)			(93,483	)			(102,536	)			(93,483	)
Other intangible assets			(86,215	)			(90,452	)			(4,476	)			(4,983	)			(5,650	)			(86,215	)			(5,650	)
Tangible stockholders' equity (non-GAAP)		$	1,621,755			$	1,644,404			$	1,077,548			$	1,054,890			$	1,028,380			$	1,621,755			$	1,028,380
Total assets (GAAP)		$	15,276,885			$	15,717,985			$	8,565,123			$	8,485,162			$	8,495,437			$	15,276,885			$	8,495,437
Less: Goodwill and other intangible assets
Goodwill			(102,536	)			(102,536	)			(93,483	)			(93,483	)			(93,483	)			(102,536	)			(93,483	)
Other intangible assets			(86,215	)			(90,452	)			(4,476	)			(4,983	)			(5,650	)			(86,215	)			(5,650	)
Tangible assets (non-GAAP)		$	15,088,134			$	15,524,997			$	8,467,164			$	8,386,696			$	8,396,304			$	15,088,134			$	8,396,304
Total stockholders' equity to total assets (GAAP)			11.85	%			11.69	%			13.72	%			13.59	%			13.27	%			11.85	%			13.27	%
Less: Impact of goodwill and other intangible assets			(1.10	)%			(1.10	)%			(0.99	)%			(1.01	)%			(1.02	)%			(1.10	)%			(1.02	)%
Tangible stockholders' equity to tangible assets (non-GAAP)			10.75	%			10.59	%			12.73	%			12.58	%			12.25	%			10.75	%			12.25	%
Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax:
Tangible stockholders' equity (non-GAAP)		$	1,621,755			$	1,644,404			$	1,077,548			$	1,054,890			$	1,028,380			$	1,621,755			$	1,028,380
Less: Net unrealized losses on HTM securities, net of tax			(4,315	)			(3,553	)			(3,407	)			(3,320	)			(3,432	)			(4,315	)			(3,432	)
Tangible stockholders’ equity less net unrealized losses on HTM securities, net of tax (non-GAAP)		$	1,617,440			$	1,640,851			$	1,074,141			$	1,051,570			$	1,024,948			$	1,617,440			$	1,024,948
Tangible assets (non-GAAP)		$	15,088,134			$	15,524,997			$	8,467,164			$	8,386,696			$	8,396,304			$	15,088,134			$	8,396,304
Less: Net unrealized losses on HTM securities, net of tax			(4,315	)			(3,553	)			(3,407	)			(3,320	)			(3,432	)			(4,315	)			(3,432	)
Tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP)		$	15,083,819			$	15,521,444			$	8,463,757			$	8,383,376			$	8,392,872			$	15,083,819			$	8,392,872
Tangible stockholders’ equity to tangible assets (non-GAAP)			10.75	%			10.59	%			12.73	%			12.58	%			12.25	%			10.75	%			12.25	%
Less: Impact of net unrealized losses on HTM securities, net of tax			(0.03	)%			(0.02	)%			(0.04	)%			(0.04	)%			(0.04	)%			(0.03	)%			(0.04	)%
Tangible stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP)			10.72	%			10.57	%			12.69	%			12.54	%			12.21	%			10.72	%			12.21	%
Tangible book value per share:
Total stockholders' equity (GAAP)		$	1,810,506			$	1,837,392			$	1,175,507			$	1,153,356			$	1,127,513			$	1,810,506			$	1,127,513
Tangible stockholders' equity (non-GAAP)			1,621,755				1,644,404				1,077,548				1,054,890				1,028,380			$	1,621,755			$	1,028,380
Total shares outstanding			45,552,676				46,765,434				27,935,888				27,887,337				27,854,764				45,552,676				27,854,764
Book value per share (GAAP)		$	39.75			$	39.29			$	42.08			$	41.36			$	40.48			$	39.75			$	40.48
Tangible book value per share (non-GAAP)		$	35.60			$	35.16			$	38.57			$	37.83			$	36.92			$	35.60			$	36.92
Adjusted net income:
Net income (loss) (GAAP)		$	38,382			$	(22,850	)		$	21,583			$	24,807			$	23,174			$	37,115			$	73,129
Add: Adjustments
Merger related expenses, net of tax			9,830				43,871				2,090				2,116				238				55,791				526
Total adjustments, net of tax			9,830				43,871				2,090				2,116				238				55,791				526
Adjusted net income (non-GAAP)		$	48,212			$	21,021			$	23,673			$	26,923			$	23,412			$	92,906			$	73,655
Adjusted diluted earnings per share:
Diluted earnings (loss) per share (GAAP)		$	0.82			$	(0.49	)		$	0.76			$	0.88			$	0.82			$	0.91			$	2.59
Add: Impact of adjustments
Merger related expenses, net of tax			0.21				0.94				0.08				0.07				0.01				1.36				0.02
Adjusted diluted earnings per share (non-GAAP)		$	1.03			$	0.45			$	0.84			$	0.95			$	0.83			$	2.27			$	2.61
Adjusted return on average total assets:
Return on average total assets (ROAA) (GAAP)			0.98	%			(0.54	)%			1.04	%			1.17	%			1.09	%			0.36	%			1.19	%
Add: Impact of adjustments
Merger related expenses, net of tax			0.25	%			1.04	%			0.10	%			0.10	%			0.01	%			0.55	%			0.01	%
Adjusted ROAA (non-GAAP)			1.23	%			0.50	%			1.14	%			1.27	%			1.10	%			0.91	%			1.20	%
Adjusted return on average stockholders’ equity:
Return on average stockholders' equity (ROAE) (GAAP)			8.23	%			(4.92	)%			7.47	%			8.58	%			8.22	%			3.04	%			8.99	%
Add: Impact of adjustments
Merger related expenses, net of tax			2.10	%			9.44	%			0.73	%			0.73	%			0.09	%			4.57	%			0.06	%
Adjusted ROAE (non-GAAP)			10.33	%			4.52	%			8.20	%			9.31	%			8.31	%			7.61	%			9.05	%
Tangible net income:
Net Income (GAAP)		$	38,382			$	(22,850	)		$	21,583			$	24,807			$	23,174			$	37,115			$	73,129
Add: Intangible amortization, net of tax			3,348				3,347				401				496				457				7,096				1,409
Tangible net income (non-GAAP)		$	41,730			$	(19,503	)		$	21,984			$	25,303			$	23,631			$	44,211			$	74,538
Return on average tangible stockholders’ equity
Return on average stockholders’ equity (ROAE) (GAAP)			8.23	%			(4.92	)%			7.47	%			8.58	%			8.22	%			3.04	%			8.99	%
Add: Impact of excluding average goodwill and other intangible assets, inclusive of after-tax intangible amortization
Goodwill			0.94	%			(0.57	)%			0.69	%			0.81	%			0.81	%			0.34	%			0.90	%
Other intangible assets			0.80	%			0.80	%			0.15	%			0.19	%			0.17	%			0.64	%			0.19	%
Return on average tangible stockholders’ equity (ROATE) (non-GAAP)			9.97	%			(4.69	)%			8.31	%			9.58	%			9.20	%			4.02	%			10.08	%
Adjusted return on average tangible stockholders’ equity:
Return on average tangible stockholders' equity (ROATE) (non-GAAP)			9.97	%			(4.69	)%			8.31	%			9.58	%			9.20	%			4.02	%			10.08	%
Add: Impact of adjustments
Merger related expenses, net of tax			2.35	%			10.55	%			0.79	%			0.80	%			0.10	%			5.08	%			0.08	%
Adjusted ROATE (non-GAAP)			12.32	%			5.86	%			9.10	%			10.38	%			9.30	%			9.10	%			10.16	%
Adjusted total noninterest expense:
Total noninterest expense (GAAP)		$	126,553			$	171,712			$	75,341			$	72,041			$	68,901			$	373,606			$	199,733
Less: Adjustments:
Merger related expenses			(13,246	)			(57,559	)			(2,681	)			(2,217	)			(241	)			(73,486	)			(526	)
Total adjustments			(13,246	)			(57,559	)			(2,681	)			(2,217	)			(241	)			(73,486	)			(526	)
Adjusted total noninterest expense (non-GAAP)		$	113,307			$	114,153			$	72,660			$	69,824			$	68,660			$	300,120			$	199,207
Adjusted efficiency ratio:
Efficiency ratio (GAAP)			70.43	%			93.25	%			68.52	%			65.37	%			64.22	%			78.86	%			64.62	%
Less: Impact of adjustments
Merger related expenses			(7.37	)%			(31.26	)%			(2.44	)%			(2.01	)%			(0.22	)%			(15.51	)%			(0.17	)%
Adjusted efficiency ratio (non-GAAP)			63.06	%			61.99	%			66.08	%			63.36	%			64.00	%			63.35	%			64.45	%
Fully tax equivalent (“FTE”) net interest income and net interest margin:
Net interest income (GAAP)		$	140,301			$	143,195			$	82,779			$	83,461			$	80,953			$	366,275			$	233,930
Gross income effect of tax exempt income			1,904				2,198				1,198				1,156				1,225				5,300				3,621
FTE net interest income (non-GAAP)		$	142,205			$	145,393			$	83,977			$	84,617			$	82,178			$	371,575			$	237,551
Average earning assets		$	14,578,482			$	16,031,868			$	7,900,665			$	7,916,085			$	7,888,042			$	12,861,466			$	7,681,360
Net interest margin			3.82	%			3.58	%			4.25	%			4.18	%			4.07	%			3.81	%			4.07	%
Net interest margin on FTE basis (non-GAAP)			3.87	%			3.63	%			4.31	%			4.23	%			4.12	%			3.86	%			4.13	%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20261025945781/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

Key Terms

non-gaap financial measure financial

A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.

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.

common equity tier 1 risk-based capital ratio regulatory

A measure of a bank’s core capital — mainly common shares and retained earnings — divided by its assets after those assets are adjusted for how risky they are. Think of it like a household emergency fund sized against the value and riskiness of what you own: the larger the cushion, the better the bank can absorb losses. Investors use it to judge a bank’s financial strength, safety, and regulatory soundness, which affects dividends, lending capacity and the chance of government intervention.

cre financial

Commercial real estate (CRE) means buildings and land used to generate income—like offices, shopping centers, warehouses and apartment complexes. Investors care because CRE produces rent, affects a company’s costs and value, and is sensitive to interest rates and the economy; think of it as a business’s rental property whose income and price can swing with market demand and borrowing costs, influencing returns and risk.