FIRSTSUN CAPITAL BANCORP
For the period ended Dec 31, 2025. Filed Mar 6, 2026.
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FY2025 · Filed Mar 6, 2026
FSUN$39.48+0.3%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
For the year ended December 31,
| (In thousands) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | $97,936 | $75,628 | $103,533 |
| Adjustments to reconcile income to net cash provided by operating activities: | |||
| Provision for credit losses | 24,600 | 27,550 | 18,247 |
| Depreciation and amortization on premises and equipment | 8,248 | 7,375 | 7,420 |
| Deferred tax expense | 2,759 | 3,347 | 3,012 |
| Amortization of net premium on securities | 512 | 729 | 1,004 |
| Accretion of net discount on acquired loans | (1,316) | (2,530) | (3,204) |
| Net change in deferred loan origination fees and costs | 4,401 | (132) | (1,178) |
| Amortization of core deposits and other intangible assets | 2,412 | 2,769 | 4,822 |
| Amortization of premium on acquired deposits | (79) | (340) | (966) |
| Accretion of discount on subordinated debt | 272 | 383 | 286 |
| Amortization of issuance costs on subordinated debt | 124 | 147 | 147 |
| Accretion of discount on convertible notes payable | — | — | 101 |
| Increase in cash surrender value of bank-owned life insurance | (2,171) | (1,989) | (1,928) |
| Impairment of other real estate owned and foreclosed assets | 711 | 133 | 286 |
| Impairment of other intangible assets | — | 780 | — |
| Federal Home Loan Bank stock dividends | (586) | (789) | (1,560) |
| Share-based compensation expense | 3,536 | 2,375 | 2,127 |
| Decrease in fair value of mortgage servicing rights | 12,191 | 4,714 | 6,649 |
| Net loss on disposal of premises and equipment | 179 | 397 | 120 |
| Net loss on other real estate owned and foreclosed assets activity | 373 | 28 | 106 |
| Net gain on sales of loans held-for-sale | (10,965) | (6,959) | (3,491) |
| Net loss on subordinated notes issuance costs due to early redemption | 444 | — | — |
| Origination of loans held-for-sale | (1,403,999) | (1,088,457) | (791,017) |
| Proceeds from sales of loans held-for-sale | 1,361,666 | 1,075,747 | 788,367 |
| Changes in operating assets and liabilities: | |||
| Lease right-of-use assets | (106) | (304) | (660) |
| Accrued interest receivable | (153) | 4,997 | (8,556) |
| Prepaid expenses and other assets | 23,597 | (16,086) | (11,397) |
| Accrued interest payable | (2,025) | (4,875) | 7,782 |
| Accrued expenses and other liabilities | (11,078) | 16,482 | 5,124 |
| Net cash provided by operating activities | $111,483 | $101,120 | $125,176 |
Consolidated Statements of Cash Flows (continued)
| (In thousands) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Cash flows from operating activities: (previous page) | $111,483 | $101,120 | $125,176 |
| Cash flows from investing activities: | |||
| Proceeds from maturities of held-to-maturity securities | 1,533 | 1,849 | 2,007 |
| Purchases of available-for-sale securities | (23,694) | (9,425) | (21,555) |
| Proceeds from paydowns, sales or maturities of available-for-sale securities | 38,734 | 60,309 | 41,669 |
| Loan originations, net of repayments | (337,954) | (129,465) | (362,778) |
| Purchases of premises and equipment | (7,509) | (5,412) | (4,268) |
| Proceeds from sales of premises and equipment | 41 | — | — |
| Proceeds from sales of other real estate owned and foreclosed assets | 2,331 | 1,077 | 5,952 |
| Proceeds from bank-owned life insurance | — | 725 | — |
| Purchases of restricted equity securities | (693) | (44,721) | (51,076) |
| Proceeds from the sale or redemption of restricted equity securities | 5,419 | 54,665 | 64,779 |
| Purchase of other investments | (9,177) | (11,769) | (2,677) |
| Proceeds from the sale or redemption of other investments | 770 | 1,296 | 668 |
| Net cash used in investing activities | (330,199) | (80,871) | (327,279) |
| Cash flows from financing activities: | |||
| Net change in deposits | 435,174 | 298,497 | 610,007 |
| Net change in securities sold under agreements to repurchase | (3,539) | (9,994) | (12,028) |
| Proceeds from Federal Home Loan Bank advances | 293,000 | 5,460,410 | 2,041,468 |
| Repayments of Federal Home Loan Bank advances | (428,000) | (5,714,878) | (2,295,885) |
| Repayments of convertible notes payable | — | — | (5,456) |
| Repayments of subordinated notes | (40,000) | — | — |
| Proceeds from issuance of common stock, net of issuance costs and taxes paid on cashless exercise of equity awards | (1,244) | 82,271 | (167) |
| Net cash provided by financing activities | 255,391 | 116,306 | 337,939 |
| Net increase in cash and cash equivalents | 36,675 | 136,555 | 135,836 |
| Cash and cash equivalents, beginning of year | 615,917 | 479,362 | 343,526 |
| Cash and cash equivalents, end of year | $652,592 | $615,917 | $479,362 |
| Supplemental disclosures of cash flow information: | |||
| Interest paid on deposits | $146,009 | $155,027 | $92,085 |
| Interest paid on borrowed funds | $4,909 | $12,099 | $20,459 |
| Cash paid for income taxes, net | $15,707 | $14,940 | $28,459 |
| Non-cash investing and financing activities: | |||
| Right-of-use lease assets obtained in exchange for lessee operating lease liabilities | $14,993 | $4,960 | $2,696 |
| Net change in unrealized gain (loss) on available-for-sale securities | $15,570 | $5,156 | $1,291 |
| Loan charge-offs | $28,986 | $21,694 | $9,672 |
| Loans transferred to other real estate owned and foreclosed assets | $9,791 | $2,275 | $4,086 |
| Mortgage servicing rights resulting from sale or securitization of mortgage loans | $14,584 | $12,271 | $9,253 |
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