0001709442FALSE00017094422024-07-292024-07-29

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): July 29, 2024

FIRSTSUN CAPITAL BANCORP
(Exact name of registrant as specified in its charter)

Delaware333-25817681-4552413
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification Number)
1400 16th Street, Suite 250
Denver, Colorado 80202
(Address of principal executive offices and zip code)

(303) 831-6704
(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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, $.0001 Par ValueFSUNNasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17CFR § 230.405) or 12b-2 of the Exchange Act of 1934 (17 CFR § 240.12b-2).

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 Exchange Act. ☐


Item 2.02 Results of Operations and Financial Condition.
On July 29, 2024, FirstSun Capital Bancorp issued an earnings press release announcing financial results for the second quarter ended June 30, 2024. The earnings press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.
Item 9.01 Financial Statements and Exhibits
(d) The following exhibit index lists the exhibits that are either filed or furnished with this Current Report on Form 8-K:
EXHIBIT INDEX
Exhibit NumberDescription
99.1
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



FIRSTSUN CAPITAL BANCORP
Date: July 29, 2024
By:
/s/ Robert A. Cafera, Jr.
Name:
Robert A. Cafera, Jr.
Title:
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)

fscb-horizontallogox01a.jpg

FirstSun Capital Bancorp Reports Second Quarter 2024 Results
Second Quarter 2024 Highlights:
•Net income of $24.6 million, $0.88 per diluted share (excluding merger costs, $25.2 million, $0.90 per diluted share, see the “Non-GAAP Financial Measures and Reconciliations” below)
•Net interest margin of 4.02%
•Return on average total assets of 1.26% (excluding merger costs, 1.29%, see the “Non-GAAP Financial Measures and Reconciliations” below)
•Return on average stockholders’ equity of 10.03% (excluding merger costs, 10.28%, see the “Non-GAAP Financial Measures and Reconciliations” below)
•Loan growth of 3.3% annualized
•Deposit growth of 10.8% annualized
•24.2% noninterest income to total revenue1
Denver, Colorado – July 29, 2024 – FirstSun Capital Bancorp (“FirstSun”) (NASDAQ: FSUN) reported net income of $24.6 million for the second quarter of 2024 compared to net income of $28.0 million for the second quarter of 2023. Earnings per diluted share were $0.88 for the second quarter of 2024 compared to $1.11 for the second quarter of 2023. Earnings for the second quarter of 2024 were negatively impacted by $0.6 million of merger costs, net of tax, or $0.02 per diluted share.
Neal Arnold, FirstSun’s President and Chief Executive Officer, commented, “We are pleased to deliver strong earnings this quarter driven by our well diversified business mix. Our net interest margin remains very strong at 4.02%, we grew our deposits and loans and we maintained our balanced mix of business with noninterest income to total revenue at 24.2%.”
Arnold continued, “We continue to work actively on all aspects of planning for the consummation of the previously announced strategic merger with HomeStreet, Inc. and we remain focused on continuing to deliver responsible growth amidst the challenging operating environment. We also remain focused on enhancing shareholder value and are very excited to announce a significant milestone in uplisting to Nasdaq on July 12, 2024 which we expect will provide us better access to the capital markets.”
Second Quarter 2024 Results

Net income totaled $24.6 million, or $0.88 per diluted share, for the second quarter of 2024, compared to $12.3 million, or $0.45 per diluted share, for the prior quarter. Net income in the second quarter of 2024 was negatively impacted by $0.6 million in merger costs, net of tax, or $0.02 per diluted share. Net income in the first quarter of 2024 was negatively impacted by a $13.1 million loan charge-off, net of tax, or $0.47 per diluted share, and $2.3 million in merger costs, net of tax, or $0.08 per diluted share. The return on average total assets was 1.26% for the second quarter of 2024, compared to 0.64% for the prior quarter, and the return on average stockholders’ equity was 10.03% for the second quarter of 2024, compared to 5.15% for the prior quarter. Second quarter of 2024 merger costs, net of tax negatively affected return on average total assets by 0.03% and return on average stockholders’ equity by 0.25%. First quarter of 2024 merger costs, net of tax negatively affected return on average total assets by 0.12% and return on average stockholders’ equity by 0.96%.




1 Total revenue is net interest income plus noninterest income.





Net Interest Income and Net Interest Margin
Net interest income totaled $72.9 million for the second quarter of 2024, an increase of $2.1 million compared to the prior quarter. Our net interest margin increased three basis points to 4.02% compared to the prior quarter. Results for the second quarter of 2024, compared to the prior quarter, were primarily driven by an increase of 11 basis points in the yield on earning assets, partially offset by an increase of 12 basis points in the cost of interest-bearing liabilities.
Average loans, including loans held-for-sale, increased by $70.9 million in the second quarter of 2024, compared to the prior quarter. Loan yield increased by 11 basis points to 6.59% in the second quarter of 2024, compared to the prior quarter, primarily due to higher yields on new originations as compared to amortizing and maturing balances. Average interest-bearing deposits increased $101.7 million in the second quarter of 2024, compared to the prior quarter. Total cost of interest-bearing deposits increased by 11 basis points to 3.11% in the second quarter of 2024, compared to the prior quarter, primarily due to overall rising deposit costs as a result of the elevated interest rate environment. Average FHLB borrowings increased $20.1 million in the second quarter of 2024, compared to the prior quarter. The cost of FHLB borrowings increased by 11 basis points to 5.67% in the second quarter of 2024, compared to the prior quarter.
Asset Quality and Provision for Credit Losses
The provision for credit losses totaled $1.2 million for the second quarter of 2024, a decrease of $15.3 million from $16.5 million for the prior quarter, primarily due to a $17.4 million charge-off on a specific customer in our C&I loan portfolio for the prior quarter.
Net charge-offs for the second quarter of 2024 were $2.0 million resulting in an annualized ratio of net charge-offs to average loans of 0.13%, compared to net charge-offs of $17.4 million, or an annualized ratio of net-charge offs to average loans of 1.11% for the prior quarter. The allowance for credit losses as a percentage of total loans was 1.25% at June 30, 2024, a decrease of two basis points from the prior quarter.
The ratio of nonperforming assets to total assets was 0.84% at June 30, 2024, compared to 0.80% at March 31, 2024.
Noninterest Income
Noninterest income totaled $23.3 million for the second quarter of 2024, an increase of $0.5 million from the prior quarter. Mortgage banking income increased $1.5 million for the second quarter of 2024, primarily due to an increase in mortgage loan originations, including the corresponding impact to our capitalized MSR asset from the prior quarter.
Other noninterest income decreased $1.5 million for the second quarter of 2024, primarily due to a decrease in income from BOLI and a decrease in the fair value of investments related to our deferred compensation plan. Noninterest income as a percentage of total revenue2 was 24.2%, an increase of 0.2% from the prior quarter.
Noninterest Expense
Noninterest expense totaled $63.9 million for the second quarter of 2024, an increase of $2.0 million from the prior quarter, primarily due to an increase in salary and employee benefits of $2.5 million as a result of increased head count of C&I bankers and higher levels of variable compensation associated with an increase in mortgage loan originations. Noninterest expense for the second quarter of 2024 included $1.0 million in merger related expenses, a decrease of $1.4 million from the prior quarter.
The efficiency ratio for the second quarter of 2024 was 66.42% compared to 66.05% for the prior quarter. Merger costs negatively affected the efficiency ratio for the second quarter of 2024 by 1.09%, down from a negative impact of 2.66% for the prior quarter.
2 Total revenue is net interest income plus noninterest income.
2




Tax Rate
The effective tax rate was 21.0% for the second quarter of 2024, compared to 19.6% for the prior quarter.
Loans
Loans were $6.3 billion at June 30, 2024 and March 31, 2024, increasing $52.3 million in the second quarter of 2024, or 3.3% on an annualized basis.
Deposits
Deposits were $6.6 billion at June 30, 2024 compared to $6.4 billion at March 31, 2024, an increase of $0.2 billion in the second quarter of 2024, or 10.8% on an annualized basis. Average deposits were $6.5 billion for the second quarter of 2024, compared to $6.4 billion for the prior quarter, an increase of $0.1 billion in the second quarter of 2024, or 7.3% on an annualized basis. Noninterest-bearing deposit accounts represented 23.6% of total deposits at June 30, 2024 and the loan-to-deposit ratio was 95.7% at June 30, 2024.
The ratio of total uninsured deposits to total deposits was estimated to be 32.1% at June 30, 2024, compared to 32.0% at March 31, 2024. The ratio of total uninsured and uncollateralized deposits to total deposits was estimated to be 25.5% at June 30, 2024, compared to 25.2% at March 31, 2024.3
Capital
Capital ratios remain strong and above “well-capitalized” thresholds. As of June 30, 2024, our common equity tier 1 risk-based capital ratio was 12.80%, total risk-based capital ratio was 14.95% and tier 1 leverage ratio was 11.83%. Book value per share was $36.31 at June 30, 2024, an increase of $1.16 from March 31, 2024. Tangible book value per share, a non-GAAP financial measure, was $32.56 at June 30, 2024, an increase of $1.19 from March 31, 2024.

3 Uninsured deposits and uninsured and uncollateralized deposits are reported for our wholly-owned subsidiary Sunflower Bank, N.A.
3




Non-GAAP Financial Measures
This press release (including the tables beginning on page 15) contains financial measures determined by methods other than in accordance with principles generally accepted in the United States (“GAAP”). FirstSun management uses these non-GAAP financial measures in their analysis of FirstSun’s performance and the efficiency of its operations. Management believes these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant items in the current period. FirstSun believes a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. FirstSun management believes investors may find these non-GAAP financial measures useful. These non-GAAP financial measures, however, should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Below is a listing of the non-GAAP measures used in this press release:
•Tangible stockholders’ equity;
•Tangible assets;
•Tangible stockholders’ equity to tangible assets;
•Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax;
•Tangible book value per share;
•Net income excluding merger costs;
•Return on average total assets excluding merger costs;
•Return on average stockholders’ equity excluding merger costs;
•Efficiency ratio excluding merger related expenses;
•Diluted earnings per share excluding merger related costs; and
•Fully tax equivalent (“FTE”) net interest income and net interest margin on FTE basis.
The tables beginning on page 15 provide a reconciliation of each non-GAAP financial measure contained in this press release to the most comparable GAAP equivalent.
About FirstSun Capital Bancorp
FirstSun Capital Bancorp, headquartered in Denver, Colorado, is the financial holding company for Sunflower Bank, N.A., which operates as Sunflower Bank, First National 1870 and Guardian Mortgage. Sunflower Bank provides a full range of relationship-focused services to meet personal, business and wealth management financial objectives, with a branch network in five states and mortgage capabilities in 43 states. FirstSun had total consolidated assets of $8.0 billion as of June 30, 2024.
First National 1870 and Guardian Mortgage are divisions of Sunflower Bank, N.A. To learn more, visit ir.firstsuncb.com, SunflowerBank.com, FirstNational1870.com or GuardianMortgageOnline.com.

4




Summary Data:
As of and for the quarter ended
($ in thousands, except per share amounts)June 30, 2024March 31, 2024December 31, 2023September 30, 2023June 30, 2023
Net interest income$72,899 $70,806 $72,069 $73,410 $73,835 
Provision for credit losses1,200 16,500 6,575 3,890 4,422 
Noninterest income23,274 22,808 17,221 18,650 24,290 
Noninterest expense63,875 61,828 52,308 56,176 58,043 
Income before income taxes31,098 15,286 30,407 31,994 35,660 
Provision for income taxes6,538 2,990 6,393 6,762 7,654 
Net income24,560 12,296 24,014 25,232 28,006 
Net income, excluding merger costs (1)25,181 14,592 24,014 25,232 28,006 
Weighted average common shares outstanding, basic27,430,761 27,019,625 24,953,764 24,942,389 24,933,664 
Weighted average common shares outstanding, diluted28,031,956 27,628,941 25,472,017 25,357,807 25,206,359 
Diluted earnings per share$0.88 $0.45 $0.94 $1.00 $1.11 
Diluted earnings per share, excluding merger costs (1)$0.90 $0.53 $0.94 $1.00 $1.11 
Return on average total assets1.26 %0.64 %1.26 %1.34 %1.49 %
Return on average total assets, excluding merger costs (1)1.29 %0.76 %1.26 %1.34 %1.49 %
Return on average stockholders' equity10.03 %5.15 %11.19 %12.03 %13.54 %
Return on average stockholders’ equity, excluding merger costs (1)10.28 %6.11 %11.19 %12.03 %13.54 %
Net interest margin4.02 %3.99 %4.08 %4.23 %4.24 %
Net interest margin (FTE basis) (1)4.08 %4.06 %4.15 %4.30 %4.32 %
Efficiency ratio66.42 %66.05 %58.58 %61.02 %59.15 %
Efficiency ratio, excluding merger related expenses (1)65.33 %63.39 %58.58 %61.02 %59.15 %
Noninterest income to total revenue (2)24.2 %24.4 %19.3 %20.3 %24.8 %
Total assets$7,999,295 $7,781,601 $7,879,724 $7,756,875 $7,797,344 
Total loans held-for-sale66,571 56,813 54,212 51,465 56,350 
Total loans held-for-investment6,337,162 6,284,868 6,267,096 6,179,522 6,155,090 
Total deposits6,619,525 6,445,388 6,374,103 6,339,847 6,150,418 
Total stockholders' equity996,599 964,662 877,197 843,719 823,635 
Loan to deposit ratio95.7 %97.5 %98.3 %97.5 %100.1 %
Period end common shares outstanding27,443,246 27,442,943 24,960,639 24,942,645 24,941,468 
Book value per share$36.31 $35.15 $35.14 $33.83 $33.02 
Tangible book value per share (1)$32.56 $31.37 $30.96 $29.60 $28.76 
(1) Represents a non-GAAP financial measure. See the tables beginning on page 15 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
(2) Total revenue is net interest income plus noninterest income.
5




As of and for the six months ended
($ in thousands, except per share amounts)June 30, 2024June 30, 2023
Net interest income$143,705 $147,952 
Provision for credit losses17,700 7,782 
Noninterest income46,082 43,221 
Noninterest expense125,703 114,309 
Income before income taxes46,384 69,082 
Provision for income taxes9,528 14,795 
Net income36,856 54,287 
Net income, excluding merger costs (1)39,773 54,287 
Weighted average common shares outstanding, basic27,224,968 24,928,485 
Weighted average common shares outstanding, diluted27,825,189 25,368,702 
Diluted earnings per share$1.32 $2.14 
Diluted earnings per share, excluding merger costs (1)$1.43 $2.14 
Return on average total assets0.95 %1.46 %
Return on average total assets, excluding merger costs (1)1.03 %1.46 %
Return on average stockholders' equity7.62 %13.46 %
Return on average stockholders’ equity, excluding merger costs (1)8.22 %13.46 %
Net interest margin4.00 %4.31 %
Net interest margin (FTE basis) (1)4.07 %4.39 %
Efficiency ratio66.23 %59.79 %
Efficiency ratio, excluding merger related expenses (1)64.37 %59.79 %
Noninterest income to total revenue (2)24.3 %22.6 %
Total assets$7,999,295 $7,797,344 
Total loans held-for-sale66,571 56,350 
Total loans held-for-investment6,337,162 6,155,090 
Total deposits6,619,525 6,150,418 
Total stockholders' equity996,599 823,635 
Loan to deposit ratio95.7 %100.1 %
Period end common shares outstanding27,443,246 24,941,468 
Book value per share$36.31 $33.02 
Tangible book value per share (1)$32.56 $28.76 
(1) Represents a non-GAAP financial measure. See the tables beginning on page 15 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
(2) Total revenue is net interest income plus noninterest income.
    
6




Condensed Consolidated Statements of Income (Unaudited):
For the quarter ended
For the six months ended
($ in thousands, except per share amounts)June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Total interest income$114,529 $102,032 $224,569 $196,935 
Total interest expense41,630 28,197 80,864 48,983 
Net interest income72,899 73,835 143,705 147,952 
Provision for credit losses1,200 4,422 17,700 7,782 
Net interest income after provision for credit losses71,699 69,413 126,005 140,170 
Noninterest income:
Service charges on deposits5,946 5,358 11,714 10,373 
Credit and debit card fees3,007 3,057 5,810 6,038 
Trust and investment advisory fees1,493 1,478 2,956 2,939 
Mortgage banking income, net11,043 11,659 20,545 19,088 
Other noninterest income1,785 2,738 5,057 4,783 
Total noninterest income23,274 24,290 46,082 43,221 
Noninterest expense:
Salaries and benefits39,828 34,056 77,181 69,105 
Occupancy and equipment8,701 8,135 17,296 16,490 
Amortization of intangible assets652 2,050 1,467 3,094 
Merger related expenses1,046 — 3,535 — 
Other noninterest expenses13,648 13,802 26,224 25,620 
Total noninterest expense63,875 58,043 125,703 114,309 
Income before income taxes31,098 35,660 46,384 69,082 
Provision for income taxes6,538 7,654 9,528 14,795 
Net income$24,560 $28,006 $36,856 $54,287 
Earnings per share - basic$0.90 $1.12 $1.35 $2.18 
Earnings per share - diluted$0.88 $1.11 $1.32 $2.14 
7




For the quarter ended
($ in thousands, except per share amounts)June 30, 2024March 31, 2024December 31, 2023September 30, 2023June 30, 2023
Total interest income$114,529 $110,040 $109,974 $106,775 $102,032 
Total interest expense41,630 39,234 37,905 33,365 28,197 
Net interest income72,899 70,806 72,069 73,410 73,835 
Provision for credit losses1,200 16,500 6,575 3,890 4,422 
Net interest income after provision for credit losses71,699 54,306 65,494 69,520 69,413 
Noninterest income:
Service charges on deposits5,946 5,768 5,497 5,475 5,358 
Credit and debit card fees3,007 2,803 2,966 2,996 3,057 
Trust and investment advisory fees1,493 1,463 1,356 1,398 1,478 
Mortgage banking income, net11,043 9,502 4,883 7,413 11,659 
Other noninterest income1,785 3,272 2,519 1,368 2,738 
Total noninterest income23,274 22,808 17,221 18,650 24,290 
Noninterest expense:
Salaries and benefits39,828 37,353 30,158 33,968 34,056 
Occupancy and equipment8,701 8,595 8,449 8,487 8,135 
Amortization of intangible assets652 815 829 899 2,050 
Merger related expenses1,046 2,489 — — — 
Other noninterest expenses13,648 12,576 12,872 12,822 13,802 
Total noninterest expense63,875 61,828 52,308 56,176 58,043 
Income before income taxes31,098 15,286 30,407 31,994 35,660 
Provision for income taxes6,538 2,990 6,393 6,762 7,654 
Net income$24,560 $12,296 $24,014 $25,232 $28,006 
Earnings per share - basic$0.90 $0.46 $0.96 $1.01 $1.12 
Earnings per share - diluted$0.88 $0.45 $0.94 $1.00 $1.11 

8




Condensed Consolidated Balance Sheets as of (Unaudited):
($ in thousands)June 30, 2024March 31, 2024December 31, 2023September 30, 2023June 30, 2023
Assets
Cash and cash equivalents$535,766 $383,605 $479,362 $443,887 $492,735 
Securities available-for-sale, at fair value491,649 499,078 516,757 495,992 515,956 
Securities held-to-maturity36,310 36,640 36,983 37,410 37,883 
Loans held-for-sale, at fair value66,571 56,813 54,212 51,465 56,350 
Loans6,337,162 6,284,868 6,267,096 6,179,522 6,155,090 
Allowance for credit losses(78,960)(79,829)(80,398)(78,666)(77,362)
Loans, net6,258,202 6,205,039 6,186,698 6,100,856 6,077,728 
Mortgage servicing rights, at fair value80,744 78,416 76,701 81,036 78,390 
Premises and equipment, net83,320 84,063 84,842 83,733 84,483 
Other real estate owned and foreclosed assets, net4,497 4,414 4,100 8,395 10,139 
Goodwill93,483 93,483 93,483 93,483 93,483 
Intangible assets, net9,517 10,168 10,984 11,813 12,712 
All other assets339,236 329,882 335,602 348,805 337,485 
Total assets$7,999,295 $7,781,601 $7,879,724 $7,756,875 $7,797,344 
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing demand deposit accounts$1,562,308 $1,517,315 $1,530,506 $1,610,650 $1,667,247 
Interest-bearing deposit accounts:
Interest-bearing demand accounts538,232 542,184 534,540 440,845 379,779 
Savings and money market accounts2,505,439 2,473,255 2,446,632 2,476,097 2,441,349 
NOW accounts42,687 39,181 56,819 35,686 48,270 
Certificate of deposit accounts1,970,859 1,873,453 1,805,606 1,776,569 1,613,773 
Total deposits6,619,525 6,445,388 6,374,103 6,339,847 6,150,418 
Securities sold under agreements to repurchase20,408 20,423 24,693 25,868 32,861 
Federal Home Loan Bank advances145,000 144,810 389,468 330,000 570,585 
Other borrowings75,577 75,445 75,313 75,180 80,511 
Other liabilities142,186 130,873 138,950 142,261 139,334 
Total liabilities7,002,696 6,816,939 7,002,527 6,913,156 6,973,709 
Stockholders' equity:
Preferred stock— — — — — 
Common stock3 3 2 2 2 
Additional paid-in capital543,339 542,582 462,680 462,507 461,856 
Retained earnings494,378 469,818 457,522 433,508 408,276 
Accumulated other comprehensive loss, net(41,121)(47,741)(43,007)(52,298)(46,499)
Total stockholders' equity996,599 964,662 877,197 843,719 823,635 
Total liabilities and stockholders' equity$7,999,295 $7,781,601 $7,879,724 $7,756,875 $7,797,344 




9




Consolidated Capital Ratios as of:
June 30, 2024March 31, 2024December 31, 2023September 30, 2023June 30, 2023
Stockholders' equity to total assets12.46 %12.40 %11.13 %10.88 %10.56 %
Tangible stockholders' equity to tangible assets (1)11.32 %11.21 %9.94 %9.65 %9.33 %
Tangible stockholders' equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (1) (2)11.27 %11.17 %9.90 %9.59 %9.28 %
Tier 1 leverage ratio11.83 %11.73 %10.52 %10.37 %10.00 %
Common equity tier 1 risk-based capital ratio12.80 %12.54 %11.10 %10.79 %10.40 %
Tier 1 risk-based capital ratio12.80 %12.54 %11.10 %10.79 %10.40 %
Total risk-based capital ratio14.95 %14.73 %13.25 %12.93 %12.52 %
(1) Represents a non-GAAP financial measure. See the tables beginning on page 15 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
(2) Tangible stockholders’ equity and tangible assets have been adjusted to reflect net unrealized losses on held-to-maturity securities, net of tax.
10




Summary of Net Interest Margin:
For the quarter ended
For the six months ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
(In thousands)Average BalanceAverage Yield/RateAverage BalanceAverage Yield/RateAverage BalanceAverage Yield/RateAverage BalanceAverage Yield/Rate
Interest Earning Assets
Loans (1)6,384,709 6.59 %6,220,833 6.13 %6,349,282 6.53 %6,125,441 6.01 %
Investment securities523,545 3.65 %563,902 3.00 %535,252 3.46 %567,273 2.96 %
Interest-bearing cash and other assets348,509 5.25 %176,672 5.63 %294,009 5.35 %166,523 5.55 %
Total earning assets7,256,763 6.31 %6,961,407 5.86 %7,178,543 6.26 %6,859,237 5.74 %
Other assets548,465 556,105 548,553 555,040 
Total assets$7,805,228 $7,517,512 $7,727,096 $7,414,277 
Interest-bearing liabilities
Demand and NOW deposits$621,343 3.80 %$332,695 2.55 %$585,417 3.67 %$280,224 2.40 %
Savings deposits413,699 0.69 %448,059 0.44 %417,791 0.69 %458,969 0.41 %
Money market deposits2,092,449 2.01 %2,107,379 1.11 %2,077,885 1.97 %2,201,401 0.99 %
Certificates of deposits1,823,522 4.69 %1,392,847 3.52 %1,819,075 4.64 %1,233,810 3.19 %
Total deposits4,951,013 3.11 %4,280,980 1.94 %4,900,168 3.06 %4,174,404 1.67 %
Repurchase agreements16,553 1.15 %33,673 0.80 %18,904 1.10 %31,683 0.62 %
Total deposits and repurchase agreements4,967,566 3.10 %4,314,653 1.93 %4,919,072 3.05 %4,206,087 1.66 %
FHLB borrowings130,871 5.67 %472,105 5.19 %120,824 5.62 %463,142 4.94 %
Other long-term borrowings75,522 6.59 %80,440 6.36 %75,456 6.60 %80,370 6.32 %
Total interest-bearing liabilities5,173,959 3.22 %4,867,198 2.32 %5,115,352 3.16 %4,749,599 2.06 %
Noninterest-bearing deposits1,517,560 1,694,961 1,510,134 1,731,468 
Other liabilities133,845 128,118 134,106 126,343 
Stockholders' equity979,864 827,235 967,504 806,867 
Total liabilities and stockholders' equity$7,805,228 $7,517,512 $7,727,096 $7,414,277 
Net interest spread3.09 %3.54 %3.10 %3.68 %
Net interest margin4.02 %4.24 %4.00 %4.31 %
Net interest margin (on FTE basis) (2)4.08 %4.32 %4.07 %4.39 %
(1) Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale.
(2) Represents a non-GAAP financial measure. See the tables beginning on page 15 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
11




For the quarter ended
June 30, 2024
March 31, 2024
 December 31, 2023
 September 30, 2023
June 30, 2023
(In thousands)Average BalanceAverage Yield/RateAverage BalanceAverage Yield/RateAverage BalanceAverage Yield/RateAverage BalanceAverage Yield/RateAverage BalanceAverage Yield/Rate
Interest Earning Assets
Loans (1)6,384,709 6.59 %6,313,855 6.48 %6,280,362 6.51 %6,180,684 6.44 %6,220,833 6.13 %
Investment securities523,545 3.65 %546,960 3.28 %538,348 3.28 %545,257 3.10 %563,902 3.00 %
Interest-bearing cash and other assets348,509 5.25 %239,508 5.49 %247,978 5.50 %221,559 5.39 %176,672 5.63 %
Total earning assets7,256,763 6.31 %7,100,323 6.20 %7,066,688 6.22 %6,947,500 6.15 %6,961,407 5.86 %
Other assets548,465 548,642 563,368 557,988 556,105 
Total assets$7,805,228 $7,648,965 $7,630,056 $7,505,488 $7,517,512 
Interest-bearing liabilities
Demand and NOW deposits$621,343 3.80 %$549,491 3.54 %$510,982 3.45 %$466,837 3.27 %$332,695 2.55 %
Savings deposits413,699 0.69 %421,882 0.69 %457,679 0.93 %439,172 0.62 %448,059 0.44 %
Money market deposits2,092,449 2.01 %2,063,321 1.93 %2,063,383 1.82 %2,026,028 1.58 %2,107,379 1.11 %
Certificates of deposits1,823,522 4.69 %1,814,629 4.60 %1,825,325 4.54 %1,748,515 4.21 %1,392,847 3.52 %
Total deposits4,951,013 3.11 %4,849,323 3.00 %4,857,369 2.93 %4,680,552 2.64 %4,280,980 1.94 %
Repurchase agreements16,553 1.15 %21,254 1.06 %23,457 1.06 %26,549 0.98 %33,673 0.80 %
Total deposits and repurchase agreements4,967,566 3.10 %4,870,577 2.99 %4,880,826 2.92 %4,707,101 2.63 %4,314,653 1.93 %
FHLB borrowings130,871 5.67 %110,777 5.56 %74,146 5.64 %84,332 5.40 %472,105 5.19 %
Other long-term borrowings75,522 6.59 %75,389 6.62 %75,249 6.62 %78,680 6.44 %80,440 6.36 %
Total interest-bearing liabilities5,173,959 3.22 %5,056,743 3.10 %5,030,221 3.01 %4,870,113 2.74 %4,867,198 2.32 %
Noninterest-bearing deposits1,517,560 1,502,707 1,597,672 1,654,090 1,694,961 
Other liabilities133,845 134,370 143,416 142,027 128,118 
Stockholders' equity979,864 955,145 858,747 839,258 827,235 
Total liabilities and stockholders' equity$7,805,228 $7,648,965 $7,630,056 $7,505,488 $7,517,512 
Net interest spread3.09 %3.10 %3.21 %3.41 %3.54 %
Net interest margin4.02 %3.99 %4.08 %4.23 %4.24 %
Net interest margin (on FTE basis) (2)4.08 %4.06 %4.15 %4.30 %4.32 %
(1) Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale.
(2) Represents a non-GAAP financial measure. See the tables beginning on page 15 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
12




Deposits as of:
($ in thousands)June 30, 2024March 31, 2024December 31,
2023		September 30,
2023		June 30, 2023
Consumer
Noninterest bearing deposit accounts$414,795 $356,732 $360,168 $366,366 $375,583 
Interest-bearing deposit accounts:
Demand and NOW deposits42,903 38,625 36,162 33,340 34,731 
Savings deposits334,741 340,086 343,291 356,890 378,193 
Money market deposits1,243,355 1,229,239 1,196,645 1,149,365 1,174,883 
Certificates of deposits1,438,792 1,437,590 1,437,537 1,366,255 1,095,754 
Total interest-bearing deposit accounts3,059,791 3,045,540 3,013,635 2,905,850 2,683,561 
Total consumer deposits$3,474,586 $3,402,272 $3,373,803 $3,272,216 $3,059,144 
Business
Noninterest bearing deposit accounts$1,147,513 $1,160,583 $1,170,338 $1,244,284 $1,291,664 
Interest-bearing deposit accounts:
Demand and NOW deposits538,016 502,726 555,197 443,191 393,318 
Savings deposits77,931 80,226 80,802 85,234 30,904 
Money market deposits849,412 823,704 825,811 859,516 832,279 
Certificates of deposits90,189 97,854 87,407 77,228 77,604 
Total interest-bearing deposit accounts1,555,548 1,504,510 1,549,217 1,465,169 1,334,105 
Total business deposits$2,703,061 $2,665,093 $2,719,555 $2,709,453 $2,625,769 
Wholesale deposits (1)$441,878 $378,023 $280,745 $358,178 $465,505 
Total deposits$6,619,525 $6,445,388 $6,374,103 $6,339,847 $6,150,418 
(1) Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposits.
Balance Sheet Ratios as of:
June 30, 2024March 31, 2024December 31,
2023		September 30,
2023		June 30, 2023
Cash to total assets (1)6.60 %4.80 %6.00 %5.60 %6.20 %
Loan to deposit ratio95.7 %97.5 %98.3 %97.5 %100.1 %
Uninsured deposits to total deposits (2)32.1 %32.0 %31.2 %32.0 %32.5 %
Uninsured and uncollateralized deposits to total deposits (2)25.5 %25.2 %25.1 %25.4 %24.1 %
Wholesale deposits and borrowings to total liabilities (3)8.4 %7.7 %9.6 %10.0 %14.9 %
(1) Cash consists of cash and amounts due from banks and interest-bearing deposits with other financial institutions.
(2) Uninsured deposits and uninsured and uncollateralized deposits are reported for our wholly-owned subsidiary Sunflower Bank, N.A. and are estimated.
(3) Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposits. Wholesale borrowings consist of FHLB overnight and term advances.
13




Loan Portfolio as of:
($ in thousands)June 30, 2024March 31, 2024December 31,
2023		September 30,
2023		June 30, 2023
Commercial and industrial$2,431,110 $2,480,078 $2,467,688 $2,459,358 $2,474,531 
Commercial real estate:
Non-owner occupied866,999 836,515 812,235 767,135 723,365 
Owner occupied660,511 642,930 635,365 631,352 643,191 
Construction and land350,878 326,447 345,430 329,433 316,399 
Multifamily94,220 94,898 103,066 114,535 100,464 
Total commercial real estate1,972,608 1,900,790 1,896,096 1,842,455 1,783,419 
Residential real estate1,146,989 1,109,676 1,110,610 1,059,074 1,082,991 
Public Finance537,872 579,991 602,913 602,844 611,748 
Consumer42,129 40,317 36,371 37,681 39,909 
Other206,454 174,016 153,418 178,110 162,492 
Total loans, net of deferred costs, fees, premiums, and discounts$6,337,162 $6,284,868 $6,267,096 $6,179,522 $6,155,090 
Asset Quality:
As of and for the quarter ended
($ in thousands)June 30, 2024March 31, 2024December 31,
2023		September 30,
2023		June 30, 2023
Net charge-offs$2,009 $17,429 $4,743 $2,296 $717 
Allowance for credit losses$78,960 $79,829 $80,398 $78,666 $77,362 
Nonperforming loans, including nonaccrual loans, and accrual loans greater than 90 days past due$62,558 $57,599 $63,143 $40,743 $67,840 
Nonperforming assets$67,055 $62,013 $67,243 $49,138 $77,979 
Ratio of net charge-offs to average loans outstanding0.13 %1.11 %0.30 %0.15 %0.05 %
Allowance for credit losses to total loans outstanding1.25 %1.27 %1.28 %1.27 %1.26 %
Allowance for credit losses to total nonperforming loans126.22 %138.59 %127.33 %193.08 %114.04 %
Nonperforming loans to total loans0.99 %0.92 %1.01 %0.66 %1.10 %
Nonperforming assets to total assets0.84 %0.80 %0.85 %0.63 %1.00 %


14




Non-GAAP Financial Measures and Reconciliations:

As of and for the quarter ended
As of and for the six months ended
($ in thousands, except share and per share amounts)June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023		June 30,
2023		June 30,
2024		June 30,
2023
Tangible stockholders’ equity:
Total stockholders' equity (GAAP)$996,599 $964,662 $877,197 $843,719 $823,635 $996,599 $823,635 
Less: Goodwill and other intangible assets:
Goodwill(93,483)(93,483)(93,483)(93,483)(93,483)(93,483)(93,483)
Other intangible assets(9,517)(10,168)(10,984)(11,813)(12,712)(9,517)(12,712)
Tangible stockholders' equity (non-GAAP)$893,599 $861,011 $772,730 $738,423 $717,440 $893,599 $717,440 
Tangible assets:
Total assets (GAAP)$7,999,295 $7,781,601 $7,879,724 $7,756,875 $7,797,344 $7,999,295 $7,797,344 
Less: Goodwill and other intangible assets:
Goodwill(93,483)(93,483)(93,483)(93,483)(93,483)(93,483)(93,483)
Other intangible assets(9,517)(10,168)(10,984)(11,813)(12,712)(9,517)(12,712)
Tangible assets (non-GAAP)$7,896,295 $7,677,950 $7,775,257 $7,651,579 $7,691,149 $7,896,295 $7,691,149 
Tangible stockholders’ equity to tangible assets:
Total stockholders' equity to total assets (GAAP)12.46 %12.40 %11.13 %10.88 %10.56 %12.46 %10.56 %
Less: Impact of goodwill and other intangible assets(1.14)%(1.19)%(1.19)%(1.23)%(1.23)%(1.14)%(1.23)%
Tangible stockholders' equity to tangible assets (non-GAAP)11.32 %11.21 %9.94 %9.65 %9.33 %11.32 %9.33 %
Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax:
Tangible stockholders' equity (non-GAAP)$893,599 $861,011 $772,730 $738,423 $717,440 $893,599 $717,440 
Less: Net unrealized losses on HTM securities, net of tax(3,949)(4,236)(3,629)(5,001)(3,821)(3,949)(3,821)
Tangible stockholders’ equity less net unrealized losses on HTM securities, net of tax (non-GAAP)$889,650 $856,775 $769,101 $733,422 $713,619 $889,650 $713,619 
Tangible assets (non-GAAP)$7,896,295 $7,677,950 $7,775,257 $7,651,579 $7,691,149 $7,896,295 $7,691,149 
Less: Net unrealized losses on HTM securities, net of tax(3,949)(4,236)(3,629)(5,001)(3,821)(3,949)(3,821)
Tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP)$7,892,346 $7,673,714 $7,771,628 $7,646,578 $7,687,328 $7,892,346 $7,687,328 
15




As of and for the quarter ended
As of and for the six months ended
($ in thousands, except share and per share amounts)June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023		June 30,
2023		June 30,
2024		June 30,
2023
Tangible stockholders’ equity to tangible assets (non-GAAP)11.32 %11.21 %9.94 %9.65 %9.33 %11.32 %9.33 %
Less: Net unrealized losses on HTM securities, net of tax(0.05)%(0.04)%(0.04)%(0.06)%(0.05)%(0.05)%(0.05)%
Tangible stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP)11.27 %11.17 %9.90 %9.59 %9.28 %11.27 %9.28 %
Tangible book value per share:
Total stockholders' equity (GAAP)$996,599 $964,662 $877,197 $843,719 $823,635 $996,599 $823,635 
Tangible stockholders' equity (non-GAAP)$893,599 $861,011 $772,730 $738,423 $717,440 $893,599 $717,440 
Total shares outstanding27,443,246 27,442,943 24,960,639 24,942,645 24,941,468 27,443,246 24,941,468 
Book value per share (GAAP)$36.31 $35.15 $35.14 $33.83 $33.02 $36.31 $33.02 
Tangible book value per share (non-GAAP)$32.56 $31.37 $30.96 $29.60 $28.76 $32.56 $28.76 
Net income excluding merger costs:
Net income (GAAP)$24,560 $12,296 $24,014 $25,232 $28,006 $36,856 $54,287 
Add: Merger costs
Merger related expenses1,046 2,489 — — — 3,535 — 
Income tax effect on merger related expenses(425)(193)— — — (618)— 
Total merger costs, net of tax621 2,296 — — — 2,917 — 
Net income excluding merger costs (non-GAAP)$25,181 $14,592 $24,014 $25,232 $28,006 $39,773 $54,287 
Return on average total assets excluding merger costs:
Return on average total assets (ROAA) (GAAP)1.26 %0.64 %1.26 %1.34 %1.49 %0.95 %1.46 %
Add: Impact of merger costs, net of tax0.03 %0.12 %— %— %— %0.08 %— %
ROAA excluding merger costs (non-GAAP)1.29 %0.76 %1.26 %1.34 %1.49 %1.03 %1.46 %
Return on average stockholders’ equity excluding merger costs:
Return on average stockholders' equity (ROAE) (GAAP)10.03 %5.15 %11.19 %12.03 %13.54 %7.62 %13.46 %
Add: Impact of merger costs, net of tax0.25 %0.96 %— %— %— %0.60 %— %
ROAE excluding merger costs (non-GAAP)10.28 %6.11 %11.19 %12.03 %13.54 %8.22 %13.46 %
Efficiency ratio excluding merger related expenses:
Efficiency ratio (GAAP)66.42 %66.05 %58.58 %61.02 %59.15 %66.23 %59.79 %
Less: Impact of merger related expenses(1.09)%(2.66)%— %— %— %(1.86)%— %
Efficiency ratio excluding merger related expenses (non-GAAP)65.33 %63.39 %58.58 %61.02 %59.15 %64.37 %59.79 %
16




As of and for the quarter ended
As of and for the six months ended
($ in thousands, except share and per share amounts)June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023		June 30,
2023		June 30,
2024		June 30,
2023
Diluted earnings per share excluding merger costs:
Diluted earnings per share (GAAP)$0.88 $0.45 $0.94 $1.00 $1.11 $1.32 $2.14 
Add: Impact of merger costs, net of tax0.02 0.08 — — — 0.11 — 
Diluted earnings per share excluding merger costs (non-GAAP)$0.90 $0.53 $0.94 $1.00 $1.11 $1.43 $2.14 
Fully tax equivalent (“FTE”) net interest income and net interest margin on FTE basis:
Net interest income (GAAP)$72,899 $70,806 $72,069 $73,410 $73,835 $143,705 $147,952 
Gross income effect of tax exempt income1,156 1,318 1,270 1,286 1,288 2,475 2,530 
FTE net interest income (non-GAAP)$74,055 $72,124 $73,339 $74,696 $75,123 $146,180 $150,482 
Average earning assets$7,256,763 $7,100,323 $7,066,688 $6,947,500 $6,961,407 $7,178,543 $6,859,237 
Net interest margin4.02 %3.99 %4.08 %4.23 %4.24 %4.00 %4.31 %
Net interest margin on FTE basis (non-GAAP)4.08 %4.06 %4.15 %4.30 %4.32 %4.07 %4.39 %
17
v3.24.2
Cover
Jul. 29, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jul. 29, 2024
Entity Registrant Name FIRSTSUN CAPITAL BANCORP
Entity Incorporation, State or Country Code DE
Entity File Number 333-258176
Entity Tax Identification Number 81-4552413
Entity Address, Address Line One 1400 16th Street
Entity Address, Address Line Two Suite 250
Entity Address, City or Town Denver
Entity Address, State or Province CO
Entity Address, Postal Zip Code 80202
City Area Code 303
Local Phone Number 831-6704
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company true
Entity Ex Transition Period false
Entity Central Index Key 0001709442
Amendment Flag false
Trading Symbol FSUN
Security Exchange Name NASDAQ
Title of 12(b) Security Common Stock, $.0001 Par Value
FirstSun Capital Bancorp (NASDAQ:FSUN)
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