FIRSTSUN CAPITAL BANCORP

For the period ended Dec 31, 2023. Filed Mar 7, 2024.

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FY2023 · Filed Mar 7, 2024

FSUN$39.48+0.3%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows

For the year ended December 31,

(In thousands)	2023	2022	2021
Cash flows from operating activities:
Net income	$103,533	$59,182	$43,164
Adjustments to reconcile income to net cash provided by operating activities:
Provision for credit losses	18,247	18,050	3,000
Depreciation and amortization on premises and equipment	7,420	7,953	7,181
Deferred tax expense	3,012	9,203	3,145
Amortization of net premium on securities	1,004	2,076	3,399
Accretion of net discount on acquired loans	(3,204)	(1,308)	(1,142)
Net change in deferred loan origination fees and costs	(1,178)	1,182	617
Amortization of core deposits and other intangible assets	4,822	4,215	1,417
Amortization of premium on acquired deposits	(966)	(1,052)	(45)
Accretion of discount on subordinated debt	286	254	256
Amortization of issuance costs on subordinated debt	147	145	93
Accretion of discount on convertible notes payable	101	1,131	746
Accretion of discount on Federal Home Loan Bank advances	—	76	—
Increase in cash surrender value of bank-owned life insurance	(1,928)	(1,682)	(1,276)
Impairment of premises and equipment	—	720	—
Impairment of other real estate owned and foreclosed assets	286	94	217
Federal Home Loan Bank stock dividends	(1,560)	(712)	(407)
Share-based compensation expense	2,127	1,448	2,998
Decrease (increase) in fair value of mortgage servicing rights	6,649	(12,418)	5,606
Net loss on sales of loans held-for-investment	—	—	701
Net loss on disposal of premises and equipment	120	86	76
Net loss (gain) on other real estate owned and foreclosed assets activity	106	(164)	(824)
Net gain on sales of loans held-for-sale	(3,491)	(11,782)	(61,403)
Origination of loans held-for-sale	(791,017)	(1,090,759)	(2,165,255)
Proceeds from sales of loans held-for-sale	788,367	1,137,793	2,292,828
Changes in operating assets and liabilities:
Lease right-of-use assets	(660)	3,282	—
Accrued interest receivable	(8,556)	(9,835)	655
Prepaid expenses and other assets	(11,397)	(22,992)	(6,769)
Accrued interest payable	7,782	3,022	(223)
Accrued expenses and other liabilities	5,124	(293)	(15,646)
Net cash provided by operating activities	$125,176	$96,915	$113,109

Consolidated Statements of Cash Flows (continued)

(In thousands)	2023	2022	2021
Cash flows from operating activities: (previous page)	$125,176	$96,915	$113,109
Cash flows from investing activities:
Cash acquired in excess of cash paid in connection with Pioneer Merger	—	444,542	—
Purchases of held-to-maturity securities	—	(335)	—
Proceeds from maturities of held-to-maturity securities	2,007	3,626	13,835
Purchases of available-for-sale securities	(21,555)	(66,606)	(248,736)
Proceeds from sale or maturities of available-for-sale securities	41,669	170,410	131,899
Loan originations, net of repayments	(362,778)	(1,064,293)	(215,281)
Proceeds from the sale of loans held-for-sale previously classified as held-for-investment	—	—	18,544
Purchases of premises and equipment	(4,268)	(2,196)	(3,455)
Proceeds from the sale of premises and equipment	—	2	5
Proceeds from sales of other real estate owned and foreclosed assets	5,952	867	2,089
Purchases of restricted equity securities	(51,076)	(39,785)	(57)
Proceeds from the sale or redemption of restricted equity securities	64,779	15,842	7,400
Purchase of other investments	(2,677)	(939)	(686)
Proceeds from the sale or redemption of other investments	668	745	519
Net cash used in investing activities	(327,279)	(538,120)	(293,924)
Cash flows from financing activities:
Net change in deposits	610,007	(280,914)	701,444
Net change in securities sold under agreements to repurchase	(12,028)	(55,372)	(23,278)
Proceeds from Federal Home Loan Bank advances	2,041,468	760,885	—
Repayments of Federal Home Loan Bank advances	(2,295,885)	(317,000)	(30,411)
Proceeds from subordinated debt, net	—	24,466	—
Proceeds from issuance of common stock, net of issuance costs	(167)	(579)	(456)
Repayments of convertible notes payable	(5,456)	(15,217)	—
Net cash provided by financing activities	337,939	116,269	647,299
Net increase (decrease) in cash and cash equivalents	135,836	(324,936)	466,484
Cash and cash equivalents, beginning of period	343,526	668,462	201,978
Cash and cash equivalents, end of period	$479,362	$343,526	$668,462
Supplemental disclosures of cash flow information:
Interest paid on deposits	$92,085	$12,040	$8,753
Interest paid on borrowed funds	$20,459	$14,118	$5,667
Cash paid for income taxes, net	$28,459	$6,183	$6,601
Non-cash investing and financing activities:
Assets acquired from merger with Pioneer Bancshares, Inc.	$—	$1,085,506	$—
Liabilities assumed from merger with Pioneer Bancshares, Inc.	$—	$1,354,387	$—
Right-of-use lease assets obtained in exchange for lessee operating lease liabilities	$2,696	$35,212	$—
Net change in unrealized loss on available-for-sale securities and unrealized gain on fair value hedges of securities available-for-sale	$1,291	$(45,647)	$(9,870)
Loan charge-offs	$9,672	$2,587	$4,861
Premises and equipment transferred to other real estate owned and foreclosed assets	$—	$338	$1,038
Loans transferred to other real estate owned and foreclosed assets	$4,086	$1,331	$2,577
Mortgage servicing rights resulting from sale or securitization of mortgage loans	$9,253	$14,287	$23,854

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