Form 8-K
8-K — FIRSTSUN CAPITAL BANCORP
Accession: 0001709442-26-000051
Filed: 2026-10-26
Period: 2026-10-26
CIK: 0001709442
SIC: 6021 (NATIONAL COMMERCIAL BANKS)
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — fcb-20261026.htm (Primary)
EX-99.1 (exhibit991-earningspressre.htm)
EX-99.2 (a3q26earningspresentatio.htm)
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8-K
8-K (Primary)
Filename: fcb-20261026.htm · Sequence: 1
fcb-20261026
0001709442FALSE00017094422026-10-262026-10-260001709442dei:FormerAddressMember2026-10-262026-10-26
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): October 26, 2026
FIRSTSUN CAPITAL BANCORP
(Exact name of registrant as specified in its charter)
Delaware
001-42175
81-4552413
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification Number)
5299 DTC Blvd, Suite 1050
Greenwood Village, Colorado 80111
(Address of principal executive offices and zip code)
(303) 831-6704
(Registrant's telephone number, including area code)
1400 16th Street, Suite 250
Denver, Colorado 80202
(Former name or former address)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange
on which registered
Voting Common
Stock, $.0001 Par Value
FSUN
Nasdaq Global
Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17CFR § 230.405) or 12b-2 of the Exchange Act of 1934 (17 CFR § 240.12b-2).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On October 26, 2026, FirstSun Capital Bancorp (the “Company”) issued an earnings press release announcing financial results for the third quarter ended September 30, 2026. The earnings press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 7.01 Regulation FD Information.
On October 26, 2026, the Company made available on its website an earnings presentation regarding the Company’s financial results for the third quarter ended September 30, 2026, which will be used in connection with an earnings conference call for investors and analysts at 11:00 a.m. (ET) on Tuesday, October 27, 2026 and at upcoming investor conferences. The earnings presentation is furnished as Exhibit 99.2.
Item 9.01 Financial Statements and Exhibits
(d) The following exhibit index lists the exhibits that are either filed or furnished with this Current Report on Form 8-K:
EXHIBIT INDEX
Exhibit Number
Description
99.1
Earnings Press Release
99.2
Earnings Presentation
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FIRSTSUN CAPITAL BANCORP
Date: October 26, 2026
By:
/s/ Robert A. Cafera, Jr.
Name:
Robert A. Cafera, Jr.
Title:
Senior Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
EX-99.1
EX-99.1
Filename: exhibit991-earningspressre.htm · Sequence: 2
Document
FirstSun Capital Bancorp Reports Third Quarter 2026 Results
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, Colorado – October 26, 2026 – 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.
1 Total revenue is net interest income plus noninterest income.
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 revenue2 was 21.9% for the third quarter of 2026, a decrease of 0.3% from the prior quarter.
2 Total revenue is net interest income plus noninterest income.
2
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, 20263.
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.
3 Uninsured deposits and uninsured and uncollateralized deposits are reported for our wholly-owned subsidiary Sunflower Bank, N.A.
3
Non-GAAP Financial Measures
This press release (including the tables beginning on page 16) 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 margin4.
The tables beginning on page 16 provide a reconciliation of the non-GAAP financial measures contained in this press release to the most comparable GAAP equivalent.
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.
4 FTE net interest income and net interest margin are calculated using a federal tax rate of 21%.
4
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.
5
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 on page 16 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
2 Total revenue is net interest income plus noninterest income.
6
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 on page 16 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
2 Total revenue is net interest income plus noninterest income.
7
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
8
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
9
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
10
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 on page 16 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.
11
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 on page 16 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
12
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 on page 16 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
13
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.
14
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 %
15
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 %
16
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 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 %
17
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 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 %
18
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
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 %
19
Contacts:
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
20
EX-99.2
EX-99.2
Filename: a3q26earningspresentatio.htm · Sequence: 3
a3q26earningspresentatio
3Q2026 Earnings Presentation October 26, 2026 FirstSun Capital Bancorp NASDAQ: FSUN
FirstSun Capital Bancorp | 2 Disclaimers Forward-Looking Statements This presentation contains forward-looking information and statements by FirstSun Capital Bancorp (“FirstSun” or the “Company”) within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by the use of words such as “believe”, “expect”, “anticipate”, “plan”, “project”, “intend”, “estimate”, “may”, “will”, “would”, “could”, “should”, “assume”, “assumptions”, “view”, “continue”, “opportunity”, “strategic emphasis”, “seek to”, and “outlook” or other similar expressions, and in this presentation include statements regarding our strategy, our merger with First Foundation Inc. (“First Foundation”), our outlook regarding our loan portfolio, deposit mix, net interest income, noninterest income, noninterest expense, asset quality, liquidity and capital priorities, as well as statements on the slide entitled “Fourth Quarter 2026 Financial Outlook,” including our Q4 2026 outlook, key assumptions and further expectations. 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 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 presentation 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. Q4 2026 Outlook and 2027 Further Expectations - Basis and Limitations Our Q4 2026 Financial Outlook and 2027 Further Expectations reflect management’s current expectations regarding certain financial and operating metrics and related key assumptions and further expectations as of October 26, 2026. The outlook includes preliminary estimates of acquisition-related purchase accounting adjustments with respect to the First Foundation merger, which are subject to change. The outlook and further expectations are provided for convenience and should not be regarded as a guarantee of future results. Actual results, conditions or outcomes may differ materially. See “Forward‑Looking Statements” in the above heading. We undertake no obligation to update or affirm the outlook or further expectations, except as required by law. Forward‑looking non‑GAAP measures appearing in the Q4 2026 Financial Outlook should be read together with “Use of Non‑GAAP Measures.”
FirstSun Capital Bancorp | 3 Disclaimers (cont’d) Use of Non-GAAP Measures This presentation includes certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures include certain operating performance measures that exclude merger-related and other charges that are not considered part of the Company’s recurring operations. The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance and the efficiency of its operations. Management believes these non-GAAP measures provide a greater understanding of the Company’s ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant items in the current period. The Company believes a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. The Company’s management believes investors may find these non-GAAP financial measures useful and that these non-GAAP financial measures provide useful supplemental information for evaluating the Company’s performance trends. Further, the Company’s management uses these measures in managing and evaluating the Company’s business and intends to refer to them in discussions about the Company’s operations and performance. 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. These measures should be viewed in addition to, and not as an alternative to, or substitute for, measures that are determined in accordance with GAAP. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measure are included in the Appendix to this presentation. 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. Market, Industry and Statistical Data Certain market and industry data used in this presentation are based on third‑party sources, publicly available information and internal estimates. We believe such information to be reliable, but we have not independently verified it and make no representation as to its accuracy or completeness.
FirstSun Capital Bancorp | 4 Corporate Profile1 Operating in six of the Top 10 Fastest Growing MSAs2 # 1 Austin, TX 2 Dallas, TX 3 Orlando, FL 4 Charlotte, NC 5 Houston, TX 6 Tampa, FL 7 Nashville, TN 8 San Antonio, TX 9 Phoenix, AZ 10 Atlanta, GA With a Presence in seven of the 10 Largest MSAs in the Southwest & Western US3 # 1 Southern CA4 2 Dallas, TX 3 Houston, TX 4 Phoenix, AZ 5 Ontario, CA 6 San Francisco, CA 7 Seattle, WA 8 Minneapolis, MN 9 San Diego, CA 10 Denver, CO 1,587 Full-Time Employees 99 Full Service Branches 44 States with Mortgage Capabilities Headquarters: FirstSun: Denver, CO Sunflower Bank: Dallas, TX Key Facts and Statistics $1.7B $38.61 1.08x $35.60 11.81x Market Cap Price per Share Price / TBV5 TBV per Share5 Price / LTM Adjusted Diluted EPS5 KBRA Ratings5 FirstSun Capital Bancorp Sunflower Bank, N.A. Senior Unsecured Debt = BBB Deposit = BBB+ Subordinated Debt = BBB- Senior Unsecured Debt = BBB+ Short-Term Debt = K3 Short-Term Deposit = K2 Short-Term Debt = K2 Source: S&P Global Market Intelligence, Company documents. 1 As of September 30, 2026. 2MSAs with leading household income and growth with a population currently over 2 million. 3Defined as states west of the Mississippi River. 4The MSA of Southern California includes Los Angeles, Long Beach, and Anaheim; excludes San Diego and Ontario, CA. 5As of Oct 31, 2025. KBRA ratings review expected in Q4 2026. 6Represents a non-GAAP financial measure. See Appendix for Non-GAAP Reconciliation. $15.3B Total Assets $13.0B Total Deposits $11.5B Loans HFI Franchise Footprint Key Facts and Statistics $1.7B $38.61 1.08x $35.60 7.72x Market Cap Price per Share Price / TBV5 TBV per Share5 Market Cap / LTM Adjusted PTPP Net Income5 Key Facts and Statistics $1.7B $38.61 1.08x $35.60 6.27x Market Cap Price per Share Price / TBV6 TBV per Share6 Market Cap / Q3 Annualized Adjusted PTPP Net Income6
FirstSun Capital Bancorp | 5 Investment Thesis — Focused Strategy Mix of community and high growth metro markets with emphasis on Southwest and Western US C&I business focus with a disciplined and careful CRE exposure to core customers in our geography Vertical lending expertise provides true alternative to larger banks Core deposit funded franchise Consistently strong financial service income Tenured management team
FirstSun Capital Bancorp | 6 Unique High Growth Franchise Universe Size Attractive Footprint3 Strong Service Fee Revenue Lending Focus Growth ~ 50 Banks 1 Bank Banks with Total Assets $10B - $30B MRQ Service Fee Revenue / Rev. > 20% Specialized C&I Lending1 Loan Growth2 > 10% With scale in six of the top 10 fastest growing MSAs Durable & Growing Earnings Differentiated Platform Strong Growth Momentum Strategic Focus in Key US Markets Attractive core deposit funded franchise with proven ability to deliver strong organic growth SCARCITY VALUE Source: S&P Global Market Intelligence; Financial data as of most recent quarter available. 1Specialized C&I lending defined as C&I concentration of 25% or greater of total loan portfolio. 2Loan Growth represents CAGR calculated from December 31, 2018 to September 30, 2026. 3MSAs with leading household income and growth with a population currently over 2 million.
FirstSun Capital Bancorp | 7 Third Quarter 2026 Results Net Income $38.4 million $48.2 million Reported Adjusted1 Diluted EPS $0.82 $1.03 Reported Adjusted1 PTPP ROAA1 1.36% 1.70% Reported1 Adjusted1 Noninterest Income to Total Revenue3 21.9% ROAA 0.98% 1.23% Reported Adjusted1 Net Interest Margin 3.82% ROATE1 9.97% 12.32% Reported1 Adjusted1 Net Charge-Offs to Average Loans2 0.11% Annualized EOP Loan Growth2 (3.8)% Annualized EOP Deposit Growth (13.2)% • Record reported and adjusted net income in Q3 • NIM expansion of 24 basis points from the prior quarter reflecting: ◦ Loan yield increase of 17 basis points ◦ Continued improvement in funding mix and related costs - total cost of funds decreased 8 basis points • Wholesale funding ratio of 6.7% • Loan to deposit ratio of 88.3% at September 30, 2026 • Efficiency ratio of 70.43%; adjusted efficiency ratio1 of 63.06% in Q3 • Repurchased 1,245,224 common shares for $49.7 million under our share repurchase program • Successfully completed the First Foundation core system conversion in Q3 1Represents a non-GAAP financial measure. See Appendix for Non-GAAP Reconciliation. 2Represents loans held-for-investment. 3Total revenue is net interest income plus noninterest income. 2026 Q3 Highlights
FirstSun Capital Bancorp | 8 Efficiency Ratio 78.86% 63.35% Reported Adjusted1 Year-to-Date 2026 Results Net Income $37.1 million $92.9 million Reported Adjusted1 Diluted EPS $0.91 $2.27 Reported Adjusted1 PTPP ROAA1 0.98% 1.70% Reported1 Adjusted1 Net Charge-Offs to Average Loans2 0.75% ROAA 0.36% 0.91% Reported Adjusted1 Noninterest Income to Total Revenue3 22.7% ROATE1 4.02% 9.10% Reported1 Adjusted1 CET1 11.99% Net Interest Margin 3.81% 1Represents a non-GAAP financial measure. See Appendix for Non-GAAP Reconciliation. 2Represents loans held-for-investment 3Total revenue is net interest income plus noninterest income. Annualized EOP Deposit Growth 110.3% (7.2)% Reported Adjusted1 • Completed merger with First Foundation on April 1, 2026, acquiring $6.0B of loans, net, $11.2B of total assets, and $8.8B of total deposits, net of purchase accounting adjustments • Completed balance sheet repositioning strategy in Q2 following First Foundation acquisition totaling: ◦ Asset downsizing ▪ $1.4B of Securities ▪ $1.3B of Loans ▪ $1.2B of Cash ◦ Liability downsizing ▪ $2.5B of Brokered & High Rate Deposits ▪ $1.4B of Borrowings • Total revenue3 of $473.8 million, a 53.3% increase over YTD Q3 2025 • Maintained strong capital levels with CET1 ratio of 11.99% at September 30, 2026 • Tangible book value of $35.60 at September 30, 2026 Annualized EOP Loan Growth2 95.9% 1.0% Reported Adjusted1 2026 YTD Highlights
FirstSun Capital Bancorp | 9 Loan Portfolio Trends Portfolio Composition 31.9% 8.0% 9.9% 24.4% 16.5% 8.1% 1.2% Commercial and Industrial Commercial Real Estate: Owner Occupied Commercial Real Estate: Non-Owner Occupied Multifamily, Construction, and Land Residential Real Estate Public Finance Consumer and Other $ in m ill io ns Originations, Paydowns & Payoffs Loan Originations Loan Paydowns and Payoffs Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $200 $300 $400 $500 $600 Average Total Loans and Yield 6.49% 6.37% 6.36% 6.16% 6.33% 6.78% 6.82% 6.72% 6.76% 6.91% Average Loans HFI + HFS Loan Yield Loan Yield on New Originations Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $3,000 $6,000 $9,000 $12,000 1 Originations are new loan originations, net of lines-of-credit repayments on new lines originated during the calendar year. 2 Paydowns and Payoffs include purchase accounting mark accretion, net of draws on lines-of-credit originated in prior years. Repayments on new lines originated in 2026 are not presented in this amount. ($ in millions) • Strategic emphasis on C&I lending • Seek to maintain variable vs fixed portfolio mix. At September 30, 2026: ◦ ~ 70% variable (~ 58% repricing w/in 1 year): ▪ ~ 37% reprices monthly (< 30 days) ▪ ~ 21% reprices w/in months 2-12 • 1% decrease in line utilization over Q2 • 11% annualized decrease in multifamily loan balances over Q2 • Office CRE composition 2% of loans: NOO of $99.9 million; OO of $118.1 million at September 30, 2026 ◦ Not central business district properties • Loans to nondepository financial institutions are included within C&I and comprise less than 7% of loans at September 30, 2026: 96% pass graded Strategy and Q3 Highlights Q3 2026 Loan Balance Activity (in millions) Q2 2026 Ending Balance $ 6,834 Loan downsizing3 — Adjusted loan growth 4,623 Q3 2026 Ending Balances $ 11,458 QoQ Change $ 4,624 21
FirstSun Capital Bancorp | 10 Deposit Trends Average Deposit Composition $13,197 $14,474 $7,030 $7,075 $7,080 Noninterest-bearing Interest-bearing demand and NOW Savings Money market CDs Wholesale Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Cost of Deposits 2.81% 2.60% 2.46% 2.77% 2.75% 2.16% 1.98% 1.89% 2.27% 2.19% Int-bearing deposits Total Deposits Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Loan to Deposit Ratio 94.0% 93.9% 97.9% 86.2% 88.3% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 ($ in millions) • Strategic emphasis on high quality diverse relationship-based core deposits to drive organic balance sheet growth • Wholesale funding ratio of 6.7% at September 30, 2026 • Avg deposit composition - continued mix shift ◦ Increase in noninterest bearing mix to 20.3% ◦ Decrease in wholesale mix to 6.8% • EOP decrease of $447 million: ◦ Brokered $42 million ◦ Higher rate non-relationship $255 million ◦ Seasonal $65 million ◦ All other net balance declines $85 million • Commercial business deposits represented 43% of total deposits and represented 59% of noninterest bearing deposits at September 30, 2026 Strategy and Q3 Highlights 18.1% 19.9% 13.6% 26.8% 8.3% 13.3% 23.1% 21.7% 5.4% 32.6% 12.2%5.0% 24.0% 20.7% 5.4% 31.8% 12.6% 5.5% 23.2% 20.3% 5.6% 31.2% 13.6% 6.1% 20.3% 21.0% 14.5% 29.1% 8.3% 6.8% Beta - Prior Cycle (pre-acquisition) = 39%1 1 Change in cost of interest bearing deposits from Q3 2024 to Q1 2026, divided by the cumulative rate cut of 1.75% since the beginning of the current rate-cutting cycle. Q2 2026 Deposit Balance Activity (in millions) Q1 2026 Ending Balance $ 7,171 First Foundation acquired deposits3 as of 4/1/26 — Deposit downsizing — Adjusted deposit growth 5,800 Q2 2026 Ending Balances $ 12,971 QoQ Change $ 5,800
FirstSun Capital Bancorp | 11 NIM Bridge 3.58% (1.25)% 0.68% (0.10)% 3.82% Q2 2026 First Foundation Impact Purchase Accounting Adjustments Impact Legacy FirstSun Impact Q3 2026 Loan Yield, NIM, Cost of Funds 6.49% 6.37% 6.36% 6.16% 6.33% 4.07% 4.18% 4.25% 3.58% 3.82% 2.22% 2.00% 1.91% 2.34% 2.26% Loan Yield NIM Cost of Funds Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net Interest Income $80,953 $83,461 $82,779 $143,195 $140,301 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Loan Repricing Mix 28% 61% 7% 3% Fixed SOFR Prime Other Net Interest Income & Net Interest Margin Trends ($ in thousands) Strategy and Q3 Highlights 1 Represents a non-GAAP financial measure. 2Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale. 3As of September 30, 2026. 4The First Foundation acquisition closed on April 1, 2026 and all purchase accounting adjustments are preliminary as of September 30, 2026 and are subject to change until the measurement period is closed. 5Components of the NIM bridge reflect the changes relative to average total earning assets at each respective period. 5 2 Net Interest Income $80,953 $83,461 $82,779 $143,195 $140,301 $116,021 $114,653 $27,174 $25,648 NII, excluding net accretion income Net accretion income Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 • Loan yield increased 17 bps to 6.33%, from Q2, primarily due to loan sales in Q2 2026, comprised of lower-yielding multifamily and public finance loans acquired from First Foundation, and the rising interest rate environment and its impact on variable rate loans • Cost of interest-bearing deposits decreased two bps, from Q2, due primarily to the disposition of higher-cost certificates of deposit acquired from First Foundation • Total cost of funds decreased 8 bps, from Q2, primarily due to improvement in funding mix Net Fair Value Marks Impacting NII ($ in millions)4 June 30, 2026 purchase accounting discount, net $ 307 Net accretion income in Q3 26 September 30, 2026 purchase accounting discount, net $ 281 Impact to NIM in Q3 0.70 % 3 NIM Bridge 3.58% 0.19% (0.04)% 0.09% 3.82% Q2 2026 Loans Investment Securities and IB Cash IB Liabilities Q3 2026 1
FirstSun Capital Bancorp | 12 Noninterest Income Trends Noninterest Income Composition $39,382 $40,948 $27,175 $26,744 $26,333 $12,743 $15,958 $14,315 $12,102 $12,641 $9,881 $9,413 $1,489 $1,515 $1,536 $5,096 $5,067 $4,613 $4,544 $4,402 $3,060 $2,952 $2,713 $2,744 $2,671 $2,371 $2,292 $2,096 $2,116 $2,162 $6,231 $5,266 $1,949 $3,723 $2,921 Mortgage Banking Services Trust and Investment Advisory Fees Treasury Management Service Fees Credit and Debit Card Fees Deposit Account Service Fees Other Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 ($ in thousands) Strategy and Q3 Highlights 1 At 3Q2026 2 Total revenue is net interest income plus noninterest income. • Strategic emphasis on diversified revenue mix, targeting > 20% noninterest income / total revenue • Combined increase of $0.7 million over Q2, or 14% annualized, in Trust and Investment Advisory Fees, Treasury Management Service Fees, Credit and Debit Card Fees, and Deposit Account Service Fees • Other noninterest income includes swap and loan syndication revenues of $2.8 million in Q3, up $1.9 million, or 231%, over Q2 Noninterest Income Mix Deposit Account Service Fees 6% Treasury Management Service Fees 13% Credit and Debit Card Fees 8% Trust and Investment Advisory Fees 25% Mortgage Banking Services 32% Other 16% 1 Noninterest Income to Total Revenue2 Q3 2026 21.9 % Q2 2026 22.2 % Q1 2026 24.7 % Q4 2025 24.3 % Q3 2025 24.5 %
FirstSun Capital Bancorp | 13 Noninterest Income Trends (cont’d) Q3 Highlights 1Total revenue is net interest income plus noninterest income. • Mortgage Banking ◦ Q3 2026 origination volume, while down to Q2 2026, is up 16% compared to Q3 2025 ◦ Continued strong gain on sale margin ◦ 10% annualized increase in mortgage servicing revenue over Q2 • Wealth and Trust ◦ Trust and investment advisory services revenue comprised 25% of noninterest income Mortgage Banking Services Composition 12.0% 7.9% 7.0% 17.1% 10.5% 37.4% 39.6% 34.7% 31.3% 40.1% 50.6% 52.5% 58.3% 51.6% 49.4% 11.8% 11.0% 13.0% 8.7% 7.1% MSR, net Mortgage servicing revenue Origination revenue Percent of total revenue Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 —% 100.0% Mortgage Originations 3.04% 2.79% 2.85% 3.17% 3.19% Total Secondary Gain on sale margin Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $—M $150M $300M $450M $600M Wealth & Trust AUM / AUA $1,496 $1,442 $1,485 $7,432 $7,333 1.4% 1.4% 1.4% 5.1% 5.5% AUM / AUA Percent of total revenue Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 ($ in millions)
FirstSun Capital Bancorp | 14 Noninterest Expense Trends Noninterest Expense Composition $126,553 $171,712 $75,341 $72,041 $68,901 $63,344 $68,744 $47,356 $43,520 $44,822 $15,532 $15,504 $10,006 $9,576 $9,591 $27,431 $22,926 $14,791 $16,100 $13,669 $13,246 $57,559 Salary and Employee Benefits Occupancy, Equipment and Software Customer service costs Amortization of Intangible Assets Other Noninterest Expenses Merger Related Expenses Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Efficiency Ratio 64.22% 65.37% 68.52% 93.25% 70.43% 64.00% 63.36% 66.08% 61.99% 63.06% Adjusted Efficiency Ratio Efficiency Ratio Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 ($ in thousands) 1Represents a non-GAAP financial measure. See Appendix for Non-GAAP Reconciliation. • Expect to continue investment in building out our franchise organically (sales force & infrastructure): ◦ Continued investment in growth markets • Salary and Employee Benefits decreased $5.4 million from Q2 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 from Q2, primarily due to higher loan collection expenses • Merger-related cost saves trending above expectations with approximately 70% of the total announced savings achieved through 3Q Strategy and Q3 Highlights 1
FirstSun Capital Bancorp | 15 Asset Quality Trends Net Charge-Offs $9,053 $5,024 $10,561 $42,404 $3,313 Commercial and Industrial Public Finance Commercial Real Estate, Residential Real Estate, Consumer and Other Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $— $10,000 $20,000 $30,000 $40,000 Allowance for Credit Losses $84,040 $85,016 $82,955 $173,551 $174,638 1.26% 1.27% 1.20% 1.50% 1.52% ACL ACL to Loans Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 ($ in thousands) ($ in thousands)($ in thousands) • $39.9 million total reduction in substandard loans in Q3 ◦ $12.7 million increase in nonperforming loans from Q2, primarily related to two CRE loans • $23.8 million reduction in special mention loans • Annualized net charge-offs of 0.11% in Q3, primarily related to one C&I loan and one multifamily loan, both acquired from First Foundation • Provision for credit losses of $4.4 million in Q3, primarily related to specific reserves on two CRE loans Q3 Highlights Nonperforming Loans $69,641 $60,771 $59,656 $190,115 $202,851 1.04% 0.91% 0.86% 1.64% 1.77% Commercial and Industrial Residential Real Estate Commercial Real Estate Public Finance Consumer and Other Nonperforming Loans to Loans Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $— $100,000 $200,000
FirstSun Capital Bancorp | 16 Asset Quality Trends (cont’d) ($ in thousands) ($ in thousands) ACL & NCO %s 1.12% 1.28% 1.38% 1.27% 1.52% (0.01)% 0.13% 0.32% 0.43% 0.75% 0.35% ACL to Loans Net Charge-Off (Recoveries) % Trailing 5 Year NCO % 2022 2023 2024 2025 2026 YTD Provision for Credit Losses & Net Charge-Offs (Recoveries) $18,050 $18,247 $27,550 $24,600 $53,050 $(320) $7,810 $20,377 $28,255 $56,337 Provision for Credit Losses Net Charge-Offs (Recoveries) 2022 2023 2024 2025 2026 YTD Nonperforming Loans $29,067 $63,143 $69,050 $60,771 $202,851 0.49% 1.01% 1.08% 0.91% 1.77% Commercial and Industrial Residential Real Estate Commercial Real Estate Public Finance Consumer and Other Nonperforming Loans to Loans 2022 2023 2024 2025 2026 $— $50,000 $100,000 $150,000 $200,000 $250,000 Credit Risk-Adjusted Returns NIM NCO Earning Assets Adj.2 Credit Adjusted NIM1 1 Year Average 3.87% (0.67)% 0.14% 3.34% 3 Year Average 3.97% (0.50)% 0.09% 3.56% 5 Year Average 3.96% (0.35)% 0.06% 3.67% 1Represents a non-GAAP financial measure. See Appendix for Non-GAAP Reconciliation. Credit adjusted NIM is defined as net interest margin less net charge-offs over average earning assets. 2Reflects impact from use of average earning assets to align denominator for both NIM and NCO calculations.
FirstSun Capital Bancorp | 17 Capital and Liquidity Total Capital Ratio 15.81% 15.73% 15.29% 14.13% 14.29% 11.0% Total Capital Ratio Capital Operating Threshold Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Common Equity Tier 1 Capital Ratio 13.79% 14.12% 13.77% 11.95% 11.99% 8.0% CET1 Capital Operating Threshold Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Liquidity Ratios TCE / TA, + Net Unrealized Losses on HTM Securities, Net of Tax Wholesale Deposits and Borrowings to Total Liabilities AOCI + HTM Unrealized Loss, Net of Tax / Total Equity Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 3.00% 6.00% 9.00% 12.00% 15.00% • Liquidity & IRR ◦ Seek to maintain historical solid liquidity positioning across multiple sources ◦ Seek to maintain balance sheet strength with relative neutrality objective to downward/upward rates (-/+ 100bps) ▪ Slightly asset sensitive currently • Capital Priorities ◦ Support organic growth through earnings ◦ Returned $49.7 million of capital to stockholders via repurchase of 1,245,224 common shares in Q3 under our share repurchase program; $100 million remains available for repurchase through Q2 2027 ◦ 11% CET 1 operating target • Wholesale funding ratio of 6.7% at September 30, 2026 Strategy and Q3 Highlights $6.1B Immediate Borrowing Availability 1Represents a non-GAAP financial measure. See Appendix for Non-GAAP Reconciliation. 1
FirstSun Capital Bancorp | 18 Consistent Long-Term Strategy Southwest and Western Growth Market Emphasis C&I Focused Commercial Bank High Service Fee to Revenue Mix Core Deposit Franchise Operating Strategy Focused on Organic Loan and Deposit Growth in Targeted Markets Operating in six of 10 Fastest Growing MSAs1 in US Robust Mix of Customer Relationships across Urban and Rural Communities Relationship Driven C&I Banking with Attractive Specialty Verticals Expansive Treasury Management Services Multifamily Based CRE Concentration Revenue Diversification Emphasis Multiple Profitable Service Fee Income Lines of Business Best in Class Revenue Mix High Quality, Attractive Long-Term Beta, Low Cost Deposits Balanced Geographic Distribution Across Deposit Rich Markets in the Southwest and Western US and Florida Advantageous Funding Solid Core Earnings Progression Sound Risk and Compliance Programs Unique Organic Growth Opportunity with Low Market Share in Higher Growth Attractive Markets 1 2 3 4 5 1Defined as MSAs with population over 2 million.
FirstSun Capital Bancorp | 19 Fourth Quarter 2026 Financial Outlook1 Business Driver Q4 2026 Outlook Loans Mid single digit growth Deposits, excl. brokered3 Mid single digit growth Investments High single digit growth Net Interest Margin (%) Mid-3.80s Noninterest Income to Total Revenue (%)2 Low-20s Efficiency Ratio (%) Low-60s Credit Outlook Net Charge-Offs to Avg Loans: Low 20s range in bps ACL to Loans: Low-150s in bps 1Our Q4 2026 Outlook, and 2027 expectations, key assumptions and further expectations contain forward-looking statements. See "Disclaimers" beginning on slide 2. Q4 2026, and 2027 expectations assume no material changes to current regional, national and international macroeconomic environment, and excludes the impact of certain potential strategic actions. 2 Total revenue is net interest income plus noninterest income. 3Deposits, excl. brokered is a forward-looking non-GAAP financial measure that excludes brokered deposits. We are unable to provide a reconciliation of forward-looking non-GAAP financial measures because we are unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. The unavailable information could be material to future GAAP results, and we cannot quantify its probable significance because such items are inherently uncertain and depend on future events. Key Assumptions: • The outlook includes acquisition-related purchase accounting adjustments with respect to the First Foundation acquisition, which are subject to change • Contractual estimated pre-tax net accretion of $20-$25M for 4Q 2026 and $85-90M for 2027 • Continued share repurchases of an aggregate of approximately $100M expected to occur over the next three quarters • CET 1 ratio expected to be in the 11.75-12% range • Loan to deposit ratio in the mid to high 80s range • One Fed 25bps rate increase by end of year Further Expectations: • 2027 loan and deposit growth expected to be in the mid single digits. • Expect further NIM improvement into 1Q 2027, moving into the high 3.80s range • Expect further realization of acquisition-related cost savings through 4Q 2026 to result in efficiency ratio in 1Q 2027 in low-60s range Key Assumptions and Further Expectations
FirstSun Capital Bancorp | 20 Appendix
FirstSun Capital Bancorp | 21 C&I Portfolio by Industry Industry1, 2 ($ in millions) Balance Q3 2026 Change from Q2 2026 Average Loan Size Finance and Insurance $864.2 5.4% $4.9 Information (Technology, Media and Telecommunications) 357.0 0.3% 4.6 Manufacturing 341.0 (1.5)% 2.0 Construction 283.7 24.6% 1.1 Healthcare 273.5 (4.6)% 0.5 Professional, Scientific, and Technical Services 232.8 (2.4)% 1.3 Other Services3 213.2 (7.4)% 1.0 Wholesale Trade 211.8 (0.2)% 2.6 Real Estate and Rental and Leasing 195.9 1.2% 2.1 Transportation and Warehousing 180.1 9.4% 2.2 Mining, Quarrying, and Oil and Gas Extraction 157.6 41.9% 5.4 Retail Trade 126.9 (0.5)% 1.5 Utilities 79.3 (15.9)% 19.8 Arts, Entertainment, and Recreation 48.9 (9.1)% 2.0 Other 97.9 (57.2)% 9.7 $3,664 24% 10% 9% 8% 7% 6% 6% 6% 5% 5% 4% 3% 2% 1% 3% % of Total C&I Loans *Amounts may not total due to rounding. 1These segments are based on two-digit NAICS industry divisions. 2 Loans to nondepository financial institutions are included within C&I and comprise less than 7% of loans. 96% pass graded. 3 Includes Administrative and Support, Waste Management and Remediation Services, and Public Administration.
FirstSun Capital Bancorp | 22 Total Criticized Loan Overview * Amounts may not total due to rounding. 1 These segments are based on two-digit NAICS industry divisions. 2 Multifamily Real Estate is a component of Real Estate and Rental and Leasing within the two-digit NAICS industry divisions. Criticized Loans by Risk Grade $291.7 $311.7 $296.3 $895.2 $831.4 $130.1 $158.9 $143.6 $384.4 $360.6$91.9 $92.7 $93.3 $320.8 $268.1 $59.9 $58.7 $41.8 $165.6 $161.0 $9.7 $1.4 $17.6 $24.4 $41.8 4.4% 4.7% 4.3% 7.7% 7.3% Special Mention Substandard - Accruing Substandard - Nonaccrual Doubtful Criticized loans to total loans Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Criticized Loans by Industry $350.9 $123.2 $43.9 $21.3 $41.7 $36.4 $24.7 $30.5 $28.9 $50.6 $20.7 $16.1 $0.6 $42.0 $364.0 $127.5 $57.6 $42.3 $41.8 $35.4 $30.8 $30.8 $28.2 $27.3 $24.0 $18.3 $1.9 $65.5 Q3 2026 Q2 2026 Multifamily Real Estate Real Estate and Rental and Leasing Other Services Transportation and Warehousing Mining, Quarrying, and Oil and Gas Extraction Residential Mortgage Information (Technology, Media and Telecommunications) Professional, Scientific, and Technical Services Manufacturing Construction Healthcare Finance and Insurance Education Services Other 1 ($ in millions) ($ in millions) 2 Q3 2026 Criticized Rollforward ($ in millions) Loan Activity ACL Coverage Q2 2026 Ending Balance $ 895.2 7.70 % Upgrades, net1 (267.0) 7.17 % Downgrades 203.3 7.94 % Q3 2026 Ending Balance $ 831.4 7.93 % QoQ Change $ (63.8) 0.23 % • $63.8 million overall net reduction in Criticized Loans compared to the prior quarter ◦ $39.9 million reduction in Substandard loans (excludes Special Mention) ◦ $23.8 million reduction in Special Mention • $831.4 million in total Criticized with a 7.93% ACL coverage and 74% LTV ◦ Top 6 Industry Sectors cover 77% of Criticized: ▪ Multifamily1 (42%) – 72 properties across 59 relationships ▪ Real Estate & Rental and Leasing1 (15%) – 22 relationships ▪ Construction (6%) – 20 relationships ▪ Other Services2 (5%) – 31 relationships ▪ Mining, Quarrying, & Oil and Gas Extraction (5%) – 2 relationships ▪ Residential Mortgages1 (4%) – 138 relationships • Doubtful increased $17.4 million related to two CRE loans with 56% ACL coverage. Criticized Overview 1 Multifamily & Residential Mortgage Loans are >98% subsectors of “Real Estate and Rental and Leasing” NAICS. 2 Other Services is comprised of three 2-digit NAICS: Administrative and Support and Waste Management and Remediation Services, Other Services (except Public Administration), and Public Administration. Nonperforming Loan Coverage Ratio 12.0% 9.0% 12.8% 9.5% 12.4% Nonperforming Loan ACL to Nonperforming Loans Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 8.0% 10.0% 12.0% 14.0%
FirstSun Capital Bancorp | 23 ~ 67%3 of Total Deposits are FDIC-Insured Granular Deposit Base1 Customer Base 165,000 Consumer Accounts Granular Deposit Base $39,000 Avg. Account Balance Customer Base 29,500 Commercial Business Accounts Granular Deposit Base $190,000 Avg. Account Balance $13.0 Billion Total Deposits Deposits by State2 $3.4B Texas 22 branches $1.6B Kansas 22 branches $1.1B New Mexico 9 branches $0.8B Colorado 11 branches $0.4B Arizona 4 branches ~ 74%3 of Total Deposits are FDIC-Insured + Collateralized 1As of September 30, 2026. 2Excludes wholesale and internal deposit accounts. 3Uninsured deposits and uninsured and uncollateralized deposits are reported for our wholly-owned subsidiary Sunflower Bank, N.A. and are estimated. $3.0B California 21 branches $0.0B Washington 1 branch $1.4B Florida 7 branches $0.3B Hawaii 1 branch $0.1B Nevada 1 branch ($ in billions) Q3 2026 Q2 2026 Change Texas $3.4 $3.5 $(0.1) California 3.0 3.2 (0.2) Kansas 1.6 1.6 0.0 Florida 1.4 1.5 (0.2) New Mexico 1.1 1.2 0.0 Colorado 0.8 0.7 0.0 Arizona 0.4 0.4 0.0 Hawaii 0.3 0.2 0.0 Nevada 0.1 0.1 0.0 Washington 0.0 0.0 0.0
FirstSun Capital Bancorp | 24 Financial Summary As of and for the three months ended ($ 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 before income taxes 48,730 (27,969) 26,363 31,964 28,285 Provision for income taxes 10,348 (5,119) 4,780 7,157 5,111 Net income 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, diluted 46,871,679 46,722,106 28,316,608 28,262,530 28,291,778 Diluted earnings 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 % Pre-tax pre provision return on average assets1 1.36 % 0.29 % 1.67 % 1.79 % 1.81 % Adjusted pre-tax pre provision return on average assets1 1.70 % 1.65 % 1.80 % 1.90 % 1.82 % 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 % 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 Appendix for Non-GAAP Reconciliation. 2 Total revenue is net interest income plus noninterest income.
FirstSun Capital Bancorp | 25 Non-GAAP Reconciliation As of and for the three months ended As of and for the nine months ended ($ in thousands, except 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 %
FirstSun Capital Bancorp | 26 Non-GAAP Reconciliation (cont’d) As of and for the three months ended As of and for the nine months ended ($ in thousands, except 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 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 Less: Goodwill and other intangible assets Goodwill (2.25) (2.19) (3.35) (3.35) (3.36) (2.25) (3.36) Other intangible assets (1.90) (1.94) (0.16) (0.18) (0.20) (1.90) (0.20) 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 (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 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 %
FirstSun Capital Bancorp | 27 Non-GAAP Reconciliation (cont’d) As of and for the three months ended As of and for the nine months ended ($ in thousands, except per share amounts) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 September 30, 2026 September 30, 2025 Adjusted pre-tax pre provision return on average assets: Net income (GAAP) $ 38,382 $ (22,850) $ 21,583 $ 24,807 $ 23,174 $ 37,115 $ 73,129 Add: Income taxes and provision for credit losses Income taxes 10,348 (5,119) 4,780 7,157 5,111 10,009 17,803 Provision for credit losses 4,400 40,400 8,250 6,200 10,100 53,050 18,400 PTPP net income (non-GAAP) $ 53,130 $ 12,431 $ 34,613 $ 38,164 $ 38,385 $ 100,174 $ 109,332 Add: Adjustments Merger related expenses 13,246 57,559 2,681 2,217 241 73,486 526 Adjusted PTPP net income (non-GAAP) $ 66,376 $ 69,990 $ 37,294 $ 40,381 $ 38,626 $ 173,660 $ 109,858 Return on average total assets (ROAA) (GAAP) 0.98 % (0.54) % 1.04 % 1.17 % 1.09 % 0.36 % 1.19 % Add: Impact of income taxes and provision for credit losses Income taxes 0.26 % (0.12) % 0.22 % 0.34 % 0.24 % 0.10 % 0.28 % Provision for credit losses 0.11 % 0.95 % 0.40 % 0.29 % 0.48 % 0.52 % 0.30 % PTPP ROAA (non-GAAP) 1.36 % 0.29 % 1.67 % 1.79 % 1.81 % 0.98 % 1.78 % Add: Impact of adjustments Merger related expenses 0.34 % 1.36 % 0.14 % 0.10 % 0.01 % 0.72 % 0.01 % Adjusted PTPP ROAA (non-GAAP) 1.70 % 1.65 % 1.80 % 1.90 % 1.82 % 1.70 % 1.79 % 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 %
FirstSun Capital Bancorp | 28 Non-GAAP Reconciliation (cont’d) As of and for the three months ended As of and for the nine months ended ($ in thousands, except per share amounts) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 September 30, 2026 September 30, 2025 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 % Adjusted loan growth: Total loans (GAAP) $ 11,457,891 $ 11,568,443 $ 6,939,972 $ 6,673,180 $ 6,681,629 $ 11,457,891 $ 6,681,629 Less: Acquired loans at date of merger, net of purchase accounting discounts — (6,068,491) — — — (6,068,491) — Add: Loans downsized — 1,334,483 — — — 1,334,483 — Total loans, excluding acquired loans, net of downsizing (non-GAAP) $ 11,457,891 $ 6,834,435 $ 6,939,972 $ 6,673,180 $ 6,681,629 $ 6,723,883 $ 6,681,629 Adjusted deposit growth: Total deposits (GAAP) $ 12,970,958 $ 13,418,004 $ 7,087,513 $ 7,107,356 $ 7,105,415 $ 12,970,958 $ 7,105,415 Less: Acquired deposits at date of merger, net of purchase accounting discounts — (8,772,082) — — — (8,772,082) — Add: Deposits downsized — 2,525,448 — — — 2,525,448 — Total deposits, excluding acquired deposits, net of downsizing (non-GAAP) $ 12,970,958 $ 7,171,370 $ 7,087,513 $ 7,107,356 $ 7,105,415 $ 6,724,324 $ 7,105,415
FirstSun Capital Bancorp | 29 Non-GAAP Reconciliation (cont’d) As of and for the trailing twelve months ended ($ in thousands) September 30, 2026 September 30, 2025 September 30, 2024 September 30, 2023 September 30, 2022 Credit adjusted net interest margin: Net interest income (GAAP) $ 449,736 $ 310,977 $ 291,932 $ 294,638 $ 208,807 Less: Net charge-off’s (61,302) (22,769) (25,582) (2,428) (1,890) Credit adjusted net interest income (non-GAAP) $ 388,434 $ 288,208 $ 266,350 $ 292,210 $ 206,917 Average earning assets $ 11,614,959 $ 7,633,694 $ 7,213,724 $ 6,816,022 $ 5,949,606 Net interest margin (GAAP) 3.87 % 4.07 % 4.05 % 4.32 % 3.51 % Impact from net charge-offs to average earning assets 0.53 % 0.29 % 0.36 % 0.03 % 0.03 % Credit adjusted net interest margin (non-GAAP) 3.34 % 3.78 % 3.69 % 4.29 % 3.48 % Net interest margin (GAAP) 1 year average (Q4 2025 - Q3 2026) 3.87 % 3 year average (Q4 2023 - Q3 2026) 3.97 % 5 year average (Q4 2021 - Q3 2026) 3.96 % Credit adjusted net interest margin (non-GAAP) 1 year average (Q4 2025 - Q3 2026) 3.34 % 3 year average (Q4 2023 - Q3 2026) 3.56 % 5 year average (Q4 2021 - Q3 2026) 3.67 %
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Oct. 26, 2026
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dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Details
Name:
dei_EntityAddressesAddressTypeAxis=dei_FormerAddressMember
Namespace Prefix:
Data Type:
na
Balance Type:
Period Type: