FIRSTSUN CAPITAL BANCORP
For the period ended Mar 31, 2026. Filed May 8, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 8, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
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 and the efficiency of our operations. Management believes these non-GAAP financial measures provide greater understanding of our ongoing operations, 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, 2026, 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 31,2026 | March 31,2025 |
| Tangible stockholders’ equity to tangible assets: | ||
| Total stockholders' equity (GAAP) | $1,175,507 | $1,068,295 |
| Less: Goodwill and other intangible assets | ||
| Goodwill | (93,483) | (93,483) |
| Other intangible assets | (4,476) | (6,806) |
| Tangible stockholders' equity (non-GAAP) | $1,077,548 | $968,006 |
| Total assets (GAAP) | $8,565,123 | $8,216,458 |
| Less: Goodwill and other intangible assets | ||
| Goodwill | (93,483) | (93,483) |
| Other intangible assets | (4,476) | (6,806) |
| Tangible assets (non-GAAP) | $8,467,164 | $8,116,169 |
| Total stockholders' equity to total assets (GAAP) | 13.72% | 13.00% |
| Less: Impact of goodwill and other intangible assets | (0.99)% | (1.07)% |
| Tangible stockholders' equity to tangible assets (non-GAAP) | 12.73% | 11.93% |
| Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax: | ||
| Tangible stockholders' equity (non-GAAP) | $1,077,548 | $968,006 |
| Less: Net unrealized losses on HTM securities, net of tax | (3,407) | (3,803) |
| Tangible stockholders’ equity less net unrealized losses on HTM securities, net of tax (non-GAAP) | $1,074,141 | $964,203 |
| Tangible assets (non-GAAP) | $8,467,164 | $8,116,169 |
| Less: Net unrealized losses on HTM securities, net of tax | (3,407) | (3,803) |
| Tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP) | $8,463,757 | $8,112,366 |
| Tangible stockholders’ equity to tangible assets (non-GAAP) | 12.73% | 11.93% |
| 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) | 12.69% | 11.89% |
| Tangible book value per share: | ||
| Total stockholders' equity (GAAP) | $1,175,507 | $1,068,295 |
| Tangible stockholders' equity (non-GAAP) | $1,077,548 | $968,006 |
| Total shares outstanding | 27,935,888 | 27,753,918 |
| Book value per share (GAAP) | $42.08 | $38.49 |
| Tangible book value per share (non-GAAP) | $38.57 | $34.88 |
| Adjusted net income: | ||
| Net income (GAAP) | $21,583 | $23,569 |
| Add: Adjustments | ||
| Merger related expenses, net of tax | 2,090 | — |
| Total adjustments, net of tax | 2,090 | — |
| Adjusted net income (non-GAAP) | $23,673 | $23,569 |
| As of and for the three months ended | ||
|---|---|---|
| ($ in thousands, except share and per share amounts) | March 31,2026 | March 31,2025 |
| Adjusted diluted earnings per share: | ||
| Diluted earnings per share (GAAP) | $0.76 | $0.83 |
| Add: Impact of adjustments | ||
| Merger related expenses, net of tax | 0.08 | — |
| Adjusted diluted earnings per share (non-GAAP) | $0.84 | $0.83 |
| Adjusted return on average total assets: | ||
| Return on average total assets (ROAA) (GAAP) | 1.04% | 1.20% |
| Add: Impact of adjustments | ||
| Merger related expenses, net of tax | 0.10% | —% |
| Adjusted ROAA (non-GAAP) | 1.14% | 1.20% |
| Adjusted return on average stockholders’ equity: | ||
| Return on average stockholders' equity (ROAE) (GAAP) | 7.47% | 9.03% |
| Add: Impact of adjustments | ||
| Merger related expenses, net of tax | 0.73% | —% |
| Adjusted ROAE (non-GAAP) | 8.20% | 9.03% |
| Return on average tangible stockholders’ equity: | ||
| Return on average stockholders’ equity (ROAE) (GAAP) | 7.47% | 9.03% |
| Add: Impact from goodwill and other intangible assets | ||
| Goodwill | 0.69% | 0.94% |
| Other intangible assets | 0.15% | 0.21% |
| Return on average tangible stockholders’ equity (ROATE) (non-GAAP) | 8.31% | 10.18% |
| Adjusted return on average tangible stockholders’ equity: | ||
| Return on average tangible stockholders' equity (ROATE) (non-GAAP) | 8.31% | 10.18% |
| Add: Impact of adjustments | ||
| Merger related expenses, net of tax | 0.79% | —% |
| Adjusted ROATE (non-GAAP) | 9.10% | 10.18% |
| Adjusted total noninterest expense: | ||
| Total noninterest expense (GAAP) | $75,341 | $62,722 |
| Less: Adjustments | ||
| Merger related expenses | (2,681) | — |
| Total adjustments | (2,681) | — |
| Adjusted total noninterest expense (non-GAAP) | $72,660 | $62,722 |
| Adjusted efficiency ratio: | ||
| Efficiency ratio (GAAP) | 68.52% | 65.19% |
| Less: Impact of adjustments | ||
| Merger related expenses | (2.44)% | —% |
| Adjusted efficiency ratio (non-GAAP) | 66.08% | 65.19% |
| Fully tax equivalent (“FTE”) net interest income and net interest margin: | ||
| Net interest income (GAAP) | $82,779 | $74,478 |
| Gross income effect of tax exempt income | 1,198 | 1,192 |
| FTE net interest income (non-GAAP) | $83,977 | $75,670 |
| Average earning assets | $7,900,665 | $7,423,376 |
| Net interest margin | 4.25% | 4.07% |
| Net interest margin on FTE basis (non-GAAP) | 4.31% | 4.13% |
Segments
Banking
Income before income taxes decreased $4.8 million to $24.9 million for the first quarter of 2026, from $29.7 million for the same period in 2025. The period over period decrease was primarily due to an increase in provision for credit losses, an increase in salary and employee benefits, and an increase in merger related expenses, partially offset by an increase in net interest income. Provision for credit losses increased $4.0 million to $8.1 million for the first quarter of 2026, compared to $4.1 million for the same period in 2025, primarily due to net portfolio downgrades and impacts from growth in loan portfolio balances. Salary and employee benefits increased $3.6 million to $34.7 million for the first quarter of 2026, from $31.1 million for the same period in 2025, primarily due to an increase in headcount of commercial and industrial bankers and support personnel and higher medical insurance costs. Net interest income increased $5.9 million to $76.3 million for the first quarter of 2026, compared to $70.3 million for the same period in 2025, primarily due to a decrease in the cost of interest-bearing liabilities. Identifiable assets for our Banking segment increased $0.3 billion to $7.2 billion at March 31, 2026 from $6.9 billion at March 31, 2025. The growth in identifiable assets was primarily driven by organic growth in our loan portfolio.
Mortgage Operations
Income before income taxes increased $1.4 million to $3.8 million for the first quarter of 2026, compared to $2.3 million for the same period in 2025. The period over period increase was primarily due to an increase in revenue from mortgage banking services and increase in net interest income, partially offset by an increase in salary and employee benefits. Revenue from mortgage banking services increased $5.3 million to $15.0 million for the first quarter of 2026, compared to $9.7 million for the same period in 2025, primarily due to an increase in loan originations sold and higher net MSR capitalization. Net interest income increased $1.7 million to $7.0 million for the first quarter of 2026, compared to $5.3 million for the same period in 2025, primarily due to a decrease in the cost of interest-bearing liabilities. Salary and employee benefits increased $3.9 million to $11.7 million for the first quarter of 2026, compared to $7.9 million for the same period in 2025, primarily due to higher levels of variable compensation associated with an increase in mortgage loan originations. Identifiable assets for our Mortgage Operations segment increased $0.1 billion to $1.3 billion at March 31, 2026 from $1.2 billion at March 31, 2025. 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 U.S. generally accepted accounting principles, or “ GAAP,” and conform to general practices within the banking industry. Changes in underlying factors, estimates, assumptions or judgements could result in material changes in our consolidated financial position and/or 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.
We provide additional information about our critical accounting estimates in “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” in our 2025 Annual Report. There have been no material changes to our critical accounting policies or the estimates made pursuant to those policies during the most recent quarter from those disclosed in our 2025 Annual Report.
Our significant accounting policies are discussed in Note 1—Basis of Presentation, Description of Business and Summary of Significant Accounting Policies in the “Notes to the Consolidated Financial Statements” contained in Item 8 “Financial Statements and Supplementary Data” of our 2025 Annual Report.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.