Third Quarter 2026 Highlights:
-- Net interest margin of 3.82%
-- 21.9% noninterest income to total revenue1
-- Net income of $38.4 million, $0.82 per diluted share (adjusted, $48.2
million, $1.03 per diluted share, see "Non-GAAP Financial Measures and
Reconciliations" below)
-- Return on average total assets of 0.98% (adjusted, 1.23%, see "Non-GAAP
Financial Measures and Reconciliations" below)
-- Return on average stockholders' equity of 8.23% (adjusted, 10.33%, see
"Non-GAAP Financial Measures and Reconciliations" below)
-- Repurchased 1,245,224 common shares for $49.7 million under our share
repurchase program
DENVER--(BUSINESS WIRE)--October 26, 2026--
FirstSun Capital Bancorp ("FirstSun") (NASDAQ: FSUN) reported net income of $38.4 million in the third quarter of 2026 compared to net income of $23.2 million in the third quarter of 2025. Earnings per diluted share were $0.82 in both the third quarter of 2026 and 2025. Adjusted net income, a non-GAAP financial measure, was $48.2 million or $1.03 per diluted share in the third quarter of 2026 compared to $23.4 million or $0.83 per diluted share in the third quarter of 2025. See "Non-GAAP Financial Measures and Reconciliations" below.
Neal Arnold, FirstSun's Chief Executive Officer and President, commented, "Third quarter results reflect our continued progress on our strategic priorities highlighted by an improved net interest margin as a result of continued balance sheet improvements, a strong diversified revenue profile and improved earnings performance, including benefits from operating synergies realized following the acquisition of First Foundation in the second quarter. We believe our relationship-based business model, our presence in some of the stronger economic growth markets in the country and our disciplined focus on a balanced risk profile position us for continued success.
"Additionally, in late September, we successfully completed the core system conversion of First Foundation, representing another important milestone in our overall integration plan. I'm extremely proud of our teammates for all the hard work, planning and collaboration in completing the conversion while continuing to serve our great clients throughout the process. We remain focused on continuing to grow our franchise and delivering strong financial results and sustainable long-term value for our stockholders."
Third Quarter 2026 Results
Net income totaled $38.4 million, or $0.82 per diluted share, in the third quarter of 2026, compared to a net loss of $22.9 million, or $0.49 per diluted share, in the prior quarter. Adjusted net income, a non-GAAP financial measure, totaled $48.2 million, or $1.03 per diluted share, in the third quarter of 2026, compared to $21.0 million, or $0.45 per diluted share, in the prior quarter.
Return on average total assets was 0.98% in the third quarter of 2026, compared to (0.54)% in the prior quarter, and return on average stockholders' equity was 8.23% in the third quarter of 2026, compared to (4.92)% in the prior quarter. Adjusted return on average total assets and adjusted return on average stockholders' equity, each a non-GAAP financial measure, were 1.23% and 10.33% respectively in the third quarter of 2026 compared to 0.50% and 4.52%, respectively, in the prior quarter.
Net Interest Income and Net Interest Margin
Net interest income totaled $140.3 million in the third quarter of 2026, a decrease of $2.9 million compared to the prior quarter. Our net interest margin increased 24 basis points to 3.82% compared to the prior quarter. Average loans, including loans held-for-sale, decreased by $1.0 billion in the third quarter of 2026, compared to the prior quarter, primarily due to the sale of $1.3 billion in loans late in the second quarter of 2026, a component of our merger-related balance sheet repositioning strategy. Loan yield increased by 17 basis points to 6.33% in the third quarter of 2026, compared to the prior quarter, primarily due to the loan sales in the second quarter of 2026, comprised of lower-yielding multifamily and public finance loans acquired from First Foundation, and the rising interest rate environment and its impact on variable rate loans in the loan portfolio. Average investment securities decreased by $0.2 billion in the third quarter of 2026, compared to the prior quarter, primarily due to the sale of $1.4 billion in securities in the second quarter of 2026, a component of our merger-related balance sheet repositioning strategy. Investment securities yield decreased by 28 basis points to 4.52% in the third quarter of 2026, compared to the prior quarter, primarily reflecting lower purchase accounting discount accretion. Average interest-bearing cash and other assets decreased by $229.2 million in the third quarter of 2026, compared to the prior quarter. Interest-bearing cash and other assets yield increased by 29 basis points to 3.49% in the third quarter of 2026, compared to the prior quarter, primarily reflecting an increase in yield on cash on deposit at the Federal Reserve and an increase in dividends received from the Federal Home Loan Bank.
Average interest-bearing deposits decreased $1.3 billion in the third quarter of 2026, compared to the prior quarter, primarily due to the reduction of $2.5 billion in deposits in the second quarter of 2026, a component of our merger-related balance sheet repositioning strategy. Total cost of interest-bearing deposits decreased by two basis points to 2.75% in the third quarter of 2026, compared to the prior quarter, due primarily to the disposition of higher-cost certificates of deposit acquired from First Foundation.
Asset Quality and Provision for Credit Losses
The provision for credit losses totaled $4.4 million in the third quarter of 2026, primarily reflecting specific reserves established for two CRE loans, partially offset by a decrease in the loan portfolio, compared to a provision for credit losses of $40.4 million in the second quarter of 2026. The provision for credit losses in the second quarter of 2026 primarily reflected the downgrades and write-downs of two C&I lending relationships.
Net charge-offs totaled $3.3 million, or 0.11% of average loans on an annualized basis, in the third quarter of 2026, primarily related to one C&I lending relationship and one multifamily relationship, both acquired from First Foundation, compared to net charge-offs of $42.4 million or 1.45% of average loans on an annualized basis, in the second quarter of 2026.
The allowance for credit losses as a percentage of loans outstanding was 1.52% at September 30, 2026, an increase of two basis points from the prior quarter. The ratio of nonperforming assets to total assets was 1.46% at September 30, 2026, compared to 1.32% at June 30, 2026.
Noninterest Income
Noninterest income totaled $39.4 million in the third quarter of 2026, a decrease of $1.6 million from the prior quarter. Income from mortgage banking services decreased $3.2 million in the third quarter of 2026 from the prior quarter, primarily due to a decrease in loan originations sold, as well as a decrease in income resulting from changes in MSR fair value, net of hedging. Other noninterest income increased $1.0 million in the third quarter of 2026 compared to the prior quarter, primarily driven by higher swap and loan syndication revenue. The increase in other noninterest income from swap and loan syndication revenue in the third quarter of 2026, was partially offset by the combined impact of a decline in the fair value of investments associated with our deferred compensation plan and lower OREO property losses.
Noninterest income as a percentage of total revenue(1) was 21.9% for the third quarter of 2026, a decrease of 0.3% from the prior quarter.
Noninterest Expense
Noninterest expense totaled $126.6 million in the third quarter of 2026, a decrease of $45.2 million from the prior quarter. Merger related expenses decreased $44.3 million in the third quarter of 2026 from the prior quarter. Salary and employee benefits decreased $5.4 million in the third quarter of 2026 from the prior quarter, primarily due to merger-related workforce reductions and a lower expense impact resulting from a decline in the fair value of investments associated with our deferred compensation plan. Other noninterest expense increased $4.5 million in the third quarter of 2026 compared to the prior quarter, primarily driven by higher loan collection expenses.
The efficiency ratio in the third quarter of 2026 was 70.43% compared to 93.25% in the prior quarter. The adjusted efficiency ratio, a non-GAAP financial measure, was 63.06% in the third quarter of 2026 compared to 61.99% in the prior quarter.
Tax Rate
The effective tax rate was 21.2% in the third quarter of 2026, compared to 18.3% in the prior quarter.
Loans
Loans decreased to $11.5 billion at September 30, 2026, from $11.6 billion at June 30, 2026, reflecting an annualized decline of 3.8%. The decrease was primarily attributable to paydowns in commercial real estate loans, notably multifamily, non-owner occupied, and owner-occupied properties, as well as lower public finance loan balances, partially offset by increased C&I loans.
Deposits
Deposits were $13.0 billion at September 30, 2026, compared to $13.4 billion at June 30, 2026, a decrease of $0.4 billion in the third quarter of 2026, or 13.2% on an annualized basis, primarily due to a decrease in money market and savings deposits and certificates of deposit, partially offset by an increase in demand and NOW deposits.
Average deposits were $13.2 billion for the third quarter of 2026, compared to $14.5 billion for the prior quarter, a decrease of $1.3 billion or 35.0% on an annualized basis, primarily due to a decrease in certificates of deposit, a component of our merger-related balance sheet repositioning strategy.
Noninterest-bearing deposit accounts represented 20.6% of total deposits at September 30, 2026 and our loan to deposit ratio was 88.3% at September 30, 2026.
The ratio of total uninsured deposits to total deposits was estimated to be 33.2% at September 30, 2026. The ratio of total uninsured and uncollateralized deposits to total deposits was estimated to be 25.8% at September 30, 2026(2) .
Capital
As of September 30, 2026, FirstSun's common equity tier 1 risk-based capital ratio was 11.99%, total risk-based capital ratio was 14.29% and tier 1 leverage ratio was 10.33%. Our capital ratios remain strong and exceeded the levels required to be considered well capitalized. Book value per share was $39.75 at September 30, 2026, an increase of $0.46 from June 30, 2026. Tangible book value per share, a non-GAAP financial measure, was $35.60 at September 30, 2026, an increase of $0.44 from June 30, 2026. See "Non-GAAP Financial Measures and Reconciliations" below.
Non-GAAP Financial Measures
This press release (including the tables within the "Non-GAAP Financial Measures and Reconciliations" section) 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;
-- Tangible net income;
-- 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
margin3.
The tables beginning within the "Non-GAAP Financial Measures and Reconciliations" section provide a reconciliation of the non-GAAP financial measures contained in this press release to the most comparable GAAP equivalent.
(1) Total revenue is net interest income plus noninterest income. (2) Uninsured deposits and uninsured and uncollateralized deposits are reported for our wholly-owned subsidiary Sunflower Bank, N.A. (3) FTE net interest income and net interest margin are calculated using a federal tax rate of 21%.
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. 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 $15.3 billion as of September 30, 2026.
To learn more, visit ir.firstsuncb.com or SunflowerBank.com.
Investor Earnings Conference Call
FirstSun will host a conference call on Tuesday, October 27, 2026 at 11:00 a.m. (ET) to discuss its third quarter 2026 financial results.
Participants may join by phone by dialing (833) 461-5787 for toll-free within the U.S. and (585) 542-9983 for all other locations. The conference Meeting ID is 141121855. 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.
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.
Certain insured reciprocal deposits acquired in the First Foundation acquisition were reclassified from savings deposits to money market deposits as of June 30, 2026, to conform to the current presentation.
Additionally, in conjunction with the integration of First Foundation, certain deposit products were converted from money market accounts to interest bearing demand accounts in the third quarter of 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 the impact of our acquisition of First Foundation and our completion of the related balance sheet repositioning strategy, our relationship-based business model, our markets, our risk profile, our ability to drive growth, that we are well positioned for continued success, and our ability to deliver strong financial results and sustainable long-term stockholder value. 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," "excited," "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 changes 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 operations; 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 diversion of management's attention from ongoing business operations and opportunities due to the integration of the First Foundation merger; credit risk in our loan portfolio; and 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.
Summary Data:
As of and for the three months ended
-----------------------------------------------------------------------------------
($ in thousands,
except per share September 30, June 30, March 31, December 31, September 30,
amounts) 2026 2026 2026 2025 2025
--------------- --------------- --------------- --------------- ---------------
Net interest income $ 140,301 $ 143,195 $ 82,779 $ 83,461 $ 80,953
Provision for credit
losses 4,400 40,400 8,250 6,200 10,100
Noninterest income 39,382 40,948 27,175 26,744 26,333
Noninterest expense 126,553 171,712 75,341 72,041 68,901
Income (loss) before
income taxes 48,730 (27,969) 26,363 31,964 28,285
Provision for
(benefit from)
income taxes 10,348 (5,119) 4,780 7,157 5,111
Net income (loss) 38,382 (22,850) 21,583 24,807 23,174
Adjusted net
income(1) 48,212 21,021 23,673 26,923 23,412
Weighted average
common shares
outstanding, basic 46,304,015 46,722,106 27,851,041 27,839,044 27,801,255
Weighted average
common shares
outstanding,
diluted 46,871,679 46,722,106 28,316,608 28,262,530 28,291,778
Diluted earnings
(loss) per share $ 0.82 $ (0.49) $ 0.76 $ 0.88 $ 0.82
Adjusted diluted
earnings per
share(1) 1.03 0.45 0.84 0.95 0.83
Return on average
total assets 0.98% (0.54)% 1.04% 1.17% 1.09%
Adjusted return on
average total
assets(1) 1.23% 0.50% 1.14% 1.27% 1.10%
Return on average
stockholders'
equity 8.23% (4.92)% 7.47% 8.58% 8.22%
Adjusted return on
average
stockholders'
equity(1) 10.33% 4.52% 8.20% 9.31% 8.31%
Return on average
tangible
stockholders'
equity(1) 9.97% (4.69)% 8.31% 9.58% 9.20%
Adjusted return on
average tangible
stockholders'
equity(1) 12.32% 5.86% 9.10% 10.38% 9.30%
Net interest margin 3.82% 3.58% 4.25% 4.18% 4.07%
Net interest margin
(FTE basis)(1) 3.87% 3.63% 4.31% 4.23% 4.12%
Efficiency ratio 70.43% 93.25% 68.52% 65.37% 64.22%
Adjusted efficiency
ratio(1) 63.06% 61.99% 66.08% 63.36% 64.00%
Noninterest income to
total revenue(2) 21.9% 22.2% 24.7% 24.3% 24.5%
Total assets $15,276,885 $15,717,985 $ 8,565,123 $ 8,485,162 $ 8,495,437
Loans held-for-sale 120,491 140,706 144,407 100,539 85,250
Loans
held-for-investment 11,457,891 11,568,443 6,939,972 6,673,180 6,681,629
Total deposits 12,970,958 13,418,004 7,087,513 7,107,356 7,105,415
Total stockholders'
equity 1,810,506 1,837,392 1,175,507 1,153,356 1,127,513
Loan to deposit ratio 88.3% 86.2% 97.9% 93.9% 94.0%
Period end common
shares outstanding 45,552,676 46,765,434 27,935,888 27,887,337 27,854,764
Book value per share $ 39.75 $ 39.29 $ 42.08 $ 41.36 $ 40.48
Tangible book value
per share(1) 35.60 35.16 38.57 37.83 36.92
(1) Represents a non-GAAP financial measure. See the tables beginning within the "Non-GAAP Financial
Measures and Reconciliations" section for a reconciliation of each non-GAAP measure to the most comparable
GAAP equivalent.
(2) Total revenue is net interest income plus noninterest income.
Summary Data (cont'd):
As of and for the nine months ended
---------------------------------------------
($ in thousands, except September 30, September 30,
per share amounts) 2026 2025
----------------------- --------------------
Net interest income $ 366,275 $ 233,930
Provision for credit losses 53,050 18,400
Noninterest income 107,505 75,135
Noninterest expense 373,606 199,733
Income before income taxes 47,124 90,932
Provision for income taxes 10,009 17,803
Net income 37,115 73,129
Adjusted net income(1) 92,906 73,655
Weighted average common
shares outstanding, basic 40,343,797 27,769,320
Weighted average common
shares outstanding,
diluted 40,901,707 28,274,134
Diluted earnings per share $ 0.91 $ 2.59
Adjusted diluted earnings
per share(1) $ 2.27 $ 2.61
Return on average total
assets 0.36% 1.19%
Adjusted return on average
total assets(1) 0.91% 1.20%
Return on average
stockholders' equity 3.04% 8.99%
Adjusted return on average
stockholders' equity(1) 7.61% 9.05%
Return on average tangible
stockholders' equity(1) 4.02% 10.08%
Adjusted return on average
tangible stockholders'
equity(1) 9.10% 10.16%
Net interest margin 3.81% 4.07%
Net interest margin (FTE
basis)(1) 3.86% 4.13%
Efficiency ratio 78.86% 64.62%
Adjusted efficiency
ratio(1) 63.35% 64.45%
Noninterest income to total
revenue(2) 22.7% 24.3%
Total assets $ 15,276,885 $ 8,495,437
Loans held-for-sale 120,491 85,250
Loans held-for-investment 11,457,891 6,681,629
Total deposits 12,970,958 7,105,415
Total stockholders' equity 1,810,506 1,127,513
Loan to deposit ratio 88.3% 94.0%
Period end common shares
outstanding 45,552,676 27,854,764
Book value per share $ 39.75 $ 40.48
Tangible book value per
share(1) $ 35.60 $ 36.92
(1) Represents a non-GAAP financial measure. See the tables beginning
within the "Non-GAAP Financial Measures and Reconciliations" section for a
reconciliation of each non-GAAP measure to the most comparable GAAP
equivalent.
(2) Total revenue is net interest income plus noninterest income.
Condensed Consolidated Statements of Income (Unaudited):
For the three months For the nine months
ended ended
----------------------- -----------------------
($ in thousands,
except per share September September September September
amounts) 30, 2026 30, 2025 30, 2026 30, 2025
---------- ----------- ---------- -----------
Total interest
income $ 216,662 $ 121,128 $ 562,804 $ 348,496
Total interest
expense 76,361 40,175 196,529 114,566
--------- ------- --------- -------
Net interest
income 140,301 80,953 366,275 233,930
Provision for
credit losses 4,400 10,100 53,050 18,400
--------- ------- --------- -------
Net interest
income after
credit loss
expense 135,901 70,853 313,225 215,530
Noninterest
income:
Deposit account
service fees 2,371 2,162 6,759 6,205
Treasury
management
service fees 5,096 4,402 14,776 12,929
Credit and debit
card fees 3,060 2,671 8,725 7,985
Trust and
investment
advisory fees 9,881 1,536 20,783 4,430
Mortgage banking
services, net 12,743 12,641 43,016 34,970
Other
noninterest
income 6,231 2,921 13,446 8,616
--------- ------- --------- -------
Total
noninterest
income 39,382 26,333 107,505 75,135
Noninterest
expense:
Salary and
employee
benefits 63,344 44,822 179,444 128,304
Occupancy,
equipment and
software 15,532 9,591 41,042 28,668
Customer service
costs 2,762 -- 5,504 --
Amortization and
impairment of
intangible
assets 4,238 578 8,982 1,784
Merger related
expenses 13,246 241 73,486 526
Other
noninterest
expenses 27,431 13,669 65,148 40,451
--------- ------- --------- -------
Total
noninterest
expense 126,553 68,901 373,606 199,733
--------- ------- --------- -------
Income
before
income
taxes 48,730 28,285 47,124 90,932
Provision for
income taxes 10,348 5,111 10,009 17,803
--------- ------- --------- -------
Net income $ 38,382 $ 23,174 $ 37,115 $ 73,129
========= ======= ========= =======
Earnings per share
- basic $ 0.83 $ 0.83 $ 0.92 $ 2.63
Earnings per share
- diluted 0.82 0.82 $ 0.91 $ 2.59
Condensed Consolidated Statements of Income (Unaudited) (cont'd):
For the three months ended
-------------------------------------------------------
($ in thousands, March
except per share September June 30, 31, December September
amounts) 30, 2026 2026 2026 31, 2025 30, 2025
---------- --------- -------- --------- -----------
Total interest
income $ 216,662 $230,016 $116,126 $ 119,273 $ 121,128
Total interest
expense 76,361 86,821 33,347 35,812 40,175
--------- ------- ------- -------- -------
Net interest
income 140,301 143,195 82,779 83,461 80,953
Provision for
credit losses 4,400 40,400 8,250 6,200 10,100
--------- ------- ------- -------- -------
Net interest
income after
credit loss
expense 135,901 102,795 74,529 77,261 70,853
Noninterest
income:
Deposit account
service fees 2,371 2,292 2,096 2,116 2,162
Treasury
management
service fees 5,096 5,067 4,613 4,544 4,402
Credit and debit
card fees 3,060 2,952 2,713 2,744 2,671
Trust and
investment
advisory fees 9,881 9,413 1,489 1,515 1,536
Mortgage banking
services, net 12,743 15,958 14,315 12,102 12,641
Other
noninterest
income 6,231 5,266 1,949 3,723 2,921
--------- ------- ------- -------- -------
Total
noninterest
income 39,382 40,948 27,175 26,744 26,333
Noninterest
expense:
Salary and
employee
benefits 63,344 68,744 47,356 43,520 44,822
Occupancy,
equipment and
software 15,532 15,504 10,006 9,576 9,591
Customer service
costs 2,762 2,742 -- -- --
Amortization and
impairment of
intangible
assets 4,238 4,237 507 628 578
Merger related
expenses 13,246 57,559 2,681 2,217 241
Other
noninterest
expenses 27,431 22,926 14,791 16,100 13,669
--------- ------- ------- -------- -------
Total
noninterest
expense 126,553 171,712 75,341 72,041 68,901
--------- ------- ------- -------- -------
Income
(loss)
before
income
taxes 48,730 (27,969) 26,363 31,964 28,285
Provision for
(benefit from)
income taxes 10,348 (5,119) 4,780 7,157 5,111
--------- ------- ------- -------- -------
Net income
(loss) $ 38,382 $(22,850) $ 21,583 $ 24,807 $ 23,174
========= ======= ======= ======== =======
Earnings (loss) per
share - basic $ 0.83 $ (0.49) $ 0.77 $ 0.89 $ 0.83
Earnings (loss) per
share - diluted 0.82 (0.49) 0.76 0.88 0.82
Condensed Consolidated Balance Sheets as of (Unaudited):
September June 30, March 31, December September 30,
($ in thousands) 30, 2026 2026 2026 31, 2025 2025
------------ ------------ ----------- ----------- -------------
Assets
Cash and cash equivalents $ 729,157 $ 989,511 $ 413,732 $ 652,592 $ 659,899
Securities available-for-sale, at
fair value 1,827,344 1,907,374 458,543 468,970 476,114
Securities held-to-maturity 32,213 33,274 33,553 33,839 34,247
Loans held-for-sale, at fair
value 120,491 140,706 144,407 100,539 85,250
Loans 11,457,891 11,568,443 6,939,972 6,673,180 6,681,629
Allowance for credit losses (174,638) (173,551) (82,955) (85,016) (84,040)
---------- ---------- --------- --------- ---------
Loans, net 11,283,253 11,394,892 6,857,017 6,588,164 6,597,589
Mortgage servicing rights, at
fair value 107,405 99,736 88,993 86,651 85,695
Premises and equipment, net 118,751 118,967 81,138 81,523 81,886
Other real estate owned and
foreclosed assets, net 20,502 16,808 10,908 11,514 13,418
Goodwill 102,536 102,536 93,483 93,483 93,483
Core deposits and other
intangible assets, net 86,215 90,452 4,476 4,983 5,650
Other assets 849,018 823,729 378,873 362,904 362,206
---------- ---------- --------- --------- ---------
Total assets $15,276,885 $15,717,985 $8,565,123 $8,485,162 $8,495,437
========== ========== ========= ========= =========
Liabilities and Stockholders'
Equity
Liabilities:
Deposits:
Noninterest-bearing
accounts $ 2,671,066 $ 2,673,289 $1,599,919 $1,651,373 $1,674,497
Interest-bearing accounts:
Demand and NOW 3,181,848 2,869,439 1,569,910 1,483,841 1,457,886
Savings 1,747,226 1,961,598 387,140 378,631 386,235
Money market 3,436,362 3,902,069 2,318,768 2,301,837 2,233,309
Certificates of deposit 1,934,456 2,011,609 1,211,776 1,291,674 1,353,488
---------- ---------- --------- --------- ---------
Total deposits 12,970,958 13,418,004 7,087,513 7,107,356 7,105,415
Securities sold under
agreements to repurchase 18,687 17,475 7,670 11,160 9,824
Federal Home Loan Bank
advances -- -- 75,000 -- --
Subordinated debt, net 206,222 205,256 36,754 36,680 76,163
Other liabilities 270,512 239,858 182,679 176,610 176,522
---------- ---------- --------- --------- ---------
Total liabilities 13,466,379 13,880,593 7,389,616 7,331,806 7,367,924
Stockholders' equity:
Preferred stock -- -- -- -- --
Common stock 5 5 3 3 3
Additional paid-in capital 1,189,456 1,238,000 550,709 549,617 548,952
Retained earnings 668,201 629,819 652,669 631,086 606,279
Accumulated other
comprehensive loss, net (47,156) (30,432) (27,874) (27,350) (27,721)
---------- ---------- --------- --------- ---------
Total
stockholders'
equity 1,810,506 1,837,392 1,175,507 1,153,356 1,127,513
---------- ---------- --------- --------- ---------
Total
liabilities
and
stockholders'
equity $15,276,885 $15,717,985 $8,565,123 $8,485,162 $8,495,437
========== ========== ========= ========= =========
Consolidated Capital Ratios as of:
September June 30, March 31, December September
30, 2026 2026 2026 31, 2025 30, 2025
----------- --------- --------- ---------- -----------
Stockholders'
equity to
total assets 11.85% 11.69% 13.72% 13.59% 13.27%
Tangible
stockholders'
equity to
tangible
assets(1) 10.75% 10.59% 12.73% 12.58% 12.25%
Tangible
stockholders'
equity to
tangible
assets
reflecting net
unrealized
losses on HTM
securities,
net of tax(1,
2) 10.72% 10.57% 12.69% 12.54% 12.21%
Tier 1 leverage
ratio 10.33% 9.47% 13.06% 12.75% 12.44%
Common equity
tier 1
risk-based
capital ratio 11.99% 11.95% 13.77% 14.12% 13.79%
Tier 1
risk-based
capital ratio 11.99% 11.95% 13.77% 14.12% 13.79%
Total
risk-based
capital ratio 14.29% 14.13% 15.29% 15.73% 15.81%
(1) Represents a non-GAAP financial measure. See the tables beginning
within the "Non-GAAP Financial Measures and Reconciliations" section 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.
Summary of Net Interest Margin:
For the three months ended For the nine months ended
--------------------------------------------------- ---------------------------------------------------
September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025
------------------------- ------------------------ ------------------------- ------------------------
Average Average Average Average Average Average Average Average
(In thousands) Balance Yield/Rate Balance Yield/Rate Balance Yield/Rate Balance Yield/Rate
----------- ------------ ---------- ------------ ----------- ------------ ---------- ------------
Interest Earning Assets
Loans(1) $11,650,322 6.33% $6,667,158 6.49% $10,418,262 6.27% $6,570,356 6.43%
Investment securities 1,912,990 4.52% 505,999 3.43% 1,507,230 4.52% 506,068 3.48%
Interest-bearing cash
and other assets 1,015,170 3.49% 714,885 4.25% 935,974 3.34% 604,936 4.29%
---------- ---- ----- --------- ---- ----- ---------- ---- ----- --------- ---- -----
Total earning assets 14,578,482 5.90% 7,888,042 6.09% 12,861,466 5.85% 7,681,360 6.07%
Other assets 953,709 540,079 814,541 542,038
---------- --------- ---------- ---------
Total assets $15,532,191 $8,428,121 $13,676,007 $8,223,398
========== ========= ========== =========
Interest-bearing
liabilities
Demand and NOW deposits $ 2,782,453 2.05% $1,437,298 1.89% $ 2,445,045 1.98% $1,475,608 1.77%
Savings deposits 1,917,139 2.82% 391,444 0.59% 1,410,811 2.62% 397,745 0.58%
Money market deposits 3,896,991 2.90% 2,211,754 3.28% 3,443,184 2.88% 1,947,606 3.23%
Certificates of deposit 1,935,244 3.37% 1,397,371 3.64% 1,982,827 3.35% 1,482,529 3.77%
---------- ---- ----- --------- ---- ----- ---------- ---- ----- --------- ---- -----
Total deposits 10,531,827 2.75% 5,437,867 2.81% 9,281,867 2.70% 5,303,488 2.78%
Repurchase agreements 19,963 2.50% 8,055 1.82% 17,752 2.40% 8,892 1.66%
---------- ---- ----- --------- ---- ----- ---------- ---- ----- --------- ---- -----
Total deposits and
repurchase
agreements 10,551,790 2.75% 5,445,922 2.81% 9,299,619 2.70% 5,312,380 2.77%
FHLB borrowings -- --% -- --% 50,154 3.95% 10,491 4.61%
Other long-term
borrowings 205,786 6.38% 76,117 8.41% 149,676 6.37% 76,017 7.02%
---------- ---- ----- --------- ---- ----- ---------- ---- ----- --------- ---- -----
Total
interest-bearing
liabilities 10,757,576 2.82% 5,522,039 2.89% 9,499,449 2.77% 5,398,888 2.84%
Noninterest-bearing
deposits 2,665,398 1,642,346 2,307,562 1,587,670
Other liabilities 257,967 145,730 237,672 148,675
Stockholders' equity 1,851,250 1,118,006 1,631,324 1,088,165
---------- --------- ---------- ---------
Total
liabilities
and
stockholders'
equity $15,532,191 $8,428,121 $13,676,007 $8,223,398
========== ========= ========== =========
Net interest spread 3.08% 3.20% 3.08% 3.23%
Net interest margin 3.82% 4.07% 3.81% 4.07%
Net interest margin (on
FTE basis)(2) 3.87% 4.12% 3.86% 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 within the "Non-GAAP Financial Measures and Reconciliations"
section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
Summary of Net Interest Margin (cont'd ):
For the three months ended
----------------------------------------------------------------------------------------------------------------------------------
September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025
------------------------- ------------------------- ------------------------ ------------------------ ------------------------
Average Average Average Average Average Average Average Average Average Average
(In thousands) Balance Yield/Rate Balance Yield/Rate Balance Yield/Rate Balance Yield/Rate Balance Yield/Rate
----------- ------------ ----------- ------------ ---------- ------------ ---------- ------------ ---------- ------------
Interest Earning Assets
Loans(1) $11,650,322 6.33% $12,694,317 6.16% $6,857,477 6.36% $6,825,404 6.37% $6,667,158 6.49%
Investment securities 1,912,990 4.52% 2,093,214 4.80% 499,792 3.30% 506,964 3.35% 505,999 3.43%
Interest-bearing cash
and other assets 1,015,170 3.49% 1,244,337 3.20% 543,396 3.36% 583,717 3.68% 714,885 4.25%
---------- ---- ----- ---------- ----- ---- --------- ----- ---- --------- ---- ----- --------- ---- -----
Total earning assets 14,578,482 5.90% 16,031,868 5.75% 7,900,665 5.96% 7,916,085 5.98% 7,888,042 6.09%
Other assets 953,709 962,089 523,094 519,607 540,079
---------- ---------- --------- --------- ---------
Total assets $15,532,191 $16,993,957 $8,423,759 $8,435,692 $8,428,121
========== ========== ========= ========= =========
Interest-bearing
liabilities
Demand and NOW deposits $ 2,782,453 2.05% $ 3,012,754 2.06% $1,526,124 1.69% $1,464,053 1.75% $1,437,298 1.89%
Savings deposits 1,917,139 2.82% 1,970,300 2.84% 382,025 0.50% 381,978 0.55% 391,444 0.59%
Money market deposits 3,896,991 2.90% 4,069,523 2.87% 2,291,494 2.84% 2,247,034 2.99% 2,211,754 3.28%
Certificates of deposit 1,935,244 3.37% 2,798,815 3.35% 1,206,411 3.32% 1,284,200 3.49% 1,397,371 3.64%
---------- ---- ----- ---------- ----- ---- --------- ----- ---- --------- ---- ----- --------- ---- -----
Total deposits 10,531,827 2.75% 11,851,392 2.77% 5,406,054 2.46% 5,377,265 2.60% 5,437,867 2.81%
Repurchase agreements 19,963 2.50% 23,468 2.61% 9,712 1.70% 9,146 1.71% 8,055 1.82%
---------- ---- ----- ---------- ----- ---- --------- ----- ---- --------- ---- ----- --------- ---- -----
Total deposits and
repurchase
agreements 10,551,790 2.75% 11,874,860 2.77% 5,415,766 2.46% 5,386,411 2.60% 5,445,922 2.81%
FHLB borrowings -- --% 149,374 3.97% 1,100 3.12% -- --% -- --%
Other long-term
borrowings 205,786 6.38% 204,667 6.46% 36,719 5.72% 36,650 5.82% 76,117 8.41%
---------- ---- ----- ---------- ----- ---- --------- ----- ---- --------- ---- ----- --------- ---- -----
Total
interest-bearing
liabilities 10,757,576 2.82% 12,228,901 2.85% 5,453,585 2.48% 5,423,061 2.62% 5,522,039 2.89%
Noninterest-bearing
deposits 2,665,398 2,622,311 1,623,528 1,698,126 1,642,346
Other liabilities 257,967 278,849 175,292 167,658 145,730
Stockholders' equity 1,851,250 1,863,896 1,171,354 1,146,847 1,118,006
---------- ---------- --------- --------- ---------
Total
liabilities
and
stockholders'
equity $15,532,191 $16,993,957 $8,423,759 $8,435,692 $8,428,121
========== ========== ========= ========= =========
Net interest spread 3.08% 2.90% 3.48% 3.36% 3.20%
Net interest margin 3.82% 3.58% 4.25% 4.18% 4.07%
Net interest margin (on
FTE basis)(2) 3.87% 3.63% 4.31% 4.23% 4.12%
(1) Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale.
(2) Represents a non-GAAP financial measure. See the tables beginning within the "Non-GAAP Financial Measures and Reconciliations" section for a
reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
Deposits as of:
September June 30, March 31, December September
($ in thousands) 30, 2026 2026 2026 31, 2025 30, 2025
----------- ----------- ---------- ---------- ----------
Consumer
-----------------------
Noninterest-bearing
deposit accounts $ 1,093,197 $ 1,000,584 $ 410,296 $ 404,666 $ 412,568
Interest-bearing
deposit accounts:
Demand and NOW 1,048,086 937,796 607,465 590,535 598,499
Savings 1,233,040 1,469,618 313,910 308,655 314,954
Money market 2,144,717 2,488,103 1,397,890 1,400,593 1,416,258
Certificates of
deposit 938,097 1,044,959 793,503 809,401 869,077
---------- ---------- --------- --------- ---------
Total
interest-bearing
deposit accounts 5,363,940 5,940,476 3,112,768 3,109,184 3,198,788
---------- ---------- --------- --------- ---------
Total consumer
deposits $ 6,457,137 $ 6,941,060 $3,523,064 $3,513,850 $3,611,356
========== ========== ========= ========= =========
Business
-----------------------
Noninterest-bearing
deposit accounts $ 1,577,869 $ 1,672,705 $1,189,623 $1,246,707 $1,261,929
Interest-bearing
deposit accounts:
Demand and NOW 2,133,750 1,905,387 962,445 893,306 859,387
Savings 478,534 434,076 73,230 69,976 71,281
Money market 1,291,645 1,413,966 920,878 901,244 817,051
Certificates of
deposit 126,640 103,360 51,940 57,349 57,225
---------- ---------- --------- --------- ---------
Total
interest-bearing
deposit accounts 4,030,569 3,856,789 2,008,493 1,921,875 1,804,944
---------- ---------- --------- --------- ---------
Total business
deposits $ 5,608,438 $ 5,529,494 $3,198,116 $3,168,582 $3,066,873
========== ========== ========= ========= =========
Wholesale(1) $ 905,383 $ 947,450 $ 366,333 $ 424,924 $ 427,186
------------------------ ---------- ---------- --------- --------- ---------
Total deposits $12,970,958 $13,418,004 $7,087,513 $7,107,356 $7,105,415
========== ========== ========= ========= =========
(1) Wholesale deposits primarily consist of brokered deposits included in our
condensed consolidated balance sheets within certificates of deposit.
Balance Sheet Ratios as of:
September June 30, March 31, December September
30, 2026 2026 2026 31, 2025 30, 2025
----------- --------- --------- ---------- -----------
Cash to total
assets(1) 4.7% 6.2% 4.7% 7.6% 7.7%
Loan to deposit
ratio 88.3% 86.2% 97.9% 93.9% 94.0%
Uninsured deposits
to total
deposits(2) 33.2% 31.6% 35.4% 36.6% 36.2%
Uninsured and
uncollateralized
deposits to total
deposits(2) 25.8% 28.0% 28.6% 29.0% 28.3%
Wholesale deposits
and borrowings to
total
liabilities(3) 6.7% 6.8% 6.0% 5.8% 5.8%
(1) Cash consists of unencumbered cash and amounts due from banks and
interest-bearing deposits with other financial institutions. (2) Uninsured
deposits and uninsured and uncollateralized deposits are reported for our
wholly-owned subsidiary Sunflower Bank, N.A. and are estimated. (3) Wholesale
deposits primarily consist of brokered deposits included in our condensed
consolidated balance sheets within certificates of deposit. Wholesale
borrowings consist of FHLB overnight and term advances.
Loan Portfolio as of:
September June 30, March 31, December September
($ in thousands) 30, 2026 2026 2026 31, 2025 30, 2025
------------ ------------ ---------- ---------- ----------
Commercial and
industrial $ 3,663,661 $ 3,579,772 $3,160,777 $2,937,867 $2,945,697
Commercial real
estate:
Non-owner
occupied 1,136,193 1,195,172 778,778 742,002 725,425
Owner occupied 919,091 951,226 694,190 700,774 668,172
Construction and
land 256,561 218,441 280,781 268,652 343,803
Multifamily 2,543,964 2,613,194 227,980 210,368 183,504
---------- ---------- --------- --------- ---------
Total
commercial
real estate 4,855,809 4,978,033 1,981,729 1,921,796 1,920,904
Residential real
estate(1) 1,891,223 1,913,575 1,216,810 1,221,086 1,209,742
Public Finance 929,074 957,556 494,539 501,582 516,247
Consumer 36,815 29,569 31,875 32,651 38,931
Other 100,905 114,047 54,242 58,198 50,108
---------- ---------- --------- --------- ---------
Loans,
excluding
loan hedge
fair
value 11,477,487 11,572,552 6,939,972 6,673,180 6,681,629
Loan hedge fair
value(2) (19,596) (4,109) -- -- --
---------- ---------- --------- --------- ---------
Loans $11,457,891 $11,568,443 $6,939,972 $6,673,180 $6,681,629
========== ========== ========= ========= =========
(1) Includes 1-4 family residential construction. (2) Represents fair value hedge
basis adjustments related to active portfolio layer method hedges, which are not
allocated to individual loans.
Asset Quality:
As of and for the three months ended
------------------------------------------------------------------
September June 30, March 31, December September
($ in thousands) 30, 2026 2026 2026 31, 2025 30, 2025
------------ ------------ ----------- ----------- ------------
Net charge-offs $ 3,313 $ 42,404 $10,561 $ 5,024 $ 9,053
Allowance for
credit losses 174,638 173,551 82,955 85,016 84,040
Nonperforming
loans, including
nonaccrual loans,
and accrual loans
greater than 90
days past due 202,851 190,115 59,656 60,771 69,641
Nonperforming
assets 223,353 206,923 70,564 72,285 83,059
Ratio of net
charge-offs to
average loans
outstanding 0.11% 1.45% 0.63% 0.30% 0.55%
Allowance for
credit losses to
loans
outstanding 1.52% 1.50% 1.20% 1.27% 1.26%
Allowance for
credit losses to
nonperforming
loans 86.09% 91.29% 139.06% 139.90% 120.68%
Nonperforming
loans to loans 1.77% 1.64% 0.86% 0.91% 1.04%
Nonperforming
assets to total
assets 1.46% 1.32% 0.82% 0.85% 0.98%
Non-GAAP Financial Measures and Reconciliations:
As of and for the nine months
As of and for the three months ended ended
----------------------------------------------------------------------------------- ---------------------------------
($ in thousands, except
share and per share September 30, June 30, March 31, December 31, September 30, September 30, September 30,
amounts) 2026 2026 2026 2025 2025 2026 2025
--------------- --------------- --------------- --------------- --------------- ---------------- ---------------
Tangible stockholders' equity to tangible assets:
Total stockholders'
equity (GAAP) $ 1,810,506 $ 1,837,392 $ 1,175,507 $ 1,153,356 $ 1,127,513 $ 1,810,506 $ 1,127,513
Less: Goodwill and
other intangible
assets
Goodwill (102,536) (102,536) (93,483) (93,483) (93,483) (102,536) (93,483)
Other intangible
assets (86,215) (90,452) (4,476) (4,983) (5,650) (86,215) (5,650)
---------- ---------- ---------- ---------- ---------- ---------- ----------
Tangible
stockholders'
equity
(non-GAAP) $ 1,621,755 $ 1,644,404 $ 1,077,548 $ 1,054,890 $ 1,028,380 $ 1,621,755 $ 1,028,380
========== ========== ========== ========== ========== ========== === ==========
Total assets (GAAP) $15,276,885 $15,717,985 $ 8,565,123 $ 8,485,162 $ 8,495,437 $15,276,885 $ 8,495,437
Less: Goodwill and
other intangible
assets
Goodwill (102,536) (102,536) (93,483) (93,483) (93,483) (102,536) (93,483)
Other intangible
assets (86,215) (90,452) (4,476) (4,983) (5,650) (86,215) (5,650)
---------- ---------- ---------- ---------- ---------- ---------- ----------
Tangible assets
(non-GAAP) $15,088,134 $15,524,997 $ 8,467,164 $ 8,386,696 $ 8,396,304 $15,088,134 $ 8,396,304
========== ========== ========== ========== ========== ========== === ==========
Total stockholders'
equity to total assets
(GAAP) 11.85% 11.69% 13.72% 13.59% 13.27% 11.85% 13.27%
Less: Impact of
goodwill and other
intangible assets (1.10)% (1.10)% (0.99)% (1.01)% (1.02)% (1.10)% (1.02)%
---------- ---------- ---------- ---------- ---------- ---------- ----------
Tangible
stockholders'
equity to tangible
assets (non-GAAP) 10.75% 10.59% 12.73% 12.58% 12.25% 10.75% 12.25%
========== ========== ========== ========== ========== ========== ==========
Tangible stockholders' equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax:
Tangible stockholders'
equity (non-GAAP) $ 1,621,755 $ 1,644,404 $ 1,077,548 $ 1,054,890 $ 1,028,380 $ 1,621,755 $ 1,028,380
Less: Net unrealized
losses on HTM
securities, net of
tax (4,315) (3,553) (3,407) (3,320) (3,432) (4,315) (3,432)
---------- ---------- ---------- ---------- ---------- ---------- ----------
Tangible
stockholders'
equity less net
unrealized losses
on HTM securities,
net of tax
(non-GAAP) $ 1,617,440 $ 1,640,851 $ 1,074,141 $ 1,051,570 $ 1,024,948 $ 1,617,440 $ 1,024,948
========== ========== ========== ========== ========== ========== === ==========
Tangible assets
(non-GAAP) $15,088,134 $15,524,997 $ 8,467,164 $ 8,386,696 $ 8,396,304 $15,088,134 $ 8,396,304
Less: Net unrealized
losses on HTM
securities, net of
tax (4,315) (3,553) (3,407) (3,320) (3,432) (4,315) (3,432)
---------- ---------- ---------- ---------- ---------- ---------- ----------
Tangible assets
less net
unrealized losses
on HTM securities,
net of tax
(non-GAAP) $15,083,819 $15,521,444 $ 8,463,757 $ 8,383,376 $ 8,392,872 $15,083,819 $ 8,392,872
========== ========== ========== ========== ========== ========== === ==========
Tangible stockholders'
equity to tangible
assets (non-GAAP) 10.75% 10.59% 12.73% 12.58% 12.25% 10.75% 12.25%
Less: Impact of net
unrealized losses on
HTM securities, net
of tax (0.03)% (0.02)% (0.04)% (0.04)% (0.04)% (0.03)% (0.04)%
---------- ---------- ---------- ---------- ---------- ---------- ----------
Tangible
stockholders'
equity to tangible
assets reflecting
net unrealized
losses on HTM
securities, net of
tax (non-GAAP) 10.72% 10.57% 12.69% 12.54% 12.21% 10.72% 12.21%
========== ========== ========== ========== ========== ========== ==========
Tangible book value per share:
Total stockholders'
equity (GAAP) $ 1,810,506 $ 1,837,392 $ 1,175,507 $ 1,153,356 $ 1,127,513 $ 1,810,506 $ 1,127,513
Tangible stockholders'
equity (non-GAAP) 1,621,755 1,644,404 1,077,548 1,054,890 1,028,380 $ 1,621,755 $ 1,028,380
Total shares outstanding 45,552,676 46,765,434 27,935,888 27,887,337 27,854,764 45,552,676 27,854,764
Book value per share
(GAAP) $ 39.75 $ 39.29 $ 42.08 $ 41.36 $ 40.48 $ 39.75 $ 40.48
========== ========== ========== ========== ========== ========== === ==========
Tangible book value per
share (non-GAAP) $ 35.60 $ 35.16 $ 38.57 $ 37.83 $ 36.92 $ 35.60 $ 36.92
========== ========== ========== ========== ========== ========== === ==========
Adjusted net income:
Net income (loss) (GAAP) $ 38,382 $ (22,850) $ 21,583 $ 24,807 $ 23,174 $ 37,115 $ 73,129
Add: Adjustments
Merger related
expenses, net of
tax 9,830 43,871 2,090 2,116 238 55,791 526
---------- ---------- ---------- ---------- ---------- ---------- --- ----------
Total
adjustments,
net of tax 9,830 43,871 2,090 2,116 238 55,791 526
---------- ---------- ---------- ---------- ---------- ---------- --- ----------
Adjusted net
income
(non-GAAP) $ 48,212 $ 21,021 $ 23,673 $ 26,923 $ 23,412 $ 92,906 $ 73,655
========== ========== ========== ========== ========== ========== === ==========
Adjusted diluted earnings per share:
Diluted earnings (loss)
per share (GAAP) $ 0.82 $ (0.49) $ 0.76 $ 0.88 $ 0.82 $ 0.91 $ 2.59
Add: Impact of
adjustments
Merger related
expenses, net of
tax 0.21 0.94 0.08 0.07 0.01 1.36 0.02
---------- ---------- ---------- ---------- ---------- ---------- --- ----------
Adjusted diluted
earnings per
share
(non-GAAP) $ 1.03 $ 0.45 $ 0.84 $ 0.95 $ 0.83 $ 2.27 $ 2.61
========== ========== ========== ========== ========== ========== === ==========
Adjusted return on average total assets:
Return on average total
assets (ROAA) (GAAP) 0.98% (0.54)% 1.04% 1.17% 1.09% 0.36% 1.19%
Add: Impact of
adjustments
Merger related
expenses, net of
tax 0.25% 1.04% 0.10% 0.10% 0.01% 0.55% 0.01%
---------- ---------- ---------- ---------- ---------- ---------- ----------
Adjusted ROAA
(non-GAAP) 1.23% 0.50% 1.14% 1.27% 1.10% 0.91% 1.20%
========== ========== ========== ========== ========== ========== ==========
Adjusted return on average stockholders' equity:
Return on average
stockholders' equity
(ROAE) (GAAP) 8.23% (4.92)% 7.47% 8.58% 8.22% 3.04% 8.99%
Add: Impact of
adjustments
Merger related
expenses, net of
tax 2.10% 9.44% 0.73% 0.73% 0.09% 4.57% 0.06%
---------- ---------- ---------- ---------- ---------- ---------- ----------
Adjusted ROAE
(non-GAAP) 10.33% 4.52% 8.20% 9.31% 8.31% 7.61% 9.05%
========== ========== ========== ========== ========== ========== ==========
Tangible net income:
Net Income (GAAP) $ 38,382 $ (22,850) $ 21,583 $ 24,807 $ 23,174 $ 37,115 $ 73,129
Add: Intangible
amortization, net of
tax 3,348 3,347 401 496 457 7,096 1,409
---------- ---------- ---------- ---------- ---------- ---------- --- ----------
Tangible net income
(non-GAAP) $ 41,730 $ (19,503) $ 21,984 $ 25,303 $ 23,631 $ 44,211 $ 74,538
========== ========== ========== ========== ========== ========== === ==========
Return on average tangible stockholders' equity
Return on average
stockholders' equity
(ROAE) (GAAP) 8.23% (4.92)% 7.47% 8.58% 8.22% 3.04% 8.99%
Add: Impact of
excluding average
goodwill and other
intangible assets,
inclusive of
after-tax intangible
amortization
Goodwill 0.94% (0.57)% 0.69% 0.81% 0.81% 0.34% 0.90%
Other intangible
assets 0.80% 0.80% 0.15% 0.19% 0.17% 0.64% 0.19%
---------- ---------- ---------- ---------- ---------- ---------- ----------
Return on
average
tangible
stockholders'
equity (ROATE)
(non-GAAP) 9.97% (4.69)% 8.31% 9.58% 9.20% 4.02% 10.08%
========== ========== ========== ========== ========== ========== ==========
Adjusted return on average tangible stockholders' equity:
Return on average
tangible stockholders'
equity (ROATE)
(non-GAAP) 9.97% (4.69)% 8.31% 9.58% 9.20% 4.02% 10.08%
Add: Impact of
adjustments
Merger related
expenses, net of
tax 2.35% 10.55% 0.79% 0.80% 0.10% 5.08% 0.08%
---------- ---------- ---------- ---------- ---------- ---------- ----------
Adjusted ROATE
(non-GAAP) 12.32% 5.86% 9.10% 10.38% 9.30% 9.10% 10.16%
========== ========== ========== ========== ========== ========== ==========
Adjusted total noninterest expense:
Total noninterest expense
(GAAP) $ 126,553 $ 171,712 $ 75,341 $ 72,041 $ 68,901 $ 373,606 $ 199,733
Less: Adjustments:
Merger related
expenses (13,246) (57,559) (2,681) (2,217) (241) (73,486) (526)
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total
adjustments (13,246) (57,559) (2,681) (2,217) (241) (73,486) (526)
---------- ---------- ---------- ---------- ---------- ---------- ----------
Adjusted
total
noninterest
expense
(non-GAAP) $ 113,307 $ 114,153 $ 72,660 $ 69,824 $ 68,660 $ 300,120 $ 199,207
========== ========== ========== ========== ========== ========== === ==========
Adjusted efficiency ratio:
Efficiency ratio (GAAP) 70.43% 93.25% 68.52% 65.37% 64.22% 78.86% 64.62%
Less: Impact of
adjustments
Merger related
expenses (7.37)% (31.26)% (2.44)% (2.01)% (0.22)% (15.51)% (0.17)%
---------- ---------- ---------- ---------- ---------- ---------- ----------
Adjusted
efficiency
ratio
(non-GAAP) 63.06% 61.99% 66.08% 63.36% 64.00% 63.35% 64.45%
========== ========== ========== ========== ========== ========== ==========
Fully tax equivalent ("FTE") net interest income and net interest margin:
Net interest income
(GAAP) $ 140,301 $ 143,195 $ 82,779 $ 83,461 $ 80,953 $ 366,275 $ 233,930
Gross income effect of
tax exempt income 1,904 2,198 1,198 1,156 1,225 5,300 3,621
---------- ---------- ---------- ---------- ---------- ---------- --- ----------
FTE net interest
income (non-GAAP) $ 142,205 $ 145,393 $ 83,977 $ 84,617 $ 82,178 $ 371,575 $ 237,551
========== ========== ========== ========== ========== ========== === ==========
Average earning assets $14,578,482 $16,031,868 $ 7,900,665 $ 7,916,085 $ 7,888,042 $12,861,466 $ 7,681,360
Net interest margin 3.82% 3.58% 4.25% 4.18% 4.07% 3.81% 4.07%
========== ========== ========== ========== ========== ========== ==========
Net interest margin on
FTE basis (non-GAAP) 3.87% 3.63% 4.31% 4.23% 4.12% 3.86% 4.13%
View source version on businesswire.com: https://www.businesswire.com/news/home/20261025945781/en/
CONTACT: 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
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