$FSUN

FIRSTSUN CAPITAL BANCORP

CIK:0001709442|SEC Filings

Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest and fee income on loans:
Taxable	$ 186,808	$ 101,590	$ 289,873	$ 197,791
Tax exempt	8,232	4,527	12,725	9,006
Interest and dividend income on securities:
Taxable	25,024	4,430	29,078	8,796
Tax exempt	38	3	50	7
Other interest income	9,914	6,371	14,416	11,768
Total interest income	230,016	116,921	346,142	227,368
Interest expense:
Interest expense on deposits	81,894	37,185	114,673	71,579
Interest expense on securities sold under agreements to repurchase	152	36	193	73
Interest expense on other borrowed funds	4,775	1,201	5,302	2,739
Total interest expense	86,821	38,422	120,168	74,391
Net interest income	143,195	78,499	225,974	152,977
Provision for credit losses	40,400	4,500	48,650	8,300
Net interest income after credit loss expense	102,795	73,999	177,324	144,677
Noninterest income:
Deposit account service fees	2,292	2,016	4,388	4,043
Treasury management service fees	5,067	4,333	9,680	8,527
Credit and debit card fees	2,952	2,728	5,665	5,314
Trust and investment advisory fees	9,413	1,473	10,902	2,894
Mortgage banking services, net	15,958	13,274	30,273	22,329
Other noninterest income	5,266	3,249	7,215	5,695
Total noninterest income	40,948	27,073	68,123	48,802
Noninterest expense:
Salary and employee benefits	68,744	43,921	116,100	83,482
Occupancy, equipment and software	15,504	9,541	25,510	19,077
Customer service costs	2,742	0	2,742	0
Amortization and impairment of intangible assets	4,237	578	4,744	1,206
Merger related expenses	57,559	285	60,240	285
Other noninterest expenses	22,926	13,785	37,717	26,782
Total noninterest expense	171,712	68,110	247,053	130,832
(Loss) income before income taxes	(27,969)	32,962	(1,606)	62,647
(Benefit) provision for income taxes	(5,119)	6,576	(339)	12,692
Net (loss) income	(22,850)	26,386	(1,267)	49,955
Other comprehensive (loss) income:
Net unrealized (loss) gain on securities available-for-sale	(2,560)	255	(3,084)	3,456
Reclassification adjustments for net loss on sales of available-for-sale securities	2	0	2	0
Other comprehensive (loss) income	(2,558)	255	(3,082)	3,456
Comprehensive (loss) income	(25,408)	26,641	(4,349)	53,411
Earnings per share:
Net (loss) income available to common stockholders, basic (in shares)	(22,850)	26,386	(1,267)	49,955
Net (loss) income available to common stockholders, diluted (in shares)	$ (22,850)	$ 26,386	$ (1,267)	$ 49,955
Basic (in dollars per share)	$ (0.49)	$ 0.95	$ (0.03)	$ 1.80
Diluted (in dollars per share)	$ (0.49)	$ 0.93	$ (0.03)	$ 1.77

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities:
Net income	$ (22,850)	$ 26,386	$ (1,267)	$ 49,955
Adjustments to reconcile income to net cash provided by operating activities:
Provision for credit losses			48,650	8,300
Depreciation and amortization on premises and equipment	2,794	2,068	4,931	4,103
Deferred tax expense			584	4,677
(Accretion) amortization of net (discount) premium on securities			(3,715)	253
Accretion of net discount on acquired loans			(21,251)	(851)
Net change in deferred loan origination fees and costs			4,634	2,302
Amortization of core deposits and other intangible assets			4,744	1,206
Amortization of premium on acquired deposits			(3,227)	(45)
Accretion of issuance costs and net discount on subordinated debt			1,017	224
Increase in cash surrender value of bank-owned life insurance			(1,482)	(1,062)
Impairment of other real estate owned and foreclosed assets			79	642
Federal Home Loan Bank stock dividends			(196)	(369)
Share-based compensation expense			3,665	1,692
Decrease in fair value of mortgage servicing rights			4,296	6,295
Net loss on sales of available-for-sale securities			2	0
Net loss on disposal of premises and equipment			503	133
Net loss on other real estate owned and foreclosed assets activity			1,333	0
Net gain on sales of loans held-for-sale			(7,076)	(4,135)
Origination of loans held-for-sale			(891,577)	(641,544)
Proceeds from sales of loans held-for-sale			1,970,458	609,949
Changes in operating assets and liabilities:
Lease right-of-use assets			(9,406)	24
Accrued interest receivable			9,092	(1,802)
Prepaid expenses and other assets			23,097	12,056
Accrued interest payable			(32,003)	(1,458)
Accrued expenses and other liabilities			(14,226)	(4,084)
Deferred tax assets			245	(5,100)
Net cash provided by operating activities			1,091,904	41,361
Cash flows from investing activities:
Cash paid to acquire FEIF Capital Partners, LLC			1,726,008	0
Proceeds from maturities of held-to-maturity securities			637	725
Purchases of available-for-sale securities			0	(20,772)
Proceeds from pay-downs, sales or maturities of available-for-sale securities			1,413,482	20,246
Loan originations, net of repayments			(4,403)	(155,142)
Purchases of premises and equipment			(1,668)	(4,001)
Proceeds from sales of other real estate owned and foreclosed assets			616	249
Purchases of restricted equity securities			(55,978)	(634)
Proceeds from the sale or redemption of restricted equity securities			74,411	5,143
Purchase of other investments			(40,377)	(6,819)
Proceeds from the sale or redemption of other investments			42,584	486
Net cash provided by (used in) investing activities			3,155,312	(160,519)
Cash flows from financing activities:
Net change in deposits			(2,461,636)	427,949
Net change in securities sold under agreements to repurchase			(11,138)	(3,526)
Proceeds from Federal Home Loan Bank advances			228,296	293,000
Repayments of Federal Home Loan Bank advances			(1,652,000)	(428,000)
Repayments of other borrowings			12,500	0
Proceeds from issuance of common stock, net of issuance costs and taxes paid on cashless exercise of equity awards			(1,319)	(1,067)
Net cash (used in) provided by financing activities			(3,910,297)	288,356
Net increase in cash and cash equivalents			336,919	169,198
Cash and cash equivalents, beginning of period			652,592	615,917	$ 615,917
Cash and cash equivalents, end of period	$ 989,511	$ 785,115	989,511	785,115	652,592
Supplemental disclosures of cash flow information:
Interest paid on deposits			106,142	72,973
Interest paid on borrowed funds			5,291	2,754
Cash paid for income taxes, net			9,617	9,720
Non-cash investing and financing activities:
Assets acquired from First Foundation Inc.			11,184,713	0
Liabilities assumed from First Foundation Inc.			10,490,198	0
Net change in unrealized (loss) gain on available-for-sale securities			(4,082)	4,575
Loan charge-offs			53,221	14,409	$ 28,986
Loans transferred to other real estate owned and foreclosed assets			0	8,805
Mortgage servicing rights resulting from sale or securitization of mortgage loans			$ 9,730	$ 6,773

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 989,511	$ 652,592
Securities available-for-sale, at fair value	1,907,374	468,970
Securities held-to-maturity, fair value of $28,572 and $29,446, respectively	33,274	33,839
Loans held-for-sale, at fair value	140,706	100,539
Loans, net of allowance for credit losses of $173,551 and $85,016, respectively	11,394,892	6,588,164
Mortgage servicing rights, at fair value	99,736	86,651
Premises and equipment, net	118,967	81,523
Other real estate owned and foreclosed assets, net	16,808	11,514
Bank-owned life insurance	136,533	83,286
Restricted equity securities	50,155	24,775
Goodwill	102,536	93,483
Core deposits and other intangible assets, net	90,452	4,983
Accrued interest receivable	60,163	32,255
Deferred tax assets, net	255,567	34,873
Prepaid expenses and other assets	321,311	187,715
Total assets	15,717,985	8,485,162
Deposits:
Noninterest-bearing accounts	2,673,289	1,651,373
Interest-bearing accounts	10,744,715	5,455,983
Total deposits	13,418,004	7,107,356
Securities sold under agreements to repurchase	17,475	11,160
Subordinated debt, net	205,256	36,680
Accrued interest payable	16,897	6,680
Accrued expenses and other liabilities	222,961	169,930
Total liabilities	13,880,593	7,331,806
Commitments and contingencies (Note 16)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, none issued or outstanding, respectively	0	0
Common stock, $0.0001 par value; 80,000,000 and 50,000,000 voting shares authorized, respectively; 44,131,827 and 27,887,337 voting shares issued and outstanding, respectively; 20,000,000 and zero non-voting shares authorized, respectively; 2,633,607 and zero non-voting shares issued and outstanding, respectively	5	3
Additional paid-in capital	1,238,000	549,617
Retained earnings	629,819	631,086
Accumulated other comprehensive loss, net	(30,432)	(27,350)
Total stockholders’ equity	1,837,392	1,153,356
Total liabilities and stockholders’ equity	$ 15,717,985	$ 8,485,162