FIRSTSUN CAPITAL BANCORP

For the period ended Dec 31, 2024. Filed Mar 7, 2025.

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FY2024 · Filed Mar 7, 2025

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)	2024	2023	2022
Cash flows from operating activities:
Net income	$75,628	$103,533	$59,182
Adjustments to reconcile income to net cash provided by operating activities:
Provision for credit losses	27,550	18,247	18,050
Depreciation and amortization on premises and equipment	7,375	7,420	7,953
Deferred tax expense	3,347	3,012	9,203
Amortization of net premium on securities	729	1,004	2,076
Accretion of net discount on acquired loans	(2,530)	(3,204)	(1,308)
Net change in deferred loan origination fees and costs	(132)	(1,178)	1,182
Amortization of core deposits and other intangible assets	2,769	4,822	4,215
Amortization of premium on acquired deposits	(340)	(966)	(1,052)
Accretion of discount on subordinated debt	383	286	254
Amortization of issuance costs on subordinated debt	147	147	145
Accretion of discount on convertible notes payable	—	101	1,131
Accretion of discount on Federal Home Loan Bank advances	—	—	76
Increase in cash surrender value of bank-owned life insurance	(1,989)	(1,928)	(1,682)
Impairment of premises and equipment	—	—	720
Impairment of other real estate owned and foreclosed assets	133	286	94
Impairment of other intangible assets	780	—	—
Federal Home Loan Bank stock dividends	(789)	(1,560)	(712)
Share-based compensation expense	2,375	2,127	1,448
Decrease (increase) in fair value of mortgage servicing rights	4,714	6,649	(12,418)
Net loss on disposal of premises and equipment	397	120	86
Net loss (gain) on other real estate owned and foreclosed assets activity	28	106	(164)
Net gain on sales of loans held-for-sale	(6,959)	(3,491)	(11,782)
Origination of loans held-for-sale	(1,088,457)	(791,017)	(1,090,759)
Proceeds from sales of loans held-for-sale	1,075,747	788,367	1,137,793
Changes in operating assets and liabilities:
Lease right-of-use assets	(304)	(660)	3,282
Accrued interest receivable	4,997	(8,556)	(9,835)
Prepaid expenses and other assets	(16,086)	(11,397)	(22,992)
Accrued interest payable	(4,875)	7,782	3,022
Accrued expenses and other liabilities	16,482	5,124	(293)
Net cash provided by operating activities	$101,120	$125,176	$96,915

Consolidated Statements of Cash Flows (continued)

(In thousands)	2024	2023	2022
Cash flows from operating activities: (previous page)	$101,120	$125,176	$96,915
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	1,849	2,007	3,626
Purchases of available-for-sale securities	(9,425)	(21,555)	(66,606)
Proceeds from sales or maturities of available-for-sale securities	60,309	41,669	170,410
Loan originations, net of repayments	(129,465)	(362,778)	(1,064,293)
Purchases of premises and equipment	(5,412)	(4,268)	(2,196)
Proceeds from sales of premises and equipment	—	—	2
Proceeds from sales of other real estate owned and foreclosed assets	1,077	5,952	867
Proceeds from bank-owned life insurance	725	—	—
Purchases of restricted equity securities	(44,721)	(51,076)	(39,785)
Proceeds from the sale or redemption of restricted equity securities	54,665	64,779	15,842
Purchase of other investments	(11,769)	(2,677)	(939)
Proceeds from the sale or redemption of other investments	1,296	668	745
Net cash used in investing activities	(80,871)	(327,279)	(538,120)
Cash flows from financing activities:
Net change in deposits	298,497	610,007	(280,914)
Net change in securities sold under agreements to repurchase	(9,994)	(12,028)	(55,372)
Proceeds from Federal Home Loan Bank advances	5,460,410	2,041,468	760,885
Repayments of Federal Home Loan Bank advances	(5,714,878)	(2,295,885)	(317,000)
Proceeds from subordinated debt, net	—	—	24,466
Proceeds from issuance of common stock, net of issuance costs	82,271	(167)	(579)
Repayments of convertible notes payable	—	(5,456)	(15,217)
Net cash provided by financing activities	116,306	337,939	116,269
Net increase (decrease) in cash and cash equivalents	136,555	135,836	(324,936)
Cash and cash equivalents, beginning of period	479,362	343,526	668,462
Cash and cash equivalents, end of period	$615,917	$479,362	$343,526
Supplemental disclosures of cash flow information:
Interest paid on deposits	$155,027	$92,085	$12,040
Interest paid on borrowed funds	$12,099	$20,459	$14,118
Cash paid for income taxes, net	$14,940	$28,459	$6,183
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	$4,960	$2,696	$35,212
Net change in unrealized gain (loss) on available-for-sale securities	$5,156	$1,291	$(45,647)
Loan charge-offs	$21,694	$9,672	$2,587
Premises and equipment transferred to other real estate owned and foreclosed assets	$—	$—	$338
Loans transferred to other real estate owned and foreclosed assets	$2,275	$4,086	$1,331
Mortgage servicing rights resulting from sale or securitization of mortgage loans	$12,271	$9,253	$14,287

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