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FirstSun Capital Bancorp Reports Third Quarter 2025 Results
Third Quarter 2025 Highlights:
•Net income of $23.2 million, $0.82 per diluted share
•Net interest margin of 4.07%
•Return on average total assets of 1.09%
•Return on average stockholders’ equity of 8.22%
•Loan growth of 10.6%, annualized
•Deposit growth of 0.3%, annualized
•24.5% noninterest income to total revenue1
Denver, Colorado – October 27, 2025 – FirstSun Capital Bancorp (“FirstSun”) (NASDAQ: FSUN) reported net income of $23.2 million for the third quarter of 2025 compared to net income of $22.4 million for the third quarter of 2024. Earnings per diluted share were $0.82 for the third quarter of 2025 compared to $0.79 for the third quarter of 2024. Adjusted net income, a non-GAAP financial measure, was $23.7 million or $0.84 per diluted share for the third quarter of 2024.
Neal Arnold, FirstSun’s Chief Executive Officer and President, commented, “The results for this quarter continue to demonstrate the fundamental strength of our core franchise. The quarter was highlighted by a consistently strong net interest margin of 4.07%, healthy loan growth of 10.6% and a diversified revenue mix with service fees to total revenue of 24.5%. While we did experience higher credit costs this quarter, our operating results remain strong. We remain focused on the great opportunity provided by the robust business environment across our high growth southwestern and western footprint to further grow our franchise and deliver strong financial results.”
Third Quarter 2025 Results

Net income totaled $23.2 million, or $0.82 per diluted share, for the third quarter of 2025, compared to $26.4 million, or $0.93 per diluted share, for the prior quarter.

The return on average total assets was 1.09% for the third quarter of 2025, compared to 1.28% for the prior quarter, and the return on average stockholders’ equity was 8.22% for the third quarter of 2025, compared to 9.74% for the prior quarter.
Net Interest Income and Net Interest Margin
Net interest income totaled $81.0 million for the third quarter of 2025, an increase of $2.5 million compared to the prior quarter. Our net interest margin of 4.07% was unchanged compared to the prior quarter. Results for the third quarter of 2025, compared to the prior quarter, were primarily driven by an increase of two basis points in the yield on earning assets and increase of $160.5 million in average earnings assets, offset by an increase of six basis points in the cost of interest-bearing liabilities and increase of $76.6 million in average interest-bearing liabilities.

1 Total revenue is net interest income plus noninterest income.





Average loans, including loans held-for-sale, increased by $46.7 million in the third quarter of 2025, compared to the prior quarter. Loan yield increased by six basis points to 6.49% in the third quarter of 2025, compared to the prior quarter, primarily due to higher yields on new originations as compared to amortizing and maturing balances. Average interest-bearing deposits increased $79.7 million in the third quarter of 2025, compared to the prior quarter. Total cost of interest-bearing deposits increased by three basis points to 2.81% in the third quarter of 2025, compared to the prior quarter, primarily due to an increase in promotional rate money market deposit balances, partially offset by a decrease in certificates of deposit balances.
Asset Quality and Provision for Credit Losses
The provision for credit losses totaled $10.1 million for the third quarter of 2025 primarily due to deterioration in a specific commercial and industrial (“C&I”) customer relationship, impacts from net changes in loan portfolio balances, and impacts from net portfolio downgrades.
Net charge-offs for the third quarter of 2025 were $9.1 million resulting in an annualized ratio of net charge-offs to average loans of 0.55%, compared to net charge-offs of $13.5 million, or an annualized ratio of net-charge offs to average loans of 0.83% for the prior quarter. Net charge-offs for the third quarter of 2025 were elevated primarily due to a write-down related to a specific customer relationship in our C&I loan portfolio.
The allowance for credit losses as a percentage of total loans was 1.26% at September 30, 2025, a decrease of two basis points from the prior quarter. The ratio of nonperforming assets to total assets was 0.98% at September 30, 2025, compared to 0.80% at June 30, 2025.
Noninterest Income
Noninterest income totaled $26.3 million for the third quarter of 2025, a decrease of $0.7 million from the prior quarter. Mortgage banking income decreased $0.6 million for the third quarter of 2025, primarily due to a decrease in fair value impact, net of hedging, related to interest rate lock commitments and loans held-for-sale, partially offset by an increase in gain on sales driven by higher margins.
Other noninterest income decreased $0.3 million for the third quarter of 2025, primarily due to a decrease in loan syndication and agency fees.
Noninterest income as a percentage of total revenue2 was 24.5%, a decrease of 1.1% from the prior quarter.
Noninterest Expense
Noninterest expense totaled $68.9 million for the third quarter of 2025, an increase of $0.8 million from the prior quarter, primarily due to an increase in salary and employee benefits of $0.9 million resulting from an increase in headcount of C&I bankers and support personnel, in addition to higher medical insurance costs.
The efficiency ratio for the third quarter of 2025 was 64.22% compared to 64.52% for the prior quarter.
Tax Rate
The effective tax rate was 18.1% for the third quarter of 2025, compared to 20.0% for the prior quarter.

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




Loans
Loans were $6.7 billion at September 30, 2025 and $6.5 billion at June 30, 2025, increasing $174.6 million in the third quarter of 2025, or 10.6% on an annualized basis, primarily due to an increase of $165.9 million in commercial and industrial, and an increase of $49.0 million in multifamily, partially offset by a decrease of $40.2 million in construction and land.
Deposits
Deposits were $7.1 billion at September 30, 2025 and June 30, 2025, an increase of $5.3 million in the third quarter of 2025, or 0.3% on an annualized basis, primarily due to growth of $65.9 million in interest-bearing demand accounts, and $56.8 million in savings and money market accounts, partially offset by a decrease of $75.8 million in certificates of deposits, and $32.2 million in non-interest-bearing demand deposit accounts. Average deposits increased $134.8 million in the third quarter of 2025, or 7.7% on an annualized basis, compared to the prior quarter.
Noninterest-bearing deposit accounts represented 23.6% of total deposits at September 30, 2025 and the loan-to-deposit ratio was 94.0% at September 30, 2025.
Capital
Capital ratios remain strong and above “well-capitalized” thresholds. As of September 30, 2025, our common equity tier 1 risk-based capital ratio was 13.79%, total risk-based capital ratio was 15.81% and tier 1 leverage ratio was 12.44%. Book value per share was $40.48 at September 30, 2025, an increase of $1.13 from June 30, 2025. Tangible book value per share, a non-GAAP financial measure, was $36.92 at September 30, 2025, an increase of $1.15 from June 30, 2025.
Subsequent Event
On October 1, 2025, FirstSun Capital Bancorp redeemed the entire principal amount, or $40 million, of its 6.000% Fixed-to-Floating Rate Subordinated Notes Due July 1, 2030.
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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 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 16 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 and First National 1870. Sunflower Bank provides a full range of relationship-focused services to meet personal, business and wealth management financial objectives, with depository branches in seven states and mortgage capabilities in 43 states. FirstSun had total consolidated assets of $8.5 billion as of September 30, 2025.
First National 1870 is a division of Sunflower Bank, N.A. To learn more, visit ir.firstsuncb.com or SunflowerBank.com
Day-Count Convention
Annualized ratios are presented utilizing the Actual/Actual day-count convention. Prior period annualized ratios have been recalculated to conform to the current presentation.
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Summary Data:
As of and for the three months ended
($ in thousands, except per share amounts)September 30,
2025		June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024
Net interest income$80,953 $78,499 $74,478 $77,047 $76,158 
Provision for credit losses10,100 4,500 3,800 4,850 5,000 
Noninterest income26,333 27,073 21,729 21,635 22,075 
Noninterest expense68,901 68,110 62,722 73,673 64,664 
Income before income taxes28,285 32,962 29,685 20,159 28,569 
Provision for income taxes5,111 6,576 6,116 3,809 6,147 
Net income23,174 26,386 23,569 16,350 22,422 
Adjusted net income1
23,174 26,386 23,569 24,316 23,655 
Weighted average common shares outstanding, basic27,801,255 27,783,710 27,721,760 27,668,470 27,612,538 
Weighted average common shares outstanding, diluted28,291,778 28,232,319 28,293,912 28,290,474 28,212,809 
Diluted earnings per share$0.82 $0.93 $0.83 $0.58 $0.79 
Adjusted diluted earnings per share1
$0.82 $0.93 $0.83 $0.86 $0.84 
Return on average total assets1.09 %1.28 %1.20 %0.81 %1.12 %
Adjusted return on average total assets1
1.09 %1.28 %1.20 %1.20 %1.18 %
Return on average stockholders' equity8.22 %9.74 %9.03 %6.22 %8.74 %
Adjusted return on average stockholders' equity1
8.22 %9.74 %9.03 %9.24 %9.22 %
Return on average tangible stockholders' equity1
9.20 %10.91 %10.18 %7.36 %9.94 %
Adjusted return on average tangible stockholders' equity1
9.20 %10.91 %10.18 %10.72 %10.48 %
Net interest margin4.07 %4.07 %4.07 %4.09 %4.08 %
Net interest margin (FTE basis)1
4.12 %4.13 %4.13 %4.15 %4.13 %
Efficiency ratio64.22 %64.52 %65.19 %74.66 %65.83 %
Adjusted efficiency ratio1
64.22 %64.52 %65.19 %63.63 %64.16 %
Noninterest income to total revenue2
24.5 %25.6 %22.6 %21.9 %22.5 %
Total assets$8,495,437 $8,435,861 $8,216,458 $8,097,387 $8,138,487 
Total loans held-for-sale85,250 90,781 65,603 61,825 72,247 
Total loans held-for-investment6,681,629 6,507,066 6,484,008 6,376,357 6,443,756 
Total deposits7,105,415 7,100,164 6,874,239 6,672,260 6,649,880 
Total stockholders' equity1,127,513 1,095,402 1,068,295 1,041,366 1,034,085 
Loan to deposit ratio94.0 %91.6 %94.3 %95.6 %96.9 %
Period end common shares outstanding27,854,764 27,834,525 27,753,918 27,709,679 27,665,918 
Book value per share$40.48 $39.35 $38.49 $37.58 $37.38 
Tangible book value per share1
$36.92 $35.77 $34.88 $33.94 $33.68 
1 Represents a non-GAAP financial measure. See the tables beginning on page 16 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
2 Total revenue is net interest income plus noninterest income.
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As of and for the nine months ended
($ in thousands, except per share amounts)September 30,
2025		September 30,
2024
Net interest income$233,930 $219,863 
Provision for credit losses18,400 22,700 
Noninterest income75,135 68,157 
Noninterest expense199,733 190,367 
Income before income taxes90,932 74,953 
Provision for income taxes17,803 15,675 
Net income73,129 59,278 
Adjusted net income1
73,129 63,428 
Weighted average common shares outstanding, basic27,769,320 27,355,098 
Weighted average common shares outstanding, diluted28,274,134 27,976,215 
Diluted earnings per share$2.59 $2.12 
Adjusted diluted earnings per share1
$2.59 $2.27 
Return on average total assets1.19 %1.01 %
Adjusted return on average total assets1
1.19 %1.09 %
Return on average stockholders' equity8.99 %8.04 %
Adjusted return on average stockholders’ equity1
8.99 %8.60 %
Return on average tangible stockholders' equity1
10.08 %9.23 %
Adjusted return on average tangible stockholders' equity1
10.08 %9.86 %
Net interest margin4.07 %4.04 %
Net interest margin (FTE basis)1
4.13 %4.11 %
Efficiency ratio64.62 %66.10 %
Adjusted efficiency ratio1
64.62 %64.30 %
Noninterest income to total revenue2
24.3 %23.7 %
Total assets$8,495,437 $8,138,487 
Total loans held-for-sale85,250 72,247 
Total loans held-for-investment6,681,629 6,443,756 
Total deposits7,105,415 6,649,880 
Total stockholders' equity1,127,513 1,034,085 
Loan to deposit ratio94.0 %96.9 %
Period end common shares outstanding27,854,764 27,665,918 
Book value per share$40.48 $37.38 
Tangible book value per share1
$36.92 $33.68 
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.
    
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Condensed Consolidated Statements of Income (Unaudited):
For the three months ended
For the nine months ended
($ in thousands, except per share amounts)September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
Total interest income$121,128 $118,932 $348,496 $343,501 
Total interest expense40,175 42,774 114,566 123,638 
Net interest income80,953 76,158 233,930 219,863 
Provision for credit losses10,100 5,000 18,400 22,700 
Net interest income after credit loss expense70,853 71,158 215,530 197,163 
Noninterest income:
Service charges on deposit accounts2,162 2,560 6,205 7,276 
Treasury management service fees4,402 3,748 12,929 10,847 
Credit and debit card fees2,671 2,738 7,985 8,447 
Trust and investment advisory fees1,536 1,395 4,430 4,351 
Income from mortgage banking services, net12,641 8,838 34,970 29,383 
Other noninterest income2,921 2,796 8,616 7,853 
Total noninterest income26,333 22,075 75,135 68,157 
Noninterest expense:
Salary and employee benefits44,822 39,306 128,304 116,487 
Occupancy and equipment9,591 9,121 28,668 26,417 
Amortization and impairment of intangible assets578 651 1,784 2,118 
Terminated merger related expenses— 1,633 — 5,168 
Other noninterest expenses13,910 13,953 40,977 40,177 
Total noninterest expense68,901 64,664 199,733 190,367 
Income before income taxes28,285 28,569 90,932 74,953 
Provision for income taxes5,111 6,147 17,803 15,675 
Net income$23,174 $22,422 $73,129 $59,278 
Earnings per share - basic$0.83 $0.81 $2.63 $2.17 
Earnings per share - diluted$0.82 $0.79 $2.59 $2.12 
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For the three months ended
($ in thousands, except per share amounts)September 30,
2025		June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024
Total interest income$121,128 $116,921 $110,447 $116,039 $118,932 
Total interest expense40,175 38,422 35,969 38,992 42,774 
Net interest income80,953 78,499 74,478 77,047 76,158 
Provision for credit losses10,100 4,500 3,800 4,850 5,000 
Net interest income after credit loss expense70,853 73,999 70,678 72,197 71,158 
Noninterest income:
Service charges on deposit accounts2,162 2,016 2,027 2,219 2,560 
Treasury management service fees4,402 4,333 4,194 3,982 3,748 
Credit and debit card fees2,671 2,728 2,586 2,706 2,738 
Trust and investment advisory fees1,536 1,473 1,421 1,436 1,395 
Income from mortgage banking services, net12,641 13,274 9,055 9,631 8,838 
Other noninterest income2,921 3,249 2,446 1,661 2,796 
Total noninterest income26,333 27,073 21,729 21,635 22,075 
Noninterest expense:
Salary and employee benefits44,822 43,921 39,561 38,498 39,306 
Occupancy and equipment9,591 9,541 9,536 9,865 9,121 
Amortization and impairment of intangible assets578 578 628 1,431 651 
Terminated merger related expenses— — — 8,010 1,633 
Other noninterest expenses13,910 14,070 12,997 15,869 13,953 
Total noninterest expense68,901 68,110 62,722 73,673 64,664 
Income before income taxes28,285 32,962 29,685 20,159 28,569 
Provision for income taxes5,111 6,576 6,116 3,809 6,147 
Net income$23,174 $26,386 $23,569 $16,350 $22,422 
Earnings per share - basic$0.83 $0.95 $0.85 $0.59 $0.81 
Earnings per share - diluted$0.82 $0.93 $0.83 $0.58 $0.79 

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Condensed Consolidated Balance Sheets as of (Unaudited):
($ in thousands)September 30,
2025		June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024
Assets
Cash and cash equivalents$659,899 $785,115 $621,377 $615,917 $573,674 
Securities available-for-sale, at fair value476,114 473,468 480,615 469,076 496,811 
Securities held-to-maturity34,247 34,581 34,914 35,242 35,885 
Loans held-for-sale, at fair value85,250 90,781 65,603 61,825 72,247 
Loans6,681,629 6,507,066 6,484,008 6,376,357 6,443,756 
Allowance for credit losses(84,040)(82,993)(91,790)(88,221)(83,159)
Loans, net6,597,589 6,424,073 6,392,218 6,288,136 6,360,597 
Mortgage servicing rights, at fair value85,695 84,736 82,927 84,258 78,799 
Premises and equipment, net81,886 82,248 82,333 82,483 82,532 
Other real estate owned and foreclosed assets, net13,418 13,052 4,914 5,138 4,478 
Goodwill93,483 93,483 93,483 93,483 93,483 
Core deposits and other intangible assets, net5,650 6,228 6,806 7,434 8,866 
Other assets362,206 348,096 351,268 354,395 331,115 
Total assets$8,495,437 $8,435,861 $8,216,458 $8,097,387 $8,138,487 
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing accounts$1,674,497 $1,706,678 $1,574,736 $1,541,158 $1,554,762 
Interest-bearing accounts:
Interest-bearing demand accounts811,617 745,750 708,783 685,865 645,647 
Savings and money market accounts3,223,254 3,166,466 2,974,774 2,834,123 2,608,808 
NOW accounts42,559 52,005 39,806 45,539 41,234 
Certificate of deposit accounts1,353,488 1,429,265 1,576,140 1,565,575 1,799,429 
Total deposits7,105,415 7,100,164 6,874,239 6,672,260 6,649,880 
Securities sold under agreements to repurchase9,824 11,173 8,515 14,699 10,913 
Federal Home Loan Bank advances— — 35,000 135,000 215,000 
Subordinated debt, net76,163 76,066 75,969 75,841 75,709 
Other liabilities176,522 153,056 154,440 158,221 152,900 
Total liabilities7,367,924 7,340,459 7,148,163 7,056,021 7,104,402 
Stockholders' equity:
Preferred stock— — — — — 
Common stock3 3 3 3 3 
Additional paid-in capital548,952 547,950 547,484 547,325 547,271 
Retained earnings606,279 583,105 556,719 533,150 516,800 
Accumulated other comprehensive loss, net(27,721)(35,656)(35,911)(39,112)(29,989)
Total stockholders' equity1,127,513 1,095,402 1,068,295 1,041,366 1,034,085 
Total liabilities and stockholders' equity$8,495,437 $8,435,861 $8,216,458 $8,097,387 $8,138,487 




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Consolidated Capital Ratios as of:
September 30,
2025		June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024
Stockholders' equity to total assets13.27 %12.99 %13.00 %12.86 %12.71 %
Tangible stockholders' equity to tangible assets1
12.25 %11.94 %11.93 %11.76 %11.59 %
Tangible stockholders' equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax1, 2
12.21 %11.90 %11.89 %11.71 %11.56 %
Tier 1 leverage ratio12.44 %12.39 %12.47 %12.11 %11.96 %
Common equity tier 1 risk-based capital ratio13.79 %13.78 %13.26 %13.18 %13.06 %
Tier 1 risk-based capital ratio13.79 %13.78 %13.26 %13.18 %13.06 %
Total risk-based capital ratio15.81 %15.94 %15.52 %15.42 %15.25 %
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.
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Summary of Net Interest Margin:
For the three months ended
For the nine months ended
September 30, 2025September 30, 2024September 30, 2025September 30, 2024
(In thousands)Average BalanceAverage Yield/RateAverage BalanceAverage Yield/RateAverage BalanceAverage Yield/RateAverage BalanceAverage Yield/Rate
Interest Earning Assets
Loans1
6,667,158 6.49 %6,460,484 6.68 %6,570,356 6.43 %6,386,620 6.61 %
Investment securities505,999 3.43 %527,241 3.60 %506,068 3.48 %532,562 3.52 %
Interest-bearing cash and other assets714,885 4.25 %442,632 5.14 %604,936 4.29 %343,911 5.27 %
Total earning assets7,888,042 6.09 %7,430,357 6.37 %7,681,360 6.07 %7,263,093 6.32 %
Other assets540,079 534,740 542,038 543,916 
Total assets$8,428,121 $7,965,097 $8,223,398 $7,807,009 
Interest-bearing liabilities
Demand and NOW deposits$796,192 3.29 %$657,537 3.73 %$770,395 3.25 %$609,632 3.71 %
Savings deposits391,444 0.59 %411,526 0.71 %397,745 0.58 %415,687 0.70 %
Money market deposits2,852,860 2.58 %2,140,552 2.24 %2,652,819 2.41 %2,098,927 2.07 %
Certificates of deposits1,397,371 3.64 %1,800,502 4.56 %1,482,529 3.77 %1,812,839 4.63 %
Total deposits5,437,867 2.81 %5,010,117 3.14 %5,303,488 2.78 %4,937,085 3.10 %
Repurchase agreements8,055 1.82 %13,528 1.29 %8,892 1.66 %17,099 1.16 %
Total deposits and repurchase agreements5,445,922 2.81 %5,023,645 3.14 %5,312,380 2.77 %4,954,184 3.09 %
FHLB borrowings— — %135,641 5.58 %10,491 4.61 %125,799 5.62 %
Other long-term borrowings76,117 8.41 %75,654 6.54 %76,017 7.02 %75,522 6.61 %
Total interest-bearing liabilities5,522,039 2.89 %5,234,940 3.25 %5,398,888 2.84 %5,155,505 3.20 %
Noninterest-bearing deposits1,642,346 1,568,685 1,587,670 1,529,793 
Other liabilities145,730 141,206 148,675 136,491 
Stockholders' equity1,118,006 1,020,266 1,088,165 985,220 
Total liabilities and stockholders' equity$8,428,121 $7,965,097 $8,223,398 $7,807,009 
Net interest spread3.20 %3.12 %3.23 %3.12 %
Net interest margin4.07 %4.08 %4.07 %4.04 %
Net interest margin (on FTE basis)2
4.12 %4.13 %4.13 %4.11 %
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.
11




For the three months ended
September 30, 2025June 30, 2025March 31, 2025December 31, 2024September 30, 2024
(In thousands)Average BalanceAverage Yield/RateAverage BalanceAverage Yield/RateAverage BalanceAverage Yield/RateAverage BalanceAverage Yield/RateAverage BalanceAverage Yield/Rate
Interest Earning Assets
Loans1
6,667,158 6.49 %6,620,493 6.43 %6,420,710 6.36 %6,481,701 6.51 %6,460,484 6.68 %
Investment securities505,999 3.43 %510,350 3.48 %501,809 3.53 %519,221 3.40 %527,241 3.60 %
Interest-bearing cash and other assets714,885 4.25 %596,713 4.28 %500,857 4.37 %491,326 4.48 %442,632 5.14 %
Total earning assets7,888,042 6.09 %7,727,556 6.07 %7,423,376 6.03 %7,492,248 6.16 %7,430,357 6.37 %
Other assets540,079 537,156 548,976 542,862 534,740 
Total assets$8,428,121 $8,264,712 $7,972,352 $8,035,110 $7,965,097 
Interest-bearing liabilities
Demand and NOW deposits$796,192 3.29 %$793,461 3.26 %$720,700 3.21 %$703,087 3.45 %$657,537 3.73 %
Savings deposits391,444 0.59 %401,093 0.58 %400,801 0.58 %404,762 0.64 %411,526 0.71 %
Money market deposits2,852,860 2.58 %2,659,342 2.42 %2,441,737 2.19 %2,348,328 2.23 %2,140,552 2.24 %
Certificates of deposits1,397,371 3.64 %1,504,235 3.76 %1,547,634 3.91 %1,589,721 4.08 %1,800,502 4.56 %
Total deposits5,437,867 2.81 %5,358,131 2.78 %5,110,872 2.73 %5,045,898 2.85 %5,010,117 3.14 %
Repurchase agreements8,055 1.82 %9,024 1.61 %9,615 1.57 %10,964 1.45 %13,528 1.29 %
Total deposits and repurchase agreements5,445,922 2.81 %5,367,155 2.78 %5,120,487 2.73 %5,056,862 2.85 %5,023,645 3.14 %
FHLB borrowings— — %2,308 4.72 %29,489 4.60 %121,957 5.02 %135,641 5.58 %
Other long-term borrowings76,117 8.41 %76,025 6.19 %75,907 6.43 %75,778 6.41 %75,654 6.54 %
Total interest-bearing liabilities5,522,039 2.89 %5,445,488 2.83 %5,225,883 2.79 %5,254,597 2.95 %5,234,940 3.25 %
Noninterest-bearing deposits1,642,346 1,587,302 1,532,150 1,581,571 1,568,685 
Other liabilities145,730 145,064 155,337 152,552 141,206 
Stockholders' equity1,118,006 1,086,858 1,058,982 1,046,390 1,020,266 
Total liabilities and stockholders' equity$8,428,121 $8,264,712 $7,972,352 $8,035,110 $7,965,097 
Net interest spread3.20 %3.24 %3.24 %3.21 %3.12 %
Net interest margin4.07 %4.07 %4.07 %4.09 %4.08 %
Net interest margin (on FTE basis)2
4.12 %4.13 %4.13 %4.15 %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




Deposits as of:
($ in thousands)September 30,
2025		June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024
Consumer
Noninterest bearing deposit accounts$412,568 $426,909 $412,734 $410,303 $397,880 
Interest-bearing deposit accounts:
Demand and NOW deposits129,148 113,415 93,675 61,987 61,929 
Savings deposits314,953 322,672 330,489 326,916 331,811 
Money market deposits1,885,610 1,803,348 1,600,413 1,516,577 1,333,486 
Certificates of deposits869,077 937,439 1,065,839 1,069,704 1,247,348 
Total interest-bearing deposit accounts3,198,788 3,176,874 3,090,416 2,975,184 2,974,574 
Total consumer deposits$3,611,356 $3,603,783 $3,503,150 $3,385,487 $3,372,454 
Business
Noninterest bearing deposit accounts$1,261,929 $1,279,769 $1,162,002 $1,130,855 $1,156,882 
Interest-bearing deposit accounts:
Demand and NOW deposits725,028 684,340 654,914 669,417 624,952 
Savings deposits71,281 74,448 75,132 75,422 77,744 
Money market deposits951,410 965,998 968,740 915,208 865,767 
Certificates of deposits57,225 56,930 65,420 51,131 62,187 
Total interest-bearing deposit accounts1,804,944 1,781,716 1,764,206 1,711,178 1,630,650 
Total business deposits$3,066,873 $3,061,485 $2,926,208 $2,842,033 $2,787,532 
Wholesale deposits1
$427,186 $434,896 $444,881 $444,740 $489,894 
Total deposits$7,105,415 $7,100,164 $6,874,239 $6,672,260 $6,649,880 
1 Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposits.
Balance Sheet Ratios as of:
September 30,
2025		June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024
Cash to total assets1
7.70 %9.20 %7.50 %7.50 %6.90 %
Loan to deposit ratio94.0 %91.6 %94.3 %95.6 %96.9 %
Uninsured deposits to total deposits2
36.2 %37.0 %35.2 %34.8 %32.7 %
Uninsured and uncollateralized deposits to total deposits2
28.3 %28.3 %26.4 %25.2 %26.8 %
Wholesale deposits and borrowings to total liabilities3
5.8 %5.9 %6.7 %8.2 %9.9 %
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.
13




Loan Portfolio as of:
($ in thousands)September 30,
2025		June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024
Commercial and industrial1
$2,945,697 $2,779,767 $2,764,035 $2,627,591 $2,678,859 
Commercial real estate:
Non-owner occupied725,425 705,749 733,949 752,628 821,434 
Owner occupied668,172 660,334 677,341 700,867 698,398 
Construction and land343,803 383,969 386,056 362,677 333,457 
Multifamily183,504 134,520 85,239 94,355 95,125 
Total commercial real estate1,920,904 1,884,572 1,882,585 1,910,527 1,948,414 
Residential real estate2
1,209,742 1,226,760 1,195,714 1,180,610 1,172,459 
Public Finance516,247 524,441 551,252 554,784 536,776 
Consumer38,931 42,881 38,896 41,144 45,067 
Other50,108 48,645 51,526 61,701 62,181 
Total loans, net of deferred costs, fees, premiums, and discounts$6,681,629 $6,507,066 $6,484,008 $6,376,357 $6,443,756 
1 Loans to nondepository financial institutions are included within commercial and industrial. Prior period amounts have been reclassified to conform to the current presentation.
2 Includes 1-4 family residential construction.
14




Asset Quality:
As of and for the three months ended
As of and for the nine months ended
($ in thousands)September 30,
2025		June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024		September 30, 2025September 30, 2024
Net charge-offs (recoveries)$9,053 $13,547 $631 $(462)$1,401 $23,231 $20,839 
Allowance for credit losses$84,040 $82,993 $91,790 $88,221 $83,159 $84,040 $83,159 
Nonperforming loans, including nonaccrual loans, and accrual loans greater than 90 days past due$69,641 $54,841 $78,590 $69,050 $65,824 $69,641 $65,824 
Nonperforming assets$83,059 $67,893 $83,504 $74,188 $70,302 $83,059 $70,302 
Ratio of net charge-offs (recoveries) to average loans outstanding0.55 %0.83 %0.04 %(0.03)%0.09 %0.48 %0.44 %
Allowance for credit losses to total loans outstanding1.26 %1.28 %1.42 %1.38 %1.29 %1.26 %1.29 %
Allowance for credit losses to total nonperforming loans120.68 %151.33 %116.80 %127.76 %126.34 %120.68 %126.34 %
Nonperforming loans to total loans1.04 %0.84 %1.21 %1.08 %1.02 %1.04 %1.02 %
Nonperforming assets to total assets0.98 %0.80 %1.02 %0.92 %0.86 %0.98 %0.86 %


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,
2025		June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024		September 30,
2025		September 30,
2024
Tangible stockholders’ equity to tangible assets:
Total stockholders' equity (GAAP)$1,127,513 $1,095,402 $1,068,295 $1,041,366 $1,034,085 $1,127,513 $1,034,085 
Less: Goodwill and other intangible assets
Goodwill(93,483)(93,483)(93,483)(93,483)(93,483)(93,483)(93,483)
Other intangible assets(5,650)(6,228)(6,806)(7,434)(8,866)(5,650)(8,866)
Tangible stockholders' equity (non-GAAP)$1,028,380 $995,691 $968,006 $940,449 $931,736 $1,028,380 $931,736 
Total assets (GAAP)$8,495,437 $8,435,861 $8,216,458 $8,097,387 $8,138,487 $8,495,437 $8,138,487 
Less: Goodwill and other intangible assets
Goodwill(93,483)(93,483)(93,483)(93,483)(93,483)(93,483)(93,483)
Other intangible assets(5,650)(6,228)(6,806)(7,434)(8,866)(5,650)(8,866)
Tangible assets (non-GAAP)$8,396,304 $8,336,150 $8,116,169 $7,996,470 $8,036,138 $8,396,304 $8,036,138 
Total stockholders' equity to total assets (GAAP)13.27 %12.99 %13.00 %12.86 %12.71 %13.27 %12.71 %
Less: Impact of goodwill and other intangible assets(1.02)%(1.05)%(1.07)%(1.10)%(1.12)%(1.02)%(1.12)%
Tangible stockholders' equity to tangible assets (non-GAAP)12.25 %11.94 %11.93 %11.76 %11.59 %12.25 %11.59 %
Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax:
Tangible stockholders' equity (non-GAAP)$1,028,380 $995,691 $968,006 $940,449 $931,736 $1,028,380 $931,736 
Less: Net unrealized losses on HTM securities, net of tax(3,432)(4,238)(3,803)(4,292)(2,852)(3,432)(2,852)
Tangible stockholders’ equity less net unrealized losses on HTM securities, net of tax (non-GAAP)$1,024,948 $991,453 $964,203 $936,157 $928,884 $1,024,948 $928,884 
Tangible assets (non-GAAP)$8,396,304 $8,336,150 $8,116,169 $7,996,470 $8,036,138 $8,396,304 $8,036,138 
Less: Net unrealized losses on HTM securities, net of tax(3,432)(4,238)(3,803)(4,292)(2,852)(3,432)(2,852)
Tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP)$8,392,872 $8,331,912 $8,112,366 $7,992,178 $8,033,286 $8,392,872 $8,033,286 
Tangible stockholders' equity to tangible assets (non-GAAP)12.25 %11.94 %11.93 %11.76 %11.59 %12.25 %11.59 %
Less: Net unrealized losses on HTM securities, net of tax(0.04)%(0.04)%(0.04)%(0.05)%(0.03)%(0.04)%(0.03)%
Tangible stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP)12.21 %11.90 %11.89 %11.71 %11.56 %12.21 %11.56 %
16




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,
2025		June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024		September 30,
2025		September 30,
2024
Tangible book value per share:
Total stockholders' equity (GAAP)$1,127,513 $1,095,402 $1,068,295 $1,041,366 $1,034,085 $1,127,513 $1,034,085 
Tangible stockholders' equity (non-GAAP)$1,028,380 $995,691 $968,006 $940,449 $931,736 $1,028,380 $931,736 
Total shares outstanding27,854,764 27,834,525 27,753,918 27,709,679 27,665,918 27,854,764 27,665,918 
Book value per share (GAAP)$40.48 $39.35 $38.49 $37.58 $37.38 $40.48 $37.38 
Tangible book value per share (non-GAAP)$36.92 $35.77 $34.88 $33.94 $33.68 $36.92 $33.68 
Adjusted net income:
Net income (GAAP)$23,174 $26,386 $23,569 $16,350 $22,422 $73,129 $59,278 
Add: Non-recurring adjustments:
Terminated merger related expenses, net of tax— — — 5,799 1,233 — 4,150 
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 — 4,150 
Adjusted net income (non-GAAP)$23,174 $26,386 $23,569 $24,316 $23,655 $73,129 $63,428 
Adjusted diluted earnings per share:
Diluted earnings per share (GAAP)$0.82 $0.93 $0.83 $0.58 $0.79 $2.59 $2.12 
Add: Impact of non-recurring adjustments
Terminated merger related expenses, net of tax— — — 0.21 0.05 — 0.15 
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)$0.82 $0.93 $0.83 $0.86 $0.84 $2.59 $2.27 
Adjusted return on average total assets:
Return on average total assets (ROAA) (GAAP)1.09 %1.28 %1.20 %0.81 %1.12 %1.19 %1.01 %
Add: Impact of non-recurring adjustments
Terminated merger related expenses, net of tax— %— %— %0.28 %0.06 %— %0.08 %
Write-off of Guardian Mortgage tradename, net of tax— %— %— %0.03 %— %— %— %
Disposal of ATMs, net of tax— %— %— %0.08 %— %— %— %
Adjusted ROAA (non-GAAP)1.09 %1.28 %1.20 %1.20 %1.18 %1.19 %1.09 %
17




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,
2025		June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024		September 30,
2025		September 30,
2024
Adjusted return on average stockholders’ equity:
Return on average stockholders' equity (ROACE) (GAAP)8.22 %9.74 %9.03 %6.22 %8.74 %8.99 %8.04 %
Add: Impact of non-recurring adjustments
Terminated merger related expenses, net of tax— %— %— %2.19 %0.48 %— %0.56 %
Write-off of Guardian Mortgage tradename, net of tax— %— %— %0.24 %— %— %— %
Disposal of ATMs, net of tax— %— %— %0.59 %— %— %— %
Adjusted ROACE (non-GAAP)8.22 %9.74 %9.03 %9.24 %9.22 %8.99 %8.60 %
Return on average tangible stockholders’ equity
Return on average stockholders’ equity (ROACE) (GAAP)8.22 %9.74 %9.03 %6.22 %8.74 %8.99 %8.04 %
Add: Impact from goodwill and other intangible assets
Goodwill0.81 %0.98 %0.94 %0.67 %0.98 %0.90 %0.94 %
Other intangible assets0.17 %0.19 %0.21 %0.47 %0.22 %0.19 %0.25 %
Return on average tangible stockholders’ equity (ROATCE) (non-GAAP)9.20 %10.91 %10.18 %7.36 %9.94 %10.08 %9.23 %
Adjusted return on average tangible stockholders’ equity:
Return on average tangible stockholders' equity (ROATCE) (non-GAAP)9.20 %10.91 %10.18 %7.36 %9.94 %10.08 %9.23 %
Add: Impact of non-recurring adjustments
Terminated merger related expenses, net of tax— %— %— %2.45 %0.54 %— %0.63 %
Write-off of Guardian Mortgage tradename, net of tax— %— %— %0.26 %— %— %— %
Disposal of ATMs, net of tax— %— %— %0.65 %— %— %— %
Adjusted ROATCE (non-GAAP)9.20 %10.91 %10.18 %10.72 %10.48 %10.08 %9.86 %
18




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,
2025		June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024		September 30,
2025		September 30,
2024
Adjusted total noninterest expense:
Total noninterest expense (GAAP)$68,901 $68,110 $62,722 $73,673 $64,664 $199,733 $190,367 
Less: Non-recurring adjustments:
Terminated merger related expenses— — — (8,010)(1,633)— (5,168)
Write-off of Guardian Mortgage trade name— — — (828)— — — 
Disposal of ATMs— — — (2,042)— — — 
Total adjustments— — — (10,880)(1,633)— (5,168)
Adjusted total noninterest expense (non-GAAP)$68,901 $68,110 $62,722 $62,793 $63,031 $199,733 $185,199 
Adjusted efficiency ratio:
Efficiency ratio (GAAP)64.22 %64.52 %65.19 %74.66 %65.83 %64.62 %66.10 %
Less: Impact of non-recurring adjustments
Terminated merger related expenses— %— %— %(8.12)%(1.67)%— %(1.80)%
Write-off of Guardian Mortgage tradename— %— %— %(0.84)%— %— %— %
Disposal of ATMs— %— %— %(2.07)%— %— %— %
Adjusted efficiency ratio (non-GAAP)64.22 %64.52 %65.19 %63.63 %64.16 %64.62 %64.30 %
Fully tax equivalent (“FTE”) net interest income and net interest margin:
Net interest income (GAAP)$80,953 $78,499 $74,478 $77,047 $76,158 $233,930 $219,863 
Gross income effect of tax exempt income1,225 1,204 1,192 1,161 1,132 3,621 3,606 
FTE net interest income (non-GAAP)$82,178 $79,703 $75,670 $78,208 $77,290 $237,551 $223,469 
Average earning assets$7,888,042 $7,727,556 $7,423,376 $7,492,248 $7,430,357 $7,681,360 $7,263,093 
Net interest margin4.07 %4.07 %4.07 %4.09 %4.08 %4.07 %4.04 %
Net interest margin on FTE basis (non-GAAP)4.12 %4.13 %4.13 %4.15 %4.13 %4.13 %4.11 %
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