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FirstSun Capital Bancorp Reports First Quarter 2025 Results
First Quarter 2025 Highlights:
•Net income of $23.6 million, $0.83 per diluted share
•Net interest margin of 4.07%
•Return on average total assets of 1.20%
•Return on average stockholders’ equity of 9.03%
•Loan growth of 6.8%, annualized
•Deposit growth of 12.3%, annualized
•22.6% noninterest income to total revenue1
Denver, Colorado – April 28, 2025 – FirstSun Capital Bancorp (“FirstSun”) (NASDAQ: FSUN) reported net income of $23.6 million for the first quarter of 2025 compared to net income of $12.3 million for the first quarter of 2024. Earnings per diluted share were $0.83 for the first quarter of 2025 compared to $0.45 for the first quarter of 2024. Adjusted net income, a non-GAAP financial measure, was $14.6 million or $0.53 per diluted share for the first quarter of 2024. Net income, for the first quarter of 2024, was negatively impacted by a provision for credit loss on a specific customer in our commercial and industrial (C&I) loan portfolio of $10.6 million, net of tax, or $0.39 per diluted share.
Neal Arnold, FirstSun’s Chief Executive Officer and President, commented, “We are pleased to deliver another strong quarter as our focus on growing our C&I and consumer relationships across all of our southwestern and western markets continues to yield favorable results. Among the highlights this quarter were a net interest margin of 4.07%, and strong growth in both deposits and loans. We believe our performance amidst this challenging banking environment continues to position us uniquely amongst our peers. While the economic outlook and interest rate environment may remain uncertain, our focus is on what we directly control and executing across all of our diverse businesses to grow our franchise and deliver strong financial results.
“We are also pleased to announce that we have officially opened our new branch locations in San Diego and in Los Angeles. We are excited with our growth in Southern California and we look forward to continuing to grow our clients and business relationships in these large and diverse markets.”
First Quarter 2025 Results

Net income totaled $23.6 million, or $0.83 per diluted share, for the first quarter of 2025, compared to $16.4 million, or $0.58 per diluted share, for the prior quarter. Adjusted net income, a non-GAAP financial measure, was $24.3 million or $0.86 per diluted share for the fourth quarter of 2024.

The return on average total assets was 1.20% for the first quarter of 2025, compared to 0.81% for the prior quarter, and the return on average stockholders’ equity was 9.03% for the first quarter of 2025, compared to 6.22% for the prior quarter. Fourth quarter of 2024 non-recurring expenses, net of tax, negatively impacted return on average total assets by 0.39% and return on average stockholders’ equity by 3.02%.
Net Interest Income and Net Interest Margin
Net interest income totaled $74.5 million for the first quarter of 2025, a decrease of $2.6 million compared to the prior quarter. Our net interest margin decreased two basis points to 4.07% compared to the prior quarter. Results for the first quarter of 2025, compared to the prior quarter, were primarily driven by a decrease of 13 basis points in the yield on earning assets, largely offset by a decrease of 16 basis points in the cost of interest-bearing liabilities.

1 Total revenue is net interest income plus noninterest income.





Average loans, including loans held-for-sale, decreased by $61.0 million in the first quarter of 2025, compared to the prior quarter. Loan yield decreased by 15 basis points to 6.36% in the first quarter of 2025, compared to the prior quarter, primarily due to the declining interest rate environment and its impact on variable rate loans in the portfolio. Average interest-bearing deposits increased $65.0 million in the first quarter of 2025, compared to the prior quarter. Total cost of interest-bearing deposits decreased by 12 basis points to 2.73% in the first quarter of 2025, compared to the prior quarter, primarily due to rate decreases for certificates of deposit and money market deposits. Average FHLB borrowings decreased $92.5 million in the first quarter of 2025, compared to the prior quarter. The cost of FHLB borrowings decreased by 42 basis points to 4.60% in the first quarter of 2025, compared to the prior quarter.
Asset Quality and Provision for Credit Losses
The provision for credit losses totaled $3.8 million for the first quarter of 2025 impacted by deterioration on a specific customer relationship and factors related to increasing economic uncertainty, partially offset by impacts from net portfolio upgrades and increasing prepayment experience.
Net charge-offs for the first quarter of 2025 were $0.6 million resulting in an annualized ratio of net charge-offs to average loans of 0.04%, compared to net charge-offs (recoveries) of $(0.5) million, or an annualized ratio of net-charge offs (recoveries) to average loans of (0.03)% for the prior quarter.
The allowance for credit losses as a percentage of total loans was 1.42% at March 31, 2025, an increase of four basis points from the prior quarter. The ratio of nonperforming assets to total assets was 1.02% at March 31, 2025, compared to 0.92% at December 31, 2024.
Noninterest Income
Noninterest income totaled $21.7 million for the first quarter of 2025, an increase of $0.1 million from the prior quarter. Mortgage banking income decreased $0.6 million for the first quarter of 2025, primarily due to a decrease in MSR capitalization and in the change in fair value of our MSR asset, net of hedging activity, partially offset by an improvement in gain on sale margin.
Other noninterest income increased $0.8 million for the first quarter of 2025, primarily due to an increase in loan syndication and swap service fees. Noninterest income as a percentage of total revenue2 was 22.6%, an increase of 0.7% from the prior quarter.
Noninterest Expense
Noninterest expense totaled $62.7 million for the first quarter of 2025, a decrease of $11.0 million from the prior quarter. Adjusted noninterest expense, a non-GAAP financial measure, totaled $62.8 million for the fourth quarter of 2024. Adjusted noninterest expense, a non-GAAP financial measure, decreased $0.1 million from the prior quarter as the seasonal increase in salary and employee benefits due to payroll taxes was offset by decreases in legal, travel and entertainment, marketing, and collection and appraisal expenses.
The efficiency ratio for the first quarter of 2025 was 65.19% compared to 74.66% for the prior quarter. The adjusted efficiency ratio, a non-GAAP financial measure, for the first quarter of 2025 was 65.19% compared to 63.63% for the prior quarter.
Tax Rate
The effective tax rate was 20.6% for the first quarter of 2025, compared to 18.9% for the prior quarter.

2 Total revenue is net interest income plus noninterest income.
2




Loans
Loans were $6.5 billion at March 31, 2025 compared to $6.4 billion at December 31, 2024, an increase of $107.7 million in the first quarter of 2025, or 6.8% on an annualized basis primarily due to an increase of $137.3 million of commercial and industrial loans partially offset by a decrease of $28.3 million in commercial real estate.
Deposits
Deposits were $6.9 billion at March 31, 2025 compared to $6.7 billion at December 31, 2024, an increase of $202.0 million in the first quarter of 2025, or 12.3% on an annualized basis primarily due to growth of $140.7 million in savings and money market accounts, $33.6 million in noninterest-bearing demand deposit accounts, and $22.9 million in interest-bearing demand accounts. Noninterest-bearing deposit accounts represented 22.9% of total deposits at March 31, 2025 and the loan-to-deposit ratio was 94.3% at March 31, 2025.
Capital
Capital ratios remain strong and above “well-capitalized” thresholds. As of March 31, 2025, our common equity tier 1 risk-based capital ratio was 13.26%, total risk-based capital ratio was 15.52% and tier 1 leverage ratio was 12.47%. Book value per share was $38.49 at March 31, 2025, an increase of $0.91 from December 31, 2024. Tangible book value per share, a non-GAAP financial measure, was $34.88 at March 31, 2025, an increase of $0.94 from December 31, 2024.

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Non-GAAP Financial Measures
This press release (including the tables beginning on page 14) contains financial measures determined by methods other than in accordance with principles generally accepted in the United States (“GAAP”). FirstSun management uses these non-GAAP financial measures in their analysis of FirstSun’s performance and the efficiency of its operations. Management believes these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant items in the current period. FirstSun believes a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. FirstSun management believes investors may find these non-GAAP financial measures useful. These non-GAAP financial measures, however, should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Below is a listing of the non-GAAP measures used in this press release:
•Tangible stockholders’ equity to tangible assets;
•Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax;
•Tangible book value per share;
•Adjusted net income;
•Adjusted diluted earnings per share;
•Adjusted return on average total assets;
•Adjusted return on average stockholders’ equity;
•Return on average tangible stockholders’ equity;
•Adjusted return on average tangible stockholders’ equity;
•Adjusted total noninterest expense;
•Adjusted efficiency ratio; and
•Fully tax equivalent (“FTE”) net interest income and net interest margin.
The tables beginning on page 14 provide a reconciliation of each non-GAAP financial measure contained in this press release to the most comparable GAAP equivalent.
About FirstSun Capital Bancorp
FirstSun Capital Bancorp, headquartered in Denver, Colorado, is the financial holding company for Sunflower Bank, N.A., which operates as Sunflower Bank, First National 1870 and Guardian Mortgage, which we are in the process of rebranding as Sunflower Bank Mortgage Lending. Sunflower Bank provides a full range of relationship-focused services to meet personal, business and wealth management financial objectives, with customers in seven states and mortgage capabilities in 43 states. FirstSun had total consolidated assets of $8.2 billion as of March 31, 2025.
First National 1870 and Guardian Mortgage are divisions of Sunflower Bank, N.A. To learn more, visit ir.firstsuncb.com, SunflowerBank.com, FirstNational1870.com or GuardianMortgageOnline.com.
Day-Count Convention
Annualized ratios are presented utilizing the Actual/Actual day-count convention. Prior period annualized ratios have been recalculated to conform to the current presentation.
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Summary Data:
As of and for the three months ended
($ in thousands, except per share amounts)March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Net interest income$74,478 $77,047 $76,158 $72,899 $70,806 
Provision for credit losses3,800 4,850 5,000 1,200 16,500 
Noninterest income21,729 21,635 22,075 23,274 22,808 
Noninterest expense62,722 73,673 64,664 63,875 61,828 
Income before income taxes29,685 20,159 28,569 31,098 15,286 
Provision for income taxes6,116 3,809 6,147 6,538 2,990 
Net income23,569 16,350 22,422 24,560 12,296 
Adjusted net income1
23,569 24,316 23,655 25,181 14,592 
Weighted average common shares outstanding, basic27,721,760 27,668,470 27,612,538 27,430,761 27,019,625 
Weighted average common shares outstanding, diluted28,293,912 28,290,474 28,212,809 28,031,956 27,628,941 
Diluted earnings per share$0.83 $0.58 $0.79 $0.88 $0.45 
Adjusted diluted earnings per share1
$0.83 $0.86 $0.84 $0.90 $0.53 
Return on average total assets1.20 %0.81 %1.12 %1.27 %0.65 %
Adjusted return on average total assets1
1.20 %1.20 %1.18 %1.30 %0.77 %
Return on average stockholders' equity9.03 %6.22 %8.74 %10.08 %5.18 %
Adjusted return on average stockholders' equity1
9.03 %9.24 %9.22 %10.34 %6.14 %
Return on average tangible stockholders' equity1
10.18 %7.36 %9.94 %11.51 %6.11 %
Adjusted return on average tangible stockholders' equity1
10.18 %10.72 %10.48 %11.79 %7.20 %
Net interest margin4.07 %4.09 %4.08 %4.04 %4.01 %
Net interest margin (FTE basis)1
4.13 %4.15 %4.13 %4.10 %4.08 %
Efficiency ratio65.19 %74.66 %65.83 %66.42 %66.05 %
Adjusted efficiency ratio1
65.19 %63.63 %64.16 %65.33 %63.39 %
Noninterest income to total revenue2
22.6 %21.9 %22.5 %24.2 %24.4 %
Total assets$8,216,458 $8,097,387 $8,138,487 $7,999,295 $7,781,601 
Total loans held-for-sale65,603 61,825 72,247 66,571 56,813 
Total loans held-for-investment6,484,008 6,376,357 6,443,756 6,337,162 6,284,868 
Total deposits6,874,239 6,672,260 6,649,880 6,619,525 6,445,388 
Total stockholders' equity1,068,295 1,041,366 1,034,085 996,599 964,662 
Loan to deposit ratio94.3 %95.6 %96.9 %95.7 %97.5 %
Period end common shares outstanding27,753,918 27,709,679 27,665,918 27,443,246 27,442,943 
Book value per share$38.49 $37.58 $37.38 $36.31 $35.15 
Tangible book value per share1
$34.88 $33.94 $33.68 $32.56 $31.37 
1 Represents a non-GAAP financial measure. See the tables beginning on page 14 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
2 Total revenue is net interest income plus noninterest income.
5




Condensed Consolidated Statements of Income (Unaudited):
For the three months ended
($ in thousands, except per share amounts)March 31,
2025		March 31,
2024
Total interest income$110,447 $110,040 
Total interest expense35,969 39,234 
Net interest income74,478 70,806 
Provision for credit losses3,800 16,500 
Net interest income after provision for credit losses70,678 54,306 
Noninterest income:
Service charges on deposits2,027 2,344 
Treasury management service fees4,194 3,468 
Credit and debit card fees2,586 2,759 
Trust and investment advisory fees1,421 1,463 
Mortgage banking income, net9,055 9,502 
Other noninterest income2,446 3,272 
Total noninterest income21,729 22,808 
Noninterest expense:
Salaries and benefits39,561 37,353 
Occupancy and equipment9,536 8,595 
Amortization of intangible assets628 815 
Terminated merger related expenses— 2,489 
Other noninterest expenses12,997 12,576 
Total noninterest expense62,722 61,828 
Income before income taxes29,685 15,286 
Provision for income taxes6,116 2,990 
Net income$23,569 $12,296 
Earnings per share - basic$0.85 $0.46 
Earnings per share - diluted$0.83 $0.45 
6




For the three months ended
($ in thousands, except per share amounts)March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Total interest income$110,447 $116,039 $118,932 $114,529 $110,040 
Total interest expense35,969 38,992 42,774 41,630 39,234 
Net interest income74,478 77,047 76,158 72,899 70,806 
Provision for credit losses3,800 4,850 5,000 1,200 16,500 
Net interest income after provision for credit losses70,678 72,197 71,158 71,699 54,306 
Noninterest income:
Service charges on deposits2,027 2,219 2,560 2,372 2,344 
Treasury management service fees4,194 3,982 3,748 3,631 3,468 
Credit and debit card fees2,586 2,706 2,738 2,950 2,759 
Trust and investment advisory fees1,421 1,436 1,395 1,493 1,463 
Mortgage banking income, net9,055 9,631 8,838 11,043 9,502 
Other noninterest income2,446 1,661 2,796 1,785 3,272 
Total noninterest income21,729 21,635 22,075 23,274 22,808 
Noninterest expense:
Salaries and benefits39,561 38,498 39,306 39,828 37,353 
Occupancy and equipment9,536 9,865 9,121 8,701 8,595 
Amortization of intangible assets628 1,431 651 652 815 
Terminated merger related expenses— 8,010 1,633 1,046 2,489 
Other noninterest expenses12,997 15,869 13,953 13,648 12,576 
Total noninterest expense62,722 73,673 64,664 63,875 61,828 
Income before income taxes29,685 20,159 28,569 31,098 15,286 
Provision for income taxes6,116 3,809 6,147 6,538 2,990 
Net income$23,569 $16,350 $22,422 $24,560 $12,296 
Earnings per share - basic$0.85 $0.59 $0.81 $0.90 $0.46 
Earnings per share - diluted$0.83 $0.58 $0.79 $0.88 $0.45 

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Condensed Consolidated Balance Sheets as of (Unaudited):
($ in thousands)March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Assets
Cash and cash equivalents$621,377 $615,917 $573,674 $535,766 $383,605 
Securities available-for-sale, at fair value480,615 469,076 496,811 491,649 499,078 
Securities held-to-maturity34,914 35,242 35,885 36,310 36,640 
Loans held-for-sale, at fair value65,603 61,825 72,247 66,571 56,813 
Loans6,484,008 6,376,357 6,443,756 6,337,162 6,284,868 
Allowance for credit losses(91,790)(88,221)(83,159)(78,960)(79,829)
Loans, net6,392,218 6,288,136 6,360,597 6,258,202 6,205,039 
Mortgage servicing rights, at fair value82,927 84,258 78,799 80,744 78,416 
Premises and equipment, net82,333 82,483 82,532 83,320 84,063 
Other real estate owned and foreclosed assets, net4,914 5,138 4,478 4,497 4,414 
Goodwill93,483 93,483 93,483 93,483 93,483 
Intangible assets, net6,806 7,434 8,866 9,517 10,168 
All other assets351,268 354,395 331,115 339,236 329,882 
Total assets$8,216,458 $8,097,387 $8,138,487 $7,999,295 $7,781,601 
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing demand deposit accounts$1,574,736 $1,541,158 $1,554,762 $1,562,308 $1,517,315 
Interest-bearing deposit accounts:
Interest-bearing demand accounts708,783 685,865 645,647 538,232 542,184 
Savings and money market accounts2,974,774 2,834,123 2,608,808 2,505,439 2,473,255 
NOW accounts39,806 45,539 41,234 42,687 39,181 
Certificate of deposit accounts1,576,140 1,565,575 1,799,429 1,970,859 1,873,453 
Total deposits6,874,239 6,672,260 6,649,880 6,619,525 6,445,388 
Securities sold under agreements to repurchase8,515 14,699 10,913 20,408 20,423 
Federal Home Loan Bank advances35,000 135,000 215,000 145,000 144,810 
Other borrowings75,969 75,841 75,709 75,577 75,445 
Other liabilities154,440 158,221 152,900 142,186 130,873 
Total liabilities7,148,163 7,056,021 7,104,402 7,002,696 6,816,939 
Stockholders' equity:
Preferred stock— — — — — 
Common stock3 3 3 3 3 
Additional paid-in capital547,484 547,325 547,271 543,339 542,582 
Retained earnings556,719 533,150 516,800 494,378 469,818 
Accumulated other comprehensive loss, net(35,911)(39,112)(29,989)(41,121)(47,741)
Total stockholders' equity1,068,295 1,041,366 1,034,085 996,599 964,662 
Total liabilities and stockholders' equity$8,216,458 $8,097,387 $8,138,487 $7,999,295 $7,781,601 




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Consolidated Capital Ratios as of:
March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Stockholders' equity to total assets13.00 %12.86 %12.71 %12.46 %12.40 %
Tangible stockholders' equity to tangible assets1
11.93 %11.76 %11.59 %11.32 %11.21 %
Tangible stockholders' equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax1, 2
11.89 %11.71 %11.56 %11.27 %11.17 %
Tier 1 leverage ratio12.47 %12.11 %11.96 %11.83 %11.73 %
Common equity tier 1 risk-based capital ratio13.26 %13.18 %13.06 %12.80 %12.54 %
Tier 1 risk-based capital ratio13.26 %13.18 %13.06 %12.80 %12.54 %
Total risk-based capital ratio15.52 %15.42 %15.25 %14.95 %14.73 %
1 Represents a non-GAAP financial measure. See the tables beginning on page 14 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.
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Summary of Net Interest Margin:
For the three months ended
March 31, 2025March 31, 2024
(In thousands)Average BalanceAverage Yield/RateAverage BalanceAverage Yield/Rate
Interest Earning Assets
Loans1
6,420,710 6.36 %6,313,855 6.51 %
Investment securities501,809 3.53 %546,960 3.30 %
Interest-bearing cash and other assets500,857 4.37 %239,508 5.52 %
Total earning assets7,423,376 6.03 %7,100,323 6.23 %
Other assets548,976 548,642 
Total assets$7,972,352 $7,648,965 
Interest-bearing liabilities
Demand and NOW deposits$720,700 3.21 %$549,491 3.56 %
Savings deposits400,801 0.58 %421,882 0.69 %
Money market deposits2,441,737 2.19 %2,063,321 1.94 %
Certificates of deposits1,547,634 3.91 %1,814,629 4.62 %
Total deposits5,110,872 2.73 %4,849,323 3.02 %
Repurchase agreements9,615 1.57 %21,254 1.07 %
Total deposits and repurchase agreements5,120,487 2.73 %4,870,577 3.01 %
FHLB borrowings29,489 4.60 %110,777 5.59 %
Other long-term borrowings75,907 6.43 %75,389 6.65 %
Total interest-bearing liabilities5,225,883 2.79 %5,056,743 3.12 %
Noninterest-bearing deposits1,532,150 1,502,707 
Other liabilities155,337 134,370 
Stockholders' equity1,058,982 955,145 
Total liabilities and stockholders' equity$7,972,352 $7,648,965 
Net interest spread3.24 %3.11 %
Net interest margin4.07 %4.01 %
Net interest margin (on FTE basis)2
4.13 %4.08 %
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 14 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
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For the three months ended
March 31, 2025December 31, 2024September 30, 2024June 30, 2024March 31, 2024
(In thousands)Average BalanceAverage Yield/RateAverage BalanceAverage Yield/RateAverage BalanceAverage Yield/RateAverage BalanceAverage Yield/RateAverage BalanceAverage Yield/Rate
Interest Earning Assets
Loans1
6,420,710 6.36 %6,481,701 6.51 %6,460,484 6.68 %6,384,709 6.63 %6,313,855 6.51 %
Investment securities501,809 3.53 %519,221 3.40 %527,241 3.60 %523,545 3.67 %546,960 3.30 %
Interest-bearing cash and other assets500,857 4.37 %491,326 4.48 %442,632 5.14 %348,509 5.28 %239,508 5.52 %
Total earning assets7,423,376 6.03 %7,492,248 6.16 %7,430,357 6.37 %7,256,763 6.35 %7,100,323 6.23 %
Other assets548,976 542,862 534,740 548,465 548,642 
Total assets$7,972,352 $8,035,110 $7,965,097 $7,805,228 $7,648,965 
Interest-bearing liabilities
Demand and NOW deposits$720,700 3.21 %$703,087 3.45 %$657,537 3.73 %$621,343 3.82 %$549,491 3.56 %
Savings deposits400,801 0.58 %404,762 0.64 %411,526 0.71 %413,699 0.70 %421,882 0.69 %
Money market deposits2,441,737 2.19 %2,348,328 2.23 %2,140,552 2.24 %2,092,449 2.02 %2,063,321 1.94 %
Certificates of deposits1,547,634 3.91 %1,589,721 4.08 %1,800,502 4.56 %1,823,522 4.71 %1,814,629 4.62 %
Total deposits5,110,872 2.73 %5,045,898 2.85 %5,010,117 3.14 %4,951,013 3.13 %4,849,323 3.02 %
Repurchase agreements9,615 1.57 %10,964 1.45 %13,528 1.29 %16,553 1.16 %21,254 1.07 %
Total deposits and repurchase agreements5,120,487 2.73 %5,056,862 2.85 %5,023,645 3.14 %4,967,566 3.12 %4,870,577 3.01 %
FHLB borrowings29,489 4.60 %121,957 5.02 %135,641 5.58 %130,871 5.70 %110,777 5.59 %
Other long-term borrowings75,907 6.43 %75,778 6.41 %75,654 6.54 %75,522 6.62 %75,389 6.65 %
Total interest-bearing liabilities5,225,883 2.79 %5,254,597 2.95 %5,234,940 3.25 %5,173,959 3.24 %5,056,743 3.12 %
Noninterest-bearing deposits1,532,150 1,581,571 1,568,685 1,517,560 1,502,707 
Other liabilities155,337 152,552 141,206 133,845 134,370 
Stockholders' equity1,058,982 1,046,390 1,020,266 979,864 955,145 
Total liabilities and stockholders' equity$7,972,352 $8,035,110 $7,965,097 $7,805,228 $7,648,965 
Net interest spread3.24 %3.21 %3.12 %3.11 %3.11 %
Net interest margin4.07 %4.09 %4.08 %4.04 %4.01 %
Net interest margin (on FTE basis)2
4.13 %4.15 %4.13 %4.10 %4.08 %
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 14 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
11




Deposits as of:
($ in thousands)March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Consumer
Noninterest bearing deposit accounts$412,734 $410,303 $397,880 $414,795 $356,732 
Interest-bearing deposit accounts:
Demand and NOW deposits93,675 61,987 61,929 42,903 38,625 
Savings deposits330,489 326,916 331,811 334,741 340,086 
Money market deposits1,600,413 1,516,577 1,333,486 1,243,355 1,229,239 
Certificates of deposits1,065,839 1,069,704 1,247,348 1,438,792 1,437,590 
Total interest-bearing deposit accounts3,090,416 2,975,184 2,974,574 3,059,791 3,045,540 
Total consumer deposits$3,503,150 $3,385,487 $3,372,454 $3,474,586 $3,402,272 
Business
Noninterest bearing deposit accounts$1,162,002 $1,130,855 $1,156,882 $1,147,513 $1,160,583 
Interest-bearing deposit accounts:
Demand and NOW deposits654,914 669,417 624,952 538,016 502,726 
Savings deposits75,132 75,422 77,744 77,931 80,226 
Money market deposits968,740 915,208 865,767 849,412 823,704 
Certificates of deposits65,420 51,131 62,187 90,189 97,854 
Total interest-bearing deposit accounts1,764,206 1,711,178 1,630,650 1,555,548 1,504,510 
Total business deposits$2,926,208 $2,842,033 $2,787,532 $2,703,061 $2,665,093 
Wholesale deposits1
$444,881 $444,740 $489,894 $441,878 $378,023 
Total deposits$6,874,239 $6,672,260 $6,649,880 $6,619,525 $6,445,388 
1 Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposits.
Balance Sheet Ratios as of:
March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Cash to total assets1
7.50 %7.50 %6.90 %6.60 %4.80 %
Loan to deposit ratio94.3 %95.6 %96.9 %95.7 %97.5 %
Uninsured deposits to total deposits2
35.2 %34.8 %32.7 %32.1 %32.0 %
Uninsured and uncollateralized deposits to total deposits2
26.4 %25.2 %26.8 %25.5 %25.2 %
Wholesale deposits and borrowings to total liabilities3
6.7 %8.2 %9.9 %8.4 %7.7 %
1 Cash consists of cash and amounts due from banks and interest-bearing deposits with other financial institutions.
2 Uninsured deposits and uninsured and uncollateralized deposits are reported for our wholly-owned subsidiary Sunflower Bank, N.A. and are estimated.
3 Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposits. Wholesale borrowings consist of FHLB overnight and term advances.
12




Loan Portfolio as of:
($ in thousands)March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Commercial and industrial$2,635,028 $2,497,772 $2,527,636 $2,431,110 $2,480,078 
Commercial real estate:
Non-owner occupied733,949 752,861 821,670 866,999 836,515 
Owner occupied679,137 702,773 700,325 660,511 642,930 
Construction and land386,056 362,677 333,457 350,878 326,447 
Multifamily85,239 94,355 95,125 94,220 94,898 
Total commercial real estate1,884,381 1,912,666 1,950,577 1,972,608 1,900,790 
Residential real estate1,195,714 1,180,610 1,172,459 1,146,989 1,109,676 
Public Finance551,252 554,784 536,776 537,872 579,991 
Consumer39,096 41,345 45,267 42,129 40,317 
Other178,537 189,180 211,041 206,454 174,016 
Total loans, net of deferred costs, fees, premiums, and discounts$6,484,008 $6,376,357 $6,443,756 $6,337,162 $6,284,868 
Asset Quality:
As of and for the three months ended
($ in thousands)March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Net charge-offs (recoveries)$631 $(462)$1,401 $2,009 $17,429 
Allowance for credit losses$91,790 $88,221 $83,159 $78,960 $79,829 
Nonperforming loans, including nonaccrual loans, and accrual loans greater than 90 days past due$78,590 $69,050 $65,824 $62,558 $57,599 
Nonperforming assets$83,504 $74,188 $70,302 $67,055 $62,013 
Ratio of net charge-offs (recoveries) to average loans outstanding0.04 %(0.03)%0.09 %0.13 %1.12 %
Allowance for credit losses to total loans outstanding1.42 %1.38 %1.29 %1.25 %1.27 %
Allowance for credit losses to total nonperforming loans116.80 %127.76 %126.34 %126.22 %138.59 %
Nonperforming loans to total loans1.21 %1.08 %1.02 %0.99 %0.92 %
Nonperforming assets to total assets1.02 %0.92 %0.86 %0.84 %0.80 %


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Non-GAAP Financial Measures and Reconciliations:

As of and for the three months ended
($ in thousands, except share and per share amounts)March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Tangible stockholders’ equity to tangible assets:
Total stockholders' equity (GAAP)$1,068,295 $1,041,366 $1,034,085 $996,599 $964,662 
Less: Goodwill and other intangible assets
Goodwill(93,483)(93,483)(93,483)(93,483)(93,483)
Other intangible assets(6,806)(7,434)(8,866)(9,517)(10,168)
Tangible stockholders' equity (non-GAAP)$968,006 $940,449 $931,736 $893,599 $861,011 
Total assets (GAAP)$8,216,458 $8,097,387 $8,138,487 $7,999,295 $7,781,601 
Less: Goodwill and other intangible assets
Goodwill(93,483)(93,483)(93,483)(93,483)(93,483)
Other intangible assets(6,806)(7,434)(8,866)(9,517)(10,168)
Tangible assets (non-GAAP)$8,116,169 $7,996,470 $8,036,138 $7,896,295 $7,677,950 
Total stockholders' equity to total assets (GAAP)13.00 %12.86 %12.71 %12.46 %12.40 %
Less: Impact of goodwill and other intangible assets(1.07)%(1.10)%(1.12)%(1.14)%(1.19)%
Tangible stockholders' equity to tangible assets (non-GAAP)11.93 %11.76 %11.59 %11.32 %11.21 %
Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax:
Tangible stockholders' equity (non-GAAP)$968,006 $940,449 $931,736 $893,599 $861,011 
Less: Net unrealized losses on HTM securities, net of tax(3,803)(4,292)(2,852)(3,949)(4,236)
Tangible stockholders’ equity less net unrealized losses on HTM securities, net of tax (non-GAAP)$964,203 $936,157 $928,884 $889,650 $856,775 
Tangible assets (non-GAAP)$8,116,169 $7,996,470 $8,036,138 $7,896,295 $7,677,950 
Less: Net unrealized losses on HTM securities, net of tax(3,803)(4,292)(2,852)(3,949)(4,236)
Tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP)$8,112,366 $7,992,178 $8,033,286 $7,892,346 $7,673,714 
Tangible stockholders’ equity to tangible assets (non-GAAP)11.93 %11.76 %11.59 %11.32 %11.21 %
Less: Net unrealized losses on HTM securities, net of tax(0.04)%(0.05)%(0.03)%(0.05)%(0.04)%
Tangible stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP)11.89 %11.71 %11.56 %11.27 %11.17 %
Tangible book value per share:
Total stockholders' equity (GAAP)$1,068,295 $1,041,366 $1,034,085 $996,599 $964,662 
Tangible stockholders' equity (non-GAAP)$968,006 $940,449 $931,736 $893,599 $861,011 
Total shares outstanding27,753,918 27,709,679 27,665,918 27,443,246 27,442,943 
Book value per share (GAAP)$38.49 $37.58 $37.38 $36.31 $35.15 
Tangible book value per share (non-GAAP)$34.88 $33.94 $33.68 $32.56 $31.37 
Adjusted net income:
Net income (GAAP)$23,569 $16,350 $22,422 $24,560 $12,296 
Add: Non-recurring adjustments:
Terminated merger related expenses, net of tax— 5,799 1,233 621 2,296 
Write-off of Guardian Mortgage tradename, net of tax— 625 — — — 
Disposal of ATMs, net of tax— 1,542 — — — 
Total adjustments, net of tax— 7,966 1,233 621 2,296 
Adjusted net income (non-GAAP)$23,569 $24,316 $23,655 $25,181 $14,592 
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As of and for the three months ended
($ in thousands, except share and per share amounts)March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Adjusted diluted earnings per share:
Diluted earnings per share (GAAP)$0.83 $0.58 $0.79 $0.88 $0.45 
Add: Impact of non-recurring adjustments:
Terminated merger related expenses, net of tax— 0.21 0.05 0.02 0.08 
Write-off of Guardian Mortgage tradename, net of tax— 0.02 — — — 
Disposal of ATMs, net of tax— 0.05 — — — 
Adjusted diluted earnings per share (non-GAAP)$0.83 $0.86 $0.84 $0.90 $0.53 
Adjusted return on average total assets:
Return on average total assets (ROAA) (GAAP)1.20 %0.81 %1.12 %1.27 %0.65 %
Add: Impact of non-recurring adjustments:
Terminated merger related expenses, net of tax— %0.28 %0.06 %0.03 %0.12 %
Write-off of Guardian Mortgage tradename, net of tax— %0.03 %— %— %— %
Disposal of ATMs, net of tax— %0.08 %— %— %— %
Adjusted ROAA (non-GAAP)1.20 %1.20 %1.18 %1.30 %0.77 %
Adjusted return on average stockholders’ equity:
Return on average stockholders' equity (ROACE) (GAAP)9.03 %6.22 %8.74 %10.08 %5.18 %
Add: Impact of non-recurring adjustments:
Terminated merger related expenses, net of tax— %2.19 %0.48 %0.26 %0.96 %
Write-off of Guardian Mortgage tradename, net of tax— %0.24 %— %— %— %
Disposal of ATMs, net of tax— %0.59 %— %— %— %
Adjusted ROACE (non-GAAP)9.03 %9.24 %9.22 %10.34 %6.14 %
Return on average tangible stockholders’ equity
Return on average stockholders’ equity (ROACE) (GAAP)9.03 %6.22 %8.74 %10.08 %5.18 %
Add: Impact from goodwill and other intangible assets:
Goodwill0.94 %0.67 %0.98 %1.19 %0.63 %
Other intangible assets0.21 %0.47 %0.22 %0.24 %0.30 %
Return on average tangible stockholders’ equity (ROATCE) (non-GAAP)10.18 %7.36 %9.94 %11.51 %6.11 %
Adjusted return on average tangible stockholders’ equity:
Return on average tangible stockholders' equity (ROATCE) (non-GAAP)10.18 %7.36 %9.94 %11.51 %6.11 %
Add: Impact of non-recurring adjustments:
Terminated merger related expenses, net of tax— %2.45 %0.54 %0.28 %1.09 %
Write-off of Guardian Mortgage tradename, net of tax— %0.26 %— %— %— %
Disposal of ATMs, net of tax— %0.65 %— %— %— %
Adjusted ROATCE (non-GAAP)10.18 %10.72 %10.48 %11.79 %7.20 %
15




As of and for the three months ended
($ in thousands, except share and per share amounts)March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Adjusted total noninterest expense:
Total noninterest expense (GAAP)$62,722 $73,673 $64,664 $63,875 $61,828 
Less: Non-recurring adjustments:
Terminated merger related expenses— (8,010)(1,633)(1,046)(2,489)
Write-off of Guardian Mortgage trade name— (828)— — — 
Disposal of ATMs— (2,042)— — — 
Total adjustments— (10,880)(1,633)(1,046)(2,489)
Adjusted total noninterest expense (non-GAAP)$62,722 $62,793 $63,031 $62,829 $59,339 
Adjusted efficiency ratio:
Efficiency ratio (GAAP)65.19 %74.66 %65.83 %66.42 %66.05 %
Less: Impact of non-recurring adjustments:
Terminated merger related expenses— %(8.12)%(1.67)%(1.09)%(2.66)%
Write-off of Guardian Mortgage tradename— %(0.84)%— %— %— %
Disposal of ATMs— %(2.07)%— %— %— %
Adjusted efficiency ratio (non-GAAP)65.19 %63.63 %64.16 %65.33 %63.39 %
Fully tax equivalent (“FTE”) net interest income and net interest margin:
Net interest income (GAAP)$74,478 $77,047 $76,158 $72,899 $70,806 
Gross income effect of tax exempt income1,192 1,161 1,132 1,156 1,318 
FTE net interest income (non-GAAP)$75,670 $78,208 $77,290 $74,055 $72,124 
Average earning assets$7,423,376 $7,492,248 $7,430,357 $7,256,763 $7,100,323 
Net interest margin4.07 %4.09 %4.08 %4.04 %4.01 %
Net interest margin on FTE basis (non-GAAP)4.13 %4.15 %4.13 %4.10 %4.08 %
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
16