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FirstSun Capital Bancorp Reports First Quarter 2026 Results
First Quarter 2026 Highlights:
•Net interest margin of 4.25%
•Loan growth of 16.2%, annualized
•24.7% noninterest income to total revenue1
•Net income of $21.6 million, $0.76 per diluted share (adjusted, $23.7 million, $0.84 per diluted share, see “Non-GAAP Financial Measures and Reconciliations” below)
•Return on average total assets of 1.04% (adjusted, 1.14%, see “Non-GAAP Financial Measures and Reconciliations” below)
•Return on average stockholders’ equity of 7.47% (adjusted, 8.20%, see “Non-GAAP Financial Measures and Reconciliations” below)
Denver, Colorado – April 27, 2026 – FirstSun Capital Bancorp (“FirstSun”) (NASDAQ: FSUN) reported net income of $21.6 million for the first quarter of 2026 compared to net income of $23.6 million for the first quarter of 2025. Earnings per diluted share were $0.76 for the first quarter of 2026 compared to $0.83 for the first quarter of 2025. Adjusted net income, a non-GAAP financial measure, was $23.7 million or $0.84 per diluted share for the first quarter of 2026.
On April 1, 2026, we completed our merger with First Foundation Inc. (“First Foundation”). During the first quarter of 2026, we incurred $2.7 million in merger related expenses. Because the merger closed after quarter-end, First Foundation’s historical consolidated financial results are not included in our results for the quarter ended March 31, 2026.
Neal Arnold, FirstSun’s Chief Executive Officer and President, commented, “First quarter results reflect the continued strength of our core franchise, highlighted by robust loan growth of 16.2% annualized, a consistently strong net interest margin of 4.25%, and a balanced revenue profile with noninterest income representing 24.7% of total revenue. While we saw higher credit costs this quarter, we believe our relationship focused and well diversified business model and our presence across some of the most dynamic markets in the country position us for continued success.
“Additionally, we are pleased to welcome the customers and team members from First Foundation and are encouraged by the momentum observed during the initial stages of integration following closing. Our teams are focused on execution, and we are progressing in line with our expectations on our merger-related balance sheet repositioning while also beginning to realize identified operating synergies. As we move forward, we are confident in our ability to deliver enhanced value-added solutions to our customers across our expanded footprint while driving sustainable long-term value for our stockholders.”
First Quarter 2026 Results

Net income totaled $21.6 million, or $0.76 per diluted share, for the first quarter of 2026, compared to $24.8 million, or $0.88 per diluted share, for the prior quarter. Adjusted net income, a non-GAAP financial measure, totaled $23.7 million, or $0.84 per diluted share, for the first quarter of 2026, compared to $26.9 million, or $0.95 per diluted share, for the prior quarter.

Return on average total assets was 1.04% for the first quarter of 2026, compared to 1.17% for the prior quarter, and return on average stockholders’ equity was 7.47% for the first quarter of 2026, compared to 8.58% for the prior quarter. Adjusted return on average total assets and adjusted return on average stockholders’ equity, each a non-GAAP financial measure, were 1.14% and 8.20% respectively for the first quarter of 2026 compared to 1.27% and 9.31% respectively for the prior quarter.
1 Total revenue is net interest income plus noninterest income.





Net Interest Income and Net Interest Margin
Net interest income totaled $82.8 million for the first quarter of 2026, a decrease of $0.7 million compared to the prior quarter. Our net interest margin increased 7 basis points to 4.25% compared to the prior quarter.
Average loans, including loans held-for-sale, increased by $32.1 million in the first quarter of 2026, compared to the prior quarter. Loan yield decreased by one basis point to 6.36% in the first quarter of 2026, compared to the prior quarter, primarily due to the declining interest rate environment and its impact on variable rate loans in the loan portfolio. Average interest-bearing cash and other assets decreased by $40.3 million in the first quarter of 2026, compared to the prior quarter. Interest-bearing cash and other assets yield decreased by 32 basis points to 3.36% in the first quarter of 2026, compared to the prior quarter, primarily due to the declining interest rate environment.
Average interest-bearing deposits increased $28.8 million in the first quarter of 2026, compared to the prior quarter. Total cost of interest-bearing deposits decreased by 14 basis points to 2.46% in the first quarter of 2026, compared to the prior quarter, primarily due to rate decreases for certificates of deposit and money market deposits amidst the declining interest rate environment and a decrease in certificates of deposit balances.
Asset Quality and Provision for Credit Losses
The provision for credit losses increased $2.1 million to $8.3 million for the first quarter of 2026, compared to the prior quarter, primarily due to net portfolio downgrades and impacts from growth in loan portfolio balances.
Net charge-offs for the first quarter of 2026 were $10.6 million resulting in an annualized ratio of net charge-offs to average loans of 0.63%, compared to net charge-offs of $5.0 million, or an annualized ratio of net charge-offs to average loans of 0.30% for the prior quarter. The increase in net charge-offs for the first quarter of 2026 was primarily due to write-downs related to two specific customer relationships in our C&I loan portfolio.
The allowance for credit losses as a percentage of loans outstanding was 1.20% at March 31, 2026, a decrease of seven basis points from the prior quarter. The ratio of nonperforming assets to total assets was 0.82% at March 31, 2026, compared to 0.85% at December 31, 2025.
Noninterest Income
Noninterest income totaled $27.2 million for the first quarter of 2026, an increase of $0.4 million from the prior quarter. Income from mortgage banking services increased $2.2 million for the first quarter of 2026, from the prior quarter, primarily due to an increase in net gain on sales and fair value driven by an 11.4% increase in total originations. Other noninterest income decreased $1.8 million for the first quarter of 2026, from the prior quarter, primarily due to a decrease in loan syndication fees and swap fee income, and a decrease in the fair value of investments related to our deferred compensation plan.
Noninterest income as a percentage of total revenue2 was 24.7% for the first quarter of 2026, an increase of 0.4% from the prior quarter.
Noninterest Expense
Noninterest expense totaled $75.3 million for the first quarter of 2026, an increase of $3.3 million from the prior quarter. Salary and employee benefits increased $3.8 million in the first quarter of 2026 from the prior quarter, primarily due to the seasonal increase in payroll taxes and retirement account contributions, and an increase in medical insurance costs. Other noninterest expenses decreased $1.3 million in the first quarter of 2026 from the prior quarter, primarily due to the acceleration of remaining deferred expenses related to the $40.0 million subordinated notes redemption and maintenance expenses related to OREO properties, both incurred in the fourth quarter of 2025. Merger related expenses increased $0.5 million in the first quarter of 2026 from the prior quarter.
2 Total revenue is net interest income plus noninterest income.
2




The efficiency ratio for the first quarter of 2026 was 68.52% compared to 65.37% for the prior quarter. The adjusted efficiency ratio, a non-GAAP financial measure, for the first quarter of 2026 was 66.08% compared to 63.36% for the prior quarter.
Tax Rate
The effective tax rate was 18.1% for the first quarter of 2026, compared to 22.4% for the prior quarter.
Loans
Loans were $6.9 billion at March 31, 2026, compared to $6.7 billion at December 31, 2025, an increase of $266.8 million, or 16.2% on an annualized basis.
Deposits
Deposits were $7.1 billion at March 31, 2026 and December 31, 2025, a decrease of $19.8 million in the first quarter of 2026, or 1.1% on an annualized basis, primarily due to decreases of $79.9 million in certificates of deposit, which includes a decrease in brokered deposit balances of $58.6 million, and a $51.5 million decrease in noninterest-bearing deposit accounts, partially offset by an increase of $86.1 million in demand and NOW accounts. Average deposits were $7.0 billion for the first quarter of 2026 and $7.1 billion for the prior quarter, decreasing $45.8 million or 2.6% on an annualized basis.
Noninterest-bearing deposit accounts represented 22.6% of total deposits at March 31, 2026 and the loan to deposit ratio was 97.9% at March 31, 2026.
The ratio of total uninsured deposits to total deposits was estimated to be 35.4% at March 31, 2026. The ratio of total uninsured and uncollateralized deposits to total deposits was estimated to be 28.6% at March 31, 2026.3
Capital
Capital ratios remain strong and above “well-capitalized” thresholds. As of March 31, 2026, our common equity tier 1 risk-based capital ratio was 13.77%, total risk-based capital ratio was 15.29% and tier 1 leverage ratio was 13.06%. Book value per share was $42.08 at March 31, 2026, an increase of $0.72 from December 31, 2025. Tangible book value per share, a non-GAAP financial measure, was $38.57 at March 31, 2026, an increase of $0.74 from December 31, 2025.
3 Uninsured deposits and uninsured and uncollateralized deposits are reported for our wholly-owned subsidiary Sunflower Bank, N.A.
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Non-GAAP Financial Measures
This press release (including the tables beginning on page 15) contains financial measures determined by methods other than in accordance with accounting principles generally accepted in the United States (“GAAP”). Our management uses these non-GAAP financial measures in their analysis of our performance and the efficiency of our operations. Management believes these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant items in the current period. We believe a meaningful analysis of our financial performance requires an understanding of the factors underlying that performance. Our management believes investors may find these non-GAAP financial measures useful. These non-GAAP financial measures, however, should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Below is a listing of the non-GAAP measures used in this press release:
•Tangible stockholders’ equity to tangible assets;
•Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax;
•Tangible book value per share;
•Adjusted net income;
•Adjusted diluted earnings per share;
•Adjusted return on average total assets;
•Adjusted return on average stockholders’ equity;
•Return on average tangible stockholders’ equity;
•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 15 provide a reconciliation of each non-GAAP financial measure contained in this press release to the most comparable GAAP equivalent.
About FirstSun
FirstSun Capital Bancorp (“FirstSun”) (NASDAQ: FSUN), headquartered in Denver, Colorado, is the financial holding company for wholly owned subsidiaries including Sunflower Bank, N.A. and First Foundation Advisors. FirstSun completed its merger with First Foundation Inc. on April 1, 2026. Through its subsidiaries and affiliated entities, FirstSun provides a full range of relationship-focused services to meet personal, business, and wealth management financial objectives, with depository branches in ten states and mortgage capabilities in 44 states. FirstSun had total consolidated assets of $8.6 billion as of March 31, 2026.
To learn more visit ir.firstsuncb.com or SunflowerBank.com.
Investor Earnings Conference Call
FirstSun will host a conference call on Tuesday, April 28, 2026 at 11:00 a.m. (ET) to discuss its first quarter 2026 financial results.
Participants may join by phone by dialing (833) 461-5787 for toll-free within the US and (585) 542-9983 for all other locations. The conference Access Code is 815574070. The numbers for international participants are available here: https://help.events.q4inc.com/eahc/international-dial-in-numbers.
An audio replay of the live call, and the accompanying presentation slides, will be available following the live event on the “Events & Presentations page” of FirstSun’s website at https://ir.firstsuncb.com/overview/default.aspx.
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Deposits Classification
Previously, deposit amounts related to certain NOW accounts with limited monthly transaction activity were able to be reclassified to money market accounts to reduce reserve requirements at the Federal Reserve. As there is no longer any impact to reserve requirements across different deposit products, we have discontinued this product reclassification practice and have revised the presentation of those deposits to conform to the current presentation for periods prior to March 31, 2026.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements regarding our recently completed merger with First Foundation, including expectations with regard to the benefits of the merger, progress on the execution of our merger-related balance sheet repositioning and our ability to drive sustainable long-term value for our stockholders. These statements reflect management’s current expectations and are not guarantees of future performance. Words such as “focus,” “confident,” “may,” “will,” “believe,” “anticipate,” “expect,” “intend,” “opportunity,” “continue,” “should,” “could,” “progress” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are subject to risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results. Such risks, uncertainties and assumptions, include, among others, the following: changes in interest rates and their related impact on macroeconomic conditions, customer behavior, our funding costs and our loan and securities portfolios; the quality or composition of our loan or investment portfolios and changes therein; failure to maintain our mortgage production flow to secondary markets; the sufficiency of liquidity and changes in our capital position; the inability of our infrastructure initiatives to reduce expenses; increased deposit volatility; potential regulatory developments; U.S. and global trade policies and tensions, including change in, or the imposition of, tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom; ongoing geopolitical conflicts, including hostilities involving Iran and the Middle East, which may contribute to volatility in energy prices, inflation, financial markets, cybersecurity threats, and broader macroeconomic conditions, any of which could adversely affect our borrowers, deposit base, liquidity, capital and results of operation; the possibility that the anticipated benefits of the First Foundation merger, including anticipated cost savings and strategic gains, are not realized when expected or at all; the integration of the businesses and operations of FirstSun and First Foundation may take longer than anticipated or be more costly than anticipated or have unanticipated adverse results relating to the combined company’s business; the execution of the planned balance sheet repositioning related to the First Foundation merger may be more difficult, costly or time consuming than expected and we may fail to realize the anticipated benefits; the diversion of management’s attention from ongoing business operations and opportunities due to the First Foundation merger; other factors, many of which are beyond our control.
We caution readers that the foregoing list of factors is not exclusive, is not necessarily in order of importance and readers should not place undue reliance on any forward-looking statements. Additional information concerning additional factors that could materially affect the forward-looking statements in this press release can be found in the cautionary language included under the headings “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in FirstSun’s Annual Report on Form 10-K for the year ended December 31, 2025 and other documents subsequently filed by FirstSun with the SEC. Further, any forward-looking statement speaks only as of the date on which it is made and we do not intend to and disclaim any obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as required by law.
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Summary Data:
As of and for the three months ended
($ in thousands, except per share amounts)March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
Net interest income$82,779 $83,461 $80,953 $78,499 $74,478 
Provision for credit losses8,250 6,200 10,100 4,500 3,800 
Noninterest income27,175 26,744 26,333 27,073 21,729 
Noninterest expense75,341 72,041 68,901 68,110 62,722 
Income before income taxes26,363 31,964 28,285 32,962 29,685 
Provision for income taxes4,780 7,157 5,111 6,576 6,116 
Net income21,583 24,807 23,174 26,386 23,569 
Adjusted net income1
23,673 26,923 23,412 26,601 23,569 
Weighted average common shares outstanding, basic27,851,041 27,839,044 27,801,255 27,783,710 27,721,760 
Weighted average common shares outstanding, diluted28,316,608 28,262,530 28,291,778 28,232,319 28,293,912 
Diluted earnings per share$0.76 $0.88 $0.82 $0.93 $0.83 
Adjusted diluted earnings per share1
0.84 0.95 0.83 0.94 0.83 
Return on average total assets1.04 %1.17 %1.09 %1.28 %1.20 %
Adjusted return on average total assets1
1.14 %1.27 %1.10 %1.29 %1.20 %
Return on average stockholders' equity7.47 %8.58 %8.22 %9.74 %9.03 %
Adjusted return on average stockholders' equity1
8.20 %9.31 %8.31 %9.82 %9.03 %
Return on average tangible stockholders' equity1
8.31 %9.58 %9.20 %10.91 %10.18 %
Adjusted return on average tangible stockholders' equity1
9.10 %10.38 %9.30 %11.00 %10.18 %
Net interest margin4.25 %4.18 %4.07 %4.07 %4.07 %
Net interest margin (FTE basis)1
4.31 %4.23 %4.12 %4.13 %4.13 %
Efficiency ratio68.52 %65.37 %64.22 %64.52 %65.19 %
Adjusted efficiency ratio1
66.08 %63.36 %64.00 %64.25 %65.19 %
Noninterest income to total revenue2
24.7 %24.3 %24.5 %25.6 %22.6 %
Total assets$8,565,123 $8,485,162 $8,495,437 $8,435,861 $8,216,458 
Loans held-for-sale144,407 100,539 85,250 90,781 65,603 
Loans held-for-investment6,939,972 6,673,180 6,681,629 6,507,066 6,484,008 
Total deposits7,087,513 7,107,356 7,105,415 7,100,164 6,874,239 
Total stockholders' equity1,175,507 1,153,356 1,127,513 1,095,402 1,068,295 
Loan to deposit ratio97.9 %93.9 %94.0 %91.6 %94.3 %
Period end common shares outstanding27,935,888 27,887,337 27,854,764 27,834,525 27,753,918 
Book value per share$42.08 $41.36 $40.48 $39.35 $38.49 
Tangible book value per share1
38.57 37.83 36.92 35.77 34.88 
1 Represents a non-GAAP financial measure. See the tables beginning on page 15 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
2 Total revenue is net interest income plus noninterest income.
6




Condensed Consolidated Statements of Income (Unaudited):
For the three months ended
($ in thousands, except per share amounts)March 31,
2026		March 31,
2025
Total interest income$116,126 $110,447 
Total interest expense33,347 35,969 
Net interest income82,779 74,478 
Provision for credit losses8,250 3,800 
Net interest income after credit loss expense74,529 70,678 
Noninterest income:
Service charges on deposit accounts2,096 2,027 
Treasury management service fees4,613 4,194 
Credit and debit card fees2,713 2,586 
Trust and investment advisory fees1,489 1,421 
Income from mortgage banking services, net14,315 9,055 
Other noninterest income1,949 2,446 
Total noninterest income27,175 21,729 
Noninterest expense:
Salary and employee benefits47,356 39,561 
Occupancy, equipment and software10,006 9,536 
Amortization and impairment of intangible assets507 628 
Merger related expenses2,681 — 
Other noninterest expenses14,791 12,997 
Total noninterest expense75,341 62,722 
Income before income taxes26,363 29,685 
Provision for income taxes4,780 6,116 
Net income$21,583 $23,569 
Earnings per share - basic$0.77 $0.85 
Earnings per share - diluted0.76 0.83 
















7




Condensed Consolidated Statements of Income (Unaudited) (cont’d):
For the three months ended
($ in thousands, except per share amounts)March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
Total interest income$116,126 $119,273 $121,128 $116,921 $110,447 
Total interest expense33,347 35,812 40,175 38,422 35,969 
Net interest income82,779 83,461 80,953 78,499 74,478 
Provision for credit losses8,250 6,200 10,100 4,500 3,800 
Net interest income after credit loss expense74,529 77,261 70,853 73,999 70,678 
Noninterest income:
Service charges on deposit accounts2,096 2,116 2,162 2,016 2,027 
Treasury management service fees4,613 4,544 4,402 4,333 4,194 
Credit and debit card fees2,713 2,744 2,671 2,728 2,586 
Trust and investment advisory fees1,489 1,515 1,536 1,473 1,421 
Income from mortgage banking services, net14,315 12,102 12,641 13,274 9,055 
Other noninterest income1,949 3,723 2,921 3,249 2,446 
Total noninterest income27,175 26,744 26,333 27,073 21,729 
Noninterest expense:
Salary and employee benefits47,356 43,520 44,822 43,921 39,561 
Occupancy, equipment and software10,006 9,576 9,591 9,541 9,536 
Amortization and impairment of intangible assets507 628 578 578 628 
Merger related expenses2,681 2,217 241 285 — 
Other noninterest expenses14,791 16,100 13,669 13,785 12,997 
Total noninterest expense75,341 72,041 68,901 68,110 62,722 
Income before income taxes26,363 31,964 28,285 32,962 29,685 
Provision for income taxes4,780 7,157 5,111 6,576 6,116 
Net income$21,583 $24,807 $23,174 $26,386 $23,569 
Earnings per share - basic$0.77 $0.89 $0.83 $0.95 $0.85 
Earnings per share - diluted0.76 0.88 0.82 0.93 0.83 

8




Condensed Consolidated Balance Sheets as of (Unaudited):
($ in thousands)March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
Assets
Cash and cash equivalents$413,732 $652,592 $659,899 $785,115 $621,377 
Securities available-for-sale, at fair value458,543 468,970 476,114 473,468 480,615 
Securities held-to-maturity33,553 33,839 34,247 34,581 34,914 
Loans held-for-sale, at fair value144,407 100,539 85,250 90,781 65,603 
Loans6,939,972 6,673,180 6,681,629 6,507,066 6,484,008 
Allowance for credit losses(82,955)(85,016)(84,040)(82,993)(91,790)
Loans, net6,857,017 6,588,164 6,597,589 6,424,073 6,392,218 
Mortgage servicing rights, at fair value88,993 86,651 85,695 84,736 82,927 
Premises and equipment, net81,138 81,523 81,886 82,248 82,333 
Other real estate owned and foreclosed assets, net10,908 11,514 13,418 13,052 4,914 
Goodwill93,483 93,483 93,483 93,483 93,483 
Core deposits and other intangible assets, net4,476 4,983 5,650 6,228 6,806 
Other assets378,873 362,904 362,206 348,096 351,268 
Total assets$8,565,123 $8,485,162 $8,495,437 $8,435,861 $8,216,458 
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing accounts$1,599,919 $1,651,373 $1,674,497 $1,706,678 $1,574,736 
Interest-bearing accounts:
Demand and NOW1,569,910 1,483,841 1,457,886 1,485,058 1,497,763 
Savings387,140 378,631 386,235 397,120 405,621 
Money market2,318,768 2,301,837 2,233,309 2,082,043 1,819,979 
Certificates of deposit1,211,776 1,291,674 1,353,488 1,429,265 1,576,140 
Total deposits7,087,513 7,107,356 7,105,415 7,100,164 6,874,239 
Securities sold under agreements to repurchase7,670 11,160 9,824 11,173 8,515 
Federal Home Loan Bank advances75,000 — — — 35,000 
Subordinated debt, net36,754 36,680 76,163 76,066 75,969 
Other liabilities182,679 176,610 176,522 153,056 154,440 
Total liabilities7,389,616 7,331,806 7,367,924 7,340,459 7,148,163 
Stockholders' equity:
Preferred stock— — — — — 
Common stock3 3 3 3 3 
Additional paid-in capital550,709 549,617 548,952 547,950 547,484 
Retained earnings652,669 631,086 606,279 583,105 556,719 
Accumulated other comprehensive loss, net(27,874)(27,350)(27,721)(35,656)(35,911)
Total stockholders' equity1,175,507 1,153,356 1,127,513 1,095,402 1,068,295 
Total liabilities and stockholders' equity$8,565,123 $8,485,162 $8,495,437 $8,435,861 $8,216,458 




9




Consolidated Capital Ratios as of:
March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
Stockholders' equity to total assets13.72 %13.59 %13.27 %12.99 %13.00 %
Tangible stockholders' equity to tangible assets1
12.73 %12.58 %12.25 %11.94 %11.93 %
Tangible stockholders' equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax1, 2
12.69 %12.54 %12.21 %11.90 %11.89 %
Tier 1 leverage ratio13.06 %12.75 %12.44 %12.39 %12.47 %
Common equity tier 1 risk-based capital ratio13.77 %14.12 %13.79 %13.78 %13.26 %
Tier 1 risk-based capital ratio13.77 %14.12 %13.79 %13.78 %13.26 %
Total risk-based capital ratio15.29 %15.73 %15.81 %15.94 %15.52 %
1 Represents a non-GAAP financial measure. See the tables beginning on page 15 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, 2026March 31, 2025
(In thousands)Average BalanceAverage Yield/RateAverage BalanceAverage Yield/Rate
Interest Earning Assets
Loans1
$6,857,477 6.36 %$6,420,710 6.36 %
Investment securities499,792 3.30 %501,809 3.53 %
Interest-bearing cash and other assets543,396 3.36 %500,857 4.37 %
Total earning assets7,900,665 5.96 %7,423,376 6.03 %
Other assets523,094 548,976 
Total assets$8,423,759 $7,972,352 
Interest-bearing liabilities
Demand and NOW deposits$1,526,124 1.69 %$1,471,584 1.65 %
Savings deposits382,025 0.50 %400,801 0.58 %
Money market deposits2,291,494 2.84 %1,690,853 3.10 %
Certificates of deposit1,206,411 3.32 %1,547,634 3.91 %
Total deposits5,406,054 2.46 %5,110,872 2.73 %
Repurchase agreements9,712 1.70 %9,615 1.57 %
Total deposits and repurchase agreements5,415,766 2.46 %5,120,487 2.73 %
FHLB borrowings1,100 3.12 %29,489 4.60 %
Other long-term borrowings36,719 5.72 %75,907 6.43 %
Total interest-bearing liabilities5,453,585 2.48 %5,225,883 2.79 %
Noninterest-bearing deposits1,623,528 1,532,150 
Other liabilities175,292 155,337 
Stockholders' equity1,171,354 1,058,982 
Total liabilities and stockholders' equity$8,423,759 $7,972,352 
Net interest spread3.48 %3.24 %
Net interest margin4.25 %4.07 %
Net interest margin (on FTE basis)2
4.31 %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 15 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
11




Summary of Net Interest Margin (cont’d ):
For the three months ended
March 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025
(In thousands)Average BalanceAverage Yield/RateAverage BalanceAverage Yield/RateAverage BalanceAverage Yield/RateAverage BalanceAverage Yield/RateAverage BalanceAverage Yield/Rate
Interest Earning Assets
Loans1
$6,857,477 6.36 %$6,825,404 6.37 %$6,667,158 6.49 %$6,620,493 6.43 %$6,420,710 6.36 %
Investment securities499,792 3.30 %506,964 3.35 %505,999 3.43 %510,350 3.48 %501,809 3.53 %
Interest-bearing cash and other assets543,396 3.36 %583,717 3.68 %714,885 4.25 %596,713 4.28 %500,857 4.37 %
Total earning assets7,900,665 5.96 %7,916,085 5.98 %7,888,042 6.09 %7,727,556 6.07 %7,423,376 6.03 %
Other assets523,094 519,607 540,079 537,156 548,976 
Total assets$8,423,759 $8,435,692 $8,428,121 $8,264,712 $7,972,352 
Interest-bearing liabilities
Demand and NOW deposits$1,526,124 1.69 %$1,464,053 1.75 %$1,437,298 1.89 %$1,518,316 1.77 %$1,471,584 1.65 %
Savings deposits382,025 0.50 %381,978 0.55 %391,444 0.59 %401,093 0.58 %400,801 0.58 %
Money market deposits2,291,494 2.84 %2,247,034 2.99 %2,211,754 3.28 %1,934,487 3.28 %1,690,853 3.10 %
Certificates of deposit1,206,411 3.32 %1,284,200 3.49 %1,397,371 3.64 %1,504,235 3.76 %1,547,634 3.91 %
Total deposits5,406,054 2.46 %5,377,265 2.60 %5,437,867 2.81 %5,358,131 2.78 %5,110,872 2.73 %
Repurchase agreements9,712 1.70 %9,146 1.71 %8,055 1.82 %9,024 1.61 %9,615 1.57 %
Total deposits and repurchase agreements5,415,766 2.46 %5,386,411 2.60 %5,445,922 2.81 %5,367,155 2.78 %5,120,487 2.73 %
FHLB borrowings1,100 3.12 %— — %— — %2,308 4.72 %29,489 4.60 %
Other long-term borrowings36,719 5.72 %36,650 5.82 %76,117 8.41 %76,025 6.19 %75,907 6.43 %
Total interest-bearing liabilities5,453,585 2.48 %5,423,061 2.62 %5,522,039 2.89 %5,445,488 2.83 %5,225,883 2.79 %
Noninterest-bearing deposits1,623,528 1,698,126 1,642,346 1,587,302 1,532,150 
Other liabilities175,292 167,658 145,730 145,064 155,337 
Stockholders' equity1,171,354 1,146,847 1,118,006 1,086,858 1,058,982 
Total liabilities and stockholders' equity$8,423,759 $8,435,692 $8,428,121 $8,264,712 $7,972,352 
Net interest spread3.48 %3.36 %3.20 %3.24 %3.24 %
Net interest margin4.25 %4.18 %4.07 %4.07 %4.07 %
Net interest margin (on FTE basis)2
4.31 %4.23 %4.12 %4.13 %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 15 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
12




Deposits as of:
($ in thousands)March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
Consumer
Noninterest-bearing deposit accounts$410,296 $404,666 $412,568 $426,909 $412,734 
Interest-bearing deposit accounts:
Demand and NOW607,465 590,535 598,499 610,623 603,309 
Savings313,910 308,655 314,954 322,672 330,489 
Money market1,397,890 1,400,593 1,416,258 1,306,140 1,090,779 
Certificates of deposit793,503 809,401 869,077 937,439 1,065,839 
Total interest-bearing deposit accounts3,112,768 3,109,184 3,198,788 3,176,874 3,090,416 
Total consumer deposits$3,523,064 $3,513,850 $3,611,356 $3,603,783 $3,503,150 
Business
Noninterest-bearing deposit accounts$1,189,623 $1,246,707 $1,261,929 $1,279,769 $1,162,002 
Interest-bearing deposit accounts:
Demand and NOW962,445 893,306 859,387 874,435 894,454 
Savings73,230 69,976 71,281 74,448 75,132 
Money market920,878 901,244 817,051 775,903 729,200 
Certificates of deposit51,940 57,349 57,225 56,930 65,420 
Total interest-bearing deposit accounts2,008,493 1,921,875 1,804,944 1,781,716 1,764,206 
Total business deposits$3,198,116 $3,168,582 $3,066,873 $3,061,485 $2,926,208 
Wholesale deposits1
$366,333 $424,924 $427,186 $434,896 $444,881 
Total deposits$7,087,513 $7,107,356 $7,105,415 $7,100,164 $6,874,239 
1 Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposit.
Balance Sheet Ratios as of:
March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
Cash to total assets1
4.70 %7.60 %7.70 %9.20 %7.50 %
Loan to deposit ratio97.9 %93.9 %94.0 %91.6 %94.3 %
Uninsured deposits to total deposits2
35.4 %36.6 %36.2 %37.0 %35.2 %
Uninsured and uncollateralized deposits to total deposits2
28.6 %29.0 %28.3 %28.3 %26.4 %
Wholesale deposits and borrowings to total liabilities3
6.0 %5.8 %5.8 %5.9 %6.7 %
1 Cash consists of unencumbered cash and amounts due from banks and interest-bearing deposits with other financial institutions.
2 Uninsured deposits and uninsured and uncollateralized deposits are reported for our wholly-owned subsidiary Sunflower Bank, N.A. and are estimated.
3 Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposit. Wholesale borrowings consist of FHLB overnight and term advances.
13




Loan Portfolio as of:
($ in thousands)March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
Commercial and industrial1
$3,160,777 $2,937,867 $2,945,697 $2,779,767 $2,764,035 
Commercial real estate:
Non-owner occupied778,778 742,002 725,425 705,749 733,949 
Owner occupied694,190 700,774 668,172 660,334 677,341 
Construction and land280,781 268,652 343,803 383,969 386,056 
Multifamily227,980 210,368 183,504 134,520 85,239 
Total commercial real estate1,981,729 1,921,796 1,920,904 1,884,572 1,882,585 
Residential real estate2
1,216,810 1,221,086 1,209,742 1,226,760 1,195,714 
Public Finance494,539 501,582 516,247 524,441 551,252 
Consumer31,875 32,651 38,931 42,881 38,896 
Other54,242 58,198 50,108 48,645 51,526 
Loans, net of deferred costs, fees, premiums, and discounts$6,939,972 $6,673,180 $6,681,629 $6,507,066 $6,484,008 
1As of September 30, 2025, loans to nondepository financial institutions are now included within commercial and industrial. Prior period amounts have been reclassified to conform to the current presentation.
2 Includes 1-4 family residential construction.
Asset Quality:
As of and for the three months ended
($ in thousands)March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
Net charge-offs (recoveries)$10,561 $5,024 $9,053 $13,547 $631 
Allowance for credit losses82,955 85,016 84,040 82,993 91,790 
Nonperforming loans, including nonaccrual loans, and accrual loans greater than 90 days past due59,656 60,771 69,641 54,841 78,590 
Nonperforming assets70,564 72,285 83,059 67,893 83,504 
Ratio of net charge-offs (recoveries) to average loans outstanding0.63 %0.30 %0.55 %0.83 %0.04 %
Allowance for credit losses to loans outstanding1.20 %1.27 %1.26 %1.28 %1.42 %
Allowance for credit losses to nonperforming loans139.06 %139.90 %120.68 %151.33 %116.80 %
Nonperforming loans to loans0.86 %0.91 %1.04 %0.84 %1.21 %
Nonperforming assets to total assets0.82 %0.85 %0.98 %0.80 %1.02 %


14




Non-GAAP Financial Measures and Reconciliations:
As of and for the three months ended
($ in thousands, except share and per share amounts)March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
Tangible stockholders’ equity to tangible assets:
Total stockholders' equity (GAAP)$1,175,507 $1,153,356 $1,127,513 $1,095,402 $1,068,295 
Less: Goodwill and other intangible assets
Goodwill(93,483)(93,483)(93,483)(93,483)(93,483)
Other intangible assets(4,476)(4,983)(5,650)(6,228)(6,806)
Tangible stockholders' equity (non-GAAP)$1,077,548 $1,054,890 $1,028,380 $995,691 $968,006 
Total assets (GAAP)$8,565,123 $8,485,162 $8,495,437 $8,435,861 $8,216,458 
Less: Goodwill and other intangible assets
Goodwill(93,483)(93,483)(93,483)(93,483)(93,483)
Other intangible assets(4,476)(4,983)(5,650)(6,228)(6,806)
Tangible assets (non-GAAP)$8,467,164 $8,386,696 $8,396,304 $8,336,150 $8,116,169 
Total stockholders' equity to total assets (GAAP)13.72 %13.59 %13.27 %12.99 %13.00 %
Less: Impact of goodwill and other intangible assets(0.99)%(1.01)%(1.02)%(1.05)%(1.07)%
Tangible stockholders' equity to tangible assets (non-GAAP)12.73 %12.58 %12.25 %11.94 %11.93 %
Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax:
Tangible stockholders' equity (non-GAAP)$1,077,548 $1,054,890 $1,028,380 $995,691 $968,006 
Less: Net unrealized losses on HTM securities, net of tax(3,407)(3,320)(3,432)(4,238)(3,803)
Tangible stockholders’ equity less net unrealized losses on HTM securities, net of tax (non-GAAP)$1,074,141 $1,051,570 $1,024,948 $991,453 $964,203 
Tangible assets (non-GAAP)$8,467,164 $8,386,696 $8,396,304 $8,336,150 $8,116,169 
Less: Net unrealized losses on HTM securities, net of tax(3,407)(3,320)(3,432)(4,238)(3,803)
Tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP)$8,463,757 $8,383,376 $8,392,872 $8,331,912 $8,112,366 
Tangible stockholders’ equity to tangible assets (non-GAAP)12.73 %12.58 %12.25 %11.94 %11.93 %
Less: Impact of net unrealized losses on HTM securities, net of tax(0.04)%(0.04)%(0.04)%(0.04)%(0.04)%
Tangible stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP)12.69 %12.54 %12.21 %11.90 %11.89 %
Tangible book value per share:
Total stockholders' equity (GAAP)$1,175,507 $1,153,356 $1,127,513 $1,095,402 $1,068,295 
Tangible stockholders' equity (non-GAAP)1,077,548 1,054,890 1,028,380 995,691 968,006 
Total shares outstanding27,935,888 27,887,337 27,854,764 27,834,525 27,753,918 
Book value per share (GAAP)$42.08 $41.36 $40.48 $39.35 $38.49 
Tangible book value per share (non-GAAP)$38.57 $37.83 $36.92 $35.77 $34.88 
Adjusted net income:
Net income (GAAP)$21,583 $24,807 $23,174 $26,386 $23,569 
Add: Adjustments
Merger related expenses, net of tax2,090 2,116 238 215 — 
Total adjustments, net of tax2,090 2,116 238 215 — 
Adjusted net income (non-GAAP)$23,673 $26,923 $23,412 $26,601 $23,569 
15




Non-GAAP Financial Measures and Reconciliations:
As of and for the three months ended
($ in thousands, except share and per share amounts)March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
Adjusted diluted earnings per share:
Diluted earnings per share (GAAP)$0.76 $0.88 $0.82 $0.93 $0.83 
Add: Impact of adjustments
Merger related expenses, net of tax0.08 0.07 0.01 0.01 — 
Adjusted diluted earnings per share (non-GAAP)$0.84 $0.95 $0.83 $0.94 $0.83 
Adjusted return on average total assets:
Return on average total assets (ROAA) (GAAP)1.04 %1.17 %1.09 %1.28 %1.20 %
Add: Impact of adjustments
Merger related expenses, net of tax0.10 %0.10 %0.01 %0.01 %— %
Adjusted ROAA (non-GAAP)1.14 %1.27 %1.10 %1.29 %1.20 %
Adjusted return on average stockholders’ equity:
Return on average stockholders' equity (ROAE) (GAAP)7.47 %8.58 %8.22 %9.74 %9.03 %
Add: Impact of adjustments
Merger related expenses, net of tax0.73 %0.73 %0.09 %0.08 %— %
Adjusted ROAE (non-GAAP)8.20 %9.31 %8.31 %9.82 %9.03 %
Return on average tangible stockholders’ equity
Return on average stockholders’ equity (ROAE) (GAAP)7.47 %8.58 %8.22 %9.74 %9.03 %
Add: Impact from goodwill and other intangible assets
Goodwill0.69 %0.81 %0.81 %0.98 %0.94 %
Other intangible assets0.15 %0.19 %0.17 %0.19 %0.21 %
Return on average tangible stockholders’ equity (ROATE) (non-GAAP)8.31 %9.58 %9.20 %10.91 %10.18 %
Adjusted return on average tangible stockholders’ equity:
Return on average tangible stockholders' equity (ROATE) (non-GAAP)8.31 %9.58 %9.20 %10.91 %10.18 %
Add: Impact of adjustments
Merger related expenses, net of tax0.79 %0.80 %0.10 %0.09 %— %
Adjusted ROATE (non-GAAP)9.10 %10.38 %9.30 %11.00 %10.18 %
Adjusted total noninterest expense:
Total noninterest expense (GAAP)$75,341 $72,041 $68,901 $68,110 $62,722 
Less: Adjustments:
Merger related expenses(2,681)(2,217)(241)(285)— 
Total adjustments(2,681)(2,217)(241)(285)— 
Adjusted total noninterest expense (non-GAAP)$72,660 $69,824 $68,660 $67,825 $62,722 
Adjusted efficiency ratio:
Efficiency ratio (GAAP)68.52 %65.37 %64.22 %64.52 %65.19 %
Less: Impact of adjustments
Merger related expenses(2.44)%(2.01)%(0.22)%(0.27)%— %
Adjusted efficiency ratio (non-GAAP)66.08 %63.36 %64.00 %64.25 %65.19 %
16




Non-GAAP Financial Measures and Reconciliations:
As of and for the three months ended
($ in thousands, except share and per share amounts)March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
Fully tax equivalent (“FTE”) net interest income and net interest margin:
Net interest income (GAAP)$82,779 $83,461 $80,953 $78,499 $74,478 
Gross income effect of tax exempt income1,198 1,156 1,225 1,204 1,192 
FTE net interest income (non-GAAP)$83,977 $84,617 $82,178 $79,703 $75,670 
Average earning assets$7,900,665 $7,916,085 $7,888,042 $7,727,556 $7,423,376 
Net interest margin4.25 %4.18 %4.07 %4.07 %4.07 %
Net interest margin on FTE basis (non-GAAP)4.31 %4.23 %4.12 %4.13 %4.13 %
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
17