Firstsun Capital Bancorp(FSUN) - 2025 Q1 - Quarterly Results

First Quarter 2025 Performance Overview FirstSun Capital Bancorp reported strong Q1 2025 results with significant increases in net income and EPS, alongside robust loan and deposit growth and healthy profitability ratios Highlights FirstSun Capital Bancorp reported strong Q1 2025 results with significant increases in net income and EPS compared to Q1 2024, alongside robust loan and deposit growth and healthy profitability ratios Key Performance Indicators (Q1 2025 vs Q1 2024) | Metric | Q1 2025 | Q1 2024 | | :-------------------------------- | :------ | :------ | | Net income | $23.6M | $12.3M | | Diluted EPS | $0.83 | $0.45 | | Net interest margin | 4.07% | N/A | | Return on average total assets | 1.20% | N/A | | Return on average stockholders' equity | 9.03% | N/A | | Loan growth (annualized) | 6.8% | N/A | | Deposit growth (annualized) | 12.3% | N/A | | Noninterest income to total revenue | 22.6% | N/A | CEO Commentary CEO Neal Arnold expressed satisfaction with the strong quarter, highlighting growth in C&I and consumer relationships, a healthy net interest margin, and strategic expansion into Southern California with new branch openings - Focus on growing C&I and consumer relationships across southwestern and western markets continues to yield favorable results[3] - New branch locations officially opened in San Diego and Los Angeles, signaling growth in Southern California markets[4] Key Financial Results FirstSun reported a sequential increase in net income and improved profitability metrics for Q1 2025 compared to Q4 2024, with prior quarter's non-recurring expenses impacting comparative returns Financial Performance (Q1 2025 vs Q4 2024) | Metric | Q1 2025 | Q4 2024 | | :-------------------------------- | :------ | :------ | | Net income | $23.6M | $16.4M | | Diluted EPS | $0.83 | $0.58 | | Adjusted net income (non-GAAP) | N/A | $24.3M | | Adjusted diluted EPS (non-GAAP) | N/A | $0.86 | | Return on average total assets | 1.20% | 0.81% | | Return on average stockholders' equity | 9.03% | 6.22% | - Fourth quarter of 2024 non-recurring expenses negatively impacted return on average total assets by 0.39% and return on average stockholders' equity by 3.02%[5] Net Interest Income and Net Interest Margin Net interest income slightly decreased sequentially in Q1 2025, with net interest margin also seeing a minor reduction, primarily due to a decrease in earning asset yield largely offset by a lower cost of interest-bearing liabilities Net Interest Performance (Q1 2025 vs Q4 2024) | Metric | Q1 2025 | Q4 2024 | | :-------------------------------- | :------ | :------ | | Net interest income | $74.5M | $77.0M | | Net interest margin | 4.07% | 4.09% | - Yield on earning assets decreased by 13 basis points, largely offset by a 16 basis point decrease in the cost of interest-bearing liabilities[6] - Loan yield decreased by 15 basis points to 6.36% due to the declining interest rate environment. Total cost of interest-bearing deposits decreased by 12 basis points to 2.73%[8] Asset Quality and Provision for Credit Losses The provision for credit losses in Q1 2025 was $3.8 million, influenced by a specific customer relationship and economic uncertainty, partially mitigated by portfolio upgrades. Net charge-offs were positive, and nonperforming assets increased Asset Quality Metrics (Q1 2025 vs Q4 2024) | Metric | Q1 2025 | Q4 2024 | | :-------------------------------- | :------ | :------ | | Provision for credit losses | $3.8M | $4.85M | | Net charge-offs | $0.6M | $(0.5)M | | Annualized net charge-offs to average loans | 0.04% | (0.03)% | | Allowance for credit losses to total loans | 1.42% | 1.38% | | Nonperforming assets to total assets | 1.02% | 0.92% | Noninterest Income Noninterest income remained stable in Q1 2025, with a slight increase driven by higher loan syndication and swap service fees, despite a decrease in mortgage banking income Noninterest Income Breakdown (Q1 2025 vs Q4 2024) | Metric | Q1 2025 | Q4 2024 | | :-------------------------------- | :------ | :------ | | Total noninterest income | $21.7M | $21.6M | | Mortgage banking income | -$0.6M | N/A | | Other noninterest income | +$0.8M | N/A | | Noninterest income to total revenue | 22.6% | 21.9% | - Increase in other noninterest income primarily due to higher loan syndication and swap service fees[13] Noninterest Expense Noninterest expense significantly decreased in Q1 2025, leading to an improved efficiency ratio, primarily due to lower legal, travel, entertainment, marketing, and collection/appraisal expenses, offsetting seasonal increases in salaries and benefits Noninterest Expense and Efficiency (Q1 2025 vs Q4 2024) | Metric | Q1 2025 | Q4 2024 | | :-------------------------------- | :------ | :------ | | Total noninterest expense | $62.7M | $73.7M | | Adjusted noninterest expense (non-GAAP) | N/A | $62.8M | | Efficiency ratio | 65.19% | 74.66% | | Adjusted efficiency ratio (non-GAAP) | 65.19% | 63.63% | - Decrease in noninterest expense was driven by reductions in legal, travel and entertainment, marketing, and collection and appraisal expenses, offsetting seasonal increases in salary and employee benefits[13] Tax Rate The effective tax rate for Q1 2025 increased to 20.6% from 18.9% in the prior quarter Effective Tax Rate (Q1 2025 vs Q4 2024) | Metric | Q1 2025 | Q4 2024 | | :-------------------------------- | :------ | :------ | | Effective tax rate | 20.6% | 18.9% | Balance Sheet Overview FirstSun's balance sheet showed growth in total loans and deposits in Q1 2025, maintaining strong capital ratios well above regulatory thresholds Loans Total loans increased by $107.7 million quarter-over-quarter, primarily driven by commercial and industrial loans, resulting in an annualized growth rate of 6.8% Loan Portfolio Growth | Metric | March 31, 2025 | December 31, 2024 | | :-------------------------------- | :------------- | :---------------- | | Total loans | $6.5B | $6.4B | | Increase (QoQ) | $107.7M | N/A | | Annualized growth | 6.8% | N/A | - Loan growth primarily due to an increase of $137.3 million in commercial and industrial (C&I) loans, partially offset by a $28.3 million decrease in commercial real estate[17] Deposits Total deposits grew by $202.0 million quarter-over-quarter, an annualized growth of 12.3%, mainly from savings, money market, and noninterest-bearing demand accounts Deposit Trends | Metric | March 31, 2025 | December 31, 2024 | | :-------------------------------- | :------------- | :---------------- | | Total deposits | $6.9B | $6.7B | | Increase (QoQ) | $202.0M | N/A | | Annualized growth | 12.3% | N/A | | Noninterest-bearing deposits to total deposits | 22.9% | N/A | | Loan-to-deposit ratio | 94.3% | N/A | - Deposit growth primarily due to increases in savings and money market accounts ($140.7 million), noninterest-bearing demand deposit accounts ($33.6 million), and interest-bearing demand accounts ($22.9 million)[18] Capital Capital ratios remained strong and above 'well-capitalized' thresholds, with book value per share increasing to $38.49 Capital Ratios and Book Value | Metric | March 31, 2025 | December 31, 2024 | | :-------------------------------- | :------------- | :---------------- | | Common equity tier 1 risk-based capital ratio | 13.26% | N/A | | Total risk-based capital ratio | 15.52% | N/A | | Tier 1 leverage ratio | 12.47% | N/A | | Book value per share | $38.49 | $37.58 | | Tangible book value per share (non-GAAP) | $34.88 | $33.94 | - Capital ratios remain strong and above 'well-capitalized' thresholds[19] Company Information and Non-GAAP Introduction This section provides an overview of FirstSun Capital Bancorp, its operations, and the rationale for using non-GAAP financial measures in its reporting About FirstSun Capital Bancorp FirstSun Capital Bancorp, headquartered in Denver, Colorado, is the financial holding company for Sunflower Bank, N.A., operating under multiple brands and providing a full range of financial services across seven states, with mortgage capabilities in 43 states, and total consolidated assets of $8.2 billion as of March 31, 2025 - Headquartered in Denver, Colorado, FirstSun Capital Bancorp is the financial holding company for Sunflower Bank, N.A.[22] - Operates as Sunflower Bank, First National 1870, and Guardian Mortgage (rebranding to Sunflower Bank Mortgage Lending), offering relationship-focused services for personal, business, and wealth management[22] Company Overview | Metric | Value | | :-------------------------------- | :---------- | | Total consolidated assets (as of March 31, 2025) | $8.2 billion | | States with customers | 7 | | States with mortgage capabilities | 43 | Non-GAAP Financial Measures Introduction FirstSun uses non-GAAP financial measures to provide a clearer understanding of ongoing operations, enhance comparability with prior periods, and illustrate the impact of significant items, believing these measures are useful for management and investors, though not a substitute for GAAP - Non-GAAP financial measures are used by management to analyze performance, operational efficiency, understand ongoing operations, enhance comparability, and demonstrate effects of significant items[20] - These measures should not be viewed as a substitute for GAAP financial measures and may not be comparable to those presented by other companies[20] - Reconciliations to the most comparable GAAP equivalent are provided in tables starting on page 14[21] Day-Count Convention Annualized ratios in the report are presented using the Actual/Actual day-count convention, with prior period ratios recalculated to ensure conformity - Annualized ratios are presented utilizing the Actual/Actual day-count convention[24] - Prior period annualized ratios have been recalculated to conform to the current presentation[24] Detailed Financial Tables This section presents comprehensive financial tables, including summary data, consolidated statements of income and balance sheets, capital ratios, net interest margin details, deposit breakdowns, balance sheet ratios, loan portfolio, and asset quality metrics Summary Data This section provides a multi-quarter summary of key financial performance indicators, including net interest income, net income, EPS, profitability ratios, and balance sheet totals, offering a quick comparative overview Quarterly Summary Data | Metric | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | | :-------------------------------- | :--------------- | :---------------- | :----------------- | :------------ | :------------- | | Net interest income ($ in thousands) | 74,478 | 77,047 | 76,158 | 72,899 | 70,806 | | Net income ($ in thousands) | 23,569 | 16,350 | 22,422 | 24,560 | 12,296 | | Diluted earnings per share ($) | 0.83 | 0.58 | 0.79 | 0.88 | 0.45 | | Return on average total assets (%) | 1.20 | 0.81 | 1.12 | 1.27 | 0.65 | | Total assets ($ in thousands) | 8,216,458 | 8,097,387 | 8,138,487 | 7,999,295 | 7,781,601 | | Total deposits ($ in thousands) | 6,874,239 | 6,672,260 | 6,649,880 | 6,619,525 | 6,445,388 | | Total stockholders' equity ($ in thousands) | 1,068,295 | 1,041,366 | 1,034,085 | 996,599 | 964,662 | | Book value per share ($) | 38.49 | 37.58 | 37.38 | 36.31 | 35.15 | Condensed Consolidated Statements of Income The consolidated income statements show a significant increase in net income for Q1 2025 compared to Q1 2024, driven by a lower provision for credit losses and higher net interest income, despite a slight decrease in total noninterest income Consolidated Statements of Income | Metric | Q1 2025 ($ in thousands) | Q1 2024 ($ in thousands) | Change (QoQ) | | :-------------------------------- | :----------------------- | :----------------------- | :----------- | | Total interest income | 110,447 | 110,040 | +$407 | | Total interest expense | 35,969 | 39,234 | -$3,265 | | Net interest income | 74,478 | 70,806 | +$3,672 | | Provision for credit losses | 3,800 | 16,500 | -$12,700 | | Total noninterest income | 21,729 | 22,808 | -$1,079 | | Total noninterest expense | 62,722 | 61,828 | +$894 | | Income before income taxes | 29,685 | 15,286 | +$14,399 | | Net income | 23,569 | 12,296 | +$11,273 | | Diluted earnings per share | 0.83 | 0.45 | +$0.38 | Condensed Consolidated Balance Sheets The balance sheet as of March 31, 2025, shows growth in total assets, loans, and deposits compared to the previous quarter and year-ago period, with a notable increase in cash and cash equivalents Consolidated Balance Sheets | Metric | March 31, 2025 ($ in thousands) | December 31, 2024 ($ in thousands) | March 31, 2024 ($ in thousands) | | :-------------------------------- | :------------------------------ | :------------------------------- | :------------------------------ | | Total assets | 8,216,458 | 8,097,387 | 7,781,601 | | Loans, net | 6,392,218 | 6,288,136 | 6,205,039 | | Total deposits | 6,874,239 | 6,672,260 | 6,445,388 | | Total liabilities | 7,148,163 | 7,056,021 | 6,816,939 | | Total stockholders' equity | 1,068,295 | 1,041,366 | 964,662 | | Cash and cash equivalents | 621,377 | 615,917 | 383,605 | Consolidated Capital Ratios FirstSun maintained strong capital ratios well above regulatory thresholds, showing a consistent upward trend in key metrics like Common Equity Tier 1 and Total Risk-Based Capital ratios over the past year Capital Adequacy Ratios | Capital Ratio | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | | :-------------------------------- | :------------- | :---------------- | :----------------- | :------------ | :------------- | | Stockholders' equity to total assets | 13.00 % | 12.86 % | 12.71 % | 12.46 % | 12.40 % | | Tier 1 leverage ratio | 12.47 % | 12.11 % | 11.96 % | 11.83 % | 11.73 % | | Common equity tier 1 risk-based capital ratio | 13.26 % | 13.18 % | 13.06 % | 12.80 % | 12.54 % | | Tier 1 risk-based capital ratio | 13.26 % | 13.18 % | 13.06 % | 12.80 % | 12.54 % | | Total risk-based capital ratio | 15.52 % | 15.42 % | 15.25 % | 14.95 % | 14.73 % | Summary of Net Interest Margin The net interest margin for Q1 2025 was 4.07%, slightly down from the prior quarter but up from Q1 2024. The yield on earning assets decreased, while the cost of interest-bearing liabilities also declined, contributing to the overall margin Net Interest Margin Analysis | Metric | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | | :-------------------------------- | :------ | :------ | :------ | :------ | :------ | | Average Earning Assets ($ in thousands) | 7,423,376 | 7,492,248 | 7,430,357 | 7,256,763 | 7,100,323 | | Yield on Earning Assets | 6.03 % | 6.16 % | 6.37 % | 6.35 % | 6.23 % | | Average Interest-Bearing Liabilities ($ in thousands) | 5,225,883 | 5,254,597 | 5,234,940 | 5,173,959 | 5,056,743 | | Cost of Interest-Bearing Liabilities | 2.79 % | 2.95 % | 3.25 % | 3.24 % | 3.12 % | | Net interest spread | 3.24 % | 3.21 % | 3.12 % | 3.11 % | 3.11 % | | Net interest margin | 4.07 % | 4.09 % | 4.08 % | 4.04 % | 4.01 % | | Net interest margin (on FTE basis) | 4.13 % | 4.15 % | 4.13 % | 4.10 % | 4.08 % | Deposits Breakdown Total deposits increased across consumer, business, and wholesale segments in Q1 2025, with significant growth in consumer money market and business noninterest-bearing accounts Deposit Composition | Deposit Type | March 31, 2025 ($ in thousands) | December 31, 2024 ($ in thousands) | September 30, 2024 ($ in thousands) | June 30, 2024 ($ in thousands) | March 31, 2024 ($ in thousands) | | :-------------------------------- | :------------------------------ | :------------------------------- | :-------------------------------- | :----------------------------- | :------------------------------ | | Total consumer deposits | 3,503,150 | 3,385,487 | 3,372,454 | 3,474,586 | 3,402,272 | | Total business deposits | 2,926,208 | 2,842,033 | 2,787,532 | 2,703,061 | 2,665,093 | | Wholesale deposits | 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 | Balance Sheet Ratios Key balance sheet ratios show stable cash to total assets, a decreasing loan-to-deposit ratio, and a slight increase in uninsured deposits, while wholesale funding sources decreased Key Balance Sheet Ratios | Ratio | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | | :-------------------------------- | :------------- | :---------------- | :----------------- | :------------ | :------------- | | Cash to total assets | 7.50 % | 7.50 % | 6.90 % | 6.60 % | 4.80 % | | Loan to deposit ratio | 94.3 % | 95.6 % | 96.9 % | 95.7 % | 97.5 % | | Uninsured deposits to total deposits | 35.2 % | 34.8 % | 32.7 % | 32.1 % | 32.0 % | | Uninsured and uncollateralized deposits to total deposits | 26.4 % | 25.2 % | 26.8 % | 25.5 % | 25.2 % | | Wholesale deposits and borrowings to total liabilities | 6.7 % | 8.2 % | 9.9 % | 8.4 % | 7.7 % | Loan Portfolio The loan portfolio saw growth in Commercial and Industrial (C&I) and Residential Real Estate loans in Q1 2025, while Commercial Real Estate and Public Finance segments experienced slight decreases Loan Portfolio Composition | Loan Type | March 31, 2025 ($ in thousands) | December 31, 2024 ($ in thousands) | September 30, 2024 ($ in thousands) | June 30, 2024 ($ in thousands) | March 31, 2024 ($ in thousands) | | :-------------------------------- | :------------------------------ | :------------------------------- | :-------------------------------- | :----------------------------- | :------------------------------ | | Commercial and industrial | 2,635,028 | 2,497,772 | 2,527,636 | 2,431,110 | 2,480,078 | | Commercial real estate: Non-owner occupied | 733,949 | 752,861 | 821,670 | 866,999 | 836,515 | | Commercial real estate: Owner occupied | 679,137 | 702,773 | 700,325 | 660,511 | 642,930 | | Commercial real estate: Construction and land | 386,056 | 362,677 | 333,457 | 350,878 | 326,447 | | Commercial real estate: Multifamily | 85,239 | 94,355 | 95,125 | 94,220 | 94,898 | | Total commercial real estate | 1,884,381 | 1,912,666 | 1,950,577 | 1,972,608 | 1,900,790 | | Residential real estate | 1,195,714 | 1,180,610 | 1,172,459 | 1,146,989 | 1,109,676 | | Public Finance | 551,252 | 554,784 | 536,776 | 537,872 | 579,991 | | Consumer | 39,096 | 41,345 | 45,267 | 42,129 | 40,317 | | Other | 178,537 | 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 Asset quality metrics for Q1 2025 show an increase in net charge-offs and nonperforming assets compared to the prior quarter, with the allowance for credit losses to total loans also rising Asset Quality Trends | Metric | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | | :-------------------------------- | :------------- | :---------------- | :----------------- | :------------ | :------------- | | Net charge-offs (recoveries) ($ in thousands) | 631 | (462) | 1,401 | 2,009 | 17,429 | | Allowance for credit losses ($ in thousands) | 91,790 | 88,221 | 83,159 | 78,960 | 79,829 | | Nonperforming loans ($ in thousands) | 78,590 | 69,050 | 65,824 | 62,558 | 57,599 | | Nonperforming assets ($ in thousands) | 83,504 | 74,188 | 70,302 | 67,055 | 62,013 | | Ratio of net charge-offs (recoveries) to average loans outstanding | 0.04 % | (0.03)% | 0.09 % | 0.13 % | 1.12 % | | Allowance for credit losses to total loans outstanding | 1.42 % | 1.38 % | 1.29 % | 1.25 % | 1.27 % | | Allowance for credit losses to total nonperforming loans | 116.80 % | 127.76 % | 126.34 % | 126.22 % | 138.59 % | | Nonperforming loans to total loans | 1.21 % | 1.08 % | 1.02 % | 0.99 % | 0.92 % | | Nonperforming assets to total assets | 1.02 % | 0.92 % | 0.86 % | 0.84 % | 0.80 % | Non-GAAP Reconciliations This section provides detailed reconciliations of non-GAAP financial measures to their most comparable GAAP equivalents, offering adjusted views of performance and capital Tangible Stockholders' Equity to Tangible Assets This reconciliation adjusts GAAP stockholders' equity and total assets by removing goodwill and other intangible assets to derive tangible ratios, providing a clearer view of capital strength excluding intangible items Tangible Equity and Assets Reconciliation | Metric | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | | :-------------------------------- | :------------- | :---------------- | :----------------- | :------------ | :------------- | | Total stockholders' equity (GAAP) ($ in thousands) | 1,068,295 | 1,041,366 | 1,034,085 | 996,599 | 964,662 | | Tangible stockholders' equity (non-GAAP) ($ in thousands) | 968,006 | 940,449 | 931,736 | 893,599 | 861,011 | | Total assets (GAAP) ($ in thousands) | 8,216,458 | 8,097,387 | 8,138,487 | 7,999,295 | 7,781,601 | | Tangible assets (non-GAAP) ($ in thousands) | 8,116,169 | 7,996,470 | 8,036,138 | 7,896,295 | 7,677,950 | | Tangible stockholders' equity to tangible assets (non-GAAP) | 11.93 % | 11.76 % | 11.59 % | 11.32 % | 11.21 % | Tangible Book Value Per Share The tangible book value per share, a non-GAAP measure, is calculated by adjusting GAAP stockholders' equity for intangible assets and dividing by total shares outstanding, providing a more conservative valuation of equity per share Tangible Book Value Per Share Reconciliation | Metric | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | | :-------------------------------- | :------------- | :---------------- | :----------------- | :------------ | :------------- | | 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 Adjusted net income, a non-GAAP measure, excludes non-recurring items such as terminated merger-related expenses, tradename write-offs, and ATM disposal costs to present a clearer view of core operational profitability Adjusted Net Income Reconciliation | Metric | March 31, 2025 ($ in thousands) | December 31, 2024 ($ in thousands) | September 30, 2024 ($ in thousands) | June 30, 2024 ($ in thousands) | March 31, 2024 ($ in thousands) | | :-------------------------------- | :------------------------------ | :------------------------------- | :-------------------------------- | :----------------------------- | :------------------------------ | | Net income (GAAP) | 23,569 | 16,350 | 22,422 | 24,560 | 12,296 | | 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 | Adjusted Diluted Earnings Per Share Adjusted diluted EPS, a non-GAAP measure, removes the per-share impact of non-recurring adjustments to provide a more representative measure of earnings from ongoing operations Adjusted Diluted EPS Reconciliation | Metric | March 31, 2025 ($) | December 31, 2024 ($) | September 30, 2024 ($) | June 30, 2024 ($) | March 31, 2024 ($) | | :-------------------------------- | :----------------- | :-------------------- | :--------------------- | :---------------- | :----------------- | | Diluted earnings per share (GAAP) | 0.83 | 0.58 | 0.79 | 0.88 | 0.45 | | Impact of non-recurring adjustments | — | 0.28 | 0.05 | 0.02 | 0.08 | | Adjusted diluted earnings per share (non-GAAP) | 0.83 | 0.86 | 0.84 | 0.90 | 0.53 | Adjusted Return on Average Total Assets This non-GAAP measure adjusts the return on average total assets by excluding the impact of non-recurring items, offering a normalized view of asset utilization efficiency Adjusted ROAA Reconciliation | Metric | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | | :-------------------------------- | :------------- | :---------------- | :----------------- | :------------ | :------------- | | Return on average total assets (GAAP) | 1.20 % | 0.81 % | 1.12 % | 1.27 % | 0.65 % | | Impact of non-recurring adjustments | — % | 0.39 % | 0.06 % | 0.03 % | 0.12 % | | Adjusted ROAA (non-GAAP) | 1.20 % | 1.20 % | 1.18 % | 1.30 % | 0.77 % | Adjusted Return on Average Stockholders' Equity This non-GAAP metric adjusts the return on average stockholders' equity by removing the effects of non-recurring items, providing a clearer indication of the profitability generated from shareholders' investments in core operations Adjusted ROACE Reconciliation | Metric | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | | :-------------------------------- | :------------- | :---------------- | :----------------- | :------------ | :------------- | | Return on average stockholders' equity (GAAP) | 9.03 % | 6.22 % | 8.74 % | 10.08 % | 5.18 % | | Impact of non-recurring adjustments | — % | 3.02 % | 0.48 % | 0.26 % | 0.96 % | | Adjusted ROACE (non-GAAP) | 9.03 % | 9.24 % | 9.22 % | 10.34 % | 6.14 % | Return on Average Tangible Stockholders' Equity This non-GAAP measure calculates the return on average tangible stockholders' equity by adjusting GAAP equity for goodwill and other intangible assets, offering a more conservative view of profitability relative to tangible capital ROATCE Reconciliation | Metric | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | | :-------------------------------- | :------------- | :---------------- | :----------------- | :------------ | :------------- | | Return on average stockholders' equity (GAAP) | 9.03 % | 6.22 % | 8.74 % | 10.08 % | 5.18 % | | Impact from goodwill and other intangible assets | 1.15 % | 1.14 % | 1.20 % | 1.43 % | 0.93 % | | Return on average tangible stockholders' equity (non-GAAP) | 10.18 % | 7.36 % | 9.94 % | 11.51 % | 6.11 % | Adjusted Return on Average Tangible Stockholders' Equity This non-GAAP metric further refines the return on average tangible stockholders' equity by excluding non-recurring adjustments, providing the most normalized view of profitability relative to tangible capital from core operations Adjusted ROATCE Reconciliation | Metric | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | | :-------------------------------- | :------------- | :---------------- | :----------------- | :------------ | :------------- | | Return on average tangible stockholders' equity (non-GAAP) | 10.18 % | 7.36 % | 9.94 % | 11.51 % | 6.11 % | | Impact of non-recurring adjustments | — % | 3.36 % | 0.54 % | 0.28 % | 1.09 % | | Adjusted ROATCE (non-GAAP) | 10.18 % | 10.72 % | 10.48 % | 11.79 % | 7.20 % | Adjusted Total Noninterest Expense Adjusted total noninterest expense, a non-GAAP measure, removes specific non-recurring expenses to provide a clearer picture of the company's ongoing operational costs Adjusted Noninterest Expense Reconciliation | Metric | March 31, 2025 ($ in thousands) | December 31, 2024 ($ in thousands) | September 30, 2024 ($ in thousands) | June 30, 2024 ($ in thousands) | March 31, 2024 ($ in thousands) | | :-------------------------------- | :------------------------------ | :------------------------------- | :-------------------------------- | :----------------------------- | :------------------------------ | | Total noninterest expense (GAAP) | 62,722 | 73,673 | 64,664 | 63,875 | 61,828 | | 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 The adjusted efficiency ratio, a non-GAAP measure, excludes the impact of non-recurring adjustments from the GAAP efficiency ratio, offering a more accurate representation of the company's operational efficiency in its core business Adjusted Efficiency Ratio Reconciliation | Metric | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | | :-------------------------------- | :------------- | :---------------- | :----------------- | :------------ | :------------- | | Efficiency ratio (GAAP) | 65.19 % | 74.66 % | 65.83 % | 66.42 % | 66.05 % | | Impact of non-recurring adjustments | — % | (11.03)% | (1.67)% | (1.09)% | (2.66)% | | 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 This non-GAAP reconciliation adjusts net interest income and net interest margin to a fully tax-equivalent basis, allowing for a more consistent comparison of interest income from taxable and tax-exempt sources FTE Net Interest Income and Margin Reconciliation | Metric | March 31, 2025 ($ in thousands) | December 31, 2024 ($ in thousands) | September 30, 2024 ($ in thousands) | June 30, 2024 ($ in thousands) | March 31, 2024 ($ in thousands) | | :-------------------------------- | :------------------------------ | :------------------------------- | :-------------------------------- | :----------------------------- | :------------------------------ | | Net interest income (GAAP) | 74,478 | 77,047 | 76,158 | 72,899 | 70,806 | | Gross income effect of tax exempt income | 1,192 | 1,161 | 1,132 | 1,156 | 1,318 | | FTE net interest income (non-GAAP) | 75,670 | 78,208 | 77,290 | 74,055 | 72,124 | | Net interest margin (GAAP) | 4.07 % | 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 This section provides contact information for investor relations and media inquiries for FirstSun Capital Bancorp and Sunflower Bank Contact Information This section provides contact information for investor relations and media inquiries for FirstSun Capital Bancorp and Sunflower Bank - Investor Contact: Ed Jacques, Director of Investor Relations & Business Development, FirstSun (Investor.Relations@firstsuncb.com)[42] - Media Contact: Jeanne Lipson, Director of Marketing, Sunflower Bank (Jeanne.Lipson@SunflowerBank.com)[42]