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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________
FORM 10-Q
__________________________________

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 333-258176
__________________________________
FIRSTSUN CAPITAL BANCORP
(Exact name of registrant as specified in its charter)
__________________________________
Delaware81-4552413
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
1400 16th Street, Suite 250
Denver, Colorado 80202
(303) 831-6704
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
__________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange
 on which registered
Common Stock, $0.0001 Par ValueFSUNNasdaq Global Select Market
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☐Accelerated filer☒
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ☒
As of May 8, 2025, there were approximately 27,833,378 shares of the registrant’s common stock outstanding.
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Table of Contents
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our current views with respect to, among other things, statements relating to the Company’s assets, business, cash flows, condition (financial or otherwise), credit quality, financial performance, liquidity, short and long-term performance goals, prospects, results of operations, strategic initiatives, the benefits, cost and synergies of completed acquisitions or dispositions, and the timing, benefits, costs and synergies of future acquisitions, disposition and other growth opportunities. They are not statements of historical or current fact nor are they assurances of future performance, and they generally can be identified by the use of forward-looking terminology, such as “believe,” “expect,” “anticipate,” “intend,” “target,” “estimate,” “continue,” “positions,” “plan,” “predict,” “project,” “forecast,” “guidance,” “goal,” “objective,” “prospects,” “possible” or “potential,” by future conditional verbs such as “assume,” “will,” “would,” “should,” “could” or “may,” or by variations of such words or by similar expressions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time, are difficult to predict and are generally beyond our control and should be viewed with caution.
There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following:
•potential fluctuations or unanticipated changes in the interest rate environment, including interest rate changes made by the Board of Governors of the Federal Reserve, and their related impacts on macroeconomic conditions, customer and client behavior, our funding costs, and our loan and securities portfolios, as well as cash flow reassessments may reduce net interest margin and/or the volumes and values of loans made or held as well as the value of other financial assets;
•changes in the monetary and fiscal policies of the U.S. Government, including policies of the U.S. Department of the Treasury and the Federal Reserve;
•other actions of the Federal Reserve and legislative and regulatory actions and reforms;
•the potential effects of events beyond our control that may have a destabilizing effect on financial markets, economic growth, customer and client behavior and the economy in general, such as inflation and recessions, epidemics and pandemics, terrorist activities, wars and other foreign conflicts, essential utility outages, climate change, deterioration in the global economy, instability in the credit markets, disruptions in our customers’ supply chains, disruptions in transportation, essential utility outages, or trade disputes and tariffs including threats thereof, either imposed by the U.S. or other trading partners in retaliation to U.S. tariffs;
•the potential effects of pandemics or public health conditions on the economic and business environments in which we operate, including the impact of actions taken by governmental authorities to address these situations, and the resulting effect of these items on our operations, liquidity and capital position, and on the financial condition of our borrowers and other customers;
•changes in legislation, regulation, policies or administrative practices, whether by judicial, governmental or legislative action and other changes pertaining to banking, securities, taxation, rent regulation and housing, financial accounting and reporting, environmental protection and insurance and the ability to comply with such changes in a timely manner;
•the risk that we may be required to make substantial expenditures to keep pace with regulatory initiatives and the rapid technological changes in the financial services market;
•competition from financial institutions and other financial service providers including non-bank financial technology providers and our ability to attract customers from other financial institutions;
•any unanticipated or greater than anticipated adverse conditions in the national or local economies in which we operate;
•our loan concentration in industries or sectors that may experience unanticipated or greater than anticipated adverse conditions than other industries or sectors in the national or local economies in which we operate;
•increased capital requirements, other regulatory requirements or enhanced regulatory supervision;
•cyber-security risks and the vulnerability of our network and online banking portals, and the systems or parties with whom we contract, to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches that could adversely affect our business and financial performance or reputation;
•risks with respect to our ability to identify and complete future mergers or acquisitions, as well as our ability to successfully expand and integrate those businesses and operations that we acquire;
•additional regulatory burdens that may be imposed upon us if our assets become in excess of $10 billion;
•the risks of expansion into new geographic or product markets;
•the inability to manage strategic initiatives and/or organizational changes;
•our ability to attract and retain key employees;
3

•volatility in the allowance for credit losses resulting from the CECL methodology, either alone or as that may be affected by conditions affecting our business;
•changes in accounting principles, policies, practices or guidelines;
•our reliance on third parties to provide key components of our business infrastructure and services required to operate our business;
•the availability of and access to capital; failures of internal controls and other risk management systems;
•the outcome (including judgments, costs, fines, reputational harm, inability to obtain necessary approvals and/or other negative effects) of pending or threatened litigation or of matters before or involving regulatory agencies, whether currently existing or commencing in the future;
•losses due to fraudulent or negligent conduct of our customers, third-party service providers or employees; and
•limitations on our ability to declare and pay dividends and other distributions from our bank to our holding company, which could affect our holding company’s liquidity, including its ability to pay dividends to shareholders or take other capital actions; 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. You should also consider the risks, assumptions and uncertainties set forth under “Item 1.A. Risk Factors,” of our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (“SEC”) on March 7, 2025 (our “2024 Annual Report”) as well as any additional factors that might be reported in future filings that we make with the SEC. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from our forward-looking statements. Accordingly, you should not place undue reliance on any such forward-looking statements. 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, unless required to do so under the federal securities laws.
4

Part I - Financial Information
Item 1. Financial Statements (Unaudited)
Index to Consolidated Financial Statements
Page
5

FIRSTSUN CAPITAL BANCORP
and Subsidiaries
Consolidated Balance Sheets
As of
(Unaudited)
(In thousands, except par and share amounts)March 31,
2025		December 31,
2024
Assets
Cash and cash equivalents$621,377 $615,917 
Securities available-for-sale, at fair value480,615 469,076 
Securities held-to-maturity, fair value of $29,881 and $29,563, respectively
34,914 35,242 
Loans held-for-sale, at fair value65,603 61,825 
Loans, net of allowance for credit losses of $91,790 and $88,221, respectively
6,392,218 6,288,136 
Mortgage servicing rights, at fair value82,927 84,258 
Premises and equipment, net82,333 82,483 
Other real estate owned and foreclosed assets, net4,914 5,138 
Bank-owned life insurance81,637 81,115 
Restricted equity securities24,729 28,917 
Goodwill93,483 93,483 
Core deposits and other intangible assets, net6,806 7,434 
Accrued interest receivable33,668 32,102 
Deferred tax assets, net40,158 41,195 
Prepaid expenses and other assets171,076 171,066 
Total assets$8,216,458 $8,097,387 
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing accounts$1,574,736 $1,541,158 
Interest-bearing accounts5,299,503 5,131,102 
Total deposits6,874,239 6,672,260 
Securities sold under agreements to repurchase8,515 14,699 
Federal Home Loan Bank advances35,000 135,000 
Subordinated debt, net75,969 75,841 
Accrued interest payable9,060 8,705 
Accrued expenses and other liabilities145,380 149,516 
Total liabilities7,148,163 7,056,021 
Commitments and contingencies (Note 14)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, none issued or outstanding, respectively
— — 
Common stock, $0.0001 par value; 50,000,000 shares authorized; 27,753,918 and 27,709,679 shares issued and outstanding, respectively
3 3 
Additional paid-in capital547,484 547,325 
Retained earnings556,719 533,150 
Accumulated other comprehensive loss, net(35,911)(39,112)
Total stockholders’ equity1,068,295 1,041,366 
Total liabilities and stockholders’ equity$8,216,458 $8,097,387 
The accompanying notes are an integral part of these consolidated financial statements.
6

FIRSTSUN CAPITAL BANCORP
and Subsidiaries
Consolidated Statements of Income and Comprehensive Income
For the three months ended March 31,
(Unaudited)
(In thousands, except per share amounts)20252024
Interest income:
Interest and fee income on loans:
Taxable$96,201 $97,313 
Tax exempt4,479 4,955 
Interest and dividend income on securities:
Taxable4,366 4,483 
Tax exempt4 4 
Other interest income5,397 3,285 
Total interest income110,447 110,040 
Interest expense:
Interest expense on deposits34,394 36,390 
Interest expense on securities sold under agreements to repurchase37 57 
Interest expense on other borrowed funds1,538 2,787 
Total interest expense35,969 39,234 
Net interest income74,478 70,806 
Provision for credit losses3,800 16,500 
Net interest income after credit loss expense70,678 54,306 
Noninterest income:
Service charges on deposit accounts2,027 2,344 
Treasury management service fees4,194 3,468 
Credit and debit card fees2,586 2,759 
Trust and investment advisory fees1,421 1,463 
Income from mortgage banking services, net9,055 9,502 
Gain on other real estate owned and foreclosed assets activity, net17 — 
Other noninterest income2,429 3,272 
Total noninterest income21,729 22,808 
Noninterest expense:
Salary and employee benefits39,561 37,353 
Occupancy and equipment9,536 8,595 
Amortization and impairment of intangible assets628 815 
Terminated merger related expenses— 2,489 
Other noninterest expenses12,997 12,576 
Total noninterest expense62,722 61,828 
Income before income taxes29,685 15,286 
Provision for income taxes6,116 2,990 
Net income$23,569 $12,296 
Other comprehensive income (loss):
Net unrealized gain (loss) on securities available-for-sale3,201 (4,734)
Other comprehensive income (loss)3,201 (4,734)
Comprehensive income$26,770 $7,562 
Earnings per share:
Net income available to common stockholders$23,569 $12,296 
Basic$0.85 $0.46 
Diluted$0.83 $0.45 
The accompanying notes are an integral part of these consolidated financial statements.
7

FIRSTSUN CAPITAL BANCORP
and Subsidiaries
Consolidated Statements of Stockholders’ Equity
For the three months ended March 31,
(Unaudited)
(in thousands, except share amounts)Issued
shares of
common stock		Common stockAdditional
paid-in capital		Retained
earnings		Accumulated
other
comprehensive
income (loss)		Total
stockholders’
equity
2025
Balance, beginning of period27,709,679 $3 $547,325 $533,150 $(39,112)$1,041,366 
Issuance of common stock on restricted stock grants, net of forfeitures (see Note 9 - Stockholders’ Equity)
2,997 — 289 — — 289 
Stock option exercises41,242 — (477)— — (477)
Share-based compensation, net of forfeitures— — 347 — — 347 
Net income— — — 23,569 — 23,569 
Other comprehensive income— — — — 3,201 3,201 
Balance, end of period27,753,918 $3 $547,484 $556,719 $(35,911)$1,068,295 
2024
Balance, beginning of period24,960,639 $2 $462,680 $457,522 $(43,007)$877,197 
Issuance of common stock, net of issuance costs2,461,538 1 79,515 — — 79,516 
Issuance of common stock on restricted stock grants, net of forfeitures (see Note 9 - Stockholders’ Equity)
11,739 — 135 — — 135 
Stock option exercises9,027 — (105)— — (105)
Share-based compensation, net of forfeitures— — 357 — — 357 
Net income— — — 12,296 — 12,296 
Other comprehensive loss— — — — (4,734)(4,734)
Balance, end of period27,442,943 $3 $542,582 $469,818 $(47,741)$964,662 
The accompanying notes are an integral part of these consolidated financial statements.
8

FIRSTSUN CAPITAL BANCORP
and Subsidiaries
Consolidated Statements of Cash Flows
For the three months ended March 31,
(Unaudited)
(In thousands)20252024
Cash flows from operating activities:
Net income$23,569 $12,296 
Adjustments to reconcile income to net cash provided by operating activities:
Provision for credit losses3,800 16,500 
Depreciation and amortization on premises and equipment2,035 1,787 
Amortization of net premium on securities124 183 
Accretion of net discount on acquired loans(296)(737)
Net change in deferred loan origination fees and costs1,317 (168)
Amortization of core deposits and other intangible assets628 815 
Amortization of premium on acquired deposits(28)(150)
Accretion of discount on subordinated debt91 96 
Amortization of issuance costs on subordinated debt37 37 
Increase in cash surrender value of bank-owned life insurance(522)(415)
Impairment of other real estate owned and foreclosed assets29 24 
Federal Home Loan Bank stock dividends(217)(247)
Share-based compensation expense636 492 
Decrease in fair value of mortgage servicing rights3,984 316 
Net loss on disposal of premises and equipment125 5 
Net loss (gain) on other real estate owned and foreclosed assets activity(17)— 
Net gain on sales of loans held-for-sale(1,707)(1,941)
Origination of loans held-for-sale(255,085)(194,890)
Proceeds from sales of loans held-for-sale251,200 200,199 
Changes in operating assets and liabilities:
Lease right-of-use assets(57)1 
Accrued interest receivable(1,566)1,231 
Prepaid expenses and other assets2,763 (220)
Accrued interest payable355 (1,549)
Accrued expenses and other liabilities(4,845)(6,574)
Net cash provided by operating activities$26,353 $27,091 
The accompanying notes are an integral part of these consolidated financial statements.
9

FIRSTSUN CAPITAL BANCORP
and Subsidiaries
Consolidated Statements of Cash Flows (continued)
For the three months ended March 31,
(Unaudited)
(In thousands)20252024
Cash flows from operating activities: (previous page)
$26,353 $27,091 
Cash flows from investing activities:
Proceeds from maturities of held-to-maturity securities360 371 
Purchases of available-for-sale securities(19,249)— 
Proceeds from paydowns, sales or maturities of available-for-sale securities12,870 9,929 
Loan originations, net of repayments(110,145)(42,634)
Purchases of premises and equipment(2,010)(1,012)
Proceeds from sales of other real estate owned and foreclosed assets211 — 
Proceeds from bank-owned life insurance— 725 
Purchases of restricted equity securities(619)(6,197)
Proceeds from the sale or redemption of restricted equity securities5,023 17,437 
Purchase of other investments(2,950)(3,675)
Proceeds from the sale or redemption of other investments270 290 
Net cash used in investing activities(116,239)(24,766)
Cash flows from financing activities:
Net change in deposits202,007 71,435 
Net change in securities sold under agreements to repurchase(6,184)(4,270)
Proceeds from Federal Home Loan Bank advances293,000 373,410 
Repayments of Federal Home Loan Bank advances(393,000)(618,068)
Proceeds from issuance of common stock, net of issuance costs and taxes paid on cashless exercise of equity awards(477)79,411 
Net cash provided by (used in) financing activities95,346 (98,082)
Net increase (decrease) in cash and cash equivalents5,460 (95,757)
Cash and cash equivalents, beginning of period615,917 479,362 
Cash and cash equivalents, end of period$621,377 $383,605 
Supplemental disclosures of cash flow information:
Interest paid on deposits$33,858 $37,994 
Interest paid on borrowed funds$1,552 $2,732 
Cash paid for income taxes, net$103 $5 
Non-cash investing and financing activities:
Net change in unrealized gain (loss) on available-for-sale securities$4,237 $(6,266)
Loan charge-offs$812 $17,506 
Loans transferred to other real estate owned and foreclosed assets$— $338 
Mortgage servicing rights resulting from sale or securitization of mortgage loans$2,653 $2,032 
The accompanying notes are an integral part of these consolidated financial statements.
10

FIRSTSUN CAPITAL BANCORP and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)
($ in thousands, except share and per share amounts)
NOTE 1 - Organization and Basis of Presentation
Nature of Operations - The consolidated financial statements include the accounts of FirstSun Capital Bancorp (“FirstSun” or “Parent Company”) and its wholly-owned subsidiaries, Sunflower Bank, N.A. (the “Bank” or “Sunflower Bank”), Logia Portfolio Management, LLC (“Logia”), and FEIF Capital Partners, LLC, and have been prepared using U.S. generally accepted accounting principles (“U.S. GAAP”) and prevailing practices in the banking industry. All significant intercompany balances and transactions have been eliminated. These entities are collectively referred to as “our”, “us”, “we”, or “the Company”.
These consolidated financial statements in this Quarterly Report on Form 10-Q do not include all of the information and footnotes required by U.S. GAAP for a full year presentation and certain disclosures have been condensed or omitted in accordance with rules and regulations of the SEC. These interim financial statements are unaudited, and include, in our opinion, all adjustments necessary for a fair statement of the results for the periods indicated, which are not necessarily indicative of results which may be expected for the full year. Certain prior period amounts have been reclassified to conform to the current presentation. These unaudited consolidated financial statements and notes should be read in conjunction with FirstSun’s audited consolidated financial statements and footnotes thereto for the year ended December 31, 2024, included in our 2024 Annual Report.
Use of Estimates - The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions based on available information. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
These estimates are based on historical experience and on various assumptions about the future that are believed to be reasonable based on all available information. Our reported financial position or results of operations may be materially different under changed conditions or when using different estimates and assumptions, particularly with respect to critical accounting policies. In the event that estimates or assumptions prove to differ from actual results, adjustments are made in subsequent periods to reflect more current information.
Reclassifications - Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior years net income or stockholders’ equity.
Accounting Pronouncements Recently Adopted - As an “emerging growth company” under Section 107 of the JOBS Act, we can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. Therefore, we can delay the adoption of certain accounting standards until those standards would otherwise apply to non-public business entities. We intend to take advantage of the benefits of this extended transition period for an “emerging growth company” for as long as it is available to us. For standards that we have delayed adoption, we may lack comparability to other companies who have adopted such standards.
In November of 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. We adopted the amendments in this ASU on January 1, 2024. A description of each business and the methodologies used to measure financial performance is described in Note 13 - Segment Information.

11

Recent Accounting Pronouncements Not Yet Adopted - ASU 2023-06, “Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.” ASU 2023-06 amends the ASC to incorporate certain disclosure requirements from SEC Release No. 33-10532 - Disclosure Update and Simplification that was issued in 2018. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. ASU 2023-06 is not expected to have a significant impact on our financial statements.
ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU 2023-09 requires public business entities to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if items meet a quantitative threshold. ASU 2023-09 also requires all entities to disclose income taxes paid, net of refunds, disaggregated by federal, state and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold, among other things. ASU 2023-09 is effective for us on January 1, 2026, though early adoption is permitted. ASU 2023-09 is not expected to have a significant impact on our financial statements.
12

NOTE 2 - Securities
The amortized cost, gross unrealized gains and losses, and fair values of available-for-sale and held-to-maturity debt securities by type follows as of:
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
 Fair
 Value
March 31, 2025
Available-for-sale:
U.S. treasury$35,210 $— $(2,869)$32,341 
U.S. agency584 — (8)576 
Obligations of states and political subdivisions28,304 35 (1,861)26,478 
Mortgage backed - residential115,425 183 (13,976)101,632 
Collateralized mortgage obligations179,091 2 (18,210)160,883 
Mortgage backed - commercial154,066 468 (11,643)142,891 
Other debt15,472 342 — 15,814 
Total available-for-sale$528,152 $1,030 $(48,567)$480,615 
Held-to-maturity:
Obligations of states and political subdivisions$25,757 $1 $(4,343)$21,415 
Mortgage backed - residential6,158 1 (516)5,643 
Collateralized mortgage obligations2,999 — (176)2,823 
Total held-to-maturity$34,914 $2 $(5,035)$29,881 
December 31, 2024
Available-for-sale:
U.S. treasury$35,224 $— $(3,494)$31,730 
U.S. agency665 — (9)656 
Obligations of states and political subdivisions27,709 31 (2,041)25,699 
Mortgage backed - residential111,038 128 (14,887)96,279 
Collateralized mortgage obligations183,718 3 (19,374)164,347 
Mortgage backed - commercial147,374 357 (12,904)134,827 
Other debt15,122 416 — 15,538 
Total available-for-sale$520,850 $935 $(52,709)$469,076 
Held-to-maturity:
Obligations of states and political subdivisions$25,713 $— $(4,899)$20,814 
Mortgage backed - residential6,373 1 (576)5,798 
Collateralized mortgage obligations3,156 — (205)2,951 
Total held-to-maturity$35,242 $1 $(5,680)$29,563 
There was no allowance for credit losses related to our investment securities as of March 31, 2025.
As of March 31, 2025 and December 31, 2024, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity.
13

Fair value and unrealized losses on debt securities by type and length of time in a continuous unrealized loss position without an allowance for credit losses were as follows:
Less than 12 months12 months or longerTotal
Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses		Number
of
Securities
March 31, 2025
Available-for-sale:
U.S. treasury$— $— $32,340 $(2,869)$32,340 $(2,869)4 
U.S. agency— — 576 (8)576 (8)6 
Obligations of states and political subdivisions— — 22,952 (1,861)22,952 (1,861)17 
Mortgage backed - residential9,854 (47)85,034 (13,929)94,888 (13,976)86 
Collateralized mortgage obligations6,694 (9)150,406 (18,201)157,100 (18,210)61 
Mortgage backed - commercial1,716 (40)109,516 (11,603)111,232 (11,643)23 
Total available-for-sale$18,264 $(96)$400,824 $(48,471)$419,088 $(48,567)197 
Held-to-maturity:
Obligations of states and political subdivisions$— $— $21,086 $(4,343)$21,086 $(4,343)8
Mortgage backed - residential— — 5,559 (516)5,559 (516)10
Collateralized mortgage obligations— — 2,823 (176)2,823 (176)5
Total held-to-maturity$— $— $29,468 $(5,035)$29,468 $(5,035)23
14

Less than 12 months12 months or longerTotal
Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses		Number
of
Securities
December 31, 2024
Available-for-sale:
U.S. treasury$— $— $31,730 $(3,494)$31,730 $(3,494)4 
U.S. agency— — 656 (9)656 (9)7 
Obligations of states and political subdivisions— — 22,253 (2,041)22,253 (2,041)17 
Mortgage backed - residential3,788 (49)86,626 (14,838)90,414 (14,887)81 
Collateralized mortgage obligations10,785 (12)146,740 (19,362)157,525 (19,374)62 
Mortgage backed - commercial1,705 (51)112,801 (12,853)114,506 (12,904)23 
Total available-for-sale$16,278 $(112)$400,806 $(52,597)$417,084 $(52,709)194 
Held-to-maturity:
Obligations of states and political subdivisions$329 $— $20,485 $(4,899)$20,814 $(4,899)9
Mortgage backed - residential— — 5,703 (576)5,703 (576)10
Collateralized mortgage obligations— — 2,951 (205)2,951 (205)5
Total held-to-maturity$329 $— $29,139 $(5,680)$29,468 $(5,680)24

15

We do not consider the unrealized losses to be credit-related, as these unrealized losses primarily relate to changes in interest rates and market spreads subsequent to purchase. We do not have plans to sell any of the available-for-sale debt securities with unrealized losses as of March 31, 2025, and we believe it is more likely than not that we would not be required to sell such available-for-sale debt securities before recovery of their amortized cost.
We continue to monitor unrealized loss positions for potential credit impairments. During the three months ended March 31, 2025 and 2024, there were no credit impairments related to our investment securities.
The amortized cost and fair value of our debt securities by contractual maturity as of March 31, 2025 are summarized in the following table. Maturities are based on the final contractual payment dates and do not reflect the impact of prepayments or earlier redemptions that may occur.
Amortized
Cost		Estimated
Fair
Value
Available-for-sale:
Due within 1 year$430 $429 
Due after 1 year through 5 years105,343 100,332 
Due after 5 years through 10 years118,985 109,182 
Due after 10 years303,394 270,672 
Total available-for-sale$528,152 $480,615 
Held-to-maturity:
Due after 1 year through 5 years$815 $802 
Due after 5 years through 10 years3,529 3,322 
Due after 10 years30,570 25,757 
Total held-to-maturity$34,914 $29,881 
Securities with a carrying value of $441,684 and $460,387 were pledged to secure public deposits, securities sold under agreements to repurchase and borrowed funds at March 31, 2025 and December 31, 2024, respectively.
Available-for-sale debt securities with a carrying value of $35,784 and $37,749 were designated in fair value hedges at March 31, 2025 and December 31, 2024, respectively. See Note 5 - Derivative Financial Instruments for further information.
There were $946 proceeds from sales and calls of securities for the three months ended March 31, 2025. There were no proceeds from sales and calls of securities for the three months ended March 31, 2024.
16

NOTE 3 - Loans
Loans held-for-investment by portfolio type consist of the following as of:
March 31,
2025		December 31,
2024
Commercial and industrial$2,635,028 $2,497,772 
Commercial real estate:
Non-owner occupied733,949 752,861 
Owner occupied679,137 702,773 
Construction and land386,056 362,677 
Multifamily85,239 94,355 
Total commercial real estate1,884,381 1,912,666 
Residential real estate1,195,714 1,180,610 
Public finance551,252 554,784 
Consumer39,096 41,345 
Other178,537 189,180 
Total loans$6,484,008 $6,376,357 
Allowance for credit losses(91,790)(88,221)
Loans, net of allowance for credit losses$6,392,218 $6,288,136 
As of March 31, 2025 and December 31, 2024, we had net deferred fees, costs, premiums and discounts of $11,249 and $10,222, respectively, on our loan portfolio.
Accrued interest receivable on loans totaled $31,134 and $29,971 at March 31, 2025 and December 31, 2024, respectively, and is included in accrued interest receivable in the accompanying consolidated balance sheets.
The following table presents the activity in the allowance for credit losses by portfolio type for the three months ended March 31,:
Commercial
and
Industrial		Commercial
Real
Estate		Residential
Real
Estate		Public
Finance		ConsumerOtherTotal
2025
Allowance for credit losses:
Balance, beginning of period$37,912 $28,323 $15,450 $4,750 $750 $1,036 $88,221 
Provision (benefit) for credit losses5,283 (1,639)(262)493 98 227 4,200 
Loans charged off(643)— — — (169)— (812)
Recoveries119 — 23 — 39 — 181 
Balance, end of period$42,671 $26,684 $15,211 $5,243 $718 $1,263 $91,790 
2024
Allowance for credit losses:
Balance, beginning of period$29,523 $27,546 $16,345 $5,337 $717 $930 $80,398 
Provision (benefit) for credit losses16,066 1,787 (1,364)441 25 (95)16,860 
Loans charged off(17,366)— — — (140)— (17,506)
Recoveries47 — 8 — 22 — 77 
Balance, end of period$28,270 $29,333 $14,989 $5,778 $624 $835 $79,829 
We determine the allowance for credit losses estimate on at least a quarterly basis.
17

As of March 31, 2025 and December 31, 2024, we had an allowance for credit losses on unfunded commitments of $1,259 and $1,659, respectively. For the three months ended March 31, 2025 and 2024 we recorded a benefit from credit losses on unfunded commitments of $400 and $360, respectively.
The provision for credit losses, including the benefit for unfunded commitments, totaled $3,800 during the three months ended March 31, 2025.
The following table presents our loan portfolio aging analysis as of:
Loans
Not
Past Due		Loans
30-59 Days
Past Due		Loans
60-89 Days
Past Due		Loans Greater
than 90 Days
Past Due,
Still Accruing		NonaccrualTotal
March 31, 2025
Commercial and industrial$2,569,336 $16,206 $8,650 $— $40,836 $2,635,028 
Commercial real estate:
Non-owner occupied723,427 1,920 4,287 — 4,315 733,949 
Owner occupied675,832 59 — — 3,246 679,137 
Construction and land383,090 2,966 — — — 386,056 
Multifamily83,585 — — — 1,654 85,239 
Total commercial real estate1,865,934 4,945 4,287 — 9,215 1,884,381 
Residential real estate1,154,501 22,251 56 15 18,891 1,195,714 
Public Finance544,026 — — — 7,226 551,252 
Consumer39,071 9 — — 16 39,096 
Other175,465 681 — — 2,391 178,537 
Total loans$6,348,333 $44,092 $12,993 $15 $78,575 $6,484,008 
December 31, 2024
Commercial and industrial$2,462,455 $6,331 $672 $— $28,314 $2,497,772 
Commercial real estate:
Non-owner occupied748,237 274 — — 4,350 752,861 
Owner occupied697,639 1,856 — — 3,278 702,773 
Construction and land362,677 — — — — 362,677 
Multifamily92,681 — — — 1,674 94,355 
Total commercial real estate1,901,234 2,130 — — 9,302 1,912,666 
Residential real estate1,140,193 17,065 3,117 15 20,220 1,180,610 
Public Finance547,558 — — — 7,226 554,784 
Consumer41,245 36 — — 64 41,345 
Other177,727 7,156 388 1,518 2,391 189,180 
Total loans$6,270,412 $32,718 $4,177 $1,533 $67,517 $6,376,357 
Interest income recorded on nonperforming loans was not material for the three months ended March 31, 2025 and 2024.
Credit risk monitoring and management is a continuous process to manage the quality of the loan portfolio. We segment loans into risk categories based on relevant borrower risk profile information, including the ability of borrowers to service their debt based on current financial information, historical payment experience, credit documentation, public information and current economic trends among other factors. The risk rating system is used as a tool to analyze and monitor movements in loan portfolio quality.
18

Risk ratings meeting an internally specified exposure threshold are updated annually, or more frequently upon the occurrence of a circumstance that affects the credit risk of the loan. We use the following definitions for risk ratings:
Pass – Loans classified as Pass have a well-defined primary source of repayment, an acceptable financial position profile (including capitalization), profitability and minimal operating risk.
Pass/Watch – Pass/Watch loans require close attention by bank management and enhanced monitoring due to quantitative or qualitative concerns linked to adverse trends or near-term uncertainty. A covenant default or other type of requirement shortfall may have arisen subsequent to a loan's booking or borrower now shows signs of weakness in the overall base of confirmable financial resources available to repay the loan. However, overall financial capacity & performance are considered sufficient to support an expectation of continued payment performance and / or mitigating factors exist that are expected to limit the risk of near term default and loss.
Special Mention – Special Mention loans have identified potential weaknesses that are of sufficient materiality to require management’s (persistent) close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the bank's credit position under normal business operations. Special Mention loans contain greater than acceptable risk to warrant increases in credit exposure and are thus considered “criticized”, non-pass rated credits. They may contain weaknesses (that have arisen due to deteriorating conditions since origination) and / or underwriting exceptions that are not currently offset by mitigating factors. However, these weaknesses, while sufficient to constitute significantly elevated credit risk, are not sufficient to support a conclusion that the liquidation of the debt is in significant jeopardy.
Substandard - Accruing – Substandard - Accruing loans are inadequately protected by the current sound net worth and paying capacity of the obligor(s). Loans classified as Substandard - Accruing possess one or more well-defined weaknesses that are expected to jeopardize their liquidation but the weaknesses have not progressed to a point where recent late payments on the loan have become more than 90 days past due. These loans are characterized by the distinct possibility that the bank may sustain up to a moderate but not significant level of loss if such weaknesses are not corrected. Losses for Substandard - Accruing loans are moderated by the lower likelihood of ultimate default and the existence of relatively favorable secondary repayment protection. These loans are considered “nonperforming”.
Substandard - Nonaccrual – Substandard - Nonaccrual loans are inadequately protected by the current sound net worth and paying capacity of the obligor or the collateral pledged, if any. Loans classified as Substandard - Nonaccrual possess material, well-defined weaknesses that are expected to jeopardize their liquidation and have progressed to a point where consistently late payments on the loan have become more than 90 or more days past due. These loans are characterized by the distinct possibility that the bank may sustain a material level of loss if such weaknesses are not corrected. Losses for Substandard - Nonaccrual loans are prone to being elevated based on the strong likelihood of the loan remaining in payment default and an undesirable level of secondary repayment protection. These loans are considered “nonperforming”.
Doubtful – Loans classified as Doubtful possess all of the weaknesses inherent in loans classified as Substandard - Nonaccrual with the added characteristic that the weaknesses make collection or liquidation in full highly questionable or improbable based on currently existing facts, conditions and values. A high probability of substantial loss or possible total loss exists. Loans rated as doubtful are not rated as loss because certain events may occur that could salvage at least a portion of the debt. These events include injections of capital, additions of pledged collateral or possible mezzanine debt refinancing options. However, without the occurrence of such events, total loss may be possible. No definite repayment schedule exists for these loans. The Doubtful grade is a temporary grade. If a near term recovery of a portion of the loan balance is indeterminable or unlikely to occur, the remaining balance of the loan should be written off and possible future recoveries may partially offset the full write-off of the loan. These loans are considered “nonperforming”.
Loss – Loans classified as Loss are defaulted loans with limited or immaterial recovery prospects. No loan that has not yet defaulted should be classified at this grade level. This rating level tends to be very short lived as the full balance of the loan tends to be fully written off nearly immediately after a change to this rating level. These loans are considered “nonperforming”.
19

The following table presents the amortized cost by segment of loans by risk category and origination date as of March 31, 2025 and gross charge-offs by origination date for the three months ended March 31, 2025:
20252024202320222021PriorRevolving Loans
Converted to Term		RevolvingTotal
Commercial and industrial:
Pass$236,767 $432,025 $234,884 $208,267 $170,954 $107,875 $52,443 $911,907 $2,355,122 
Pass/Watch— 1,650 12,663 49,098 23,438 5,850 200 21,817 114,716 
Special Mention— 276 10,150 20,871 15,865 1,781 1,599 6,578 57,120 
Substandard - Accruing— — 11,957 20,696 9,181 5,255 1,504 18,641 67,234 
Substandard - Nonaccrual— — 2,206 — 3,976 5,352 1,533 125 13,192 
Doubtful— — 1,256 22,978 — 122 1,544 1,744 27,644 
Total commercial and industrial$236,767 $433,951 $273,116 $321,910 $223,414 $126,235 $58,823 $960,812 $2,635,028 
Gross charge-offs$— $— $— $— $409 $234 $— $— $643 
Commercial real estate:
Non-owner occupied:
Pass$2,977 $42,082 $60,684 $99,969 $137,292 $302,304 $7,900 $21,159 $674,367 
Pass/Watch— — 1,879 1,501 10,520 9,742 — 17,640 41,282 
Substandard - Accruing— — 2,710 — 5,934 3,871 1,470 — 13,985 
Substandard - Nonaccrual— — — — — 4,315 — — 4,315 
Total non-owner occupied$2,977 $42,082 $65,273 $101,470 $153,746 $320,232 $9,370 $38,799 $733,949 
Gross charge-offs$— $— $— $— $— $— $— $— $— 
Owner occupied:
Pass$6,441 $101,587 $72,755 $49,287 $86,171 $266,249 $20,783 $11,017 $614,290 
Pass/Watch— — 2,509 5,777 5,455 11,198 — 795 25,734 
Special Mention— — — 2,254 402 7,942 — — 10,598 
Substandard - Accruing— — 9,707 868 — 14,694 — — 25,269 
Substandard - Nonaccrual— — — — 1,149 2,097 — — 3,246 
Total owner occupied$6,441 $101,587 $84,971 $58,186 $93,177 $302,180 $20,783 $11,812 $679,137 
Gross charge-offs$— $— $— $— $— $— $— $— $— 
Construction & land:
Pass$7,880 $26,651 $70,768 $196,037 $6,709 $7,799 $— $41,826 $357,670 
Pass/Watch— — — 3,453 — 12 — — 3,465 
Special Mention— — — 24,921 — — — — 24,921 
Total construction & land$7,880 $26,651 $70,768 $224,411 $6,709 $7,811 $— $41,826 $386,056 
Gross charge-offs$— $— $— $— $— $— $— $— $— 
Multifamily:
Pass$1,217 $4,389 $1,329 $28,388 $32,320 $10,430 $5,512 $— $83,585 
Substandard - Nonaccrual— — — 1,654 — — — — 1,654 
Total multifamily$1,217 $4,389 $1,329 $30,042 $32,320 $10,430 $5,512 $— $85,239 
Gross charge-offs$— $— $— $— $— $— $— $— $— 
20

20252024202320222021PriorRevolving Loans
Converted to Term		RevolvingTotal
Total commercial real estate:
Pass$18,515 $174,709 $205,536 $373,681 $262,492 $586,782 $34,195 $74,002 $1,729,912 
Pass/Watch— — 4,388 10,731 15,975 20,952 — 18,435 70,481 
Special Mention— — — 27,175 402 7,942 — — 35,519 
Substandard - Accruing— — 12,417 868 5,934 18,565 1,470 — 39,254 
Substandard - Nonaccrual— — — 1,654 1,149 6,412 — — 9,215 
Total commercial real estate:$18,515 $174,709 $222,341 $414,109 $285,952 $640,653 $35,665 $92,437 $1,884,381 
Gross charge-offs$— $— $— $— $— $— $— $— $— 
Residential real estate:
Pass$98,764 $155,205 $554,865 $124,001 $37,338 $167,905 $2,393 $15,467 $1,155,938 
Pass/Watch— — 6,477 5,506 1,252 5,464 60 992 19,751 
Special Mention— — 635 — — 421 — — 1,056 
Substandard - Accruing— — — — — 78 — — 78 
Substandard - Nonaccrual209 — 9,426 724 1,072 7,374 58 28 18,891 
Total residential real estate$98,973 $155,205 $571,403 $130,231 $39,662 $181,242 $2,511 $16,487 $1,195,714 
Gross charge-offs$— $— $— $— $— $— $— $— $— 
Public Finance:
Pass$6,730 $30,490 $20,277 $— $42,567 $440,364 $— $3,598 $544,026 
Substandard - Nonaccrual— — — — — 7,226 — — 7,226 
Total public finance$6,730 $30,490 $20,277 $— $42,567 $447,590 $— $3,598 $551,252 
Gross charge-offs$— $— $— $— $— $— $— $— $— 
Consumer:
Pass$865 $3,310 $1,373 $1,176 $3,513 $11,443 $— $16,524 $38,204 
Pass/Watch30 — 8 33 151 596 1 56 875 
Special Mention— — — — 1 — — — 1 
Substandard - Nonaccrual— — 12 — 3 1 — — 16 
Total consumer$895 $3,310 $1,393 $1,209 $3,668 $12,040 $1 $16,580 $39,096 
Gross charge-offs$— $— $58 $6 $— $7 $— $98 $169 
Other:
Pass$445 $30,455 $18,813 $7,656 $10,214 $6,690 $25,021 $74,910 $174,204 
Pass/Watch— — — — 1,942 — — — 1,942 
Substandard - Nonaccrual— — — — — 2,391 — — 2,391 
Total other$445 $30,455 $18,813 $7,656 $12,156 $9,081 $25,021 $74,910 $178,537 
Gross charge-offs$— $— $— $— $— $— $— $— $— 
Total loans:
Pass$362,086 $826,194 $1,035,748 $714,781 $527,078 $1,321,059 $114,052 $1,096,408 $5,997,406 
Pass/Watch30 1,650 23,536 65,368 42,758 32,862 261 41,300 207,765 
Special Mention— 276 10,785 48,046 16,268 10,144 1,599 6,578 93,696 
Substandard - Accruing— — 24,374 21,564 15,115 23,898 2,974 18,641 106,566 
Substandard - Nonaccrual209 — 11,644 2,378 6,200 28,756 1,591 153 50,931 
Doubtful— — 1,256 22,978 — 122 1,544 1,744 27,644 
Total loans$362,325 $828,120 $1,107,343 $875,115 $607,419 $1,416,841 $122,021 $1,164,824 $6,484,008 
Gross charge-offs$— $— $58 $6 $409 $241 $— $98 $812 
21

The following table presents the amortized cost by segment of loans by risk category and origination date as of December 31, 2024 and gross charge-offs by origination date for the year ended December 31, 2024:
20242023202220212020PriorRevolving Loans Converted to TermRevolvingTotal
Commercial and industrial:
Pass$490,655 $257,005 $255,402 $221,739 $67,636 $48,713 $76,821 $822,815 $2,240,786 
Pass/Watch1,469 17,131 29,927 19,200 4,373 2,343 322 19,994 94,759 
Special Mention277 13,796 22,630 3,740 345 664 1,901 3,772 47,125 
Substandard - Accruing928 6,359 27,244 22,543 2,862 3,236 6,339 17,277 86,788 
Substandard - Nonaccrual— 2,235 12,689 4,100 2,895 2,459 1,584 1,707 27,669 
Doubtful— — — — 415 — 230 — 645 
Total commercial and industrial$493,329 $296,526 $347,892 $271,322 $78,526 $57,415 $87,197 $865,565 $2,497,772 
Gross charge-offs$— $— $— $19,720 $269 $2 $630 $122 $20,743 
Commercial real estate:
Non-owner occupied:
Pass$40,289 $62,077 $101,213 $126,215 $137,151 $190,618 $7,919 $20,030 $685,512 
Pass/Watch— — 1,305 23,343 851 6,016 — 17,386 48,901 
Special Mention— — — 5,953 — — — — 5,953 
Substandard - Accruing— 2,711 — — 542 3,399 1,493 — 8,145 
Substandard - Nonaccrual— — — — — 4,350 — — 4,350 
Total non-owner occupied$40,289 $64,788 $102,518 $155,511 $138,544 $204,383 $9,412 $37,416 $752,861 
Gross charge-offs$— $— $— $— $270 $11 $— $— $281 
Owner occupied:
Pass$102,994 $78,583 $64,881 $88,399 $90,033 $177,733 $21,049 $5,273 $628,945 
Pass/Watch— 13,933 875 5,515 19,266 3,773 — — 43,362 
Special Mention— — 2,268 406 1,870 6,836 — — 11,380 
Substandard - Accruing— 577 446 — 2,516 12,269 — — 15,808 
Substandard - Nonaccrual— — — 1,167 — 2,111 — — 3,278 
Total owner occupied$102,994 $93,093 $68,470 $95,487 $113,685 $202,722 $21,049 $5,273 $702,773 
Gross charge-offs$— $— $— $— $— $194 $— $— $194 
Construction & land:
Pass$15,602 $54,903 $199,050 $6,749 $3,745 $4,414 $3,436 $29,998 $317,897 
Pass/Watch— — 3,351 — — 15 — — 3,366 
Special Mention— — 41,414 — — — — — 41,414 
Total construction & land$15,602 $54,903 $243,815 $6,749 $3,745 $4,429 $3,436 $29,998 $362,677 
Gross charge-offs$— $— $— $— $— $— $— $— $— 
Multifamily:
Pass$4,408 $1,338 $36,156 $32,878 $4,866 $7,502 $5,533 $— $92,681 
Substandard - Nonaccrual— — 1,674 — — — — — 1,674 
Total multifamily$4,408 $1,338 $37,830 $32,878 $4,866 $7,502 $5,533 $— $94,355 
Gross charge-offs$— $— $— $— $— $— $— $— $— 
22

20242023202220212020PriorRevolving Loans Converted to TermRevolvingTotal
Total commercial real estate:
Pass$163,293 $196,901 $401,300 $254,241 $235,795 $380,267 $37,937 $55,301 $1,725,035 
Pass/Watch— 13,933 5,531 28,858 20,117 9,804 — 17,386 95,629 
Special Mention— — 43,682 6,359 1,870 6,836 — — 58,747 
Substandard - Accruing— 3,288 446 — 3,058 15,668 1,493 — 23,953 
Substandard - Nonaccrual— — 1,674 1,167 — 6,461 — — 9,302 
Total commercial real estate:$163,293 $214,122 $452,633 $290,625 $260,840 $419,036 $39,430 $72,687 $1,912,666 
Gross charge-offs$— $— $— $— $270 $205 $— $— $475 
Residential real estate:
Pass$141,409 $138,915 $549,022 $108,084 $35,720 $151,015 $2,405 $15,201 $1,141,771 
Pass/Watch— 1,405 4,731 4,148 90 6,151 62 994 17,581 
Special Mention— — 351 — — 601 — — 952 
Substandard - Accruing— — — — — 86 — — 86 
Substandard - Nonaccrual210 — 10,667 727 2,244 6,284 59 29 20,220 
Total residential real estate$141,619 $140,320 $564,771 $112,959 $38,054 $164,137 $2,526 $16,224 $1,180,610 
Gross charge-offs$— $— $— $— $— $38 $— $— $38 
Public Finance:
Pass$29,860 $19,986 $— $42,558 $130,447 $322,066 $— $2,641 $547,558 
Substandard - Nonaccrual— — — — — 7,226 — — 7,226 
Total public finance$29,860 $19,986 $— $42,558 $130,447 $329,292 $— $2,641 $554,784 
Gross charge-offs$— $— $— $— $— $— $— $— $— 
Consumer:
Pass$3,949 $1,610 $1,333 $3,793 $7,464 $4,695 $60 $17,665 $40,569 
Pass/Watch— 6 37 104 182 331 1 46 707 
Special Mention— — — 1 — — — — 1 
Substandard - Accruing— — — — — — 4 — 4 
Substandard - Nonaccrual— — — 58 4 2 — — 64 
Total consumer$3,949 $1,616 $1,370 $3,956 $7,650 $5,028 $65 $17,711 $41,345 
Gross charge-offs$3 $10 $6 $3 $147 $46 $15 $208 $438 
Other:
Pass$26,745 $18,892 $7,664 $10,621 $148 $8,339 $129 $110,891 $183,429 
Pass/Watch— — — 3,360 — — — — 3,360 
Substandard - Nonaccrual— — — — — 2,391 — — 2,391 
Total other$26,745 $18,892 $7,664 $13,981 $148 $10,730 $129 $110,891 $189,180 
Gross charge-offs$— $— $— $— $— $— $— $— $— 
Total loans:
Pass$855,911 $633,309 $1,214,721 $641,036 $477,210 $915,095 $117,352 $1,024,514 $5,879,148 
Pass/Watch1,469 32,475 40,226 55,670 24,762 18,629 385 38,420 212,036 
Special Mention277 13,796 66,663 10,100 2,215 8,101 1,901 3,772 106,825 
Substandard - Accruing928 9,647 27,690 22,543 5,920 18,990 7,836 17,277 110,831 
Substandard - Nonaccrual210 2,235 25,030 6,052 5,143 24,823 1,643 1,736 66,872 
Doubtful— — — — 415 — 230 — 645 
Total loans$858,795 $691,462 $1,374,330 $735,401 $515,665 $985,638 $129,347 $1,085,719 $6,376,357 
Gross charge-offs$3 $10 $6 $19,723 $686 $291 $645 $330 $21,694 

23

The following table presents information about collateral dependent loans that were individually evaluated for purposes of determining the ACL as of:
Collateral Dependent Loans
With Allowance		Collateral Dependent Loans
With No Related Allowance		Total Collateral
Dependent Loans
Amortized CostRelated AllowanceAmortized CostAmortized CostRelated Allowance
March 31, 2025
Commercial & industrial$33,513 $17,486 $7,323 $40,836 $17,486 
Commercial real estate:
Non-owner occupied3,647 132 668 4,315 132 
Owner occupied— — 3,246 3,246 — 
Multifamily— — 1,654 1,654 — 
Total commercial real estate3,647 132 5,568 9,215 132 
Residential real estate1,806 166 17,085 18,891 166 
Public Finance7,226 1,460 — 7,226 1,460 
Consumer13 13 3 16 13 
Other2,391 159 — 2,391 159 
Total loans$48,596 $19,416 $29,979 $78,575 $19,416 
December 31, 2024
Commercial & industrial$20,890 $8,460 $7,424 $28,314 $8,460 
Commercial real estate:
Non-owner occupied— — 4,350 4,350 — 
Owner occupied— — 3,278 3,278 — 
Construction and land— — — — — 
Total commercial real estate— — 9,302 9,302 — 
Residential real estate1,409 154 18,811 20,220 154 
Consumer64 64 — 64 64 
Other2,391 159 — 2,391 159 
Total loans$31,980 $10,297 $35,537 $67,517 $10,297 
The allowance related to collateral dependent loans reported in the tables above includes qualitative adjustments applied to the loan portfolio that consider possible changes in circumstances that could ultimately impact credit losses and might not be reflected in historical data or forecasted data incorporated in the quantitative models.
Loan Modifications Made to Borrowers Experiencing Financial Difficulty:
The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon origination. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. We use a PD/LGD model to determine the allowance for credit losses. An assessment of whether a borrower is experiencing financial difficulty is made at the time of a modification. The loan modifications in the table below did not significantly impact our determination of the allowance for credit losses on loans during the three months ended March 31, 2025.
Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses, a change to the allowance for credit losses is generally not recorded upon modification. Occasionally, we modify loans by providing principal forgiveness that is deemed to be uncollectible; therefore, that portion
24

of the loan is written-off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses. Additionally, we may allow a loan to go interest only for a specified period of time.
The following table presents loan modifications for borrowers experiencing financial difficulty for the three months ended March 31, 2025 and 2024, segregated by modification type, regardless of whether such modifications resulted in a new loan.
Payment
Delay		Term
Extension		Interest Rate
Reduction		% of
Total Class
of Loans
March 31, 2025
Commercial and industrial$1,321 $— $— 0.1 %
Commercial real estate:
Owner occupied— — 1,198 0.2 %
Residential real estate— 771 — 0.1 %
Total loans$1,321 $771 $1,198 0.1 %
March 31, 2024
Commercial real estate:
Owner occupied$— $— $666 0.1 %
Residential real estate— 119 — — %
Total loans$— $119 $666 — %
There were no commitments to lend additional funds to these borrowers at March 31, 2025.
The financial effects of our loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2025 and 2024 were not significant.
We closely monitor the performance of loan modifications made to borrowers experiencing financial difficulty to understand the effectiveness of the modification efforts. The following table depicts the performance of loan modifications made to borrowers experiencing financial difficulty that have been modified in the preceding 12 months:
Loans
Not
Past Due		Loans
30-59 Days
Past Due		Loans
60-89 Days
Past Due		Loans Greater
than 90 Days
Past Due,
Still Accruing		NonaccrualTotal
March 31, 2025
Commercial and industrial$1,511 $— $— $— $16,406 $17,917 
Commercial real estate:
Non-owner occupied— 1,920 — — — 1,920 
Owner occupied7,000 — — — — 7,000 
Total commercial real estate7,000 1,920 — — — 8,920 
Residential real estate771 — — — 927 1,698 
Total loans$9,282 $1,920 $— $— $17,333 $28,535 
March 31, 2024
Commercial and industrial$— $— $— $— $283 $283 
Commercial real estate:
Owner occupied1,139 — — — 638 1,777 
Total loans$1,139 $— $— $— $921 $2,060 
25

NOTE 4 - Mortgage Servicing Rights
We have investments in mortgage servicing rights (“MSRs”) that result from the sale of loans to the secondary market for which we retain the servicing. We account for these MSRs at their fair value.
The unpaid principal loan balance of our servicing portfolio is presented in the following table as of:
March 31,
2025		December 31,
2024
Federal National Mortgage Association$2,624,052 $2,578,587 
Federal Home Loan Mortgage Corporation1,890,016 1,876,095 
Government National Mortgage Association1,286,264 1,259,513 
Federal Home Loan Bank99,669 98,582 
Other1,146 1,169 
Total$5,901,147 $5,813,946 
The activity of MSRs carried at fair value is as follows:
For the three months ended
March 31,
20252024
Balance, beginning of period$84,258 $76,701 
Additions:
Servicing resulting from transfers of financial assets2,653 2,031 
Changes in fair value:
Due to changes in valuation inputs or assumptions used in the valuation model(1,389)1,273 
Changes in fair value due to pay-offs, pay-downs, and runoff(2,595)(1,589)
Balance, end of period$82,927 $78,416 
The following represents the weighted-average key assumptions used to estimate the fair value of MSRs as of:
March 31,
2025		December 31,
2024		March 31,
2024
Discount rate10.14 %10.09 %10.12 %
Total prepayment speeds8.62 %7.90 %8.02 %
Cost of servicing each loan
$93/per loan
$92/per loan
$90/per loan
Total servicing and ancillary fees earned from the mortgage servicing portfolio is presented in the following table:
For the three months ended
March 31,
20252024
Servicing fees$4,260 $3,885 
Late and ancillary fees245 219 
Total$4,505 $4,104 
26

NOTE 5 - Derivative Financial Instruments
Banking Derivative Financial Instruments:
We use fair value hedges to seek to manage our exposure to changes in the fair value of certain recognized assets attributable to changes in a benchmark interest rate, such as SOFR. The fair value hedges were determined to be effective during all periods presented and we expect the hedges to remain effective during their remaining terms.
Derivatives not designated as hedges are not speculative and result from a service we provide to certain customers. We execute interest rate swaps with banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously offset by derivatives that we execute with a third-party, such that we minimize our net risk exposure resulting from such transactions. As the interest rate derivatives associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings.
Derivative instruments are measured at fair value and recorded as a component of prepaid expenses and other assets and accrued expenses and other liabilities.
The components of our banking derivative financial instruments consisted of the following as of:
Number of
Transactions		Expiration
Dates		Outstanding
Notional		Estimated
Fair
Value
March 31, 2025
Derivative financial instruments designated as hedging instruments:
Assets:
Interest Rate Products332029 - 2031$164,894 $10,161 
Derivative financial instruments not designated as hedging instruments:
Assets:
Interest Rate Products592025 - 2037$540,918 $18,290 
Other52028$16,147 $10 
Liabilities:
Interest Rate Products592025 - 2037$540,918 $18,166 
Other62027 - 2029$53,437 $60 
December 31, 2024
Derivative financial instruments designated as hedging instruments:
Assets:
Interest Rate Products362029 - 2034$175,967 $13,452 
Derivative financial instruments not designated as hedging instruments:
Assets:
Interest Rate Products572025 - 2037$502,080 $22,062 
Other12025$7,759 $— 
Liabilities:
Interest Rate Products572025 - 2037$502,080 $21,830 
Other52027 - 2028$38,756 $31 
We recorded gains and losses on banking derivative assets and liabilities as follows:
27

For the three months ended
March 31,
20252024
Recorded (loss) gain on banking derivative assets$(2,374)$6,385 
Recorded gain (loss) on banking derivative liabilities$2,291 $(6,232)
For the three months ended March 31, 2025 and 2024, our banking derivative financial instruments not designated as hedging instruments generated fee income of $465 and $31, respectively.
The carrying amount of hedged loans receivable as of March 31, 2025 and December 31, 2024 was $164,226 and $170,166, respectively. The cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged loans receivable as of March 31, 2025 and December 31, 2024 was $(6,953) and $(9,169), respectively. The fair value hedging adjustment included in other noninterest income for the three months ended March 31, 2025 and 2024 was $2,216 and $(1,594), respectively.
The carrying amount of hedged available-for-sale debt securities as of March 31, 2025 and December 31, 2024 was $35,784 and $37,749, respectively. The cumulative amount of fair value hedging adjustment included in the amortized cost amount of the hedged available-for-sale debt securities as of as of March 31, 2025 and December 31, 2024 was $(3,210), and $(4,285), respectively. The fair value hedging adjustment included in interest income for the three months ended March 31, 2025 and 2024 was $1,075 and $(1,272), respectively.
Credit-risk-related Contingent Features:
We have agreements with each of our derivative counterparties that contain a provision where if we either default or are capable of being declared in default on any of our indebtedness, then we could also be declared in default on our derivative obligations.
We also have agreements with our derivative counterparties that contain a provision where if we fail to maintain our status as a well-capitalized institution, then our derivative counterparties have the right but not the obligation to terminate existing swaps. As of March 31, 2025 and December 31, 2024, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $18,665 and $22,391, respectively. As of March 31, 2025 and December 31, 2024, we have minimum collateral posting thresholds with our derivative counterparties and have posted collateral of $5,890, respectively. If we had breached any of these provisions at March 31, 2025, we could have been required to settle our obligations under the agreements at their termination value of $18,665.
28

Mortgage Banking Derivative Financial Instruments:
The components of our mortgage banking derivative financial instruments consisted of the following as of:
Expiration
Dates		Outstanding
Notional		Estimated
Fair
Value
March 31, 2025
Derivative financial instruments
Assets:
Futures2025$56,900 $726 
Forward MBS trades2025$109,000 $(380)
Interest rate lock commitments (IRLC)2025$98,583 $871 
December 31, 2024
Derivative financial instruments
Assets:
Forward MBS trades2025$86,000 $464 
Interest rate lock commitments (IRLC)2025$44,701 $110 
Liabilities:
Futures2025$44,900 $1,002 
We recorded gains and losses on mortgage banking derivative assets and liabilities as follows:
For the three months ended
March 31,
20252024
Recorded gain on mortgage banking derivative assets$2,448 $58 
Recorded loss on mortgage banking derivative liabilities$(411)$— 
NOTE 6 - Deposits
The composition of our deposits is as follows as of:
March 31,
2025		December 31,
2024
Noninterest-bearing demand deposit accounts$1,574,736 $1,541,158 
Interest-bearing deposit accounts:
Interest-bearing demand accounts708,783 685,865 
Savings accounts and money market accounts2,974,774 2,834,123 
NOW accounts39,806 45,539 
Certificate of deposit accounts:
Less than $100778,936 781,109 
$100 through $250382,576 388,571 
Greater than $250414,628 395,895 
Total interest-bearing deposit accounts5,299,503 5,131,102 
Total deposits$6,874,239 $6,672,260 
29

The following table summarizes the interest expense incurred on our deposits:
For the three months ended
March 31,
20252024
Interest-bearing deposit accounts:
Interest-bearing demand accounts$5,575 $4,719 
Savings accounts and money market accounts13,775 10,671 
NOW accounts124 142 
Certificate of deposit accounts14,920 20,858 
Total interest-bearing deposit accounts$34,394 $36,390 
The remaining maturity on certificate of deposit accounts is as follows as of:
March 31,
2025
Remainder of 2025$1,479,615 
202679,750 
20278,626 
20282,305 
20293,093 
20301,274 
Thereafter1,477 
Total certificate of deposit accounts$1,576,140 
NOTE 7 - Debt
FHLB advances
The following is a breakdown of our FHLB advances and other borrowings outstanding as of:
March 31, 2025December 31, 2024
AmountWeighted
Average
Rate		AmountWeighted
Average
Rate
Variable rate line-of-credit advance$— N/A$— N/A
Fixed rate term advance35,000 4.66%135,000 4.60%
$35,000 $135,000 
Our FHLB advances are typically considered short-term borrowings with maturities less than one year and are used to manage liquidity as needed. Maturing advances are replaced by drawing on available cash, making additional borrowings or through increased customer deposits. The advances were collateralized by $2,666,181 and $2,733,150 of loans pledged to the FHLB as of March 31, 2025 and December 31, 2024, respectively.
As of March 31, 2025 and December 31, 2024, the Bank had total borrowing capacity with the FHLB that is based on qualified collateral lending values of $1,615,162 and $1,669,888, respectively. Our additional borrowing availability with the FHLB at March 31, 2025 was $1,472,919. These borrowings can be in the form of additional term advances or a line-of-credit.
FRB advances
We also had a $2,054,342 line-of-credit with the FRB. The agreement bears interest at the Fed Funds target rate plus 0.50% and is secured by $2,470,044 of investment securities and loans pledged to the FRB as collateral. No amounts were drawn on the line-of-credit as of March 31, 2025.
30

Other borrowings
We have lines-of-credit with certain other financial institutions totaling $160,000 as of March 31, 2025. No amounts were drawn on these lines-of-credit at March 31, 2025.
Subordinated Debt

Subordinated Notes - 2020
In June and August 2020, we issued a total of $40,000 subordinated notes. The notes pay interest at a fixed rate of 6.00% through June 30, 2025 and subsequently, until maturity, pay interest at a floating rate of three month term SOFR plus 5.89%, reset quarterly. Interest is payable on July 1 and January 1 of each year. Such notes are due on July 1, 2030. The notes are not redeemable within the first five years of issuance, except under certain very limited conditions. After five years, we may redeem the notes at our discretion. We incurred and capitalized $933 of costs related to the issuance of the subordinated notes. The amortization associated with the capitalized issuance costs is not significant for the periods presented.
Subordinated Note - 2022
On January 13, 2022, we issued a subordinated note totaling $25,000. The note pays interest at a fixed rate of 3.375% through January 15, 2027 and subsequently, until maturity, pays interest at a floating rate of three month term SOFR plus 2.03%, reset quarterly. Interest is payable on July 15 and January 15 of each year. Such note is due on January 15, 2032. The note is not redeemable within the first five years of issuance, except under certain very limited conditions. After five years, we may redeem the note at our discretion. We incurred and capitalized $534 of costs related to the issuance of the subordinated note. The amortization associated with the capitalized issuance costs is not significant for the periods presented.
Trust preferred securities
We have issued $9,279 in trust preferred securities through a special-purpose trust, New Mexico Banquest Capital Trust I (“NMBCT I”). In addition, we have issued $4,640 in trust preferred securities through a special purpose trust, New Mexico Banquest Capital Trust II (“NMBCT II”, and together with NMBCT I, collectively referred to as “NMBCT Trusts”). Interest is payable quarterly at a rate of three-month term SOFR plus 3.35% (7.91% and 8.51% as of March 31, 2025 and 2024, respectively) for the trust preferred securities issued through NMBCT I and at a rate of three-month term SOFR plus 2.00% (6.59% and 7.39% as of March 31, 2025 and 2024, respectively) for the trust preferred securities issued through NMBCT II.
This subordinated debt of $13,919 was originally recorded at a discount of $4,293. The accretion associated with the fair value discount is not significant for the periods presented.

The Parent Company fully and unconditionally guarantees the obligations of the NMBCT Trusts on a subordinated basis. The trust preferred securities issued through the NMBCT Trusts are mandatorily redeemable upon the maturity of the debentures on December 19, 2032 and November 23, 2034, respectively, and are optionally redeemable, in part or in whole, by the Parent Company at each quarterly interest payment date. The Parent Company owns all of the outstanding common securities of the NMBCT Trusts, which have an aggregate liquidation valuation amount of $419 and is recorded in prepaid expenses and other assets on the consolidated balance sheet. The NMBCT Trusts are considered variable interest entities. Since the Parent Company is not the primary beneficiary of the NMBCT Trusts, the financial statements of the NMBCT Trusts are not included in our consolidated financial statements.
31

NOTE 8 - Earnings Per Share
Basic earnings per share, excluding dilution, is computed by dividing earnings available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock or resulted in the issuance of common stock that could then share in our earnings.
The following table sets forth the computation of basic and diluted earnings per share of common stock:
For the three months ended
March 31,
20252024
Net income applicable to common stockholders$23,569 $12,296 
Weighted Average Shares
Weighted average common shares outstanding27,721,760 27,019,625 
Effect of dilutive securities
Stock-based awards572,152 609,316 
Weighted average diluted common shares28,293,912 27,628,941 
Earnings per common share
Basic earnings per common share$0.85 $0.46 
Effect of dilutive securities
Stock-based awards(0.02)(0.01)
Diluted earnings per common share$0.83 $0.45 
NOTE 9 - Stockholders’ Equity
As of March 31, 2025 and December 31, 2024, the Company has 10,000,000 shares of preferred stock authorized, $0.0001 par value, of which none were issued or outstanding, respectively.
As of March 31, 2025 and December 31, 2024, the Company has 50,000,000 shares of common stock authorized, $0.0001 par value, of which 27,753,918 and 27,709,679 shares were issued and outstanding, respectively.
Dividends:
Dividends paid by the Company, if any, are substantially provided from Bank dividends. The Bank may declare dividends without prior regulatory approval that do not exceed the total of retained net income for the current year combined with its retained net income for the preceding two years, subject to maintenance of minimum capital requirements. During 2025 and 2024 the Bank did not pay a dividend. During 2025, Logia paid a dividend of $75 to the Parent Company. The Parent Company did not declare or pay any dividend in 2025
Equity Incentive Plans:

2017 Equity Incentive Plan
The 2017 Equity Incentive Plan (the “2017 Plan”) provides for the grant of stock options, stock appreciation rights, restricted stock and other stock awards to its employees, directors and consultants for up to 1,977,292 shares of FirstSun common stock in the aggregate.

Option awards are generally granted with an exercise price of not less than the fair value of a share of the Company’s common stock at the date of grant, they vest 25% on the first, second, third and fourth anniversaries following the date of grant and have 10 year terms. The fair value of each stock option award is estimated on the date of grant utilizing the Black-Scholes option pricing model. Expected volatility was determined based on the median historical volatility of 25 to 30 comparable companies that were publicly traded for a period commensurate with the expected term of the options. The expected term of the options was estimated to be the average of the vesting term and time to expiration. The risk-free rate for the expected term of the stock options was based on the U.S. Treasury yield curve in effect at the date of grant.
32

The following table presents stock options outstanding as of and for the three months ended March 31, 2025:
 SharesWeighted-Average
Exercise Price,
per Share		Weighted-Average
Remaining Term (years)
Outstanding, beginning of year882,570 $20.39 
Exercised(97,256)19.88 
Granted— — 
Forfeited— — 
Outstanding, end of year785,314 $20.46 3.09
Options vested or expected to vest785,314 $20.46 
Options exercisable, end of year785,314 $20.46 3.09
At March 31, 2025, there was $9 of total unrecognized compensation cost related to non-vested stock options. The unrecognized compensation cost at March 31, 2025 is expected to be recognized over the following two months. At March 31, 2025 and 2024, the intrinsic value of the stock options was $14,089 and $17,439, respectively.
2021 Equity Incentive Plan
The FirstSun Capital Bancorp 2021 Equity Incentive Plan (the “2021 Plan”) provides for the grant of stock options, stock appreciation rights, restricted stock and other stock awards to its employees, directors and consultants for up to 2,476,571 shares of FirstSun common stock in the aggregate. Additionally, we established the FirstSun Capital Bancorp Long-Term Incentive Plan (“LTIP”), which became effective April 1, 2022. The LTIP is intended to qualify as a “top-hat” plan under ERISA that is unfunded and provides benefits only to a select group of management or highly compensated employees of FirstSun or the Bank.
In February 2025, we issued 2,997 shares of restricted stock that were fully vested at the date of grant. We incurred total expense on the grant date of $184.
In April 2024, we issued performance-based restricted stock under the LTIP that, subject to the achievement of performance conditions, will fully vest in March 2027. At March 31, 2025, based upon the probability that the performance conditions will be achieved, we determined that 84,150 shares will be issued. At March 31, 2025, there was $1,992 of total unrecognized compensation cost related to the non-vested restricted stock granted on these probable future issuances.
In March 2024, we issued 11,739 shares of restricted stock that were fully vested in March 2025. At March 31, 2025, there was no unrecognized compensation cost.
In May 2023, we issued performance-based restricted stock under the LTIP that, subject to the achievement of performance conditions, will fully vest in April 2026. At March 31, 2025, based upon the probability that the performance conditions will be achieved, we determined that 77,873 shares will be issued. At March 31, 2025, there was $727 of total unrecognized compensation cost related to the non-vested restricted stock granted on these probable future issuances.
In May 2022, we issued performance-based restricted stock under the LTIP that, subject to the achievement of performance conditions, will fully vest in April 2025. At March 31, 2025, based upon the probability that the performance conditions will be achieved, we determined that 42,403 shares will be issued. At March 31, 2025, there was no unrecognized compensation cost related to the non-vested restricted stock granted on these probable future issuances.
For the three months ended March 31, 2025, and 2024, we recorded total compensation cost from the 2017 and 2021 Plans of $636 and $492, respectively.

33

Acquired Equity Incentive Plans
In conjunction with the Pioneer Bancshares, Inc. merger, we assumed certain options that had been granted under Pioneer’s option plans. All assumed options were fully vested and exercisable. No further options will be granted under the Pioneer plans. The following table presents option activity:
 SharesWeighted-Average
Exercise Price,
per Share		Weighted-Average
Remaining Term (years)
2025
Outstanding, beginning of year74,919 $22.76 
Exercised— — 
Granted— — 
Forfeited— — 
Outstanding, vested, and exercisable, end of year74,919 $22.78 2.77
Options vested or expected to vest74,919 $22.78 
Options vested and exercisable, end of year74,919 $22.78 2.77
At March 31, 2025 and 2024, the intrinsic value of the stock options was $1,167 and $1,243, respectively.
NOTE 10 - Income Taxes
The provision for income taxes in interim periods requires us to make an estimate of the effective tax rate expected to be applicable for the full year, adjusted for any discrete items for the applicable period. This estimated effective tax rate is then applied to interim consolidated pre-tax operating income to determine the interim provision for income taxes.
The provision for income tax is summarized as follows:
For the three months ended
March 31,
20252024
Provision for income taxes$6,116 $2,990 
Effective tax provision rate20.6 %19.6 %
We do not believe that we have any material uncertain tax positions, and do not expect any material changes during the next twelve months.
34

NOTE 11 - Regulatory Capital Matters
Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action.
Under the Basel III rules, the Parent Company and the Bank must hold a capital conservation buffer above the adequately capitalized risk-based capital ratios. The fully phased in capital conservation buffer is 2.50% for all periods presented.
The net unrealized gain or loss on available for sale securities is not included in computing regulatory capital. As of March 31, 2025, both the Parent Company and the Bank met all capital adequacy requirements to which they were subject.
Prompt corrective action regulations provide five classifications: well-capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. As of March 31, 2025 and December 31, 2024, the most recent regulatory notifications categorized the Bank as well-capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category.
Actual and required capital amounts for the Parent Company are as follows as of:
ActualFor Capital
Adequacy Purposes		To be Well-
Capitalized under
Prompt Corrective
Action Provisions
AmountRatioAmountRatioAmountRatio
March 31, 2025
Total risk-based capital to risk-weighted assets:$1,154,346 15.52 %$595,207 8.00 %N/AN/A
Tier 1 risk-based capital to risk-weighted assets:$986,280 13.26 %$446,405 6.00 %N/AN/A
Common Equity Tier 1 (CET 1) to risk-weighted assets:$986,280 13.26 %$334,804 4.50 %N/AN/A
Tier 1 leverage capital to average assets:$986,280 12.47 %$316,255 4.00 %N/AN/A
December 31, 2024
Total risk-based capital to risk-weighted assets:$1,128,334 15.42 %$585,567 8.00 %N/AN/A
Tier 1 risk-based capital to risk-weighted assets:$964,517 13.18 %$439,175 6.00 %N/AN/A
Common Equity Tier 1 (CET 1) to risk-weighted assets:$964,517 13.18 %$329,381 4.50 %N/AN/A
Tier 1 leverage capital to average assets:$964,517 12.11 %$318,646 4.00 %N/AN/A

35

Actual and required capital amounts for the Bank are as follows as of:
ActualFor Capital
Adequacy Purposes		To be Well-
Capitalized under
Prompt Corrective
Action Provisions
AmountRatioAmountRatioAmountRatio
March 31, 2025
Total risk-based capital to risk-weighted assets:$1,046,831 14.09 %$594,278 8.00 %$742,847 10.00 %
Tier 1 risk-based capital to risk-weighted assets:$954,734 12.85 %$445,708 6.00 %$594,278 8.00 %
Common Equity Tier 1 (CET 1) to risk-weighted assets:$954,734 12.85 %$334,281 4.50 %$482,851 6.50 %
Tier 1 leverage capital to average assets:$954,734 12.08 %$316,197 4.00 %$395,246 5.00 %
December 31, 2024
Total risk-based capital to risk-weighted assets:$1,018,866 13.94 %$584,594 8.00 %$730,742 10.00 %
Tier 1 risk-based capital to risk-weighted assets:$930,890 12.74 %$438,445 6.00 %$584,594 8.00 %
Common Equity Tier 1 (CET 1) to risk-weighted assets:$930,890 12.74 %$328,834 4.50 %$474,982 6.50 %
Tier 1 leverage capital to average assets:$930,890 11.69 %$318,647 4.00 %$398,308 5.00 %
NOTE 12 - Fair Value Measurements
We utilize fair value measurements to record or disclose the fair value on certain assets and liabilities. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The determination of fair values of financial instruments often requires the use of estimates. In cases where quoted market values in an active market are not available, we use present value techniques and other valuation methods to estimate the fair values of our financial instruments. These valuation models rely on market-based parameters when available, such as interest rate yield curves or credit spreads. Unobservable inputs may be based on management’s judgment assumptions and estimates related to credit quality, our future earnings, interest rates and other relevant inputs. These valuation methods require considerable judgment and the resulting estimates of fair value can be significantly affected by the assumptions made and the methods used.
ASC Topic 820 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The hierarchy is based on the transparency of the inputs used in the valuation process with the highest priority given to quoted prices available in active markets and the lowest priority to unobservable inputs where no active market exists. The three levels of inputs that may be used to measure fair value are as follows:
Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.
Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means.
Level 3: Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own beliefs about the assumptions that market participants would use in pricing the assets or liabilities.
36

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input within the valuation hierarchy that is significant to the overall fair value measurement. Transfers between levels of the fair value hierarchy are recognized at the end of the reporting period.
The following table sets forth our assets and liabilities measured at fair value on a recurring basis as of:
Level 1Level 2Level 3
Quoted prices
in active
markets for
identical
assets		Significant
other
observable
inputs		Significant
unobservable
inputs		Total
Estimated
Fair
Value
March 31, 2025
Available-for-sale securities$32,341 $448,274 $— $480,615 
Loans held-for-sale— 65,603 — 65,603 
Mortgage servicing rights— — 82,927 82,927 
Derivative financial instruments - assets— 29,678 — 29,678 
Derivative financial instruments - liabilities— (18,226)— (18,226)
Total$32,341 $525,329 $82,927 $640,597 
December 31, 2024
Available-for-sale securities$31,730 $437,346 $— $469,076 
Loans held-for-sale— 61,825 — 61,825 
Mortgage servicing rights— — 84,258 84,258 
Derivative financial instruments - assets— 36,088 — 36,088 
Derivative financial instruments - liabilities— (22,863)— (22,863)
Total$31,730 $512,396 $84,258 $628,384 
For further details on our Level 3 inputs related to MSRs, see Note 4 - Mortgage Servicing Rights.
The following table presents a reconciliation for our Level 3 assets measured at fair value on a recurring basis:
For the three months ended
March 31,
20252024
Balance, beginning of period$84,258 $76,701 
Total losses included in earnings(3,984)(316)
Purchases, issuances, sales and settlements:
Issuances2,653 2,031 
Balance, end of period$82,927 $78,416 

37

Certain financial assets and financial liabilities are regularly measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. Financial assets measured at fair value on a non-recurring basis during the reported periods include certain collateral dependent loans reported at the fair value of the underlying collateral if repayment is expected solely from the collateral and other real estate owned and foreclosed assets, which, upon initial recognition, were remeasured and reported at fair value through a charge-off to the allowance for credit losses, and subsequent to their initial recognition, were remeasured at fair value through a write-down included in other non-interest expense. The following table sets forth our assets and liabilities that were measured at fair value on a non-recurring basis as of:
Level 3
March 31,
2025		December 31,
2024
Collateral dependent loans:
Commercial and industrial$16,027 $12,430 
Commercial real estate3,515 — 
Residential real estate1,640 1,255 
Public finance5,766 5,766 
Other2,232 2,232 
Total collateral dependent loans$29,180 $21,683 
Other real estate owned and foreclosed assets, net:
Commercial real estate$2,892 $2,911 
Residential real estate2,022 2,227 
Total other real estate owned and foreclosed assets, net:$4,914 $5,138 
The fair value of the financial assets in the table above utilizes the market approach valuation technique, with discount adjustments for differences between comparable sales.

38

Fair value of financial instruments not carried at fair value:
The carrying amounts and estimated fair values of financial instruments not carried at fair value are as follows as of:
Estimated Fair Value
Carrying
Value		TotalLevel 1Level 2Level 3
March 31, 2025
Assets:
Cash and cash equivalents$621,377 $621,377 $621,377 $— $— 
Securities held-to-maturity34,914 29,881 — 29,881 — 
Loans (excluding collateral dependent loans)6,435,412 6,315,871 — — 6,315,871 
Restricted equity securities24,729 24,729 — 24,729 — 
Accrued interest receivable33,668 33,668 — 2,534 31,134 
Liabilities:
Deposits (excluding demand deposits)$4,590,720 $4,583,991 $3,014,580 $1,569,411 $— 
Securities sold under agreements to repurchase8,515 8,515 — 8,515 — 
FHLB advances35,000 35,000 — 35,000 — 
Subordinated debt, net75,969 73,835 — 73,835 — 
Accrued interest payable9,060 9,060 — 9,060 — 
December 31, 2024
Assets:
Cash and cash equivalents$615,917 $615,917 $615,917 $— $— 
Securities held-to-maturity35,242 29,563 — 29,563 — 
Loans (excluding collateral dependent loans)6,344,377 6,191,461 — — 6,191,461 
Restricted equity securities28,917 28,917 — 28,917 — 
Accrued interest receivable32,102 32,102 — 2,131 29,971 
Liabilities:
Deposits (excluding demand deposits)$4,445,237 $4,436,305 $2,879,662 $1,556,643 $— 
Securities sold under agreements to repurchase14,699 14,699 — 14,699 — 
FHLB advances135,000 135,000 — 135,000 — 
Subordinated debt, net75,841 73,326 — 73,326 — 
Accrued interest payable8,705 8,705 — 8,705 — 
NOTE 13 - Segment Information
The Company’s Chief Executive Officer has been identified as the chief operating decision maker (“CODM”), who oversees the operations conducted through our two primary operating segments: Banking and Mortgage Operations. Corporate represents costs not allocated to the operating segments, including those of FirstSun and our non-bank subsidiaries.
The Banking segment originates loans and provides deposits and fee based services to consumer, business, and mortgage lending customers. Products offered include a full range of commercial and consumer banking and financial services. The interest income on loans held-for-investment is recognized in the Banking segment, excluding newly originated residential first mortgages within the Mortgage Operations segment.

39

The Mortgage Operations segment originates, sells, services, and manages market risk from changes in interest rates on one-to-four family residential mortgage loans to sell or hold on our balance sheet. Loans originated-to-sell comprise the majority of the lending activity. The Mortgage Operations segment recognizes interest income on loans that are held-for-sale and newly originated residential mortgages held-for-investment, the gains from one to four family residential mortgage sales, and revenue for servicing loans and other ancillary fees following a sales transaction. Revenue from servicing activities is earned on a contractual fee basis. The Mortgage Operations segment services loans for the held-for-investment portfolio, for which it earns revenue via an intercompany service fee allocation which appears as a cost to Banking in mortgage fees. Forward traded loan purchases and sales settlements as well as mortgage servicing rights and related fair value adjustments are reported in this segment.
Corporate represents miscellaneous other expenses of a corporate nature as well as revenue and expenses not directly assigned or allocated to the Banking or Mortgage Operations segments. The majority of executive management’s time is spent managing operating segments; related costs have been allocated between the operating segments and Corporate.
Allocations of expenses to the operating segments are based on estimated uses of those services. We use a funds transfer pricing process to allocate costs, capital and resources to each operating segment. This allows us to identify the cost of funds within each segment, measure the profitability of each segment by relating costs to revenue, and to evaluate each operating segment’s impact on consolidated earnings. Our CODM reviews net income to budgeted net income to assess segment performance on a monthly basis and to make decisions about allocating capital and personnel to the segments.
Significant segment totals are reconciled to the financial statements as follows for the three months ended March 31,:
BankingMortgage OperationsCorporateTotal Segments
2025
Summary of Operations
Interest income$99,476 $10,963 $8 $110,447 
Interest expense29,138 5,631 1,200 35,969 
Net interest income (expense)70,338 5,332 (1,192)74,478 
Provision for (benefit from) credit losses4,062 (262)— 3,800 
Noninterest income:
Service charges on deposit accounts2,027 — — 2,027 
Treasury management service fees4,194 — — 4,194 
Credit and debit card fees2,585 1 — 2,586 
Trust and investment advisory fees1,421 — — 1,421 
(Loss) income from mortgage banking services, net(622)9,677 — 9,055 
Other noninterest income2,491 (45)— 2,446 
Total noninterest income12,096 9,633 — 21,729 
Noninterest expense:
Salary and employee benefits31,056 7,867 638 39,561 
Occupancy and equipment8,680 795 61 9,536 
Amortization of intangible assets628 — — 628 
Other noninterest expenses8,347 4,218 432 12,997 
Total noninterest expense48,711 12,880 1,131 62,722 
Income (loss) before income taxes$29,661 $2,347 $(2,323)$29,685 
Other Information
Depreciation expense and amortization on premises and equipment$1,996 $39 $— $2,035 
Identifiable assets$6,928,554 $1,152,956 $134,948 $8,216,458 
40

BankingMortgage OperationsCorporateTotal Segments
2024
Summary of Operations
Interest income$106,502 $3,530 $8 $110,040 
Interest expense37,980 11 1,243 39,234 
Net interest income (expense)68,522 3,519 (1,235)70,806 
Provision for (benefit from) credit losses17,864 (1,364)— 16,500 
Noninterest income:
Service charges on deposit accounts2,344 — — 2,344 
Treasury management service fees3,468 — — 3,468 
Credit and debit card fees2,758 1 — 2,759 
Trust and investment advisory fees1,463 — — 1,463 
(Loss) income from mortgage banking services, net(583)10,085 — 9,502 
Other noninterest income3,272 — — 3,272 
Total noninterest income12,722 10,086 — 22,808 
Noninterest expense:
Salary and employee benefits29,763 7,149 441 37,353 
Occupancy and equipment7,759 792 44 8,595 
Amortization of intangible assets815 — — 815 
Terminated merger related expenses503 — 1,986 2,489 
Other noninterest expenses8,451 3,924 201 12,576 
Total noninterest expense47,291 11,865 2,672 61,828 
Income (loss) before income taxes$16,089 $3,104 $(3,907)$15,286 
Other Information
Depreciation expense and amortization on premises and equipment$1,737 $50 $— $1,787 
Identifiable assets$6,695,912 $947,437 $138,252 $7,781,601 
41

NOTE 14 - Commitments and Contingencies
Commitments
We are a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of our customers. These financial instruments include loan commitments, standby letters of credit, and documentary letters of credit and involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements. Our exposure to credit loss in the event of nonperformance by the other party of these loan commitments and standby letters of credit is represented by the contractual amount of those instruments. We use the same credit policies in making commitments and conditional obligations as we do for on-balance sheet financial instruments.
Undistributed portion of committed loans and unused lines of credit
Loan commitments are agreements to lend to a customer as long as there is no customer violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require a payment of a fee. As of March 31, 2025 and December 31, 2024, commitments included the funding of fixed-rate loans totaling $160,867 and $184,780 and variable-rate loans totaling $1,642,653 and $1,615,505, respectively. The fixed-rate loan commitments have interest rates ranging from 1.00% to 18.00% at March 31, 2025 and December 31, 2024, and maturities ranging from 1 month to 18 years at March 31, 2025 and December 31, 2024.
Standby letters of credit
Standby letters of credit are conditional commitments to guarantee the performance of a customer to a third-party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Since many loan commitments and letters of credit expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. We evaluate each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary upon extension of credit, is based on our credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, property, plant and equipment, owner occupied real estate, and/or income-producing commercial properties. As of March 31, 2025 and December 31, 2024, our standby letters of credit commitment totaled $39,007 and $39,586, respectively.
MPF Master Commitments
The Bank has executed MPF Master Commitments (Commitments) with the FHLB to deliver mortgage loans and to guarantee the payment of any realized losses that exceed the FHLB’s first loss account for mortgages delivered under the Commitments. The Bank receives credit enhancement fees from the FHLB for providing this guarantee and continuing to manage the credit risk of the MPF Program mortgage loans. As of March 31, 2025 and December 31, 2024, the Bank considered the amount of any of its liability for the present value of the credit enhancement fees less any expected losses in the mortgages delivered under the Commitments to be immaterial, and has not recorded a liability and offsetting receivable. As of March 31, 2025 and December 31, 2024, the maximum potential amount of future payments that the Bank would have been required to make under the Commitments was $3,934 and $3,887, respectively. Under the Commitments, the Bank agrees to service the loans and therefore, is responsible for any necessary foreclosure proceedings. Any future recoveries on any losses would not be paid by the FHLB under the Commitments. The Bank has not experienced any material losses under these guarantees.
Contingencies
We generally sell loans to investors without recourse; therefore, the investors have assumed the risk of loss or default by the borrower. However, we are usually required by these investors to make certain standard representations and warranties relating to credit information, loan documentation, and collateral. To the extent that we do not comply with such representations, we may be required to repurchase the loans or indemnify these investors for any losses from borrower defaults. We establish reserves for potential losses related to these representations and warranties if deemed appropriate and such reserves would be recorded within accrued expenses and other liabilities. In assessing the adequacy of the reserve, we evaluate various factors including actual write-offs during the period, historical loss experience, known delinquent and other problem loans, and economic trends and conditions in the industry.

42

From time to time, we are a defendant in various claims, legal actions, and complaints arising in the ordinary course of business. We periodically review all outstanding pending or threatened legal proceedings and determine if such matters will have an adverse effect on our business, financial condition, results of operations or cash flows.
Litigation
Overdraft Fee Litigation:
On September 13, 2021, Samantha Besser filed a putative class action amended complaint against the Bank in the United States District Court for the District of Colorado. The amended complaint alleges that the Bank improperly charged multiple insufficient funds or overdraft fees. The Plaintiff seeks unspecified restitution, actual and statutory damages, costs, attorneys’ fees, pre-judgment interest, and other relief as the Court deems proper. On April 28, 2025, Plaintiff filed an unopposed motion to approve an agreed upon settlement in which the Bank would fund a $0.45 million class settlement fund and forgive $0.07 million in uncollected fees. The Bank expects that this motion will be granted on or before June 30, 2025.
Check Fraud Litigation
Rodeo Electrical Services, Inc. and its owner (collectively, “RESI”) filed a civil action against the Bank on June 23, 2020 in the Santa Fe County, New Mexico District Court. The complaint alleged that the Bank conspired with or otherwise aided a former RESI employee’s embezzlement of approximately $0.4 million from RESI. The complaint sought compensatory, exemplary, statutory and punitive damages, as well as payment of RESI’s legal fees and expenses. On January 18, 2024, the jury awarded RESI approximately $2.1 million which included punitive damages. Judgment on the jury’s award was entered on July 25, 2024. A supplemental award of RESI’s legal fees will likely be entered by June 30, 2025. A supplemental judgment award of RESI’s legal fees is pending before the Court for consideration. We believe the judgment will be covered by insurance; therefore, the ultimate outcome will not have a material effect on the financial condition or results of operations of the Bank.
We establish reserves for contingencies, including legal proceedings, when potential losses become probable and can be reasonably estimated. While the ultimate resolution of any legal proceedings, including the matters described above, cannot be determined at this time, based on information presently available, and after consultation with legal counsel, management believes that the ultimate outcome in these above legal proceedings, either individually or in the aggregate, will not have a material adverse effect on our financial statements. It is possible, however, that future developments could result in an unfavorable outcome for or resolution of any of these proceedings, which may be material to our results of operations for a given fiscal period.
43

NOTE 15 - Lease Commitments
Our leases relate primarily to office space and bank branches with remaining lease terms of generally 1 to 15 years. Certain lease arrangements contain extension options which typically range from 5 to 10 years at the then fair market rental rates. As these extension options are not generally considered reasonably certain of exercise, they are not included in the lease term.
March 31,
2025		December 31,
2024
ROU asset on leased property, gross$41,334 $38,779 
Accumulated amortization(18,043)(16,303)
ROU asset, net (included in prepaid expenses and other assets in our consolidated balance sheets)$23,291 $22,476 
Lease liability (included in accrued expenses and other liabilities in our consolidated balance sheets)$25,134 $24,376 
Weighted Average Remaining Life - Operating Leases (years)5.045.09
Weighted Average Rate - Operating Leases2.83 %2.61 %
The following table reconciles future undiscounted lease payments due under non-cancelable operating leases to the aggregate operating lessee lease liability as of March 31, 2025:
Remainder of 2025$7,278 
20265,472 
20274,071 
20283,783 
20292,903 
20303,425 
Thereafter115 
Total undiscounted operating lease liability27,047 
Imputed interest1,913 
Total operating lease liability included in the accompanying balance sheet$25,134 
Total lease expense for three months ended March 31, 2025 and 2024 was $2,036 and $1,924, respectively. The components of total lease expense was as follows:
For the three months ended
March 31,
20252024
Operating leases$1,970 $1,922 
Short-term leases102 47 
Sublease income(36)(45)
Net lease expense$2,036 $1,924 
We do not currently have any significant finance leases in which we are the lessee, material related-party leases, leases containing residual value guarantees or restrictive covenants.
44

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations of FirstSun
In this section, unless the context suggests otherwise, references to “we,” “us,” and “our” mean the combined business of FirstSun and its wholly-owned subsidiaries, Sunflower Bank, Logia Portfolio Management, LLC, and FEIF Capital Partners, LLC.
The following discussion and analysis of FirstSun’s consolidated financial condition and results of operations should be read in conjunction with the unaudited consolidated financial statements and accompanying footnotes included in Item 1 of this Form 10-Q as well as our audited consolidated financial statements and footnotes for the year ended December 31, 2024 included in our 2024 Annual Report that we filed with the SEC on March 7, 2025. Historical results of operations and the percentage relationships among any amounts included, and any trends that may appear, may not indicate trends in operations or results of operations for any future periods.
Annualized ratios are presented utilizing the Actual/Actual day-count convention. Prior period annualized ratios have been recalculated to conform to the current presentation.
Comments regarding our business that are not historical facts are considered forward-looking statements that involve inherent risks and uncertainties. Actual results may differ materially from those contained in these forward-looking statements. For additional information regarding our cautionary disclosures, see the “Cautionary Note Regarding Forward-Looking Statements” beginning on page 3 of this report.
General Overview
FirstSun Capital Bancorp, headquartered in Denver, Colorado, is the financial holding company for Sunflower Bank, National Association, which is headquartered in Dallas, Texas and operates as Sunflower Bank, First National 1870 and Guardian Mortgage, which we are in the process of rebranding as Sunflower Bank Mortgage Lending. We conduct a full-service community banking and trust business through our wholly-owned subsidiaries—Sunflower Bank, Logia Portfolio Management, LLC, and FEIF Capital Partners, LLC.
We offer a full range of relationship-focused services to meet our clients’ personal, business and wealth management financial objectives throughout Texas, Kansas, Colorado, New Mexico, Arizona, California and Washington and a mortgage lending platform with capabilities in 43 states. Our product line includes commercial and industrial loans, commercial real estate loans, residential mortgage, public finance and other consumer loans, and a variety of commercial and consumer deposit products, including noninterest-bearing accounts, interest-bearing demand products, savings accounts, money market accounts and certificates of deposit. We also offer wealth management and trust products including personal trust and agency accounts, employee benefit and retirement related trust and agency accounts, investment management and advisory agency accounts, and foundation and endowment trust and agency accounts. We also offer online banking and bill payment services, online cash management, safe deposit box rentals, debit card and ATM card services and the availability of a network of ATMs for our customers.
We operate FirstSun through two operating segments: Banking and Mortgage Operations. We also allocate certain expenses to Corporate, which is not an operating segment. The expenses included in Corporate are not deemed to be allocable to our operating segments. The operating segments have been determined based on the products and services we offer and reflect the manner in which our financial information is evaluated by management. Each of the operating segments is complementary to each other and because of the interrelationship of the segments, the information presented is not indicative of how the segments would perform if they operated as independent entities. For additional information on our segments, see Note 13 - Segment Information included in our consolidated financial statements included elsewhere in this report.
45

Financial Summary
First Quarter 2025 Highlights:
•Net income of $23.6 million, $0.83 per diluted share
•Net interest margin of 4.07%
•Return on average total assets of 1.20%
•Return on average stockholders’ equity of 9.03%
•Loan growth of 6.8% annualized
•Deposit growth of 12.3% annualized
•22.6% noninterest income to total revenue1
Net income totaled $23.6 million for the first quarter of 2025 compared to net income of $12.3 million for the first quarter of 2024. Earnings per diluted share were $0.83 for the first quarter of 2025 compared to $0.45 for the first quarter of 2024. Adjusted net income, a non-GAAP financial measure, was $14.6 million or $0.53 per diluted share for the first quarter of 2024. Net income, for the first quarter of 2024, was negatively impacted by a provision for credit loss on a specific customer in our commercial and industrial (C&I) loan portfolio of $10.6 million, net of tax, or $0.39 per diluted share.
The following table sets forth certain summary financial and other information of FirstSun:
As of and for the three months ended
($ in thousands, except per share amounts)March 31,
2025		March 31,
2024
Income Statement:
Net interest income$74,478 $70,806 
Provision for credit losses3,800 16,500 
Noninterest income21,729 22,808 
Noninterest expense62,722 61,828 
Income before income taxes29,685 15,286 
Provision for income taxes6,116 2,990 
Net income23,569 12,296 
Adjusted net income2
23,569 14,592 
Balance Sheet:
Total assets$8,216,458 $7,781,601 
Total loans held-for-sale65,603 56,813 
Total loans held-for-investment6,484,008 6,284,868 
Total deposits6,874,239 6,445,388 
Total borrowed funds110,969 220,255 
Total stockholders' equity1,068,295 964,662 
Per Common Share Data:
Period end common shares outstanding27,753,918 27,442,943 
Weighted average common shares outstanding, basic27,721,760 27,019,625 
Basic earnings per share$0.85 $0.46 
Weighted average common shares outstanding, diluted28,293,912 27,628,941 
Diluted earnings per share$0.83 $0.45 
Adjusted diluted earnings per share2
0.83 0.53 
Cash dividends$— $— 
Dividend payout ratio— %— %
Book value per share$38.49 $35.15 
Tangible book value per share2
34.88 31.37 
1 Total revenue is net interest income plus noninterest income.
2 See section entitled “Non-GAAP Financial Measures and Reconciliations” for information regarding these non-GAAP financial measures and a reconciliation to the most comparable GAAP equivalent.
1 Total revenue is net interest income plus noninterest income.
46

As of and for the three months ended
($ in thousands, except per share amounts)March 31,
2025		March 31,
2024
Performance Ratios:
Return on average total assets1.20 %0.65 %
Adjusted return on average total assets2
1.20 %0.77 %
Return on average stockholders' equity9.03 %5.18 %
Adjusted return on average stockholders’ equity2
9.03 %6.14 %
Return on average tangible stockholders' equity2
10.18 %6.11 %
Adjusted return on average tangible stockholders' equity2
10.18 %7.20 %
Net interest margin4.07 %4.01 %
Net interest margin (FTE basis)2
4.13 %4.08 %
Efficiency ratio65.19 %66.05 %
Adjusted efficiency ratio2
65.19 %63.39 %
Noninterest income to total revenue1
22.6 %24.4 %
Balance Sheet Ratios:
Loan to deposit ratio94.3 %97.5 %
Net charge-offs (recoveries) to average loans outstanding0.04 %1.12 %
Allowance for credit losses to loans1.42 %1.27 %
Nonperforming loans to total loans3
1.21 %0.92 %
Capital Ratios:
Total risk-based capital to risk-weighted assets15.52 %14.73 %
Tier 1 risk-based capital to risk-weighted assets13.26 %12.54 %
Common Equity Tier 1 (CET 1) to risk-weighted assets13.26 %12.54 %
Tier 1 leverage capital to average assets12.47 %11.73 %
Average stockholders' equity to average total assets13.28 %12.49 %
Tangible stockholders' equity to tangible assets2
11.93 %11.21 %
Tangible stockholders' equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax2
11.89 %11.17 %
Nonfinancial Data:
Full-time equivalent employees1,151 1,154 
Banking branches69 69 
1 Total revenue is net interest income plus noninterest income.
2 See section entitled “Non-GAAP Financial Measures and Reconciliations” for information regarding these non-GAAP financial measures and a reconciliation to the most comparable GAAP equivalent.
3 Nonperforming loans include nonaccrual loans and accrual loans greater than 90 days past due.
47

Non-GAAP Financial Measures and Reconciliations
The non-GAAP financial measures presented below are used by our management and our Board of Directors on a regular basis in addition to our GAAP results to facilitate the assessment of our financial performance. Management believes these non-GAAP financial measures enhance an investor’s understanding of our financial results by providing a meaningful basis for period-to-period comparisons, assisting in operating results analysis, and predicting future performance. This information supplements our GAAP reported results, and should not be viewed in isolation from, or as a substitute for, our GAAP results. Accordingly, this financial information should be read in conjunction with our consolidated financial statements and notes thereto for the three months ended March 31, 2025, included elsewhere in this report. Non-GAAP financial measures exclude certain items that are included in the financial results presented in accordance with GAAP. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although these non-GAAP financial measures are frequently used by investors to evaluate a company, they have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analyses of results as reported under GAAP. These non-GAAP measures are not necessarily comparable to similar measures that may be represented by other companies.
The following table presents GAAP to non-GAAP reconciliations:
As of and for the three months ended
($ in thousands, except share and per share amounts)March 31,
2025		March 31,
2024
Tangible stockholders’ equity to tangible assets:
Total stockholders' equity (GAAP)$1,068,295 $964,662 
Less: Goodwill and other intangible assets
Goodwill(93,483)(93,483)
Other intangible assets(6,806)(10,168)
Tangible stockholders' equity (non-GAAP)$968,006 $861,011 
Total assets (GAAP)$8,216,458 $7,781,601 
Less: Goodwill and other intangible assets
Goodwill(93,483)(93,483)
Other intangible assets(6,806)(10,168)
Tangible assets (non-GAAP)$8,116,169 $7,677,950 
Total stockholders' equity to total assets (GAAP)13.00 %12.40 %
Less: Impact of goodwill and other intangible assets(1.07)%(1.19)%
Tangible stockholders' equity to tangible assets (non-GAAP)11.93 %11.21 %
Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax:
Tangible stockholders' equity (non-GAAP)$968,006 $861,011 
Less: Net unrealized losses on HTM securities, net of tax(3,803)(4,236)
Tangible stockholders’ equity less net unrealized losses on HTM securities, net of tax (non-GAAP)$964,203 $856,775 
Tangible assets (non-GAAP)$8,116,169 $7,677,950 
Less: Net unrealized losses on HTM securities, net of tax(3,803)(4,236)
Tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP)$8,112,366 $7,673,714 
Tangible stockholders’ equity to tangible assets (non-GAAP)11.93 %11.21 %
Less: Net unrealized losses on HTM securities, net of tax(0.04)%(0.04)%
Tangible stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP)11.89 %11.17 %
Tangible book value per share:
Total stockholders' equity (GAAP)$1,068,295 $964,662 
Tangible stockholders' equity (non-GAAP)$968,006 $861,011 
Total shares outstanding27,753,918 27,442,943 
Book value per share (GAAP)$38.49 $35.15 
Tangible book value per share (non-GAAP)$34.88 $31.37 
Adjusted net income:
Net income (GAAP)$23,569 $12,296 
Add: Non-recurring adjustments
Terminated merger related expenses, net of tax— 2,296 
Total adjustments, net of tax— 2,296 
Adjusted net income (non-GAAP)$23,569 $14,592 
48

As of and for the three months ended
($ in thousands, except share and per share amounts)March 31,
2025		March 31,
2024
Adjusted diluted earnings per share:
Diluted earnings per share (GAAP)$0.83 $0.45 
Add: Impact of non-recurring adjustments
Terminated merger related expenses, net of tax— 0.08 
Adjusted diluted earnings per share (non-GAAP)$0.83 $0.53 
Adjusted return on average total assets:
Return on average total assets (ROAA) (GAAP)1.20 %0.65 %
Add: Impact of non-recurring adjustments
Terminated merger related expenses, net of tax— %0.12 %
Adjusted ROAA (non-GAAP)1.20 %0.77 %
Adjusted return on average stockholders’ equity:
Return on average stockholders' equity (ROACE) (GAAP)9.03 %5.18 %
Add: Impact of non-recurring adjustments
Terminated merger related expenses, net of tax— %0.96 %
Adjusted ROACE (non-GAAP)9.03 %6.14 %
Return on average tangible stockholders’ equity:
Return on average stockholders’ equity (ROACE) (GAAP)9.03 %5.18 %
Add: Impact from goodwill and other intangible assets
Goodwill0.94 %0.63 %
Other intangible assets0.21 %0.30 %
Return on average tangible stockholders’ equity (ROATCE) (non-GAAP)10.18 %6.11 %
Adjusted return on average tangible stockholders’ equity:
Return on average tangible stockholders' equity (ROATCE) (non-GAAP)10.18 %6.11 %
Add: Impact of non-recurring adjustments
Terminated merger related expenses, net of tax— %1.09 %
Adjusted ROATCE (non-GAAP)10.18 %7.20 %
Adjusted total noninterest expense:
Total noninterest expense (GAAP)$62,722 $61,828 
Less: Non-recurring adjustments
Terminated merger related expenses— (2,489)
Total non-recurring adjustments— (2,489)
Adjusted total noninterest expense (non-GAAP)$62,722 $59,339 
Adjusted efficiency ratio:
Efficiency ratio (GAAP)65.19 %66.05 %
Less: Impact of non-recurring adjustments
Terminated merger related expenses— %(2.66)%
Adjusted efficiency ratio (non-GAAP)65.19 %63.39 %
Fully tax equivalent (“FTE”) net interest income and net interest margin:
Net interest income (GAAP)$74,478 $70,806 
Gross income effect of tax exempt income1,192 1,318 
FTE net interest income (non-GAAP)$75,670 $72,124 
Average earning assets$7,423,376 $7,100,323 
Net interest margin4.07 %4.01 %
Net interest margin on FTE basis (non-GAAP)4.13 %4.08 %
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Segments
Banking
Three months ended March 31, 2025 and 2024
Income before income taxes increased $13.6 million to $29.7 million for the first quarter of 2025, from $16.1 million for the same period in 2024. The period over period increase was primarily due to an increase in net interest income and decrease in provision for credit losses, partially offset by an increase in noninterest expense. Net interest income increased $1.8 million to $70.3 million for the first quarter of 2025, compared to $68.5 million for the same period in 2024, primarily due to a decrease in cost of interest-bearing deposits partially offset by a decrease in yield of earnings assets. Provision for credit losses decreased $13.8 million to $4.1 million for the first quarter of 2025, compared to $17.9 million for the same period in 2024, primarily due to a provision for credit loss on a specific customer in our commercial and industrial (C&I) loan portfolio of $14.1 million during the first quarter of 2024. Salary and employee benefits increased $1.3 million to $31.1 million for the first quarter of 2025, from $29.8 million for the same period in 2024, primarily due to the hiring of C&I bankers in Southern California. Identifiable assets for our Banking segment increased $0.2 billion to $6.9 billion at March 31, 2025 from $6.7 billion at March 31, 2024. The growth in identifiable assets was primarily driven by organic growth in our loan portfolios.
Mortgage Operations
Three months ended March 31, 2025 and 2024
Income before income taxes decreased $0.8 million to $2.3 million for the first quarter of 2025, compared to $3.1 million for the same period in 2024. The period over period decrease was primarily due to a decrease in revenue from mortgage banking services and an increase in noninterest expense, partially offset by an increase in net interest income. Revenue from mortgage banking services decreased $0.4 million to $9.7 million for the first quarter of 2025, compared to $10.1 million for the same period in 2024, primarily due to a decrease in net sale gains as a result of slightly lower margins and a decrease in net MSR capitalization due to increasing prepayment speeds in the serviced loan portfolio, partially offset by an increase in loan originations sold. Salary and employee benefits increased $0.7 million to $7.9 million for the first quarter of 2025, compared to $7.1 million for the same period in 2024, primarily due to higher levels of variable compensation associated with an increase in mortgage loan originations. Net interest income increased $1.8 million to $5.3 million for the first quarter of 2025, compared to $3.5 million for the same period in 2024, primarily due to higher average balances and a higher average yield on residential real estate loans. Identifiable assets for our Mortgage Operations segment increased $0.2 billion to $1.2 billion at March 31, 2025 from $0.9 billion at March 31, 2024. The growth in identifiable assets was primarily driven by organic growth in our residential mortgage portfolio.
Critical Accounting Estimates
In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Our accounting and reporting estimates are in accordance with generally accepted accounting principles, or “U.S. GAAP,” and conform to general practices within the banking industry. Estimates that are susceptible to significant changes include accounting for the allowance for credit losses and fair value measurements of MSRs, both of which require significant judgments by management. Actual results could result in material changes to our consolidated financial condition or consolidated results of operations.
Certain policies inherently have a greater reliance on the use of estimates, assumptions and judgments and, as such, have a greater possibility of producing results that could be materially different than originally reported. We have identified the determination of the allowance for credit losses and fair value measurements of MSRs to be the accounting areas that require the most subjective or complex judgments and, as such, could be most subject to revision as new or additional information becomes available or circumstances change, including overall changes in the economic climate and/or market interest rates. Therefore, we consider the estimates underlying these policies to be critical accounting estimates and we discuss them directly with the Audit Committee of our Board of Directors at least annually.
The following is a description of our critical accounting estimates and an explanation of the methods and assumptions underlying their application.
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Allowance for Credit Losses - Management maintains an ACL for loans based upon management’s estimate of the lifetime expected credit losses in the loan portfolio as of the balance sheet date, excluding loans held for sale. Additionally, management maintains an ACL for held-to-maturity or available-for-sale debt securities, and other off-balance sheet credit exposures (e.g., unfunded loan commitments). For loans and unfunded loan commitments, the estimate of lifetime credit losses includes the use of quantitative models that incorporate forward-looking macroeconomic scenarios that are applied over the contractual lives of the portfolios, adjusted, as appropriate, for prepayments and permitted extension options using historical experience. For purposes of the ACL for lending commitments, such allowance is determined using the same methodology as the ACL for loans, while also taking into consideration the probability of drawdowns or funding, and whether such commitments are cancellable by us. The ACL for held-to-maturity and available-for-sale debt securities is measured using a risk-adjusted discounted cash flow approach that also considers relevant current and forward-looking economic variables and the ACL is limited to the difference between the fair value of the security and its amortized cost. Judgment is specifically applied in the determination of economic assumptions, length of the initial loss forecast period, the reversion of losses beyond the initial forecast period, usage of macroeconomic scenarios, probabilities of default, losses given default, amortization and prepayment rates, and qualitative factors, which may not be adequately captured in the loss model, as further discussed below.
The macroeconomic scenarios utilized by management include variables that have historically been key drivers of increases and decreases in credit losses. These variables include, but are not limited to, unemployment rates, housing and commercial real estate prices, gross domestic product levels, corporate bond spreads and changes in equity market prices. Management derives the economic forecasts it uses in its ACL model from Moody’s Analytics. The latter has a large team of economics, database managers and operational engineers with a history of producing monthly economic forecasts for over 25 years.
Management has currently set an initial forecast period (“reasonable and supportable period”) of four years and a reversion period of one year, utilizing a straight-line approach and reverting back to the historical macroeconomic mean. After the reversion period, a historical loss forecast period covering the remaining contractual life, adjusted for prepayments, is used based on changes in key historical economic variables during representative historical expansionary and recessionary periods. Changes in economic forecasts impact the probability of default (“PD”), loss-given default (“LGD”), and exposure at default (“EAD”) for each instrument, and therefore influence the amount of future cash flows for each instrument that management does not expect to collect.
Further, management periodically considers the need for qualitative adjustments to the ACL. Qualitative adjustments may be related to and include, but not limited to, factors such as the following: (i) management’s assessment of economic forecasts used in the model and how those forecasts align with management’s overall evaluation of current and expected economic conditions; (ii) organization specific risks such as credit concentrations, collateral specific risks, nature, and size of the portfolio and external factors that may ultimately impact credit quality, and (iii) other limitations associated with factors such as changes in underwriting and loan resolution strategies, among others. The qualitative factors applied on March 31, 2025, and the importance and levels of the qualitative factors applied, may change in future periods depending on the level of changes to items such as the uncertainty of economic conditions and management’s assessment of the level of credit risk within the loan portfolio as a result of such changes, compared to the amount of ACL calculated by the model. The evaluation of qualitative factors is inherently imprecise and requires significant management judgment.
The ACL can also be impacted by factors outside of management’s control, which include unanticipated changes in asset quality of the portfolio, such as deterioration in borrower delinquencies, or credit scores in our residential real estate and consumer portfolio. Further, the current fair value of collateral is utilized to assess the expected credit losses when a financial asset is considered to be collateral dependent.
Our process for determining the ACL is further discussed in “Note 1 - Basis of Presentation, Description of Business and Summary of Significant Accounting Policies” in our 2024 Annual Report.
Fair Value Measurement of MSRs - Our residential mortgage servicing rights are measured at fair value on a recurring basis. We estimate the fair value of our MSRs using a process that utilizes a discounted cash flow model and analysis of current market data to arrive at the estimate. The cash flow assumptions used in the model are based on numerous factors, with the key assumptions being mortgage prepayment speeds, discount rates and cost to service that management believes are consistent with the assumptions that other similar market participants use in valuing MSRs. The change of any of these key assumptions due to market conditions or other factors could materially affect the fair value of our MSRs. We also utilize a third-party consulting firm to assist us with the valuation. Because of the nature of the valuation inputs, we classify the valuation of our MSRs as Level 3 in the fair value hierarchy. See Note 4 - Mortgage Servicing Rights for our assumptions used in valuing the MSRs. For information concerning the hypothetical sensitivity of the key assumptions
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under adverse changes on our MSRs, see the table under “Noninterest Income” elsewhere in the Management’s Discussion and Analysis of Financial Condition and Results of Operations in this report.
Results of Operations
The following table sets forth components of our results of operations:
As of and for the three months ended
March 31,
($ in thousands, except per share amounts)20252024
Net interest income$74,478 $70,806 
Provision for credit losses3,800 16,500 
Noninterest income21,729 22,808 
Noninterest expense62,722 61,828 
Income before income taxes29,685 15,286 
Provision for income taxes6,116 2,990 
Net income23,569 12,296 
Diluted earnings per share$0.83 $0.45 
Return on average total assets1.20 %0.65 %
Return on average stockholders' equity9.03 %5.18 %
Net interest margin4.07 %4.01 %
Net interest margin - FTE basis (non-GAAP)1
4.13 %4.08 %
Efficiency ratio65.19 %66.05 %
Noninterest income to total revenue2
22.6 %24.4 %
1 See section entitled “Non-GAAP Financial Measures and Reconciliations” for information regarding non-GAAP financial measures and a reconciliation to the most comparable GAAP equivalent.
2 Total revenue is net interest income plus noninterest income.
General
Our results of operations depend significantly on net interest income, which is the difference between interest income on interest-earning assets, consisting primarily of interest income on loans and investment securities and interest expense on interest-bearing liabilities, consisting primarily of deposits and borrowings. Our results of operations are also dependent on our generation of noninterest income, consisting primarily of income from mortgage banking services, treasury management service fees, service charges on deposit accounts, trust and investment advisory fees and credit and debit card fees. Other factors contributing to our results of operations include our provisions for credit losses, income taxes, and noninterest expenses, such as salaries and employee benefits, occupancy and equipment, amortization of intangible assets and other operating costs.
Net Interest Income
Net interest income, representing interest income less interest expense, is a significant contributor to our revenues and earnings. We generate interest income from interest and dividends on interest-earning assets, which are principally comprised of loans and investment securities. We incur interest expense from interest owed or paid on interest-bearing liabilities, including interest-bearing deposits, FHLB advances and other borrowings. Net interest income and margin are shaped by the characteristics of the underlying products, including volume, term and structure of each product. We measure and monitor yields on our loans and other interest-earning assets, the costs of our deposits and other funding sources, our net interest spread and our net interest margin. Net interest spread is the difference between rates earned on interest-earning assets and rates paid on interest-bearing liabilities. Net interest margin is calculated as net interest income divided by average interest-earning assets.
Interest earned on our loan portfolio is the largest component of our interest income. Our loan portfolios are presented at the principal amount outstanding net of deferred origination fees and unamortized discounts and premiums. Interest income is recognized based on the principal balance outstanding and the stated rate of the loan. Loan origination fees and certain direct origination costs are capitalized and recognized as an adjustment of the yield on the related loan. Non-PCD loans acquired are initially recorded at fair value and the resulting discount or premium are recognized as an adjustment of the yield on the related loans.
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Our net interest income can be significantly influenced by a variety of factors, including overall loan demand, economic conditions, credit risk, the amount of non-earning assets including nonperforming loans and OREO, the amounts of and rates at which assets and liabilities reprice, variances in prepayment of loans and securities, exercise of call options on borrowings or securities, a general rise or decline in interest rates, changes in the slope of the yield-curve, and balance sheet growth or contraction.
Three months ended March 31, 2025 and 2024
Our net interest income was $74.5 million for the first quarter of 2025, an increase of $3.7 million, or 5.2%, compared to the same period in 2024. Interest income on loans decreased by $1.6 million for the first quarter of 2025, compared to the same period in 2024. Interest income on investment securities decreased by $0.1 million for the first quarter of 2025, compared to the same period in 2024. Interest income on interest-bearing cash and other assets increased by $2.1 million for the first quarter of 2025, compared to the same period in 2024. Interest expense from total interest-bearing liabilities decreased by $3.3 million for the first quarter of 2025, compared to the same period in 2024.
Our net interest margin was 4.07% for the first quarter of 2025, compared to 4.01% for the same period in 2024, an increase of six basis points. We experienced a 20 basis point decrease in yield from earning assets while our total cost of funds decreased by 33 basis points, for the first quarter of 2025 as compared to the same period in 2024.
Total average loans grew to $6.4 billion at March 31, 2025, an increase of $0.1 billion or 1.7%, compared to March 31, 2024, due to organic growth in our loan portfolio. Yield on loans decreased 15 basis points for the first quarter of 2025, compared to the same period in 2024, primarily due to the declining interest rate environment and its impact on variable rate loans in the portfolio. Interest-bearing cash and other assets increased $0.3 billion, or 109.1%, for the first quarter of 2025, compared to the same period in 2024. Yield on interest-bearing cash and other assets decreased 115 basis points for the first quarter of 2025, compared to the same period in 2024, primarily due to the declining interest rate environment.
Average interest-bearing liabilities increased $0.2 billion, or 3.3%, for the first quarter of 2025, compared to the same period in 2024, primarily to support the growth in our loan portfolio. Average interest-bearing deposits increased $0.3 billion, or 5.4%, for the first quarter of 2025, compared to the same period in 2024, which included a decrease of $0.3 billion, or 14.7%, in average certificates of deposit balances. Cost of interest-bearing deposits decreased 29 basis points for the first quarter of 2025, compared to the same period in 2024, primarily due to the decrease in certificates of deposit balances and the declining interest rate environment. Average FHLB borrowings decreased $0.1 billion, or 73.4%, for the first quarter of 2025, compared to the same period in 2024. Cost of FHLB borrowings decreased 99 basis points, for the first quarter of 2025, compared to the same period in 2024.


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The following tables set forth information related to our average balance sheet, average yields on assets, and average costs of liabilities for the periods presented. We derived these yields by dividing income or expense by the average balance of the corresponding assets or liabilities. We derived average balances from the daily balances throughout the periods indicated.
As of and for the three months ended March 31,:
20252024
(In thousands)Average BalanceInterestAverage Yield/RateAverage BalanceInterestAverage Yield/Rate
Interest Earning Assets
Loans1
6,420,710 100,680 6.36 %6,313,855 102,268 6.51 %
Investment securities501,809 4,370 3.53 %546,960 4,487 3.30 %
Interest-bearing cash and other assets500,857 5,397 4.37 %239,508 3,285 5.52 %
Total earning assets7,423,376 110,447 6.03 %7,100,323 110,040 6.23 %
Other assets548,976 548,642 
Total assets$7,972,352 $7,648,965 
Interest-bearing liabilities
Demand and NOW deposits$720,700 $5,699 3.21 %$549,491 $4,861 3.56 %
Savings deposits400,801 569 0.58 %421,882 725 0.69 %
Money market deposits2,441,737 13,206 2.19 %2,063,321 9,946 1.94 %
Certificates of deposits1,547,634 14,920 3.91 %1,814,629 20,858 4.62 %
Total deposits5,110,872 34,394 2.73 %4,849,323 36,390 3.02 %
Repurchase agreements9,615 37 1.57 %21,254 57 1.07 %
Total deposits and repurchase agreements5,120,487 34,431 2.73 %4,870,577 36,447 3.01 %
FHLB borrowings29,489 334 4.60 %110,777 1,541 5.59 %
Other long-term borrowings75,907 1,204 6.43 %75,389 1,246 6.65 %
Total interest-bearing liabilities5,225,883 35,969 2.79 %5,056,743 39,234 3.12 %
Noninterest-bearing deposits1,532,150 1,502,707 
Other liabilities155,337 134,370 
Stockholders' equity1,058,982 955,145 
Total liabilities and stockholders' equity$7,972,352 $7,648,965 
Net interest income$74,478 $70,806 
Net interest spread3.24 %3.11 %
Net interest margin4.07 %4.01 %
Net interest margin - FTE basis (non-GAAP)2
4.13 %4.08 %
1 Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale.
2 See section entitled “Non-GAAP Financial Measures and Reconciliations” for information regarding non-GAAP financial measures and a reconciliation to the most comparable GAAP equivalent
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Rate-Volume Analysis
The tables below present the effect of volume and rate changes on interest income and expense. Changes due to volume are changes in the average balance multiplied by the previous period’s average rate. Changes due to rate are changes in the average rate multiplied by the average balance from the prior period. The net changes attributable to the combined impact of both rate and volume have been allocated proportionately to the changes due to volume and the changes due to rate.
For the three months ended March 31,
 2025 Versus 2024 Increase (Decrease) Due to:
(In thousands)RateVolumeTotal
Interest Earning Assets
Loans1
$(5,478)$3,890 $(1,588)
Investment securities677 (794)(117)
Interest-bearing cash(498)2,610 2,112 
Total earning assets(5,299)5,706 407 
Interest-bearing liabilities
Demand and NOW deposits(389)1,227 838 
Savings deposits(120)(36)(156)
Money market deposits1,360 1,900 3,260 
Certificates of deposits(3,039)(2,899)(5,938)
Total deposits(2,188)192 (1,996)
Repurchase agreements113 (133)(20)
Total deposits and repurchase agreements(2,075)59 (2,016)
FHLB borrowings(236)(971)(1,207)
Other long-term borrowings(53)11 (42)
Total interest-bearing liabilities(2,364)(901)(3,265)
Net interest income$(2,935)$6,607 $3,672 
1 Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale.
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Provision for Credit Losses
We established an allowance for credit losses through a provision for credit losses charged as an expense in our consolidated statements of income. The provision for credit losses is the amount of expense that, based on our judgment, is required to maintain the allowance for credit losses at an adequate level to absorb expected losses in the loan portfolio at the balance sheet date and that, in management’s judgment, is appropriate under GAAP. Our determination of the amount of the allowance for credit losses and corresponding provision for credit losses considers ongoing evaluations of the credit quality and level of credit risk inherent in our loan portfolio, levels of nonperforming loans and charge-offs, statistical trends and economic and other relevant factors. The allowance for credit losses is increased by the provision for credit losses and is decreased by charge-offs, net of recoveries on prior loan charge-offs.
We had provision for credit losses of $3.8 million for the first quarter of 2025, compared to $16.5 million for the same period in 2024. The provision for credit losses for the first quarter of 2025 was primarily due to deterioration on a specific customer relationship and factors relating to increasing economic uncertainty, partially offset by impacts from net portfolio upgrades and increasing prepayment experience.
Noninterest Income
The following table presents noninterest income:
Three Months Ended March 31,
(In thousands)20252024
Service charges on deposit accounts$2,027 $2,344 
Treasury management service fees4,194 3,468 
Credit and debit card fees2,586 2,759 
Trust and investment advisory fees1,421 1,463 
Income from mortgage banking services, net9,055 9,502 
Other2,446 3,272 
Total noninterest income$21,729 $22,808 
Three months ended March 31, 2025 and 2024
Our noninterest income decreased $1.1 million to $21.7 million for the first quarter of 2025 from $22.8 million for the same period in 2024.
Service charges on deposit accounts includes overdraft and non-sufficient funds charges, and other service fees on deposit accounts. Service charges on deposit accounts decreased $0.3 million for the first quarter of 2025, compared to the same period in 2024, primarily due to a decrease in non-sufficient funds and overdraft fees.
Treasury management service fees include financial information management, accounts receivable management, accounts payable services, fraud mitigation services, and cash flow management. Treasury management service fees increased $0.7 million, primarily due to an overall increase in our business customer base as well as an increase in products and services provided to our existing customer base.
Credit and debit card fees represent interchange income from credit and debit card activity and referral fees earned from processing fees on card transactions by our business customers. Credit and debit card fees decreased $0.2 million for the first quarter of 2025 compared to the same period in 2024, as card transaction volumes decreased slightly.
Trust and investment advisory fees represent fees we receive in connection with our investment advisory and custodial management services of investment accounts. Trust and investment advisory fees were largely unchanged for the first quarter of 2025 as compared to the same period in 2024.
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The components of income from mortgage banking services were as follows:
For the three months ended
 March 31,
(In thousands)20252024
Net sale gains and fees from mortgage loan originations, including loans held-for-sale changes in fair value and hedging$4,563 $4,971 
Mortgage servicing income4,505 4,104 
Net MSR capitalization and changes in fair value, net of derivative activity(13)427 
Income from mortgage banking services, net$9,055 $9,502 
For the first quarter of 2025, income from mortgage banking services decreased $0.4 million, compared to the same period in 2024. Total loan originations for sale were $251.0 million for the first quarter of 2025, an increase of $56.1 million from $194.9 million for the same period in 2024. Slightly lower margins, partially offset by an increase in loan originations sold resulted in the decrease in revenue related to net sale gains and fees from loan originations, including fair value changes in the held-for-sale portfolio and hedging activity. We retain servicing rights on the majority of mortgage loans that we sell, which drove the increase in servicing income of $0.4 million to $4.5 million for the first quarter of 2025, from $4.1 million for the same period in 2024. Net MSR capitalization and changes in fair value, net of derivative activity decreased $0.4 million in the first quarter of 2025, compared to the same period in 2024. The decrease in revenue related to our MSRs was due to lower net MSR capitalization, primarily due to increasing prepayment speeds in the serviced loan portfolio.
The following table shows the hypothetical effect on the fair value of our MSRs when applying certain unfavorable variations of key assumptions to these assets as of March 31, 2025.
(In thousands)10%20%
Discount rate$(3,043)$(5,944)
Total prepayment speeds(2,691)(5,242)
Cost of servicing each loan(864)(1,724)
These hypothetical sensitivities should be evaluated with care. The effect on fair value of an adverse change in assumptions generally cannot be determined because the relationship of the change in assumptions to the fair value may not be linear. Additionally, the impact of a variation in a particular assumption on the fair value is calculated while holding other assumptions constant. In reality, changes in one factor may lead to changes in other factors, which could impact the above hypothetical effects.
Other noninterest income decreased $0.8 million for the first quarter of 2025 compared to the same period in 2024, primarily due to a decrease in the fair value of investments related to our deferred compensation plan.
Noninterest Expense
The following table presents noninterest expense:
For the three months ended
 March 31,
(In thousands)20252024
Salary and employee benefits$39,561 $37,353 
Occupancy and equipment9,536 8,595 
Amortization of intangible assets628 815 
Terminated merger-related expenses— 2,489 
Other12,997 12,576 
Total noninterest expenses$62,722 $61,828 
Three months ended March 31, 2025 and 2024
Our noninterest expenses increased $0.9 million to $62.7 million for the first quarter of 2025, from $61.8 million for the same period in 2024.
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Salary and employee benefits increased $2.2 million to $39.6 million for the first quarter of 2025, from $37.4 million for the same period in 2024, primarily due to the hiring of C&I bankers in Southern California and higher levels of variable compensation associated with an increase in residential mortgage loan originations.
Occupancy and equipment increased $0.9 million to $9.5 million for the first quarter of 2025, from $8.6 million for the same period in 2024, primarily due to higher software subscriptions and license fees.
Other noninterest expense increased $0.4 million to $13.0 million for the first quarter of 2025, from $12.6 million for the same period in 2024, primarily due to higher data processing expenses.
Income Taxes
Three months ended March 31, 2025 and 2024
We had income tax expense for the first quarter of 2025 of $6.1 million, compared to income tax expense of $3.0 million for the same period in 2024. The increase in income tax expense was due to an increase in income during the first quarter of 2025, compared to the same period in 2024. Our effective tax rate was 20.6% for the first quarter of 2025, compared to 19.6% for the same period in 2024.
Financial Condition
Balance Sheet
Our total assets were $8.2 billion and $8.1 billion, total liabilities were $7.1 billion and $7.1 billion, and total stockholders’ equity was $1.1 billion and $1.0 billion at March 31, 2025 and December 31, 2024, respectively.
Investment Securities
Our securities portfolio is used to make various term investments, maintain a source of liquidity and serve as collateral for certain types of deposits and borrowings. We manage our investment portfolio according to written investment policies approved by our board of directors. Investment in our securities portfolio may change over time based on our funding needs and interest rate risk management objectives. Our liquidity levels take into account anticipated future cash flows and other available sources of funds, and are maintained at levels that we believe are appropriate to provide the necessary flexibility to meet our anticipated funding requirements.
Our investment securities portfolio consists of securities classified as available-for-sale and held-to-maturity. There were no trading securities in our investment portfolio as of March 31, 2025 and December 31, 2024. All available-for sale securities are carried at fair value and may be used for liquidity purposes should management consider it to be in our best interest.
Our securities available-for-sale increased by $11.5 million to $480.6 million at March 31, 2025, compared to December 31, 2024. During the period ended March 31, 2025, the securities held-to-maturity decreased $0.3 million to $34.9 million.
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The following table is a summary of our investment portfolio as of:
March 31, 2025December 31, 2024
(In thousands)Carrying Amount% of PortfolioCarrying Amount% of Portfolio
Available-for-sale:
U.S. treasury$32,341 6.7 %$31,730 6.8 %
U.S. agency576 0.1 %656 0.2 %
Obligations of states and political subdivisions26,478 5.5 %25,699 5.5 %
Mortgage backed - residential101,632 21.2 %96,279 20.5 %
Collateralized mortgage obligations160,883 33.5 %164,347 35.0 %
Mortgage backed - commercial142,891 29.7 %134,827 28.7 %
Other debt15,814 3.3 %15,538 3.3 %
Total available-for-sale$480,615 100.0 %$469,076 100.0 %
Held-to-maturity:
Obligations of states and political subdivisions$25,757 73.8 %$25,713 73.0 %
Mortgage backed - residential6,158 17.6 %6,373 18.0 %
Collateralized mortgage obligations2,999 8.6 %3,156 9.0 %
Total held-to-maturity$34,914 100.0 %$35,242 100.0 %
The following table shows the weighted average yield to average life, which considers expected prepayments, of each category of investment securities as of March 31, 2025:
(In thousands)One year or lessOne to five yearsFive to ten yearsAfter ten years
Carrying AmountAverage YieldCarrying AmountAverage YieldCarrying AmountAverage YieldCarrying AmountAverage Yield
Available-for-sale:
U.S. treasury$— — %$32,341 1.28 %$— — %$— — %
U.S. agency39 5.33 %31 5.39 %506 5.57 %— — %
Obligations of states and political subdivisions— — %— — %22,424 3.19 %4,054 2.39 %
Mortgage backed - residential1,398 2.55 %19,076 3.01 %32,317 2.26 %48,841 3.01 %
Collateralized mortgage obligations293 2.77 %31,979 3.55 %112,213 3.32 %16,398 2.28 %
Mortgage backed - commercial1,166 3.58 %70,562 3.47 %71,163 2.94 %— — %
Other debt— — %5,993 3.71 %7,978 2.42 %1,843 3.75 %
Total available-for-sale$2,896 3.02 %$159,982 3.00 %$246,601 3.03 %$71,136 2.83 %
Held-to-maturity:
Obligations of states and political subdivisions$— — %$996 2.06 %$— — %$24,761 3.52 %
Mortgage backed - residential123 3.21 %3,515 2.52 %696 2.97 %1,824 3.26 %
Collateralized mortgage obligations— — %1,915 2.79 %1,084 3.07 %— — %
Total held-to-maturity$123 3.21 %$6,426 2.53 %$1,780 3.03 %$26,585 3.51 %

59

Loans
Our loan portfolio represents a broad range of borrowers primarily in our markets in Texas, Kansas, Colorado, New Mexico, Arizona, California and Washington primarily comprised of commercial and industrial, commercial real estate, residential real estate, and public finance loans. We have a diversified portfolio across a variety of industries, and the portfolio is generally centered in the states in which we have branch offices. Our lending focus continues to be on operating companies, including commercial and industrial loans and lines-of-credit, as well as owner occupied commercial real estate loans.
Total loans held-for-investment, net of deferred fees, costs, premiums and discounts were $6.5 billion at March 31, 2025 and $6.4 billion at December 31, 2024.
The following table sets forth the composition of our loan portfolio, as of:
March 31, 2025December 31, 2024
(In thousands)Amount% of
total loans		Amount% of
total loans
Commercial and industrial$2,635,028 40.6 %$2,497,772 39.2 %
Commercial real estate:
Non-owner occupied733,949 11.3 %752,861 11.8 %
Owner occupied679,137 10.5 %702,773 11.0 %
Construction and land386,056 6.0 %362,677 5.7 %
Multifamily85,239 1.3 %94,355 1.5 %
Total commercial real estate1,884,381 29.1 %1,912,666 30.0 %
Residential real estate1,195,714 18.4 %1,180,610 18.5 %
Public finance551,252 8.5 %554,784 8.7 %
Consumer39,096 0.6 %41,345 0.6 %
Other178,537 2.8 %189,180 3.0 %
Total loans$6,484,008 100.0 %$6,376,357 100.0 %
Commercial and industrial loans include loans to commercial customers for use in normal business operations to finance working capital needs, equipment and inventory purchases, and other expansion projects. These loans are made primarily in our market areas and are underwritten on the basis of the borrower’s ability to service the debt from revenue, and are generally extended under our normal credit standards, controls and monitoring systems.
Commercial real estate (“CRE”) loans include owner occupied and non-owner occupied commercial real estate mortgage loans to operating commercial and agricultural businesses, and include both loans for long-term financing of land and buildings and loans made for the initial development or construction of a commercial real estate project. Non-owner occupied CRE loans were 63.6% of the Company’s risk-based capital, or 11.3% of total loans as of March 31, 2025. Non-owner occupied CRE loans associated with office space were $180.1 million, or 2.8% of total loans as of March 31, 2025. Owner occupied CRE loans associated with office space were $89.0 million, or 1.4% of total loans as of March 31, 2025.
Residential real estate loans represent loans to consumers collateralized by a mortgage on a residence and include purchase money, refinancing, secondary mortgages, and home equity loans and lines of credit.
Public finance loans include loans to our charter school and municipal based customers.
Consumer loans include direct consumer installment loans, credit card accounts, overdrafts and other revolving loans.
Other loans consist of loans to nondepository financial institutions, lease financing receivables and loans for agricultural production.


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Maturities and Sensitivity of Loans to Changes in Interest Rates
The information in the following tables is based on the contractual maturities of individual loans, including loans that may be subject to renewal at their contractual maturity. Renewal of these loans is subject to review and credit approval, as well as modification of terms upon maturity. Actual repayments of loans may differ from the maturities reflected below because borrowers have the right to prepay obligations with or without prepayment penalties. The following tables summarize the loan maturity distribution by type and related interest rate characteristics as of March 31, 2025:
(In thousands)One year
or less		After one
 through
five years		After five
through
15 years		After 15
years		Total
Commercial and industrial$466,705 $1,870,325 $275,424 $22,574 $2,635,028 
Commercial real estate361,378 1,090,544 380,205 52,254 1,884,381 
Residential real estate110,989 39,481 57,350 987,894 1,195,714 
Public finance11,576 183,676 265,961 90,039 551,252 
Consumer14,589 9,877 14,422 208 39,096 
Other47,638 109,298 17,991 3,610 178,537 
Total loans$1,012,875 $3,303,201 $1,011,353 $1,156,579 $6,484,008 
(In thousands)One year
or less		After one
 through
five years		After five
through
15 years		After 15
years		TotalTotal Loans Maturing After 1 Year
Loans maturing with:
Fixed interest rates
Commercial and industrial$70,611 $226,847 $169,453 $524 $467,435 $396,824 
Commercial real estate165,864 561,192 53,563 4,582 785,201 619,337 
Residential real estate85,147 24,949 41,435 306,028 457,559 372,412 
Public finance7,978 183,676 262,628 90,039 544,321 536,343 
Consumer5,960 8,219 14,095 — 28,274 22,314 
Other9,522 23,577 17,208 3,610 53,917 44,395 
Total fixed interest rate loans$345,082 $1,028,460 $558,382 $404,783 $2,336,707 $1,991,625 
Floating or adjustable interest rates
Commercial and industrial$396,094 $1,643,478 $105,971 $22,050 $2,167,593 $1,771,499 
Commercial real estate195,514 529,352 326,642 47,672 1,099,180 903,666 
Residential real estate25,842 14,532 15,915 681,866 738,155 712,313 
Public finance3,598 — 3,333 — 6,931 3,333 
Consumer8,629 1,658 327 208 10,822 2,193 
Other38,116 85,721 783 — 124,620 86,504 
Total floating or adjustable interest rate loans$667,793 $2,274,741 $452,971 $751,796 $4,147,301 $3,479,508 
Total loans$1,012,875 $3,303,201 $1,011,353 $1,156,579 $6,484,008 $5,471,133 
Allowance for Credit Losses
We maintain the allowance for credit losses at a level we believe is sufficient to absorb expected losses in our loan portfolio given the conditions at the time and our estimates of future economic conditions. Events that are not within our control, such as changes in economic factors, could change subsequent to the reporting date and could cause increases or decreases to the allowance. The amount of the allowance is affected by loan charge-offs, which decrease the allowance; recoveries on loans previously charged off, which increase the allowance; and the provision for credit losses charged to earnings, which increases the allowance.
In determining the provision for credit losses, management monitors fluctuations in the allowance resulting from actual charge-offs and recoveries and reviews the size and composition of the loan portfolio in light of current and anticipated economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available or as events change.
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The following table presents, by loan type, the changes in the allowance for credit losses:
For the three months ended
 March 31,
For the year ended
December 31,
(In thousands)202520242024
Balance, beginning of period$88,221 $80,398 $80,398 
Loan charge-offs:
Commercial and industrial(643)(17,366)(20,743)
Commercial real estate— — (475)
Residential real estate— — (38)
Public finance— — — 
Consumer(169)(140)(438)
Other— — — 
Total loan charge-offs(812)(17,506)(21,694)
Recoveries of loans previously charged-off:
Commercial and industrial119 47 1,181 
Commercial real estate— — 9 
Residential real estate23 8 8 
Public finance— — — 
Consumer39 22 119 
Other— — — 
Total loan recoveries181 77 1,317 
Net (charge-offs) recoveries(631)(17,429)(20,377)
Provision for credit losses1
4,200 16,860 28,200 
Balance, end of period$91,790 $79,829 $88,221 
Allowance for credit losses to total loans1.42 %1.27 %1.38 %
Ratio of net charge-offs to average loans outstanding0.04 %1.12 %0.32 %
1 For the three months ended March 31, 2025 and 2024 we recorded a provision for credit losses on unfunded commitments of $(400) and $(360), respectively. For further information, see Note 3 - Loans.
The following table presents net charge-offs (recoveries) to average loans outstanding by loan category:
For the three months ended
 March 31,
(In thousands)20252024
Commercial and industrial0.06 %3.52 %
Commercial real estate— %— %
Residential real estate(0.01)%— %
Public finance— %— %
Consumer1.34 %1.21 %
Other— %— %
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Allocation of Allowance for Credit Losses
The following table presents the allocation of the allowance for credit losses by category and the percentage of loans by category to total loans as of:
March 31, 2025December 31, 2024
(In thousands)Allowance
Amount		% of loans in
each category to
total loans		Allowance
Amount		% of loans in
each category to
total loans
Commercial and industrial$42,671 40.7 %$37,912 39.2 %
Commercial real estate26,684 29.1 %28,323 30.0 %
Residential real estate15,211 18.4 %15,450 18.5 %
Public finance5,243 8.5 %4,750 8.7 %
Consumer718 0.6 %750 0.6 %
Other1,263 2.7 %1,036 3.0 %
Total$91,790 100.0 %$88,221 100.0 %
Nonperforming Assets
We have established policies and procedures to guide us in originating, monitoring and maintaining the credit quality of our loan portfolio. These policies and procedures are expected to be followed by our bankers and underwriters and exceptions to these policies require elevated levels of approval and are reported to our board of directors.
Nonperforming assets include all loans categorized as nonaccrual, accrual loans greater than 90 days past due, and other real estate owned and other repossessed assets. The accrual of interest on loans is discontinued, or the loan is placed on nonaccrual, when the full collection of principal and interest is in doubt. We do not generally accrue interest on loans that are 90 days or more past due. When a loan is placed on nonaccrual, previously accrued but unpaid interest is reversed and charged against interest income and future accruals of interest are discontinued. Payments by borrowers for loans on nonaccrual are applied to loan principal. Loans are returned to accrual status when, in our judgment, the borrower’s ability to satisfy principal and interest obligations under the loan agreement has improved sufficiently to reasonably assure recovery of principal and the borrower has demonstrated a sustained period of repayment performance. In general, we require a minimum of six consecutive months of timely payments in accordance with the contractual terms before returning a loan to accrual status.
The following table sets forth our nonperforming assets as of:
(In thousands)March 31,
2025		December 31,
2024
Nonaccrual loans:
Commercial and industrial$40,836 $28,314 
Commercial real estate9,215 9,302 
Residential real estate18,891 20,220 
Public finance7,226 7,226 
Consumer16 64 
Other2,391 2,391 
Total nonaccrual loans78,575 67,517 
Accrual loans greater than 90 days past due15 1,533 
Total nonperforming loans78,590 69,050 
Other real estate owned and foreclosed assets, net4,914 5,138 
Total nonperforming assets$83,504 $74,188 
Nonaccrual loans to total loans1.21 %1.06 %
Nonperforming loans to total loans1.21 %1.08 %
Nonperforming assets to total assets1.02 %0.92 %
Allowance for credit losses to nonaccrual loans116.82 %130.66 %
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Deposits
Deposits represent our primary source of funds. Total deposits increased by $0.2 billion to $6.9 billion at March 31, 2025, compared to December 31, 2024.
We are focused on growing our core deposits through relationship-based banking with our business and consumer clients. The following table presents our deposits by customer type as of:
($ in thousands)March 31,
2025		December 31,
2024
Consumer
Noninterest bearing deposit accounts$412,734 $410,303 
Interest-bearing deposit accounts:
Demand and NOW deposits93,675 61,987 
Savings deposits330,489 326,916 
Money market deposits1,600,413 1,516,577 
Certificates of deposits1,065,839 1,069,704 
Total interest-bearing deposit accounts3,090,416 2,975,184 
Total consumer deposits$3,503,150 $3,385,487 
Business
Noninterest bearing deposit accounts$1,162,002 $1,130,855 
Interest-bearing deposit accounts:
Demand and NOW deposits654,914 669,417 
Savings deposits75,132 75,422 
Money market deposits968,740 915,208 
Certificates of deposits65,420 51,131 
Total interest-bearing deposit accounts1,764,206 1,711,178 
Total business deposits$2,926,208 $2,842,033 
Wholesale deposits1
$444,881 $444,740 
Total deposits$6,874,239 $6,672,260 
1 Wholesale deposits primarily consist of brokered deposits included in our consolidated balance sheets within certificate of deposits.
The following table sets forth the average balance amounts and the average rates paid on deposits held by us:
For the three months ended March 31,
20252024
(Dollars in thousands)Average
Balance		Average
Rate Paid		Average
Balance		Average
Rate Paid
Noninterest-bearing demand deposit accounts$1,532,150 — %$1,502,707 — %
Interest-bearing deposit accounts:
Interest-bearing demand accounts672,843 3.36 %507,013 3.75 %
Savings accounts and money market accounts2,842,538 1.96 %2,485,203 1.73 %
NOW accounts47,857 1.05 %42,478 1.34 %
Certificate of deposit accounts1,547,634 3.91 %1,814,629 4.62 %
Total interest-bearing deposit accounts5,110,872 2.73 %4,849,323 3.02 %
Total deposits$6,643,022 2.10 %$6,352,030 2.30 %
As of March 31, 2025 and December 31, 2024, approximately $2.4 billion or 35.2% and $2.3 billion or 34.8%, respectively, of our deposit portfolio was uninsured. As of March 31, 2025 and December 31, 2024, approximately $1.8 billion or 26.4% and $1.7 billion or 25.2%, respectively, of our deposit portfolio was uninsured and uncollateralized. The uninsured and uninsured and uncollateralized amounts are estimates based on the methodologies and assumptions used for the Bank's regulatory reporting requirements.

64

We actively participate in the IntraFi Cash Service (“ICS”) / Certificate of Deposit Account Registry Service (“CDARS”) program which provides FDIC insurance coverage for clients that maintain larger deposit balances. Deposits in the ICS / CDARS program totaled $0.8 billion, or 11.1% of all deposits as of March 31, 2025, and $0.7 billion, or 11.1% of all deposits as of December 31, 2024.
The following table sets forth the portion of the Bank's time deposits, by account, that are in excess of the FDIC insurance limit, by remaining time until maturity, as of March 31,:
(In thousands)2025
Three months or less$119,861 
Over three months through six months69,277 
Over six through twelve months52,548 
Over twelve months through three years3,683 
Over three years1,012 
Total$246,381 
Liquidity
Liquidity refers to our ability to maintain cash flow that is adequate to fund operations, support asset growth, maintain reserve requirements and meet present and future obligations of deposit withdrawals, lending obligations and other contractual obligations.
FirstSun (Parent Company)
FirstSun has routine funding requirements consisting primarily of operating expenses, debt service, and funds used for acquisitions. FirstSun can obtain funding to meet its obligations from dividends collected from its subsidiaries, primarily the Bank, and through the issuance of varying forms of debt. At March 31, 2025, FirstSun had available cash and cash equivalents of $105.7 million and debt outstanding of $78.9 million. Management believes FirstSun has the ability to generate and obtain adequate amounts of liquidity to meet its requirements in the short-term and the long-term.
Federal banking laws regulate the amount of dividends that may be paid by banking subsidiaries without prior approval. The Bank may declare dividends without prior regulatory approval that do not exceed the total of retained net income for the current year combined with its retained net income for the preceding two years, subject to maintenance of minimum capital requirements. Prior regulatory approval to pay dividends was not required in 2024 and is not currently required. At March 31, 2025, the Bank could pay dividends to FirstSun of approximately $194.1 million without prior regulatory approval. During the three months ended March 31, 2025, the Bank did not pay dividends to FirstSun.
Bank
As more fully discussed in our 2024 Annual Report, we regularly monitor our liquidity position and make adjustments to the balance between sources and uses of funds as we deem appropriate. At March 31, 2025, our liquid assets, which consist of cash and amounts due from banks and interest-bearing deposits in other financial institutions, amounted to $612.7 million, or 7.5% of total assets, compared to $607.6 million, or 7.5% of total assets, at December 31, 2024. The increase in our liquid assets was primarily due to an increase in cash held at the Federal Reserve. At March 31, 2025, approximately 86% of the investment securities portfolio was pledged as collateral to secure public deposits and repurchase agreements. Our unencumbered available-for-sale securities at March 31, 2025 were $65.3 million, or 0.8% of total assets, compared to $34.5 million, or 0.4% of total assets, at December 31, 2024.

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The liability portion of our balance sheet serves as a primary source of liquidity. We plan to meet our future cash needs primarily through the generation of deposits. Customer deposits have historically provided a sizeable source of relatively stable and low-cost funds. At March 31, 2025, loans as a percentage of customer deposits were 94.3%, compared with 95.6% at December 31, 2024. For additional information related to our deposits, see Deposits section above. We are also a member of the FHLB and FRB, from which we can borrow for leverage or liquidity purposes. The FHLB and FRB requires that securities and qualifying loans be pledged to secure any advances. Liquidity sources available to us for immediate funding at March 31, 2025, are as follows:
FHLB borrowings available$1,472,919 
Fed Funds lines2,054,342 
Unused lines with other financial institutions160,000 
Immediate funding availability$3,687,261 
Management believes the Bank has the ability to generate and obtain adequate amounts of liquidity to meet its requirements in the short-term and the long-term.
Capital
Stockholders’ equity at March 31, 2025 was $1.1 billion, compared to $1.0 billion at December 31, 2024, an increase of $26.9 million, or 2.6%.
We did not pay a dividend to our common shareholders for the three months ended March 31, 2025 and 2024.
Capital Adequacy
We are subject to various regulatory capital requirements administered by the federal banking agencies. Management routinely analyzes our capital to seek to ensure an optimized capital structure. For further information on capital adequacy see Note 11 - Regulatory Capital Matters to the consolidated financial statements.
Material Contractual Obligations, Commitments, and Contingent Liabilities
We have entered into contractual obligations in the normal course of business that involve elements of credit risk, interest rate risk and liquidity risk.
The following table summarizes our material contractual obligations as of March 31, 2025. Further discussion of each obligation or commitment is included in the referenced note to the consolidated financial statements.
(In thousands)Note
Reference		TotalLess than
1 Year		1 - 3
Years		3 - 5
Years		More than
5 Years
Deposits:
Deposits without a stated maturity6$5,298,099 $5,298,099 $— $— $— 
Certificates of deposit61,576,140 1,538,349 30,298 5,632 1,861 
Securities sold under agreements to repurchase8,515 8,515 — — — 
Short-term debt:
FHLB term advances735,000 35,000 — — — 
Long-term debt:
Subordinated debt778,919 — — — 78,919 
Operating leases1527,047 7,278 9,543 6,686 3,540 
We are party to various derivative contracts as a means to manage the balance sheet and our related exposure to changes in interest rates, to manage our residential real estate loan origination and sale activity, and to provide derivative contracts to our clients. Since the derivative liabilities recorded on the balance sheet change frequently and do not represent the amounts that may ultimately be paid under these contracts, these liabilities are not included in the table of contractual obligations presented above. Further discussion of derivative instruments is included in Note 5 - Derivative Financial Instruments to the consolidated financial statements.
In the normal course of business, various legal actions and proceedings are pending against us and our affiliates which are incidental to the business in which they are engaged. Further discussion of contingent liabilities is included in Note 14 - Commitments and Contingencies to the consolidated financial statements.
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We are a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of our customers. These financial instruments include commitments to extend credit, commercial letters of credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated statements of financial condition. The contractual or notional amounts of those instruments reflect the extent of involvement we have in particular classes of financial instruments. Further discussion of contingent liabilities is included in Note 14 - Commitments and Contingencies to the consolidated financial statements.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
Market risk is the risk of reduced earnings and/or declines in the net market value of the balance sheet due to changes in market rates. Our primary market risk is interest rate risk which impacts our net interest income, fee income related to interest sensitive activities such as mortgage origination and servicing income and loan and deposit demand.
We are subject to interest rate risk due to:
•the maturity or repricing of assets and liabilities at different times or for different amounts;
•differences in short-term and long-term market interest rate changes; and
•the remaining maturity of various assets or liabilities may shorten or lengthen as interest rates change.
Our Asset Liability Committee, or ALCO, which is composed of our executive officers and certain other members of management, monitors interest rate risk on an ongoing basis in accordance with policies approved by our board of directors. The ALCO reviews interest rate positions and considers the impact projected interest rate scenarios have on earnings, liquidity, business strategies and other factors. However, management has the latitude to change interest rate positions within certain limits if, in management’s judgment, the change will enhance profitability or minimize risk.
To assess and manage interest rate risk, sensitivity analysis is used to determine the impact on earnings and the net market value of the balance sheet across various interest rate scenarios, balance sheet trends, and strategies.
Management uses a simulation model to analyze the sensitivity of net interest income to changes in interest rates across various interest rate scenarios, which seeks to demonstrate the level of interest rate risk inherent in the existing balance sheet. The analysis holds the current balance sheet values constant and does not take into account management intervention.
Additionally our simulation model incorporates various key assumptions, which we believe are reasonable, but may have an impact on the results such as: (1) we assume certain correlation rates, often referred to as “deposit beta,” for interest-bearing deposits, wherein the rates paid to customers change relative to changes in benchmark interest rates, (2) cash flows and maturities of interest sensitive assets and liabilities, (3) re-pricing characteristics for market rate sensitive instruments, (4) prepayment rates and product mix of assets and liabilities, and (5) simulations do not contemplate any actions management may undertake in response to changes in interest rates. Because of limitations in any approach used to measure interest rate risk, simulation results are not intended to forecast actual results driven by the effect of a change in market rates but to better plan and execute appropriate asset-liability management strategies and manage our interest rate risk.
The primary impact of inflation on operations is reflected in increasing operating costs and non-interest expense. Our interest-bearing assets and liabilities are monetary in nature and changes in interest rates will impact our performance on net interest margin more than changes in the general rate of inflation.
The effect on net interest income over a 12-month time horizon due to hypothetical changes in market interest rates is presented in the table below. In this interest rate shock simulation, as of the periods presented, interest rates have been adjusted by instantaneous parallel changes rather than in a ramp simulation, which applies interest rate changes over time. All rates, short-term and long-term, are changed by the same amount (e.g., plus or minus 100 basis points) resulting in the shape of the yield curve remaining unchanged.
% Change in Net Interest Income
As of March 31,
% Change in Economic Value of Equity
As of March 31,
Changes in Interest
Rate (Basis Points)		2025202420252024
+3005.6 %4.1 %(7.7)%(10.3)%
+2003.9 %2.9 %(4.7)%(6.7)%
+1002.0 %1.6 %(2.0)%(3.0)%
Base— %— %— %— %
-1001.8 %0.9 %2.2 %2.9 %
-2002.5 %0.9 %2.4 %4.0 %
-3001.7 %(0.6)%0.7 %2.2 %
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Item 4. Controls and Procedures
a.Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of our disclosure controls and procedures (as such term is defined in Rule 13a-15(e) promulgated under the Securities and Exchange Act of 1934 (the “Exchange Act”)) as of March 31, 2025. Based on that evaluation, our principal executive officer and chief financial officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report.
b.Changes in Internal Control over Financial Reporting
No change in our internal control over financial reporting (as such term is defined in Exchange Act Rule 13a-15(f)) occurred during the fiscal quarter ended March 31, 2025, that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
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Part II - Other Information
Item 1. Legal Proceedings
FirstSun and its subsidiaries are from time to time subject to claims and litigation arising in the ordinary course of business. For further information regarding legal proceedings, see Note 14 - Commitments and Contingencies under the subheading “Litigation” in our unaudited consolidated financial statements contained in this report.
Item 5. Other Information
The 2025 annual meeting of stockholders of FirstSun (the “Annual Meeting”), was held on May 7, 2025. On March 19, 2025, the record date of the Annual Meeting, 27,753,918 shares of the Company’s common stock were issued. outstanding and entitled to vote at the Annual Meeting. A total of 24,944,817 shares of the Company’s common stock, constituting a quorum, were represented in person or by proxy at the Annual Meeting. Given the timing of the Annual Meeting, pursuant to Instruction B.3. of Form 8-K, the following information regarding the results of voting at the Annual Meeting is included in this Item 5 of Part II of this Quarterly Report on Form 10-Q in lieu of filing a Form 8-K providing the information pursuant to Items 3.03 and 5.07 of Form 8-K. Pages 42 through 51 of our Definitive Proxy Statement filed with the Securities and Exchange Commission on March 21, 2025 are incorporated herein by reference.
The Company’s stockholders voted on seven proposals as follows:
Proposal 1: Election of directors—The stockholders elected each of the Class II director nominees to serve until the 2028 Annual Meeting of Stockholders or until his respective successor is elected and qualified:
Class II Director NomineesVotes ForVotes AgainstAbstainBroker Non-Votes
Neal E. Arnold22,281,427—6,3112,657,079
David W. Levy22,147,406—140,3322,657,079
Kevin T. Hammond22,263,823—23,9152,657,079
Proposal 2: To approve an amended and restated certificate of incorporation that included a declassification of the board of directors—Our stockholders approved this proposal.
Votes ForVotes AgainstAbstainBroker Non-Votes
22,286,729 992 17 2,657,079 
Proposal 3: To approve an amended and restated certificate of incorporation that included the elimination of supermajority voting requirements for certain amendments to the Company’s certificate of incorporation—Our stockholders approved this proposal.
Votes ForVotes AgainstAbstainBroker Non-Votes
22,268,265 19,456 17 2,657,079 
Proposal 4: To approve an amended and restated certificate of incorporation to include a provision that permits the Company’s stockholders to amend the Company’s bylaws by a majority vote—Our stockholders approved this proposal.
Votes ForVotes AgainstAbstainBroker Non-Votes
22,269,736 17,985 17 2,657,079 

70

Proposal 5: To approve amended and restated bylaws to include changes to conform the Company’s bylaws to the proposed amended and restated certificate of incorporation—Our stockholders approved this proposal.
Votes ForVotes AgainstAbstainBroker Non-Votes
22,266,582 16,962 4,194 2,657,079 
Proposal 6: To approve amended and restated bylaws to include changes that eliminated supermajority and majority board approval requirements for certain enumerated actions—Our stockholders approved this proposal.
Votes ForVotes AgainstAbstainBroker Non-Votes
22,264,078 19,466 4,194 2,657,079 
Proposal 7: Ratification of Crowe LLP as our independent registered public accountants for 2025—Our stockholders approved this proposal.
Votes ForVotes AgainstAbstain
24,848,018 89,298 7,501 
71

Item 6. Exhibits
Exhibit
No.		Description
3.1
3.2
10.1
10.2
10.3
10.4
31.1
31.2
32.1
101
The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, were formatted in Inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income and Comprehensive Income, (iii) Consolidated Statements of Stockholders’ Equity, (iv) Consolidated Statements of Cash Flows, (v) Notes to Consolidated Financial Statements.
104Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).


72

Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
FIRSTSUN CAPITAL BANCORP
(Registrant)
/s/ Neal E. Arnold
Date:May 9, 2025
Neal E. Arnold
President and Chief Executive Officer
(Principal Executive Officer)
/s/ Robert A. Cafera, Jr.
Date:May 9, 2025
Robert A. Cafera, Jr.
Senior Executive Vice President and Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)
73