FirstSun Capital Bancorp Reports Second Quarter 2026 Results and Board of Directors Authorizes $150 Million Share Repurchase Program

FirstSun Capital Bancorp Reports Second Quarter 2026 Results and Board of Directors Authorizes $150 Million Share Repurchase Program DENVER--( BUSINESS WIRE)--FirstSun Capital Bancorp (“FirstSun”) (NASDAQ: FSUN) reported net loss of $(22.9) million for the second quarter of 2026 compared to net income of $26.4 million for the second quarter of 2025. Earnings per diluted share were $(0.49) for the second quarter of 2026 compared to $0.93 for the second quarter of 2025. Adjusted net income, a non-GAAP financial measure, was $21.0 million or $0.45 per diluted share for the second quarter of 2026 compared to $26.6 million or $0.94 per diluted share for the second quarter of 2025.

On April 1, 2026, we completed our merger with First Foundation and its results of operations are included in our consolidated financial results since the date of acquisition. Therefore, our second quarter and first half of 2026 results reflect increased levels of average balances, net interest income, and expenses compared to our prior quarter and first half of 2025. After purchase accounting adjustments, the acquisition added $11.2 billion of total assets, including $6.0 billion of net loans, as well as $10.5 billion of total liabilities, primarily consisting of $8.8 billion in deposits. We recorded preliminary goodwill of $9.1 million and core deposit intangibles and other intangibles of $90.2 million related to the acquisition. During the second quarter of 2026, we incurred $57.6 million in merger related expenses.

During the second quarter of 2026, we completed our previously announced balance sheet repositioning strategy, involving the sale or run-off of select First Foundation loans and securities and using proceeds from such sales and paydowns as well as other available cash and equivalents to reduce higher-cost funding sources. Our balance sheet repositioning strategy was designed to strengthen our capital position, enhance our credit profile, improve our liquidity, and support a more diversified, relationship-focused business model. Our balance sheet repositioning strategy resulted in the liquidation of assets, namely $1.2 billion in cash, $1.4 billion in securities, $1.3 billion in loans, the proceeds of which were used to reduce liabilities, namely $2.5 billion in deposits, and $1.4 billion in borrowings.

Neal Arnold, FirstSun’s Chief Executive Officer and President, commented, “The completion of the First Foundation acquisition in the second quarter marked a transformational milestone for our company. We have accelerated our growth strategy and expanded our footprint across some of the most dynamic markets in the country. In the second quarter, we also successfully completed the repositioning strategy and reduced the risk profile of the balance sheet we acquired. We believe the franchise is stronger, with less concentration risk, less liquidity risk, less interest rate sensitivity, and a stronger capital profile as a result of the repositioning actions. While we experienced a decline in our financial results this quarter due to two large loan charge-offs and the merger and integration expenses we incurred in conjunction with completing the First Foundation acquisition, we believe our core business remains strong and we believe we are well positioned for future success.

“I want to thank all of our teammates for their diligence, professionalism, and commitment to the hard work of integrating the businesses and continuing to serve our great clients and communities. We remain very excited about the growth opportunities across all of our markets as we continue building a premier regional bank.”

Share Repurchase Program

Our board of directors has authorized a share repurchase program to purchase up to $150.0 million of FirstSun’s common stock in open market transactions or privately negotiated transactions, including pursuant to a trading plan in accordance with Rule 10b5-1 and/or Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The timing, pricing, and amount of any repurchases under the repurchase program will be determined by our management at its discretion based on a variety of factors, including, but not limited to, trading volume and market price of our common stock, corporate considerations, our financial performance, alternative uses for capital, general market and economic conditions, legal and regulatory requirements, and other factors. The repurchase program is authorized through June 30, 2027, although it may be modified, discontinued, or suspended at any time without prior notice. The repurchase program does not obligate FirstSun to purchase any shares.

Second Quarter 2026 Results

Net loss totaled $(22.9) million, or $(0.49) per diluted share, for the second quarter of 2026, compared to $21.6 million, or $0.76 per diluted share, for the prior quarter. Adjusted net income, a non-GAAP financial measure, totaled $21.0 million, or $0.45 per diluted share, for the second quarter of 2026, compared to $23.7 million, or $0.84 per diluted share, for the prior quarter.

Return on average total assets was (0.54)% for the second quarter of 2026, compared to 1.04% for the prior quarter, and return on average stockholders’ equity was (4.92)% for the second quarter of 2026, compared to 7.47% for the prior quarter. Adjusted return on average total assets and adjusted return on average stockholders’ equity, each a non-GAAP financial measure, were 0.50% and 4.52% respectively for the second quarter of 2026 compared to 1.14% and 8.20% respectively for the prior quarter.

Net Interest Income and Net Interest Margin

Net interest income totaled $143.2 million for the second quarter of 2026, an increase of $60.4 million compared to the prior quarter. Our net interest margin decreased 67 basis points to 3.58% compared to the prior quarter.

Average loans, including loans held-for-sale, increased by $5.8 billion in the second quarter of 2026, compared to the prior quarter, due primarily to loans acquired from First Foundation. Loan yield decreased by 20 basis points to 6.16% in the second quarter of 2026, compared to the prior quarter, reflecting a change in portfolio mix resulting from the addition of lower-yielding primarily public finance and multifamily loans acquired from First Foundation. Average investment securities increased by $1.6 billion in the second quarter of 2026, compared to the prior quarter, due primarily to securities acquired from First Foundation. Investment securities yield increased by 150 basis points to 4.80% in the second quarter of 2026, compared to the prior quarter, primarily reflecting a change in portfolio mix resulting from the addition of higher-yielding fixed and floating investment securities acquired from First Foundation. Average interest-bearing cash and other assets increased by $700.9 million in the second quarter of 2026, compared to the prior quarter. Interest-bearing cash and other assets yield decreased by 16 basis points to 3.20% in the second quarter of 2026, compared to the prior quarter, primarily reflecting a change in the composition of interest-bearing cash and other assets resulting from the First Foundation acquisition.

Average interest-bearing deposits increased $6.4 billion in the second quarter of 2026, compared to the prior quarter, due primarily to deposits assumed from First Foundation. Total cost of interest-bearing deposits increased by 31 basis points to 2.77% in the second quarter of 2026, compared to the prior quarter, primarily reflecting the addition of higher-cost, non-core deposits acquired from First Foundation.

Asset Quality and Provision for Credit Losses

The provision for credit losses increased $32.2 million to $40.4 million for the second quarter of 2026, compared to the prior quarter, primarily related to the downgrades and write-downs of two C&I lending relationships.

Net charge-offs for the second quarter of 2026 were $42.4 million resulting in an annualized ratio of net charge-offs to average loans of 1.45%, compared to net charge-offs of $10.6 million, or an annualized ratio of net charge-offs to average loans of 0.63% for the prior quarter. The increase in charge-offs for the second quarter of 2026 was primarily related to two C&I loans. The first is an asset-based loan to a materials distributor with an outstanding principal balance of approximately $23.6 million at June 30, 2026. Based on current information, we believe the borrower made fraudulent misrepresentations about its accounts receivable, collateral and historical financial statements and, as a result, in the second quarter of 2026, we recognized an approximate $22.0 million charge-off on this loan, or an annualized net charge-off of 0.75%. The second is a loan to a technology company with an outstanding principal balance of approximately $16.0 million at June 30, 2026. Based on recent developments impacting the borrower’s business, including deterioration in the borrower’s financial performance in the second quarter, we recognized a $12.9 million charge-off on this loan in the second quarter of 2026.

In connection with the acquisition of First Foundation, we recorded an initial allowance for credit losses of $92.5 million using the gross up approach, comprised of a $39 million reserve for purchased credit deteriorated loans that exhibited a more-than-insignificant amount of credit deterioration since origination and a $53.5 million reserve on purchased seasoned loans. The allowance for credit losses as a percentage of loans outstanding was 1.50% at June 30, 2026, an increase of 30 basis points from the prior quarter. The ratio of nonperforming assets to total assets was 1.32% at June 30, 2026, compared to 0.82% at March 31, 2026.

Noninterest Income

Noninterest income totaled $40.9 million for the second quarter of 2026, an increase of $13.8 million from the prior quarter. Income from trust and investment advisory fees increased $7.9 million for the second quarter of 2026 from the prior quarter, primarily due to higher assets under management associated with the acquisition of First Foundation. Income from mortgage banking services increased $1.6 million for the second quarter of 2026 from the prior quarter, primarily due to an increase in loan originations sold and corresponding capitalized servicing rights as well as slower balance runoff in the servicing portfolio. Other noninterest income increased $3.3 million for the second quarter of 2026 from the prior quarter, primarily due to an increase in the fair value of investments related to our deferred compensation plan partially offset by a write-down of an OREO property.

Noninterest income as a percentage of total revenue 1 was 22.2% for the second quarter of 2026, a decrease of 2.5% from the prior quarter.

Noninterest Expense

Noninterest expense totaled $171.7 million for the second quarter of 2026, an increase of $96.4 million from the prior quarter. Merger related expenses increased $54.9 million in the second quarter of 2026 from the prior quarter. Salary and employee benefits increased $21.4 million in the second quarter of 2026 from the prior quarter, primarily due to an increase in headcount associated with the acquisition of First Foundation. Other noninterest expense increased $8.1 million in the second quarter of 2026 from the prior quarter, primarily due to higher data processing and FDIC insurance expenses associated with our increased scale following the acquisition of First Foundation.

The efficiency ratio for the second quarter of 2026 was 93.25% compared to 68.52% for the prior quarter. The adjusted efficiency ratio, a non-GAAP financial measure, for the second quarter of 2026 was 61.99% compared to 66.08% for the prior quarter.

Tax Rate

The effective tax rate was 18.3% for the second quarter of 2026, compared to 18.1% for the prior quarter.

Loans

Loans were $11.6 billion at June 30, 2026, compared to $6.9 billion at March 31, 2026, an increase of $4.6 billion, or 267.5% on an annualized basis, due primarily to the acquisition of First Foundation. Loans, excluding the impact of acquired First Foundation loans, net of repositioning, a non-GAAP financial measure, decreased $105.5 million in the second quarter of 2026, or 6.0% on an annualized basis from the prior quarter. See “Non-GAAP Financial Measures and Reconciliations” below.

Deposits

Deposits were $13.4 billion at June 30, 2026, compared to $7.1 billion at March 31, 2026, an increase of $6.3 billion in the second quarter of 2026, or 358.3% on an annualized basis, due primarily to the acquisition of First Foundation. Deposits, excluding the impact of acquired First Foundation deposits, net of repositioning, a non-GAAP financial measure, increased $83.9 million in the second quarter of 2026, or 4.8% on an annualized basis from the prior quarter. See “Non-GAAP Financial Measures and Reconciliations” below.

Average deposits were $14.5 billion for the second quarter of 2026, compared to $7.0 billion for the prior quarter, an increase of $7.4 billion or 424.8% on an annualized basis. Average deposits, excluding the impact of acquired First Foundation deposits, net of repositioning, a non-GAAP financial measure, increased $226.5 million in the second quarter of 2026, or 12.9% on an annualized basis from the prior quarter. See “Non-GAAP Financial Measures and Reconciliations” below.

Noninterest-bearing deposit accounts represented 19.9% of total deposits at June 30, 2026 and our loan to deposit ratio was 86.2% at June 30, 2026.

The ratio of total uninsured deposits to total deposits was estimated to be 31.6% at June 30, 2026. The ratio of total uninsured and uncollateralized deposits to total deposits was estimated to be 28.0% at June 30, 2026. 2

Capital

Capital ratios remain strong and above “well-capitalized” thresholds. As of June 30, 2026, our common equity tier 1 risk-based capital ratio was 11.95%, total risk-based capital ratio was 14.13% and tier 1 leverage ratio was 9.47%. Book value per share was $39.29 at June 30, 2026, a decrease of $2.79 from March 31, 2026. Tangible book value per share, a non-GAAP financial measure, was $35.16 at June 30, 2026, a decrease of $3.41 from March 31, 2026. See “Non-GAAP Financial Measures and Reconciliations” below.

Non-GAAP Financial Measures

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

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

1 Total revenue is net interest income plus noninterest income.

2 Uninsured deposits and uninsured and uncollateralized deposits are reported for our wholly-owned subsidiary Sunflower Bank, N.A.

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 $15.7 billion as of June 30, 2026.

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

Investor Earnings Conference Call

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

Participants may join by phone by dialing (833) 461-5787 for toll-free within the US and (585) 542-9983 for all other locations. The conference Meeting ID is 239801426. The numbers for international participants are available here: https://help.events.q4inc.com/eahc/international-dial-in-numbers.

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

Deposits Classification

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

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements regarding our markets, our merger with First Foundation, including our belief regarding the benefits of the merger and our recently completed balance sheet repositioning on our franchise, the strength of our core business, our ability to drive growth, and that we are well positioned for future success. 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 change in, or the imposition of, tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom; ongoing geopolitical conflicts, including hostilities involving Iran and the Middle East, which may contribute to volatility in energy prices, inflation, financial markets, cybersecurity threats, and broader macroeconomic conditions, any of which could adversely affect our borrowers, deposit base, liquidity, capital and results of operation; the possibility that the anticipated benefits of the First Foundation merger, including anticipated cost savings and strategic gains, are not realized when expected or at all; the integration of the businesses and operations of FirstSun and First Foundation may take longer than anticipated or be more costly than anticipated or have unanticipated adverse results relating to the combined company’s business; the diversion of management’s attention from ongoing business operations and opportunities due to the First Foundation merger; other factors, many of which are beyond our control.

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

Summary Data:

As of and for the three months ended

($ in thousands, except per share amounts)

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

Net interest income

143,195

82,779

83,461

80,953

78,499

Provision for credit losses

40,400

8,250

6,200

10,100

4,500

Noninterest income

40,948

27,175

26,744

26,333

27,073

Noninterest expense

171,712

75,341

72,041

68,901

68,110

(Loss) income before income taxes

(27,969

)

26,363

31,964

28,285

32,962

(Benefit) provision for income taxes

(5,119

)

4,780

7,157

5,111

6,576

Net (loss) income

(22,850

)

21,583

24,807

23,174

26,386

Adjusted net income 1

21,021

23,673

26,923

23,412

26,601

Weighted average common shares outstanding, basic

46,673,555

27,851,041

27,839,044

27,801,255

27,783,710

Weighted average common shares outstanding, diluted

46,673,555

28,316,608

28,262,530

28,291,778

28,232,319

Diluted (loss) earnings per share

(0.49

)

0.76

0.88

0.82

0.93

Adjusted diluted earnings per share 1

0.45

0.84

0.95

0.83

0.94

Return on average total assets

(0.54

1.04

1.17

1.09

1.28

Adjusted return on average total assets 1

0.50

1.14

1.27

1.10

1.29

Return on average stockholders' equity

(4.92

7.47

8.58

8.22

9.74

Adjusted return on average stockholders' equity 1

4.52

8.20

9.31

8.31

9.82

Return on average tangible stockholders' equity 1

(4.69

8.31

9.58

9.20

10.91

Adjusted return on average tangible stockholders' equity 1

5.86

9.10

10.38

9.30

11.00

Net interest margin

3.58

4.25

4.18

4.07

Net interest margin (FTE basis) 1

3.63

4.31

4.23

4.12

4.13

Efficiency ratio

93.25

68.52

65.37

64.22

64.52

Adjusted efficiency ratio 1

61.99

66.08

63.36

64.00

64.25

Noninterest income to total revenue 2

22.2

24.7

24.3

24.5

25.6

Total assets

15,717,985

8,565,123

8,485,162

8,495,437

8,435,861

Loans held-for-sale

140,706

144,407

100,539

85,250

90,781

Loans held-for-investment

11,568,443

6,939,972

6,673,180

6,681,629

6,507,066

Total deposits

13,418,004

7,087,513

7,107,356

7,105,415

7,100,164

Total stockholders' equity

1,837,392

1,175,507

1,153,356

1,127,513

1,095,402

Loan to deposit ratio

86.2

97.9

93.9

94.0

91.6

Period end common shares outstanding

46,765,434

27,935,888

27,887,337

27,854,764

27,834,525

Book value per share

39.29

42.08

41.36

40.48

39.35

Tangible book value per share 1

35.16

38.57

37.83

36.92

35.77

As of and for the six months ended

($ in thousands, except per share amounts)

June 30,

2026

June 30,

2025

Net interest income

225,974

152,977

Provision for credit losses

48,650

8,300

Noninterest income

68,123

48,802

Noninterest expense

247,053

130,832

(Loss) income before income taxes

(1,606

)

62,647

(Benefit) provision for income taxes

(339

)

12,692

Net (loss) income

(1,267

)

49,955

Adjusted net income 1

44,694

50,170

Weighted average common shares outstanding, basic

37,314,285

27,753,098

Weighted average common shares outstanding, diluted

37,314,285

28,263,943

Diluted (loss) earnings per share

(0.03

)

1.77

Adjusted diluted earnings per share 1

1.20

1.78

Return on average total assets

(0.02

1.24

Adjusted return on average total assets 1

0.71

1.25

Return on average stockholders' equity

(0.17

9.39

Adjusted return on average stockholders’ equity 1

5.93

9.43

Return on average tangible stockholders' equity 1

0.36

10.55

Adjusted return on average tangible stockholders' equity 1

7.12

10.60

Net interest margin

3.80

4.07

Net interest margin (FTE basis) 1

3.85

4.13

Efficiency ratio

84.00

64.84

Adjusted efficiency ratio 1

63.52

64.70

Noninterest income to total revenue 2

23.2

24.2

Total assets

15,717,985

8,435,861

Loans held-for-sale

140,706

90,781

Loans held-for-investment

11,568,443

6,507,066

Total deposits

13,418,004

7,100,164

Total stockholders' equity

1,837,392

1,095,402

Loan to deposit ratio

86.2

91.6

Period end common shares outstanding

46,765,434

27,834,525

Book value per share

39.29

39.35

Tangible book value per share 1

35.16

35.77

1 Represents a non-GAAP financial measure. See the tables within the “Non-GAAP Financial Measures and Reconciliations” section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.

2 Total revenue is net interest income plus noninterest income.

Condensed Consolidated Statements of Income (Unaudited):

For the three months ended

For the six months ended

($ in thousands, except per share amounts)

June 30,

2026

June 30,

2025

June 30,

2026

June 30,

2025

Total interest income

230,016

116,921

346,142

227,368

Total interest expense

86,821

38,422

120,168

74,391

Net interest income

143,195

78,499

225,974

152,977

Provision for credit losses

40,400

4,500

48,650

8,300

Net interest income after credit loss expense

102,795

73,999

177,324

144,677

Noninterest income:

Deposit account service fees

2,292

2,016

4,388

4,043

Treasury management service fees

5,067

4,333

9,680

8,527

Credit and debit card fees

2,952

2,728

5,665

5,314

Trust and investment advisory fees

9,413

1,473

10,902

2,894

Mortgage banking services, net

15,958

13,274

30,273

22,329

Other noninterest income

5,266

3,249

7,215

5,695

Total noninterest income

40,948

27,073

68,123

48,802

Noninterest expense:

Salary and employee benefits

68,744

43,921

116,100

83,482

Occupancy, equipment and software

15,504

9,541

25,510

19,077

Customer service costs

2,742

—

2,742

—

Amortization and impairment of intangible assets

4,237

578

4,744

1,206

Merger related expenses

57,559

285

60,240

285

Other noninterest expenses

22,926

13,785

37,717

26,782

Total noninterest expense

171,712

68,110

247,053

130,832

(Loss) income before income taxes

(27,969

)

32,962

(1,606

)

62,647

(Benefit) provision for income taxes

(5,119

)

6,576

(339

)

12,692

Net (loss) income

(22,850

)

26,386

(1,267

)

49,955

(Loss) earnings per share - basic

(0.49

)

0.95

(0.03

)

1.80

(Loss) earnings per share - diluted

(0.49

)

0.93

(0.03

)

1.77

For the three months ended

($ in thousands, except per share amounts)

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

Total interest income

230,016

116,126

119,273

121,128

116,921

Total interest expense

86,821

33,347

35,812

40,175

38,422

Net interest income

143,195

82,779

83,461

80,953

78,499

Provision for credit losses

40,400

8,250

6,200

10,100

4,500

Net interest income after credit loss expense

102,795

74,529

77,261

70,853

73,999

Noninterest income:

Deposit account service fees

2,292

2,096

2,116

2,162

2,016

Treasury management service fees

5,067

4,613

4,544

4,402

4,333

Credit and debit card fees

2,952

2,713

2,744

2,671

2,728

Trust and investment advisory fees

9,413

1,489

1,515

1,536

1,473

Mortgage banking services, net

15,958

14,315

12,102

12,641

13,274

Other noninterest income

5,266

1,949

3,723

2,921

3,249

Total noninterest income

40,948

27,175

26,744

26,333

27,073

Noninterest expense:

Salary and employee benefits

68,744

47,356

43,520

44,822

43,921

Occupancy, equipment and software

15,504

10,006

9,576

9,591

9,541

Customer service costs

2,742

—

Amortization and impairment of intangible assets

4,237

507

628

578

Merger related expenses

57,559

2,681

2,217

241

285

Other noninterest expenses

22,926

14,791

16,100

13,669

13,785

Total noninterest expense

171,712

75,341

72,041

68,901

68,110

(Loss) income before income taxes

(27,969

)

26,363

31,964

28,285

32,962

(Benefit) provision for income taxes

(5,119

)

4,780

7,157

5,111

6,576

Net (loss) income

(22,850

)

21,583

24,807

23,174

26,386

(Loss) earnings per share - basic

(0.49

)

0.77

0.89

0.83

0.95

(Loss) earnings per share - diluted

(0.49

)

0.76

0.88

0.82

0.93

Condensed Consolidated Balance Sheets as of (Unaudited):

($ in thousands)

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

Assets

Cash and cash equivalents

989,511

413,732

652,592

659,899

785,115

Securities available-for-sale, at fair value

1,907,374

458,543

468,970

476,114

473,468

Securities held-to-maturity

33,274

33,553

33,839

34,247

34,581

Loans held-for-sale, at fair value

140,706

144,407

100,539

85,250

90,781

Loans

11,568,443

6,939,972

6,673,180

6,681,629

6,507,066

Allowance for credit losses

(173,551

)

(82,955

)

(85,016

)

(84,040

)

(82,993

)

Loans, net

11,394,892

6,857,017

6,588,164

6,597,589

6,424,073

Mortgage servicing rights, at fair value

99,736

88,993

86,651

85,695

84,736

Premises and equipment, net

118,967

81,138

81,523

81,886

82,248

Other real estate owned and foreclosed assets, net

16,808

10,908

11,514

13,418

13,052

Goodwill

102,536

93,483

Core deposits and other intangible assets, net

90,452

4,476

4,983

5,650

6,228

Other assets

823,729

378,873

362,904

362,206

348,096

Total assets

15,717,985

8,565,123

8,485,162

8,495,437

8,435,861

Liabilities and Stockholders' Equity

Liabilities:

Deposits:

Noninterest-bearing accounts

2,673,289

1,599,919

1,651,373

1,674,497

1,706,678

Interest-bearing accounts:

Demand and NOW

2,869,439

1,569,910

1,483,841

1,457,886

1,485,058

Savings

2,409,906

387,140

378,631

386,235

397,120

Money market

3,453,761

2,318,768

2,301,837

2,233,309

2,082,043

Certificates of deposit

2,011,609

1,211,776

1,291,674

1,353,488

1,429,265

Total deposits

13,418,004

7,087,513

7,107,356

7,105,415

7,100,164

Securities sold under agreements to repurchase

17,475

7,670

11,160

9,824

11,173

Federal Home Loan Bank advances

—

75,000

—

Subordinated debt, net

205,256

36,754

36,680

76,163

76,066

Other liabilities

239,858

182,679

176,610

176,522

153,056

Total liabilities

13,880,593

7,389,616

7,331,806

7,367,924

7,340,459

Stockholders' equity:

Preferred stock

—

Common stock

Additional paid-in capital

1,238,000

550,709

549,617

548,952

547,950

Retained earnings

629,819

652,669

631,086

606,279

583,105

Accumulated other comprehensive loss, net

(30,432

)

(27,874

)

(27,350

)

(27,721

)

(35,656

)

Total stockholders' equity

1,837,392

1,175,507

1,153,356

1,127,513

1,095,402

Total liabilities and stockholders' equity

15,717,985

8,565,123

8,485,162

8,495,437

8,435,861

Consolidated Capital Ratios as of:

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

Stockholders' equity to total assets

11.69 %

13.72 %

13.59 %

13.27 %

12.99 %

Tangible stockholders' equity to tangible assets 1

10.59 %

12.73 %

12.58 %

12.25 %

11.94 %

Tangible stockholders' equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax 1, 2

10.57 %

12.69 %

12.54 %

12.21 %

11.90 %

Tier 1 leverage ratio

9.47 %

13.06 %

12.75 %

12.44 %

12.39 %

Common equity tier 1 risk-based capital ratio

11.95 %

13.77 %

14.12 %

13.79 %

13.78 %

Tier 1 risk-based capital ratio

11.95 %

13.77 %

14.12 %

13.79 %

13.78 %

Total risk-based capital ratio

14.13 %

15.29 %

15.73 %

15.81 %

15.94 %

2 Tangible stockholders’ equity and tangible assets have been adjusted to reflect net unrealized losses on held-to-maturity securities, net of tax.

Summary of Net Interest Margin:

For the three months ended

For the six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 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

Loans 1

12,694,317

6.16 %

6,620,493

6.43 %

9,792,021

6.23 %

6,521,154

6.39 %

Investment securities

2,093,214

4.80 %

510,350

3.48 %

1,300,988

4.51 %

506,103

3.51 %

Interest-bearing cash and other assets

1,244,337

3.20 %

596,713

4.28 %

895,720

3.25 %

549,050

4.32 %

Total earning assets

16,031,868

5.75 %

7,727,556

6.07 %

11,988,729

5.82 %

7,576,307

6.05 %

Other assets

962,089

537,156

743,804

543,032

Total assets

16,993,957

8,264,712

12,732,533

8,119,339

Interest-bearing liabilities

Demand and NOW deposits

3,012,754

2.06 %

1,518,316

1.77 %

2,273,546

1.94 %

1,495,079

1.71 %

Savings deposits

2,428,253

2.70 %

401,093

0.58 %

1,410,791

2.40 %

400,948

0.58 %

Money market deposits

3,611,570

2.97 %

1,934,487

3.28 %

2,955,179

2.92 %

1,813,344

3.19 %

Certificates of deposit

2,798,815

3.35 %

1,504,235

3.76 %

2,007,012

3.34 %

1,525,814

3.84 %

Total deposits

11,851,392

2.77 %

5,358,131

2.78 %

8,646,528

2.67 %

5,235,185

2.76 %

Repurchase agreements

23,468

2.61 %

9,024

1.61 %

16,628

2.34 %

9,318

1.59 %

Total deposits and repurchase agreements

11,874,860

2.77 %

5,367,155

2.78 %

8,663,156

2.67 %

5,244,503

2.76 %

FHLB borrowings

149,374

3.97 %

2,308

4.72 %

75,646

3.95 %

15,823

4.61 %

Other long-term borrowings

204,667

6.46 %

76,025

6.19 %

121,157

6.36 %

75,966

6.31 %

Total interest-bearing liabilities

12,228,901

2.85 %

5,445,488

2.83 %

8,859,959

2.74 %

5,336,292

2.81 %

Noninterest-bearing deposits

2,622,311

1,587,302

2,125,679

1,559,878

Other liabilities

278,849

145,064

227,357

150,172

Stockholders' equity

1,863,896

1,086,858

1,519,538

1,072,997

Total liabilities and stockholders' equity

16,993,957

8,264,712

12,732,533

8,119,339

Net interest spread

2.90 %

3.24 %

3.08 %

3.24 %

Net interest margin

3.58 %

4.07 %

3.80 %

4.07 %

Net interest margin (on FTE basis) 2

3.63 %

4.13 %

3.85 %

4.13 %

For the three months ended

June 30, 2026

March 31, 2026

December 31, 2025

September 30, 2025

June 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

Loans 1

12,694,317

6.16 %

6,857,477

6.36 %

6,825,404

6.37 %

6,667,158

6.49 %

6,620,493

6.43 %

Investment securities

2,093,214

4.80 %

499,792

3.30 %

506,964

3.35 %

505,999

3.43 %

510,350

3.48 %

Interest-bearing cash and other assets

1,244,337

3.20 %

543,396

3.36 %

583,717

3.68 %

714,885

4.25 %

596,713

4.28 %

Total earning assets

16,031,868

5.75 %

7,900,665

5.96 %

7,916,085

5.98 %

7,888,042

6.09 %

7,727,556

6.07 %

Other assets

962,089

523,094

519,607

540,079

537,156

Total assets

16,993,957

8,423,759

8,435,692

8,428,121

8,264,712

Interest-bearing liabilities

Demand and NOW deposits

3,012,754

2.06 %

1,526,124

1.69 %

1,464,053

1.75 %

1,437,298

1.89 %

1,518,316

1.77 %

Savings deposits

2,428,253

2.70 %

382,025

0.50 %

381,978

0.55 %

391,444

0.59 %

401,093

0.58 %

Money market deposits

3,611,570

2.97 %

2,291,494

2.84 %

2,247,034

2.99 %

2,211,754

3.28 %

1,934,487

3.28 %

Certificates of deposit

2,798,815

3.35 %

1,206,411

3.32 %

1,284,200

3.49 %

1,397,371

3.64 %

1,504,235

3.76 %

Total deposits

11,851,392

2.77 %

5,406,054

2.46 %

5,377,265

2.60 %

5,437,867

2.81 %

5,358,131

2.78 %

Repurchase agreements

23,468

2.61 %

9,712

1.70 %

9,146

1.71 %

8,055

1.82 %

9,024

1.61 %

Total deposits and repurchase agreements

11,874,860

2.77 %

5,415,766

2.46 %

5,386,411

2.60 %

5,445,922

2.81 %

5,367,155

2.78 %

FHLB borrowings

149,374

3.97 %

1,100

3.12 %

—

— %

—

— %

2,308

4.72 %

Other long-term borrowings

204,667

6.46 %

36,719

5.72 %

36,650

5.82 %

76,117

8.41 %

76,025

6.19 %

Total interest-bearing liabilities

12,228,901

2.85 %

5,453,585

2.48 %

5,423,061

2.62 %

5,522,039

2.89 %

5,445,488

2.83 %

Noninterest-bearing deposits

2,622,311

1,623,528

1,698,126

1,642,346

1,587,302

Other liabilities

278,849

175,292

167,658

145,730

145,064

Stockholders' equity

1,863,896

1,171,354

1,146,847

1,118,006

1,086,858

Total liabilities and stockholders' equity

16,993,957

8,423,759

8,435,692

8,428,121

8,264,712

Net interest spread

2.90 %

3.48 %

3.36 %

3.20 %

3.24 %

Net interest margin

3.58 %

4.25 %

4.18 %

4.07 %

Net interest margin (on FTE basis) 2

3.63 %

4.31 %

4.23 %

4.12 %

4.13 %

1 Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale.

2 Represents a non-GAAP financial measure. See the tables beginning within the “Non-GAAP Financial Measures and Reconciliations” section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.

Deposits as of:

($ in thousands)

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

Consumer

Noninterest-bearing deposit accounts

1,000,584

410,296

404,666

412,568

426,909

Interest-bearing deposit accounts:

Demand and NOW

937,796

607,465

590,535

598,499

610,623

Savings

1,917,926

313,910

308,655

314,954

322,672

Money market

2,039,795

1,397,890

1,400,593

1,416,258

1,306,140

Certificates of deposit

1,044,959

793,503

809,401

869,077

937,439

Total interest-bearing deposit accounts

5,940,476

3,112,768

3,109,184

3,198,788

3,176,874

Total consumer deposits

6,941,060

3,523,064

3,513,850

3,611,356

3,603,783

Business

Noninterest-bearing deposit accounts

1,672,705

1,189,623

1,246,707

1,261,929

1,279,769

Interest-bearing deposit accounts:

Demand and NOW

1,905,387

962,445

893,306

859,387

874,435

Savings

434,076

73,230

69,976

71,281

74,448

Money market

1,413,966

920,878

901,244

817,051

775,903

Certificates of deposit

103,360

51,940

57,349

57,225

56,930

Total interest-bearing deposit accounts

3,856,789

2,008,493

1,921,875

1,804,944

1,781,716

Total business deposits

5,529,494

3,198,116

3,168,582

3,066,873

3,061,485

Wholesale deposits 1

947,450

366,333

424,924

427,186

434,896

Total deposits

13,418,004

7,087,513

7,107,356

7,105,415

7,100,164

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

Balance Sheet Ratios as of:

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

Cash to total assets 1

6.2 %

4.7 %

7.6 %

7.7 %

9.2 %

Loan to deposit ratio

86.2 %

97.9 %

93.9 %

94.0 %

91.6 %

Uninsured deposits to total deposits 2

31.6 %

35.4 %

36.6 %

36.2 %

37.0 %

Uninsured and uncollateralized deposits to total deposits 2

28.0 %

28.6 %

29.0 %

28.3 %

Wholesale deposits and borrowings to total liabilities 3

6.8 %

6.0 %

5.8 %

5.9 %

1 Cash consists of unencumbered cash and amounts due from banks and interest-bearing deposits with other financial institutions.

2 Uninsured deposits and uninsured and uncollateralized deposits are reported for our wholly-owned subsidiary Sunflower Bank, N.A. and are estimated.

3 Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposit. Wholesale borrowings consist of FHLB overnight and term advances.

Loan Portfolio as of:

($ in thousands)

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

Commercial and industrial 1

3,579,772

3,160,777

2,937,867

2,945,697

2,779,767

Commercial real estate:

Non-owner occupied

1,195,172

778,778

742,002

725,425

705,749

Owner occupied

951,226

694,190

700,774

668,172

660,334

Construction and land

218,441

280,781

268,652

343,803

383,969

Multifamily

2,613,194

227,980

210,368

183,504

134,520

Total commercial real estate

4,978,033

1,981,729

1,921,796

1,920,904

1,884,572

Residential real estate 2

1,913,575

1,216,810

1,221,086

1,209,742

1,226,760

Public Finance

957,556

494,539

501,582

516,247

524,441

Consumer

29,569

31,875

32,651

38,931

42,881

Other

114,047

54,242

58,198

50,108

48,645

Loans, excluding loan hedge fair value

11,572,552

6,939,972

6,673,180

6,681,629

6,507,066

Loan hedge fair value 3

(4,109

)

—

Loans

11,568,443

6,939,972

6,673,180

6,681,629

6,507,066

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

2 Includes 1-4 family residential construction.

3 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)

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

Net charge-offs (recoveries)

42,404

10,561

5,024

9,053

13,547

Allowance for credit losses

173,551

82,955

85,016

84,040

82,993

Nonperforming loans, including nonaccrual loans, and accrual loans greater than 90 days past due

190,115

59,656

60,771

69,641

54,841

Nonperforming assets

206,923

70,564

72,285

83,059

67,893

Ratio of net charge-offs (recoveries) to average loans outstanding

1.45

0.63

0.30

0.55

0.83

Allowance for credit losses to loans outstanding

1.50

1.20

1.27

1.26

1.28

Allowance for credit losses to nonperforming loans

91.29

139.06

139.90

120.68

151.33

Nonperforming loans to loans

1.64

0.86

0.91

1.04

0.84

Nonperforming assets to total assets

1.32

0.82

0.85

0.98

0.80

Non-GAAP Financial Measures and Reconciliations:

As of and for the three months ended

As of and for the six months ended

($ in thousands, except share and per share amounts)

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

June 30,

2026

June 30,

2025

Tangible stockholders’ equity to tangible assets:

Total stockholders' equity (GAAP)

1,837,392

1,175,507

1,153,356

1,127,513

1,095,402

1,837,392

1,095,402

Less: Goodwill and other intangible assets

Goodwill

(102,536

)

(93,483

)

(93,483

)

(93,483

)

(93,483

)

(102,536

)

(93,483

)

Other intangible assets

(90,452

)

(4,476

)

(4,983

)

(5,650

)

(6,228

)

(90,452

)

(6,228

)

Tangible stockholders' equity (non-GAAP)

1,644,404

1,077,548

1,054,890

1,028,380

995,691

1,644,404

995,691

Total assets (GAAP)

15,717,985

8,565,123

8,485,162

8,495,437

8,435,861

15,717,985

8,435,861

Less: Goodwill and other intangible assets

Goodwill

(102,536

)

(93,483

)

(93,483

)

(93,483

)

(93,483

)

(102,536

)

(93,483

)

Other intangible assets

(90,452

)

(4,476

)

(4,983

)

(5,650

)

(6,228

)

(90,452

)

(6,228

)

Tangible assets (non-GAAP)

15,524,997

8,467,164

8,386,696

8,396,304

8,336,150

15,524,997

8,336,150

Total stockholders' equity to total assets (GAAP)

11.69

13.72

13.59

13.27

12.99

11.69

12.99

Less: Impact of goodwill and other intangible assets

(1.10

(0.99

(1.01

(1.02

(1.05

(1.10

(1.05

Tangible stockholders' equity to tangible assets (non-GAAP)

10.59

12.73

12.58

12.25

11.94

10.59

11.94

Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax:

Tangible stockholders' equity (non-GAAP)

1,644,404

1,077,548

1,054,890

1,028,380

995,691

1,644,404

995,691

Less: Net unrealized losses on HTM securities, net of tax

(3,553

)

(3,407

)

(3,320

)

(3,432

)

(4,238

)

(3,553

)

(4,238

)

Tangible stockholders’ equity less net unrealized losses on HTM securities, net of tax (non-GAAP)

1,640,851

1,074,141

1,051,570

1,024,948

991,453

1,640,851

991,453

Tangible assets (non-GAAP)

15,524,997

8,467,164

8,386,696

8,396,304

8,336,150

15,524,997

8,336,150

Less: Net unrealized losses on HTM securities, net of tax

(3,553

)

(3,407

)

(3,320

)

(3,432

)

(4,238

)

(3,553

)

(4,238

)

Tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP)

15,521,444

8,463,757

8,383,376

8,392,872

8,331,912

15,521,444

8,331,912

Tangible stockholders’ equity to tangible assets (non-GAAP)

10.59

12.73

12.58

12.25

11.94

10.59

11.94

Less: Impact of net unrealized losses on HTM securities, net of tax

(0.02

(0.04

(0.02

(0.04

Tangible stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP)

10.57

12.69

12.54

12.21

11.90

10.57

11.90

Tangible book value per share:

Total stockholders' equity (GAAP)

1,837,392

1,175,507

1,153,356

1,127,513

1,095,402

1,837,392

1,095,402

Tangible stockholders' equity (non-GAAP)

1,644,404

1,077,548

1,054,890

1,028,380

995,691

1,644,404

995,691

Total shares outstanding

46,765,434

27,935,888

27,887,337

27,854,764

27,834,525

46,765,434

27,834,525

Book value per share (GAAP)

39.29

42.08

41.36

40.48

39.35

39.29

39.35

Tangible book value per share (non-GAAP)

35.16

38.57

37.83

36.92

35.77

35.16

35.77

Adjusted net income:

Net (loss) income (GAAP)

(22,850

)

21,583

24,807

23,174

26,386

(1,267

)

49,955

Add: Adjustments

Merger related expenses, net of tax

43,871

2,090

2,116

238

215

45,961

215

Total adjustments, net of tax

43,871

2,090

2,116

238

215

45,961

215

Adjusted net income (non-GAAP)

21,021

23,673

26,923

23,412

26,601

44,694

50,170

Adjusted diluted earnings per share:

Diluted (loss) earnings per share (GAAP)

(0.49

)

0.76

0.88

0.82

0.93

(0.03

)

1.77

Add: Impact of adjustments

Merger related expenses, net of tax

0.94

0.08

0.07

0.01

1.23

0.01

Adjusted diluted earnings per share (non-GAAP)

0.45

0.84

0.95

0.83

0.94

1.20

1.78

Adjusted return on average total assets:

Return on average total assets (ROAA) (GAAP)

(0.54

1.04

1.17

1.09

1.28

(0.02

1.24

Add: Impact of adjustments

Merger related expenses, net of tax

1.04

0.10

0.01

0.73

0.01

Adjusted ROAA (non-GAAP)

0.50

1.14

1.27

1.10

1.29

0.71

1.25

Adjusted return on average stockholders’ equity:

Return on average stockholders' equity (ROAE) (GAAP)

(4.92

7.47

8.58

8.22

9.74

(0.17

9.39

Add: Impact of adjustments

Merger related expenses, net of tax

9.44

0.73

0.09

0.08

6.10

0.04

Adjusted ROAE (non-GAAP)

4.52

8.20

9.31

8.31

9.82

5.93

9.43

Return on average tangible stockholders’ equity

Return on average stockholders’ equity (ROAE) (GAAP)

(4.92

7.47

8.58

8.22

9.74

(0.17

9.39

Add: Impact from goodwill and other intangible assets

Goodwill

(0.57

0.69

0.81

0.98

(0.02

0.97

Other intangible assets

0.80

0.15

0.19

0.17

0.19

0.55

0.19

Return on average tangible stockholders’ equity (ROATE) (non-GAAP)

(4.69

8.31

9.58

9.20

10.91

0.36

10.55

Adjusted return on average tangible stockholders’ equity:

Return on average tangible stockholders' equity (ROATE) (non-GAAP)

(4.69

8.31

9.58

9.20

10.91

0.36

10.55

Add: Impact of adjustments

Merger related expenses, net of tax

10.55

0.79

0.80

0.10

0.09

6.75

0.04

Adjusted ROATE (non-GAAP)

5.86

9.10

10.38

9.30

11.00

7.12

10.60

Adjusted total noninterest expense:

Total noninterest expense (GAAP)

171,712

75,341

72,041

68,901

68,110

247,053

130,832

Less: Adjustments:

Merger related expenses

(57,559

)

(2,681

)

(2,217

)

(241

)

(285

)

(60,240

)

(285

)

Total adjustments

(57,559

)

(2,681

)

(2,217

)

(241

)

(285

)

(60,240

)

(285

)

Adjusted total noninterest expense (non-GAAP)

114,153

72,660

69,824

68,660

67,825

186,813

130,547

Adjusted efficiency ratio:

Efficiency ratio (GAAP)

93.25

68.52

65.37

64.22

64.52

84.00

64.84

Less: Impact of adjustments

Merger related expenses

(31.26

(2.44

(2.01

(0.22

(0.27

(20.48

(0.14

Adjusted efficiency ratio (non-GAAP)

61.99

66.08

63.36

64.00

64.25

63.52

64.70

Fully tax equivalent (“FTE”) net interest income and net interest margin:

Net interest income (GAAP)

143,195

82,779

83,461

80,953

78,499

225,974

152,977

Gross income effect of tax exempt income

2,198

1,198

1,156

1,225

1,204

3,396

2,396

FTE net interest income (non-GAAP)

145,393

83,977

84,617

82,178

79,703

229,370

155,373

Average earning assets

16,031,868

7,900,665

7,916,085

7,888,042

7,727,556

11,988,729

7,576,307

Net interest margin

3.58

4.25

4.18

4.07

3.80

4.07

Net interest margin on FTE basis (non-GAAP)

3.63

4.31

4.23

4.12

4.13

3.85

4.13

Adjusted loan growth

Total loans (GAAP)

11,568,443

6,939,972

6,673,180

6,681,629

6,507,066

11,568,443

6,507,066

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)

6,834,435

6,939,972

6,673,180

6,681,629

6,507,066

6,834,435

6,507,066

Adjusted deposit growth

Total deposits (GAAP)

13,418,004

7,087,513

7,107,356

7,105,415

7,100,164

13,418,004

7,100,164

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)

7,171,370

7,087,513

7,107,356

7,105,415

7,100,164

7,171,370

7,100,164